Overview
Keel is a Stockholm based Limited advisory Company founded in 2009. Keel is majority owned by
Mathias Svensson, Fredrik Gutenbrant and Mats Ruhne. Keel is authorized and regulated by the
Swedish Financial Supervisory Authority (“SFSA”) in Sweden.
The Company manages investments in the Keel Capital S.A., SICAV-SIF - Foghorn Fund
(“Foghorn Fund”), Keel Capital S.A., SICAV-SIF - Foghorn X2 (“Foghorn X2 Fund”) and the Keel
Capital S.A., SICAV-SIF - Longhorn (“Longhorn Fund”), and each follows its own investment
strategy. The private funds (“Funds” or “Sub-Funds”) are domiciled in Luxembourg and registered
with the Grand Duchy of Luxemburg – Commission to Surveillance of the Finance Sector. In
addition to the management of the private funds, Keel also serves as adviser or sub-adviser to U.S.
and non-U.S. separately managed accounts (“SMA” clients).
Keel manages Luxembourg-domiciled SICAV (Société d’Investissement à Capital Variable)
alternative investment funds established as Specialized Investment Funds (SIFs). A discussion of
the investment strategies pursued by each Fund and SMA is outlined in Item 8.
Keel serves as a sub-adviser to a U.S. open-end investment company (“Mutual Fund”) registered
under the Investment Company Act of 1940 (“40 Act”). Under the sub-advisory agreement, Keel
is
responsible for the day-to-day portfolio management of a portion of the Mutual Fund’s portfolio,
subject to oversight by the Mutual Fund’s adviser. Keel manages the allocated portion of the Mutual
Fund in accordance with the Mutual Fund’s registration statement as filed with the SEC, the
Company’s investment strategy selected by the Mutual Fund’s adviser, and applicable portfolio
management and trading restrictions or limitations under the Company Act.
Keel does not tailor its advisory services to the individual needs of investors in a SICAV-SIF,
SICAV, SIF, UCITS, UCITS Fund, Fund, Sub-Fund, or Mutual Fund (“Investors”) and does not
accept Investor-imposed investment restrictions in such funds. Keel selects all investments and
strategies for Client accounts. Keel typically does not tailor its services to the individual needs of
the SMA Clients, but manages the accounts according to the terms of the investment management
agreement. Agreements with SMA Clients are generally negotiated and are subject to different
terms than funds, including but not limited to, liquidity, investment objectives, guidelines,
restrictions, terms and/or fees.
As of June 30, 2023 Keel managed a total Regulatory Assets Under Management (RAUM) of
$713,550,020 on a fully discretionary basis.