Consolidated Statement of Assets, Liabilities and Members' Equity
|
1
|
Consolidated Statement of Operations
|
2
|
Consolidated Statements of Changes in Members' Equity
|
3
|
Consolidated Statement of Cash Flows
|
4
|
Consolidated Financial Highlights
|
5
|
Notes to Consolidated Financial Statements
|
6-9
|
Other Information
|
10
|
Consolidated Financial Statements of Partners Group Private Equity (Master Fund), LLC
|
Appendix I
|
Assets
|
||||
Investment in Partners Group Private Equity (Master Fund), LLC, at fair value (cost $50,799,351)
|
$ | 59,294,452 | ||
Interest receivable
|
3 | |||
Prepaid assets
|
17,074 | |||
Total Assets
|
$ | 59,311,529 | ||
Liabilities
|
||||
Professional fees payable
|
$ | 24,500 | ||
Accounting and administration fees payable
|
9,635 | |||
Custodian fees payable
|
800 | |||
Other expenses payable
|
1,367 | |||
Total Liabilities
|
$ | 36,302 | ||
Members' Equity
|
$ | 59,275,227 | ||
Members' Equity consists of:
|
||||
Members' Equity Paid-in
|
$ | 51,924,501 | ||
Accumulated net investment income
|
657,124 | |||
Accumulated net realized gain on investments, forward foreign currency contracts and foreign currency translation
|
3,568,038 | |||
Accumulated net unrealized appreciation on investments, forward foreign currency contracts and foreign currency translation
|
3,974,905 | |||
Accumulated Adviser's Incentive Allocation
|
(849,341 | ) | ||
Total Members' Equity
|
$ | 59,275,227 | ||
Number of Outstanding Units
|
4,387,833 | |||
Net Asset Value per Unit
|
$ | 13.51 |
Fund Investment Income
|
$ | 33 | ||
Fund Operating Expenses
|
||||
Accounting and administration fees
|
27,936 | |||
Professional fees
|
7,000 | |||
Registration fees
|
3,652 | |||
Custodian fees
|
2,400 | |||
Withholding tax
|
13,245 | |||
Other expenses
|
11,300 | |||
Total Operating Expenses
|
65,533 | |||
Investment Income Allocated from Partners Group Private Equity (Master Fund), LLC
|
||||
Investment Income
|
671,801 | |||
Expenses
|
(406,593 | ) | ||
Total Investment Income Allocated from Partners Group Private Equity (Master Fund), LLC
|
265,208 | |||
Net Investment Income
|
199,708 | |||
Net Realized Gain and Change in Unrealized Appreciation on Investments, Forward
Foreign Currency Contracts and Foreign Currency Allocated from Partners Group Private
Equity (Master Fund), LLC
|
||||
Net realized gain from investments and forward foreign currency contracts
|
112,109 | |||
Net realized gain distributions from primary and secondary investments
|
1,511,247 | |||
Net change in accumulated unrealized appreciation on investments, forward foreign currency
contracts and foreign currency translation
|
1,802,346 | |||
Net Realized Gain and Change in Unrealized Appreciation on Investments, Forward
Foreign Currency Contracts and Foreign Currency Allocated from Partners Group Private
Equity (Master Fund), LLC
|
3,425,702 | |||
Adviser's Incentive Allocation Allocated from Partners Group Private Equity (Master
Fund), LLC
|
(369,056 | ) | ||
Net Increase in Members' Equity from Operations
|
$ | 3,256,354 |
Members’
Equity
|
||||
Members' Equity at March 31, 2013
|
$ | 12,025,933 | ||
Capital contributions
|
20,100,000 | |||
Capital tenders
|
(53,144 | ) | ||
Net investment income
|
389,782 | |||
Net realized gain from investments and forward foreign currency contracts
|
459,986 | |||
Net realized gain on foreign currency translation
|
147 | |||
Net realized gain distributions from primary and secondary investments
|
1,245,303 | |||
Net change in accumulated unrealized appreciation on investments, forward foreign currency
contracts and foreign currency translation
|
1,581,995 | |||
Adviser's Incentive Allocation
|
(383,774 | ) | ||
Members' Equity at March 31, 2014
|
$ | 35,366,228 | ||
Capital contributions
|
21,863,641 | |||
Capital tenders
|
(1,210,996 | ) | ||
Net investment income
|
199,708 | |||
Net realized gain from investments and forward foreign currency contracts
|
112,109 | |||
Net realized gain distributions from primary and secondary investments
|
1,511,247 | |||
Net change in accumulated unrealized appreciation on investments, forward foreign currency
contracts and foreign currency translation
|
1,802,346 | |||
Adviser's Incentive Allocation
|
(369,056 | ) | ||
Members' Equity at September 30, 2014
|
$ | 59,275,227 | ||
Units outstanding at March 31, 2013
|
1,073,144 | |||
Units sold
|
1,709,647 | |||
Units repurchased
|
(4,600 | ) | ||
Units outstanding at March 31, 2014
|
2,778,191 | |||
Units sold
|
1,702,142 | |||
Units repurchased
|
(92,500 | ) | ||
Units outstanding at September 30, 2014
|
4,387,833 |
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||
Net Increase in Members' Equity from Operations
|
$ | 3,256,354 | ||
Adjustments to reconcile Net Increase in Members' Equity from Operations to net cash used in
operating activities:
|
||||
Purchases of interests in Partners Group Private Equity (Master Fund), LLC
|
(20,652,816 | ) | ||
Net investment income allocated from Partners Group Private Equity (Master Fund), LLC
|
(265,208 | ) | ||
Net realized gain from investments and forward foreign currency contracts allocated from
Partners Group Private Equity (Master Fund), LLC
|
(112,109 | ) | ||
Net realized gain distributions from primary and secondary investments allocated from Partners
Group Private Equity (Master Fund), LLC
|
(1,511,247 | ) | ||
Net change in accumulated unrealized appreciation on investments, forward foreign currency
contracts and foreign currency translation allocated from Partners Group Private Equity
(Master Fund), LLC
|
(1,716,547 | ) | ||
Adviser's Incentive Allocation allocated from Partners Group Private Equity (Master Fund), LLC
|
369,056 | |||
Decrease in interest receivable
|
29 | |||
Increase in prepaid assets
|
(17,074 | ) | ||
Increase in professional fees payable
|
7,000 | |||
Decrease in accounting and administration fees payable
|
(7,339 | ) | ||
Decrease in custodian fees payable
|
(400 | ) | ||
Decrease in withholding taxes payable
|
(110 | ) | ||
Decrease in other expenses payable
|
(2,234 | ) | ||
Net Cash Used in Operating Activities
|
(20,652,645 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||
Members' capital contributions
|
21,863,641 | |||
Members' capital tenders
|
(1,210,996 | ) | ||
Net Cash Provided by Financing Activities
|
20,652,645 | |||
Net change in cash and cash equivalents
|
— | |||
Cash and cash equivalents at beginning of year
|
— | |||
Cash and cash equivalents at End of Year
|
$ | — |
Six Months
Ended September 30, 2014
(Unaudited) |
Year Ended
March 31,
2014
|
Year Ended
March 31,
2013
|
Period from Commencement of Operations -
December 1, 2011 through March 31, 2012
|
|||||||||||||
Per Unit Operating Performance (1)
|
||||||||||||||||
NET ASSET VALUE, BEGINNING OF PERIOD
|
$ | 12.73 | $ | 11.21 | $ | 10.26 | (2) | $ | 10.00 | (2)(3) | ||||||
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||
Net investment income (loss)
|
(0.01 | ) | 0.10 | 0.05 | (2) | 0.01 | (2) | |||||||||
Net realized and unrealized gain on investments
|
0.79 | 1.42 | 0.90 | (2) | 0.25 | (2) | ||||||||||
Net Increase in Members' Equity from Operations
|
0.78 | 1.52 | 0.95 | (2) | 0.26 | (2) | ||||||||||
NET ASSET VALUE, END OF PERIOD
|
$ | 13.51 | $ | 12.73 | $ | 11.21 | $ | 10.26 | (2) | |||||||
TOTAL RETURN (4)
|
6.13 | %(5) | 13.56 | % | 9.26 | % | 2.60 | %(5) | ||||||||
RATIOS AND SUPPLEMENTAL DATA:
|
||||||||||||||||
Net Assets, end of period in thousands (000's)
|
59,275 | 35,366 | 12,026 | 5,130 | ||||||||||||
Net investment income to average net assets, excluding Incentive Allocation
|
0.78 | %(6) | 1.58 | % | 0.83 | % | 0.35 | %(6) | ||||||||
Ratio of gross expenses to average net assets, excluding Incentive Allocation (7)
|
1.85 | %(6) | 2.10 | % | 2.89 | % | 3.92 | %(6)(8) | ||||||||
Ratio of expense recoupment (waiver) to average net assets
|
0.00 | %(6) | 0.27 | % | (0.47 | )% | (1.97 | )% | ||||||||
Ratio of net expenses to average net assets, excluding Incentive Allocation (9)
|
1.85 | %(6) | 2.37 | %(10) | 2.42 | %(10) | 1.95 | %(6)(8) | ||||||||
Ratio of Incentive Allocation to average net assets
|
0.73 | %(5) | 1.56 | % | 1.09 | % | 0.94 | %(6) | ||||||||
Portfolio Turnover
|
11.56 | %(5) | 26.77 | % | 15.47 | % | 8.39 | % |
(1)
|
Selected data for a unit of membership interest outstanding throughout the period.
|
(2)
|
Adjusted for 100 for 1 change in units, effective October 1, 2012.
|
(3)
|
The net asset value for the beginning period December 1, 2011 (Commencement of Operations) through March 31, 2012 represents the initial contribution per unit of $10.
|
(4)
|
Total return based on per unit net asset value reflects the changes in net asset value based on the effects of the performance of the Fund during the period and assumes distribution, if any, were reinvested.
|
(5)
|
Not annualized.
|
(6)
|
Annualized.
|
(7)
|
Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursement by/to the Adviser.
|
(8)
|
The organizational expenses are not annualized for the ratio calculation.
|
(9)
|
Effective September 26, 2011, the Fund’s expense ratio is voluntarily capped at 2.30%. See note 2.e. for a more thorough Expense Limitation Agreement discussion.
|
(10)
|
The Fund’s operating expenses include interest expense allocated from Partners Group Private Equity (Master Fund), LLC, and withholding tax, which are excluded from the Expense Limitation calculation. If interest expense and withholding tax were excluded from operating expenses, the net expense ratio would be 2.30%.
|
Consolidated Schedule of Investments
|
1-5
|
Consolidated Statement of Assets, Liabilities and Members' Equity
|
6
|
Consolidated Statement of Operations
|
7
|
Consolidated Statements of Changes in Members' Equity
|
8
|
Consolidated Statement of Cash Flows
|
9
|
Consolidated Financial Highlights
|
10
|
Notes to Consolidated Financial Statements
|
11-19
|
Other Information
|
20
|
Private Equity Investments (86.37%)
Direct Investments * (46.50%)
Direct Equity (28.61%)
|
Investment Type
|
Geographic
Region b
|
Fair
Value **
|
|||
ACP Viking Co-Investment, LLC a, c
|
Member interest
|
North America
|
$ | 2,963,842 | ||
Action Holding BV a, c
|
Common equity
|
Western Europe
|
385,826 | |||
Apollo Overseas Co-Investors (MHE), L.P. a, c
|
Limited partnership interest
|
North America
|
6,583,702 | |||
Astorg Co-Invest Kerneos, FCPI a, c
|
Common equity
|
Western Europe
|
9,933,206 | |||
ATX Networks Holdings, LLC a, c
|
Member interest
|
North America
|
95,707 | |||
Aurora Products Group, LLC a
|
Member interest
|
North America
|
357,760 | |||
CapitalSpring Finance Company a, c
|
Warrants
|
North America
|
590,699 | |||
Carlyle Retail Turkey Partners, L.P. a, c
|
Limited partnership interest
|
South America
|
6,883,970 | |||
CCM Pharma Debtco Limited a
|
Common equity
|
Western Europe
|
2,019,631 | |||
CD&R Univar Co-Investor, L.P. a, c
|
Limited partnership interest
|
North America
|
3,147,318 | |||
Centauro Co-Investment Fund, L.P. a, c
|
Limited partnership interest
|
South America
|
7,929,461 | |||
CT Holdings (International) Limited a
|
Common equity
|
Asia - Pacific
|
2,276,465 | |||
DLJSAP BookCO, LLC a, c
|
Member interest
|
South America
|
717,078 | |||
EQT Marvin Co-Investment, L.P. a, c
|
Limited partnership interest
|
Western Europe
|
1,947,642 | |||
Eurodrip Co-Investment Fund I, L.P. a, c
|
Limited partnership interest
|
Western Europe
|
11,783,476 | |||
Faster S.p.A. a, c
|
Common equity
|
Western Europe
|
17,425,495 | |||
Fermo Limited a, c
|
Common equity
|
Asia - Pacific
|
5,940,346 | |||
Fermo Limited a, c
|
Preferred equity
|
Asia - Pacific
|
2,821,553 | |||
Gemini Global Holdings Investors, LLC a, c
|
Member interest
|
North America
|
5,400,000 | |||
Genoa Holding Company, Inc. a, c
|
Common equity
|
North America
|
8,926,098 | |||
Globetrotter Investment & Co S.C.A. a, c
|
Common equity
|
Western Europe
|
2,193,779 | |||
Globetrotter Investment & Co S.C.A. a
|
Preferred equity
|
Western Europe
|
8,781,296 | |||
GTS II Cayman Corporation a, c
|
Common equity
|
South America
|
3,283,669 | |||
Hogan S.ar.l a, c
|
Common equity
|
Western Europe
|
1 | |||
Hogan S.ar.l a, c
|
Preferred equity
|
Western Europe
|
1,115,457 | |||
Kahuna Holdco Pty Limited a
|
Common equity
|
Asia - Pacific
|
967,719 | |||
KKBS Group Holdings, LLC a, c
|
Member interest
|
North America
|
205,735 | |||
KKBS Holdings, LLC a, c
|
Member interest
|
North America
|
107,489 | |||
KKR Matterhorn Co-Invest, L.P. a, c
|
Limited partnership interest
|
Western Europe
|
15,986,973 | |||
KLFS Holdings, L.P. a, c
|
Limited partnership interest
|
North America
|
2,822,000 | |||
Learning Care Group (US), Inc. a, c
|
Warrants
|
North America
|
8,179 | |||
Mauritius (Luxembourg) Investments S.ar.l. a, c
|
Common equity
|
Western Europe
|
2,059,253 | |||
MPH Acquisition Holdco, L.P. a, c
|
Limited partnership interest
|
North America
|
29,217,996 | |||
MPH Acquisition Holding, LLC a
|
Member interest
|
North America
|
1 | |||
NDES Holdings, LLC a, c
|
Member interest
|
North America
|
2,869,639 | |||
NTS Holding Corporation, Inc. a, c
|
Common equity
|
North America
|
3,307,011 | |||
Peer I S.A. a, c
|
Common equity
|
Western Europe
|
17,308,515 | |||
Peer I S.A. a
|
Preferred equity
|
Western Europe
|
2,531,663 | |||
QoL meds Holding Company, LLC a, c
|
Member interest
|
North America
|
11,592,335 | |||
R&R Co-Invest FCPR a, c
|
Common equity
|
Western Europe
|
16,409,888 | |||
Sabre Industries, Inc. a, c
|
Common equity
|
North America
|
939,384 | |||
S-Evergreen Holding Corp. a, c
|
Common equity
|
North America
|
428,930 | |||
Silver Lake Sumeru Marlin Co-Invest Fund, L.P. a, c
|
Limited partnership interest
|
North America
|
2,702,726 | |||
Snack Parent Corporation a, c
|
Preferred equity
|
North America
|
96,099 |
Private Equity Investments (continued)
Direct Investments * (continued)
Direct Equity (continued)
|
Investment Type
|
Geographic
Region b
|
Fair
Value **
|
|||
SPH GRD Acquisition Partners, LLC a, c
|
Member interest
|
North America
|
$ | 12,599,213 | ||
Spring Topco, Ltd. a, c
|
Common equity
|
North America
|
467,538 | |||
Strategic Partners, Inc. a
|
Common equity
|
North America
|
5,750,813 | |||
Surgery Center Holdings, Inc. a
|
Warrants
|
North America
|
95,799 | |||
Svensk Utbildning Intressenter Holding AB a, c
|
Common equity
|
Western Europe
|
346,803 | |||
Swissport II Co-Invest FCPR a, c
|
Common equity
|
Western Europe
|
6,530,396 | |||
THL Equity Fund VI Investors (BKFS), L.P. a, c
|
Limited partnership interest
|
North America
|
13,406,250 | |||
Valhalla Co-Invest, L.P. a
|
Limited partnership interest
|
Western Europe
|
2,556,412 | |||
Velocity Holdings L.P. a, c
|
Limited partnership interest
|
North America
|
1,592,600 | |||
Velocity Technologies Solutions, Inc. a, c
|
Common equity
|
North America
|
9,327,400 | |||
Virtuoso Lux I SarL a, c
|
Common equity
|
Western Europe
|
6,342,590 | |||
Virtuoso Lux I SarL a, c
|
Shareholder loan
|
Western Europe
|
15,630,655 | |||
WP Mustang Co-Invest-C, L.P. a, c
|
Limited partnership interest
|
North America
|
8,654,489 | |||
306,365,970 |
Direct Debt (17.89%)
|
Interest
|
Maturity
|
Investment Type
|
Geographic
Region b
|
Fair
Value **
|
|||
Ability Network Inc. a
|
Libor (1.00% floor) +
8.25%
|
5/16/2022
|
Second Lien
|
North America
|
$ | 11,500,000 | ||
Ability Network Inc. a
|
Libor (1.00% floor) +
5.00%
|
5/16/2021
|
Senior
|
North America
|
7,711,299 | |||
Attendo Care AB a
|
Euribor (1.25% floor) +
7.00% + 3.25% PIK
|
6/30/2019
|
Mezzanine
|
Western Europe
|
8,278,550 | |||
Attendo Care AB a
|
Euribor (1.25% floor) +
10.25% PIK
|
6/30/2019
|
Senior
|
Western Europe
|
2,989,959 | |||
ATX Networks Corp. a
|
12.00% + 2.00% PIK
|
5/12/2016
|
Mezzanine
|
North America
|
1,002,960 | |||
Beauty Holding Two AG a
|
Euribor + 5.50% + 6.00%
PIK
|
12/12/2020
|
Mezzanine
|
Western Europe
|
8,685,511 | |||
Biomnis a
|
7.00% + 7.00% PIK
|
9/3/2019
|
Senior
|
Western Europe
|
2,829,075 | |||
Biomnis a
|
6.55% PIK
|
9/3/2019
|
Senior
|
Western Europe
|
2,511,714 | |||
CapitalSpring Finance Company a
|
2.00% + 11.25% PIK
|
10/2/2019
|
Mezzanine
|
North America
|
7,453,760 | |||
CCM Pharma Debtco Limited a
|
Libor (1.50% floor) +
6.50% + 4.00% PIK
|
12/31/2020
|
Mezzanine
|
Western Europe
|
10,779,209 | |||
CDRH Parent, Inc. a
|
Libor (1.00% floor) +
8.00%
|
7/1/2022
|
Second Lien
|
North America
|
9,837,500 | |||
Evergreen ACQC01, L.P. a
|
10.25% |
7/11/2022
|
Mezzanine
|
North America
|
6,487,078 | |||
Global Tel*Link Corporation a
|
Libor (1.25% floor) +
7.75%
|
11/23/2020
|
Second Lien
|
North America
|
10,216,570 | |||
Global Tel*Link Corporation a
|
Libor (1.25% floor) +
3.75%
|
12/14/2017
|
Senior
|
North America
|
4,035,372 | |||
KACC Acquisition, LLC a
|
12.00% + 1.00% PIK
|
6/29/2018
|
Mezzanine
|
North America
|
4,349,726 | |||
Kahuna Bidco Pty Limited a
|
BBSY + 5.00% + 3.50%
PIK
|
12/31/2016
|
Mezzanine
|
Asia - Pacific
|
5,034,879 | |||
Learning Care Group (US) No. 2, Inc. a
|
Libor (1.00% floor) +
4.50%
|
5/5/2021
|
Senior
|
North America
|
6,216,518 | |||
Panda Temple Power Intermediate Holdings I, LLC a
|
Libor (0.50% floor) +
13.00% PIK
|
7/27/2020
|
Mezzanine
|
North America
|
7,107,633 | |||
Photonis Technologies S.A.S a
|
Libor (1.00% floor) +
7.50%
|
9/18/2019
|
Second Lien
|
Western Europe
|
8,986,591 | |||
Sabre Industries, Inc. a
|
10.00% |
2/22/2019
|
Mezzanine
|
North America
|
4,027,570 | |||
Securitas Direct Holding AB a
|
Euribor + 3.75% + 6.75%
PIK
|
9/2/2019
|
Mezzanine
|
Western Europe
|
7,229,326 | |||
Ship Luxco 3 S.a.r.l. a
|
Libor (1.25% floor) +
3.50%
|
11/30/2019
|
Senior
|
Western Europe
|
20,010,000 | |||
Springer Science+Business Media Deutschland GmbH a
|
Libor (1.00% floor) +
3.75%
|
8/14/2020
|
Senior
|
Western Europe
|
9,862,537 | |||
Sun Products Corporation (The) a
|
Libor (1.25% floor) +
4.25%
|
3/23/2020
|
Senior
|
North America
|
12,552,172 | |||
Surgery Center Holdings, Inc. a
|
Libor (1.25% floor) +
4.75%
|
4/11/2019
|
Senior
|
North America
|
4,862,125 | |||
TrustHouse Services Group a
|
Libor (1.25% floor) +
4.50%
|
4/15/2019
|
Senior
|
North America
|
7,060,446 | |||
191,618,080 | ||||||||
Total Direct Investments (46.50%)
|
$ | 497,984,050 |
Private Equity Investments (continued)
Secondary Investments* (32.94%)
|
Geographic
Region b
|
Fair
Value
|
|||
3i Europartners Vb, L.P. a
|
Western Europe
|
$ | 1,311,209 | ||
Abingworth Bioventures V Co-Investment Growth Equity Fund, L.P. a, c
|
Western Europe
|
731,751 | |||
Abingworth Bioventures V, L.P. a
|
Western Europe
|
688,721 | |||
Advent International GPE VI, L.P. a
|
Western Europe
|
4,775,408 | |||
Apax Europe VI - A, L.P. a
|
Western Europe
|
579,023 | |||
Apax Europe VII - B, L.P. a, c
|
Western Europe
|
689,305 | |||
Apollo Investment Fund IV, L.P. a, c
|
North America
|
6,612 | |||
Apollo Investment Fund VI, L.P. a
|
North America
|
1,325,684 | |||
Apollo Investment Fund VII, L.P. a
|
North America
|
1,041,170 | |||
Apollo Overseas Partners (Delaware) VII, L.P. a
|
North America
|
431,151 | |||
Ares Corporate Opportunities Fund III, L.P. a
|
North America
|
314,246 | |||
Bain Capital Fund X, L.P. a
|
North America
|
32,858,496 | |||
Bain Capital X Co-Investment Fund, L.P. a
|
North America
|
1,333,471 | |||
Baring Asia Private Equity Fund IV, L.P. a
|
Asia - Pacific
|
580,003 | |||
BC European Capital IX, L.P. a, c
|
Western Europe
|
3,229,685 | |||
Blackstone Capital Partners V/F, L.P. a
|
North America
|
4,025,379 | |||
Blackstone Capital Partners V-S, L.P. a
|
North America
|
549,098 | |||
Candover 2001 Fund UK No. 2, L.P. a
|
Western Europe
|
48,005 | |||
Candover 2005 Fund, L.P. a, c
|
Western Europe
|
1,220,039 | |||
Carlyle Europe Partners II, L.P. a
|
Western Europe
|
595,955 | |||
Carlyle Europe Partners III, L.P. a
|
Western Europe
|
16,055,365 | |||
Carlyle Japan International Partners II, L.P. a
|
Asia - Pacific
|
5,372,024 | |||
Carlyle Partners IV, L.P. a
|
North America
|
1,666,005 | |||
Carlyle Partners V, L.P. a
|
North America
|
1,158,242 | |||
Carlyle Partners V/B, L.P. a
|
North America
|
5,391,641 | |||
CCP IX LP No. 2 a, c
|
Western Europe
|
4,691,774 | |||
Citigroup Venture Capital International Growth Offshore I, L.P. a
|
Asia - Pacific
|
54,326 | |||
Citigroup Venture Capital International Growth Offshore II, L.P. a
|
Asia - Pacific
|
552,321 | |||
Citigroup Venture International Growth Partnership II, L.P. a
|
Asia - Pacific
|
1,662,155 | |||
Clayton, Dubilier & Rice Fund VII, L.P. a
|
North America
|
7,381,650 | |||
Clayton, Dubilier & Rice Fund VIII, L.P. a
|
North America
|
19,034,749 | |||
CVC Capital Partners Asia Pacific III, L.P. a
|
Asia - Pacific
|
3,970,318 | |||
CVC European Equity Partners Tandem Fund (A), L.P. a
|
Western Europe
|
440,905 | |||
CVC European Equity Partners V, L.P. a
|
Western Europe
|
4,593,735 | |||
daVinci Japan Real Estate Partners IV, L.P. a, c
|
Asia - Pacific
|
33,736 | |||
Duke Street VI US No. 1 Limited Partnership a
|
Western Europe
|
259,887 | |||
Fourth Cinven Fund, L.P. a
|
Western Europe
|
573,663 | |||
Frazier Healthcare VI, L.P. a
|
North America
|
1,130,487 | |||
FS Equity Partners V, L.P. a, c
|
North America
|
6,152,160 | |||
Green Equity Investors Side V, L.P. a
|
North America
|
2,087,941 | |||
Gryphon Partners 3.5, L.P. a
|
North America
|
1,331,944 | |||
Harvest Partners V, L.P. a
|
North America
|
438,785 | |||
Hellman & Friedman Capital Partners VI, L.P. a
|
North America
|
2,764,467 | |||
Hellman & Friedman Capital Partners VII, L.P. a
|
North America
|
1,847,568 | |||
H.I.G. Bayside Debt & LBO Fund II, L.P. a
|
North America
|
935,975 | |||
Highstar Capital III Prism Fund, L.P. a
|
North America
|
1,814,143 | |||
Investcorp Private Equity 2007 Fund, L.P. a
|
North America
|
5,649,012 | |||
Investcorp Technology Partners III (Cayman), L.P. a, c
|
North America
|
2,636,502 | |||
Irving Place Capital Investors II, L.P. a
|
North America
|
27,174 | |||
Irving Place Capital Partners III, L.P. a
|
North America
|
1,013,218 | |||
KKR European Fund III, L.P. a
|
Western Europe
|
6,225,344 | |||
Lightyear Fund II, L.P. a, c
|
North America
|
5,751,140 | |||
Madison Dearborn Capital Partners V-A and V-B, L.P. a
|
North America
|
8,002,718 | |||
Madison Dearborn Capital Partners VI-C, L.P. a
|
North America
|
1,168,265 | |||
MidOcean Partners III, L.P. a
|
North America
|
2,825,606 | |||
Montagu III, L.P. a
|
Western Europe
|
10,586 |
Private Equity Investments (continued)
Secondary Investments* (continued)
|
Geographic
Region b
|
Fair
Value
|
|||
Oak Investment Partners XII, L.P. a
|
North America
|
$ | 1,870,319 | ||
PAI Europe V a, c
|
Western Europe
|
2,722,892 | |||
Palladium Equity Partners III, L.P. a
|
North America
|
617,702 | |||
Pamlico Capital GP I, LLC a, c
|
North America
|
1 | |||
Pamlico Capital GP II, LLC a, c
|
North America
|
110,798 | |||
Pamlico Capital II, L.P. a, c
|
North America
|
4,418,291 | |||
Pamlico Capital Secondary Fund, L.P. a, c
|
North America
|
1 | |||
Permira Europe I, L.P. 1B a, c
|
North America
|
50,428 | |||
Permira Europe II, L.P. a, c
|
Western Europe
|
178,888 | |||
Permira Europe III, L.P. a
|
Western Europe
|
1,712,805 | |||
Permira IV Continuing, L.P. 1 a
|
Western Europe
|
18,235,197 | |||
Providence Equity Partners IV, L.P. a
|
North America
|
103,246 | |||
Providence Equity Partners V, L.P. a
|
North America
|
533,687 | |||
Providence Equity Partners VI, L.P. a
|
North America
|
15,548,413 | |||
Providence Equity Partners VII-A, L.P. a
|
North America
|
460,522 | |||
Riverside Europe Fund IV, L.P. a, c
|
Western Europe
|
2,796,302 | |||
Silver Lake Partners II, L.P. a
|
North America
|
713,115 | |||
Silver Lake Partners III, L.P. a
|
North America
|
13,853,505 | |||
Silver Lake Sumeru Fund, L.P. a
|
North America
|
313,540 | |||
Sun Capital Partners V, L.P. a
|
North America
|
24,725,828 | |||
TCV VI, L.P. a, c
|
North America
|
972,172 | |||
TCV VII (A), L.P. a, c
|
North America
|
11,518,401 | |||
Terra Firma Capital Partners III, L.P. a, c
|
Western Europe
|
13,134,493 | |||
Thomas H. Lee Parallel (DT) Fund VI, L.P. a
|
North America
|
2,517,167 | |||
Thomas H. Lee Parallel Fund VI, L.P. a
|
North America
|
2,251,381 | |||
TPG Partners V, L.P. a
|
North America
|
8,432,694 | |||
TPG Partners VI, L.P. a
|
North America
|
21,988,137 | |||
Tudor Ventures III, L.P. a, c
|
North America
|
4,658,913 | |||
Warburg Pincus Private Equity IX, L.P. a
|
North America
|
461,361 | |||
Warburg Pincus Private Equity X, L.P. a
|
North America
|
16,786,211 | |||
Total Secondary Investments (32.94%)
|
$ | 352,726,352 |
Primary Investments* (6.93%)
|
Geographic
Region b
|
Fair
Value
|
|||
Advent International GPE VII-B, L.P. a, c
|
North America
|
$ | 8,557,839 | ||
Altra Private Equity Fund II, L.P. a, c
|
South America
|
1,158,655 | |||
Apollo Investment Fund VIII, L.P. a, c
|
North America
|
817,253 | |||
Ares Corporate Opportunities Fund IV, L.P. a, c
|
North America
|
4,109,534 | |||
Avista Capital Partners II, L.P. a
|
North America
|
1,323,382 | |||
Avista Capital Partners III, L.P. a
|
North America
|
6,665,183 | |||
Baring Asia Private Equity Fund V, L.P. a
|
Asia - Pacific
|
2,989,843 | |||
CapVest Equity Partners III B, L.P. a, c
|
Western Europe
|
708,659 | |||
Carlyle Europe Partners, IV. a, c
|
Western Europe
|
362,742 | |||
Clayton, Dubilier & Rice Fund IX, L.P. a
|
North America
|
3,167,630 | |||
Crescent Mezzanine Partners VIB, L.P. a
|
North America
|
2,245,976 | |||
CVC Capital Partners VI (A) L.P. a, c
|
Western Europe
|
589,713 | |||
EQT VI (No.1) Limited Partnership a, c
|
Western Europe
|
3,463,727 | |||
Genstar Capital Partners VI, L.P. a
|
North America
|
2,959,837 | |||
Hony Capital Partners V, L.P. a
|
Asia - Pacific
|
5,191,672 | |||
KKR North America Fund XI, L.P. a, c
|
North America
|
5,692,264 | |||
Kohlberg TE Investors VII, L.P. a
|
North America
|
2,345,488 | |||
New Enterprise Associates 14, L.P. a, c
|
North America
|
3,162,825 | |||
Pátria - Brazilian Private Equity Fund IV, L.P. a, c
|
South America
|
1,970,705 | |||
PennantPark Credit Opportunities Fund, L.P. a
|
North America
|
11,732,681 |
Private Equity Investments (continued)
Primary Investments* (continued)
|
Geographic
Region b
|
Fair
Value
|
|||
Silver Lake Partners IV, L.P. a, c
|
North America
|
$ | 2,007,079 | ||
Windjammer Senior Equity Fund IV, L.P. a
|
North America
|
2,980,379 | |||
Total Primary Investments (6.93%)
|
$ | 74,203,066 | |||
Total Private Equity Investments (Cost $778,399,675) (86.37%)
|
$ | 924,913,468 |
Short-Term Investments (9.34%)
U.S. Government Treasury Obligations (9.34%)
|
Principal
|
Fair
Value
|
||||||
U.S. Treasury Bill, 0.008%, 10/02/2014 d
|
30,000,000 | $ | 29,999,993 | |||||
U.S. Treasury Bill, 0.010%, 11/06/2014 d
|
30,000,000 | 29,999,700 | ||||||
U.S. Treasury Bill, 0.023%, 12/04/2014 d
|
20,000,000 | 19,999,380 | ||||||
U.S. Treasury Bill, 0.025%, 12/26/2014 d
|
20,000,000 | 19,999,280 | ||||||
Total U.S. Government Treasury Obligations (9.34%)
|
$ | 99,998,353 | ||||||
Total Short-Term Investments (Cost $99,997,699) (9.34%)
|
$ | 99,998,353 | ||||||
Total Investments (Cost $878,397,374) (95.71%)
|
1,024,911,821 | |||||||
Other Assets in Excess of Liabilities (4.29%)
|
45,978,653 | |||||||
Members' Equity (100.00%)
|
$ | 1,070,890,474 |
*
|
Direct private equity investments are private investments directly into the equity or debt of selected operating companies, often together with the management of the company. Primary investments are investments in newly established private equity partnerships where underlying portfolio companies are not known as of the time of investment. Secondary investments involve acquiring single or portfolios of assets on the secondary market.
|
**
|
The Fair Value of any Direct Investment may not necessarily reflect the current or expected future performance of such Direct Investment or the Fair Value of the Master Fund’s interest in such Direct Investment. Furthermore, the Fair Value of any Direct Investment has not been calculated, reviewed, verified or in any way approved by such Direct Investment or its general partner, manager or sponsor (including any of its affiliates). Please see Note 2.b for further detail regarding the valuation policy of the Master Fund.
|
a
|
Private equity investments are generally issued in private placement transactions and as such are generally restricted as to resale. Total cost and fair value of restricted portfolio funds as of September 30, 2014 was $778,399,675 and $924,913,468, respectively.
|
b
|
Geographic region is based on where a Direct Investment is headquartered and may be different from where such Investment invests or operates. In the case of Primary and Secondary Investments, geographic region generally refers to where the majority of the underlying assets are invested.
|
c
|
Non-income producing.
|
d
|
Each issue shows the rate of the discount at the time of purchase.
|
Assets
|
||||
Private Equity Investments, at fair value (cost $778,399,675)
|
$ | 924,913,468 | ||
Short-term investments, at fair value (cost $99,997,699)
|
99,998,353 | |||
Cash and cash equivalents
|
93,255,265 | |||
Cash denominated in foreign currencies (cost $3,225,945)
|
2,551,944 | |||
Forward foreign currency contracts receivable
|
4,175,945 | |||
Investments in Private Equity Investments paid in advance
|
7,629,859 | |||
Interest receivable
|
1,613,656 | |||
Investment sales receivable
|
2,499,440 | |||
Prepaid assets
|
30,377 | |||
Total Assets
|
$ | 1,136,668,307 | ||
Liabilities
|
||||
Investment purchases payable
|
$ | 44,153,453 | ||
Repurchase amounts payable for tender offers
|
19,461,675 | |||
Management fee payable
|
1,137,562 | |||
Professional fees payable
|
410,733 | |||
Interest expense payable
|
482,210 | |||
Accounting and administration fees payable
|
89,485 | |||
Board of Managers' fees payable
|
22,500 | |||
Custodian fees payable
|
16,161 | |||
Other payable
|
4,054 | |||
Total Liabilities
|
$ | 65,777,833 | ||
Members' Equity
|
$ | 1,070,890,474 | ||
Members' Equity consists of:
|
||||
Members' Equity Paid-in
|
$ | 778,175,278 | ||
Accumulated net investment income
|
33,878,871 | |||
Accumulated net realized gain on investments, forward foreign currency contracts and foreign currency translation
|
108,819,934 | |||
Accumulated net unrealized appreciation on investments, forward foreign currency contracts and foreign currency translation
|
150,016,391 | |||
Total Members' Equity
|
$ | 1,070,890,474 |
Investment Income
|
||||
Dividends (net of $73,314 withholding tax)
|
$ | 3,304,163 | ||
Interest
|
9,335,754 | |||
Transaction fee income
|
52,184 | |||
Other income
|
287,541 | |||
Total Investment Income
|
12,979,642 | |||
Operating Expenses
|
||||
Management fee
|
6,477,581 | |||
Professional fees
|
477,123 | |||
Accounting and administration fees
|
266,188 | |||
Interest expense
|
189,684 | |||
Insurance expense
|
81,339 | |||
Custodian fees
|
55,644 | |||
Board of Managers' fees
|
45,000 | |||
Other expenses
|
265,810 | |||
Net Expenses
|
7,858,369 | |||
Net Investment Income
|
5,121,273 | |||
Net Realized Gain and Change in Unrealized Appreciation (Depreciation)
on Investments, Forward Foreign Currency Contracts and Foreign Currency
|
||||
Net realized gain from investments
|
3,114,516 | |||
Net realized gain on forward foreign currency contracts
|
227,152 | |||
Net realized gain distributions from primary and secondary investments
|
30,288,871 | |||
Net change in accumulated unrealized appreciation (depreciation) on:
|
||||
Investments
|
26,748,863 | |||
Foreign currency translation
|
(381,816 | ) | ||
Forward foreign currency contracts
|
5,314,416 | |||
Net Realized Gain and Change in Unrealized Appreciation (Depreciation) on
Investments, Forward Foreign Currency Contracts and Foreign Currency
|
65,312,002 | |||
Net Increase in Members’ Equity From Operations
|
$ | 70,433,275 |
Adviser’s
Equity
|
Members’
Equity
|
Total Members’ Equity
|
||||||||||
Members' Equity at March 31, 2013
|
$ | 1,269,039 | $ | 656,244,563 | $ | 657,513,602 | ||||||
Capital contributions
|
— | 245,760,013 | 245,760,013 | |||||||||
Capital tenders
|
(10,976,482 | ) | (64,098,298 | ) | (75,074,780 | ) | ||||||
Net investment income
|
— | 18,206,982 | 18,206,982 | |||||||||
Net realized gain from investments
|
— | 15,081,912 | 15,081,912 | |||||||||
Net realized loss on forward foreign currency contracts
|
— | (401,175 | ) | (401,175 | ) | |||||||
Net realized gain on foreign currency translation
|
— | 4,075 | 4,075 | |||||||||
Net realized gain distributions from primary and
secondary investments
|
— | 38,410,123 | 38,410,123 | |||||||||
Net change in accumulated unrealized appreciation on investments, forward foreign currency contracts and foreign currency translation
|
— | 52,949,438 | 52,949,438 | |||||||||
Adviser's Incentive Allocation from April 1, 2013
to March 31, 2014
|
12,420,143 | (12,420,143 | ) | — | ||||||||
Members' Equity at March 31, 2014
|
$ | 2,712,700 | $ | 949,737,490 | $ | 952,450,190 | ||||||
Capital contributions
|
— | 119,984,792 | 119,984,792 | |||||||||
Capital tenders
|
(5,948,010 | ) | (66,029,773 | ) | (71,977,783 | ) | ||||||
Net investment income
|
— | 5,121,273 | 5,121,273 | |||||||||
Net realized gain from investments
|
— | 3,114,516 | 3,114,516 | |||||||||
Net realized gain on forward foreign currency contracts
|
— | 227,152 | 227,152 | |||||||||
Net realized gain distributions from primary and secondary
investments
|
— | 30,288,871 | 30,288,871 | |||||||||
Net change in accumulated unrealized appreciation on investments, forward foreign currency contracts and foreign currency translation
|
— | 31,681,463 | 31,681,463 | |||||||||
Adviser's Incentive Allocation from April 1, 2014 to September 30, 2014
|
7,042,124 | (7,042,124 | ) | — | ||||||||
Members' Equity at September 30, 2014
|
$ | 3,806,814 | $ | 1,067,083,660 | $ | 1,070,890,474 |
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||
Net Increase in Members' Equity from Operations
|
$ | 70,433,275 | ||
Adjustments to reconcile Net Increase in Members' Equity from Operations to net cash provided by
operating activities:
|
||||
Net change in accumulated unrealized appreciation on investments, forward foreign currency
contracts and foreign currency translation
|
(31,681,463 | ) | ||
Net realized gain from investments, forward foreign currency contracts and foreign currency
translation
|
(33,630,539 | ) | ||
Purchases of Private Equity Investments
|
(130,649,542 | ) | ||
Distributions received from Private Equity Investments
|
100,890,102 | |||
Net (purchases) sales of common stocks
|
213,166 | |||
Net (purchases) sales of short-term investments
|
19,997,150 | |||
Net realized gain on forward foreign currency contracts
|
227,152 | |||
Net realized gain distributions from primary and secondary investments
|
30,288,871 | |||
Increase in investments in Private Equity Investments paid in advance
|
(7,629,859 | ) | ||
Decrease in interest receivable
|
412,457 | |||
Increase in investment sales receivable
|
(2,476,690 | ) | ||
Decrease in prepaid assets
|
14,209 | |||
Decrease in other receivable
|
114,000 | |||
Decrease in investment purchases payable
|
(3,993,501 | ) | ||
Decrease in management fee payable
|
(890,017 | ) | ||
Decrease in professional fees payable
|
(47,213 | ) | ||
Increase in interest expense payable
|
189,684 | |||
Decrease in accounting and administration fees payable
|
(78,724 | ) | ||
Decrease in Board of Managers' fees payable
|
(22,500 | ) | ||
Decrease in custodian fees payable
|
(7,602 | ) | ||
Decrease in other payable
|
(325,748 | ) | ||
Net Cash Provided by Operating Activities
|
11,346,668 | |||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||
Proceeds from Members' capital contributions
|
119,984,792 | |||
Distributions for Members' capital tenders
|
(73,456,987 | ) | ||
Net Cash Provided by Financing Activities
|
46,527,805 | |||
Net change in cash and cash equivalents
|
57,874,473 | |||
Effect of exchange rate changes on cash
|
(381,816 | ) | ||
Cash and cash equivalents at beginning of year
|
38,314,552 | |||
Cash and cash equivalents at End of Year
|
$ | 95,807,209 |
Six Months Ended September 30,
2014 (Unaudited)
|
Year Ended March 31, 2014
|
Year Ended March 31, 2013
|
Year Ended March 31, 2012
|
Year Ended March 31, 2011
|
Period from Commencement of Operations -
July 1, 2009 through
March 31, 2010
|
|||||||||||||||||||
Total Return Before Incentive Allocation(1)
|
7.02 | %(3) | 15.94 | % | 11.20 | % | 9.11 | % | 11.08 | % | 4.30 | %(3) | ||||||||||||
Total Return After Incentive Allocation(1)
|
6.46 | %(3) | 14.55 | % | 10.21 | % | 8.33 | % | 9.95 | % | 3.80 | %(3) | ||||||||||||
RATIOS AND SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net Assets, end of period in thousands (000's)
|
$ | 1,070,890 | $ | 952,450 | $ | 657,514 | $ | 384,488 | $ | 166,326 | $ | 28,214 | ||||||||||||
Net investment income (loss) to average net assets before Incentive Allocation
|
1.00 | %(4) | 2.20 | % | 1.48 | % | 1.17 | % | (0.06 | )% | (3.02 | )%(4) | ||||||||||||
Ratio of gross expenses to average net assets, excluding Incentive Allocation (2)
|
1.54 | %(4) | 1.68 | % | 1.65 | % | 1.63 | % | 2.20 | % | 4.96 | %(5) | ||||||||||||
Incentive Allocation to average net assets
|
0.69 | %(3) | 1.50 | % | 1.07 | % | 0.86 | % | 1.86 | % | 0.99 | %(3) | ||||||||||||
Ratio of gross expenses and Incentive Allocation to average net assets (2)
|
2.23 | %(4)(5) | 3.18 | % | 2.72 | % | 2.49 | % | 4.06 | % | 5.95 | %(4)(5) | ||||||||||||
Expense waivers to average net assets
|
0.00 | %(4) | 0.00 | % | 0.00 | % | 0.00 | % | (0.02 | )% | (1.16 | )%(4) | ||||||||||||
Ratio of net expenses and Incentive Allocation to average net assets
|
2.23 | %(4)(5) | 3.18 | % | 2.72 | % | 2.49 | % | 4.04 | % | 4.79 | %(4) | ||||||||||||
Ratio of net expenses to average net assets, excluding Incentive Allocation
|
1.54 | %(4)(5) | 1.68 | % | 1.65 | % | 1.63 | % | 2.18 | % | 3.79 | %(4)(5) | ||||||||||||
Portfolio Turnover
|
11.56 | %(3) | 26.77 | % | 15.47 | % | 8.39 | % | 5.71 | % | 13.05 | %(3)(5) |
(1)
|
Total investment return reflects the changes in net asset value based on the effects of the performance of the Master Fund during the period and adjusted for cash flows related to capital contributions or withdrawals during the period.
|
(2)
|
Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursement by/to the Adviser.
|
(3)
|
Not annualized.
|
(4)
|
Annualized.
|
(5)
|
The Incentive Allocation and/or organizational expenses are not annualized.
|
Contract Amount
|
Unrealized | |||||
Settlement Date
|
Currency
|
Buy
|
Sell
|
Value
|
Appreciation (Depreciation)
|
Counterparty
|
October 23, 2014
|
Euro (€)
|
$60,707,025
|
€45,000,000
|
$56,854,806
|
$3,852,219
|
Barclays Capital
|
December 18, 2014
|
Euro (€)
|
$38,237,409
|
€30,000,000
|
$37,913,683
|
$323,726
|
Barclays Capital
|
Counterparty
|
Gross
Amounts of
Recognized
Assets
|
Gross Amounts Offset
in the Consolidated
Statement of Assets
and Liabilities
|
Net Amounts of
Assets Presented
in the Consolidated
Statement of Assets
and Liabilities
|
Collateral
Pledged
|
Net Amount 1
|
Barclays Capital
|
$4,175,945
|
$—
|
$—
|
$—
|
$4,175,945
|
1
|
Net amount represents the net amount receivable from the counterparty in the event of default.
|
•
|
Level 1 – Quoted prices are available in active markets for identical investments as of the measurement date. The type of investments included in Level 1 include marketable securities that are primarily traded on a securities exchange or over-the-counter. The fair value is determined to be the last sale price on the determination date, or, if no sales occurred on any such day, the mean between the closing bid and ask prices on such day. The Master Fund does not apply a blockage discount to the quoted price for these investments, even in situations where the Master Fund holds a large position and a sale could reasonably impact the quoted price.
|
•
|
Level 2 – Pricing inputs are other than quoted prices in active markets (i.e. Level 1 pricing) and fair value is determined through the use of models or other valuation methodologies through direct or indirect corroboration with observable market data. Investments which are generally included in this category include corporate notes, convertible notes, warrants and restricted equity securities. The fair value of legally restricted equity securities may be discounted depending on the likely impact of the restrictions on liquidity and the Adviser’s estimates.
|
•
|
Level 3 – Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment and/or estimation. Investments that are included in this category generally include equity investments that are privately owned, as well as convertible notes and warrants that are not actively traded. The fair value for investments using Level 3 pricing inputs are based on the Adviser’s estimates that consider a combination of various performance measurements including the timing of the transaction, the market in which the company operates, comparable market transactions, company performance and projections and various performance multiples as applied to earnings before interest, taxes, depreciation and amortization or a similar measure of earnings for the latest reporting period and forward earnings, as well as discounted cash flow analysis. The following table presents the Master Fund’s investments at September 30, 2014 measured at fair value. Due to the inherent uncertainty of valuations, estimated values may materially differ from the values that would have been used had a ready market for the securities existed.
|
Investments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Direct Investments:
|
||||||||||||||||
Direct Equity Investments
|
$ | — | $ | — | $ | 306,365,970 | $ | 306,365,970 | ||||||||
Direct Debt Investments
|
— | — | 191,618,080 | 191,618,080 | ||||||||||||
Total Direct Investments*
|
$ | — | $ | — | $ | 497,984,050 | $ | 497,984,050 | ||||||||
Secondary Investments*
|
— | — | 352,726,352 | 352,726,352 | ||||||||||||
Primary Investments*
|
— | — | 74,203,066 | 74,203,066 | ||||||||||||
Short-Term Investments
|
99,998,353 | — | — | 99,998,353 | ||||||||||||
Total
|
$ | 99,998,353 | $ | — | $ | 924,913,468 | $ | 1,024,911,821 |
|
Balance as
of April 1,
2014
|
Realized
gain
|
Net change in unrealized appreciation/ (depreciation)
|
Gross purchases
|
Gross
sales
|
Net transfers
in or out
of Level 3
|
Balance
as of September 30, 2014
|
|||||||||||||||||||||
Direct Investments:
|
||||||||||||||||||||||||||||
Direct Equity Investments
|
$ | 242,078,103 | $ | 1,748,291 | $ | 40,404,018 | $ | 36,109,825 | $ | (13,974,267 | ) | $ | — | $ | 306,365,970 | |||||||||||||
Direct Debt Investments
|
210,660,647 | 1,209,468 | (5,234,927 | ) | 41,979,129 | (56,996,237 | ) | — | 191,618,080 | |||||||||||||||||||
Total Direct Investments*
|
$ | 452,738,750 | $ | 2,957,759 | $ | 35,169,091 | $ | 78,088,954 | $ | (70,970,504 | ) | $ | — | $ | 497,984,050 | |||||||||||||
Secondary Investments*
|
360,274,889 | 205,628 | (11,492,913 | ) | 31,389,421 | (27,650,673 | ) | — | 352,726,352 | |||||||||||||||||||
Primary Investments*
|
52,073,161 | — | 3,227,663 | 21,171,167 | (2,268,925 | ) | — | 74,203,066 | ||||||||||||||||||||
Total
|
$ | 865,086,800 | $ | 3,163,387 | $ | 26,903,841 | $ | 130,649,542 | $ | (100,890,102 | ) | $ | — | $ | 924,913,468 |
*
|
Direct private equity investments are private investments directly into the equity or debt of selected operating companies, often together with the management of the company. Secondary investments involve acquiring single or portfolios of assets on the secondary market. Primary investments are investments in newly established private equity partnerships where underlying portfolio companies are not known as of the time of investment.
|
Type of Security
|
Fair Value at 9/30/2014
|
Valuation Technique(s)
|
Unobservable Input
|
Range
(weighted average)
|
|||
Direct Investments:
|
|
|
|
|
|||
Direct Equity Investments
|
$ | 296,391,084 |
Market comparable companies
|
Enterprise Value to EBITDA multiple
|
4.20 x - 15.10 x(10.04 x) | ||
|
3,289,539 |
Discounted cash flow
|
Discount factor
|
14.40% - 20.00%(15.20%) | |||
|
1,115,457 |
Market comparable companies
|
Price to Book ratio
|
1.00 x - 1.00 x(1.00 x) | |||
|
2,702,726 |
Market comparable companies
|
Enterprise Value to Sales multiple
|
2.56 x - 2.56 x(2.56 x) | |||
|
2,276,465 |
Price to Earnings multiple
|
Price to Earnings multiple
|
1.42 x - 1.42 x(1.42 x) | |||
|
590,699 |
Exit price
|
Recent transaction price
|
n/a - n/a (n/a)
|
|||
Direct Debt Investments
|
$ | 4,862,125 |
Market comparable companies
|
Enterprise Value to EBITDA multiple
|
8.50 x - 8.50 x(8.50 x) | ||
|
71,313,190 |
Discounted cash flow
|
Discount factor
|
7.09% - 14.98%(11.89%) | |||
|
107,989,005 |
Quoted Debt
|
Quoted Debt
|
n/a - n/a (n/a)
|
|||
|
7,453,760 |
Exit price
|
Recent transaction price
|
n/a - n/a (n/a)
|
(registrant)
|
Partners Group Private Equity (Institutional TEI), LLC
|
|
By (Signature and Title)*
|
/s/ Robert Collins | |
Robert Collins, President &
|
||
Chief Executive Officer
|
||
(Principal Executive Officer)
|
||
Date
|
December 4, 2014
|
By (Signature and Title)*
|
/s/ Robert Collins | |
Robert Collins, President &
|
||
Chief Executive Officer
|
||
(Principal Executive Officer)
|
||
Date
|
December 4, 2014
|
By (Signature and Title)*
|
/s/ Justin Rindos | |
Justin Rindos, Chief Financial Officer
|
||
(Principal Financial Officer)
|
||
Date
|
December 4, 2014
|
Date:
|
December 4, 2014
|
/s/ Robert Collins | ||
Robert Collins, President & Chief Executive Officer
|
||||
(Principal Executive Officer)
|
Date:
|
December 4, 2014
|
/s/ Justin Rindos | ||
Justin Rindos, Chief Financial Officer
|
||||
(Principal Financial Officer)
|
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