Adelante Capital Management Llc
- Regulatory AUM
- $1.5B
- Discretionary
- $1.5B
- Clients
- 62
- Avg AUM / client
- $24.0M
- Accounts
- 65
- Employees
- 10
AUM over time
Annual snapshots from Form ADV filings · as of Mar 20, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| High net worth individuals | 45 | $46.4M | 3.12% |
| Pooled investment vehicles (non-investment companies) | 3 | $82.2M | 5.52% |
| State or municipal government entities | 8 | $1.2B | 78.1% |
| Corporations and other businesses | Fewer than 5 clients | $27.1M | 1.82% |
| Other | 6 | $169M | 11.4% |
Private funds (2)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $8.4M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Adelante Global Property Securities Fund Lp | Other Private Fund | Delaware | $5.7M | 17 |
| Adelante Newcore Property Securities Fund Lp | Other Private Fund | Delaware | $2.7M | 8 |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Pacific Gas And Electric Company Retirement Plan Pacific Gas And Electric Company | 2024 | |
| Luhr Crosby, Llc Employees Profit Sharing Plan And Trust Luhr Crosby, Llc | 2024 |
People (3)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Torres, Michael, Anthony | Chief Executive Officer | Aug 2002 (24y) | ≈ 56.25% – 100% via Acm Acquisition Llc | |
| Conner, Timothy, R. | Trustee | Nov 2004 (22y) | GP / trustee / elected manager of Ct2 G Irrevocable Trust & Ctg3 Irrevocable Trust (indirect) | |
| Wieman, Jon, M | Chief Compliance Officer | Jun 2019 (7y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Acm Acquisition Llc | Member Of Applicant | Aug 2004 | A | 75% or more |
| Ct2 G Irrevocable Trust | Member | Nov 2004 | B | GP / trustee / elected manager of Acm Acquisition Llc (indirect) |
| Ct3 G Irrevocable Trust | Member | Nov 2004 | B | GP / trustee / elected manager of Acm Acquisition Llc (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Torres, Michael, Anthony: 75% – 100% of Acm Acquisition Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (2, $8.4M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Adelante Global Property Securities Fund Lp | Other Private Fund | $5.7M | $50.0K | 17 |
| Adelante Newcore Property Securities Fund Lp | Other Private Fund | $2.7M | $500K | 8 |
From Form ADV Section 7.B private fund reporting.
Retirement plans served (2)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Pacific Gas And Electric Company Retirement Plan | Pacific Gas And Electric Company | 28,573 | $17.6B | 01/01/2024 |
| Luhr Crosby, Llc Employees Profit Sharing Plan And Trust | Luhr Crosby, Llc | 194 | $40.4M | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/20/2026 | 1.33 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- BNY Mellon $702M (47% of AUM) Mar 2026
- State Street $600M (40% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 20, 2026.
View current Form ADV (SEC/IAPD) ↗