# Kestrel Partners

Kestrel Partners is an Asset Manager based in London, United Kingdom.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** 3 Robert Street, London, WC2N 6BH, United Kingdom
- **Founded:** 2009
- **Assets under management:** Undisclosed
- **Website:** www.kestrelpartners.com

## Regulatory record

- **Reports private funds:** No

## About

Kestrel Partners is an owner-managed investment firm established in 2009 that aims to generate superior long-term returns by investing and driving change in under-valued companies. It actively manages a concentrated portfolio of technology and services companies with low financial gearing, focusing on cash flow and long-term compounding of cash. The firm builds large minority equity stakes in smaller companies and works with portfolio company boards to unlock value.

## Sectors

- Enterprise Software
- IT Services

## People

- Max Royde — Managing Partner and CEO
- Oliver Scott — Managing Partner
- Ari Zaphiriou-Zarifi — Co-founder and Partner
- Seb White — Investment Director

## Questions

### Who runs investment decisions at Kestrel Partners?

Managing Partners Max Royde (CEO) and Oliver Scott lead investment decisions, supported by Investment Director Seb White. Co-founder Ari Zaphiriou-Zarifi also serves as a Partner. The team has worked together for more than 20 years, drawing on a network of senior advisers including Mohsen Moazami and Alnoor Ramji. The firm states that investment decisions are made collaboratively.

### How does Kestrel Partners source investment opportunities?

Kestrel sources opportunities by screening publicly listed smaller technology and services companies in the UK and Europe that exhibit low financial gearing, high recurring revenues, and strong cash conversion. The firm then conducts deep fundamental research into business models and management teams. It uses its network of industry contacts to assess and strengthen companies post-investment.

### Does Kestrel Partners participate in fund commitments or only direct deals?

Kestrel invests directly in the equity of publicly listed operating companies, not via fund commitments. The firm runs a concentrated portfolio and takes large minority positions that give it influence at the board level. It does not market itself as a fund-of-funds or as an allocator to other managers.

### Which sectors does Kestrel Partners explicitly focus on?

The firm focuses explicitly on technology and services companies. It looks for characteristics such as high levels of IP, sustainable gross margins, substantial international revenues, and negative working capital. It also invests in durable services businesses that share similar cash-flow profiles.

### How are Kestrel's fees structured to align with investors?

Kestrel states that its fees are structured to maximise investor alignment based on realised returns rather than on assets under management. The partners co-invest meaningfully in the vehicles they manage. The firm highlights this owner-operator model as a way to mirror the incentives of its clients.

## Related profiles

- [Kernel Capital](https://altss.com/profile/kernel-capital-inc)
- [Key Capital Investments](https://altss.com/profile/key-capital-investments)

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Last updated: 2026-08-11T15:07:12.582Z

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