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 2020-12-31 (rebased)

No chart data available

Performance per 2020-12-31

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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
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 2020-12-31

Kempen Global Impact Pool (GIP) achieved a return of + 0.6% for the FA fund class in the fourth quarter of 2020. This brings the return for 2020 to -0.4%.

GIP will enter its fourth year of existence in 2021 and the investment partners, the partners appointed by GIP for making impactful investments, have taken good steps in investing the capital committed by GIP. Since its inception, GIP has neutralized the so-called J-Curve effect* by investing in an impactful basket of green bonds, pending the call of committed capital by our investment partners. This has largely prevented a negative return since inception. GIP's returns are expected to better reflect the value development of underlying investments in the coming years, as the portfolio companies continue to develop, and holdings are sold profitably.

The COVID-19 pandemic is still dominating world news. Although the ultimate economic and social consequences are not yet clear, the Global Impact Pool and its investments continue to develop well so far, confirming the relevance of the companies invested in. The investment partners appointed by the Global Impact Pool prove their worth by being selective with their investments, carefully assessing risks and opportunities.

GIP ended the year with assets under management of € 108 million. In recent months, the GIP management team has developed a very promising pipeline of new investments, allowing the newly entrusted assets to be invested impactfully.

The overview below provides a brief overview of the most important developments in the portfolio this quarter per Impact theme.

Basic needs and well-being is a theme that showed a mixed picture in the fourth quarter. The African pharmacy chain Goodlife Pharmacy is at the forefront of the COVID-19 pandemic, ensuring access to affordable healthcare in East Africa. Two companies active in the healthcare sector in East and West Africa (Pyramid Pharma) and India (Ascent Meditech) faced disruptions in the value chain, for example due to delayed product deliveries or a decrease in orders for non-urgent care. The impact of the investments within this theme is undeniable. However, Medgenome, is making an important contribution to getting the virus under control in India, including purchasing COVID-19 tests and developing test kits for nationwide distribution. While the aforementioned Ascent Meditech has started to develop face masks to protect the population.

The investments within the theme SME development and decent work developed well this quarter. The theme is widely addressed by the GIP because our investment partners pay a lot of attention to the health, safety and job security of the employees of the portfolio companies in which the investment is made. A significant portion of GIP's investments within this theme focus on digitized financial services (fintech) in developing countries. (See also sub-goal 8.10 of the SDGs: "to expand the availability of financial services and insurance to all"). During theCOVID-19 pandemic, fintech proves itself as a solid solution for financial inclusion because, despite global lockdowns, access to financial services is guaranteed. One of the investments, Tarfin, provided in Turkey is accessible and affordable working capital to farmers, so that they can manage their business in an efficient and sustainable way.

The Indonesian Julo and the Colombian Addi provide small, short-term loans to households with a stable but low income with very limited access to credit. As a result, so-called "loan sharks" are avoided and households build up a credit profile. Over time, this credit profile offers access to a large number of services that can further contribute to the well-being of these households or further growth of a company.

Investments within this impact theme perform as expected and, in some cases, even above expectations, the result of higher than expected growth in demand for services offered.
Our investment partners within this theme have been very active in the fourth quarter, but also in the beginning of 2021, with new investments in high-impact companies. In the fourth quarter, for example, investments were made in the Brazilian Monkey Exchange, a so-called Supply Chain Finance platform that offers small companies access to working capital that would otherwise not be available or at very high interest rates.

One of GIP's sustainable production and consumption investment partners focuses on sustainable agriculture and continued to provide loans during the quarter to cooperatives, among others, that give smallholder farmers access to better-paid markets that offer greater financial and operational stability. Most portfolio companies have shown resilience and activities are returning to pre-COVID-19 levels. However, loans are still issued with caution, with an emphasis on existing relationships. Another investment partner of the GIP focuses on investing in young but promising companies in the field of the circular economy. In the fourth quarter, an investment was made in ThinkIQ, a company that has developed a total solution for tracking materials in the production process, with which food producers in particular can make their production process more sustainable and more efficient. This leads to improved quality, less waste and a higher yield.

With its investments within the theme Climate and energy, the GIP contributes to the transition to more sustainable energy sources. During the quarter, an investment partner of GIP made good progress with the development of wind farms and solar energy parks, adding sustainable capacity to the energy network in the foreseeable future. Yet another investment partner invested in ZeroAvia, a company focused on the development of a hydrogen-powered electric aircraft engine. The engine is an alternative to traditional kerosene-powered aircraft engines and has the potential to drastically reduce CO2 emissions from the aviation industry.


* a J-Curve effect occurs in private markets (Private equity, infrastructure, etc.) funds where the cash flow is negative in the first years due to investments and fund costs, after which the cash flow is positive in the second half of the term of the fund due to distributions and divestments of interests

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 2020-12-31 (rebased)

No chart data available

Performance per 2020-12-31

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
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 December 2020 and take committed capital into account.

 

 Q4 2020 portfolio including commitments

 

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
Investment category
Sustainable Equity
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
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.