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Est. 2026The front page of wealth managementNew York

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Private fund adviser · Stillwater, MN

Stillwater Asset Management, LLC

SEC-registered investment adviser · CRD 288535 · SEC 801-119109

At a glance

Stillwater Asset Management, LLC is an SEC-registered investment adviser based in Stillwater, Minnesota, with $701 million in regulatory assets under management as of its Form ADV filed July 29, 2026. Its largest client group by assets is pooled investment vehicles. By Form ADV it is a private fund adviser, ranked 2,680th of 4,686 private fund advisers and 6,539th of 17,210 SEC-registered advisers by assets.

Main office 651-571-3910stillwaterasset.comLinkedInAs filed on Form ADV

Regulatory AUM
$701M
Rank among private fund advisers
#2,680 of 4,686
Rank among all SEC RIAs
#6,539 of 17,210
Rank in Minnesota
#111 of 276
Clients
8
Accounts
8
Discretionary
100% of AUM
Employees
16
Advisory staff
6
Offices
1

Owners and executives on its Form ADV

Custody and brokerage

Custodian

Stillwater Asset Management, LLC’s Form ADV lists no custodian for separately managed accounts. Firms report one only when they manage $10 million or more in those accounts.

Broker-dealer

No broker-dealer ties

Other RIAs with no broker-dealer ties

Who it serves

Client typeClientsRegulatory AUMShare
Pooled investment vehicles8$701M100%

Private funds

Stillwater Asset Management, LLC reports 3 private funds with $461M in gross assets: private equity funds (Form ADV Item 7.B).

Disciplinary disclosures

Stillwater Asset Management, LLC reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗

Services

  • Portfolio management for pooled investment vehicles

How it’s paid

  • A percentage of assets under management
  • Performance-based fees
  • Other

Form ADV and brochures on the SEC’s adviser search ↗stillwaterasset.com ↗

AtlasMembers

The full record on Stillwater Asset Management, LLC

Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.

Assets, accounts, clients and staff, 5 years of filings
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Growth over one, three and five years
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Rank against 2,258 peers of its type and size
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Owners and executives, with titles and stakes
2 namedLocked
Main office, fax and compliance officer
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Filing changes this year, with alerts
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Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.

Background

Questions

How much does Stillwater Asset Management, LLC manage?

Stillwater Asset Management, LLC reports $701 million in regulatory assets under management across 8 accounts, 100% of it on a discretionary basis, on its Form ADV filed July 29, 2026.

What kind of firm is Stillwater Asset Management, LLC?

Stillwater Asset Management, LLC is a private fund adviser by its Form ADV answers. Private funds are at least half of its business by assets.

Who are Stillwater Asset Management, LLC’s clients?

By assets, its largest client types are pooled investment vehicles ($701 million, 8 clients).

Does Stillwater Asset Management, LLC manage private funds?

Yes. It reports 3 private funds with $461 million in gross assets, including private equity funds.

Does Stillwater Asset Management, LLC have any disciplinary history?

Stillwater Asset Management, LLC reports no disciplinary disclosures in Item 11 of its Form ADV. Check the SEC’s adviser search for the latest record.

Where these numbers come from

Every figure is Stillwater Asset Management, LLC’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-07-29), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Ranks compare it by regulatory assets with every SEC-registered adviser and with firms of its type. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.

Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →