Global Impact Pool FA

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. Class FA is deemed a 'founder' share class and could be subscribed to by Eligible Investors during the year following the launch of the share class until 2 January 2019.

Management team

Michiel Meeuwissen, Remko van der Erf, Theo Nijssen, Ralph Engelchor, Narina Mnatsakanian, Cas de Bruijne

Performance per 2022-04-30 (rebased)

No chart data available

Performance per 2022-04-30

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  Fund
1 month -0.8 %
3 months -0.8 %
This year -0.8 %
2019 1.6 %
2020 -0.3 %
2021 18.3 %
1 year (on annual basis) 18.6 %
3 years (on annual basis) i 5.4 %
Since inception (on annual basis) i 3.8 %
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 145.96 M 2022-03-31
Share class size
EUR 75.38 M 2022-03-31
Number of shares
64,419 2022-03-31
Net Asset Value i
EUR 1,170.19 2022-03-31
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.

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 2022-03-31

FINANCIAL RETURN
GIP achieved a return of -0.8% for the FA share class during the first quarter of 2022, resulting in a return of 18.6% over the last 12 months and an average annualized return of 5.4% over the last 3 years. Since the launch of the fund in the beginning of 2018, the fund realized an average annuallized return of 3.8% for its participants.
Following the excellent performance of GIP during the last quarter of 2021, the return of the fund turned slightly negative during the first quarter of 2022. The core impact portfolio of GIP, which largely consists of private market investments such as Private Equity and Infrastructure, delivered a slightly positive return. The negative return of GIP can mainly be attributed to the Green Bonds allocation, where the rising interest rates on capital markets negatively influenced valuations. Due to the limited allocation of GIP to Green Bonds, as this asset category is mainly used for liquidity purposes, the negative effects on a total portfolio level were limited. By switching to a portfolio of corporate Green Bonds during the first quarter, the management team of GIP lowered the interest rate sensitivity of the portfolio. Towards the future, this change will decrease the negative effects as a result of rising interest rates.
Detailed performance information is presented below. GIP investment team is confident that the current portfolio is well positioned to combine impactful investments with solid financial returns.

Introduction of new share classes per March 1, 2022
On March 1st, the E and F share classes were introduced, effectively replacing the B and D share classes. The changes will not impact (the terms of) current positions in existing share classes.
While the F share class will essentially be a replica of the D share class (capital immediately ‘called’ from investors, max. investment of €1 million), the E share class (accessible with investments larger than €1 million) will have a commitment structure. This commitment structure will allow the investment team to call capital efficiently from clients based on capital needs of the portfolio. As a result, the investment team is able to manage liquidity in the portfolio which is beneficial for financial and impact returns and thus in the interest of existing and new participants.
A 1.5% Anti-Dilution Levy will be charged when investors commit new capital to GIP. This one-off charge is to compensate existing participants for the dilution of their holding, triggered by new capital inflows and subsequent commitments to underlying funds.
Please reach out to your point of contact within Van Lanschot Kempen for additional information regarding the above.

PORTFOLIO DEVELOPMENTS
GIP continued its mission to pool capital and scale impact on behalf of its participants during the first quarter of 2022. Assets under management slightly declined to €146 million at the end of March 2022. This decline can be attributed to a decline in the value of the investment portfolio. On a net basis, there have been inflows of capital for GIP during the first quarter of the year. We are furthermore proud to announce that an additional amount of €74 million has been committed to GIP in March 2022, of which approximately 10% was called by GIP shortly after the end of the quarter.
GIP’s portfolio management team has further enhanced its promising pipeline with new investment opportunities. During the first quarter of 2022, the team has been successful in deploying a significant amount of capital. The most notable addition to the portfolio is an investment through an Indian asset manager, which specializes in reducing the financial including gap in India by providing loans to subordinated householders or SMEs. In addition, GIP has committed additional capital to an existing partner, which is investing early in fintech companies that drive financial inclusion in underserved emerging markets.
The overview below provides a brief summary of the most important developments in the portfolio this quarter per individual Impact theme.

Basic needs and well-being: The investments within this theme continued to make significant progress during the quarter. In the previous quarterly update we mentioned that an investment partner of GIP had increased its investment in Goodlife Pharmacies by participating in a new financing round. The company has shown exponential growth in recent years and developed into the largest pharmacy and healthcare chain in East Africa. This strong growth has made the investment partner decide to partially reduce its stake in the company during the first quarter of 2022. With this partial sale, the investment partner has recoved 49% of the initial investment, while still holding a majority stake in the company.

Investments within the theme of SME development and decent work developed well during the quarter. In the first quarter of 2022, one of the investment partners of GIP increased its investment in BIMA, a company that focuses on offering digital health and life insurance in several countries in Asia (including Bangladesh, Cambodia, and the Philippines). BIMA aligns perfectly with GIP’s goals for financial inclusion in emerging markets by providing essential insurance and health services to low-income customers. Currently, approximately 3 million undeserved consumers in emerging markets are reached with these impactful services. The same investment partner has also added a new name to the portfolio: HD Bank, a consumer bank operating in Vietnam with a strong focus on the retail and SME-segment of the market. This company also focuses on financial inclusion, for example by offering products that are affordable for consumers with a low income.
GIP’s investment partner that focuses on early-stage companies within this theme has taken an interest in Acasa, a Latin America based ‘proptech’ company. The property market for homewoners in this region is full of inefficiencies, including low levels of liquidity, little opportunities for bank loans, low levels of transparancy and often a time-consuming process to buy or sell a house. Acasa focuses on facilitating the buying and selling process of (small-scale) real estate for homeowners.

One of GIP's investment partners within the Circular economy theme focuses on providing working capital to (cooperatives of) smallholder farmers in developing countries. During the first quarter, this investment partner provided loans to five cooperatives in Togo and Burkina Faso (cashew nuts), Kenya (macadamias) and Uganda (coffee and cotton). Now that the coffee season in Costa Rica and Honduras has come to an end, the investment partner has started financing farmers in Peru (cocoa) and Bolivia (quinoa). In Asia, loans were provided in Indonesia and India (soybeans, warehousing and financial services aimed at agriculture).

With its investments within the Climate and energy transition theme, GIP contributes to the transition to more
sustainable energy sources. During the quarter, one of the investment partners of GIP exposed to this theme continues to make good progress with the development of wind farms and solar energy parks. During the first quarter of 2022, capital was called for both funds from the existing investment partner, thus increasing the exposure to the Climate and energy theme. This capital was used, among other things, to finance a solar power plant in Italy. These investments will soon add a significant amount of renewable energy capacity to the energy network.
The impact case for this quarter focusses on Ampersand, a company from our investment partner within this theme with a focus on early-stage companies. Ampersand is tackling fuel consumption and CO2-emissions through the electrification of motorcycles in Rwanda.

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.

Performance per 2022-04-30 (rebased)

No chart data available

Performance per 2022-04-30

Slide to see more
  Fund
1 month -0.8 %
3 months -0.8 %
This year -0.8 %
2019 1.6 %
2020 -0.3 %
2021 18.3 %
1 year (on annual basis) 18.6 %
3 years (on annual basis) i 5.4 %
Since inception (on annual basis) i 3.8 %
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
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.

PORTFOLIO OVERVIEW

The graphs and tables on the next two pages are reflecting the portfolio as of the end of March 2022 and are based on commitments made by the fund to its investment partners. Please note that GIP’s investment partners typically invest out of closed-end funds that report with a significant lag. As a result, the lookthrough provided on a portfolio level will always lag by one 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.

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.

Ongoing charges

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Management fee i
0.350 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Indirect costs i
0.69% - 1.50% (estimated bandwith)
Expected ongoing charges i
1.25% - 2.06% (estimated bandwith)
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.

Share class details

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Share class
FA
Investor type
Institutional & Private
Distributing
No
Inception date
2018-01-02
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
Administrator
BNP Paribas Securities Services S.C.A., Luxembourg branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas Securities Services S.C.A., Luxembourg branch

Tradability

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Minimum subscription
Initial subscription and minimal holding amount €1,000,000 additional subscriptions €50,000
Listed
no
Subscription/Redemption Frequency
Rredemptions quarterly, after the initial lock-up period of 3 years.
ISIN i
LU1734080564
Entry period purchase order
This class of shares is closed for new subscriptions.
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.
This class of shares is closed for new subscriptions. Redemptions can take place according to the applicable terms and conditions. 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.
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.