Global Impact Pool - Class F

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, Theo Nijssen, Ralph Engelchor, Narina Mnatsakanian, Simon Oosterhof, Frans Evers, Hugo Joosten

Performance per 2022-09-30 (rebased)

No chart data available

Performance per 2022-09-30

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  Fund
1 month 1.2 %
3 months 1.2 %
This year 1.2 %
Since inception (on annual basis) i 1.2 %
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 157.33 M 2022-09-30
Share class size
EUR 5.11 M 2022-09-30
Number of shares
4,824 2022-09-30
Net Asset Value i
EUR 1,058.50 2022-09-30
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 Information Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The Fund is only available for professional investors.
The Shareholder is subject to an initial lock-up period of 3 years 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 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 Information Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The Fund is only available for professional investors.
The Shareholder is subject to an initial lock-up period of 3 years starting on the dealing day following the quarter during which the ‘commitment’ form was accepted by KCM.

Performance per 2022-09-30 (rebased)

No chart data available

Performance per 2022-09-30

Slide to see more
  Fund
1 month 1.2 %
3 months 1.2 %
This year 1.2 %
Since inception (on annual basis) i 1.2 %
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 Information Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The Fund is only available for professional investors.
The Shareholder is subject to an initial lock-up period of 3 years starting on the dealing day following the quarter during which the ‘commitment’ form was accepted by KCM.

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 Information Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The Fund is only available for professional investors.
The Shareholder is subject to an initial lock-up period of 3 years 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
1.000 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Indirect costs i
0.69% - 1.50% (estimated bandwidth)
Expected ongoing charges i
1,90 %- 2,71% (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 Information Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The Fund is only available for professional investors.
The Shareholder is subject to an initial lock-up period of 3 years 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
F i
Investor type
Institutional & Private
Distributing
No
Inception date
2022-04-01
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, France, Luxembourg, Netherlands, Switzerland, United Kingdom
UCITS status i
No
Status
Open-end i
Base currency
EUR
Administrator
BNP Paribas, Luxembourg Branch
Management company
Kempen Capital Management N.V.
Depositary and custodian
BNP Paribas, Luxembourg Branch

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
LU2437452332
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 Information Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The Fund is only available for professional investors.
The Shareholder is subject to an initial lock-up period of 3 years starting on the dealing day following the quarter during which the ‘commitment’ form was accepted by KCM.

No significant harm to the sustainable investment objective

The Fund focuses on making investments that positively contribute to one of the targeted impact themes and SDGs, therefore due regard is given for making sure that sustainable investments do not cause significant harm to any environmental or social sustainable investment objective.Â
The Fund selects investments based on positive inclusion, i.e., only investments that positively contribute to one of the targeted impact themes and SDGs. As part of this process, checks and balances are conducted on investments environmental, social and governance (ESG) management systems to ensure investments adhere to high ESG standards.Â

Investment strategy

The Fund is a multi-asset fund, aimed at generating market rate returns while at the same time generating positive social and environmental impact. To achieve a diversified portfolio the Fund is invested in different asset classes, including but not limited to, private equity, private infrastructure, and private debt. The Fund uses an (internal) allocation framework for long-term target exposures across the different asset classes. Combined with the impact objectives, this guides the top-sourcing activities and allocation decisions for the Fund.  Through a well-defined manager selection process, the investment team sources investment funds that aim to positively contribute to at least one of the Fund’s selected sustainable investment objectives and SDGs.Â
In terms of new investments in EER-domiciled external funds, the Fund will only select funds that report under article 9 SFDR. When selecting external funds that are domiciled outside the EER - and therefore not subject to the SFDR requirements - the Fund will apply due diligence criteria to establish that the binding elements of the investment policy results in investment in “sustainable investments” within the meaning of the SFDR.Â

Proportion of investments

The Fund intends to commit all its capital to sustainable investments. The allocation to sustainable investments with an environmental objective is a minimum 37% of all committed capital. A proportion of the investments of the Fund pursuing environmental goals may have an environmental objective in economic activities that qualify as environmentally sustainable under the EU Taxonomy and another proportion of the investments may have an environmental objective that does not qualify as environmentally sustainable under the EU Taxonomy. The allocation to sustainable investments with a social objective is a minimum of 58% of all committed capital. These stated % of sustainable investment are based on the time of writing and / or subject to change.Â

Methodologies

Principal Adverse Impact Indicators (PAIs) are monitored at the manager level and at the portfolio level. The Fund uses a combination of the PAIs and general ESG metrics in the investment process to determine current and potential adverse impact on sustainability factors, including selecting managers with robust ESG management systems and impact management and measurement systems. This broader set of indicators is taken into account in the portfolio construction, investment exclusion, ESG integration and engagement with investees.Â

Data sources and processing

Internal as well as external data is collected and processed in data analytics tool such as excel and PowerBI. The Fund obtains impact and PAI data from the managers. Most of the underlying investments are in small or micro non-listed companies or renewable energy projects. Managers in scope for EU Sustainable Finance Regulation will provide the data over 2022 reporting period while managers based outside the EU and that are not in scope of EU regulation will provide data on a best-efforts basis.Â

Limitations to methodologies and data

Externally provided impact data is far from perfect. To ensure data quality, the Fund engages with its managers on the impact data collection process and the values provided. This includes evaluating the assumptions and modelling used to calculate the impact achieved. Given the nature of the Fund’s investments, the managers may not be able to supply the impact KPIs across the full investment fund portfolio. The Fund aims to mitigate this risk by selecting high-quality managers that have high ESG-management systems. The Fund will only invest when positive contribution outweighs the possible negative contribution. The impact data provided is backward looking, therefore the Fund encourages managers to set and share impact targets as this provides further insights as to where the portfolio is headed.

Due diligence

The Fund performs due diligence on the external manager investment funds covering: Organization, Strategy, Portfolio, Performance, ESG & Impact Management, Risk & Operations, and Fund Structure & Terms.Â
When selecting investment funds, the Fund assesses the following key elements as part of its due diligence:Â
• Investment managers must have intentionality. Generating clear and measurable positive social and environmental outcomes (alongside a financial return) must be an integral part of the external fund's investment theme and objective. The intentionality and focus on social or environmental outcomes must contribute to at least one of the Fund’s sustainable investment objectives and targeted SDGs.Â
• Additionality / manager contribution. The Fund asks managers to use the best quantitative or qualitative impact data and evidence that the companies invested in can improve the outcomes for the underserved people or planet.Â
• Manage Impact Performance. Managers that the Fund selects must have a clear process in place to collect, manage, and publicly report impact data. The investees use impact performance data in decision-making to manage the investments towards achievement of the social and environmental objectives.Â
During the due diligence process of the external investment manager, the Fund evaluates how good governance practices are incorporated into the investment process. This is part of the proprietary ESG manager scoring framework.
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 Information Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The Fund is only available for professional investors.
The Shareholder is subject to an initial lock-up period of 3 years 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 Information Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.
The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
The Fund is only available for professional investors.
The Shareholder is subject to an initial lock-up period of 3 years starting on the dealing day following the quarter during which the ‘commitment’ form was accepted by KCM.