NPORT-EX 2 core-alt_inst.htm

Hatteras Core Alternatives Institutional Fund, L.P.
      Schedule of Investments
   
December 31, 2022 (Unaudited)
 
Hatteras Core Alternatives Institutional Fund, L.P. (1)
        
           
 
Investments in Hatteras Master Fund, L.P., at Value - (100.14%)
  
 $     58,345,792
 
Liabilities in Excess of Other Assets - (-0.14%)
    
(81,671)
 
Partners’ Capital — (100.00%)
      
 $     58,264,121
           
 
(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
     
December 31, 2022 (Unaudited)
             
Investments in Private Preferred Equity — (100.11%)
  
Shares
Cost
Fair Value
   
The Beneficient Company Group, L.P. - Preferred Series B-2 Unit Accounts (a)
307,505,376
324,373,887
   
Total Investments in Private Preferred Equity
    
307,505,376
324,373,887
             
   
Total Investments — (100.11%)
    
307,505,376
324,373,887
   
Liabilities in Excess of Other Assets — (-0.11%)
      
                (351,560)
   
Partners’ Capital — (100.00%)
      
324,022,327
             
   
(a) Private Preferred Equity security has limited resale or redemptions terms.
      

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
  
Investment Type
                              
Private Preferred Equity
  
$
-
    
$
-
    
$
324,373,887
    
$
-
    
$
324,373,887
  
     Total Investments
  
$
-
    
$
-
    
$
324,373,887
    
$
-
    
$
324,373,887
  
                                         
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, 2022
    
Transfers into/
(out of)
    
Net Realized Gain/(Loss)
    
Change in
Unrealized Appreciation/
Depreciation
    
Distributions
    
Gross Purchases
    
Gross Sales
    
Balance as of December 31, 2022
  
Private Preferred Equity
  
$
307,505,376
    
$
-
    
$
-
    
$
16,868,511
    
$
-
          
$
-
    
$
324,373,887
  
Total Level 3 Investments
  
$
307,505,376
    
$
-
    
$
-
    
$
16,868,511
    
$
-
    
$
-
    
$
-
    
$
324,373,887
  

For the period ended December 31, 2022, 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 December 31, 2022 is $16,868,511.

Type of Level 3 Investment
  
Fair Value as of
December 31, 2022
  
Unobservable Input
  
Range
    
Weighted Average of Unobservable Inputs
  
   Private Preferred Equity
  
$
324,373,887
  
 Transaction Price, plus accrued interest
    
N/A
      
N/A
  
Total Level 3 Investments
  
$
324,373,887