The Firm represented Kohlberg Kravis Roberts & Co. L.P. (“KKR”) in connection with its entering into a joint venture, through a wholly-owned subsidiary, with Institutional Capital Network, Inc. (“iCapital”), a financial technology company that provides tech-based solutions for advisors, their high-net-worth client base, asset managers and banks. The joint venture creates a new registered investment adviser, iCapital Registered Fund Adviser LLC (“iCapital RF Adviser”), a Delaware limited liability company, that will serve as the investment adviser to iCapital KKR Private Markets Fund (formerly known as Altegris KKR Commitments Master Fund), a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company (the “Fund”).~~The Fund was launched in August 2015 and makes capital commitments of at least 80% of its assets in or to investments of any type sponsored or advised by KKR or any of its affiliates. The Fund has current net assets of $430 million across nearly 400 underlying portfolio companies in buyout, growth equity and real asset strategies as of December 31, 2020.~~Under the transaction documents, KKR owns economically less than 25% of iCapital RF Adviser, and iCapital, through a wholly-owned subsidiary, owns more than 75% of iCapital RF Adviser. iCapital is solely responsible for the management and day-to-day operations of iCapital RF Adviser and holds 100% of its voting interests. The transaction documents were entered into on February 12, 2021, and the transaction closed the same day.~~The Simpson Thacher team included Rajib Chanda, Benjamin Wells and Debbie Sutter (Registered Funds); Matthew Rogers and Ryan Williams (M&A); Marcy Geller and Joseph Tootle (Tax); and Lori Lesser (IP).