Governance & Safety of Structure — Your capital is held by an independent custodian — not by Kelkap. One of the most important features of investing through a Kelkap fund — and one that many first-time fund investors don’t fully appreciate — is the role of the Trustee. Understanding this layer of the structure is key to understanding how investor capital is protected.
The Trustee — Vasco Custodians Pty Ltd
Vasco Custodians is the Trustee of the Kelkap Property Fund. The Trustee is the legal owner of the Fund's assets — it holds the property on trust for investors. This means your investment capital does not sit with Kelkap. It sits with an independent, ASIC-licensed custodian that holds an Australian Financial Services Licence (AFSL No. 530682), specifically authorised to establish and manage managed investment schemes.
The Sub Trustee — Per Project
For each project, a separate sub fund is established with its own Sub Trustee — DHF Investment Services Pty Ltd. The Sub Trustee acquires the property, holds the project assets, and acts as the legal registered owner throughout the development cycle. This structure ring-fences each project: your investment in one Kelkap fund has no exposure to any other project, property, or fund class. The Sub Trustee maintains fiduciary obligations to investors and retains the discretion to "step in" to protect investor interests if circumstances require it. This provides an additional, independent layer of oversight over the Investment Manager's activities.
What the Trustee Structure Means for You
Think of the Trustee as holding your capital on trust — with broad powers, deep obligations, and legal duties that run directly to you as an investor. The Trustee does not simply process paperwork. It has fiduciary responsibilities: it must act in your interests, follow its own valuation and conflict-of-interest policies, and maintain the legal separation between the fund's assets and Kelkap's own business. Kelkap manages the project. The Trustee holds the assets. This separation is structural, not just contractual.
The Trustee — Vasco Custodians Pty Ltd
Vasco Custodians is the Trustee of the Kelkap Property Fund. The Trustee is the legal owner of the Fund's assets — it holds the property on trust for investors. This means your investment capital does not sit with Kelkap. It sits with an independent, ASIC-licensed custodian that holds an Australian Financial Services Licence (AFSL No. 530682), specifically authorised to establish and manage managed investment schemes.
The Sub Trustee — Per Project
For each project, a separate sub fund is established with its own Sub Trustee — DHF Investment Services Pty Ltd. The Sub Trustee acquires the property, holds the project assets, and acts as the legal registered owner throughout the development cycle. This structure ring-fences each project: your investment in one Kelkap fund has no exposure to any other project, property, or fund class. The Sub Trustee maintains fiduciary obligations to investors and retains the discretion to "step in" to protect investor interests if circumstances require it. This provides an additional, independent layer of oversight over the Investment Manager's activities.
What the Trustee Structure Means for You
Think of the Trustee as holding your capital on trust — with broad powers, deep obligations, and legal duties that run directly to you as an investor. The Trustee does not simply process paperwork. It has fiduciary responsibilities: it must act in your interests, follow its own valuation and conflict-of-interest policies, and maintain the legal separation between the fund's assets and Kelkap's own business. Kelkap manages the project. The Trustee holds the assets. This separation is structural, not just contractual.
Governance & Safety of Structure
01. Asset Segregation
02. Independent Valuation
03. AFSL Licensed Oversight
04. Fiduciary Step-In Rights
05. Conflict of Interest Policy
06. Administration Manager
Each project is held in its own separate sub fund. Investors in KA3, for example, have an interest solely in the KA3 Sub Fund — not in the broader fund, not in other projects, and not in Kelkap's business. Your capital is ring-fenced at the project level.
The Trustee maintains and complies with a written valuation policy. All Kelkap property acquisitions are valued by an independent, API-qualified valuer — prior to purchase and throughout the project — ensuring pricing is based on objective market evidence, not the Investment Manager's projections alone.
The Trustee holds an Australian Financial Services Licence issued by ASIC. This means it is legally authorised to act as custodian trustee for managed investment schemes, and is regulated by Australia's national corporate and financial services regulator.
The Trustee — and Sub Trustee — retain absolute discretion to "step in" at any time if it determines doing so is necessary to protect investor interests or to comply with its fiduciary duties at law. This is a material backstop to any failure by the Investment Manager to perform.
The Trustee operates under a formally documented Related Party Transaction Policy and Conflict of Interest Policy. Where transactions involve related parties of the Investment Manager, the Trustee applies its policy frameworks to ensure arms-length treatment and fair market pricing.
Vasco Fund Services Pty Ltd acts as Administration Manager and unit registry provider for the Kelkap Property Fund — a related entity of the Trustee, also part of TMF Group — ensuring administrative integrity, investor reporting, and unit record accuracy throughout each project's life.
01. Client Centered Excellence
02. SMSF Investing
03. In-Depth Expertise
04. Esteemed Management
05. Accessibility
06. Fractional property investing
Your unique goals are our priority. We listen attentively, analyse meticulously, and ensure the client experience is second to none. With an emphasis on client first approach to all aspects of the investors journey.
Self-Managed Superfund (SMSF) Investing. Investor may be eligible to invest through their SMSF. This could be a very powerful tool. Please consult a financial adviser to see whether or not this may be applicable in your own circumstances.
Our team boasts deep insights into the complexities of the real estate market. Each opportunity goes through rigorous testing, to ensure it meets the criteria set by the investment committee.
Our experienced and esteemed management team is committed to ensuring your investments flourish. Effective investment oppurtunities, responsible decision-making, and complete transparency are our cornerstones.
KELKAP offers an accessible gateway to real estate investment and fixed-income opportunities with a reduced capital threshold, extending the sophistication of property ownership to a broader range of investors.
Investors have the opportunity to purchase a percentage (or fraction) of the property based on their investment amount. For example, if a property is worth $1 million and an investor contributes $100,000, they would own a 10% stake in that property.
Request the Investor Pack Detailed returns, project feasibility, and the full fund structure — on request.
We don't publish project-level return data publicly — not because we have anything to hide, but because context matters. Returns need to be understood alongside the project structure, the capital stack, the risk factors, and the full Information Memorandum. Our Investor Pack provides all of this in one place, and our team is available to walk you through it. To receive the Kelkap Property Fund Investor Pack — including project feasibility summaries, the fund structure overview, and details on upcoming opportunities — contact us directly.
Request the Investor Pack Detailed returns, project feasibility, and the full fund structure — on request.
We don't publish project-level return data publicly — not because we have anything to hide, but because context matters. Returns need to be understood alongside the project structure, the capital stack, the risk factors, and the full Information Memorandum. Our Investor Pack provides all of this in one place, and our team is available to walk you through it. To receive the Kelkap Property Fund Investor Pack — including project feasibility summaries, the fund structure overview, and details on upcoming opportunities — contact us directly.
Request the Investor Pack — Detailed returns, project feasibility, and the full fund structure — on request. We don't publish project-level return data publicly — not because we have anything to hide, but because context matters. Returns need to be understood alongside the project structure, the capital stack, the risk factors, and the full Information Memorandum.
We don't publish project-level return data publicly — not because we have anything to hide, but because context matters. Returns need to be understood alongside the project structure, the capital stack, the risk factors, and the full Information Memorandum. Our Investor Pack provides all of this in one place, and our team is available to walk you through it. To receive the Kelkap Property Fund Investor Pack — including project feasibility summaries, the fund structure overview, and details on upcoming opportunities — contact us directly.
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