iDirect Private Markets Fund

iDirect Private Markets Fund: Institutional-Grade Private Equity for Accredited Investors

The iDirect Private Markets Fund (iDPE) is one of the longest-running registered private equity tender offer funds in the private markets. Launched in July 2015, iDPE offers accredited investors an opportunity to invest in private equity deals typically reserved for large institutional investors, such as those led by KKR, Vista Equity Partners and Warburg Pincus. Currently managing $1.08 billion in assets under management, iDPE has addressed some of the structural barriers that have long kept retail investors out of direct private equity investing. These barriers include: capital calls, K-1 tax returns, multi-million dollar investment minimums and lockups of a decade or more. iDPE reduces these barriers by allowing individual investors to access the private equity market through a $25,000 minimum initial investment, month-by-month subscription and four liquidity events per year.

Investment Strategy

iDPE’s investment approach is centered around Direct Access relationships with a select group of high-quality independent managers, branded as “Core Independent Managers” or “CIMs” by iCapital. Specifically, iDPE has implemented a strategy with three CIMs, or Core Independent Managers — KKR, Vista Equity Partners and Warburg Pincus — engaging in an unprecedented level of deal-by-deal transparency. Instead of investing in a portfolio of securities tied to a blind-pool commingled fund, iDPE enjoys direct access to every opportunity, participating in nearly every company acquisition made by these managers. The Fund strives to allocate at least 80% of its portfolio to primary private equity investments managed by these core firms, tracking the managers’ portfolio construction which is predicated on the firm’s deal flow and investment committee’s inherent conviction in the businesses they acquire. As of August 2025, KKR comprised approximately 49.4% of the Fund’s portfolio, followed by 25.4% for Vista Equity Partners and 18.4% for Warburg Pincus. The allocation among these independent managers is expected to deliver true diversification of investment styles (buyouts, growth equity, sector specificity) as well as a wide range of geographies and end markets globally — spanning the Americas, EMEA and Asia Pacific — while investing across a range of industries including technology, industrials, healthcare, consumer and financial services.

• Direct deal-by-deal co-investment access alongside KKR, Vista Equity Partners, and Warburg Pincus — three of the world's premier private equity firms with combined hundreds of billions in AUM
• Low $25,000 minimum investment with no capital calls — investors deploy capital immediately rather than waiting years for drawdowns
• 1099 tax reporting eliminates the K-1 complexity, delayed filing schedules, and state tax filing obligations typical of private equity fund structures
• Registered under the Investment Company Act of 1940, providing regulatory protections including independent board oversight, daily valuation policies, and SEC reporting requirements
• Monthly subscription windows and quarterly tender offers (up to 5% of NAV) provide semi-liquid access to an inherently illiquid asset class
• Seasoned 10+ year track record with inception dating to July 2015, providing meaningful performance data across multiple market cycles
• Class I shares have outperformed the MSCI ACWI by over 300 basis points annualized since iCapital's appointment as investment adviser
• Diversified across buyout and growth equity strategies, multiple geographies, industry sectors, and vintage years

Fund Structure & Access

Fund Holdings iDPE is registered as a closed-end, non-diversified management investment company and is organized as a Delaware statutory trust, or tender offer fund. Class A, Class I Class A shares come with a maximum front-end sales load of 3.50% and a distribution and servicing fee of 0.60% with a net total expense ratio of 2.70%. They are subject to an expense limitation agreement which limits to 0.55% for certain expenses. RIA channels can purchase Class I shares with no front-end sales load and a net expense ratio of 2.10%. Shares redeemed within one year of purchase are subject to a two percent repurchase fee. Information About the Fund The Fund is available to accredited investors. The Fund is administered by Ultimus Fund Solutions. iCapital Markets LLC is the Fund’s distributor. Dechert LLP is the Fund’s counsel. The Fund has entered into a revolving credit agreement with Royal Bank of Canada, as administrating agent and as a lender, under which it may borrow from time to time up to $300,000,000. Such borrowings would be used to finance investments between periodic tender offers of securities to redemptions.

Performance & Track Record

Fund Inception Date: July 31, 2015 iDPE offers individual accredited investors access to one of the longest continuous track records of a registered private equity fund. The strategy was originally the Altegris KKR Commitments Master Fund and later renamed the iCapital KKR Private Markets Fund. It has undergone a significant transformation: initially a single-manager KKR fund dedicated to making commitment investments in buyout deals, the fund has transitioned into a multi-manager platform covering Vista Equity Partners and Warburg Pincus in addition to KKR. Since iCapital became the investment advisor for the Class I shares, they have produced an annualized return of more than 300 basis points annually over the MSCI ACWI (net of all fees and expenses). The fund currently has three underlying private equity strategies diversified across three mandates: i. KKR’s global buyout business with a bias toward commitments in North America ii. Vista’s strategy of making concentrated investments in software and technology buyout opportunities iii. Warburg’s global growth opportunities across the Americas, Europe and Asia. Access to a diverse set of managers and private equity styles, rare in a private equity product, is available through investing in this fund, which has a $25,000 minimum investment. As of February 2025, the NAV per share for Class A and Class I was $17.61 and $38.66, respectively, with approximately 36.9 million total shares outstanding across the two classes.

A quick recap of the broader private equity market and then on to iDPE. The private equity market is more popular than ever in the institutional investing world. Private equity offers a historic return premium to public equity and the universe of private equity investment opportunities is expanding in segments such as enterprise software, healthcare services and industrial technology. And now, for the first time, accredited investors can gain exposure to private equity via a regulated, tax efficient and operationally efficient platform. We would caution investors to consider the unique characteristics of the Fund, including its semi-liquid nature, the fact that redemptions will occur through a discretionary quarterly tender offer process and the illiquidity and lack of transparency of the underlying private equity investments. The 1940 Act registration of the Fund has the benefit of providing important protections for Fund investors but does not change the fact that investors in the Fund will be subject to the risks associated with investing in private equity, including the risks that such investments may be highly concentrated in a relatively small number of underlying private equity managers and that such investments may be infrequent and irregular and may be ill-timed in the event of market downturns.