9AT: KESTREL PARTNERS LLP

Adviser Profile

As of Date	06/26/2026
Registration	SEC, Approved, 06/01/2015
ADV Location	LONDON, United Kingdom
Contact Info	+44 xxxxxxx
Websites

AUM^*	291,045,486 -36%
of that, discretionary	291,045,486 -36%
Number of Employees	11
of those in investment advisory functions	5 -17%
Private Fund GAV^*	0
Avg Account Size	18,190,343 -20%
% High Net Worth	6.25% 12%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm
- Outside the United States

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Pooled investment vehicles
- Charitable organizations
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser GOOSE HOLLOW CAPITAL MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM41.0m	#Funds-
Adviser APERTURE INVESTORS, LLC	Hedge Fund3.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund850.0m	Total Private Fund GAV4.6b	AUM6.1b	#Funds21
Adviser JLP ASSET MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM212.1m	#Funds-
Adviser PRESIMA SECURITIES ULC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM685.2m	#Funds-
Adviser DUNDAS GLOBAL INVESTORS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.4b	#Funds-
Adviser ANTARES CAPITAL ADVISERS LLC	Hedge Fund13.9b	Liquidity Fund-	Private Equity Fund4.9b	Real Estate Fund-	Securitized Asset Fund16.0b	Venture Capital Fund-	Other Fund-	Total Private Fund GAV34.9b	AUM47.4b	#Funds75
Adviser SILK INVEST LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM56.2m	#Funds-
Adviser SOMERSET CAPITAL MANAGEMENT LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM4.2b	#Funds-
Adviser METROPOLIS CAPITAL LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund69.7m	Total Private Fund GAV69.7m	AUM5.1b	#Funds1
Adviser MISAKI CAPITAL INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM512.1m	#Funds-

Brochure Summary

Overview

Kestrel Partners LLP (“Kestrel”, the “Firm”) is an independent investment manager incorporated as a limited liability partnership registered in England and Wales. Kestrel is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. It was co-founded by Ari Zaphiriou-Zarifi, Max Royde and Oliver Scott in 2009. The Firm’s principal owners are Max Royde, and Oliver Scott who have voting rights of 46.5% and 34.5% of Kestrel, respectively. The Firm’s clients comprise an unregulated collective investment scheme and institutional and individual client managed accounts. The Firm provides investment management services to the following:
• Kestrel Opportunities Fund (“KOF”) – is a cell of a Guernsey based OEIC, Guernsey Portfolios PCC Limited, which authorised by the Guernsey Financial Services Commission as a Class B collective investment scheme.
• A sleeve of a U.S. domiciled Special Purpose vehicle. The sleeve of this Special

Purpose Vehicle is managed in accordance with a sub-adviser agreement
• Other discretionary investment mandates for both institutional and individual accounts. KOF is not sold in the US though the Firm will offer managed account services to US investors. Kestrel’s investment management strategy relates to UK quoted micro-cap equity. The information contained in this Brochure summarises the details of the services we provide and is not required to provide all the information that a prospective client will require prior to opening an account with us. If you have any questions about us or our services that we did not answer in this document, please contact us at +44 (0)20 3371 6100 or email compliance@kestrelpartners.com . As at 31 March 2023, the Firm managed US$409,418,321, all of which is managed on a discretionary basis.

KESTREL PARTNERS LLP

KESTREL PARTNERS LLP

KESTREL PARTNERS OR KESTREL INVESTMENT PARTNERS

KESTREL PARTNERS LLP ONLY I.E. NOT DIFFERENT

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

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KESTREL PARTNERS LLP KESTREL PARTNERS LLP KESTREL PARTNERS OR KESTREL INVESTMENT PARTNERS KESTREL PARTNERS LLP ONLY I.E. NOT DIFFERENT

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

KESTREL PARTNERS LLP

KESTREL PARTNERS LLP

KESTREL PARTNERS OR KESTREL INVESTMENT PARTNERS

KESTREL PARTNERS LLP ONLY I.E. NOT DIFFERENT