Heitman Capital Management provides portfolio management for pooled vehicles and portfolio management for institutions. The firm advises 5 private funds.
Heitman Capital Management reports 29 clients. They include 12 state or municipal government entities, 10 pooled investment vehicles, and 3 corporations and other businesses. Of its assets, 85.0% ($5.17B across 10 accounts) are managed with discretion; $914M across 3 accounts are not. Of its clients, 24% are outside the U.S. It advised 17 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Banking or thrift institutions | 3% | 0% |
| Pooled investment vehicles | 34% | 80% |
| Pension and profit-sharing plans | 7% | 0% |
| State or municipal government entities | 41% | 9% |
| Sovereign wealth funds and foreign official institutions | 3% | 10% |
| Other client typesCorporations and other businesses | 10% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Banking or thrift institutions | Fewer than 5 | $0 | 0.0% | $0 |
| Pooled investment vehicles | 10 | $4.89B | 80.3% | $489M |
| Pension and profit-sharing plans | Fewer than 5 | $0 | 0.0% | $0 |
| State or municipal government entities | 12 | $542M | 8.9% | $45.2M |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | $622M | 10.2% | $622M |
| Corporations and other businesses | Fewer than 5 | $34.8M | 0.6% | $11.6M |
| Total | 29 | $6.09B | 100% | — |
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- $0
- Clients
- 10
- Regulatory AUM
- $4.89B
- AUM share
- 80.3%
- Avg. per client
- $489M
- Clients
- Fewer than 5
- Regulatory AUM
- $0
- AUM share
- 0.0%
- Avg. per client
- $0
- Clients
- 12
- Regulatory AUM
- $542M
- AUM share
- 8.9%
- Avg. per client
- $45.2M
- Clients
- Fewer than 5
- Regulatory AUM
- $622M
- AUM share
- 10.2%
- Avg. per client
- $622M
- Clients
- Fewer than 5
- Regulatory AUM
- $34.8M
- AUM share
- 0.6%
- Avg. per client
- $11.6M
Total
- Clients
- 29
- Regulatory AUM
- $6.09B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 24%
- Clients advised without assets under management last fiscal year
- 17
- Private funds advised
- 5
Heitman Capital Management is paid through a percentage of assets under management, fixed fees (other than subscription fees), performance-based fees and other compensation; its fees and minimums are set out in its brochures on the SEC website.
Heitman LLC owns 75% or more of Heitman Capital Management and is in turn owned by Ke I LLC (75% or more). The leadership team of Heitman Capital Management includes President Gordon Black, Chief Financial Officer Lawrence Christensen and Chief Compliance Officer Christopher Shapley. It has 280 employees, 184 of them in advisory roles.
Leadership
Gordon BlackExecutive Vice President
Jennifer BossExecutive Vice President- David BuskoExecutive Vice President
John ClementExecutive Vice President
Anthony FerranteExecutive Vice President
Lewis IngallExecutive Vice President- Ashish KaramchandiExecutive Vice President
Blaise KeaneExecutive Vice President- Thomas KellyExecutive Vice President
Amy KrassExecutive Vice President, Assistant Portfolio Manager
Gregory LeadholmExecutive Vice President
Jonathan LindellExecutive Vice President
David MakiExecutive Vice President
Maury TognarelliManager, and President
Michael TrenchExecutive Vice President, Co-Portfolio Manager
Lawrence ChristensenManager, Chief Financial Officer, Treasurer & Assistant Secretary- Christopher ShapleyChief Compliance Officer
- Maiko AdachiManaging Director & Co-Head of Global Investment Research
Jeffrey BinghamManaging Director & Co-Head of Global Investment Research- Dwight FawcettManaging Director
Thomas McCarthyManager, Senior Managing Director, and Secretary
Brian PieracciManaging Director, Head of Private Equity North America
Timothy PodboyManaging Director
Anthony StamatoSenior Managing Director, Chief Legal Officer
Staff
- 280 employees
- 184 in advisory functions
- 14 broker-dealer reps
- 4 soliciting firms
- Owns 75% or more of Heitman Capital Management LLC
Heitman LLC
Control person · since July 1980
- Owns 75% or more of Heitman LLC
Ke I LLC
Control person · since January 1999
Heitman Capital Management’s regulatory assets grew from $5.21B (July 2021) to $6.09B (March 2026); clients rose from 6 to 29 and employees from 253 to 280.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $6.09B | 29 | 280 | 10 |
| March 2025 | $8.39B | 23 | 284 | 10 |
| March 2024 | $8.6B | 8 | 294 | 9 |
| April 2023 | $7.97B | 6 | 280 | 3 |
| May 2022 | $7.34B | 7 | 263 | 3 |
| July 2021 | $5.21B | 6 | 253 | 3 |
Besides its headquarters, Heitman Capital Management has 9 offices, with 10 listed addresses in the U.S. and abroad.
California · 1 listed address
- 2029 Century Park East, Los Angeles
Illinois · 1 listed address
- 110 N. Wacker Drive, Suite 4000, ChicagoHQ
New York · 1 listed address
- 12 East 49th Street, New York
International offices
- 8 HANOVER STREET, LONDON, W1S 1YQ, United Kingdom
- WOHLERSTRASSE 8-10, FRANKFURT, 60323, Germany
- HIBIYA MITSUI TOWER, 33F, CHIYODA-KU TOKYO, 100-0006, Japan
- 10/F LHT TOWER, CENTRAL, Hong Kong
- 21/F SEOUL FINANCE CENTER, JUNG-GU, SEOUL, 04520, Korea, South
- L27, 101 COLLINS STREET, MELBOURNE, VIC 3000, Australia
- 4 BOULEVARD ROYAL, LUXEMBOURG, Luxembourg
Contact and registration details
- Legal name
- Heitman Capital Management LLC
- Headquarters
- 110 N. Wacker Drive, Suite 4000, Chicago, IL 60606
- Website
- Not reported
- Phone
- 312-855-5700
- SEC file
- 801-15473
- Structure
- Iowa LLC
- Fiscal year end
- December
Heitman Capital Management has custody of $1.41B in client assets for 29 clients.
What the accounts hold
- Other100%
- Debt and real estate co-investment100%
How many clients does Heitman Capital Management have?
Heitman Capital Management has 29 clients and manages $6.09 billion for them, as of March 2026. They include 12 state or municipal government entities, 10 pooled investment vehicles, and 3 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 27 March 2026
What services does Heitman Capital Management offer?
Heitman Capital Management provides portfolio management for pooled vehicles and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How many financial advisors does Heitman Capital Management have?
Heitman Capital Management has 0 investment adviser representatives registered with state securities authorities, out of 280 employees, and 184 perform investment advisory functions. 14 employees are registered representatives of a broker-dealer and 0 employees are 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 Heitman Capital Management invest in?
At the end of its last fiscal year, Heitman Capital Management’s separately managed accounts held 100% other. The 100% other category is described as: Debt and Real Estate Co-Investment. It advises 5 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Heitman Capital Management?
Heitman Capital Management is owned through a holding company by Ke I LLC. Its direct owner is Heitman LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 27 March 2026
How does Heitman Capital Management get paid?
Heitman Capital Management is paid through a percentage of assets under management, fixed fees, performance-based fees and other compensation. Its Form ADV lists no commissions 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 Heitman Capital Management?
Heitman Capital Management’s main office is at 110 N. Wacker Drive, Suite 4000, Chicago, IL 60606. Its phone number is 312-855-5700.