# Waterton Investment Adviser, L.L.C.

> Waterton Investment Adviser, L.L.C. is an SEC-registered investment advisory firm in Chicago, IL, registered since 2017, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated June 3, 2026.

- CRD: 285602
- Filed as: WATERTON INVESTMENT ADVISER, L.L.C.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: June 3, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/285602
- AdvisorCensus page: https://advisorcensus.com/firm/waterton-investment-adviser-l-l-c-chicago-il-285602

## Quick answers

**How is Waterton Investment Adviser, L.L.C. compensated?**
On its Form ADV (Item 5.E, October 2026), Waterton Investment Adviser, L.L.C. reports these compensation arrangements: fixed fees (other than subscription fees); performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Waterton Investment Adviser, L.L.C. located?**
Waterton Investment Adviser, L.L.C.'s principal office is in Chicago, IL, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Waterton Investment Adviser, L.L.C. registered with the SEC or a state?**
Waterton Investment Adviser, L.L.C. is an SEC-registered investment advisory firm, registered since 2017. Status as filed: Approved. CRD 285602.

**How much does Waterton Investment Adviser, L.L.C. manage?**
Waterton Investment Adviser, L.L.C. reports $4,331,533,757 in regulatory assets under management in its Form ADV filing dated June 3, 2026 (100% discretionary).

**How have Waterton Investment Adviser, L.L.C.'s assets and staff changed since 2021?**
In the Form ADV data for Waterton Investment Adviser, L.L.C.: Regulatory assets under management: $2,805,959,155 in the October 2021 data and $4,331,533,757 in the October 2026 data, up 54%. Total employees: 190 in October 2021 and 226 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Waterton Investment Adviser, L.L.C. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (17).

**Does Waterton Investment Adviser, 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/285602

**What changed in Waterton Investment Adviser, L.L.C.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 69 to 70. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- Fixed fees (other than subscription fees)
- Performance-based fees
- Other

### Regulatory assets under management (Item 5.F)
- Total: $4,331,533,757
- Discretionary: $4,331,533,757
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 17 | $4,331,533,757 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2017 (9 years)
- Employees: 226 total, 70 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Ojai, CA

### Websites listed on Form ADV (Item 1.I)
- [g.page/r/CUu0M0ewOvwpEAE](https://g.page/r/CUu0M0ewOvwpEAE)
- [outboundhotel.com](https://outboundhotel.com)
- [vimeo.com/waterton](https://vimeo.com/waterton)
- [waterton.com](https://waterton.com)
- Facebook @WATERTONREALESTATE
- Facebook @WatertonCareers
- Facebook @outboundhotels
- Instagram @WATERTONREALESTATE
- Instagram @outboundhotels
- LinkedIn @79597309
- LinkedIn @waterton
- Pinterest @WATERTONRE
- X @WATERTONCAREERS
- X @watertonre
- YouTube @OutboundHotels
- YouTube @UCEB8p4-wvnnh1RlnRyh07LA

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,805,959,155 | 190 | June 4, 2021 |
| October 2022 | $3,769,991,498 | 227 | July 15, 2022 |
| October 2023 | $3,745,397,537 | 206 | September 15, 2023 |
| October 2024 | $4,726,428,452 | 218 | April 29, 2024 |
| October 2025 | $4,510,735,470 | 224 | May 19, 2025 |
| October 2026 | $4,331,533,757 | 226 | June 3, 2026 |

Regulatory assets under management: $2,805,959,155 in the October 2021 data and $4,331,533,757 in the October 2026 data, up 54%.
Total employees: 190 in October 2021 and 226 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 69 to 70.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Waterton Investment Adviser, L.L.C. (CRD 285602): Form ADV filing data as of October 2026.