Tortoise Capital Advisors, L.L.C.
SEC-registered
Mutual Fund / Asset Manager · Mid-sized ($1B–$10B)
CRD 123711
· SEC file 801-61622
· Overland Park, KS
· www.linkedin.com
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ADV data as of Apr 30, 2026
- Regulatory AUM
- $8.9B
- Discretionary
- $8.9B
- Clients
- 344
- Avg AUM / client
- $26.0M
- Accounts
- 344
- Employees
- 34
AUM over time
$6.3B
$17.5B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Apr 30, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 5 | $3.1M | 0.03% |
| High net worth individuals | 259 | $503M | 5.63% |
| Investment companies | 9 | $5.9B | 66.6% |
| Charitable organizations | 10 | $128M | 1.43% |
| State or municipal government entities | 14 | $1.9B | 21.4% |
| Insurance companies | 5 | $224M | 2.51% |
| Corporations and other businesses | 38 | $211M | 2.36% |
| Other | 4 | $941K | 0.01% |
Private funds (2)
Reported in Form ADV Section 7.B.(1), filing of Aug 2024 · $85.3M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Tortoise Commingled Mlp Fund, Llc | Other Private Fund | Delaware | $77.1M | 53 |
| Tortoise Direct Opportunities Fund Ii, Lp | Hedge Fund | Delaware | $8.1M | 65 |
People (12)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Bono, Diane, Marie | Chief Compliance Officer | Jun 2006 (20y) | Less than 5% | |
| Behrens, Brent, Wayne | Chief Financial Officer | Apr 2024 (2y) | Less than 5% | |
| Florence, Thomas, Ibberson | Chief Executive Officer | Apr 2024 (2y) | Less than 5% | |
| Kruske, Jeffrey, Scott | General Counsel | Apr 2024 (2y) | Less than 5% | |
| Brian Alan Kessens | Registered representative | CFA | May 2013 (13y) | |
| James Ryan Mick | Registered representative | CFA | May 2013 (13y) | |
| Matthew Gregory Preston Sallee | Registered representative | CFA | May 2013 (13y) | |
| Robert Joseph Thummel | Registered representative | Jun 2013 (13y) | ||
| Alexis Paolantonio Pickard | Registered representative | Oct 2025 (1y) | ||
| Craig Richardson Fisher | Registered representative | Oct 2025 (1y) | ||
| Jacob Dillon Ford | Registered representative | Oct 2025 (1y) | ||
| Brett David Wright | Registered representative | Dec 2025 (1y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Tortoiseecofin Borrower Llc (Formerly Tortoise Borrower Llc) | Managing Member | Jan 2018 | A | 75% or more |
| Tortoiseecofin Parent Holdco Llc (Formerly Tortoise Parent Holdco Llc) | Sole Member | Jan 2018 | B | ≈ 56.25% – 100% via Tortoiseecofin Borrower Llc (Formerly Tortoise Borrower Llc) |
| Lovell Minnick Equity Partners Iv A Lp | Owner | Jan 2018 | B | ≈ 1.32% – 21.09% via Lm Tortoise Investment Holdings Iv A Inc. |
| Lovell Minnick Partners Llc | Managing Member | Jan 2014 | B | 75% or more of Fund Iv Ugp Llc (indirect) |
| Lm Tortoise Holdings Llc | Member | Apr 2024 | B | ≈ 28.13% – 75% via Tortoiseecofin Parent Holdco Llc (Formerly Tortoise Parent Holdco Llc) |
| Lm Tortoise Investment Holdings Iv Co Investment Llc | Member | Jan 2018 | B | ≈ 14.06% – 56.25% via Lm Tortoise Holdings Llc |
| Lm Tortoise Investment Holdings Iv Llc | Managing Member | Jan 2018 | B | ≈ 7.03% – 42.19% via Lm Tortoise Investment Holdings Iv Co Investment Llc |
| Lovell Minnick Equity Partners Iv Lp | Member | Jan 2018 | B | ≈ 3.52% – 31.64% via Lm Tortoise Investment Holdings Iv Llc |
| Lm Tortoise Holdings Co Investment Llc | Member | Jan 2018 | B | ≈ 7.03% – 37.5% via Lm Tortoise Holdings Llc |
| Hcf4 Holdings Llc | Member | Jan 2018 | B | ≈ 1.76% – 18.75% via Lm Tortoise Holdings Co Investment Llc |
| Lm Tortoise Investment Holdings Iv A Inc. | Member | Jan 2018 | B | ≈ 1.76% – 21.09% via Lm Tortoise Investment Holdings Iv Llc |
| Lovell Minnick Equity Advisors Iv Lp | General Partner | Jan 2014 | B | GP / trustee / elected manager of Lovell Minnick Equity Partners Iv Lp (indirect) |
| Fund Iv Ugp Llc | General Partner | Jan 2014 | B | GP / trustee / elected manager of Lovell Minnick Equity Advisors Iv Lp (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Tortoiseecofin Parent Holdco Llc (Formerly Tortoise Parent Holdco Llc): 75% – 100% of Tortoiseecofin Borrower Llc (Formerly Tortoise Borrower Llc) × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Lovell Minnick Equity Partners Iv A Lp: 75% – 100% of Lm Tortoise Investment Holdings Iv A Inc. × 25% – 50% of Lm Tortoise Investment Holdings Iv Llc × 50% – 75% of Lm Tortoise Investment Holdings Iv Co Investment Llc × 50% – 75% of Lm Tortoise Holdings Llc × 50% – 75% of Tortoiseecofin Parent Holdco Llc (Formerly Tortoise Parent Holdco Llc) × 75% – 100% of Tortoiseecofin Borrower Llc (Formerly Tortoise Borrower Llc) × 75% – 100% direct ≈ 1.32% – 21.09% of the firm
- Lm Tortoise Holdings Llc: 50% – 75% of Tortoiseecofin Parent Holdco Llc (Formerly Tortoise Parent Holdco Llc) × 75% – 100% of Tortoiseecofin Borrower Llc (Formerly Tortoise Borrower Llc) × 75% – 100% direct ≈ 28.13% – 75% of the firm
- Lm Tortoise Investment Holdings Iv Co Investment Llc: 50% – 75% of Lm Tortoise Holdings Llc × 50% – 75% of Tortoiseecofin Parent Holdco Llc (Formerly Tortoise Parent Holdco Llc) × 75% – 100% of Tortoiseecofin Borrower Llc (Formerly Tortoise Borrower Llc) × 75% – 100% direct ≈ 14.06% – 56.25% of the firm
- Lm Tortoise Investment Holdings Iv Llc: 50% – 75% of Lm Tortoise Investment Holdings Iv Co Investment Llc × 50% – 75% of Lm Tortoise Holdings Llc × 50% – 75% of Tortoiseecofin Parent Holdco Llc (Formerly Tortoise Parent Holdco Llc) × 75% – 100% of Tortoiseecofin Borrower Llc (Formerly Tortoise Borrower Llc) × 75% – 100% direct ≈ 7.03% – 42.19% of the firm
- Lovell Minnick Equity Partners Iv Lp: 50% – 75% of Lm Tortoise Investment Holdings Iv Llc × 50% – 75% of Lm Tortoise Investment Holdings Iv Co Investment Llc × 50% – 75% of Lm Tortoise Holdings Llc × 50% – 75% of Tortoiseecofin Parent Holdco Llc (Formerly Tortoise Parent Holdco Llc) × 75% – 100% of Tortoiseecofin Borrower Llc (Formerly Tortoise Borrower Llc) × 75% – 100% direct ≈ 3.52% – 31.64% of the firm
- Lm Tortoise Holdings Co Investment Llc: 25% – 50% of Lm Tortoise Holdings Llc × 50% – 75% of Tortoiseecofin Parent Holdco Llc (Formerly Tortoise Parent Holdco Llc) × 75% – 100% of Tortoiseecofin Borrower Llc (Formerly Tortoise Borrower Llc) × 75% – 100% direct ≈ 7.03% – 37.5% of the firm
- Hcf4 Holdings Llc: 25% – 50% of Lm Tortoise Holdings Co Investment Llc × 25% – 50% of Lm Tortoise Holdings Llc × 50% – 75% of Tortoiseecofin Parent Holdco Llc (Formerly Tortoise Parent Holdco Llc) × 75% – 100% of Tortoiseecofin Borrower Llc (Formerly Tortoise Borrower Llc) × 75% – 100% direct ≈ 1.76% – 18.75% of the firm
- Lm Tortoise Investment Holdings Iv A Inc.: 25% – 50% of Lm Tortoise Investment Holdings Iv Llc × 50% – 75% of Lm Tortoise Investment Holdings Iv Co Investment Llc × 50% – 75% of Lm Tortoise Holdings Llc × 50% – 75% of Tortoiseecofin Parent Holdco Llc (Formerly Tortoise Parent Holdco Llc) × 75% – 100% of Tortoiseecofin Borrower Llc (Formerly Tortoise Borrower Llc) × 75% – 100% direct ≈ 1.76% – 21.09% 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, $85.3M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Tortoise Commingled Mlp Fund, Llc | Other Private Fund | $77.1M | $150K | 53 |
| Tortoise Direct Opportunities Fund Ii, Lp | Hedge Fund | $8.1M | $1.0M | 65 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 04/30/2026 | 1.21 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 investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Northern Trust $799M (9% of AUM) Apr 2026
- BNY Mellon $530M (6% of AUM) Apr 2026
- State Street $229M (3% of AUM) Apr 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: Apr 30, 2026.
View current Form ADV (SEC/IAPD) ↗