Kempen Private Markets Fund Class FC

Profile

The Kempen Private Markets Fund (the Fund) aims at achieving capital growth through a diversified exposure to private strategies, whereby investments are made worldwide to offer investors an attractive risk/return potential.

The Fund aims to offer diversified exposure across private equity, infrastructure, land (including farmland and timberland) and private real estate. The worldwide investment focus will lead the Fund to invest in both developed and emerging markets.
Indicative weights and bandwidths for the underlying categories are as follows:
• Private Equity: 40% (30-50% bandwidth)
• Infrastructure: 20% (0-30% bandwidth)
• Land: 20% (0-30% bandwidth)
• Real Estate: 20% (0-30% bandwidth)

The Fund will primarily consist of participations in investment funds managed by third-party investment managers. With the aim of reducing investment risks, the underlying investment funds will be selected based on several criteria, including but not limited to investment strategy, pedigree and experience of the investment team, track record, responsible investment approach, quality of the organization, and (commercial) terms of investment. The Fund will target returns in excess of the market return expectations for each strategy and asset class.

Management team

Sven Smeets, Richard Jacobs, Edzard Potgieser, Bram Bikker, Marvin de Jong

Performance per 2018-08-31 (rebased)

No chart data available

Performance per 2018-08-31

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  Fund
1 month -0.2 %
This year -0.2 %
Since inception (on annual basis) i -0.2 %
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 27.23 M 2018-06-30
Share class size
EUR 27.23 M 2018-08-31
Number of shares
27,300 2018-08-31
Net Asset Value i
EUR 997.51 2018-06-30
Kempen Private Markets Fund (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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document of the Fund is available on the website of KCM (www.kempen.com/investmentfunds). 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.

Portfolio developments per 2018-06-30

Developments
The Kempen Private Markets Fund was launched on 2 May and so, it has not yet completed a full quarter. Nevertheless, over the months in preparation of the launch, we have worked hard performing in-depth due diligence on various private markets General Partners (GPs). Up until mid-July, we were able to commit 94% of client committed capital to high-quality specialists.

Most of the capital commitments we made for the Fund were confirmed by GPs mid-July. We are therefore writing this update looking at a portfolio snapshot per mid-July instead of end of June, so as to be able to provide a bit more colour on actual investments. We note, however, that as the commitments were made until mid-July, we are unable to report a performance figure for the first period, as it is simply too early. As we all know, private markets 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 in diversified private portfolios and to start generating returns. However, as we invest in a mix of closed-end and open-end funds, we have been able to put to work nearly half of the capital already, which should start to generate returns in the next few quarters. When we are further underway and the portfolio is up and running, we will be able to start reporting meaningful performance figures. This report employs data obtained from the underlying GPs.

We are looking to further broaden the Private Equity portfolio. Specifically, we are looking into the Nordics and the UK at the moment. We also see good deal flow of direct co-investments and we are working on a direct co-investment in the UK health services sector which is scheduled to be signed in the third quarter. Further ahead we are looking at several venture capital technology specialists.

Within Infrastructure, we aim to add a complementary value-add specialist next to the J.P. Morgan Infrastructure Investment Fund, which pursues a core plus investment strategy. We still see interesting opportunities in exciting themes such as stabilization of the (renewable) energy grid, the rollout of fibre and the development of data centres within the communications sector, and new transport and logistics solutions for a growing economy. Value-add specialists take a more forward-looking (infrastructure of the future) approach than core GPs and may benefit more from the ongoing transition. In parallel, we are working on a direct co-investment in a greenfield wind park in Sweden, which is scheduled to be signed in the third quarter as well.

Turning to Land, we are aiming to add a global fund focused on both farmland and timberland going forward. This will further increase our geographic and crop diversification within this asset class. Hereby we look for a specialist with strong regional presence to be able to step into interesting investment opportunities across the globe effectively.

Within Real Estate, we are evaluating interesting opportunities within European niche classes such as student housing. Within two decades, purpose-built student accommodation (PBSA) penetrated the UK market by growing from low levels to a market share of nearly 35%. With the current trend of rising global student mobility, European and Asian universities have ramped up their offerings to international students with full English Bachelor’s and Master’s degree programs. A growing international student community will result in a growing demand for PBSA that is better tailored to facilitate easy bookings, secure environment and proximity to the respective universities.

Portfolio
Within Private Equity, we successfully committed to four GPs. Three of the private equity GPs are focused on the small-cap to lower-mid-market buyout market, where we prefer regional specialists. We have selected a France-focused buyout partner (Ciclad), a UK specialist (WestBridge) and a DACH (Germany, Austria and Switzerland) focused firm (Steadfast). The fourth private equity GP we added to the portfolio is Forbion, a venture capital specialist focused on life sciences. More details on each specialist will follow in the next few paragraphs. We note that all selected GPs are finalizing the fund raising process, so they will now focus on investing the committed capital in new deals. Interestingly, Ciclad already put to work 20% of the committed capital into the first two investments and they are finalizing two more investments at the time of writing. WestBridge, Forbion and Steadfast both are also negotiating their first deals, so we expect the first capital to be drawn and put to work by these partners in the coming two quarters as well.

Within Infrastructure, during the quarter, we invested in the J.P. Morgan Infrastructure Investments Fund, which is a non-listed global core plus oriented infrastructure GP. What is unique is the fact that the J.P. Morgan fund is an open-end fund and as such has an existing globally diversified portfolio of attractive infrastructure assets that generate yield immediately. Our capital was drawn and put to work fully by mid-July.

Within Land, we invested in the Craigmore Permanent Crop Limited Partnership, which focuses on the attractive New Zealand agricultural permanent crops market. Our capital was drawn and put to work by mid-July already whereby the capital will primarily be invested in three crops: kiwis, apples and wine grapes. More details can be found below.

Last but not least, within Real Estate, we subscribed to the Clarion Gables Multifamily Trust, an open-end fund with a mature portfolio of private multifamily apartment blocks, in high-quality area codes, mostly in the faster growing southern states. With these first six high-quality investments, we believe the Kempen Private Markets Fund is well-positioned to profit from future opportunities in the various private markets categories we cover.

 

€ 34.9 mln committed capital as from mid-July 2018

 

Kempen Private Markets Fund (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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document of the Fund is available on the website of KCM (www.kempen.com/investmentfunds). 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 2018-08-31 (rebased)

No chart data available

Performance per 2018-08-31

Slide to see more
  Fund
1 month -0.2 %
This year -0.2 %
Since inception (on annual basis) i -0.2 %
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
Kempen Private Markets Fund (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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document of the Fund is available on the website of KCM (www.kempen.com/investmentfunds). 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 Private Markets Fund (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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document of the Fund is available on the website of KCM (www.kempen.com/investmentfunds). 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
0.55 %
Service fee i
0.17 %
Taxe d'abonnement i
0.01 %
Indirect costs i
1.70% (this is an estimate)
Expected ongoing charges i
2.43%
Management fee 0.55% until 5 years after fund launch, 0.80% thereafter.
Kempen Private Markets Fund (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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document of the Fund is available on the website of KCM (www.kempen.com/investmentfunds). 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
Private Markets
Inception date
2018-05-02
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, France, Germany, 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.
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
LU1789511141
Entry period purchase order
In order to be executed, the commitment orders must be received by Kempen Capital Management 10 business days before the valuation day.
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.
Kempen Private Markets Fund (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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document of the Fund is available on the website of KCM (www.kempen.com/investmentfunds). 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 Private Markets Fund (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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document of the Fund is available on the website of KCM (www.kempen.com/investmentfunds). 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.

KCM Vision

Kempen Capital Management is an asset manager with a long-term investment approach. We strongly believe in engaged shareholdership that benefits all stakeholders. As a long-term responsible investor, we firmly believe that active ownership and shareholder engagement contribute to positive change across the board.

Our KCM wide approach to responsible investment

To put our vision into action we engage with our investment targets on a wide array of strategic, financial, environmental, social and governance (ESG) topics. Our long-term investment worldview paired with thorough analysis and an experienced and diverse ESG team allow us to use both voting and engagement as means to consistently encourage positive change. Through this process of constructive engagement, we are able to contribute to the development of principles and standards of corporate responsibility within companies that we invest in. Our full voting records are available here.

Kempen Private Markets Fund (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 Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the The Netherlands Authority for the Financial Markets.

The information in this document provides insufficient information for an investment decision. Please read the prospectus. This document of the Fund is available on the website of KCM (www.kempen.com/investmentfunds). 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.