Portfolio
Funds
Institutional fund management deploying capital into UK real assets with measurable social and environmental impact.
Debut Fund
Kennis Real Asset Income Fund
KRAIF is an open-ended Private Equity Real Estate fund focused on UK affordable housing. The fund acquires existing residential stock, retrofits properties to improve energy performance and habitability, leases to Registered Providers under long-duration CPI-linked agreements, and holds assets in perpetuity within the Kennis platform. Property may transfer between group holding companies but is never sold out of the ecosystem.
The strategy targets properties rated EPC D or E, upgrading them to B or C through a disciplined ESG retrofit programme. This improves tenant outcomes, reduces energy costs, and enhances long-term asset value while generating verifiable carbon savings across the portfolio.
Fund Highlights
Structure & Strategy
01
Open-Ended Structure
A perpetual evergreen vehicle with no fixed term. Assets are held within the Kennis platform indefinitely, transferring between group entities as required but never leaving the ecosystem.
02
12 UK Regions
Geographically diversified acquisition strategy targeting high-demand affordable housing markets across England, Scotland, and Wales.
03
~1,000 Unit Target
Scaling to approximately one thousand residential units, delivering meaningful portfolio diversification and operational economies of scale.
04
Four-Layer Revenue
Income streams spanning property rental, distributed energy generation, edge compute infrastructure, and platform licensing.
05
CPI-Linked Income
Long-duration leases indexed to the Consumer Price Index, providing structural inflation protection across the portfolio.
06
ILPA 3.0 Compliant
Full adherence to the Institutional Limited Partners Association reporting standards, ensuring transparency and alignment with investor expectations.
Distribution Framework
Waterfall Structure
Step 1
Preferred Return
Limited Partners receive a preferred return on contributed capital before any performance allocation to the General Partner.
Step 2
GP Catch-Up
The General Partner receives a catch-up allocation, aligning GP economics with fund performance and incentivising outperformance.
Step 3
Tiered Promote
Above the preferred return, distributions follow a tiered promote structure aligned with institutional market standards, rewarding sustained performance.
Risk Management
Rigorous Oversight
KRAIF employs institutional-grade risk management across the portfolio lifecycle. Covenant monitoring, stress testing, and scenario analysis are embedded into the fund's operating framework from inception.
Covenant Monitoring
Continuous tracking of Debt Service Coverage Ratio (DSCR), Interest Coverage Ratio (ICR), and Loan-to-Value (LTV) against lender covenants.
Stress Testing
Systematic stress scenarios applied to interest rates, void rates, maintenance costs, and rental growth to quantify downside exposure.
Monte Carlo Simulation
Probabilistic modelling of fund outcomes under thousands of randomised scenarios to assess return distributions and tail risk.
Reporting Standards
Institutional-Grade Transparency
Investors receive quarterly reports prepared to INREV NAV and EPRA NAV standards, with RICS Red Book valuations underpinning all property assessments. Our reporting is designed to meet the requirements of the most demanding institutional allocators.
INREV NAV
Net Asset Value reporting aligned with the European Association for Investors in Non-Listed Real Estate Vehicles guidelines.
EPRA NAV
European Public Real Estate Association NAV metrics providing comparable performance measurement against listed real estate benchmarks.
Interested in KRAIF?
Contact our investor relations team to learn more about the fund, request documentation, or schedule a presentation.
Technology
Powered by KenCap
KRAIF is underpinned by KenCap, our proprietary institutional-grade financial modelling platform. KenCap delivers automated balance sheet reconciliation, cash flow validation, and NAV verification across every quarter of the fund lifecycle.