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This is for illustrative purposes only and is not indicative of any investment. No assumptions should be made that similar asset allocations will be profitable, suitable, or perform as indicated above. The referenced indices are shown for general market comparisons and are not meant to represent any investment.
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We could not find an email address associated with that username. Hedge funds, commodity pools, and other alternative investments involve a high degree of risk and can be illiquid due to restrictions on transfer and lack of a secondary trading market. They can be highly leveraged, speculative, and volatile, and an investor could lose all or a substantial amount of an investment. Alternative investments may lack transparency as to share price, valuation, and portfolio holdings. Complex tax structures often result in delayed tax reporting.
Compared to mutual funds, hedge funds, and commodity pools are subject to less regulation and often charge higher fees. Mutual funds involve risk including possible loss of principal. Alternative investment managers typically exercise broad investment discretion and may apply similar strategies across multiple investment vehicles, resulting in less diversification.
Trading may occur outside the United States which may pose greater risks than trading on U. Altegris Advisors, LLC is an SEC registered investment adviser; however, such registration does not imply a certain level of skill or training and no inference to the contrary should be made. Established in , Aquiline focuses its investments exclusively in the financial services industry. Established in , Genstar focuses its investment efforts across a variety of industries and sectors, including financial services.
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Funds List View Open or closed upon login. Funds List Order Open or closed upon login. Website Help. Looking for alternatives? Altegris has one core mission:. Identify superior investment capabilities and deliver effective, sustainable portfolio solutions for our clients.
Alternative investments, available in actively managed mutual funds and private funds that help your clients navigate today's market. Exclusive alternative investment programs packaged in futures managed accounts, private funds and actively managed mutual funds.
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Altegris Futures Evolution Strategy Fund. Business Continuity Plan. Communicating With Us Under normal conditions, you can contact us by 1 telephone at or , Mon-Fri, ampm Pacific Time, 2 email operations altegris. If you are unable to contact the appropriate Altegris company by any of the above means, you may contact other service providers in respect of your investments as follows: With respect to commodity pool investments in funds sponsored by Altegris Advisors an affiliate of Altegris Investments , you may contact Apex Fund Services Canada Ltd.
Pending satisfaction of the Minimum Offering Requirement, all subscription payments will be placed in an account held by the Fund escrow agent,. If the Minimum Offering Requirement is not satisfied, the Fund will promptly return all funds in the escrow account and the Fund will stop offering Shares. The Fund will not deduct any fees or expenses if it returns funds from the escrow account.
Shares will be sold only to Eligible Investors as defined herein. Investment Portfolio. Risk Factors and Restrictions on Transfer. Investing in Shares involves a high degree of risk. Shares will not be listed on any national securities exchange.
Management Fee. The Fund pays Altegris Advisors, L. The Management Fee is in addition to the asset-based fees and incentive fees paid by the Investment Funds to the Investment Managers defined herein and indirectly paid by investors in the Fund. Eligible Investors.
The minimum initial and additional investments may be reduced by the Fund with respect to certain individual investors or classes of investors specifically, with respect to employees, officers or Trustees of the Fund, the Adviser or their affiliates. This Prospectus concisely provides the information that a prospective investor should know about the Fund before investing.
You are advised to read this Prospectus carefully and to retain it for future reference. Shares are not deposits or obligations of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and Shares are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. You should rely only on the information contained in this Prospectus. The Fund has not authorized anyone to provide you with different information.
The Fund is not making an offer of Shares in any state or other jurisdiction where the offer is not permitted. Altegris Advisors, L. KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level.
KKR invests its own proprietary capital alongside the capital of its fund investors and brings opportunities to others through its capital markets business. There are approximately private market investment professionals and approximately 80 public market investment professionals. KKR conducts its business through its offices in 21 cities, in 15 countries, and on five continents. Its geographic breadth provides KKR with a pre-eminent global platform for sourcing transactions, raising capital, and carrying out capital markets activities.
KKR is not a sponsor, promoter, adviser or affiliate of the Fund. The Fund. The Fund will pay, and Shareholders will bear, an asset-based investment management fee, and will be subject indirectly to. Investment Funds may be domiciled in U. Private equity generally refers to privately negotiated investments made in non-public companies. Private equity firms typically seek to invest in quality companies at attractive valuations and use strategic and operational expertise to enhance value and improve portfolio company performance.
Buyout funds seek to acquire private and public companies, as well as divisions of larger companies, and reposition them for sale at a multiple of invested equity by enhancing the value of the portfolio company. The Fund intends to allocate its assets primarily to buyout and special situations investments. Investment Funds that focus on established, cash flow positive companies are usually classified as buyouts. Buyout Investment Funds look to acquire a controlling equity interest in small-, mid- or large-capitalization companies, and such investments collectively represent a substantial majority of the capital deployed in the overall private equity market.
Investment Funds that focus on special situations investments typically make mezzanine or other debt investments that provide a middle level of financing below the senior debt level of the capital structure and above the equity level. A typical special situations investment may include a loan to a borrower, together with equity in the form of warrants, common stock, preferred stock or some other form of equity investment. In addition, special situations investments may include other forms of investment not described herein, such as distressed debt, energy or utility investments and turnaround investments.
Types of private equity investments that the Fund may make include:. Primary Investments. Primary investments are made during an initial fundraising period in the form of capital commitments, which are then called down by the fund and utilized to finance its investments in portfolio companies during a predefined period. Primary investments in Investment Funds typically range in duration from ten to twelve years, while underlying investments in portfolio companies generally have a three to six year range of duration.
Seasoned primaries are primary fund investments made after an Investment Fund has already invested a certain percentage of its capital commitments e. Seasoned primaries may be utilized to gain exposure to Investment Funds and strategies that would otherwise be unavailable for primary investment and may allow the Fund to deploy capital more rapidly. Typically, private equity fund sponsors will not launch new funds more frequently than every two to four years.
Market leaders, such as KKR, generally offer multiple primary funds each year, but may not offer funds within a given geography or that pursue a certain strategy in any particular year, and many funds managed by top-tier private equity firms accordingly will be unavailable for primary investments at any given time.
Because of the limited timeframe of opportunity for investment in any given fund, having a well-established relationship with fund sponsors is critically important for primary investors. Secondary Investments. In so doing, the buyer will agree to take on future funding obligations in exchange for future returns and. Because secondaries are generally made after an Investment Fund has deployed capital into portfolio companies, these investments are viewed as more mature and may not exhibit the initial decline in net asset value associated with primary investments and may reduce the impact of the J-curve associated with private equity investing.
The market for secondary investments may be very limited and the strategies and Investment Funds to which the Fund wishes to allocate capital may not be available for secondary investment at any given time. Secondary investments may be heavily negotiated and may incur additional transactions costs for the Fund.
There is a risk that investors exiting an Investment Fund through a secondary transaction may possess superior knowledge regarding the value of their holdings and the portfolio companies of the Investment Fund and the Fund may pay more for a secondary investment than it would have if it were also privy to such information. Co-Investment Opportunities.
Co-Investment Opportunities involve the Fund directly acquiring an interest in an operating company alongside an investment by a private equity fund, and are generally structured such that the lead and co-investors collectively hold a controlling interest of the operating company. The market for Co-Investment Opportunities may be very limited and the Co-Investment Opportunities to which the Fund wishes to allocate capital may not be available at any given time.
Co-Investment Opportunities may be heavily negotiated and may incur additional transactions costs for the Fund. Co-Investment Opportunities are more concentrated than investments in Investment Funds, which hold multiple portfolio companies.
There is a risk that Investment Managers may choose not to make the most attractive Co-Investment Opportunities available to the Fund and may instead reserve such investments for higher fee funds or their own accounts. The Advisers anticipate, however, that the Fund will not be fully deployed until the Fund has been in operation for 12 to 24 months.
Asset Allocation. Primary Investments including seasoned primary investments. Investment Fund Strategy. Special Situations. North America. Investment Strategies. The Fund will provide Shareholders with access to Investment Funds, and direct Co-Investment Opportunities that are generally unavailable to the investing public due to resource requirements and high investment minimums. Commitment Strategy. Primary commitments to private equity funds generally are not immediately deployed.
Instead, committed amounts are drawn down by private equity funds and invested over time, as underlying investments are identified, which may take a period of several years. As a result, without an appropriate commitment strategy a significant investment position could be difficult to achieve.
The Advisers will seek to address this challenge by, among other strategies, over-committing to Investment Funds and, in its early years, investing more materially in secondaries and co-investments transactions in which capital is largely deployed at the time of investment in order to provide an appropriate investment level.
The Fund will retain cash, cash equivalents or have available credit via a credit facility as discussed below in sufficient amounts to satisfy. The commitment strategy will aim to keep the Fund substantially invested and to minimize cash drag where possible by making commitments based on anticipated future distributions from investments.
The commitment strategy will also take other anticipated cash flows into account, such as those relating to new subscriptions, the tender of Shares by Shareholders and any distributions made to Shareholders. To forecast portfolio cash flows, the Advisers will utilize a proprietary model that incorporates historical data, actual portfolio observations, insights from KKR and forecasts by the Advisers. Risk Management.
The long-term nature of private equity investments requires a commitment to ongoing risk management. The Advisers seek to maintain close contact with KKR, Investment Managers and the operating companies with whom the Fund invests, and to monitor the performance of operating companies and Investment Funds and developments at the individual portfolio companies that are material positions in the Investment Funds held by the Fund. By tracking commitments, capital calls, distributions, valuations and other pertinent details, the Advisers will seek to use a range of techniques to reduce the risk associated with the commitment strategy.
These techniques may include, without limitation:. The Fund is expected to hold liquid assets to the extent required for purposes of liquidity management. The Liquidity Portfolio may include both fixed income and equities as well as public and private vehicles that derive their investment returns from fixed income and equity securities.
The Fund may borrow for investment purposes. The Advisers and their investment personnel use a range of resources to identify and source the availability of promising Investment Funds. The Advisers utilize a research-intensive investment process supplemented by the extensive use of analytical techniques to identify those Investment Managers that are exceptional and whose investment strategies, firm resources and philosophies are best positioned to outperform the market on a risk-adjusted basis.
Once a deal lead has been identified as a potential transaction, the deal team summarizes the opportunity in a report. Each report is reviewed and the team prioritizes the opportunity accordingly. Through this process, the Advisers can identify the most attractive opportunities and focus their resources on the most promising leads.
For each priority deal, the assigned investment team gathers and reviews available information on the underlying assets. To facilitate this process, StepStone utilizes its proprietary database that tracks information on over 18, companies, 16, Investment Funds and 6, Investment Managers. The database is critical during the preliminary due diligence phase, as some sellers are unwilling to share portfolio information early in the sale process. After making an investment in an Investment Fund, and as part of its ongoing diligence process, the Advisers will seek to: track operating information and other pertinent details; participate in periodic conference calls with Investment Managers and onsite visits where appropriate; review audited and unaudited reports; and monitor turnover in senior Investment Fund personnel and changes in policies.
In conjunction with the due diligence process, the tax treatment and legal terms of the investment are considered. By investing a substantial portion of its assets in KKR Investment Funds, the Fund seeks to benefit from the investment expertise, quality of risk management systems, valuation protocols, operational programs, personnel, accounting practices and compliance programs that may be associated with an advisory firm with a strong reputation and significant resources, which may not be available to the same extent if the Fund allocated its assets among different funds managed by various unaffiliated investment advisers.
The Fund is a non-diversified, closed-end management investment company for purposes of the Act. To the extent permitted by the Act, the Fund may borrow for investment purposes. The Fund has no obligation, and does not intend, to enter into any hedging transactions.
Other risks include:. The Fund is organized to provide Shareholders with a multi-strategy investment program and not as an indirect way to gain access to any particular KKR or other Investment Fund. Such investments involve a high degree of business and financial risk that can result in substantial losses. Generally, there will be no collateral to protect an investment once made.
Leverage is a speculative technique that exposes the Fund to greater risk and higher costs than if it were not implemented. Such investments involve a high degree of risk in that adverse fluctuations in the cash flow of such companies, or increased interest rates, may impair their ability to meet their obligations, which may accelerate and magnify declines in the value of any such portfolio company investments in a down market.
The SEC has initiated enforcement proceedings against certain advisers and general partners and may initiate other enforcement proceedings in the future. This risk is exacerbated to the extent that Investment Funds generally provide valuations only on a quarterly basis. While such information is provided on a quarterly basis, the Fund will provide valuations, and will issue Shares, on a monthly basis.
As a result, the Fund. Instead, the Fund will be required to make incremental contributions pursuant to capital calls issued from time to time by the Investment Fund. The overall impact on performance due to holding a portion of the investment portfolio in cash or cash equivalents could be negative.
Accordingly, the Fund should be considered a speculative investment and entails substantial risks, and a prospective investor should invest in the Fund only if it can sustain a complete loss of its investment. Specifically, the Fund may borrow money through a credit facility or other arrangements to manage timing issues in connection with the acquisition of its investments e. The Act requires a registered investment company to satisfy the Asset Coverage Requirement. The Act also requires that dividends may not be declared if this Asset Coverage Requirement is breached.
Investment Funds may also utilize leverage in their investment activities. Borrowings by Investment Funds are not subject to the. Asset Coverage Requirement. In general, the use of leverage by Investment Funds or the Fund may increase the volatility of the Investment Funds or the Fund. Distributions will be paid at least annually on the Shares in amounts representing substantially all of the net investment income and net capital gains, if any, earned each year.
The Fund is not a suitable investment for any investor who requires regular dividend income. Since its founding in , KKR has compiled a distinguished record of performance in the private equity industry. Past performance is not indicative of future results. Investing in the Fund also permits Shareholders to invest in Investment Funds without being subject to the high minimum investment requirements typically imposed by such Investment Funds.
Because the Fund intends to qualify as a RIC under Subchapter M of the Code, it is expected to have certain attributes that are not generally found in traditional private equity funds-of-funds. These include providing simpler tax reports to Shareholders and the avoidance of unrelated business taxable income for benefit plan investors and other investors that are exempt from payment of U. As described above, the Fund has been structured with the intent of seeking to alleviate or reduce a number of the burdens typically associated with private equity investing, such as funding.
The Fund is offering its Shares on a continuous basis. Shares will be offered without a sales load. The Altegris Companies have substantial experience in the structuring and management of alternative investment portfolios and offer a broad suite of alternative investment solutions, including alternative strategy mutual funds, hedge funds and commodity funds, that are designed for investment professionals and individual clients seeking to improve portfolio diversification.
The Altegris Companies are wholly-owned subsidiaries of a company jointly owned by i private equity funds sponsored and managed by Aquiline Capital Partners LLC, ii private equity funds sponsored and managed by Genstar Capital Management LLC, and iii certain senior management of the Adviser and other affiliates within the Altegris Companies.
Thereafter, the Investment Advisory Agreement may be continued in effect from year to year if its continuation is approved annually by the Board of Trustees. StepStone is an independently-owned investment firm focused exclusively on private markets. The firm was formed in by an experienced team of professionals with established reputations as leading investors in the private markets industry.
Thereafter, the Sub-Advisory Agreement may be continued in effect from year to year if its continuation is approved annually by the Board of Trustees. In consideration of the advisory and other services provided by the Adviser to the Fund, the Fund pays the Adviser a monthly fee of 0. The Management Fee is in addition to the asset-based fees and incentive fees paid by the Investment Funds to the Investment Managers and indirectly paid by investors in the Fund.
The Fund will bear all expenses incurred in the business of the Fund, including any charges, allocations and fees to which the Fund is subject as an investor in the Investment Funds. The Fund, by investing in the Investment Funds, will indirectly bear its pro rata share of the expenses incurred in the business of the Investment Funds.
The Fund will not pay any fee to the Distributor with respect to the distribution of the Shares. The Adviser may pay additional compensation out of its own resources i. The Adviser may extend the Limitation Period for the Fund on an annual basis. To the extent that Specified Expenses for any month exceed the Expense Cap, the Adviser will reimburse the Fund for expenses to the extent necessary to eliminate such excess.
To the extent that the Adviser bears Specified Expenses, it is permitted to receive reimbursement for any expense amounts previously paid or borne by the Adviser, for a period not to exceed three years from the date on which such expenses were paid or borne by the Adviser, even if such reimbursement occurs after the termination of the Limitation Period, provided that the Specified Expenses have fallen to a level below the Expense Cap and the reimbursement amount does not raise the level of Specified Expenses in the month the reimbursement is being made to a level that exceeds the Expense Cap.
The Advisers, the Investment Managers and their respective affiliates may conduct investment activities for their own accounts and other accounts they manage that may give rise to conflicts of interest that may be disadvantageous to the Fund. Additionally, certain Investment Managers may face conflicts of interests stemming from their affiliation with KKR. KKR will provide certain services to the Advisers. Such services may include making appropriate personnel available for presentations, providing information for the Fund to prepare its tax reporting, providing administrative support in connection with commitments to or sales of KKR Investment Funds and such other functions as agreed to from time to time.
The minimum initial and additional investments may be reduced by the Fund with respect to employees, officers or Trustees of the Fund, the Adviser or their affiliates. Subsequent to the Initial Closing Date, the Fund will accept initial and additional purchases of Shares as of the first day of each calendar month.
The investor must submit a completed Investor Application form five business days before the applicable purchase date. All purchases are subject to the receipt of immediately available funds three business days prior to the applicable purchase date in the full amount of the purchase to. An investor who misses one or both of these deadlines will have the effectiveness of its investment in the Fund delayed until the following month.
Despite having to meet the earlier application and funding deadlines described above, the Fund does not issue the Shares purchased and an investor does not become a Shareholder with respect to such Shares until the applicable purchase date, i. Consequently, purchase proceeds do not represent capital of the Fund, and do not become assets of the Fund, until such date.
Any amounts received in advance of the initial or subsequent purchases of Shares are placed in a non-interest-bearing account with the Transfer Agent as defined herein prior to their investment in the Fund, in accordance with Rule 15c under the Securities Exchange Act of , as amended. The Fund reserves the right to reject any purchase of Shares in certain limited circumstances including, without limitation, when it has reason to believe that a purchase of Shares would be unlawful.
Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned to the prospective investor. Each prospective Shareholder must submit a completed Investor Application acceptable to the Adviser, certifying, among other things, that the Shareholder is an Eligible Investor and will not transfer the Shares purchased except in the limited circumstances permitted. The Adviser may from time to time impose stricter or less stringent eligibility requirements.
If an Investor Application is not accepted by the Fund by the Closing Date, the subscription will not be accepted at such Closing Date. An investment in the Fund involves a considerable amount of risk. A Shareholder may lose money. The Fund is an illiquid investment. Shareholders have no right to require the Fund to redeem their Shares in the Fund and, as discussed below, the Fund will not begin to conduct tender offers until two years after commencement of operations.
The Investment Funds will invest a large percentage of their assets in certain securities and other financial instruments that do not have readily ascertainable market prices and will be valued by the respective Investment Managers. The Fund has adopted valuation procedures pursuant to which it will fair value its interests in Investment Funds and Co-Investment Opportunities.
These valuation procedures, which have been approved by the Board of Trustees of the Fund, provide that the valuations determined by the Investment Managers will be reviewed by the Advisers. Accordingly, the Fund will generally rely on such valuations, which are provided on a quarterly basis, even in instances where an Investment Manager may have a conflict of interest in valuing the securities.
The Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies commonly known as mutual funds in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis.
To meet daily redemption requests, mutual funds are subject to more stringent regulatory limitations than closed-end funds. A Shareholder will not be able to redeem his, her or its Shares on a daily basis because the Fund is a closed-end fund.
An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and. No Shareholder has the right to require the Fund to redeem his, her or its Shares. The Fund may from time to time offer to repurchase Shares pursuant to written tenders by Shareholders. Share repurchases will not commence for at least two full calendar years following commencement of Fund operations once the escrow agent releases funds upon reaching the Initial Target.
If an Early Repurchase Fee is charged to a Shareholder, the amount of such fee will be retained by the Fund. There is no minimum amount of Shares which must be repurchased in any repurchase offer. The Fund has no obligation to repurchase Shares at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Board of Trustees, in its sole discretion.
In determining whether the Fund should offer to repurchase Shares, the Board of Trustees will consider the recommendations of the Adviser as to the timing of such an offer, as well as a variety of operational, business and economic factors. The Adviser expects that, generally, it will recommend to the Board of Trustees that the Fund offer to repurchase Shares from Shareholders quarterly, with such repurchases to occur as of each March 31, June 30, September 30 and December Each repurchase offer will generally commence approximately 45 days prior to the applicable repurchase date.
If a repurchase offer is oversubscribed by Shareholders who tender Shares, the Fund will repurchase a pro rata portion of the Shares tendered by each Shareholder, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law. The Repurchase Threshold does not guarantee that the Fund will offer to repurchase shares in any given quarter.
When the Fund does make an offer to repurchase Shares, a Shareholder may not be able to liquidate all of their Shares either in response to that repurchase offer, or over the course of several repurchase offers. If a repurchase offer is oversubscribed by Shareholders, the Fund may repurchase only a pro rata portion of the Shares tendered by each Shareholder, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law.
The Fund may need to suspend or postpone repurchase offers if it is not able to dispose of its interests in Investment Funds in a timely manner. For each taxable year that the Fund so qualifies, the Fund will generally not be subject to federal income tax on its taxable income and gains that it distributes to Fund Shareholders. The Fund intends to distribute its income and gains in a way that it should not be subject to an entity-level income tax on certain undistributed amounts.
These distributions generally will be taxable as ordinary income or capital gains to the Shareholders, whether or not they are reinvested in Shares. Tax-exempt investors generally will not recognize unrelated business taxable income with respect to an investment in Shares as long as they do not borrow to make the investment. Certain of the Investment Funds in which the Fund invests may be classified as partnerships for U.
However, Investment Funds generally are not obligated to disclose the contents of their portfolios. Furthermore, although the Fund expects to receive information from each Investment Manager regarding its investment performance on a regular basis, in most cases there is little or no means of independently verifying this information. KKR has agreed to use reasonable efforts to provide such information to the Fund. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions which could be subject to interest charges before requalifying for taxation as a RIC.
The Fund will inform Shareholders of the amount and character of its distributions to Shareholders. The Fund furnishes to Shareholders as soon as practicable after the end of each calendar year information on Form DIV or Form B, as appropriate, and as required by law to assist the Shareholders in preparing their tax returns. The Fund prepares, and transmits to Shareholders, an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the Act.
The Fund has submitted to the SEC an application for an exemptive order to permit the Fund to offer multiple classes of shares. Following such exchange, each feeder fund would liquidate and dissolve and feeder fund shareholders would become direct shareholders of the Fund.
The following table illustrates the fees and expenses that the Fund expects to incur and that Shareholders can expect to bear directly or indirectly. Maximum sales load percentage of purchase amount. Maximum repurchase fee 1. Acquired Fund Fees and Expenses 2. Interest Payments on Borrowed Funds 3. Other Expenses 4. Total Annual Fund Expenses. Less Fee Waiver and Expense Reimbursement 5. Annual Net Expenses 6. Actual expenses may be greater or lesser than those shown.
An early repurchase fee payable by an Investor may be waived by the Fund, in circumstances where the Board of Trustees determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Investor. The early repurchase fee will be retained by the Fund for the benefit of the remaining Investors. The Investment Funds in which the Fund intends to invest generally charge a management fee of 1.
The purpose of the table above is to assist investors in understanding the various fees and expenses Shareholders will bear directly or indirectly. The Fund will commence operations on February 1, Private investment funds, such as private equity funds, are commingled asset pools that typically offer their securities privately, without registering such securities under the Act.
The managers or investment advisers of these funds are usually compensated through asset-based fees and incentive-based fees. Registered closed-end investment companies are typically organized as corporations, business trusts, limited partnerships or limited liability companies that generally are managed more conservatively than most private investment funds due to certain requirements imposed by the Act and, with respect to those registered closed-end investment.
The advisers to registered closed-end investment companies are typically compensated through asset-based fees. Its geographic breadth provides KKR with a pre-. KKR Family of Funds. Investment Philosophy. Specifically, by investing in the Fund, Shareholders gain access to Investment Managers whose services are generally not available to the investing public, or who may otherwise restrict the number and type of persons whose money will be managed.
Investing in the Fund also permits Shareholders to invest in Investment Funds without being subject to the high minimum investment requirements typically charged by such Investment Funds. The Fund will retain cash, cash equivalents or have available credit via a credit facility as discussed below in sufficient amounts to satisfy capital calls from Investment Funds.
Each underlying Investment Fund is, or will be, managed by the Investment Manager under the direction of the portfolio managers or investment teams selected by the Investment Manager. Primary investments in Investment Funds. In so doing, the buyer will agree to take on future funding obligations in exchange for future returns and distributions. Portfolio Allocation. Primary Investments including seasoned primary investment.
Investment Selection. Due Diligence. This allows the Advisers to identify the areas that they believe will outperform over the next three to five years, the typical investing cycle of a private markets fund. Shorter-term opportunistic allocations will also be utilized to seek to capitalize on near-term market trends. Examples of factors that are considered include the supply of capital available for investments based on fundraising compared to the likely supply of investment opportunities; projected growth rates; availability of leverage; long-term industry and geographic-specific trends; regulatory and political conditions; and demographic and technological trends.
The portfolio composition that has been developed by the Advisers reflects their assessment of the relative attractiveness of sub-sectors within the context of an appropriately diversified portfolio. The due diligence process is led by at least one StepStone partner, who is supported by the sector team that covers an Investment Manager. The Investment Committee will conduct a detailed review of each Investment Manager that has passed into the due diligence stage. Each report is reviewed and.
This database is populated with information StepStone has gathered from general partner meetings, due diligence materials, quarterly reports, annual meetings, marketing materials and other sources. The Advisers finalize their diligence process by interviewing the general partner, placing third party reference calls, reviewing fund-level legal documents and performing sensitivity and scenario analyses.
Once the final diligence items have been performed, The Advisers will make an investment decision. The Advisers will also evaluate the private equity manager leading the transaction to determine whether it believes the manager is capable of creating value for the investment through expertise in the industry or the appropriate personnel. For secondary transactions, the private equity funds are often partially or largely invested in which case the Advisers conduct a review of the underlying investments made by the private equity fund to project an expected return from the investments.
The Advisers also evaluate the ability of the manager to invest any remaining capital commitment at appropriate returns. During this diligence process, the Advisers review offering documents, financial statements, regulatory filings and client correspondence, and may conduct interviews with senior personnel of Investment Managers. In particular, the Advisers expect to regularly communicate with KKR Investment Managers and other personnel about the Investment Funds in which the Fund has invested or may invest, or about particular investment strategies, categories of private equity, risk management and general market trends.
This interaction facilitates ongoing portfolio analysis and may help to address potential issues, such as loss of key team members or proposed changes in constituent documents. It also provides ongoing due diligence feedback, as additional investments, secondary investments and new primary investments with a particular Investment Manager are considered. The Advisers may also perform background and reference checks on Investment Fund personnel.
Prospective investors should refer to the discussion of the risks associated with the investment strategy and structure of the Fund. Discussed below are the investments generally made by Investment Funds and the principal risks that the Advisers and the Fund believe are associated with those investments. These risks will, in turn, have an effect on the Fund.
The Fund does not currently intend to make other types of direct investments, except that, in response to adverse market, economic or political conditions, the Fund may invest temporarily in high quality fixed income securities, money market instruments and affiliated or unaffiliated money market funds or may hold cash or cash equivalents for temporary defensive purposes.
In addition, the Fund may also make these types of investments pending the investment of assets in Investment Funds or to maintain the liquidity necessary to effect repurchases of Shares. If the Fund invests temporarily in affiliated money market funds, the Adviser will waive a portion of the Management Fee so that Fund shareholders will not pay duplicate fees in respect of such investment.
When the Fund takes a defensive position or otherwise makes these types of investments, it may not achieve its investment objective. Investment Related Risks. General Economic and Market Conditions. No Operating History. The initial operating expenses for a new fund, including start-up costs, which may be significant, may be higher than the expenses of an established fund.
Concentration in KKR Funds. The Fund expects to invest a substantial portion of its assets in Investment Funds managed by Investment Managers affiliated with KKR, and therefore may be less diversified, and more subject to concentration and reputational risk, than other funds of private equity funds.
Availability of Investment Opportunities. The business of identifying and structuring investments of the types contemplated by the Fund is competitive, and involves a high degree of uncertainty. The availability of investment opportunities generally is subject to market conditions as well as, in some cases, the prevailing regulatory or political climate.
No assurance can be given that the Fund will be able to identify and complete attractive investments in the future or that it will be able to fully invest its subscriptions. Similarly, identification of attractive investment opportunities by Investment Funds is difficult and involves a high degree of uncertainty. Even if an attractive investment opportunity is identified by an Investment Manager, an Investment Fund may not be permitted to take advantage of the opportunity to the fullest extent desired.
Other investment vehicles sponsored, managed or advised by the Advisers and their affiliates may seek investment opportunities similar to those the Fund may be seeking. The Advisers will allocate fairly between the Fund and such other investment vehicles any investment opportunities that may be appropriate for the Fund and such other investment vehicles.
Leverage Utilized by the Fund. Specifically, the Fund may borrow money through a credit facility or other arrangements to fund investments in Investment Funds up to the limits of the Asset Coverage Requirement.
The Fund may also borrow money through a credit facility or other arrangements to manage timing issues in connection with the acquisition of its investments e. The Fund has entered into the Credit Agreement for such purposes.
The use of leverage is speculative and involves certain risks. The Fund may be required to maintain minimum average balances in connection with its borrowings or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate. In addition, a lender to the Fund may terminate or refuse to renew any credit facility into which the Fund has entered. If the Fund is unable to access additional credit, it may be forced to sell its interests in Investment Funds at inopportune times, which may further depress the returns of the Fund.
Private Equity Investments. Private equity is a common term for investments that are typically made in private or public companies through privately negotiated transactions, and generally involve equity-related finance intended to bring about some kind of change in an operating company e. Private equity funds, often organized as limited partnerships, are the most common vehicles for making private equity investments, although the Fund may also co-invest directly in an operating company in conjunction with an Investment Fund.
The investments held by private equity funds and Co-Investment Opportunities made by the Fund involve the same types of risks associated with an investment in any operating company. However, securities of private equity funds, as well as the underlying companies these funds invest in, tend to be more illiquid, and highly speculative.
Private equity has generally been dependent on the availability of debt or equity financing to fund the acquisitions of their investments. Depending on market conditions, however, the availability of such financing may be reduced dramatically, limiting the ability of private equity funds to obtain the required financing or reducing their expected rate of return.
The financial services industry generally and the activities of private investment funds and their investment advisers, in particular, have been the subject of increasing legislative and regulatory scrutiny.
There can be no assurances that the Fund or the Advisers will not in the future be subject to regulatory review or discipline. The effects of any regulatory changes or developments on the Fund may affect the manner in which it is managed and may be substantial and adverse. Special Situations and Distressed Investments. The Investment Funds may invest in securities and other obligations of companies that are in special situations involving significant financial or business distress, including companies involved in bankruptcy or other reorganization and liquidation proceedings.
Although such investments may result in significant returns, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful investment in. Troubled company investments and other distressed asset-based investments require active monitoring. Venture Capital.
An Investment Fund may invest and the Fund may co-invest in venture capital. Venture capital is usually classified by investments in private companies that have a limited operating history, are attempting to develop or commercialize unproven technologies or implement novel business plans or are not otherwise developed sufficiently to be self-sustaining financially or to become public.
Although these investments may offer the opportunity for significant gains, such investments involve a high degree of business and financial risk that can result in substantial losses, which risks generally are greater than the risks of investing in public companies that may be at a later stage of development. Real Estate Investments. The Fund may be exposed to real estate risk through its allocation to real estate Investment Funds.
The decline in the broader credit markets during the last few years related to the sub-prime mortgage dislocation has caused the global financial markets to become more volatile and the United States homebuilding market has been dramatically impacted as a result. The confluence of the dislocation in the real estate credit markets with the broad based stress in the United States real estate industry could create a difficult operating environment for owners of real estate in the near term and investors should be aware that the general risks of investing in real estate may be magnified.
Some real estate Investment Funds may invest in a limited number of properties, in a narrow geographic area, or in a single property type, which increases the risk that such real estate fund could be unfavorably affected by the poor performance of a single investment or investment type. These companies are also sensitive to factors such as changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and creditworthiness of the issuer.
Borrowers could default on or sell investments that a real estate fund holds, which could reduce the cash flow needed to make distributions to investors. Geographic Concentration Risks. An Investment Fund may concentrate its investments in specific geographic regions.
This focus may constrain the liquidity and the number of portfolio companies available for investment by an Investment Fund. In addition, the investments of such an Investment Fund will be disproportionately exposed to the risks associated with the region of concentration. Emerging Markets. Some Investment Funds may invest in portfolio companies located in emerging industrialized or less developed countries.
Risks particularly relevant to such emerging markets may include greater dependence on exports and the corresponding importance of international trade,. Sector Concentration. An Investment Fund may concentrate its investments in specific industry sectors. In addition, the investments of such an Investment Fund will be disproportionately exposed to the risks associated with the industry sectors of concentration.
Utilities and Energy Sectors. Energy companies may be significantly affected by outdated technology, short product cycles, falling prices and profits, market competition and risks associated with using hazardous materials. Energy companies may also be negatively affected by legislation that results in stricter government regulations and enforcement policies or specific expenditures. An Investment Fund may invest and the Fund may co-invest in portfolio companies in the utilities sector, thereby exposing the Investment Fund to risks associated with this sector.
Infrastructure Sector. Some Investment Funds may concentrate in the infrastructure sector. Infrastructure companies may be susceptible to reduced investment in public and private infrastructure projects, and a slowdown in new infrastructure projects in developing or developed markets may constrain the abilities of infrastructure companies to grow in global markets. Other developments, such as significant changes in population levels or changes in the urbanization and industrialization of developing countries, may reduce demand for products or services provided by infrastructure companies.
Technology Sector. Certain technology companies may have limited product lines, markets or financial resources, or may depend on a limited management group. In addition, these companies are strongly affected by worldwide technological developments, and their products and services may not be economically successful or may quickly become outdated. Financial Sector. Financial services companies are subject to extensive governmental regulation that may limit the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge.
Profitability of such companies is generally dependent on the availability and cost of capital, and can fluctuate as a result of increased competition or changing interest rates. In addition, events in the financial sector over the past several years have resulted in reduced liquidity in credit and a high degree of volatility in the financial markets.
Mezzanine Investments. An Investment Fund may invest and the Fund may co-invest in mezzanine loans. Structurally, mezzanine loans usually rank subordinate in priority of payment to senior debt, such as senior bank debt, and are often unsecured. Mezzanine debt is often used in leveraged buyout and real estate finance transactions. Typically, mezzanine loans have elements of both debt and equity instruments, offering the fixed returns in the form of interest payments associated with senior debt, while providing lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest.
This equity interest typically takes the form of warrants. Due to their higher risk profile and often less restrictive covenants as compared to senior loans, mezzanine loans generally earn a higher return than senior secured loans. The warrants associated with mezzanine loans are typically detachable, which allows lenders to receive repayment of their principal on an agreed.
Mezzanine investments may be issued with or without registration rights. Similar to other high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to other debt obligations of an issuer.
Currency Risk. Investment Funds may include direct and indirect investments in a number of different currencies. The Advisers will not elect to hedge the value of investments made by the Fund against currency fluctuations. Accordingly, the performance of the Fund could be adversely affected by such currency fluctuations.
Risks Related to Investment Funds. Certain of the Investment Funds may invest and the Fund may co-invest in foreign portfolio companies that do not maintain internal management accounts or adopt financial budgeting, internal audit or internal control procedures to standards normally expected of companies in the United States.
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