FUND TERMS
Investment Overview
* References herein to the “Fund” or “iDirect PM Fund” in each instance refer to the iDirect Private Markets Fund, unless specified otherwise.
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
1.91% of net assets
Class A
2.51% of net assets
Information
Tax Reporting
1099
Registration
Securities Act of 1933 and Investment Company Act of 1940 registered closed-end investment fund
Independent Auditor
Deloitte & Touche LLP
Custodian
UMB Bank, N.A.
Administrator
Ultimus Fund Services, LLC
Note: 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 Feb. 12, 2021, iCapital Registered Fund Adviser LLC is the investment adviser to the Fund. Prior to Feb. 12, 2021, the Fund was managed by a different investment adviser. Before Feb. 1, 2022, the StepStone Group L.P. (“StepStone”) served as sub-advisor for the Fund. However, as of Feb. 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.
Given the percentage of assets allocated to investment interests managed by KKR, Vista and Warburg Pincus the Fund is exposed to risks related to KKR, Vista and Warburg Pincus. 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. Past performance is no guarantee of future results and there can be no guarantee that any historical trends will continue over the life of the Fund. There can be no assurance that the Fund will be able to implement its investment strategy or achieve its investment objectives. Holdings are subject to change.
