# Kestrel Partners LLP

> Kestrel Partners LLP is an SEC-registered investment advisory firm in London, United Kingdom, registered since 2015, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated June 26, 2026.

- CRD: 226573
- Filed as: KESTREL PARTNERS LLP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: London, United Kingdom
- Filing period: October 2026
- Form ADV filing dated: June 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/226573
- AdvisorCensus page: https://advisorcensus.com/firm/kestrel-partners-llp-london-226573

## Quick answers

**How is Kestrel Partners LLP compensated?**
On its Form ADV (Item 5.E, October 2026), Kestrel Partners LLP reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Kestrel Partners LLP located?**
Kestrel Partners LLP's principal office is in London, United Kingdom, according to its Form ADV.

**Is Kestrel Partners LLP registered with the SEC or a state?**
Kestrel Partners LLP is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 226573.

**How much does Kestrel Partners LLP manage?**
Kestrel Partners LLP reports $291,045,486 in regulatory assets under management in its Form ADV filing dated June 26, 2026 (100% discretionary).

**How have Kestrel Partners LLP's assets and staff changed since 2021?**
In the Form ADV data for Kestrel Partners LLP: Regulatory assets under management: $453,447,571 in the October 2021 data and $291,045,486 in the October 2026 data, down 36%. Total employees: 15 in October 2021 and 11 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Kestrel Partners LLP serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (7); pooled investment vehicles (other than investment companies and business development companies) (4).

**Which custodians does Kestrel Partners LLP use?**
Kestrel Partners LLP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon Securities Corporation and Northern Trust as custodians holding 10% or more of its separately managed account assets.

**Does Kestrel Partners LLP 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/226573

**What changed in Kestrel Partners LLP's recent Form ADV filings?**
In the July 2026 filing data: Employees performing advisory functions went from 6 to 5. Regulatory assets under management went from $399,728,503 to $291,045,486 (-27%). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- BNY Mellon Securities Corporation
- Northern Trust

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $291,045,486
- Discretionary: $291,045,486
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 7 | $2,231,942 |
| High net worth individuals | Fewer than 5 | $1,020,890 |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $226,748,552 |
| Charitable organizations | Fewer than 5 | $60,379,194 |
| Corporations or other businesses not listed above | Fewer than 5 | $664,908 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2015 (11 years)
- Employees: 11 total, 5 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)
- kestrelpartners.com
- LinkedIn @kestrel-partners

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $453,447,571 | 15 | June 30, 2021 |
| October 2022 | $413,236,535 | 14 | July 29, 2022 |
| October 2023 | $409,418,321 | 14 | June 29, 2023 |
| October 2024 | $453,999,645 | 11 | June 18, 2024 |
| October 2025 | $399,728,503 | 12 | June 25, 2025 |
| October 2026 | $291,045,486 | 11 | June 26, 2026 |

Regulatory assets under management: $453,447,571 in the October 2021 data and $291,045,486 in the October 2026 data, down 36%.
Total employees: 15 in October 2021 and 11 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Employees performing advisory functions went from 6 to 5.
- Regulatory assets under management went from $399,728,503 to $291,045,486 (-27%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Kestrel Partners LLP (CRD 226573): Form ADV filing data as of October 2026.