DFX Intelligence

RIA Intelligence

Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.

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SEC-registered adviser

K••••••• N••••••• G••••• L••

Asset manager (funds and pooled vehicles)Salt Lake City, UtahCRD 142885SEC 801-67537website IAPD

Latest filing Jul 14, 2026

First filing on the tape Mar 22, 2012 · 27 filings

SEC status approved since Feb 8, 2007

RAUM

$2.5B

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

0.0%

$0 individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

n/a

derived; firm RAUM over IAPD count

Employees

40 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

27 filings and snapshots on the tape

RAUM$2.5B as of Jul 14, 2026

Mar 22, 2012$270M then

HNW client RAUM$0 as of Mar 24, 2022

Mar 30, 2018$0 then

State-registered IARs (5.B.3)0 as of Jul 14, 2026

Mar 22, 20120 then

Employees (5.A)42 as of Jul 14, 2026

Mar 26, 20137 then

Private funds6 as of Jul 14, 2026

Mar 22, 20126 then

RAUM +10% over the last fiscal year+11% a year over threeIARs 0 to 0

Practice profile

derived from the filing of Jul 14, 2026; every figure names its basis

RAUM per advisor: unknownderivedRAUM over IAPD advisors; not a book size
Clients per advisor: unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client: unknownderivedHNW RAUM over HNW clients
Average account: $193MderivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: unknownderivedItem 5.A over advisors
Advisors per office: unknownderived2 offices incl. principal (1.F.5)
RAUM growth, one year: +10%derivedbetween the last two annual amendments
Advisor growth, one year: unknownderivedItem 5.B.3 between annual amendments
Client growth, one year: unknownderived
Compensation: percentage of assets, performance-basedreportedItem 5.E
Advisory activities: portfolio management for pooled vehicles, portfolio management for investment companiesreportedItem 5.G
Custody: $554M, 12 clientsreportedItem 9.A
Ownership: no PE, bank or public-company owner found on Schedule Aderived
Advisor book size: not public; not estimatedreported

Also answered yes on Form ADV

buys or sells securities as principal to or from clients (8.A.2)
has discretionary authority over which securities are bought or sold (8.C.1)
receives research or other products from a broker-dealer, soft dollars (8.E)
has custody of client cash or bank accounts (9.A.1.a)
has custody of client securities (9.A.1.b)
marketing includes hypothetical performance (5.L.3)

Where the RAUM sits

Form ADV Item 5.D, latest filing

Investment companies$1.9B78%
Pooled investment vehicles$554M22%

Individual clients: n/areported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 13reported
Financial planning clients: 0reported
Wrap fee programs: noreported
Custody of client assets: $554M for 12 clientsreported
Compensation: % of AUM, performancereported
Class basis: private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=true related_bank=true bd_reps=0.0derived

Advisors registered through the firm

0 on IAPD today, longest tenure first

No representative is registered through this CRD on IAPD.

Advisor movement

Left, latest

none on the tape

Joined, latest

none on the tape

Every departure Every arrival

Private funds

29 reported on Schedule D 7.B.(1)

Fund	Type	Gross assets	Owners	First reported
K••••••• P•••••• M••••• O••••••••• I• ••• L•	Other Private Fund	$74.0M	260	Mar 23, 2020
K••••••• R••• E••••• L•••••• F••• ••• L•no longer reported	Other Private Fund	$52.1M	83	Mar 31, 2017
N•••••••• L•••••• G•••• I•• L••no longer reported	Real Estate Fund	$50.0M	52	Mar 30, 2018
C••••• B•••• H•••••••• L••no longer reported	Other Private Fund	$50.0M	13	Mar 26, 2013
K••••••• C•••••••• H•••••••• L••no longer reported	Real Estate Fund	$42.1M	54	Mar 23, 2020
N•••••••• L•••••• G••••• L••no longer reported	Real Estate Fund	$37.0M	43	Mar 30, 2018
K••••••• S•••• P•••••••• L••no longer reported	Other Private Fund	$35.5M	22	Mar 29, 2016
K••••••• P•••••• M••••• O••••••••• I•• L•	Other Private Fund	$33.9M	99	Mar 27, 2019
K••••••• S••• S•••••• H•••••••• L••no longer reported	Real Estate Fund	$26.1M	38	Mar 23, 2021
K••••••• P•••••• E•••••• L•••no longer reported	Private Equity Fund	$19.8M	47	Mar 22, 2012
K••••••• R••• E••••• L•••••• F•••• L•no longer reported	Other Private Fund	$14.7M	39	Mar 29, 2016
K••••••• H••• L•••••• I•• L••no longer reported	Real Estate Fund	$13.9M	20	Mar 25, 2015
K••••••• P•••••• M••••• O••••••••• V••• ••• L•	Other Private Fund	$12.8M	253	Mar 31, 2017
K••••••• P•••••• M••••• O••••••••• V• ••• L•no longer reported	Other Private Fund	$8.9M	163	Mar 25, 2015
K••••••• P•••••• M••••• O••••••••• V•••• L•	Other Private Fund	$8.3M	99	Mar 31, 2017
K•• P••• L•no longer reported	Other Private Fund	$8.1M	53	Mar 29, 2016
K••••••• P•••••• M••••• O••••••••• I••• L•no longer reported	Other Private Fund	$6.3M	88	Mar 22, 2012
K••••••• P•••••• M••••• O••••••••• V•• L•••no longer reported	Other Private Fund	$6.0M	99	Mar 31, 2014
K••••••• P•••••• M••••• O••••••••• V• L•no longer reported	Other Private Fund	$4.5M	96	Mar 22, 2012
K••••••• P•••••• M••••• O••••••••• V• ••• L•no longer reported	Other Private Fund	$4.5M	162	Mar 26, 2013
L• O••••••••• F•••• L•no longer reported	Other Private Fund	$4.2M	43	Mar 26, 2013
L• O••••••••• F••• I• ••• L•	Other Private Fund	$3.9M	170	Mar 29, 2016
K••••••• P•••••• M••••• O••••••••• I•• L•no longer reported	Other Private Fund	$3.9M	97	Mar 22, 2012
K••••••• H••• L•••••• I••• L••no longer reported	Real Estate Fund	$3.6M	11	Mar 31, 2017
L• O••••••••• F••• I•• L•	Other Private Fund	$2.7M	99	Mar 25, 2015
K••••••• P•••••• E••••• O••••••••• I• ••• L•no longer reported	Other Private Fund	$2.0M	57	Mar 22, 2012
K••••••• P•••••• E••••• O••••••••• I•• L•no longer reported	Other Private Fund	$2.0M	87	Mar 22, 2012
K••••••• H••• L••••••• L••no longer reported	Real Estate Fund	$2.0M	18	Mar 31, 2014
K••••••• R••••••• P••••••• S••••• I•• L••no longer reported	Other Private Fund	$650,000	13	Mar 26, 2013

Owners and control persons

Schedule A and B, latest filing

A••••• B••••••• D•••• · Chief Financial Officercontrol
since 09/2010 · owns 10% to 25%
B•••••• J•••• T••• · Chief Compliance Officer & General Counselcontrol
since 09/2024 · owns less than 5%
E•••• J•••• W••••• · Managing Partner & Co-Foundercontrol
since 07/2006 · owns 25% to 50%
J••••••• M••••••• T••••• · Managing Partnercontrol
since 10/2022 · owns 10% to 25%
N••••••• B••••••• R••• · Managing Partner & Co-Foundercontrol
since 07/2006 · owns 25% to 50%

Related persons

Schedule D 7.A

K••••••• I• G•• L••
pooled vehicle sponsorn
K••••••• V••• G•• L••
pooled vehicle sponsorn
L• O••••••••• F••• I• G•• L••
pooled vehicle sponsorn

Offices

Schedule D 1.F, the 25 largest

Dallas, TX3 employees

What changed

consecutive filings, newest first

Advisory employees · 38 to 40
Mar 31, 2025 to Mar 31, 2026
Assets in custody · $178M to $554M
Mar 31, 2025 to Mar 31, 2026
Employees · 39 to 42
Mar 31, 2025 to Mar 31, 2026
Discretionary RAUM · $2.3B to $2.5B
Mar 31, 2025 to Mar 31, 2026
Pooled vehicle RAUM · $556M to $554M
Mar 31, 2025 to Mar 31, 2026
RAUM · $2.3B to $2.5B
Mar 31, 2025 to Mar 31, 2026
Related adviser · false to true
Mar 31, 2025 to Mar 31, 2026
Related bank · false to true
Mar 31, 2025 to Mar 31, 2026
Related broker-dealer · false to true
Mar 31, 2025 to Mar 31, 2026
Accounts · 15 to 13
Oct 1, 2024 to Mar 31, 2025
Advisory employees · 34 to 38
Oct 1, 2024 to Mar 31, 2025
Advisory activities · 3 to 2
Oct 1, 2024 to Mar 31, 2025
Corporate clients · 3.0 to unset
Oct 1, 2024 to Mar 31, 2025
Pooled vehicle clients · 11 to 12
Oct 1, 2024 to Mar 31, 2025
Employees · 35 to 39
Oct 1, 2024 to Mar 31, 2025
Financial planning clients · 0 to 0
Oct 1, 2024 to Mar 31, 2025
Discretionary RAUM · $2.1B to $2.3B
Oct 1, 2024 to Mar 31, 2025
Pooled vehicle RAUM · $661M to $556M
Oct 1, 2024 to Mar 31, 2025
RAUM · $2.1B to $2.3B
Oct 1, 2024 to Mar 31, 2025
Advisory employees · 25 to 34
Aug 1, 2023 to Mar 28, 2024
Assets in custody · $202M to $178M
Aug 1, 2023 to Mar 28, 2024
Employees · 26 to 35
Aug 1, 2023 to Mar 28, 2024
Discretionary RAUM · $1.8B to $2.1B
Aug 1, 2023 to Mar 28, 2024
Pooled vehicle RAUM · $789M to $661M
Aug 1, 2023 to Mar 28, 2024
RAUM · $1.8B to $2.1B
Aug 1, 2023 to Mar 28, 2024
Accounts · 13 to 15
Dec 2, 2022 to Mar 31, 2023
Advisory employees · 15 to 25
Dec 2, 2022 to Mar 31, 2023
Pooled vehicle clients · 9 to 11
Dec 2, 2022 to Mar 31, 2023
Assets in custody · $197M to $202M
Dec 2, 2022 to Mar 31, 2023
Employees · 16 to 26
Dec 2, 2022 to Mar 31, 2023
Other offices · 0 to 1
Dec 2, 2022 to Mar 31, 2023
Discretionary RAUM · $1.3B to $1.8B
Dec 2, 2022 to Mar 31, 2023
Pooled vehicle RAUM · $669M to $789M
Dec 2, 2022 to Mar 31, 2023
RAUM · $1.3B to $1.8B
Dec 2, 2022 to Mar 31, 2023
Charity clients · 0.0 to unset
Mar 24, 2022 to Dec 2, 2022
HNW clients · 0.0 to unset
Mar 24, 2022 to Dec 2, 2022
Individual clients · 0.0 to unset
Mar 24, 2022 to Dec 2, 2022
Pension plan clients · 0.0 to unset
Mar 24, 2022 to Dec 2, 2022
Assets in custody · unset to 197170069.0
Mar 24, 2022 to Dec 2, 2022
Custody of client assets · false to true
Mar 24, 2022 to Dec 2, 2022

Signals

5 dated events

Troy John Beatty (Chief Compliance Officer & General Counsel) appeared on Schedule A of K••••••• N••••••• G••••• L••
Oct 1, 2024 · Control person joined · fact
Sterling Winston Waltman (Chief Compliance Officer) no longer on Schedule A of K••••••• N••••••• G••••• L•• (listed 2024-03-28, absent 2024-06-06)
Jun 6, 2024 · Control person left · inference
Sterling Waltman Winston (Chief Compliance Officer) appeared on Schedule A of K••••••• N••••••• G••••• L••
Jul 5, 2023 · Control person joined · fact
K••••••• N••••••• G••••• L•• reported RAUM $1.8B, up 40% from $1.3B (2022-12-02 to 2023-03-31)
Mar 31, 2023 · RAUM change · derived
Taylor Matthew Jackson (Managing Partner) appeared on Schedule A of K••••••• N••••••• G••••• L••
Mar 31, 2023 · Control person joined · fact

Across DFX

shared identifiers only, never a name match

K••••••• N••••••• G••••• L•• · Independent Sponsors
shared crd · capital_provider
K••••••• N••••••• G••••• L•• · Private Equity
shared crd · organization

How to reach

public business contact points only, each with its source

Firm profile: linkedin.com/company/keystonenationalgroupreportedpublic record, Form ADV, Sep 18, 2026
Website: K•••••••NATIONAL.comreportedpublic record, Form ADV, Sep 18, 2026
Principal office phone: 925-480-6050reportedpublic record, Form ADV, Jul 14, 2026

Provenance

Form ADV: SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
Advisors: IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
Class: Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
RAUM per advisor: n/aderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026

Across the graphs

K••••••• N••••••• G••••• L•• is the same institution as 1 record in Real Estate Funds.

Real Estate Funds1

Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.

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