European Direct Lending Pool (Master) - Class IX

Profile

The European Direct Lending Pool (Master) will invest in a pool of - mostly illiquid and closed-end - Private Debt investment funds, managed by direct lending managers. These direct lending managers provide senior secured loans to medium-sized companies across a wide range of industries, in order to provide such companies with new capital for acquisitions, growth or refinancing. These loans are only provided following a highly selective and rigorous underwriting process, with a focus on capital preservation and downside protection. Loans to businesses which are heavily exposed to cyclical industries will generally be avoided. The Fund will mainly focus on the following European countries: the United Kingdom, France, Germany, Belgium, The Netherlands, Luxembourg, Denmark, Finland, Norway and Sweden. The Fund incorporates the environmental, social and governance (“ESG”) criteria of the Management Company in the investment process.

The investment objective of the Fund is to achieve capital growth through exposure to a diversified portfolio of mainly senior secured loans issued by mainly European borrowers. The Fund primarily aims to generate a long-term return in excess of the Credit Suisse Western European Leveraged Loan Index all denominations hedged to Euro (the Index), comprising capital gains or losses plus net dividends. The instruments the underlying funds invests in are not necessarily included in the Index, which is therefore only used for performance reference.

Prospective investors may invest in the Fund by submitting Capital Commitments by means of a commitment form and by opening an account with the administrative agent, BNP Paribas Securities Services S.C.A., Luxembourg branch. Both forms can be found under the tab documents. Class IX Shares are capitalisation shares that can only be subscribed by Professional Investors and/or Institutional Investors who are clients of the Management Company, meet the minimum commitment requirement and meet other qualification requirements established by the Management Company. The minimum initial commitment is EUR 15,000,000.

Management team

Michiel Meeuwissen, Remko van der Erf, Theo Nijssen, Rayane Cheniouni, Cas de Bruijne, Hugo Joosten

Performance per 2022-06-30 (rebased)

No chart data available

Performance per 2022-06-30

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  Fund
1 month 0.9 %
3 months 0.9 %
This year 0.9 %
2020 -0.3 %
2021 3.2 %
1 year (on annual basis) 4.4 %
Since inception (on annual basis) i 2.7 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. The instruments the underlying funds invests in are not necessarily included in the Index, which is therefore only used for performance reference.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 297.77 M 2022-09-30
Share class size
EUR 286.36 M 2022-09-30
Number of shares
269,500 2022-09-30
Net Asset Value i
EUR 1,062.57 2022-09-30

Fund characteristics per 2022-09-30

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  Fund Benchmark
European Direct Lending Pool (Master) (the "Sub-Fund") is a sub-fund of Kempen Alternative Markets Fund Sicav-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the prospectus (available in English). This document of the Fund is available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.
European Direct Lending Pool (Master) (the "Sub-Fund") is a sub-fund of Kempen Alternative Markets Fund Sicav-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the prospectus (available in English). This document of the Fund is available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.

Performance per 2022-06-30 (rebased)

No chart data available

Performance per 2022-06-30

Slide to see more
  Fund
1 month 0.9 %
3 months 0.9 %
This year 0.9 %
2020 -0.3 %
2021 3.2 %
1 year (on annual basis) 4.4 %
Since inception (on annual basis) i 2.7 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future. The instruments the underlying funds invests in are not necessarily included in the Index, which is therefore only used for performance reference.

Dividends

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Distributing
No
European Direct Lending Pool (Master) (the "Sub-Fund") is a sub-fund of Kempen Alternative Markets Fund Sicav-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the prospectus (available in English). This document of the Fund is available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.

Asset class allocation (2022-09-30)

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  Min Max Strategic policy Current allocation
European Direct Lending Pool (Master) (the "Sub-Fund") is a sub-fund of Kempen Alternative Markets Fund Sicav-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the prospectus (available in English). This document of the Fund is available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.

Ongoing charges

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Management fee i
0.200 %
Service fee i
0.13 %
Taxe d'abonnement i
0.01 %
Indirect costs i
0.97 %
The service fee is determined annually on basis of the net asset value as of the last day of the previous financial year:
< or equal to EUR 450 million: 0.125%
Between EUR 450 million and EUR 700 million: 0.10%
Between EUR 700 million and EUR 1 billion: 0.075%
>EUR 1 billion: 0.05%
European Direct Lending Pool (Master) (the "Sub-Fund") is a sub-fund of Kempen Alternative Markets Fund Sicav-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the prospectus (available in English). This document of the Fund is available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.

Share class details

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Share class
IX
Investor type
Institutional
Distributing
No
Benchmark i
Credit Suisse Western European Leveraged Loan Index
Objective
The Fund primarily aims to generate a long-term return in excess of the Credit Suisse Western European Leveraged Loan Index all denominations hedged to Euro (the Index), comprising capital gains or losses plus net dividends.
Duration hedged
No
Investment category
Alternative Credit
Inception date
2020-11-02
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, Netherlands, Switzerland, United Kingdom
UCITS status i
No
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Administrator
BNP Paribas Securities Services S.C.A., Luxembourg branch
Management company
Kempen Capital Management NV
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch

Tradability

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Minimum subscription
Initial subscription amount €15,000,000 additional subscriptions €50,000
Listed
no
Subscription/Redemption Frequency
Quarterly on the first business day of January, April, July and October
ISIN i
LU2212033307
Entry period purchase order
Shares can only be obtained through commitments, in order to be executed. In order to be executed, the commitment form must be received by Kempen Capital Management 8 business days before the valuation day.
Entry period sell order
In order to be executed, orders must be received by BNP Paribas Securities Services S.C.A., Luxembourg branch 30 calendar days before the valuation day. Your distributor may use longer entry periods.
This share class of the Fund is only available for professional and/or institutional investors.

The Management Company, on behalf of the Fund, will generally call capital when needed to fund underlying investments (including expected investments in the coming quarter and including those investments already done with capital borrowed by the Fund in the previous quarter), for the payment of fees, to serve redemptions or for other purposes. Calls will be directed, on a pro-rata basis relevant to each Investor’s remaining Commitment, until their committed capital has been fully called.

Subject to the three year lock-up period each Shareholder may apply, on a quarterly basis, for the redemption of all or part of his shares in the Fund which are eligible for redemption in a fixed amount. However, Investors should be aware that it is not guaranteed that redemption requests will be executed in their entirety and that it may occur that redemption requests are only partially executed, if at all, due to the lack of available cash in the portfolio.
European Direct Lending Pool (Master) (the "Sub-Fund") is a sub-fund of Kempen Alternative Markets Fund Sicav-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the prospectus (available in English). This document of the Fund is available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.

No sustainable investment objective

The European Direct Lending Pool complies with article 8 of the Sustainable Financial Disclosure Regulation SFDR which means that the Fund promotes environmental and/or social characteristics, but does not have sustainableinvestment as its objective.Â
The Fund excludes companies through the application of strict exclusion criteria, including certain principal adverse indicators. These take into account international standards, such as the UN Global Compact framework, the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles for Business and Human Rights, and our Principles for Responsible Investment commitments. The Fund applies additional exclusion criteria based on product involvement and business conduct.

Environmental or social characteristics of the financial product

The Fund promotes environmental and/ or social characteristics, provided that it neither commits to making sustainable investments within the meaning of Regulation (EU) 2019/2088 (the “SFDR”) nor to investing in economic activities that qualify as “environmentally sustainable” under the Taxonomy Regulation (EU 2020/852).

The Fund promotes environmental characteristics related to:
x climate change mitigation and climate change adaptation in line with the Paris Climate Agreement;Â
x the transition to a circular economy.

No specific sustainability index has been designated as a reference benchmark for the purpose of attaining the above environmental characteristics.Â

The Fund promotes social characteristics related to:
x decent work;
x adequate living standards and wellbeing for end-users;Â
x other social topics such as gender equality and broader diversity matters.

No specific sustainability index has been designated as a reference benchmark for the purpose of attaining the above social characteristics.Â

Investment strategy

The Fund aims to achieve capital growth through exposure to a diversifeid potfolio of mainly sneior secured loans issued by mainly European borrowers.  The Fund complies with strict exclusion and sustainability criteria. Our ESG-policy, described in the ESG Policy & Process document, is aimed at the promotion of environmental and/or social characteristics. This ESG policy is implemented in our strategy’s investment process across four pillars: Exclusion, ESG Integration, Active ownership and Positive impact.Â

Before and after selecting the asset, we apply adequate (ESG) due diligence measures. This can help to enhance long-term risk adjusted returns for investors, in accordance with the investment objectives of the Fund. We  look at each company on a case-by-case basis, taking into account both material risks in a given industry and the company’s respective risk exposure, practices and disclosure. This includes:Â
- an assessment of good governance practices. The investee companies are rated for governance aspects using external research and internal assessments .Â
- the company’s exposure to past controversies and future ESG opportunities
Based on fundamental ESG analysis we form an opinion on the quality of a company’s ESG profile and award a score (1-5).Â

Proportion of investments

Information about the proportion of investments with environmental or social characteristics is available in the annex II of this product. Â

Monitoring of environmental or social characteristics

The holdings are screened quarterly for compliance with Kempen’s ESG criteria. The screening process allows Kempen to monitor the ESG performance of all companies in the fund. It also encourages engagement on potential issues identified. Furthermore, the results of the screening feeds into quarterly challenging sessions between ESG specialists and portfolio managers. These sessions are used to assess whether ESG risks and opportunities are sufficiently reflected in the investment decision making process of the Investment Manager.

Methodologies

Principal Adverse Impact Indicators are monitored at individual holding level and at the portfolio level.Â

Kempen ESG Score serves as input throughout the investment process (exclusion, integration in the valuation models, engagement). Scores are based on 21 ESG risk factors, which are selected based on their materiality per industry.Â

Carbon emission intensity is used as the key carbon metric. We calculate carbon intensity based on revenues (weighted average carbon intensity), which we use for our commitment, ambition and objectives.Â

EU Taxonomy alignment is measured by turnover, for which we use a combination of actual data from investee companies and estimates on EU Taxonomy alignment made by a third party provider.Â

Engagement Milestones are used in order to measure engagement success. All engagement contacts are recorded and classified: Milestone 1 (company is informed), Milestone 2 (company acknowledges request), Milestone 3 (company commits to improve), up until Milestone 4 (proof of improvement).

Data sources and processing

External data providers include (but are not limited to)Â
- Institutional Shareholder Services (ISS), used for proxy voting, governance research, carbon data and Sustainable Development Goals data;Â
- MSCI ESG Research: used for company ESG Ratings, product involvement data, principal adverse indicators and to assess the degree to which the investments are in environmentally sustainable economic activities under the EU Taxonomy, measured by turnover;Â
- Sustainalytics: used for ESG Risk Ratings and product involvement data.Â
Internal as well as external data is collected and processed in several data analytics (including FactSet, PowerBI, Tableau) and internal compliance systems (including ThinkFolio).

Limitations to methodologies and data

Externally provided ESG data is far from perfect. Therefore we conduct rigorous due diligence of the data used in our ESG processes to ensure the limitations will not affect the environmental and social characteristics. To ensure data quality we regularly engage with portfolio companies and third party vendors. Limitations include, but are not limited to discrepancies between company reported data and data provided by third parties, inconsistencies across data vendors, market cap bias and modelling assumptions.

Due diligence

Before a company is invested in, Portfolio Managers perform a due diligence on potential ESG risks and principal adverse impact indicators, opportunities, as well as potential past controversies. ESG due diligence is integrated in the different stages of the investment process (screening of the investable universe, fundamental research & portfolio management). ESG specialists challenge the portfolio managers on the implementation of the ESG process on a quarterly basis.

Designated reference benchmark

No specific sustainability index has been designated as a reference benchmark for the purpose of attaining environmental and/or social characteristics.
European Direct Lending Pool (Master) (the "Sub-Fund") is a sub-fund of Kempen Alternative Markets Fund Sicav-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the prospectus (available in English). This document of the Fund is available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.
European Direct Lending Pool (Master) (the "Sub-Fund") is a sub-fund of Kempen Alternative Markets Fund Sicav-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the prospectus (available in English). This document of the Fund is available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-fund is registered for offering in a limited number of countries. The countries where the Sub-fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.