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 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.
The Fund does not represent a complete investment program. An investment in the Fund should be considered only by sophisticated investors who can evaluate and bear the risks of a private, illiquid, long-term investment.
Private funds are not subject to the same regulatory requirements as registered funds. − Investing in private funds may also involve complex tax structures and delays in distributing important tax information. Prospective investors should consult their own legal, tax and financial advisers before investing.
The fund’s high fees and expenses may offset the fund’s total return. There may be restrictions on transferring interests in the fund. There is no secondary market for the investor’s interest in the Fund and none is expected to develop.
The Fund may often engage in the use of leverage and other speculative investment practices, such as short sales, options, derivatives, futures, and illiquid investments that may increase the risk of investment loss. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.
The Fund is not required to provide investors with periodic pricing or valuation, and often charges high fees.
The Index and Index Methodology have not been finalized and remain subject to development and modification by S&P.
The Fund has not yet received any investments or started its operations, and it lacks any historical record or performance. This information is only a brief summary and is not exhaustive. The terms mentioned here may undergo significant changes without prior notice. It’s essential to note that certain crucial details about the stated terms are omitted, and other key Fund terms are not addressed in this summary. To gain a comprehensive understanding, potential investors should refer to the Fund’s private placement memorandum, limited partnership agreement and subscription agreement (collectively, “the Fund Documents”), which will take precedence in case of any conflicts with the general terms provided here.
An investor should base any investment decisions solely on the information contained in the Fund Documents. Furthermore, there is no assurance that the Fund will achieve its fundraising goals, which could impact its ability to carry out its objectives.
The materials contained herein (the “Materials”) relating to Krane Capital Management, LLC (together with its affiliates, “Krane”) and an investment in Krane S&P Private Leaders Access Fund, LP (the “Fund”) are provided by Krane solely to the recipient (the “Recipient”). In consideration of Krane’s providing the Recipient with the Materials, the Recipient hereby acknowledges and agrees to the following terms and conditions. The Materials are considered to be confidential and/or proprietary by Krane, should be treated in a confidential manner, and may not be transmitted, reproduced, or used in whole or in part for any other purpose, nor may they be disclosed without the prior written consent of Krane. By accepting the Materials, the Recipient agrees not to distribute or provide the Materials or any information contained herein to any other person. The Materials are intended for authorized recipients only and must be held strictly confidential.
The Materials are not intended by Krane or any of its affiliated funds as an offer to sell, or the solicitation of an offer to purchase, any Security. The information set forth in the Materials is provided for informational and discussion purposes only and is not intended to be, and shall not be regarded or construed as, a recommendation for a transaction or investment, financial or other advice of any kind. It does not constitute or imply any commitment whatsoever, including without limitation an offer to purchase, sell, or hold any Security or to enter into or arrange any type of transaction. Any offering will be made only where permitted by law and by means of the Fund Documents that will contain detailed information about any investment to be offered; no sales will be made, and no commitments to enter into investments will be accepted, and no money is being solicited or will be accepted, until the Fund Documents are made available to prospective investors. Any indication of interest from prospective investors in response to the information provided in the Materials involves no obligation or commitment of any kind. Any investment decisions should be based solely on the data in the Fund Documents and after consultation with an investor’s independent advisors.
The offering has not been registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state, and are being offered pursuant to Rule 506(c) of Regulation D under the Securities Act, which permits general solicitation and advertising. All purchasers must be “accredited investors” within the meaning of Rule 501(a) of Regulation D, and the Fund will take reasonable steps to verify each purchaser’s accredited investor status in accordance with Rule 506(c). In addition, because the Fund intends to rely on Section 3(c)(7) of the Investment Company Act of 1940, as amended, each purchaser must be a “qualified purchaser” within the meaning of Section 2(a)(51) of the Investment Company Act.
The S&P Private Stock Top 10 Continuation Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and will be licensed for use by Krane Capital Management, LLC. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Krane Capital Management, LLC. Krane S&P Private Leaders Access Fund, LP, is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P Private Stock Expanding Leaders Index.
The target list of companies herein was compiled based on an S&P Dow Jones Indices’ proprietary index of private companies named “S&P Private Stock Expanding Leaders Index”. KraneShares will license this index list from S&P Dow Jones Indices. The target list serves as a sourcing and screening input only. The Fund does not seek to track the Index or replicate its composition or weighting, and Krane retains full discretion over all investment decisions.
If the Recipient is, or is a fiduciary to, an employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a plan subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or a fund or other entity whose assets are deemed to include “plan assets” of such plans, such Recipient agrees that Krane is not providing any investment advice (within the meaning of ERISA) to the plan, the Materials are not based on the particular investment needs of any plan, and the Materials will not serve as a primary basis for any of Recipient’s investment decisions.
Neither Krane nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in the Materials, and nothing contained herein shall be relied upon as a promise or representation as to the past or future performance. The Materials have been prepared from third-party and original sources and data is 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. Krane does not have or undertake any obligation to update or keep current the information contained in the Materials.
The information provided in the Materials contains “forward-looking” information that is not purely historical in nature. 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. The forward-looking information contained in the Materials is based upon certain assumptions about future events or conditions. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. In addition, not all relevant events or conditions may have been considered in developing such assumptions. Accordingly, actual results will vary and the variations may be material. You should understand such assumptions and evaluate whether they are appropriate for their purposes.
An investment in the Fund would not be appropriate for all investors and involves important legal, operational and tax consequences and investment risks (including, in some cases, volatility, currency and credit risk, illiquidity, and/or loss of principal), each of which should be independently assessed by investors with their professional advisors prior to transacting. These Materials do not take into account individual investor circumstances, objectives, or needs. No determination has been made regarding the suitability of any securities, financial instruments, or strategies for particular investors or prospects.
The Fund is an open-end private fund with an indefinite offering period. Subscriptions may be accepted on a quarterly basis or at such other times as the General Partner may determine. Withdrawals are permitted only on semiannual withdrawal dates, are subject to a one-year lock-up from each capital contribution, require advance notice, and are subject to applicable withdrawal limitations, including a fund-level gate, proration, deferral, suspension and other restrictions or discretion as described in the Fund Documents.
The interests in the Fund have not been approved or recommended by any United States federal or state securities commission or regulatory authority. The foregoing authorities have not confirmed the accuracy or determined the adequacy of the Materials. Any representation to the contrary is a criminal offense. Krane has not independently verified the third-party information contained in the Materials, nor does Krane make any representation or warranty, either express or implied, as to the accuracy, completeness, or reliability of the third-party information contained in this presentation. The information contained in the Materials should not be regarded by the Recipient as a substitute for the exercise of its own judgment. The Recipient is expected to rely only on its own due diligence if it wishes to proceed further. The valuations, forecasts, estimates, opinions, and projections contained in the Materials involve elements of subjective judgment and analysis.
Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. Krane, its directors, employees and/or agents expressly disclaim any and all liability relating or resulting from the use of all or any part of the information in the Materials or any of the information contained therein. The Recipient should not construe the contents of the Materials as legal, tax, accounting or investment advice or a recommendation. The Recipient should consult its own counsel, tax, and financial advisors as to legal and related matters concerning any transaction described herein. The Materials do not purport to be all-inclusive or to contain all of the information that the Recipient may require. No investment in the Fund or any other financial decision or action should be based solely on the information contained in the Materials.
THE MATERIALS DO NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE FUND. BEFORE INVESTING IN THE FUND, POTENTIAL INVESTORS SHOULD FULLY UNDERSTAND THE FUND’S TERMS AND ANY APPLICABLE RISKS, SOME, BUT NOT ALL, OF WHICH ARE DESCRIBED IN MORE DETAIL IN THE FUND DOCUMENTS.
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