Adviser Profile

As of Date:

03/29/2024

Adviser Type:

- Large advisory firm

Number of Employees:

16 6.67%

of those in investment advisory functions:

11 10.00%

Registration:

SEC, Approved, 7/22/2022

Other registrations (2)

Former registrations

WATERMILL MANAGEMENT COMPANY, LLC

AUM:

209,352,341 -21.24%

of that, discretionary:

209,352,341 -21.24%

GAV:

209,352,442 -33.56%

Avg Account Size:

13,956,823 -21.24%

SMA’s:

Private Funds:

Contact Info

781 xxxxxxx

Websites :

Client Types:

+

Advisory Activities:

+

Compensation Arrangments:

+

Reported AUM

Discretionary

Non-discretionary

266M 228M 190M 152M 114M 76M 38M

2022 2023

Recent News

Pie Radar GAV Count

Private Funds Structure

Fund Type	Count	GAV
Private Equity Fund	13	$206,422,096
Real Estate Fund	2	$2,930,346

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Private Funds

GAV Count

Employees

Brochure Summary

Overview

Watermill Management Company, LLC (hereinafter “WMC” or “firm”) is a SEC- registered investment adviser with its principal place of business in Boston, Massachusetts. The firm has been investing under the name Watermill Management Company since 2002. Prior to 2002, investments in industrial businesses were made through HMK Enterprises Inc., a Karol family holding company started in 1978, which continues to be an active investor in the firm’s Fund investments. The firm’s registration with the SEC does not imply any particular level of skill or training by the firm or employees or that the SEC has endorsed their respective qualifications to provide investment advisory services. The principal owners of WMC (25% or more ownership) are as follows: Steven E. Karol Julia D. Karol WMC provides investment management services to private equity funds and certain parallel co-investors (hereinafter collectively, "the Funds"). The fund manager will call on investors to make capital infusions to support the Fund’s investments once those investments have been identified and fully vetted through a due diligence and negotiation process. Investments made for the Funds are generally, but not exclusively, in private, illiquid securities. Most of the time, each Fund is created, structured and funded to invest in a specific portfolio company or a group of portfolio companies. WMC manages Fund investments in various companies offering a wide spectrum of services. For each Fund, WMC generally performs due diligence regarding investments, structures and prices of prospective portfolio company(ies) or add-on acquisitions to portfolio companies, works closely with portfolio companies to provide

strategic, operating, marketing and financial advice and identifies exit options prior to an initial investment. WMC leverages its industry knowledge and contacts to identify investment opportunities for the Funds. The investment objective of the Funds is to seek long-term capital appreciation. WMC seeks to invest the Funds’ assets primarily in the equity securities or interests of private companies and typically seeks majority control positions via one or more of the Funds or with other co-investors. WMC sources investment opportunities directly and from third parties, including traditional investment banks and brokers. The Funds are not required to register under the Securities Act of 1933 or the Investment Company Act of 1940 in reliance upon certain exemptions available to issuers whose securities are not publicly offered. WMC manage the Funds on a discretionary basis in accordance with the terms and conditions of each Fund's offering and organizational documents. ASSETS: As of the time of the Form ADV annual update filing, WMC managed approximately $266,000,000 of assets on a discretionary basis. IMPORTANT ADDITIONAL CONSIDERATIONS: The information provided herein merely summarizes the detailed information provided in each Fund’s offering and organizational documents. Certain of the investment vehicles are closed and are not admitting new investors. Current Fund investors and prospective investors in any new Fund launched by WMC should be aware of the substantial risks associated with investment as well as the terms applicable to such investment. This and other detailed information is provided in the appropriate Fund offering and organizational documents.