iCAPITAL KKR PRIVATE MARKETS FUND

Accredited investors are invited to gain broad exposure to private equity managed by Kohlberg Kravis Roberts & Co. (KKR) via the iCapital KKR Private Markets Fund, a continuously offered closed-end fund.

* References herein to the “Fund” or “iCapital KKR PM Fund” in each instance refer to the iCapital KKR Private Markets Fund, unless specified otherwise.

PORTFOLIO HOLDINGS

Top 10 Investments by Net Asset Value as of December 31, 2020:

  • Committed approximately $10 million as a primary investment, effective March 1, 2017, to KKR Americas Fund XII L.P. and related partnerships. Initially committed approximately $60 million as a primary investment, effective June 30, 2016.
  • Committed approximately $60 million as a primary investment, effective March 31, 2017, to KKR Asian Fund III L.P. and related partnerships.
  • Acquired approximately $37 million of original commitments as a secondary investment, effective November 1, 2015, in KKR North America Fund XI L.P. and related partnerships.
  • Acquired approximately $40 million of original commitments as a secondary investment, effective May 1, 2018, in KKR Real Estate Partners Americas II, L.P. and related partnerships.
  • Committed approximately $15 million as a co-investment, effective June 7, 2017, to KKR Uno Co-Invest L.P. and related partnerships.
  • Acquired approximately $30 million of original commitments as a secondary investment, effective January 1, 2017, in KKR 2006 Fund L.P. and related partnerships. Initially acquired approximately $55 million of original commitments as a secondary investment, effective January 1, 2016.
  • Committed approximately $17 million as a co-investment, effective February 26, 2018, to KKR Caribou Co-Invest L.P. and related partnerships.
  • Committed approximately $30 million as a primary investment, effective November 5, 2018, to KKR European Fund V (USD) SCSp and related partnerships.
  • Committed approximately $7 million as a co-investment, effective June 22, 2018, to KKR Sigma Co-Invest, L.P. and related partnerships.
  • Committed approximately $10 million as a co-investment, effective October 1, 2018, to KKR Banff Co-Invest L.P. and related partnerships.

The information contained herein is for informational and discussion purposes only and is not, and may not be relied on in any manner as, legal, tax or investment advice, any recommendation to buy or sell any security, any opinion regarding the appropriateness or suitability of any investment or strategy, or as an offer to sell or a solicitation of an offer to buy any security, including an interest in the iCapital KKR Private Markets Fund (the “Fund”). Fund holdings are as of the date indicated and are subject to change without notice. A complete list of the Fund’s holdings as of September 30, 2020 can be found in the Fund’s most recent shareholder report available at https://www.icapitalkkrpmfund.com/icapital-kkr-pm-fund/materials/#materials or on www.sec.gov.

The Fund’s estimate of net assets as of December 2020 is $429,668,735. This estimate reflects the value of the Fund’s assets as of the date of its most recent published Net Asset Value, plus the dollar amount of subscription proceeds raised since that date.

Subscription proceeds reflect the amount of Fund Shares purchased, but not proceeds attributable to sales loads, if any, paid at the time Shares are purchased. A portion of proceeds raised is applied toward the payment of fees and expenses of the Fund, as described in the Prospectus. Holding(s) referenced above exclude cash. Past performance is no guarantee of future results.


(1) While the portfolio composition that has been developed by iCapital Registered Fund Adviser LLC (the Fund’s investment adviser) and StepStone Group (the Fund’s sub-adviser) reflects their assessment of the relative attractiveness of sub-sectors within the context of an appropriately diversified portfolio, given the percentage of assets that will be invested in investment funds managed by a single issuer (KKR), the Fund will be exposed to risks related to KKR. As of February 12, 2021, iCapital Registered Fund Adviser LLC is the investment adviser to the Fund. Prior to February 12, 2021, the Fund was managed by a different investment adviser.

A portion of the Fund’s assets may be invested in private equity or Investment Funds which are not managed by or affiliated with KKR; however, this allocation is not anticipated to be over 20% of the Fund’s assets.

Diversification does not ensure profit or protect against loss in a positive or declining market. There is no guarantee that any investment will achieve its objectives, generate profits, or avoid losses. There can be no assurance that all investment types will be available, will be consistent with the Fund’s objective, will satisfy the Investment Adviser’s due diligence considerations, or will be selected for the Fund.