Capital Innovations, Llc

SEC-registered Mutual Fund / Asset Manager · Small ($100M–$1B) CRD 145329 · SEC file 801-72322 · Waukesha, WI · www.capinnovations.com

☆ Save with Pro ADV data as of Mar 31, 2026

Regulatory AUM: $807M
Discretionary: $406M
Clients: 6
Avg AUM / client: $134M
Accounts: 9
Employees: 4

AUM over time

$90.5M $807M

Apr 2, 2012 Mar 31, 2026

Reported AUM from Form ADV filings, plotted by filing date · as of Mar 31, 2026

Who they serve

Client type	Clients	AUM	% of AUM
High net worth individuals	Fewer than 5 clients	$1.4M	0.17%
Investment companies	1	$799M	99.0%
Other investment advisers	5	$6.8M	0.84%

People (2)

roster as of Jul 20, 2026

Name	Role / title	Credentials	With firm since	Ownership
Michael David Underhill	Chief Executive Officer		May 2007 (19y)	25% – 50%
Dambekaln, Susan, L.	President, Cco		Aug 2007 (19y)	50% – 75%

Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.

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.

Documents (1 archived)

Form	Period	Size
Form ADV (full filing)	03/31/2026	949 KB	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
• Fixed fees

Services

• Portfolio management for individuals/small businesses
• Portfolio management for investment companies
• Portfolio management for businesses/institutional clients
• Selection of other advisers

Custody

Reported custodians

RBC $27.5M (27% of AUM) Mar 2020
Charles Schwab & Co. $3.2M (2% of AUM) Apr 2022

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 31, 2026.

View current Form ADV (SEC/IAPD) ↗