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.

FUND TERMS and CONDITIONS

Investment Objective

Seeks long-term capital appreciation

Investment Minimum

$25,000

Investment Qualifications

Accredited investor eligibility as defined by Rule 501(a) of Regulation D under the Securities Act of 1933, as amended. Generally, individuals with net worth over $1 million (excluding primary residence); entities with $5 million in total assets

Share Repurchases (i.e., Potential Liquidity)

The Investment Adviser will recommend to the Fund’s Board of Trustees (“Board”) that the Fund offers to repurchase Shares from Shareholders on a quarterly basis, in an amount not to exceed 5% of the Fund’s net asset value (“NAV”), subject to the discretion of the Board to make such tender offer each quarter

Early Repurchase Fee

Any repurchase of Shares from a Shareholder which were held for less than one year will be subject to a 2% of NAV fee on shares repurchased

Subscriptions

Monthly

Distributions

Reinvested, with option to receive in cash at least annually

Transaction Fees

Sales Load

Class A
Up to a maximum of 3.50% of the investment amount when shares are purchased

Class I
No load or distribution fee

Annual Expenses

Management Fee

Class A
1.20% of NAV annually

Class I
1.20% of NAV annually

Distribution and Servicing Fee

Class A
0.60% of NAV annually

Class I
N/A

Total Annual Fund Expenses

Class A
3.58%

Class I
2.97%

Tax Reporting

1099

Registration

Securities Act of 1933 and Investment Company Act of 1940 registered closed-end investment fund

Independent Auditor

Deloitte & Touche LLP

Custodians

UMB Bank, N.A. and JP Morgan Chase Bank, N.A.

Administrator

Gemini Fund Services, LLC


(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.