Secondaries double Altegris KKR’s PE exposure

Altegris KKR Commitments Fund, a vehicle established in 2015 by alternatives-focused investment group Altegris to invest in KKR funds, almost doubled its exposure to private equity funds last year by acquiring stakes.

The fund increased its exposure to $120 million from $67 million between December 2015 and December 2016, according to regulatory filings with the US Securities and Exchange Commission.

Altegris KKR, which was established to give accredited investors exposure to the private equity giant’s funds and began with investments in three KKR funds, has increased its exposure to eight funds in total and also broadened its strategy to target non-KKR managed funds, the filings show.

It has also established co-investment vehicles.

Last year the fund acquired a $5 million stake in Baring Asia Private Equity Fund III, a $490 million 2005-vintage vehicle, as well as a $6 million investment in KKR’s first Asia-focused fund, a 2007-vintage $4 billion vehicle. Other funds it bought into include a 2006-vintage $180 million Chinese fund Orchid Asia III.

The fund also increased its exposure to KKR 2006 Fund to around $47 million from around $32 million during the year.

Altegris KKR is open to investors with a net worth of $1 million or more, excluding their home, and each investor must provide a single commitment of at least $25,000, Altegris told Secondaries Investor when the fund was established. The minimum investment period is two years.