Investors approve shift to quarterly reporting, reduced redemption fee
Toronto, June 7, 2016 – Kensington Capital Advisors Inc. is pleased to announce a distribution to Unitholders of Kensington Private Equity Fund of $1.10 per Unit, for a total distribution of $5.15 million, representing 5.0% of the Fund’s May 31st Net Asset Value (NAV). The distribution will be paid on June 15, 2016 to Unitholders of record on June 15, 2016.
In addition, at an Extraordinary Meeting of Unitholders held on June 6, 2016, a Special Resolution was approved confirming the Fund’s shift to quarterly financial reporting and monthly NAV calculation as a corporate finance issuer, along with a reduction in redemption fees. Details of these changes may be found in the information circular sent to Unitholders in advance of the meeting and available on Kensington’s website.
The current distribution reflects the continuing strong performance of the Kensington Private Equity Fund. The NAV of the Fund has increased by 7.0% since the Fund’s most recent prior distribution in October 2015, when the Fund distributed $5.5 million. In the past 12 months, the Fund will have distributed $2.42 per Unit, or 10.8% of the NAV during that period. The current distribution marks the Fund’s sixth consecutive year of profit distributions to Unitholders.
“The Fund is well positioned with a fully developed portfolio and an evergreen investment strategy,” said Kensington Chairman Tom Kennedy. “This new distribution is the result of the continued growth in the Fund’s underlying investments and the successful sale of mid-market and growth companies in the last several months. We have been able to find good value in certain sectors and capture higher than expected sale prices in others. The diversification of our portfolio continues to work in favour of all of us who are investors in the Fund.”
The Kensington Private Equity Fund is a pooled investment vehicle formed to provide qualified investors with an effective way to invest in the private equity markets. Private equity is an alternative asset class with low correlation to the public markets. Kensington manages the Private Equity Fund to minimize risk through diversification and capture upside through active management. The Fund’s performance and portfolio highlights are published on the Kensington website (www.kcpl.ca), and the Fund’s Units are available on FundSERV.
Kensington is a leading independent Canadian investor in alternative assets. Founded in 1996, and with over $900 million invested to date in private equity, venture capital, infrastructure and hedge funds, Kensington’s active management approach and relationship based business has generated top quartile returns for investors. For more information, visit www.kcpl.ca.
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