Kempen Capital Management鈥檚 (KCM) new private markets fund, which aims to reach 鈧�100m by the end of the year, has raised 30% of its target at first close.
Kempen Private Markets Fund, a sub-fund of Kempen Alternative Markets Fund, will have a fund-of-fund structure but will co-invest in certain investments.
The newly launched open-ended fund plans to invest through fund managers in unlisted private equity, infrastructure, land and real estate. The co-investments will focus mainly on private equity and infrastructure deals, the specialist asset manager said.
KCM said the fund has raised 鈧�30m in the first round and intends to reach around 鈧�100m in managed assets by the year-end.
鈥淔ollowing this, Kempen will be looking for a managed and gradual growth towards several hundreds of millions as we build and diversify the portfolio over-time,鈥� the asset manager said.
The fund is expected to focus on a wide diversity of underlying investments, with venture capital and small and lower mid-market buy-outs in Europe as the main subclasses. Within the other asset classes, the fund will invest on a global scale with a focus on developed markets.
Sven Smeets, the co-head of the Private Markets Fund, said: 鈥淭he Private Markets Fund adds diversification to the traditional asset classes.
鈥淚n the Netherlands, it is a virtually unique combination. We can offer this opportunity by building on the expertise within our team and the knowledge of Kempen鈥檚 specialised departments.鈥�
The fund will target returns in excess of the market return expectations for each strategy and asset class.
