Investment adviser · CRD 307701

KARMEL CAPITAL MANAGEMENT LLC

Investment adviser filing (IA)

SOLANA BEACH, CA, United States · Form ADV filed Jul 17, 2026

Regulatory AUM: $636M
Client accounts: 11
Employees: 8
Advisory professionals: 8

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Pooled investment vehicles	11	$636,114,533	100.0%

Filing source

Form ADV 2120589 · Jul 17, 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

12 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.

FF III LPPrivate Equity Fund · Last reported Jul 17, 2026$99.1MGross asset value

Form D fundraising filings

FF III LP

Fund administrator ALTER DOMUS SALT LAKE CITY, Utah, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor WEAVER AND TIDWELL LLP MANHATTAN BEACH, California, United States

Custodian JPMORGAN CHASE BANK SAN DIEGO, California, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

WEAVER AND TIDWELL LLP
PCAOB 410

Fund details & source

Fund ID: 805-6143990103
Reported beneficial owners: 109
Minimum commitment: $250K
Form D file number: 021-369374

Form ADV 2120589 · Jul 17, 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.

KARMEL AI FUND LPPrivate Equity Fund · Last reported Jul 17, 2026$80.2MGross asset value

Fund administrator ALTER DOMUS SALT LAKE CITY, Utah, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor WEAVER AND TIDWELL LLP MANHATTAN BEACH, California, United States

Custodian CITIZENS PRIVATE BANK SAN DIEGO, California, United States Related to adviser: No

Marketer HIIVE MARKETS LIMITED VANCOUVER, Canada Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

WEAVER AND TIDWELL LLP
PCAOB 410

HIIVE MARKETS LIMITED
CRD 316580 · SEC 8-70806

Fund details & source

Fund ID: 805-7813737264
Reported beneficial owners: 104
Minimum commitment: $250K
Form D file number: 021-552263

Form ADV 2120589 · Jul 17, 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.

CKCM25 II LPPrivate Equity Fund · Last reported Jul 17, 2026$67.1MGross asset value

Form D fundraising filings

Karmel AI Fund LP

Fund administrator ALTER DOMUS SALT LAKE CITY, Utah, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor WEAVER AND TIDWELL LLP MANHATTAN BEACH, California, United States

Custodian CITIZENS PRIVATE BANK SAN DIEGO, California, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

WEAVER AND TIDWELL LLP
PCAOB 410

Fund details & source

Fund ID: 805-2551606553
Reported beneficial owners: 1
Minimum commitment: $250K
Form D file number: 021-552263

Form ADV 2120589 · Jul 17, 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.

CKCM25 I LPPrivate Equity Fund · Last reported Jul 17, 2026$59.5MGross asset value

Form D fundraising filings

Karmel ABS25 LLC

Fund administrator ALTER DOMUS SALT LAKE CITY, Utah, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor WEAVER AND TIDWELL LLP MANHATTAN BEACH, California, United States

Custodian CITIZENS PRIVATE BANK SAN DIEGO, California, United States Related to adviser: No

Marketer ELEVATION, LLC CHARLOTTE, North Carolina, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

WEAVER AND TIDWELL LLP
PCAOB 410

ELEVATION, LLC
CRD 140341 · SEC 8-67306

Fund details & source

Fund ID: 805-7224984681
Reported beneficial owners: 87
Minimum commitment: $250K
Form D file number: 021-543483

Form ADV 2120589 · Jul 17, 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.

KARMEL NSI24 LLCPrivate Equity Fund · Last reported Jul 17, 2026$32.1MGross asset value

Form D fundraising filings

Karmel NSI24 LLC

Fund administrator FLOW, INC SAN FRANCISCO, California, United States Investor statements: No (provided to no investors) Related to adviser: No

Auditor WEAVER AND TIDWELL LLP MANHATTAN BEACH, California, United States

Custodian CITIZENS BANK SAN DIEGO, California, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

WEAVER AND TIDWELL LLP
PCAOB 410

Fund details & source

Fund ID: 805-1620448370
Reported beneficial owners: 2
Minimum commitment: $1M
Form D file number: 021-523124

Form ADV 2120589 · Jul 17, 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.

KARMEL ABS25 LLCPrivate Equity Fund · Last reported Jul 17, 2026$7.76MGross asset value

Fund administrator FLOW, INC SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor WEAVER AND TIDWELL LLP MANHATTAN BEACH, California, United States

Custodian CITIZENS PRIVATE BANK SAN DIEGO, California, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

WEAVER AND TIDWELL LLP
PCAOB 410

Fund details & source

Fund ID: 805-8794862188
Reported beneficial owners: 3
Minimum commitment: $1M
Form D file number: 021-543483

Form ADV 2120589 · Jul 17, 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.

KARMEL CAPITAL OPPORTUNITY LLCPrivate Equity Fund · Last reported Jul 17, 2026$5.51MGross asset value

Auditor WEAVER AND TIDWELL LLP MANHATTAN BEACH, California, United States

Custodian CITIZENS BANK SAN DIEGO, 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

WEAVER AND TIDWELL LLP
PCAOB 410

Fund details & source

Fund ID: 805-4283176759
Reported beneficial owners: 2
Minimum commitment: $1M

Form ADV 2120589 · Jul 17, 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.

Services & filing details

Most recent filing: Jul 17, 2026. View historical filings

Reported services

Pooled investment vehicle management

Compensation

Percentage of assets · Performance-based

Principal office

512 VIA DE LA VALLE, SUITE 207
SOLANA BEACH, CA, 92075, United States

CRD 307701

Filing source

Form ADV 2120589 · Jul 17, 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.