* 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
0.90% of NAV annually
Class I
0.90% of NAV annually
Distribution and Servicing Fee
Class A
0.60% of NAV annually
Class I
N/A
Total Annual Fund Expenses
Class A
3.18%
Class I
2.58%
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
Ultimus Fund Services, LLC
(1) While the portfolio composition that has been developed by iCapital Registered Fund Adviser LLC (the Fund’s investment 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. Before February 1, 2022, the StepStone Group L.P. (“StepStone”) served as sub-advisor for the Fund. However, as of February 1, 2022, StepStone is no longer the sub-advisor for the Fund.
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.
