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INTRODUCING

iDIRECT PRIVATE MARKETS FUND

 

The only registered fund with Direct Access Arrangements with named private equity managers.

* References herein to the “Fund” or “iDirect PM Fund” in each instance refer to the iDirect 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 I
No load or distribution fee

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

Annual Expenses

Management Fee

Class I
0.90% of net assets

Class A
0.90% of net assets

Distribution and Servicing Fee

Class I
None

Class A
0.60% of net assets

Total Annual Fund Expenses

Class I
1.85% of net assets

Class A
2.45% of net assets

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 Interests sponsored or managed by Kohlberg Kravis Roberts & Co. L.P. or an affiliate (collectively, “KKR”), Vista Equity Partners Management, LLC or an affiliate (collectively, “Vista”), or Warburg Pincus LLC or an affiliate (collectively, “Warburg Pincus” and with KKR and Vista, the “Core Independent Managers”)., the Fund will be exposed to risks related to the core independent managers. 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 allocated to Investment Interests which are not sponsored or advised by a Core Independent Manager.

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.