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••••• C•••••• M••••••••• L••
Latest filing Jul 17, 2026
First filing on the tape Jun 24, 2022 · 8 filings
SEC status approved since May 20, 2025
RAUM
$636M
reported, Item 5.F
Discretionary
56%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
8
8 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
9
reported on Schedule D
History
8 filings and snapshots on the tape
RAUM$636M as of Jul 17, 2026
May 19, 2025$170M then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Jul 17, 2026
May 19, 20250 then
Employees (5.A)8 as of Jul 17, 2026
May 19, 20258 then
Private funds9 as of Jul 17, 2026
May 19, 20256 then
RAUM n/a over the last fiscal year
Practice profile
derived from the filing of Jul 17, 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
- $57.8MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 56%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- unknownderivedItem 5.A over advisors
- Advisors per office
- unknownderived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- unknownderivedbetween 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 vehiclesreportedItem 5.G
- Custody
- $47.4M, 4 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)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$636M100%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 11reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $47.4M for 4 clientsreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=false related_bank=false 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
Private funds
4 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| F• I•• L• | Private Equity Fund | $104M | 100 | Jun 24, 2022 |
| K••••• C•••••• F••••••• F••• I• L• | Private Equity Fund | $11.2M | 68 | Jan 2, 2018 |
| K••••• C•••••• S•• L• | Private Equity Fund | $11.0M | 47 | Mar 6, 2020 |
| K••••• S•• S•• L• | Private Equity Fund | $10.3M | 22 | Mar 6, 2020 |
Owners and control persons
Schedule A and B, latest filing
- B•••••••• J••••• C•••••• · Manager And Officercontrolsince 03/2020 · owns less than 5%
- B••••••• C••••••••• C••••••• · Cco, General Counsel, & Coocontrolsince 03/2020 · owns less than 5%
- N••••••••• S••••• L••••••• · Manager And Officercontrolsince 03/2020 · owns less than 5%
- A••••••• G•••••• S• · Managercontrolsince 06/2021 · owns F of G••••• C•••••• U• L••
- A••••••• G•••••• S• · Directorcontrolsince 06/2021 · owns F of G••••• C•••••• H••••••• U••
- A••••••• G•••••• S• · Ownercontrolsince 06/2021 · owns 75% or more of G••• C•••••• I•••
Entity owners
- B••••••• F••••• T•••• D•••• N••••••• 1•• 2•••• A• A•••••• · Owner And Memberdirect · owns 25% to 50%
- N•••••••• F••••• T•••• D•••• M•• 2•• 2••• · Owner And Memberdirect · owns 25% to 50%
- G••• C•••••• I••• · Shareholderindirect · owns 75% or more of G••••• C•••••• H••••••• U••
- G••••• C•••••• H••••••• U•• · Memberindirect · owns 75% or more of G••••• C•••••• U• L••
- G••••• C•••••• U• L•• · Owner And Memberdirect · owns 10% to 25%
Related persons
Schedule D 7.A
- F• I•• G• L••pooled vehicle sponsorn
- K••••• C•••••• L••pooled vehicle sponsorn
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Accounts · 6 to 11Jun 6, 2025 to Mar 30, 2026
- Pooled vehicle clients · 6 to 11Jun 6, 2025 to Mar 30, 2026
- Assets in custody · unset to 47394615.0Jun 6, 2025 to Mar 30, 2026
- Custody of client assets · false to trueJun 6, 2025 to Mar 30, 2026
- Private funds · 6 to 9Jun 6, 2025 to Mar 30, 2026
- Discretionary RAUM · $170M to $354MJun 6, 2025 to Mar 30, 2026
- Non-discretionary RAUM · $0 to $282MJun 6, 2025 to Mar 30, 2026
- Pooled vehicle RAUM · $170M to $636MJun 6, 2025 to Mar 30, 2026
- RAUM · $170M to $636MJun 6, 2025 to Mar 30, 2026
- Financial planning clients · unset to May 19, 2025 to Jun 6, 2025
- Accounts · 4 to 6Jun 29, 2022 to May 19, 2025
- Advisory employees · 6 to 8Jun 29, 2022 to May 19, 2025
- Pooled vehicle clients · 4 to 6Jun 29, 2022 to May 19, 2025
- Employees · 6 to 8Jun 29, 2022 to May 19, 2025
- Private funds · 4 to 6Jun 29, 2022 to May 19, 2025
- Discretionary RAUM · $155M to $170MJun 29, 2022 to May 19, 2025
- Pooled vehicle RAUM · $155M to $170MJun 29, 2022 to May 19, 2025
- RAUM · $155M to $170MJun 29, 2022 to May 19, 2025
Signals
2 dated events
- K••••• C•••••• M••••••••• L•• reported RAUM $636.1M, up 274% from $170.3M (2025-06-06 to 2026-03-30)Mar 30, 2026 · RAUM change · derived
- K••••• C•••••• M••••••••• L•• filed its initial SEC registration (Form ADV)Jun 24, 2022 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
- K••••• C•••••• M••••••••• L•• · Independent Sponsorsshared crd · capital_provider
- K••••• C•••••• M••••••••• L•• · Private Equityshared crd · organization
How to reach
public business contact points only, each with its source
- Website
- karmelcapital.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 858-208-3636reportedpublic record, Form ADV, Jul 17, 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