Al DiNicola, AIF – Private Fund Advisor

Al DiNicola, AIF®, is a Private Fund Advisor and a representative of Fiduciary Capital Management LLC (“Fiduciary CM®,”). Al provides independent advisory guidance to accredited and financially sophisticated investors evaluating private funds and other alternative investments.

Al DiNicola assists clients in evaluating these investments through objective analysis, risk assessment, and portfolio context. Fiduciary CM® does not sponsor private funds, manage pooled investment vehicles, or control client assets within such investments. Clients retain full discretion over all investment decisions, including whether to participate in any private investment opportunity. 

Private markets advisory services are provided on a non-discretionary basis and are designed to help sophisticated investors understand the structural, liquidity, and risk characteristics associated with private investments.

Private Markets Advisory Services

Fiduciary CM® provides advisory consultation relating to private funds and alternative investments as part of its investment advisory services. These services may include:

  • Independent review of private investment offerings
    • Analysis of fund structure, strategy, and sponsor background
    • Evaluation of liquidity terms, capital commitment structures, and investment timelines
    • Portfolio allocation considerations and diversification analysis
    • Monitoring of capital calls, distributions, and sponsor communications
    • Ongoing consultation regarding private investment exposures within a client’s portfolio

Broker-Dealer Affiliation and Capacity Disclosure

Al DiNicola is also separately registered as registered representatives of MSC-BD, LLC, a broker-dealer that is a member of Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).

When acting in the capacity as a registered representatives of MSC-BD, LLC, Al DiNicola may offer or place securities transactions, including certain private investments, for which commissions or other transaction-based compensation may be received.  Such compensation is paid through MSC-BD, LLC and not through Fiduciary Capital Management LLC.

When acting in the capacity as an investment adviser representatives of Fiduciary CM®, those individuals may be provided fiduciary advisory services and are generally compensated through advisory fees under the Firm’s advisory agreements.

Because individuals may serve in both advisory and brokerage capacities, a potential conflict of interest exists, as brokerage transactions may generate compensation that differs from advisory fees. Clients are under no obligation to effect transactions through MSC-BD, LLC, and investment professionals will disclose the capacity in which they are acting when discussing or facilitating an investment.

Private Investment Transaction Practices

Fiduciary CM’s advisory role in connection with private investments is generally limited to analysis, education, and advisory consultation.

The Firm does not act as an issuer, promoter, placement agent, or underwriter for private securities offerings and does not receive transaction-based compensation for advisory services unless specifically disclosed.

Custody and Administrative Matters

Fiduciary CM® does not maintain custody of client assets in connection with private investments.

Subscription agreements, capital commitments, capital calls, and distributions are handled directly between the client and the applicable fund sponsor, fund administrator, or qualified custodian.  The Firm may assist clients in organizing investment documentation and reviewing sponsor reporting but does not serve as a fund administrator, transfer agent, or custodian.

Private Investment Monitoring

To assist clients in organizing information related to private investments, Fiduciary CM® may utilize the MyAltsData.com platform. This platform allows advisers and clients to track private investment positions, capital commitments, distributions, and related communications. The system is designed to assist accredited investors, financial advisers, private fund sponsors, and compliance personnel in organizing private fund account data and facilitating compliant communications.

Capabilities may include:

  • Private fund asset allocation tracking
  • Geographic investment exposure monitoring
  • Distribution and capital call tracking
  • Portfolio-level private investment reporting
  • Contact information for fund managers and administrators
  • Notifications from fund sponsors regarding milestones, updates, or communications

The platform serves as an organizational and reporting tool only and does not replace official records maintained by fund sponsors, administrators, or custodians.

Risks of Private Investments

Private funds and alternative investments involve significant risks, including but not limited to:

  • Limited liquidity and long holding periods
  • Valuation uncertainty and limited secondary markets
  • Reliance on sponsor management and performance
  • Limited transparency and reporting compared to public securities
  • The potential loss of all or a substantial portion of invested capital

Clients should carefully review offering documents and consult with appropriate legal, tax, and financial professionals before investing in private investment opportunities.

Fiduciary Capital Management LLC


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The information provided by the Fiduciary Capital Management LLC, (“FCM” or “Fiduciary CM”) website is for educational and informational purposes only and is not intended as tax, legal, or investment advice. You should consult with a qualified legal or tax professional regarding your individual circumstances. The opinions expressed are those of the author and are subject to change without notice. This material should not be considered a solicitation for the purchase or sale of any security. We take protecting your personal information and privacy seriously. In accordance with the California Consumer Privacy Act (CCPA), California residents may exercistheir privacy rights by visiting this link. Advisory services are offered through Fiduciary Capital Management,LLC (“FCM”) a registered investment adviser. Insurance products are offered through independent insurance agencies, not affialted with FCM. Copyright © Fiduciary Capital Management LLC 2026. All rights reserved.