0001145549-21-015918.txt : 20210312 0001145549-21-015918.hdr.sgml : 20210312 20210312132442 ACCESSION NUMBER: 0001145549-21-015918 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210312 DATE AS OF CHANGE: 20210312 EFFECTIVENESS DATE: 20210312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALIENT PRIVATE ACCESS MASTER FUND L P CENTRAL INDEX KEY: 0001279392 IRS NUMBER: 980393260 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-21527 FILM NUMBER: 21736517 BUSINESS ADDRESS: STREET 1: 4265 SAN FELIPE STREET 2: 8TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 713-993-4675 MAIL ADDRESS: STREET 1: 4265 SAN FELIPE STREET 2: 8TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77027 FORMER COMPANY: FORMER CONFORMED NAME: ENDOWMENT MASTER FUND L P DATE OF NAME CHANGE: 20040210 N-CEN 1 primary_doc.xml X0303 N-CEN LIVE 0001279392 XXXXXXXX false false false N-2 SALIENT PRIVATE ACCESS MASTER FUND L P 811-21527 0001279392 UPRJH71EG2NMTZDY6454 4265 SAN FELIPE 8TH FLOOR HOUSTON 77027 US-TX US 8007259456 SALIENT PRIVATE ACCESS MASTER FUND LP 4265 SAN FELIPE 8TH FLOOR HOUSTON 77027 8007259456 FUND ENDOWMENT ADVISERS, L.P. 4265 SAN FELIPE 8TH FLOOR HOUSTON 77027 8007259456 INVESTMENT ADVISER CITIBANK, N.A. 388 GREENWICH STREET NEW YORK 10013 8002853000 CUSTODIAN UMB FUND SERVICES, INC. 235 WEST GALENA STREET MILWAUKEE 53212 4142992000 FUND ADMINISTRATOR AND TRANSFER AGENT N N N-2 N BERNARD A. HARRIS, JR. N/A N G. EDWARD POWELL N/A N JONATHAN P. CARROLL N/A N KARIN B. BONDING N/A N RICHARD C. JOHNSON N/A N SCOTT E. SCHWINGER N/A N PAUL BACHTOLD 002857451 4265 SAN FELIPE 8TH FLOOR HOUSTON 77027 XXXXXX N N N N N N N N KPMG LLP 00185 5493003PVCIGA21K0K42 N N N N N N N SALIENT PRIVATE ACCESS MASTER FUND L P UPRJH71EG2NMTZDY6454 N Fund of Funds Y N N N N/A N/A N/A N/A N N N N ENDOWMENT ADVISERS, L.P. 801-62618 000129346 549300KWPESWGNS77W37 N UMB FUND SERVICES, INC. 84-05792 N/A N N N BLOOMBERG FINANCE L.P. 5493001KJTIIGC8Y1R12 N INTERCONTINENTAL EXCHANGE, INC. 5493000F4ZO33MV32P92 N N CITIBANK, N.A. E57ODZWZ7FF32TWEFA76 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N ENDOWMENT ADVISERS, L.P. 549300KWPESWGNS77W37 SEC File Number N N N UMB FUND SERVICES, INC. 84-05792 SEC FILE NUMBER N N N SALIENT CAPITAL L.P. 8-67938 000147912 N/A 0.000000000000 BTIG, LLC 8-65473 000122225 549300GTG9PL6WO3EC51 74.720000000000 MERRILL LYNCH PROFESSIONAL CLEARING CORP. 8-33359 000016139 549300PMHS66E71I2D34 4173.680000000000 Morgan Stanley & Co. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 141.280000000000 4389.680000000000 0.000000000000 N 206654014.000000000000 Other LIMITED PARTNERSHIP INTERESTS LIMITED PARTNERSHIP INTERESTS N N Other LIMITED PARTNERSHIP INTERESTS N N N 1.000000000000 1.670000000000 0 1.000000000000 true INTERNAL CONTROL RPT 2 fp0063302_spamaster-g1aiii.htm

Report of Independent Registered Public Accounting Firm

To the Partners and Board of Directors of Salient Private Access Master Fund, L.P.:

In planning and performing our audit of the financial statements and financial highlights of Salient Private Access Master Fund, L.P. (the Master Fund) as of and for the year ended December 31, 2020, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Master Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and financial highlights and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Master Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Management of the Master Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements and financial highlights for external purposes in accordance with generally accepted accounting principles (GAAP). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements and financial highlights in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a fund’s assets that could have a material effect on the financial statements and financial highlights.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Master Fund’s annual or interim financial statements and financial highlights will not be prevented or detected on a timely basis.

Our consideration of the Master Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Master Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness as defined above as of December 31, 2020.

This report is intended solely for the information and use of management and the Board of Directors of the Master Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ KPMG LLP

Columbus, Ohio
February 26, 2021