Altegris KKR Commitments Fund.

OPENING THE DOOR TO A NEW ERA IN PRIVATE EQUITY

Altegris invites accredited investors to gain broad exposure to private equity managed by Kohlberg Kravis Roberts & Co. (KKR) via the Altegris KKR Commitments Fund, a continuously offered closed-end fund.

IMPORTANT UPDATEHOW TO INVEST

1 While the portfolio composition that has been developed by Altegris Advisors (the Fund's investment adviser) and StepStone Group (the Fund's sub-adviser) reflects their assessment of the relative attractiveness of sub-sectors within the context of an appropriately diversified portfolio, given the percentage of assets that will be invested in securities issued by a single issuer (KKR), the Fund will be a non-diversified fund under the Investment Company Act of 1940.

A portion of the Fund's assets may be invested in private equity or Investment Funds which are not managed by or affiliated with KKR; however, this allocation is not anticipated to be material to the Fund's overall strategy.

Diversification does not ensure profit or protect against loss in a positive or declining market. There is no guarantee that any investment will achieve its objectives, generate profits, or avoid losses. There can be no assurance that all investment types will be available, will be consistent with the Fund's objective, will satisfy the Investment Adviser's due diligence considerations, or will be selected for the Fund.

THE CASE FOR PRIVATE EQUITY

IMPORTANT UPDATEHOW TO INVEST

POTENTIAL BENEFITS:

HISTORICAL OUTPERFORMANCE

With lower volatility to publicly-traded equities.1

DIVERSIFICATION

Including private equity in a balanced portfolio can improve its overall diversification.

FOCUS ON VALUE CREATION

Active private equity firms partner with companies' management team with the goal of achieving growth and improving productivity.

SEEKING TO CREATE SUSTAINABLE VALUE

May incorporate environmental, social and governance factors into decision-making processes.


KKR is neither a sponsor, promoter, adviser nor affiliate of the Altegris KKR Commitments Fund. There is no agreement or understanding between KKR and Altegris or StepStone regarding the management of the investment program of the Fund.

1 Over the common time period of April 1986 through June 2016, private equity, as represented by the Cambridge US Private Equity Index, exhibited historical annualized standard deviation of 10.8%, whereas public equities, as represented by the S&P 500 Total Return Index, exhibited historical annualized standard deviation of 15.2%.

2 Source: 2015 NACUBO-Commonfund Study of Endowments. Includes private equity (LBOs, mezzanine, M&A funds and international private equity), venture capital, and private equity real estate (non-campus).

Not everyone can invest like an institution. Institutions are professional money managers who have unique access and the ability to perform extensive due diligence on managers. Many investors' experience, financial means, objectives, risk tolerance, and time frame will differ from that of institutions, and they may not be able to access the same investment opportunities as institutions. These factors should be taken into consideration when creating an allocation to alternatives. The above should not be construed as investment advice. Diversification does not ensure profit nor protect against loss.

Volatility can be measured by standard deviation, which is a statistical measure of how consistent returns are over time; a lower standard deviation indicates historically less volatility. Correlation is a statistical measure of how two securities move in relation to each other.

* References herein to the “Fund” or “Altegris KKR Commitments Fund” in each instance refer to the Altegris KKR Commitments Master Fund, unless specified otherwise. The Fund previously used a master/feeder structure. Effective May 2, 2016, the Fund offers two separate classes of shares—Class A and Class I. Investments made as of the June 1, 2016 subscription date and on a continuous basis thereafter, will be issued the new classes of shares. Also effective June 1, 2016: (i) existing shareholders of the Altegris KKR Commitments Fund (the “feeder fund” in the master/feeder structure) are converted into Class A shareholders of the Fund; (ii) existing shareholders of the Altegris KKR Commitments Master Fund (the “Master fund” in the master/feeder structure) are re-classified as Class I shareholders; and (iii) in each case in identical proportion to their respective prior share holdings, and at the Fund's net asset value as of June 1, 2016, without change to the rights and privileges of any such converted or re-classified shares, as applicable; and (iv) the Expense Limitation and Reimbursement Agreement between the Adviser and the Fund limits Class A expenses to 0.65% per annum on specified expenses (instead of 0.80% previously for the feeder fund). The investment objectives, principal investment strategies and risks of the Fund, have not materially changed.

ONE INVESTMENT TEAM, ONE INVESTMENT CULTURE.

Founded in 1976 by Henry Kravis and George Roberts, Kohlberg Kravis Roberts & Co. LP (KKR) has evolved through four decades of global economic cycles and changes and grown into a leading global investment firm with over $131 billion in assets under management.

Bloomberg Markets Featuring Henry Kravis

INDUSTRY EXPERTISE

KKR has completed over 370 private equity transactions1 with approximately $530 billion of total enterprise value in approximately 25 industries.

DISCIPLINED INVESTMENT PROCESS

Each investment decision is predicated on a clear thesis, utilizing KKR's resources and knowledge, which includes working with portfolio company senior managers to help identify and implement operational improvements.

PROPRIETARY SOURCING

Experienced and dedicated sourcing professionals utilize the full network comprised of long-standing relationships to find opportunities.

VALUE ENHANCEMENT

KKR invests only when it believes a competitive advantage exists in sourcing, analysis or diligence findings.

There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses.

As of September 30, 2016.
References to “assets under management” or “AUM” represent the assets managed by KKR or its strategic partners as to which KKR is entitled to receive a fee or carried interest (either currently or upon deployment of capital) and general partner capital. KKR calculates the amount of AUM as of any date as the sum of: (i) the fair value of the investments of KKR's investment funds; (ii) uncalled capital commitments from these funds, including uncalled capital commitments from which KKR is currently not earning management fees or carried interest; (iii) the fair value of investments in KKR's co-investment vehicles; (iv) the par value of outstanding CLOs (excluding CLOs wholly-owned by KKR); (v) KKR's pro-rata portion of the AUM managed by strategic partnerships in which KKR holds a minority ownership interest and (vi) the fair value of other assets managed by KKR. The pro-rata portion of the AUM managed by strategic partnerships is calculated based on KKR's percentage ownership interest in such entities multiplied by such entity's respective AUM. KKR's calculation of AUM may differ from the calculations of other asset managers and, as a result, KKR's measurements of its AUM may not be comparable to similar measures presented by other asset managers. KKR's definition of AUM is not based on the definitions of AUM that may be set forth in agreements governing the investment funds, vehicles or accounts that it manages and is not calculated pursuant to any regulatory definitions.

1 Transactions include over 280 investments in portfolio companies and 90 follow-on investments in these companies.

KKR information is provided by KKR or derived from materials approved for use by KKR and is believed to be accurate and reliable. Altegris Advisors cannot guarantee the accuracy of, or be responsbile for the timeliness, completeness or suitability for use of such information. Information is as of September 30, 2016 unless otherwise noted. KKR is neither a sponsor, promoter, adviser nor affiliate of the Altegris KKR Commitments Fund.

* References herein to the “Fund” or “Altegris KKR Commitments Fund” in each instance refer to the Altegris KKR Commitments Master Fund, unless specified otherwise. The Fund previously used a master/feeder structure. Effective May 2, 2016, the Fund offers two separate classes of shares—Class A and Class I. Investments made as of the June 1, 2016 subscription date and on a continuous basis thereafter, will be issued the new classes of shares. Also effective June 1, 2016: (i) existing shareholders of the Altegris KKR Commitments Fund (the “feeder fund” in the master/feeder structure) are converted into Class A shareholders of the Fund; (ii) existing shareholders of the Altegris KKR Commitments Master Fund (the “Master fund” in the master/feeder structure) are re-classified as Class I shareholders; and (iii) in each case in identical proportion to their respective prior share holdings, and at the Fund's net asset value as of June 1, 2016, without change to the rights and privileges of any such converted or re-classified shares, as applicable; and (iv) the Expense Limitation and Reimbursement Agreement between the Adviser and the Fund limits Class A expenses to 0.65% per annum on specified expenses (instead of 0.80% previously for the feeder fund). The investment objectives, principal investment strategies and risks of the Fund, have not materially changed.

COMBINING THE TALENT OF A PREMIER ALTERNATIVE INVESTMENT PROVIDER AND PROVEN PRIVATE EQUITY EXPERTS.

IMPORTANT UPDATEHOW TO INVEST

Investment Adviser

ALTEGRIS ADVISORS, LLC

As the Fund's investment adviser, Altegris Advisors determines the final investment selection and portfolio construction.

  • Veteran alternative investment expert and an industry leader in 1940 Act alternatives
  • Institutional caliber research team focused solely on alternative Investments
  • Extensive experience in portfolio construction and allocation


Altegris: Trusted Alternatives. Intelligent Investing.

Sub-Adviser

STEPSTONE GROUP LP

As the Fund's sub-adviser, StepStone Group recommends primary, secondary, and co-investment opportunities, and advises on portfolio construction.

  • Information and sourcing advantages provided by diverse investment activities
  • Oversees more than $96 billion in private capital allocations, including approximately $24 billion of assets under management
  • Over 200 professionals on five continents


There is no agreement or understanding between KKR and Altegris or StepStone regarding the management of the investment program of the Fund. Altegris Advisors and StepStone Group are not affiliated.

As of November 2016.

* References herein to the “Fund” or “Altegris KKR Commitments Fund” in each instance refer to the Altegris KKR Commitments Master Fund, unless specified otherwise. The Fund previously used a master/feeder structure. Effective May 2, 2016, the Fund offers two separate classes of shares—Class A and Class I. Investments made as of the June 1, 2016 subscription date and on a continuous basis thereafter, will be issued the new classes of shares. Also effective June 1, 2016: (i) existing shareholders of the Altegris KKR Commitments Fund (the “feeder fund” in the master/feeder structure) are converted into Class A shareholders of the Fund; (ii) existing shareholders of the Altegris KKR Commitments Master Fund (the “Master fund” in the master/feeder structure) are re-classified as Class I shareholders; and (iii) in each case in identical proportion to their respective prior share holdings, and at the Fund's net asset value as of June 1, 2016, without change to the rights and privileges of any such converted or re-classified shares, as applicable; and (iv) the Expense Limitation and Reimbursement Agreement between the Adviser and the Fund limits Class A expenses to 0.65% per annum on specified expenses (instead of 0.80% previously for the feeder fund). The investment objectives, principal investment strategies and risks of the Fund, have not materially changed.

The information provided is not a complete analysis of the market, industry, sector, or security discussed. The statements included are the views and opinions of the respective speaker or author as of the date specified, and these views may change as subsequent market conditions arise, and may also differ from other Altegris associates or affiliates. The assessment of a particular sector, investment or strategy is not intended as a forecast, research, or recommendation to buy or sell any security. Videos, webinars, and reprints are current as of the date they were posted and have not been updated since that time.

* References herein to the “Fund” or “Altegris KKR Commitments Fund” in each instance refer to the Altegris KKR Commitments Master Fund, unless specified otherwise. The Fund previously used a master/feeder structure. Effective May 2, 2016, the Fund offers two separate classes of shares—Class A and Class I. Investments made as of the June 1, 2016 subscription date and on a continuous basis thereafter, will be issued the new classes of shares. Also effective June 1, 2016: (i) existing shareholders of the Altegris KKR Commitments Fund (the “feeder fund” in the master/feeder structure) are converted into Class A shareholders of the Fund; (ii) existing shareholders of the Altegris KKR Commitments Master Fund (the “Master fund” in the master/feeder structure) are re-classified as Class I shareholders; and (iii) in each case in identical proportion to their respective prior share holdings, and at the Fund's net asset value as of June 1, 2016, without change to the rights and privileges of any such converted or re-classified shares, as applicable; and (iv) the Expense Limitation and Reimbursement Agreement between the Adviser and the Fund limits Class A expenses to 0.65% per annum on specified expenses (instead of 0.80% previously for the feeder fund). The investment objectives, principal investment strategies and risks of the Fund, have not materially changed.