# Keel Capital AB

> Keel Capital AB is an SEC-registered investment advisory firm in Stockholm, Sweden, registered since 2016, reporting under $25 million in regulatory assets under management in its Form ADV filing dated September 30, 2026.

- CRD: 283825
- Filed as: KEEL CAPITAL AB
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Stockholm, Sweden
- Filing period: October 2026
- Form ADV filing dated: September 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/283825
- AdvisorCensus page: https://advisorcensus.com/firm/keel-capital-ab-stockholm-283825

## Quick answers

**How is Keel Capital AB compensated?**
On its Form ADV (Item 5.E, October 2026), Keel Capital AB reports these compensation arrangements: other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Keel Capital AB located?**
Keel Capital AB's principal office is in Stockholm, Sweden, according to its Form ADV.

**Is Keel Capital AB registered with the SEC or a state?**
Keel Capital AB is an SEC-registered investment advisory firm, registered since 2016. Status as filed: Approved. CRD 283825.

**How much does Keel Capital AB manage?**
Keel Capital AB reports $6,792,599 in regulatory assets under management in its Form ADV filing dated September 30, 2026 (100% discretionary).

**How have Keel Capital AB's assets and staff changed since 2021?**
In the Form ADV data for Keel Capital AB: Regulatory assets under management: $1,016,261,086 in the October 2021 data and $6,792,599 in the October 2026 data, down 99%. Total employees: 10 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Keel Capital AB serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3).

**Does Keel Capital AB report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/283825

**What changed in Keel Capital AB's recent Form ADV filings?**
In the October 2026 filing data: Regulatory assets under management went from $10,875,246 to $6,792,599 (-38%).

## From the Form ADV filing

### Compensation (Item 5.E)
- Other

### Regulatory assets under management (Item 5.F)
- Total: $6,792,599
- Discretionary: $6,792,599
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $6,792,599 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2016 (10 years)
- Employees: 3 total, 2 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- keelcapital.se

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,016,261,086 | 10 | August 27, 2021 |
| October 2022 | $420,996,465 | 10 | September 1, 2022 |
| October 2023 | $713,555,020 | 10 | September 21, 2023 |
| October 2024 | $503,363,173 | 10 | September 2, 2024 |
| October 2025 | $503,363,173 | 10 | October 3, 2024 |
| October 2026 | $6,792,599 | 3 | September 30, 2026 |

Regulatory assets under management: $1,016,261,086 in the October 2021 data and $6,792,599 in the October 2026 data, down 99%.
Total employees: 10 in October 2021 and 3 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Regulatory assets under management went from $10,875,246 to $6,792,599 (-38%).

### December 2025
- Regulatory assets under management went from $503,363,173 to $10,875,246 (-98%).
- Employees performing advisory functions went from 6 to 2.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Keel Capital AB (CRD 283825): Form ADV filing data as of October 2026.