Alternative Investment Resource, Llc
SEC-registered
Private Fund Manager · Small ($100M–$1B)
CRD 288165
· SEC file 801-110958
· Chicago, IL
· twitter.com
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ADV data as of Jul 30, 2026
- Regulatory AUM
- $754M
- Discretionary
- $707M
- Clients
- 14
- Avg AUM / client
- $53.9M
- Accounts
- 14
- Employees
- 18
AUM over time
$104M
$754M
Jun 2017
Jul 2026
Annual snapshots from Form ADV filings · as of Jul 30, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 13 | $707M | 93.8% |
| Other investment advisers | 1 | $46.7M | 6.19% |
Private funds (17)
View all →Reported in Form ADV Section 7.B.(1), filing of Nov 2024 · $1.3B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Air U.S. Life Fund Ii Qp, Lp | Hedge Fund | Delaware | $358M | 560 |
| Air Policy Portfolio Ii, Lp | Hedge Fund | Delaware | $209M | 5 |
| Air Policy Portfolio I, Lp | Hedge Fund | Delaware | $200M | 8 |
| Air Life Sma, Lp | Hedge Fund | Delaware | $101M | 6 |
| Air Life Opportunity Fund, Lp | Hedge Fund | Delaware | $75.0M | 10 |
| Air Annuity And Life Settlement Fund, Lp | Hedge Fund | Delaware | $74.5M | 15 |
| Air Private Credit Fund, Lp | Hedge Fund | Delaware | $61.5M | 5 |
| Air Us Life Fund Ii Qp Offshore, Lp | Hedge Fund | Delaware | $49.5M | 126 |
| Air U.S.Life Fund Ii, Lp | Hedge Fund | Delaware | $49.4M | 77 |
| Air Legal Finance Fund, Lp | Hedge Fund | Delaware | $38.5M | 32 |
| Air U.S. Life Fund Iv, Lp | Hedge Fund | Delaware | $38.2M | 58 |
| Air U.S. Life Fund Iii, Lp | Hedge Fund | Delaware | $32.7M | 70 |
| Air U.S. Life Fund I, Lp | Hedge Fund | Delaware | $11.7M | 35 |
| Air U.S. Life Fund Ii Offshore, Lp | Hedge Fund | Delaware | $4.7M | 18 |
| Air Finance Solutions Fund, Lp | Hedge Fund | Delaware | $1.8M | 5 |
People (5)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Beleutz, Richard, Nestor | Ceo/Managing Member | Sep 2013 (13y) | ≈ 37.5% – 75% via Richard Beleutz, Ltd. | |
| Luongo, Stephen, John | Chief Investment Officer | Apr 2017 (9y) | 5% – 10% | |
| Schmidt, Steven, William | Owner/President | Jan 2018 (9y) | ≈ 9.38% – 37.5% via Schmidt Capital Inc. | |
| Schaefer, Matthew, Taylor | Chief Financial Officer/Chief Operating Officer | Sep 2019 (7y) | Less than 5% | |
| Wang, Nancy, N | General Counsel And Chief Compliance Officer | Oct 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Richard Beleutz, Ltd. | Owner | Sep 2013 | A | 50% – 75% |
| Admodum Holdings, Llc | Member/ Manager | Jan 2018 | A | 25% – 50% |
| Schmidt Capital Inc. | Owner | Jan 2018 | B | ≈ 12.5% – 37.5% via Admodum Holdings, Llc |
| Richard Beleutz, Ltd. | Owner/Manager | Jan 2018 | B | ≈ 12.5% – 37.5% via Admodum Holdings, Llc |
Estimated effective ownership (look-through of filed bands):
- Beleutz, Richard, Nestor: 75% – 100% of Richard Beleutz, Ltd. × 50% – 75% direct ≈ 37.5% – 75% of the firm
- Schmidt, Steven, William: 75% – 100% of Schmidt Capital Inc. × 50% – 75% of Admodum Holdings, Llc × 25% – 50% direct ≈ 9.38% – 37.5% of the firm
- Schmidt Capital Inc.: 50% – 75% of Admodum Holdings, Llc × 25% – 50% direct ≈ 12.5% – 37.5% of the firm
- Richard Beleutz, Ltd.: 50% – 75% of Admodum Holdings, Llc × 25% – 50% direct ≈ 12.5% – 37.5% 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 (17, $1.3B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Air U.S. Life Fund Ii Qp, Lp | Hedge Fund | $358M | $250K | 560 |
| Air Policy Portfolio Ii, Lp | Hedge Fund | $209M | $250K | 5 |
| Air Policy Portfolio I, Lp | Hedge Fund | $200M | $2.0M | 8 |
| Air Life Sma, Lp | Hedge Fund | $101M | $250K | 6 |
| Air Life Opportunity Fund, Lp | Hedge Fund | $75.0M | $250K | 10 |
| Air Annuity And Life Settlement Fund, Lp | Hedge Fund | $74.5M | $250K | 15 |
| Air Private Credit Fund, Lp | Hedge Fund | $61.5M | $250K | 5 |
| Air Us Life Fund Ii Qp Offshore, Lp | Hedge Fund | $49.5M | $250K | 126 |
| Air U.S.Life Fund Ii, Lp | Hedge Fund | $49.4M | $250K | 77 |
| Air Legal Finance Fund, Lp | Hedge Fund | $38.5M | $250K | 32 |
| Air U.S. Life Fund Iv, Lp | Hedge Fund | $38.2M | $250K | 58 |
| Air U.S. Life Fund Iii, Lp | Hedge Fund | $32.7M | $250K | 70 |
| Air U.S. Life Fund I, Lp | Hedge Fund | $11.7M | $250K | 35 |
| Air U.S. Life Fund Ii Offshore, Lp | Hedge Fund | $4.7M | $250K | 18 |
| Air Finance Solutions Fund, Lp | Hedge Fund | $1.8M | $100K | 5 |
| Air U.S. Life Fund V, Lp | Hedge Fund | $1.8M | $250K | 6 |
| Air Legal Finance Fund Offshore, Lp | Hedge Fund | $0 | $250K | 0 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 05/05/2026 | 4.49 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
- • Fixed fees
- • Performance-based fees
Services
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Selection of other advisers
Custody
Reported custodians
- Wells Fargo $101M (58% of AUM) Dec 2019
- Caceis Bank $46.7M (6% of AUM) May 2026
- Northbrook Bank And Trust Company $16.1M (2% of AUM) Oct 2023
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: Jul 30, 2026.
View current Form ADV (SEC/IAPD) ↗