Investment adviser · CRD 167237

X-SQUARE CAPITAL

Investment adviser filing (IA)

X-SQUARE CAPITAL, LLC

GUAYNABO, PR, United States · Form ADV filed Apr 13, 2026

Regulatory AUM
$791M
Form ADV · Item 5.F
Client accounts
326
Accounts, not individual clients
Employees
7
Reported in this filing
Advisory professionals
7
Investment advisory functions

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client typeClientsRegulatory assetsShare of AUM
Corporations & businesses75$490,446,21862.0%
Investment companies2$87,270,49011.0%
Pooled investment vehicles1$70,827,4899.0%
Retirement plans80$62,692,6167.9%
High-net-worth individuals37$35,168,2894.4%
Individuals130$27,750,4833.5%
Insurance companies1$16,745,3852.1%
Filing source

Form ADV 2094164 · Apr 13, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

4 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

FB PRIVATE EQUITY FUND LLCPrivate Equity Fund · Last reported Apr 13, 2026$274MGross asset value
Auditor CROWE LLP FT LAUDERDALE, Florida, United States
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
No
Administrator other than the adviser
No
External marketing
No

CROWE LLP
PCAOB 173

Fund details & source
Fund ID
805-9880609105
Reported beneficial owners
1
Minimum commitment
$0

Form ADV 2094164 · Apr 13, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

X2 ALTERNATIVE DIVIDEND ALPHA FUND INCHedge Fund · Last reported Apr 13, 2026$69.7MGross asset value
Fund administrator SS&C ALPS DENVER, Colorado, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor DRIVEN, PSC SAN JUAN, Puerto Rico, United States
Custodian JEFFERIES LLC NEW YORK, New York, United States Related to adviser: No
Prime broker JEFFERIES LLC NEW YORK, New York, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

DRIVEN, PSC
PCAOB 6817

JEFFERIES LLC
SEC 8-15074

JEFFERIES LLC
CRD 2347 · SEC 8-15074

Fund details & source
Fund ID
805-7609948774
Reported beneficial owners
110
Minimum commitment
$25K

Form ADV 2094164 · Apr 13, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

IBERICA HOLDINGS LLCPrivate Equity Fund · Last reported Apr 13, 2026$20.7MGross asset value
Auditor DRIVEN, PSC SAN JUAN, Puerto Rico, United States
Custodian CHARLES SCHWAB & CO., INC. SAN FRANCISCO, California, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
No
External marketing
No

DRIVEN, PSC
PCAOB 6817

CHARLES SCHWAB & CO., INC.
SEC 8-16514

Fund details & source
Fund ID
805-2015771346
Reported beneficial owners
12
Minimum commitment
$1M
Form D file number
021-1902656

Form ADV 2094164 · Apr 13, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

X2 CAV MASTER, LPHedge Fund · Last reported Mar 3, 2022$144MGross asset value

Feeder funds

  • X2 CAV OFFSHORE, LP
  • X2 CAV ONSHORE, LP
Fund administrator MORGAN STANLEY FUND SERVICES PURCHASE, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor ERNST & YOUNG LTD. GRAND CAYMAN, Cayman Islands
Custodian JEFFERIES LLC NEW YORK, New York, United States Related to adviser: No
Marketer MANN MANN JENSEN PARTNERS LP NEW YORK, New York, United States Related to adviser: No
Prime broker JEFFERIES LLC NEW YORK, New York, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
Yes

ERNST & YOUNG LTD.
PCAOB 1655

JEFFERIES LLC
SEC 8-15074

MANN MANN JENSEN PARTNERS LP
CRD 137389 · SEC 8-67083

JEFFERIES LLC
CRD 2347 · SEC 8-15074

Fund details & source
Fund ID
805-4837148539
Reported beneficial owners
12
Minimum commitment
$100K

Form ADV 1611285 · Mar 3, 2022 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: Apr 13, 2026. View historical filings

Reported services

Individual portfolio management · Investment company portfolio management · Pooled investment vehicle management · Business portfolio management

Compensation

Percentage of assets · Performance-based

Principal office

CENTRO INTERNACIONAL DE MERCADEO II, 90 CARR 165, SUITE 803
GUAYNABO, PR, 00968, United States

CRD 167237

Filing source

Form ADV 2094164 · Apr 13, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.