Global Impact Pool FC

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 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 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 (indirect) in companies that operate in a responsible manner and create inclusive jobs and working conditions for all (SDG 8).

The Fund will invest 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 will carefully evaluate financial returns and impact potential of the underlying investment funds and companies prior to investing. The Fund will further measure and report on financial returns and impact achieved on a quarterly and annual basis. Class FC 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

Marjoleine van der Peet, Narina Mnatsakanian, Ralph Engelchor, Ulrike Beyrich

Performance per 2020-04-30 (rebased)

No chart data available

Performance per 2020-04-30

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  Fund
1 month -1.6 %
3 months -1.6 %
This year -1.6 %
2018 -0.5 %
2019 1.2 %
1 year (on annual basis) -1.6 %
Since inception (on annual basis) i -0.5 %
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 98.25 M 2020-03-31
Share class size
EUR 7.05 M 2020-03-31
Number of shares
7,112 2020-03-31
Net Asset Value i
EUR 991.41 2020-03-31
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.

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.

Portfolio developments per 2019-12-31

Over the quarter the Global Impact Pool posted a positive return of -0.7% for the FA class, bringing year to date return to +1.6%. The investments in the Agriculture Debt Fund and ESPF 4 contributed positively to performance. The Organic Growth Fund and the Green Bond Fund detracted from performance.

Most investments continued to develop well over the fourth quarter of 2019. At the end of the quarter, the GIP team successfully concluded its due diligence on an investment in the Accion Quona Inclusion Fund (AQIF). AQIF focuses on financial inclusion by making investments in early-stage fintech companies in Emerging Markets. As a result, this latest investment focuses on SDG 8: Decent work and economic growth. More specifically, the fund focuses on sub goal 8.10: “Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all”.

More details on the impact targets and the investment strategy of AQIF can be found on the fund one pager in the Quarterly Report at the Document tab. An example of an investment of this fund is highlighted in the Impact Case Study.

Emerging Consumer Fund III participated in a follow-on investment in Goodlife Pharmacy this quarter. The investment enables Goodlife to continue its growth in the years to come. Goodlife reached 1.4 million people in the last 12 months. The company employs 322 people of which 60% are female.

Agriculture Fund continues to deploy capital towards financing and growing agricultural small- and medium- sized businesses with a specific focus on ensuring fair prices and wages for farmers and workers, protecting the environment, and a safe work environment. They continue to manage a diversified portfolio of 64 institutions in 35 core countries, reaching 16,043 farmers.

ESPF 4 added three new projects to its investment portfolio. The solar park projects are still in the development stage and are located in Portugal, Poland and Germany.

Organic Growth Fund (OGF) had a challenging quarter as it had to make downward adjustments to the valuations of some of its portfolio holdings, the result of deteriorating profitability of those companies. This had a negative impact on OGF’s performance this quarter. In January 2020, the GIP-team decided to fully redeem its small investment in OGF. The GIP team has concluded that OGF is not well positioned to grow its portfolio and assets sufficiently, all prerequisites for a longer term (additional) investment by GIP. On top of that, the impact investing market is developing rapidly, and the GIP team believes that a number of impact investment managers that are currently raising funds might provide good alternative opportunities to be exposed to the theme of responsible consumption. The GIP team expects to introduce a replacement for OGF during the 2020 calendar year.

Green Bond Fund continues to be a diversified portfolio of bonds where the proceeds will be applied to finance new or existing projects that have a measurable positive impact on the environment. The portfolio has 98 issuers and 163 issues. Impact is measured amongst others by SDG 7: Affordable and Clean Energy, and more specifically by Greenhouse gas emissions avoided. Through the investment in the Global Impact Pool 10,300 tons of CO2 was avoided, which is the equivalent of emissions from 4,150 cars.

For further details on the developments of the funds in which the Global Impact Pool is invested, please see the Fund ‘one-pagers’ at the end of the Quarterly report.
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 2020-04-30 (rebased)

No chart data available

Performance per 2020-04-30

Slide to see more
  Fund
1 month -1.6 %
3 months -1.6 %
This year -1.6 %
2018 -0.5 %
2019 1.2 %
1 year (on annual basis) -1.6 %
Since inception (on annual basis) i -0.5 %
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.

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.

 

 

  Fund size per 31 December 2019: € 99 million

 

Geographic allocation (2020-04-30)

100.0 %
Other Emerging market
Total
100 %

Top 9 holdings (2020-04-30)

34.4 %
JPMorgan EUR Liquidity LVNAV Fund C
24.5 %
ResponsAbility SICAV (LUX) Agriculture Fd
18.6 %
NN L Green Bond
7.3 %
KGAL ESPF 4
6.8 %
LeapFrog Emerging Consumer Fund III
2.6 %
Accion Quona Inclusion Fund
0.0 %
LeapFrog EM Consumer Fd III commitment
0.0 %
KGAL ESPF 4 commitment
0.0 %
Accion Quona Incl. Fd Commitments
Total
94.1 %
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
0.75 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Indirect costs i
0,69% - 1,50% (estimated bandwith)
Expected ongoing charges i
1.65% - 2.46% (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.

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
FC
Investor type
Institutional & Private
Distributing
No
Investment category
Other
Inception date
2018-07-02
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
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
LU1767084921
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.

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.

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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.

Risks

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.