The Trust’s NTA backing will be calculated and made available monthly on the Trust’s website and on the ASX. JPMorgan will also calculate this although it is not expected to differ from NAV per Unit.
The value of the Trust’s investment in each KKR Managed Fund will be calculated by the KKR manager managing the relevant KKR Managed Fund. The managers of the KKR Funds intend to engage an independent administrator for each of the KKR funds Managed Funds to provide independent valuation and other administrative services to assist the manager of that fund with the related administrative burden and to conform to market practice for funds of that type.
The NAV of the Global Credit Opportunities Fund is issued approximately 20 business days after month-end. The NAV of the European Direct Lending Fund is issued 3-4 weeks after quarter-end, with KKR’s financial earnings. In some cases, the annual earnings may not be released until 5-6 weeks after quarter-end.
As a result of the difference in the frequency of the valuation of the Trust and the KKR Managed Funds and the timing of the release of valuations by the KKR Managed Funds, the NAV of the Trust will likely reflect the previous month-end or quarter-end.