Global Impact Pool - Class D

Profile

The Global Impact Pool (the Fund) aims to address global challenges whilst also meeting clients’ risk-return requirements. The Fund is a multi-asset class investment vehicle which targets capital growth and positive social and environmental impact related to selected themes and United Nations Sustainable Development Goals (SDGs). The Fund’s mission is to make investments that positively contribute to selected SDGs primarily, though not exclusively, through the goods and services that the underlying investee companies provide.

MAKING IMPACT WHERE IT MATTERS MOST
The Fund focuses on investing in funds that are expected to contribute positively to at least one of the selected SDGs, through their portfolio companies, in countries that score poorly on those SDGs. In emerging markets, the Fund aims to contribute to the provision of basic goods & services for underserved populations including water, sanitation, and health (SDGs 3 and 6 ). In developed markets, the Fund aims to contribute to investments which target increased wellbeing, support sustainable production and consumption and renewable energy (SDGs 12 and 7). Overall, the Fund aims to invest (indirectly) in companies that operate in a responsible manner and create inclusive jobs and working conditions for all (SDG 8).

The Fund invests in non-listed investment strategies such as private equity, infrastructure and private debt. The Fund may also invest in a select number of public investment strategies such as green bonds if there is a clear link with SDGs.

The majority of investments are expected to be in private and illiquid asset classes. All investments are expected to make market rate returns as well as contribute to the impact goals of the Global Impact Pool.

The investment team carefully evaluates the financial returns and impact potential of the underlying investment funds and companies prior to investing. The Fund measures and reports on financial returns and impact achieved on a quarterly and annual basis.

Management team

Marjoleine van der Peet, Narina Mnatsakanian, Ralph Engelchor

Performance per 2021-01-31 (rebased)

No chart data available

Performance per 2021-01-31

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  Fund
1 month 0.5 %
3 months 0.5 %
This year -0.9 %
2020 -0.7 %
1 year (on annual basis) -0.9 %
Since inception (on annual basis) i -1.1 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 108.37 M 2020-12-31
Share class size
EUR 5.68 M 2020-12-31
Number of shares
5,769 2020-12-31
Net Asset Value i
EUR 984.08 2020-12-31

Fund characteristics per 2020-12-31

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  Fund
Number of holdings 7
Global Impact Pool (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 Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are 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.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.

As we all know, non-listed ivnestment strategies such as private equity, infrastructure and private debt investments are long-term, illiquid assets and it typically takes several years for the committed capital to be drawn and to be put to work effectively, in diversified private portfolios and to actually start generating returns. Normally, these type of assets are valued at cost for at least the first 12 months after they have been acquired and as such there is no visible return to report yet. However, as we invest in a mix of closed-end and open-end funds, we have been able to put to work a substantial part of the capital already, which should start to generate returns in the next few quarters to come. When we are further underway and the portfolio is up and running, we will be able to start reporting meaningful performance figures.

Developments per 2020-09-30

Over the quarter the Global Impact Pool posted a return of +0.2% for the FA class, bringing year to date performance to -1.0%.

The COVID 10 pandemic has still not run its course and the ultimate impact is not clear, though so far the Global Impact Pool and its investments are developing well: a sign that the invested companies are relevant and the specialized fund managers appointed by the Global Impact Pool are selective with their investments in which risks are carefully assessed.

The summary below gives a brief overview of the main developments at our impact fund managers this quarter. For more detailed information about the developments in the impact funds in which the Global Impact Pool invests, please refer to the fund one pagers at the end of the quarterly letter under the documents tab.

The Emerging Consumer Fund III (ECF III) portfolio has proven resilient in the face of the pandemic. Two of the Fund’s central investment themes, consumer health and digital financial services, have seen an acceleration of growth globally over the period. The number of emerging consumer customers reached by portfolio companies doubled this quarter due to recent addition of PasarPolis Indonesia, a leading insurance company, serving 12.7m unique and active customers in August to portfolio.
The Agriculture Fund continues to invest in growing SMEs that operate along agricultural value chains. The Agriculture Fund provides loans to amongst others cooperations which in turn allow smallholder farmers to access stable and higher-paying markets and therefore provide them with more financial stability. Most portfolio companies have shown resilience, and operations are returning to normal. Loans are being disbursed with caution though, with a focus on existing relationships. Throughout the COVID pandemic continued financing from the fund created liquidity have bought enabled buyers to continue sourcing from the small holder farmers. This was essential to keep the supply chain functioning.
Enhanced Sustainable Power Fund 4 (ESPF 4): Construction of the solar and windfarms in this part of the portfolio continues to show progress. As a reminder all projects are aimed at transitioning the world’s energy supply from fossil fuel sources to renewable resources, which is key to reducing carbon emissions and thereby counter the trend of climate change. Two new solar projects were added in the past quarter.
Accion Quona Inclusion Fund (AQIF) added two new portfolio companies to the portfolio: i) BukuWarung, a bookkeeping and receivables management platform for mid and smaller companies in Indonesia, and ii) Tarfin, a provider of point-of-sale financing to farmers for the purchase of agricultural inputs with extended payment terms to fit farmers’ cash flows. Both business serve consumers and companies which are unable, or have poor access to affordable financial services.
The Green Bond Fund saw a record high number of industrial companies issuing green bonds as well as governments such as Sweden and Germany presenting their inaugural green bonds. An experienced team ensures these are truly ‘green’ by conducting independent assessments, using the full CBI taxonomy on top of the four Green Bond Principles. Both the bond and the issuer are assessed, ahead and after the issuance, including direct engagement with issuers. The portfolio consists of 91 companies / (semi) governments and 167 green bond loans.
The Ecosystem Integrity Fund IV (EIF) focuses on the transition to a sustainable economy that takes place all around us. They call this the new industrial revolution. According to EIF, sustainability is about improving efficiency, functionality and reducing harmful substances in our products, all in combination with lower costs. No new investments were added the past quarter.

Global Impact Pool (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 Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are 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.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.

Performance per 2021-01-31 (rebased)

No chart data available

Performance per 2021-01-31

Slide to see more
  Fund
1 month 0.5 %
3 months 0.5 %
This year -0.9 %
2020 -0.7 %
1 year (on annual basis) -0.9 %
Since inception (on annual basis) i -1.1 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
No

Risk analysis (ex post) per 2021-01-31

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  Since inception
Maximum drawdown i 0.00 %
Information ratio i 0.00
Global Impact Pool (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 Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are 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.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.

The graphs below represent the make-up of the portfolio as of the end of September 2020 and take committed capital into account. Please note that as capital calls are handled within the Global Impact Pool some of the current allocation to Green Bonds serve as a temporary investment until capital gets called. We also expect the allocation to Green Bonds to come down as we are working on several new investments, which will continue to diversify exposure in the Pool.

 

 Q3 2020 portfolio including commitments

Asset class allocation (2020-09-30)

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  Min Max Strategic policy Current allocation

Maturity profile (2020-12-31)

7.9 %
Cash
92.1 %
Other
Total
100 %

Sector allocation (2020-12-31)

32.6 %
Money Market Funds
23.4 %
Bonds Emerging Markets
18.4 %
Bonds Government & Corp
9.6 %
Private Equity Venture Captl
8.1 %
Infrastructure (indirect)
7.9 %
Other
Total
100 %

Rating allocation (2020-12-31)

80.4 %
Not Rated
7.9 %
Cash
11.8 %
Other
Total
100 %
Global Impact Pool (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 Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are 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.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.

Ongoing charges

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Management fee i
1.000 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Indirect costs i
0.69% - 1.50% (estimated bandwith)
Expected ongoing charges i
1.90 %- 2.71% (estimated bandwidth)
Global Impact Pool (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 Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are 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.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.

Share class details

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Share class
D
Investor type
Institutional & Private
Distributing
No
Duration hedged
No
Investment category
Other
Inception date
2019-07-01
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, Switzerland, The Netherlands, United Kingdom
UCITS status i
No
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.

Tradability

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Minimum subscription
Initial subscription and minimal holding amount €125,000 additional subscriptions €50,000
Listed
no
Subscription/Redemption Frequency
Subscriptions quarterly on the first business day, redemptions quarterly, after the initial lock-up period of 3 years.
ISIN i
LU1918769115
Entry period purchase order
In order to be executed, orders must be received by J.P. Morgan Bank Luxembourg S.A. 90 calender days before the valuation day. Your distributor may use longer entry periods.
Entry period sell order
In order to be executed, orders must be received by J.P. Morgan Bank Luxembourg S.A. 90 calender days before the valuation day. Your distributor may use longer entry periods.
Details
The Shareholder is subject to initial lock-up period of 3 years for each investment during which the Shareholder may not redeem its Shares.
The Fund is only available for professional investors.
Global Impact Pool (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 Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are 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.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.
Global Impact Pool (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 Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are 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.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.

Kempen's vision & mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.Â

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.Â

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance. This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.Â

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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.Â

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Our full voting records are available here.

Climate change

As a long-term investor, we believe climate change represents a systemic risk facing the economy, society and environment. We want to consider the risks and opportunities this presents to our investments in the coming decades. We have therefore set a long-term commitment (2050), a mid-term ambition (2030) and short-term objectives (2025).

  • 2050 commitment: Net-zero investor. Â
  • 2030 ambition: To align with a Paris Agreement pathway (listed and non-listed investments) and Dutch Klimaatakkoord. Â
  • 2025 objectives: To align with a pathway towards achieving the Paris Agreement (listed investments) and Dutch Klimaatakkoord goals.[1]

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The Kempen climate change policy can be found here (under climate change policy).Â

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[1]We use carbon intensity as a metric to come to the pathway of net-zero emissions. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the suggested average trend line. The pathway is derived from the pathway of the EU Benchmarks.

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Our Fund approach to responsible investment

Kempen’s ESG policy is fully implemented in our fund’s investment process with the two most relevant pillars being ESG integration and Positive impact. We consider material ESG risks and opportunities during manager selection process. The Fund will only aim to invest in investment funds that seek ESG excellence. We aim to align with a pathway towards achieving the Paris Agreement and Dutch Klimaatakkoord goals for our portfolio, as well as the EU Paris Aligned Benchmark[2].

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1. ESG integration

The Fund will strive to ensure effective governance, social and environmental management practices in all its investment activities. We aim to only invest in fund managers that have a robust ESG policy and implement it during pre-investment due diligence phase and during ownership phase.

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We seek fund managers that can ensure transparency in their investment activities to investors and report annually on the investee ESG performance and impact.

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2. Positive impact

The Global Impact Pool aims to address global challenges related to selected themes and United Nations Sustainable Development Goals (SDGs). The Fund’s mission is to make investments that positively contribute to selected SDGs

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As illustrated in the figures on the right side, the Fund has identified four pillars which are targeted to realize a positive impact.

  • In emerging markets, the Fund aims to contribute to the provision of basic goods & services for underserved populations including food, water, sanitation, and health. In developed markets the fund also aims to contribute to investments which target increased wellbeing. (SDGs 3 and 6). [Pillar 1]

  • The Fund also aims to contribute to investments that support sustainable production and consumption (SDG 12). [Pillars 2]

  • Furthermore the fund aims to invest in renewable energy generation projects such as wind and solar to contribute to the energy transition. (SDG 7) [Pillars 3]

  • On a global level, the Global Impact Pool aims to (indirectly) invest in companies that operate in a responsible manner and create inclusive jobs and working conditions for all (SDG 8). [Pillar 4].

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The Global Impact Pool will initially focus on investing in funds that are expected to contribute positively to at least one of the selected SDGs, through their portfolio companies, in countries that score relatively poorly on those SDGs.

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[2] The EU Benchmarks consists of two climate benchmarks, Climate Transition Benchmark and Paris Aligned Benchmark, which have the aim to reach net-zero emissions by 2050 - in line with the 1.5?C scenarios from the IPCC. As we care about the direction of travel and reduction of carbon emissions in the economy, it might be that the actual reducing trend may deviate from the average pathway. We use carbon intensity (based on Revenues) as the forward looking climate metric.

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Risks

For more information about the mid and long term risks associated with the investments:

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ESG Report
basisbehoefte en cw eng
klimaat en energtie ENG
Global Impact Pool (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 Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are 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.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.