K2 Asset Management Holdings

What K2 Asset Management Holdings does

K2 Asset Management Holdings Ltd (ASX: KAM) is a Melbourne-headquartered, publicly listed Australian diversified financial services firm founded in 1999 and operating through three pillars: Funds Management, Responsible Entity (RE) and Trustee Services, and Exchange Traded Funds (ETFs). The Funds Management pillar includes the proprietary K2 Australian Small Cap Fund (ASX: KSM), an actively managed long/short Australian small/mid cap equities strategy, and the K2 Opportunities Fund (renamed February 2026 from the K2 Australian Fund), a global equities strategy with Australian bias and the ability to hold up to 100% cash. The ETF pillar covers both proprietary products and third-party ETFs where K2 acts as issuer and Responsible Entity, including the Apostle Dundas Global Equity Fund (ADEF), Digital X Bitcoin ETF (BTXX), Savana US Small Caps ETF (SVNP), Lion Active ETF (ROAR), and the CD Private Equity Fund series (CD1-CD4). The Responsible Entity Services pillar provides compliance, operational, and ASX/Cboe listing infrastructure to third-party investment managers including Dundas Global Investors, Lioncrest Partners, Delta-G, DigitalX, Cordish Private Ventures, Square Peg Capital, and Mihic Fund Management.

The company's core technology is a Proprietary Portfolio System developed since inception that monitors client capital exposure at the position level, embeds stop-loss triggers and portfolio construction guidelines, and enforces trading compliance. Revenue is generated through management fees (0.90%-1.31% p.a.), performance fees (e.g. 15.38% above high water mark with 6% hurdle on KSM), bespoke Responsible Entity service fees, and end-to-end ETF issuer services (admission, iNAV, market making, CHESS settlement, continuous disclosure). Go-to-market combines direct ASX exchange listing with no minimum investment, unlisted managed funds with $20,000 minimums accessed via PDS, distribution through master trust and wrap platforms, and B2B RE service mandates. Customer segments span retail and wholesale investors including SMSFs, institutional investors, and third-party investment managers. The company is led by Managing Directors Campbell Neal (co-founder and Senior PM), George Boubouras (joined March 2021), and CEO Hollie Wight (appointed January 2025), with Dr Andrew MacDonald joining as Non-Executive Director in June 2026.

Name

K2 Asset Management Holdings

Legal name

K2 Asset Management Ltd

Website

https://k2am.com.au

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

K2 Asset Management Holdings is an ASX-listed Australian fund manager offering proprietary funds, third-party ETF issuance, and Responsible Entity services to retail, wholesale, and institutional investors. Founded 1999 and headquartered in Melbourne, it operates across active equities, private equity, and digital assets.

Ownership category

akta.pro rank

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Management Fees: Ongoing fees charged as a percentage of assets under management. K2 Australian Small Cap Fund charges 1.31% p.a. (incl. GST & RITC); Apostle Dundas Global Equity Fund charges 0.90% p.a. (inc. GST & RITC).
2. Performance Fees: Fees charged when fund returns exceed high water marks and hurdle rates. K2 Australian Small Cap Fund charges 15.38% p.a. (incl. GST & RITC) of NAV above High Water Mark, with a net 6% p.a. hurdle rate requirement.
3. Responsible Entity Services: Bespoke services for third-party investment managers including compliance management, ASX/Cboe admission processes, market making, CHESS settlement, and continuous disclosure.
4. ETF Issuer Services: K2 provides one-stop-shop services for investment managers seeking to offer ETFs, including management of admission processes, iNAV calculation, market making, and service provider coordination while managers retain branding.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels3 records

Core offering

K2 Asset Management is an Australian fund manager that operates three pillars: active Funds Management (proprietary long/short Australian equities and global equities strategies), Responsible Entity and Trustee Services for third-party investment managers (compliance, ASX listing, operations), and Exchange Traded Fund issuance (proprietary and white-label ETFs). It earns management fees, performance fees, and responsible entity service fees across listed and unlisted vehicles distributed via ASX brokers, master trusts, wrap platforms, and direct institutional channels.

Product overview

K2 Asset Management is a diversified financial services firm with three core pillars: Funds Management, Responsible Entity (RE) Services, and Exchange Traded Funds (ETFs). The Funds Management pillar includes the K2 Australian Small Cap Fund (KSM) - an actively managed Australian equities fund with long/short strategy - and the K2 Opportunities Fund - a global equities fund with Australian bias. The ETF offerings include both proprietary K2 funds and third-party manager products listed on ASX such as the Apostle Dundas Global Equity Fund (ADEF), Digital X Bitcoin ETF (BTXX), Savana US Small Caps ETF (SVNP), Lion Active ETF (ROAR), and CD Private Equity Funds (CD1, CD2, CD3, CD4). The Responsible Entity Services platform provides compliance, operations, and listing services for third-party investment managers across diverse asset classes including equities, fixed income, private equity, and digital currency. K2 also offers the Delta-G Global Growth Fund (May 2026), described as Australia's first wholesale private global AI secondaries fund.

Differentiator

Problem solved

Functional benefit

Brands

• K2 Australian Small Cap Fund: Australian Small/Mid cap equities fund investing both long and short, seeking absolute returns
• K2 Opportunities Fund

Products and services

• K2 Australian Small Cap Fund (ASX: KSM) Diversified Australian Small/Mid cap equities fund investing both long and short, seeking absolute returns through active management of equity and cash exposure; designed with SMSFs in mind. Management fee 1.31% p.a. (incl. GST & RITC); performance fee 15.38% p.a. of NAV above high water mark with a 6% p.a. hurdle.
• K2 Opportunities Fund Listed global equities fund with Australian bias; primarily invests in Australian listed equities but can allocate to developed global markets; typically holds up to 80 stocks and up to 100% cash. Minimum investment $20,000; ARSN 106 882 302; APIR KAM0101AU.
• Apostle Dundas Global Equity Fund - Class D Active ETF (ASX: ADEF) Global equities fund managed by Dundas Global Investors (Edinburgh), focusing on capital and dividend growth by investing in best public companies worldwide; targets returns exceeding the MSCI All Country World Index (ex Australia) and typically holds 50-65 stocks. Management fee 0.90% p.a. (incl. GST & RITC). K2 acts as issuer and Responsible Entity.
• CD Private Equity Fund I (ASX: CD1) Invests alongside Cordish Private Ventures (private investment arm of The Cordish Companies, a fourth-generation US family company) in specialized private equity funds targeting middle-market operating businesses in the US. K2 is the Responsible Entity.
• CD Private Equity Fund II (ASX: CD2) Second fund in the CD Private Equity Fund Series, focused on US middle-market private equity via Cordish Private Ventures; K2 is the Responsible Entity.
• CD Private Equity Fund III (ASX: CD3) Third fund in the CD Private Equity Fund Series, focused on US middle-market private equity via Cordish Private Ventures; K2 is the Responsible Entity.
• Digital X Bitcoin ETF (ASX: BTXX) Bitcoin ETF that aims to deliver returns tracking the CME CF Bitcoin Reference Rate (before fees and expenses); passive long-term Bitcoin holder. K2 acts as issuer and Responsible Entity for DigitalX Asset Management Pty Ltd (DXAM).
• Savana US Small Caps Active ETF (ASX: SVNP) Actively managed ETF seeking to outperform the S&P 600 Total Return Index over medium to long term, using AI-enhanced proprietary valuation methodology with complex systems theories and collective intelligence to identify undervalued US small cap equities. K2 acts as issuer and Responsible Entity.
• Lion Active ETF (ASX: ROAR) Actively managed ETF investing in global fast-growing listed companies with market capitalizations over A$1 billion, focusing on technology, healthcare, and consumer sectors. K2 acts as issuer and Responsible Entity for Lioncrest Partners.
• Delta-G Global Growth Fund Wholesale private global AI secondaries fund providing concentrated secondary market exposure to global private pre-IPO AI companies and fastest-growing emerging players in the sector. K2 acts as issuer.
• Venture Capital Opportunities Fund Provides individual investors exposure to Square Peg Capital's Square Peg Fund II, targeting early-stage growth businesses. K2 acts as Responsible Entity.
• Responsible Entity Services Bespoke Responsible Entity services for investment managers and institutions, offering compliance, operations, and listing services across diverse asset classes including equity funds, ASX-listed schemes, fixed income, digital currency, private equity, and multi-asset funds. Supports ASX/Cboe admission, compliance management, market making, CHESS settlement, and continuous disclosure.
• ETF Services End-to-end ETF management services for third-party investment managers, including ASX/Cboe admission process, iNAV calculation, market making, service provider coordination, unit creation and CHESS settlement, and continuous disclosure. K2 acts as issuer while the manager retains branding.

Quantifiable outcome

• K2 Australian Small Cap Fund delivered 3.9% p.a. net of fees since inception (December 2013) to June 2026

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Nine partnerships are on record, tiered core and minor.

• Lioncrest PartnerscoreTechnology or Integration · 1 June 2026K2 assisted Lioncrest Partners in bringing the Lion Active ETF (ASX: ROAR) to market. K2 acts as issuer and Responsible Entity while Lioncrest Partners manages the fund. The ETF invests in global, fast-growing listed companies across technology, healthcare and consumer sectors.
• Delta-G Management Australia Pty LtdcoreTechnology or Integration · 1 May 2026K2 Asset Management Ltd is the issuer of the Delta-G Global Growth Fund, Australia's first wholesale private global AI secondaries fund, managed by Delta-G Management Australia Pty Ltd. The fund provides wholesale investors exposure to global private pre-IPO AI companies.
• Dundas Global InvestorscoreTechnology or IntegrationDundas Global Investors is an independent global equity investment manager based in Edinburgh. K2 is the issuer and Responsible Entity of the Apostle Dundas Global Equity Fund - Class D Active ETF (ASX: ADEF), which implements Dundas's global equities strategy.
• Cordish Private VenturesminorStrategic or Co-development PartnerK2 is the Responsible Entity for CD Private Equity Fund I, II, and III (ASX: CD1, CD2, CD3), which invest alongside Cordish Private Ventures - the private investment arm of The Cordish Companies, a fourth-generation US family company.
• Square Peg CapitalminorStrategic or Co-development PartnerThe Venture Capital Opportunities Fund provides exposure to Square Peg Capital's Square Peg Fund II, targeting early-stage growth businesses. K2 acts as Responsible Entity for this fund.
• Mihic Fund ManagementminorStrategic or Co-development PartnerK2 provides Responsible Entity services for the Adamantos Fund, launched by Sava Mihic who previously spent over a decade at Platinum Asset Management with backing from Kerr Neilson.
• Salter Brothers Asset Management (SBAM)minorStrategic or Co-development PartnerGeorge Boubouras serves as Director and Investment Advisor at Salter Brothers Asset Management while also serving as Managing Director at K2.
• BoardRoom Pty LtdminorImplementation/ SI/ Consulting PartnerBoardRoom Pty Ltd serves as the unit registry for K2 funds, handling investor registry management, distribution payments, and unitholder communications.
• Master Trust and Wrap Platform ProviderscoreChannel Partner/ Reseller/ DistributorMultiple Australian master trust and wrap platform providers distribute K2 funds, allowing investors to access products through their existing platform accounts. The website lists multiple provider logos for fund access.

Scale indicators2 records

Recent moves9 records

Expansion highlights6 records

Regional players

• Centuria Capital Group: ASX-listed Australian fund services and real estate-finance platform. Adjacent peer in fund administration and listed-fund infrastructure, overlapping with the RE/operational side of K2's business.

Direct peers

• Magellan Financial Group: ASX-listed Australian active equities manager with global and domestic strategies. Highly comparable to K2's active equity focus, listed structure, and Australian retail/institutional distribution model, though materially larger by AUM.
• Perpetual Limited: ASX-listed Australian asset manager and corporate trust services provider. Comparable to K2 across both active funds management and the responsible entity/trustee services line — a closer dual-pillar analog than most peers.
• Equity Trustees: ASX-listed Australian trustee and responsible entity services provider. Closest peer to K2's Responsible Entity / Trustee Services pillar, providing compliance, governance, and fund administration for third-party managers.
• Antipodes Partners: Australian active global equities manager owned by Perpetual. Direct peer to K2's global equity mandate and to the ADEF (Dundas) product positioning.
• Platinum Asset Management: ASX-listed Australian active global equities manager. Direct like-for-like on the active global equity mandate (comparable to K2's Apostle Dundas / ADEF exposure and K2 Opportunities Fund).
• VanEck Australia: Australian subsidiary of VanEck offering ETFs and managed funds, including active and thematic strategies. Comparable to K2's ETF and active fund products, particularly thematic/thematic-adjacent offerings.
• Pinnacle Fund Services: Multi-boutique asset management platform that distributes and services a stable of affiliated investment managers. Comparable to K2's multi-manager RE platform model, pairing distribution with operational infrastructure.
• BetaShares: Largest Australian ETF issuer by AUM. Directly comparable to K2's ETF issuance and distribution platform, particularly on white-label and active ETF products on ASX.

Broad incumbents

• BlackRock (iShares Australia): Global asset manager with a large Australian ETF franchise (iShares). Sets incumbent pricing and scale benchmarks for K2's ETF platform and competes for the same ASX-listed investor flows.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about K2 Asset Management Holdings