Other · May 13, 2026 · 06b

KABOUTER INTERNATIONAL OPPORTUNITIES FUND II, LLC

Offering

$1.8B

Manager

Analysis

This is the second vintage in the International Opportunities series, filed five years after Fund II's 2020 inaugural closing; the manager has since launched Japan-focused and emerging markets onshore strategies, signaling a deliberate geographic expansion beyond the core international mandate while maintaining the offshore parallel vehicle structure for non-US LPs.

Kabouter's filing activity shows a manager building a multi-strategy platform across geographies and asset classes—the 2021 Transition Vehicle and 2020 onshore fund suggest capacity constraints or LP demand for dedicated vehicles, and this 2026 vintage raise indicates the original Fund II has likely deployed capital and is returning to LPs for continuation or follow-on opportunities.

Mid-2026 filing aligns with a post-2021 fund maturation cycle when early vintage II exits and dividend recycles would surface dry powder redeployment needs; international markets volatility and cross-border LP appetite (evidenced by the offshore parallel structure) make this timing logical for re-raising committed capital.

Verify whether the named four GPs (Zaldivar, Houtzager, Choi, Shah) carry key-person provisions identical to Fund II, and confirm whether this vintage is a true continuation vehicle or a fresh fund with different LP classes—the identical name across 2020 and 2026 filings warrants clarification on rollover eligibility and whether the manager is recycling or replacing the original LP base.

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Peter Zaldivar · Marcel Houtzager · Linda Choi · Sandeep Shah

SEC EDGAR →

0001213900-26-055588