Kabouter Management, Llc
- Regulatory AUM
- $993M
- Discretionary
- $993M
- Clients
- 6
- Avg AUM / client
- $165M
- Accounts
- 6
- Employees
- 15
AUM over time
Reported AUM from Form ADV filings, plotted by filing date · as of Mar 30, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 5 | $383M | 38.6% |
| Other investment advisers | 1 | $610M | 61.4% |
Private funds (7)
Reported in Form ADV Section 7.B.(1), filing of Dec 2024 · $877M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Kabouter Fund I (Qp), Llc | Hedge Fund | Delaware | $243M | 47 |
| Kabouter International Opportunities Fund Ii, Llc master | Other Private Fund | Delaware | $236M | 68 |
| Kabouter International Insight Fund, Llc master | Other Private Fund | Delaware | $144M | 26 |
| Kabouter Fund Ii, Llc | Hedge Fund | Delaware | $107M | 35 |
| Kabouter Fund Iii, Llc | Hedge Fund | Delaware | $98.8M | 1 |
| Kabouter Emerging Markets Fund, Llc master | Other Private Fund | Delaware | $25.2M | 19 |
| Kabouter Transition Vehicle I, Llc | Other Private Fund | Delaware | $23.0M | 24 |
People (5)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Houtzager, Marcel, Paco | Co Chief Executive Officer | Sep 2003 (23y) | ≈ 18.75% – 50% via Kabouter Holdings, Inc. | |
| Zaldivar, Peter | Principal | Sep 2003 (23y) | ≈ 37.5% – 75% via Kabouter Holdings, Inc. | |
| Choi, Linda | Chief Operating Officer | Sep 2009 (17y) | Less than 5% | |
| Shah, Sandeep | Chief Financial Officer | Jun 2016 (10y) | Less than 5% | |
| Kim, Jain | Chief Compliance Officer | Feb 2022 (5y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Kabouter Holdings, Inc. | Owner | Sep 2018 | A | 75% or more |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Houtzager, Marcel, Paco: 25% – 50% of Kabouter Holdings, Inc. × 75% – 100% direct ≈ 18.75% – 50% of the firm
- Zaldivar, Peter: 50% – 75% of Kabouter Holdings, Inc. × 75% – 100% direct ≈ 37.5% – 75% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (7, $877M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Kabouter Fund I (Qp), Llc | Hedge Fund | $243M | $500K | 47 |
| Kabouter International Opportunities Fund Ii, Llc | Other Private Fund | $236M | $500K | 68 |
| Kabouter International Insight Fund, Llc | Other Private Fund | $144M | $500K | 26 |
| Kabouter Fund Ii, Llc | Hedge Fund | $107M | $500K | 35 |
| Kabouter Fund Iii, Llc | Hedge Fund | $98.8M | $500K | 1 |
| Kabouter Emerging Markets Fund, Llc | Other Private Fund | $25.2M | $500K | 19 |
| Kabouter Transition Vehicle I, Llc | Other Private Fund | $23.0M | $500K | 24 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 2.02 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
Allegations: FAILURE AS A SHAREHOLDER TO COMPLY WITH THE DEADLINE FOR NOTIFICATION OF MAJOR HOLDINGS AND VOTING RIGHTS AS REFERRED TO IN CHAPTER 9, SECTION 9( 1) OF THE SECURITIES MARKETS ACT. Status: Final Sanction Detail: MONETARY PENALTY OF 60,000 EURO LEVIED AGAINST KABOUTER INTERNATIONAL OPPORTUNITIES FUND II, LLC (FUND). MONETARY PENALTY OF 120,000 EURO LEVIED AGAINST ADVISER. ADVISER PAID THE MONETARY PENALTY OF THE FUND AND THE ADVISER. Summary: IN 2016, ADVISER EXCEEDED AN OWNERSHIP NOTIFICATION THRESHOLD WITH RESPECT TO A CLIENT'S HOLDING OF A PUBLICLY-TRADED FINNISH SECURITY. THROUGH A DECISION PROVIDED ON JANUARY 21, 2019, THE FINANCIAL SUPERVISORY AUTHORITY DETERMINED TO IMPOSE A MONETARY PENALTY ON ADVISER FOR THE LATE FILING.
Allegations: FAILURE AS A SHAREHOLDER TO COMPLY WITH DEADLINE FOR NOTIFICATION OF TRANSACTIONS BY MAJOR SHAREHOLDERS UNDER ARTICLE 114, PARAGRAPH 7 OF LEGISLATIVE DECREE NO. 58/1998. Status: Final Sanction Detail: ADVISER DETERMINED TO SETTLE MATTER FOR 40,000 EURO. Summary: FOREIGN FINANCIAL REGULATOR ALLEGED THAT ADVISER FAILED TO TIMELY MAKE CERTAIN ON-GOING NOTIFICATION FILINGS WITH RESPECT TO A CLIENT'S HOLDING OF A PUBLICLY-TRADED ITALIAN SECURITY. WITHOUT ADMITTING OR DENYING THE ALLEGATION, ADVISER DETERMINED TO SETTLE THE MATTER.
Disclosure text reproduced verbatim from the firm's own Form ADV filings.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- State Street $610M (61% of AUM) Mar 2026
- BNY Mellon $147M (8% of AUM) Mar 2023
- Northern Trust $68.7M (4% of AUM) Mar 2023
- National Financial Services (Fidelity) $55.9M (1% of AUM) Nov 2019
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗