Our market update is a collaboration between the KraneShares internal research department and our industry-leading subadvisors and partners. Our research covers global growth themes in both public and private markets.
An investment in the Fund, and in any applicable Series thereof, is speculative, involves a high degree of risk, and is suitable only for persons who are willing and able to assume the risk of losing their entire investment. There can be no assurance that the Fund or any Series will achieve its investment objectives, generate profits, or return capital to investors. Interests are illiquid, no public market exists or is expected to develop, and there are significant restrictions on transferability.
KC VC 4, LP is a Delaware series limited partnership that may establish one or more Series. Investors subscribe for interests in a specific Series only, and each Series has its own assets, liabilities, valuation periods, and investment economics. Although the Fund intends to rely on the liability segregation provisions applicable to series limited partnerships, there can be no assurance that courts in jurisdictions outside Delaware will recognize or give effect to such segregation.
The applicable Series is expected to invest, directly or indirectly, in previously issued Anthropic securities, including through third-party SPVs, and therefore is highly concentrated in a private, high-growth technology company. Such investments involve substantial risks, including limited information, valuation uncertainty, transfer restrictions, dependence on counterparties or SPV structures, and the possibility that a liquidity event may be delayed or never occur.
Valuations of private securities are inherently subjective, may be uncertain, and are determined in accordance with the governing documents. High fees and expenses may offset returns. Private funds are not subject to the same regulatory requirements as registered funds and may involve complex tax reporting and delays in the delivery of tax information. Prospective investors should review the Private Placement Memorandum, the Limited Partnership Agreement, and the Subscription Agreement, and consult their own legal, tax, and financial advisers before investing.
The Fund is a Delaware series limited partnership that may establish one or more Series. An investment in the Fund represents an investment in a specific Series only. Each Series has its own assets, liabilities, valuation periods, and investment economics, and assets and liabilities associated with a particular Series are intended to be segregated from those of the Fund generally and from other Series. There can be no assurance, however, that such segregation will be respected in all jurisdictions.
The Fund and/or the applicable Series may have limited operating history and limited or no performance history. This summary is abbreviated, not exhaustive, and is qualified in its entirety by the Private Placement Memorandum, the Limited Fund Agreement, the Subscription Agreement, and any applicable Series-specific terms or side letters. In the event of any inconsistency, those documents will control. Any investment decision should be based solely on those documents and after consultation with an investor’s own legal, tax, and financial advisers.
An investment in the Fund, and in any applicable Series thereof, is speculative, involves a high degree of risk, and is suitable only for investors who are willing and able to bear the risk of losing their entire investment. There can be no assurance that the Fund or any Series will achieve its investment objectives, generate profits, or return capital. Interests are illiquid, no public market exists or is expected to develop, and there are significant restrictions on transferability.
The applicable Series is expected to be highly concentrated in investments linked to Anthropic, a private, high-growth technology company. Such investments involve substantial risks, including limited information, valuation uncertainty, transfer restrictions, dependence on counterparties or third-party SPV structures, and the possibility that a liquidity event may be delayed or may never occur. Valuation of private securities is inherently subjective and uncertain, and actual realizations may differ materially from reported valuations.
The Materials may contain forward-looking statements relating to the Fund, one or more Series, and proposed investment activity. Such statements are based on assumptions, estimates, projections, and expectations that may prove to be incorrect, and actual results may differ materially. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained herein, and no obligation is undertaken to update such information.
Neither Krane nor any of its owners makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied upon as a promise or representation as to past or future performance. The information contained herein has been prepared from third-party and original sources believed to be reliable as of the date stated herein. Krane and its affiliates, directors, officers, and employees expressly disclaim any obligation to update any information contained herein.
The information contained herein may include forward-looking statements relating to the Fund, one or more Series, and proposed investment activity. Such information may include, among other things, projections, forecasts, returns, and proposed or expected portfolio composition, and involves significant elements of subjective judgment and analysis. Such forward-looking statements are based on certain assumptions about future events or conditions. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. Accordingly, actual results may vary materially.
An investment in the Fund, and in any applicable Series thereof, may not be appropriate for all investors and involves important legal, tax, operational, and investment risks, including, in some cases, volatility, illiquidity, valuation uncertainty, restrictions on transfer, and loss of principal, each of which should be independently assessed by investors with their professional advisers prior to investing. References to an investment in the Fund should be understood as references to the applicable Series.
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