Capital Innovations provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for institutions, and selecting other managers.
Capital Innovations reports 6 clients. They include 5 other investment advisers and 1 investment company. Of its assets, 50.3% ($406M across 8 accounts) are managed with discretion; $401M across 1 account is not. A wrap fee program the firm both sponsors and manages holds $6.76M. It advised 3 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| High-net-worth individuals | Fewer than 5 | <1% |
| Investment companies | 17% | 99% |
| Other investment advisers | 83% | <1% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| High-net-worth individuals | Fewer than 5 | $1.35M | 0.2% | — |
| Investment companies | 1 | $799M | 99.0% | $799M |
| Other investment advisers | 5 | $6.76M | 0.8% | $1.35M |
| Total | 6 | $807M | 100% | — |
- Clients
- Fewer than 5
- Regulatory AUM
- $1.35M
- AUM share
- 0.2%
- Avg. per client
- —
- Clients
- 1
- Regulatory AUM
- $799M
- AUM share
- 99.0%
- Avg. per client
- $799M
- Clients
- 5
- Regulatory AUM
- $6.76M
- AUM share
- 0.8%
- Avg. per client
- $1.35M
Total
- Clients
- 6
- Regulatory AUM
- $807M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 3
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
Capital Innovations is paid through a percentage of assets under management and fixed fees (other than subscription fees); its fees and minimums are set out in its brochures on the SEC website.
Susan Dambekaln owns 50% to 75% of Capital Innovations. Michael Underhill is CEO; the leadership team includes President Susan Dambekaln. It has 4 employees.
Leadership
- Michael UnderhillChief Executive Officer
- Susan DambekalnPresident, CCO
Investment adviser representatives
1 representatives listed in the SEC register as of 9 October 2026.
- Michael David Underhill
Staff
- 4 employees
- 4 in advisory functions
- 1 soliciting firm
- Owns 50% to 75% of Capital Innovations, LLC
Susan Dambekaln
Control person · since August 2007
- Owns 25% to 50% of Capital Innovations, LLC
Michael Underhill
Control person · since May 2007
Capital Innovations’ regulatory assets grew 4.7× from $173M (March 2021) to $807M (March 2026); clients fell from 8 to 6 and employees from 7 to 4.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $807M | 6 | 4 | 1 |
| March 2025 | $373M | 6 | 4 | 1 |
| July 2024 | $109M | 65 | 5 | 1 |
| March 2023 | $208M | 47 | 7 | 1 |
| April 2022 | $201M | 39 | 7 | 1 |
| March 2021 | $173M | 8 | 7 | 1 |
Besides its headquarters, Capital Innovations has 0 offices, with 1 listed address in Wisconsin.
Wisconsin · 1 listed address
- N19W24400 Riverwood DR, Suite 350, WaukeshaHQ
Contact and registration details
- Legal name
- Capital Innovations, LLC
- Headquarters
- N19W24400 Riverwood DR, Suite 350, Waukesha, WI 53188
- Website
- capinnovations.com
- Phone
- 262-746-3100
- SEC file
- 801-72322
- Structure
- Delaware LLC
- Fiscal year end
- December
Capital Innovations does not have custody of client assets.
At year end, Capital Innovations’ separately managed accounts were mostly in stocks (90%) and cash (10%). Its reported 13F holdings for the quarter ended 30 June 2026 total $385K across 51 positions; the largest are Williams Cos Inc. (7.9%), Slb Limited (6.4%) and Nextera Energy Inc. (5.5%).
What the accounts hold
- Stocks90%
- Exchange-traded equities70%
- Non-exchange-traded equities20%
- Cash10%
Reported 13F holdings
- $385K
- Reported 13F value
- 51
- Positions
- 47.7%
- In the 10 largest
- −3.5%
- Value vs. prior quarter
- Williams Cos Inc.7.9%
- Slb Limited · Com Stk6.4%
- Nextera Energy Inc.5.5%
- Vistra Corp.5.1%
- Canadian Pacific Kansas City4.2%
- Constellation Energy Corp.4.1%
- Digital Rlty TR Inc.4.0%
- EQT Corp.3.6%
- Cheniere Energy Inc.3.4%
- NRG Energy Inc.3.4%
Together, the ten largest are 47.7% of reported value.
How many clients does Capital Innovations have?
Capital Innovations has 6 clients and manages $807 million for them, as of March 2026. They include 5 other investment advisers and 1 investment company.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026
What services does Capital Innovations offer?
Capital Innovations provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for institutions, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How many financial advisors does Capital Innovations have?
Capital Innovations has 0 investment adviser representatives registered with state securities authorities, out of 4 employees, and 4 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Capital Innovations invest in?
At the end of its last fiscal year, Capital Innovations’ separately managed accounts held 70% exchange-traded equities, 20% non-exchange-traded equities and 10% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Capital Innovations?
Capital Innovations’ direct owners are Susan Dambekaln (50% to 75%) and Michael Underhill (25% to 50%).
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does Capital Innovations get paid?
Capital Innovations is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Capital Innovations?
Capital Innovations’ main office is at N19W24400 Riverwood DR, Suite 350, Waukesha, WI 53188. Its phone number is 262-746-3100. Its website is capinnovations.com.