Kempen Capital Management’s (KCM) new private markets fund, which aims to reach €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 €30m in the first round and intends to reach around €100m in managed assets by the year-end.
“Following 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,” 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: “The Private Markets Fund adds diversification to the traditional asset classes.
“In 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’s specialised departments.”
The fund will target returns in excess of the market return expectations for each strategy and asset class.