# Tortoise Capital Advisors, L.L.C.

> Tortoise Capital Advisors, L.L.C. is an SEC-registered investment advisory firm in Overland Park, KS, registered since 2002, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated April 30, 2026.

- CRD: 123711
- Filed as: TORTOISE CAPITAL ADVISORS, L.L.C.
- Also doing business as: TCA ADVISORS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Overland Park, KS
- Filing period: October 2026
- Form ADV filing dated: April 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/123711
- AdvisorCensus page: https://advisorcensus.com/firm/tortoise-capital-advisors-l-l-c-overland-park-ks-123711

## Quick answers

**How is Tortoise Capital Advisors, L.L.C. compensated?**
On its Form ADV (Item 5.E, October 2026), Tortoise Capital Advisors, L.L.C. reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Tortoise Capital Advisors, L.L.C. located?**
Tortoise Capital Advisors, L.L.C.'s principal office is in Overland Park, KS, according to its Form ADV.

**Is Tortoise Capital Advisors, L.L.C. registered with the SEC or a state?**
Tortoise Capital Advisors, L.L.C. is an SEC-registered investment advisory firm, registered since 2002. Status as filed: Approved. CRD 123711.

**How much does Tortoise Capital Advisors, L.L.C. manage?**
Tortoise Capital Advisors, L.L.C. reports $8,928,633,630 in regulatory assets under management in its Form ADV filing dated April 30, 2026 (100% discretionary).

**How have Tortoise Capital Advisors, L.L.C.'s assets and staff changed since 2021?**
In the Form ADV data for Tortoise Capital Advisors, L.L.C.: Regulatory assets under management: $6,344,484,208 in the October 2021 data and $8,928,633,630 in the October 2026 data, up 41%. Total employees: 91 in October 2021 and 34 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Tortoise Capital Advisors, L.L.C. serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (259); corporations or other businesses not listed above (38); state or municipal government entities (including government pension plans) (14).

**Which custodians does Tortoise Capital Advisors, L.L.C. use?**
Tortoise Capital Advisors, L.L.C.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street Bank and Trust Company, The Bank of New York Mellon and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Tortoise Capital Advisors, L.L.C. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/123711

**What changed in Tortoise Capital Advisors, L.L.C.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 19 to 15.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- State Street Bank and Trust Company
- The Bank of New York Mellon
- The Northern Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $8,928,633,630
- Discretionary: $8,928,633,630
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 5 | $3,123,695 |
| High net worth individuals | 259 | $502,869,032 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 9 | $5,946,083,250 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 10 | $127,792,722 |
| State or municipal government entities (including government pension plans) | 14 | $1,913,084,061 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 5 | $223,846,534 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 38 | $210,893,400 |
| Other | 4 | $940,936 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2002 (23 years)
- Employees: 34 total, 15 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: CA, CO, CT, DE, FL, IL, KS, MA, MO, NE, NY, OH, OK, PA, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- tortoiseadvisors.com
- tortoisecapital.com
- LinkedIn @tortoise-capital
- YouTube @TortoiseCapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $6,344,484,208 | 91 | August 5, 2021 |
| October 2022 | $7,095,461,456 | 85 | August 25, 2022 |
| October 2023 | $7,253,089,278 | 71 | August 7, 2023 |
| October 2024 | $6,906,161,911 | 54 | August 2, 2024 |
| October 2025 | $8,444,747,246 | 36 | April 29, 2025 |
| October 2026 | $8,928,633,630 | 34 | April 30, 2026 |

Regulatory assets under management: $6,344,484,208 in the October 2021 data and $8,928,633,630 in the October 2026 data, up 41%.
Total employees: 91 in October 2021 and 34 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 19 to 15.

### January 2026
- No longer registered or notice-filed in AZ, GA, IA, LA, NH, NJ, WA.

### December 2025
- Registered or notice-filed in CO, DE.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Tortoise Capital Advisors, L.L.C. (CRD 123711): Form ADV filing data as of October 2026.