- Kempen
- Kempen Private Markets Fund Class D
Kempen Private Markets Fund Class D
Profile
The Fund aims to offer diversified exposure across private equity, infrastructure, land (including farmland and timberland) and private real estate. The worldwide investment focus will lead the Fund to invest in both developed and emerging markets.
Indicative weights and bandwidths for the underlying categories are as follows:
• Private Equity: 40% (30-50% bandwidth)
• Infrastructure: 20% (0-30% bandwidth)
• Land: 20% (0-30% bandwidth)
• Real Estate: 20% (0-30% bandwidth)
The Fund will primarily consist of participations in investment funds managed by third-party investment managers. With the aim of reducing investment risks, the underlying investment funds will be selected based on several criteria, including but not limited to investment strategy, pedigree and experience of the investment team, track record, responsible investment approach, quality of the organization, and (commercial) terms of investment. The Fund will target returns in excess of the market return expectations for each strategy and asset class.
Management team
Fund characteristics per 2022-09-30
Fund | ||
---|---|---|
Number of holdings | 38 |
The information in this document provides insufficient information for an investment decision. Please read the Key Information 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 PRIIP-KIDs, 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, Private Markets 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.
The information in this document provides insufficient information for an investment decision. Please read the Key Information 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 PRIIP-KIDs, 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.
We refer tot he latest quarterly investor report regarding comments on performance developments.
Dividends
Distributing | No |
Risk analysis (ex post) per 2022-09-30
3 years | Since inception | |
---|---|---|
Maximum drawdown i | -3.75 % | -3.75 % |
The information in this document provides insufficient information for an investment decision. Please read the Key Information 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 PRIIP-KIDs, 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.
€ 414 million asset under management 1
PER 30 June 2022
1. Assets under Management: Net Asset Value + Undrawn Client Commitments
Source: Kempen Capital Management, per 30 June 2022
The information in this document provides insufficient information for an investment decision. Please read the Key Information 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 PRIIP-KIDs, 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
Management fee i | 0.800 % |
Service fee i | 0.17 % |
Taxe d'abonnement i | 0.01 % |
Indirect costs i | 1.51 % |
Expected ongoing charges i | 2.49 % |
The information in this document provides insufficient information for an investment decision. Please read the Key Information 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 PRIIP-KIDs, 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
Share class | D |
Investor type | Institutional |
Distributing | No |
Duration hedged | No |
Investment category | Private Markets |
Inception date | 2019-07-01 |
Domicile | Luxembourg |
May be offered to professional investors only in | Belgium, France, Germany, Italy, Netherlands, Sweden, Switzerland, United Kingdom |
UCITS status i | No |
Status | Open-end i |
Base currency | EUR |
Share class currency | EUR |
Administrator | BNP Paribas, Luxembourg Branch |
Management company | Van Lanschot Kempen Investment Management NV |
Depositary and custodian | BNP Paribas, Luxembourg Branch |
Tradability
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 | LU1789511497 |
Entry period purchase order | Shares can only be obtained through commitments. In order to be executed, the commitment orders must be received by Kempen Capital Management 10 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 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 information in this document provides insufficient information for an investment decision. Please read the Key Information 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 PRIIP-KIDs, 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.
No sustainable investment objective
The Fund excludes companies through the application of strict exclusion criteria. 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 characteristics related to:
x climate change mitigation;
x the protection of biodiversity and ecosystems;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 the following social characteristics:
x decent work;
x diversity & inclusionÂ
No specific sustainability index has been designated as a reference benchmark for the purpose of attaining the above social characteristics.
Investment strategy
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
Monitoring of environmental or social characteristics
Methodologies
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
- 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
Due diligence
The information in this document provides insufficient information for an investment decision. Please read the Key Information 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 PRIIP-KIDs, 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.
Investment Letter
Annual Reports
Prospectus
Key Information Document
Sustainability related disclosures
Formal documents other
The information in this document provides insufficient information for an investment decision. Please read the Key Information 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 PRIIP-KIDs, 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.