0001145549-21-050579.txt : 20210826 0001145549-21-050579.hdr.sgml : 20210826 20210826144619 ACCESSION NUMBER: 0001145549-21-050579 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210826 PERIOD START: 20220331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Hatteras Core Alternatives TEI Fund, L.P. CENTRAL INDEX KEY: 0001307688 IRS NUMBER: 201820062 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21665 FILM NUMBER: 211211722 BUSINESS ADDRESS: STREET 1: 8510 COLONNADE CENTER DRIVE STREET 2: SUITE 150 CITY: RALEIGH STATE: NC ZIP: 27615 BUSINESS PHONE: (919) 846-2324 MAIL ADDRESS: STREET 1: 8510 COLONNADE CENTER DRIVE STREET 2: SUITE 150 CITY: RALEIGH STATE: NC ZIP: 27615 FORMER COMPANY: FORMER CONFORMED NAME: Hatteras Multi-Strategy TEI Fund, L.P. DATE OF NAME CHANGE: 20050331 FORMER COMPANY: FORMER CONFORMED NAME: Hatteras Multi-Strategy Fund II, L.P. DATE OF NAME CHANGE: 20050105 FORMER COMPANY: FORMER CONFORMED NAME: Hatteras Multi-Strategy Fund, L.P. DATE OF NAME CHANGE: 20041102 NPORT-P 1 primary_doc.xml NPORT-P false 0001307688 XXXXXXXX Hatteras Core Alternatives TEI Fund, L.P. 811-21665 0001307688 549300RENDBMFD7YAG41 8510 Colonnade Center Drive Suite 150 Raleigh 27615 919-846-2324 Hatteras Core Alternatives TEI Fund, L.P. 549300RENDBMFD7YAG41 2022-03-31 2021-06-30 N 63067415.590000000000 705692.660000000000 62361722.930000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 N US BANK MMDA - USBFS 2 N/A US BANK MMDA - USBFS 2 N/A 200000.000000000000 NS USD 200000.000000000000 0.3207095484 Long STIV RF US N 1 N N N Hatteras Core Alternatives Offshore Fund, LDC N/A Hatteras Core Alternatives Offshore Fund, LDC N/A 62237043.73 NS USD 62237043.73 99.9808468730 Long EC PF US Y N/A N N N 2021-07-29 Hatteras Core Alternatives TEI Fund, L.P. /s/ Brittney Chick-Reny Brittney Chick-Reny Secretary XXXX NPORT-EX 2 core-alt_tei.htm SCHEDULE OF INVESTMENTS AND NOTES

Hatteras Core Alternatives TEI Fund, L.P.
   Schedule of Investments 
 
   
June 30, 2021 (Unaudited)
  
 
Hatteras Core Alternavitves TEI Fund, L.P. (1)
          
             
 
Investments in Hatteras Master Fund, L.P., at Value - (99.98%)
    
 $     59,231,634
  
 
Other Assets in Excess of Liabilities - (0.02%)
      
11,944
  
 
Partners’ Capital — (100.00%)
      
 $     59,243,578
  
             
 
(1) Invests the majority of its assets in Hatteras Master Fund, L.P.
        
 
      The Schedule of Investments of Hatteras Master Fund, L.P. is included below.
        

Hatteras Master Fund LP
Schedule of Investments
  
     
June 30, 2021 (Unaudited)
  
               
Investments in Adviser Funds — (98.76%)
  
Shares
Cost
Fair Value
  
   
Event Driven — (4.94%)
          
   
Harbinger Capital Partners Fund I, L.P. (Acquired 10/1/2007)(a)(b)(c)(d)
    
11,188,444
91,849
  
   
Harbinger Credit Distressed Blue Line Fund, L.P. (Acquired 4/1/2010)(a)(b)(c)(e)
  
12,326,927
1,522,447
  
   
King Street Capital, L.P. (Acquired 12/1/2017)(a)(b)(c)(e)
    
614,414
574,530
  
   
SGOF Liquidating Master LTD. (Acquired 6/30/2020) (a)(b)(c)(d)
    
415,757
823,247
  
   
Sculptor Asia Domestic Partners, L.P. (Acquired 1/1/2006)(a)(b)(c)(d)
    
1,511
503
  
   
Third Point Partners Qualified, L.P. (Acquired 8/1/2017)(a)(b)(c)(e)
    
7,952,500
12,229,416
  
   
Total Event Driven
    
32,499,553
15,241,992
  
               
   
Long Short Equity — (0.98%)
          
   
PIPE Equity Partners (Acquired 10/1/2004)(a)(b)(c)
    
3,845,244
134
  
   
PIPE Select Fund, LLC (Acquired 10/1/2004)(a)(b)(c)
    
3,218,604
2,155,093
  
   
Valiant Capital Partners, L.P. (Acquired 9/1/2008)(a)(b)(c)(e)
    
354,270
874,643
  
   
Total Long Short Equity
    
7,418,118
3,029,870
  
               
   
Macro — (4.45%)
          
   
Aspect US Fund LLC - Diversified Class (Acquired 10/10/2017)(a)(b)(e)
    
5,939,109
6,563,385
  
   
Graham Absolute Return Trading Ltd. (Acquired 12/1/2017)(a)(b)(e)
    
6,507,802
7,082,076
  
   
Touradji Private Equity Onshore Fund, LTD. (Acquired 3/1/2009)(a)(b)(c)(d)(i)
    
1,773,870
98,980
  
   
Total Macro
    
14,220,781
13,744,441
  
               
   
Relative Value — (3.75%)
          
   
BDCM Partners I, L.P. (Acquired 2/1/2012)(a)(b)(c)
    
3,659,061
3,319,492
  
   
D.E. Shaw Composite Fund, LLC (Acquired 4/1/2006) (a)(b)(c)
    
123,745
137,101
  
   
Drawbridge Special Opportunities Fund, L.P. (Acquired 4/1/2006)(a)(b)(c)
    
154,567
177,943
  
   
HBK Multi-Strategy Fund, L.P. (Acquired 7/1/2017)(a)(b)(c)(e)
    
6,612,983
7,909,064
  
   
Stark Investments, L.P. (Acquired 11/1/2010)(a)(b)(c)
    
50,084
16,807
  
   
Stark Select Asset Fund, LLC (Acquired 2/1/2010)(a)(b)(c)
    
19,907
17,768
  
   
Total Relative Value
    
10,620,347
11,578,175
  
               
   
Private Investments — (84.64%)
          
   
ABRY Advanced Securities Fund III, L.P. (Acquired 6/1/2014)(a)(b)(d)
    
         3,223,741
         2,880,053
  
   
ABRY Advanced Securities Fund, L.P. (Acquired 8/1/2008)(a)(b)(d)
    
            229,936
              83,483
  
   
ABRY Partners VI, L.P. (Acquired 3/3/2008)(a)(b)
    
         1,447,267
            147,691
  
   
ABRY Partners VII, L.P. (Acquired 11/8/2011)(a)(b)
    
         1,852,727
         1,401,312
  
   
ABRY Partners VIII, L.P. (Acquired 5/1/2015)(b)(d)
    
         1,318,962
         1,298,746
  
   
Accel-KKR Capital Partners III, L.P. (Acquired 9/30/2008)(a)(b)
    
                       -
              31,855
  
   
Accel-KKR Capital Partners IV, L.P. (Acquired 7/1/2013)(b)
    
         1,720,664
         3,045,181
  
   
Angeles Equity Partners I, L.P. (Acquired 1/11/2016)(b)(e)
    
            898,942
         1,299,097
  
   
Arclight Energy Partners Fund V, L.P. (Acquired 7/1/2006)(a)(b)
    
         2,472,811
         1,399,155
  
   
Ascendent Capital Partners I, L.P. (Acquired 7/1/2012)(b)(d)(e)
    
         1,037,699
            398,095
  
   
BDCM Opportunity Fund II, L.P. (Acquired 3/1/2006)(b)(e)
    
         1,167,846
            562,862
  
   
Benson Elliot Real Estate Partners II, L.P. (Acquired 6/1/2006)(a)(b)(g)
    
         2,644,874
              93,840
  
   
Cadent Energy Partners II, L.P. (Acquired 2/1/2008)(b)(e)
    
         4,667,188
         2,870,163
  
   
Canaan Natural Gas Fund X, L.P. (Acquired 8/7/2008)(a)(b)(i)
    
         6,152,301
                       -
  
   
CDH Fund IV, L.P. (Acquired 7/13/2010)(b)(d)
    
         1,035,991
         2,146,916
  
   
China Special Opportunities Fund III, L.P. (Acquired 1/18/2011)(b)(d)
    
         3,963,968
         4,048,731
  
   
Claremont Creek Ventures II, L.P. (Acquired 11/22/2008)(a)(b)
    
         2,946,392
         1,403,240
  
   
Claremont Creek Ventures, L.P. (Acquired 12/1/2005)(a)(b)
    
         1,476,005
                 8,777
  
   
Colony Investors VII, L.P. (Acquired 3/1/2006)(a)(b)
    
         2,221,355
              31,700
  
   
Colony Investors VIII, L.P. (Acquired 10/12/2006)(b)
    
         6,143,940
            150,800
  
   
Crosslink Crossover Fund V, L.P. (Acquired 3/1/2007)(a)(b)
    
            234,054
            340,332
  
   
Crosslink Crossover Fund VI, L.P. (Acquired 5/31/2011)(a)(b)
    
         2,252,139
         6,044,838
  
   
CX Partners Fund LTD. (Acquired 4/1/2009)(b)(d)
    
         1,963,959
         1,825,960
  
   
Dace Ventures I, L.P. (Acquired 6/1/2007)(a)(b)
    
         2,300,695
            924,690
  
   
Darwin Private Equity I, L.P. (Acquired 8/1/2007)(b)(g)
    
         4,723,624
            598,162
  
   
EMG AE Permian Co-Investment, L.P. (Acquired 7/1/2014)(a)(b)(e)
    
         3,000,000
                       -
  
   
EMG Ascent 2016, L.P. (Acquired 12/28/2015)(a)(b)(e)
    
         4,203,815
         5,051,603
  
   
EMG Ascent Secondary Fund, L.P. (Acquired 9/7/2017)(a)(b)(e)
    
            116,829
            168,192
  
   
EMG Investment, LLC (Acquired 12/21/2010)(b)(e)
    
                       -
                    555
  
   
EnerVest Energy Institutional Fund X-A, L.P. (Acquired 6/1/2005)(a)(b)
    
         2,155,939
                 5,112
  
   
EnerVest Energy Institutional Fund XI-A, L.P. (Acquired 4/1/2007)(a)(b)
    
         6,143,719
              25,685
  
   
Fairhaven Capital Partners, L.P. (Acquired 3/1/2008)(a)(b)(e)
    
         4,526,074
         1,575,091
  
   
Florida Real Estate Value Fund, L.P. (Acquired 11/12/2010)(b)
    
                       -
                 8,372
  
   
Forum European Realty Income III, L.P. (Acquired 2/1/2008)(b)(d)
    
         1,945,475
            211,058
  
   
Garrison Opportunity Fund, LLC (Acquired 1/12/2010)(a)(b)
    
                       -
            160,531
  
   
Garrison Opportunity Fund II A, LLC (Acquired 3/8/2011)(a)(b)
    
                       -
            937,184
  
   
Gavea Investment Fund II, L.P. (Acquired 5/1/2007)(a)(b)(d)
    
                       -
              19,623
  
   
Gavea Investment Fund III, L.P. (Acquired 9/18/2008)(a)(b)(d)
    
                       -
            103,778
  
   
Glade Brook Private Investors III LLC (Acquired 11/1/2014)(a)(b)(e)
    
         3,198,543
         2,620,531
  
   
Glade Brook Private Opportunities Fund, LLC (Acquired 5/1/2015)(a)(b)(e)
    
            586,393
            462,797
  
   
Glade Brook Private Investors X LLC (Acquired 11/08/2017)(a)(b)
    
                       -
                       -
  
   
Great Point Partners I, L.P. (Acquired 4/1/2006)(a)(b)
    
            985,634
            252,821
  
   
Greenfield Acquisition Partners V,L.P. (Acquired 4/1/2008)(b)
    
         2,331,247
              53,026
  
   
GTIS Brazil Real Estate Fund, L.P. (Acquired 7/25/2008)(b)(e)
    
         6,052,585
         3,920,842
  
   
Halifax Capital Partners II, L.P. (Acquired 8/1/2012)(b)
    
                 1,690
              47,778
  
   
Halifax Capital Partners III, L.P. (Acquired 8/1/2012)(b)
    
         3,247,780
         3,203,607
  
   
Hancock Park Capital III, L.P. (Acquired 3/1/2006)(a)(b)
    
            808,899
            183,363
  
   
Intervale Capital Fund, L.P. (Acquired 2/1/2008)(a)(b)
    
         2,436,356
         2,360,147
  
   
J.C. Flowers III, L.P. (Acquired 10/1/2009)(b)(d)
    
         3,413,082
         1,059,835
  
   
L C Fund V, L.P. (Acquired 7/1/2011)(b)(d)
    
         2,608,970
         3,009,335
  
   
Light Street Argon, L.P. (Acquired 5/1/2014)(a)(b)(e)
    
            757,340
            969,368
  
   
Light Street SPVH, L.P. (Acquired 8/25/2015)(a)(b)(e)
    
         2,000,000
         2,273,687
  
   
Lighthouse Capital Partners VI, L.P. (Acquired 2/1/2007)(a)(b)
    
              83,588
                 9,475
  
   
Lyfe Capital Fund, L.P. (Acquired 11/6/2015)(b)(d)
    
         2,163,428
         5,044,695
  
   
Merit Energy Partners F-II, L.P. (Acquired 3/1/2006)(a)(b)
    
         1,065,656
            191,224
  
   
Mid Europa Fund III, L.P. (Acquired 10/1/2007)(b)(h)
    
         3,329,845
                 9,823
  
   
Monomoy Capital Partners III, L.P. (Acquired 5/6/2011)(b)
    
         2,094,359
         1,961,427
  
   
Natural Gas Partners IX, L.P. (Acquired 12/1/2005)(b)
    
            564,297
            326,132
  
   
New Horizon Capital III, L.P. (Acquired 1/1/2009)(b)(d)
    
            783,906
         1,971,254
  
   
NGP Energy Technology Partners II, L.P. (Acquired 1/23/2009)(b)
    
         3,383,433
         1,565,122
  
   
NGP Midstream & Resources Follow-On Fund, L.P. (Acquired 10/7/2007)(b)
    
            649,307
         1,427,440
  
   
NGP Midstream & Resources, L.P. (Acquired 10/7/2007)(b)
    
         2,507,471
            435,242
  
   
Northstar Equity Partners III Limited (Acquired 6/1/2011)(b)(d)(e)
    
         2,931,496
         2,369,576
  
   
ORBIS Real Estate Fund I, L.P. (Acquired 11/1/2006)(a)(b)(f)
    
         2,254,564
            277,437
  
   
Orchid Asia IV, L.P. (Acquired 8/1/2007)(b)(d)(e)
    
         2,523,435
       25,520,286
  
   
Patron Capital III, L.P. (Acquired 3/1/2007)(b)(g)
    
         3,654,448
            281,072
  
   
Phoenix Asia Real Estate Investments L.P. (Acquired 9/24/2007)(a)(b)(d)
    
         2,235,211
         2,128,446
  
   
Pine Brook Capital Partners, L.P. (Acquired 2/1/2008)(b)
    
         4,596,155
            610,157
  
   
Private Equity Investment Fund IV, L.P. (Acquired 3/1/2006)(a)(b)(e)
    
         1,204,730
            193,460
  
   
Private Equity Investment Fund V, L.P (Acquired 4/1/2009)(a)(b)(e)
    
       12,442,343
         6,965,626
  
   
Rockwood Capital Real Estate Partners Fund VII, L.P. (Acquired 9/1/2006)(b)
    
         2,913,547
              45,336
  
   
Roundtable Healthcare Partners II, L.P. (Acquired 10/29/2010)(a)(b)
    
                       -
                 1,618
  
   
Roundtable Healthcare Partners III, L.P. (Acquired 10/29/2010)(a)(b)(e)
    
         4,165,689
         9,145,001
  
   
Saints Capital VI, L.P. (Acquired 4/1/2008)(b)
    
         5,286,496
            855,643
  
   
Sanderling Venture Partners VI Co-Investment L.P. (Acquired 5/1/2005)(a)(b)
    
            509,878
            406,183
  
   
Sanderling Venture Partners VI, L.P. (Acquired 5/1/2005)(b)
    
            687,045
            634,242
  
   
SBC U.S. Fund II, L.P. (Acquired 8/30/2011)(a)(b)
    
         2,219,706
            849,769
  
   
Sentient Global Fund IV, L.P. (Acquired 6/1/2011)(a)(b)(e)
    
         5,536,592
         2,235,981
  
   
Sentient Global Resources Fund III, L.P. (Acquired 7/21/2008)(b)(d)(e)
    
       11,966,779
         3,391,558
  
   
Singerman Real Estate Opportunity Fund, L.P. (Acquired 5/28/2012)(b)
    
         1,019,675
            641,386
  
   
Sovereign Capital L.P. III (Acquired 3/22/2010)(b)(g)
    
                       -
         1,026,666
  
   
Square Mile Partners III, L.P. (Acquired 7/17/2008)(a)(b)
    
         1,791,262
              25,913
  
   
Sterling Capital Partners Venture Fund II, L.P. (Acquired 8/1/2005)(a)(b)
    
         1,359,210
            129,317
  
   
Sterling Group Partners III, L.P. (Acquired 4/21/2010)(a)(b)
    
         2,994,912
            458,418
  
   
Strategic Value Global Opportunities Fund I-A, L.P. (Acquired 11/1/2006)(a)(b)
  
         1,836,663
         1,288,962
  
   
Sweetwater Secondaries Fund II LP (Acquired 6/12/2018) (a)(b)(e)
    
       19,979,712
       34,254,441
  
   
TDR Capital AS 2013 L.P. (Acquired 12/1/2013)(a)(b)(g)
    
         6,184,080
              21,495
  
   
Tenaya Capital V, L.P. (Acquired 7/1/2007)(b)(e)
    
         1,962,993
         1,010,193
  
   
The Column Group, L.P. (Acquired 7/7/2007)(a)(b)(e)
    
         4,103,265
         6,756,264
  
   
The Energy & Minerals Group Fund II L.P. (Acquired 6/1/2011)(b)(e)
    
         4,040,468
         5,261,440
  
   
The Energy & Minerals Group Fund III L.P. (Acquired 10/8/2015)(b)(e)
    
         2,918,996
         1,393,732
  
   
The Energy & Minerals Group Fund IV L.P. (Acquired 10/8/2015)(b)(e)
    
         1,949,666
         2,013,767
  
   
The Founders Fund III, L.P. (Acquired 5/24/2010)(a)(b)(e)
    
         2,874,836
       22,255,038
  
   
The Founders Fund IV, L.P. (Acquired 1/1/2012)(a)(b)(e)
    
         1,062,210
       15,998,999
  
   
The Founders Fund VI, L.P. (Acquired 9/1/2017)(a)(b)(e)
    
            954,576
         1,951,633
  
   
Tiger Global Private Investments Partners X, L.P. (Acquired 12/31/2016)(b)(d)(e)
  
         1,970,347
         6,083,272
  
   
Tiger Global Private Investments Partners VI, L.P. (Acquired 11/8/2010)(b)(d)(e)
  
         2,216,261
         4,563,009
  
   
Tiger Global Private Investments Partners VII, L.P. (Acquired 2/24/2012)(b)(d)(e)
  
         1,685,545
         2,475,360
  
   
Towers Two Limited (Acquired 9/1/2014)(a)(b)(f)
    
         7,419,169
       12,494,644
  
   
TPF II, L.P. (Acquired 10/1/2008)(a)(b)
    
         1,814,310
            177,727
  
   
Trivest Fund IV, L.P. (Acquired 11/1/2007)(a)(b)(e)
    
            862,306
              62,558
  
   
Trivest Fund V, L.P. (Acquired 5/24/2013)(b)(e)
    
         2,177,229
         2,093,188
  
   
Trivest Growth Investment Fund (Acquired 1/17/2017)(b)(e)
    
         1,711,920
         2,305,713
  
   
Urban Oil and Gas Partners A-1, L.P. (Acquired 4/29/2010)(a)(b)
    
         6,874,263
            144,000
  
   
Urban Oil and Gas Partners B-1, L.P. (Acquired 12/1/2012)(b)
    
         2,186,682
         2,059,715
  
   
VCFA Private Equity Partners IV, L.P. (Acquired 3/1/2005)(b)
    
         1,027,985
            107,910
  
   
VCFA Venture Partners V, L.P. (Acquired 9/1/2006)(b)
    
         2,764,467
         1,373,640
  
   
Voyager Capital Fund III, L.P. (Acquired 5/1/2007)(a)(b)(e)
    
         1,580,421
            628,377
  
   
WCP Real Estate Fund I, L.P. (Acquired 4/1/2007)(a)(b)
    
            742,933
              77,654
  
   
Westview Capital Partners II, L.P. (Acquired 8/21/2009)(a)(b)
    
         1,556,290
         1,009,575
  
   
Zero2IPO China Fund II, L.P. (Acquired 8/8/2008)(a)(b)(d)
    
         3,077,026
            647,916
  
   
Total Investments in Private Investments
    
285,070,532
261,364,747
  
   
Total Investments in Adviser Funds
    
349,829,331
304,959,225
  
               
   
Investments in Private Companies — (0.08%)
          
   
Roblox Corporation - Class A
    
            238,581
            260,402
  
   
Total Investments in Private Companies
    
            238,581
            260,402
  
               
   
Investments in Mutual Funds — (4.85%)
          
   
Goldman Sachs Absolute Return Tracker Fund - Institutional Class
    
       15,000,000
       14,985,795
  
   
Total Invesmtents in Mutual Funds
    
       15,000,000
      14,985,795
  
               
   
Total Investments in Advisor Funds and Securities (103.70%)
    
349,829,331
320,205,422
  
   
Liabilities in Excess of Other Assets (-3.70%)
      
    (11,413,608)
  
   
Partners’ Capital — (100.00%)
      
308,791,814
  
               
   
(a) Non-income producing.
          
   
(b) Adviser Funds and securities that are issued in private placement transactions may have limited resale or redemptions terms.
    
   
(c) The Adviser Fund has imposed gates on or has limited redemptions. The total cost and fair value of these investments as of
    
   
June 30, 2021 was $53,311,888 and $29,949,017, respectively.
          
   
(d) Domiciled in Cayman Islands.
          
   
(e) All or a portion of this position is held in custody by U.S Bank N.A., as collateral for a credit facility.
        
   
The total cost and fair value of these investments as of June 30, 2021 was $177,773,339 and $217,856,916, respectively.
    
   
(f) Domiciled in Mauritius.
          
   
(g) Domiciled in United Kingdom.
          
   
(h) Domiciled in Guernsey.
          
   
(i) Security value is determined using significant unobservable inputs. The fair value of these investments as of June 30, 2021 was $98,980, which reprents 0.03% of partners' capital.
  


Valuation of Investments

The Hatteras Master Fund, L.P. (the “Fund”) classifies its assets and liabilities that are reported at fair value, not valued using net asset value (“NAV”) as the practical expedient into three levels based on the lowest level of input that is significant to the fair value measurement. Estimated values may differ from the values that would have been used if a ready market existed or if the investments were liquidated at the valuation date.
 
The three-tier hierarchy distinguishes between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs may be used in determining the value of the Master Fund’s investments. The inputs are summarized in the three broad levels listed below:
 
Level 1 — quoted prices (unadjusted) in active markets for identical assets and liabilities.
 
Level 2 — Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly.
 
Level 3 — Inputs to the valuation methodology are unobservable and significant to the fair value measurement. This includes situations where there is little, if any, market activity for the asset or liability.

Investments at Value
  
Level 1
    
Level 2
    
Level 3
    
Investments
Valued at NAV
    
Total
  
Investments in Adviser Funds
                              
Event Driven
  
$
-
    
$
-
    
$
-
    
$
15,241,992
    
$
15,241,992
  
Long Short Equity
    
-
      
-
      
-
      
3,029,870
      
3,029,870
  
Macro
    
-
      
-
      
98,980
      
13,645,461
      
13,744,441
  
Relative Value
    
-
      
-
      
-
      
11,578,175
      
11,578,175
  
Private Investments
    
-
      
-
      
-
      
261,364,747
      
261,364,747
  
Investments in Private Companies
    
-
      
-
      
-
      
-
      
-
  
Other Financial Instruments
                                        
Private Companies Call Options
    
-
      
-
      
-
      
-
      
-
  
     Total
  
$
-
    
$
-
    
$
98,980
    
$
304,860,245
    
$
304,959,225
  

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value on recurring basis:

Level 3 Investments
  
Balances as of
March 31, 2021
    
Net Realized
Gain (Loss)
    
Change in
Unrealized
Appreciation/
(Depreciation)
    
Distributions
    
Gross Purchases
    
Gross Sales
    
Balance as of
June 30, 2021
  
Private Investments
  
$
98,980
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
98,980
  
Private Companies
    
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total Level 3 Investments
  
$
98,980
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
98,980
  
                                                         

For the period ended June 30, 2021, there were no transfers into or out of Level 1, Level 2 or Level 3.
 
Should a transfer between Levels occur, it is the Fund’s policy to recognize transfers in and out of all Levels at the beginning of reporting period.
 
The change in unrealized appreciation/(depreciation) during the period from Level 3 investments held at June 30, 2021 is $-.
 
The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of June 30, 2021:

   
Fair Value as of
June 30, 2020
  
Valuation Techniques
  
Unobservable Input
  
Preferred Stock
                
   Private Investments
  
$
98,980
  
 Dilution estimate
  
 Partner commitment percentage
  
   Private Companies
    
-
  
 Current value method
  
 Recent round of financing
  
Total Level 3 Investments
  
$
98,980