Investment adviser · CRD 106789

KESTREL INVESTMENT MANAGEMENT CORP

Investment adviser filing (IA)

SAN MATEO, CA, United States · Form ADV filed Mar 24, 2026

Regulatory AUM: $180M
Client accounts: 9
Employees: 7
Advisory professionals: 4

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
Retirement plans	Fewer than 5	$87,419,003	48.6%
High-net-worth individuals	6	$59,539,482	33.1%
Pooled investment vehicles	1	$16,643,794	9.2%
Charities	Fewer than 5	$16,362,595	9.1%

Filing source

Form ADV 2077351 · Mar 24, 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

1 Private fund

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

KESTREL INVESTMENT FUND, LPOther Private Fund · Last reported Mar 24, 2026$16.6MGross asset value

Form D fundraising filings

Kestrel Investment Fund, L.P.

Fund administrator NAV CONSULTING, INC. OAK BROOK, Illinois, United States Investor statements: No (provided to no investors) Related to adviser: No

Auditor ERNST & WINTTER & ASSOC., LLP WALNUT CREEK, California, United States

Custodian PRINCIPAL BANK MINNEAPOLIS, Minnesota, 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

ERNST & WINTTER & ASSOC., LLP
PCAOB 3438

Fund details & source

Fund ID: 805-6621346732
Reported beneficial owners: 6
Minimum commitment: $1M
Form D file number: 021-474283

Form ADV 2077351 · Mar 24, 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: Mar 24, 2026. View historical filings

Reported services

Individual portfolio management · Pooled investment vehicle management · Business portfolio management

Compensation

Percentage of assets

Principal office

411 BOREL AVENUE, SUITE 403
SAN MATEO, CA, 94402, United States

CRD 106789

Filing source

Form ADV 2077351 · Mar 24, 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.