Form ADV has specific filing deadlines. Missing them can result in revocation of ERA status or problems during LP diligence when institutional investors review your filing history on the SEC's IAPD website.
Initial Filing
60 days from first close.
Your first Form ADV is due within 60 days of your first fund's initial close. The clock starts when you close your first investor (when subscription documents are signed and the investor is irrevocably committed), not when you form the entity or start marketing.
IARD account setup takes several business days. Start the process before first close so you can submit promptly once the deadline begins.
Annual Amendment
90 days from fiscal year end.
For calendar-year advisers, that is March 31. You must file even if nothing has changed.
Update Schedule D information for each fund: current asset values, investor counts, auditor status. If you are relying on the private fund adviser exemption, verify your AUM remains below $150 million.
Other-Than-Annual Amendments
Promptly (typically within 30 days) for material changes.
File an other-than-annual amendment for:
- Changes to name or principal business address
- Changes to control persons or ownership structure
- Disciplinary events
- Receipt of an audit report you previously marked as pending in Schedule D
- Other material changes to previously filed information
Related Filings
- Form D: 15 days from first close. Fund-level filing with the SEC.
- Blue sky filings: Per state requirements, typically 15 days from first sale in that state.
- State adviser notice filings: Varies by state. Many accept filings through IARD simultaneously with your Form ADV.
First-Close Timeline
| Day | Filing Due |
|---|---|
| 1 | First close |
| 15 | Form D due |
| 15 | Blue sky filings due in states where you have investors |
| 60 | Form ADV due |
ERA to RIA Transition
If you report $150 million or more in regulatory AUM on your annual amendment, you have 90 days to apply for RIA registration.
For calendar-year advisers filing their annual amendment on March 31, that means submitting an RIA application by late June.
The transition requires significant preparation: Form ADV Parts 2A and 2B (the brochure), written compliance policies, code of ethics, custody rule compliance, designated Chief Compliance Officer. Start building infrastructure before you hit the threshold.
For the full picture, see Form ADV for Private Fund Managers: The Complete ERA Filing Guide.
How Capital Company Helps
Capital Company prepares and files Form D, blue sky filings, and Form ADV for funds on the platform. Schedule a demo to learn more.
This content is for informational purposes only and does not constitute legal, tax, or compliance advice. Consult qualified counsel for guidance specific to your situation. Capital Company is not a law firm and does not provide legal advice.