Fund Overview

Q2 2026
Fund Timeline fundraising closeFund I investmentFund II investment
2022202320242025Fund I close #1: $108.8M committed, taking the fund to $108.8M, Aug 2021$108.8MHearthly · Fund I — first investment Sept 2021, $12.0M · total $17.5MMorrow Dairy · Fund I — first investment Dec 2021, $15.8M · total $24.0MFund I close #2: $31.3M committed, taking the fund to $140.0M, Dec 2021+$31.3MTidewave Brands · Fund I — first investment Mar 2022, $12.0M · total $21.0MFund I close #3: $24.6M committed, taking the fund to $164.6M, Apr 2022+$24.6MOrchard & Oak · Fund I — first investment Jul 2022, $9.5M · total $14.0MFund I close #4: $15.4M committed, taking the fund to $180.0M, Sept 2022+$15.4MBrewline Coffee · Fund I — first investment Feb 2023, $8.5M · total $11.5MLumen Jewels · Fund I — first investment Jun 2023, $10.0M · total $10.0MBayani Mart · Fund I — first investment Mar 2024, $11.0M · total $16.0MFund II close #1: $78.5M committed, taking the fund to $78.5M, May 2024$78.5MBrightpath Schools · Fund I — first investment Jun 2024, $15.0M · total $19.0MFurrow Pet · Fund II — first investment Nov 2024, $8.5M · total $8.5MFund II close #2: $26.3M committed, taking the fund to $104.8M, Feb 2025+$26.3MBayani Mart · Fund II — first investment Jun 2025, $12.0M · total $18.0MFund II close #3: $15.3M committed, taking the fund to $120.0M, Nov 2025+$15.3MHearthlyMorrow DairyTidewave BrandsOrchard & OakBrewline CoffeeLumen JewelsBayani MartBrightpath SchoolsFurrow PetBayani Mart
Net Asset Value

$209.5M

▲ +$8.0Mvs prior quarter
Net asset value by reported quarter for Kestrel Fund I and Kestrel Fund II, peaking at $209.5M. Axis breaks mark quarters with no report on file. Click a point to pin the page to that quarter.$0M$100M$200M$300MQ3 2021: both funds $12.0MQ4 2021: both funds $27.8MQ1 2022: both funds $40.4MQ2 2022: both funds $44.7MQ3 2022: both funds $54.1MQ4 2022: both funds $66.8MQ1 2023: both funds $83.4MQ2 2023: both funds $93.3MQ3 2023: both funds $97.1MQ4 2023: both funds $102.7MQ1 2024: both funds $113.7MQ2 2024: both funds $136.3MQ3 2024: both funds $141.5MQ4 2024: both funds $153.4MQ1 2025: both funds $164.2MQ2 2025: both funds $182.0MQ3 2025: both funds $182.0MQ4 2025: both funds $201.5MQ1 2026: both funds $201.5MQ2 2026: both funds $209.5MQ3 2021: NAV $12.0M, invested $12.0M, 1 companiesQ4 2021: NAV $27.8M, invested $27.8M, 2 companiesQ1 2022: NAV $40.4M, invested $40.4M, 3 companiesQ2 2022: NAV $44.7M, invested $40.4M, 3 companiesQ3 2022: NAV $54.1M, invested $49.9M, 4 companiesQ4 2022: NAV $66.8M, invested $53.9M, 4 companiesQ1 2023: NAV $83.4M, invested $67.9M, 5 companiesQ2 2023: NAV $93.3M, invested $77.9M, 6 companiesQ3 2023: NAV $97.1M, invested $80.9M, 6 companiesQ4 2023: NAV $102.7M, invested $88.5M, 6 companiesQ1 2024: NAV $113.7M, invested $99.5M, 7 companiesQ2 2024: NAV $136.3M, invested $117.5M, 8 companiesQ3 2024: NAV $141.5M, invested $122.0M, 8 companiesQ4 2024: NAV $144.9M, invested $122.0M, 8 companiesQ1 2025: NAV $155.7M, invested $131.0M, 8 companiesQ2 2025: NAV $161.5M, invested $131.0M, 8 companiesQ3 2025: NAV $161.5M, invested $131.0M, 8 companiesQ4 2025: NAV $170.7M, invested $133.0M, 8 companiesQ1 2026: NAV $170.7M, invested $133.0M, 8 companiesQ2 2026: NAV $175.1M, invested $133.0M, 8 companiesQ2 2024: NAV $0.0M, invested $0.0M, 0 companiesQ3 2024: NAV $0.0M, invested $0.0M, 0 companiesQ4 2024: NAV $8.5M, invested $8.5M, 1 companiesQ1 2025: NAV $8.5M, invested $8.5M, 1 companiesQ2 2025: NAV $20.5M, invested $20.5M, 2 companiesQ3 2025: NAV $20.5M, invested $20.5M, 2 companiesQ4 2025: NAV $30.8M, invested $26.5M, 2 companiesQ1 2026: NAV $30.8M, invested $26.5M, 2 companiesQ2 2026: NAV $34.4M, invested $26.5M, 2 companies$209.5M$175.1M$34.4MQ3 2021Q2 2026
Both fundsKestrel Fund IKestrel Fund II
Portfolio Allocation
Allocation of $209.5M by company: Bayani Mart 28%, Hearthly 14%, Brewline Coffee 13%, Brightpath Schools 12%, Morrow Dairy 11%, Orchard & Oak 9%, Other 14%Bayani Mart: $58.4M, 28% of NAVHearthly: $28.4M, 14% of NAVBrewline Coffee: $27.0M, 13% of NAVBrightpath Schools: $24.1M, 12% of NAVMorrow Dairy: $24.0M, 11% of NAVOrchard & Oak: $18.3M, 9% of NAVOther: $29.2M, 14% of NAV$209.5Mtotal NAV
  1. Bayani Mart$58.4M28%
  2. Hearthly$28.4M14%
  3. Brewline Coffee$27.0M13%
  4. Brightpath Schools$24.1M12%
  5. Morrow Dairy$24.0M11%
  6. Orchard & Oak$18.3M9%
  7. Other$29.2M14%
MOIC (Gross)

1.31x

on $159.5M invested capital
Trend by reported quarter, 1.00x to 1.32x. Axis breaks mark quarters with no report on file.1.00x1.20x1.40xQ3 2021Q2 2026
Gross IRR
Fund I9%
Fund II26%
Trend by reported quarter, 9% to 27%. Axis breaks mark quarters with no report on file.0%10%20%30%Q3 2022Q2 2026
Net IRR
Fund I4%
Fund II5%
Trend by reported quarter, -2% to 12%. Axis breaks mark quarters with no report on file.-5%0%5%10%15%Q3 2022Q2 2026
Capital Called

63%

Fund I87%$155.8M of $180.0M
Fund II29%$34.5M of $120.0M
$109.7M dry powder of $300.0M committed
Trend by reported quarter, 5% to 87%. Axis breaks mark quarters with no report on file.0%50%100%Q3 2021Q2 2026
Portfolio Revenue
Portfolio revenue in US$ by company and calendar quarter, Q2'24 to Q3'26. Patterned sections are estimated.$0$200M$400M$600MQ2'24: $294.9M including explicitly marked estimatesQ3'24: $315.5M including explicitly marked estimatesQ4'24: $363.4M including explicitly marked estimatesQ1'25: $349.8M including explicitly marked estimatesQ2'25: $375.4M including explicitly marked estimatesQ3'25: $396.8M including explicitly marked estimatesQ4'25: $452.4M including explicitly marked estimatesQ1'26: $427.5M including explicitly marked estimatesQ2'26: $393.0M including explicitly marked estimatesQ3'26: $465.8M including explicitly marked estimatesQ2'24Q3'26
Estimated* Dotted = extrapolated or prior quarter carried forward
Expenses by quarter
Fund expenses in US$ by line and quarter, Q3 2021 to Q2 2026$0$1M$2M$3MQ3 2021: $589KQ4 2021: $964KQ1 2022: $893KQ2 2022: $902KQ3 2022: $1.2MQ4 2022: $1.1MQ1 2023: $1.2MQ2 2023: $1.1MQ3 2023: $1.1MQ4 2023: $1.1MQ1 2024: $1.1MQ2 2024: $1.4MQ3 2024: $1.6MQ4 2024: $1.7MQ1 2025: $1.7MQ2 2025: $1.9MQ3 2025: $1.7MQ4 2025: $2.0MQ1 2026: $1.7MQ2 2026: $1.7MQ3 2021Q2 2026
Since inception · 20 quarters$26.4M
Average Investment Size
$24.1Mfund + co-investment
  • Invested by the funds$159.6M
  • Co-investment arranged$56.9M
  • Arranged per $1 of fund money$0.36
  • Largest to smallest$48.0M – $11.5M
Called Capital Not Yet Invested
$4.1Mstill in cash — Fund I $1.7M + Fund II $2.4M
  • Called and not invested$30.7M
  • Already spent on fees and expenses−$26.4M
  • Receivables net of liabilities−$199K
  • Cash available to invest$4.1M
Investment details
Funding detailsDateFundCo-investTotal
Initial investmentSep-21$12.0M$4.9M$16.9M
Follow-on investmentMar-23$5.5M$1.6M$7.1M
Total$17.5M$6.5M$24.0M
Unaudited Portfolio Valuation
InvestmentFirst investedInvested US$OwnershipEntry valuationCurrent valuationCurrent value US$Revenue CAGRGross XIRR
Bayani MartMar 2024$34.0M12.7%$218M$457M$58.4M28%35.6%
HearthlySept 2021$17.5M2.9%$610M$1.01B$28.4M35%11.0%
Brewline CoffeeFeb 2023$11.5M12.0%$96M$226M$27.0M27%28.8%
Brightpath SchoolsJun 2024$19.0M9.3%$205M$266M$24.1M21%11.5%
Morrow DairyDec 2021$24.0M4.4%$540M$532M$24.0M17%▼ -0.0%
Orchard & OakJul 2022$14.0M11.8%$118M$157M$18.3M23%7.8%
Lumen JewelsJun 2023$10.0M13.5%$74M$81M$10.8M19%2.3%
Furrow PetNov 2024$8.5M9.7%$88M$97M$9.6M55%6.1%
Tidewave BrandsMar 2022$21.0M14.8%$142Mpost-money$61Mpost-money$8.8M▼ -9%▼ -20.6%