Global Impact Pool - Class E

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

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

Performance per 2022-01-31 (rebased)

No chart data available

Performance per 2022-01-31

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  Fund
This year 0.0 %
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 0.00 M
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 starting on the dealing day following the quarter during which the ‘commitment’ form was accepted by KCM.

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 2021-12-31

GIP achieved a strong return of 10.7% for the FA share class during the fourth quarter and a return of 18.3% for 2021. With this last quarter of the year, GIP completed a four year track record with an annualized return of 4.2% since inception.

GIP continued its good performance from the previous quarter, as the fourth quarter of 2021 recorded GIP’s best return since its inception in 2018. GIP’s private markets investments were the largest contributors to this performance, a result of a more fully invested portfolio and portfolio companies starting to reflect their underlying potential. Detailed performance information is presented below. The GIP investment team is confident that the current portfolio is well positioned to marry impactful investments with solid financial returns.

PORTFOLIO DEVELOPMENTS
GIP continued its mission to pool capital and scale impact on behalf of its participants during the last quarter of 2021. Assets under management grew to €147 million at the end of 2021, the increase of 17 million over the quarter can be attributed to inflows and valuation uplifts across GIP portfolio. GIP management team developed a very promising pipeline of new investments and has been able to commit a significant amount of capital in the second half of 2021. In the fourth quarter GIP also committed new capital to its investment partner focusing on investments in sustainable infrastructure, increasing its exposure to the energy transition impact theme. Finally, in the fourth quarter of 2021, the Pool committed capital to an Indian asset manager, specializing in reducing the financial inclusion gap in India through the provision of loans to underserved households or SME’s.

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

Basic needs and well-being: The investments within this theme made significant progress during the quarter. Near the beginning of the quarter, one of GIP’s investment partners closed the merger of its investments in the German companies Meona and i-Solutions, with the purpose of creating a market-leading software company, focused on the digitalization of healthcare and thereby improving the treatment quality, safety of patients and access to healthcare. During the fourth quarter, the Pool added to its investment in Goodlife Pharmacies, the largest pharmacy & healthcare chain in East Africa. The company currently provides access to essential medicines to more than 1.7 million people through more than 83 outlets. The strategic vision of Goodlife is ‘to provide high quality, affordable, and accessible healthcare products and services that positively impac the lives of its consumers’.

Investments within the theme of SME development and decent work again showed good developments during the quarter. One of the major solutions for the eradication of poverty is the development of stable and well-paid jobs in local communities. SME business make up the vast majority of worldwide businesses and therefore are essential in providing employment opportunities. Especially in Emerging Markets, however, the development of SME businesses is often hindered by weak institutional systems, high banking (transaction) fees or sometimes even a lack of access to (basic) financial services. This lack of financial inclusion is highly problematic; it is estimated that about one-third of all worldwide adults do not have access to basic financial figures. On a country or regional basis, this percentage can be even more inflated with e.g., a lack of financial inclusion of over 50% in Indonesia, around 20% in India and on average more than 20% in Africa. An investment opportunity which can lower this financing gap for lower income segments is investing in Financial Technology (fintech). Fintech can reach the companies or self-employed individuals that have no access to formal financial services and struggle to receive a credit or gain access to business finance.

Currently, a significant part of GIP's investments within the SME development and decent work theme focus on investments in fintech in developing countries. Financial inclusion is an important goal in itself, but also in achieving other SDGs such as no poverty, zero hunger and innovation. It is has become evident that the COVID pandemic has accelerated the trend of digitization. In particular, in financial services and e-commerce, a large number of GIP’s portfolio companies are benefitting from this trend and have experienced impressive growth during 2021. The number of underserved people reached through GIP’s portfolio companies continued to increase as a result.

Zepz (formerly known as WorldRemit), the company enabling cross-border payments at low fees, performed extremely well during 2021, adding significantly to the returns of GIP. Furthermore, several follow-on investments were made in fintech start-up companies, all reflecting good performance and higher valuations. Lula Lend, a South African company providing lending and credit facilities for South African SMEs, was one of the companies to receive additional capital to further expand its business.

One of GIP's investment partners within the Circular economy theme focuses on providing working capital to smallholder farmers in developing countries. While investments from this partner were challenged during the pandemic, with severe disruption in the agricultural supply chain, most headwinds are starting to fade. This bodes well for the disbursement of loans and thus the impact targeted with this partner. In 2021, $90 million of impactful loans were disbursed, with several new entities being added to the list of investees.

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 again made good progress with the development of wind farms and solar energy parks. This will add a significant amount of sustainable capacity to the energy network for the foreseeable future. The impact case on the following page covers the onshore project Ciekocinko, which became operational in 2021. Furthermore, capital was drawn for a new partnership with one of the existing investment partners within this theme. The investments within this new partnership will increase the exposure of GIP towards the Climate and Energy theme by making investments in European wind farms and solar power plants.

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 starting on the dealing day following the quarter during which the ‘commitment’ form was accepted by KCM.

Performance per 2022-01-31 (rebased)

No chart data available

Performance per 2022-01-31

Slide to see more
  Fund
This year 0.0 %
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 starting on the dealing day following the quarter during which the ‘commitment’ form was accepted by KCM.

 

Portfolio overview per December 2021, based on commited capital

 

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 starting on the dealing day following the quarter during which the ‘commitment’ form was accepted by KCM.
No data available.
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 starting on the dealing day following the quarter during which the ‘commitment’ form was accepted by KCM.

Ongoing charges

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Management fee i
0.500 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Indirect costs i
0.69% - 1.50% (estimated bandwidth)
Expected ongoing charges i
1.40% - 2.21% (estimated bandwidth)

Other costs

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Entry fee
1.50%
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 starting on the dealing day following the quarter during which the ‘commitment’ form was accepted by KCM.

Share class details

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Share class
E
Investor type
Institutional & Private
Distributing
No
Investment category
Sustainable Equity
Inception date
2022-04-01
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, France, 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
Subscriptions quarterly on the first business day, redemptions quarterly, after the initial lock-up period of 3 years.
ISIN i
LU2437452258
Entry period purchase order
Shares can only be obtained through commitments via submitting the commitment form. In order to be executed, the commitment form must be received by Kempen Capital Management 10 business days before the relevant valuation day.
Entry period sell order
In order to be executed, orders must be received by BNP Paribas Securities Services S.C.A., Luxembourg branch 90 calender days before the valuation day. Your distributor may use longer entry periods.
Details
The Shareholder is subject to an initial lock-up period of 3 years starting on the first dealing day following the quarter in which the commitment form was accepted by Kempen Capital Management NV.
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 starting on the dealing day following the quarter during which the ‘commitment’ form was accepted by KCM.
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 starting on the dealing day following the quarter during which the ‘commitment’ form was accepted by KCM.