Watermill Management Company, Llc
- Regulatory AUM
- $178M
- Discretionary
- $178M
- Clients
- 18
- Avg AUM / client
- $9.9M
- Accounts
- 18
- Employees
- 13
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) | 18 | $178M | 100.0% |
Private funds (15)
Reported in Form ADV Section 7.B.(1), filing of May 2024 · $213M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Watermill Opportunity Fund Series I Weston master | Private Equity Fund | Delaware | $57.3M | 42 |
| Watermill Ct Partners, Lp master | Private Equity Fund | Cayman Islands | $52.4M | 58 |
| Watermill Transportation Pref Partners Iii, L.P. master | Private Equity Fund | Delaware | $40.1M | 54 |
| Watermill Weston Co Investment, Lp | Private Equity Fund | Delaware | $26.4M | 2 |
| Watermill Enbi Partners Iii, Lp master | Private Equity Fund | Delaware | $11.4M | 36 |
| Watermill Ctb Partners, Lp master | Private Equity Fund | Delaware | $8.6M | 41 |
| Watermill Transportation Debt Partners, Lp master | Private Equity Fund | Delaware | $8.5M | 47 |
| Watermill Transportation Pref Partners Ii, Lp master | Private Equity Fund | Delaware | $1.6M | 59 |
| Watermill Shelbyville Partners, Lp master | Real Estate Fund | Delaware | $1.6M | 36 |
| Osceola Realty Llc | Real Estate Fund | Delaware | $1.5M | 33 |
| Fitzwilliam Works Realty I, Lp master | Real Estate Fund | Delaware | $1.5M | 24 |
| Fitzwilliam Works Realty Ii, Lp master | Real Estate Fund | Delaware | $1.4M | 10 |
| Watermill Tenere Partners, Lp master | Private Equity Fund | Delaware | $473K | 50 |
| Watermill Enbi Partners Ii, Lp master | Private Equity Fund | Delaware | $1 | 32 |
| Watermill Enbi Partners, Lp master | Private Equity Fund | Delaware | $1 | 46 |
People (3)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Karol, Steven, Edward | Managing Member | Mar 2002 (24y) | 25% – 50% | |
| Karol, Julia | President And Chief Operating Officer | Aug 2016 (10y) | 50% – 75% | |
| Procter, Benjamin, Pickman | Chief Compliance Officer, Senior Partner | Jul 2022 (4y) | Less than 5% |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
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 (15, $213M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Watermill Opportunity Fund Series I Weston | Private Equity Fund | $57.3M | $58.5K | 42 |
| Watermill Ct Partners, Lp | Private Equity Fund | $52.4M | $22.1K | 58 |
| Watermill Transportation Pref Partners Iii, L.P. | Private Equity Fund | $40.1M | $4.0K | 54 |
| Watermill Weston Co Investment, Lp | Private Equity Fund | $26.4M | $54.9K | 2 |
| Watermill Enbi Partners Iii, Lp | Private Equity Fund | $11.4M | $15.0K | 36 |
| Watermill Ctb Partners, Lp | Private Equity Fund | $8.6M | $6.3K | 41 |
| Watermill Transportation Debt Partners, Lp | Private Equity Fund | $8.5M | $20.7K | 47 |
| Watermill Transportation Pref Partners Ii, Lp | Private Equity Fund | $1.6M | $2.1K | 59 |
| Watermill Shelbyville Partners, Lp | Real Estate Fund | $1.6M | $6.0K | 36 |
| Osceola Realty Llc | Real Estate Fund | $1.5M | $1.9K | 33 |
| Fitzwilliam Works Realty I, Lp | Real Estate Fund | $1.5M | $8.8K | 24 |
| Fitzwilliam Works Realty Ii, Lp | Real Estate Fund | $1.4M | $8.8K | 10 |
| Watermill Tenere Partners, Lp | Private Equity Fund | $473K | $50.0K | 50 |
| Watermill Enbi Partners Ii, Lp | Private Equity Fund | $1 | $13.0K | 32 |
| Watermill Enbi Partners, Lp | Private Equity Fund | $1 | $50.0K | 46 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 4.56 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Fixed fees
- • Performance-based fees
- • Other fees
- • MONITORING FEES
Services
- • Portfolio management for pooled investment vehicles
Custody
Firm reports having custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
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) ↗