0001145549-21-017024.txt : 20210323 0001145549-21-017024.hdr.sgml : 20210323 20210323164928 ACCESSION NUMBER: 0001145549-21-017024 CONFORMED SUBMISSION TYPE: NPORT-P/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210323 PERIOD START: 20210331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NB Private Markets Fund III (Master) LLC CENTRAL INDEX KEY: 0001572914 IRS NUMBER: 300769347 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-22816 FILM NUMBER: 21765376 BUSINESS ADDRESS: STREET 1: 325 NORTH SAINT PAUL STREET STREET 2: 49TH FLOOR CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 212-476-8800 MAIL ADDRESS: STREET 1: 325 NORTH SAINT PAUL STREET STREET 2: 49TH FLOOR CITY: DALLAS STATE: TX ZIP: 75201 FORMER COMPANY: FORMER CONFORMED NAME: Excelsior Private Markets Fund III (Master), LLC DATE OF NAME CHANGE: 20130325 NPORT-P/A 1 primary_doc.xml NPORT-P/A false 0001145549-21-013786 0001572914 XXXXXXXX NB Private Markets Fund III (Master) LLC 811-22816 0001572914 549300CJGNVX7BSJQP80 325 North Saint Paul Street 49th Floor Dallas 75201 2124768800 NB Private Markets Fund III (Master) LLC 549300CJGNVX7BSJQP80 2021-03-31 2020-12-31 N 78991266.162078000000 252488.070000000000 78738778.092078000000 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 Advent International GPE VIII-B, L.P. N/A Advent International GPE VIII-B, L.P. 999999999 10246019 OU Other Units USD 10246019 13.0126720890 Long PF US Y N/A N N N Apollo Investment Fund IV, L.P. N/A Apollo Investment Fund IV, L.P. 999999999 12524 OU Other Units USD 12524 0.0159057586 Long PF US Y N/A N N N BV Investment Partners Fund VIII, L.P. N/A BV Investment Partners Fund VIII, L.P. 999999999 3554963 OU Other Units USD 3554963 4.5148821027 Long PF US Y N/A N N N Charlesbank Equity Fund VIII, L.P. N/A Charlesbank Equity Fund VIII, L.P. 999999999 9433355 OU Other Units USD 9433355 11.9805707284 Long PF US Y N/A N N N Clearlake Capital Partners IV, L.P. N/A Clearlake Capital Partners IV, L.P. 999999999 4495682.85 OU Other Units USD 4495682.85 5.7096172419 Long PF US Y N/A N N N Clearlake Opportunities Partners, L.P. N/A Clearlake Opportunities Partners, L.P. 999999999 1638702 OU Other Units USD 1638702 2.0811879987 Long PF US Y N/A N N N Green Equity Investors VII, L.P. N/A Green Equity Investors VII, L.P. 999999999 4466029 OU Other Units USD 4466029 5.6719561926 Long PF US Y N/A N N N Levine Leichtman Capital Partners II, L.P. N/A Levine Leichtman Capital Partners II, L.P. 999999999 36125 OU Other Units USD 36125 0.0458795537 Long PF US Y N/A N N N Lightspeed China Partners II, L.P. N/A Lightspeed China Partners II, L.P. 999999999 5680417.16 OU Other Units USD 5680417.16 7.2142561742 Long PF KY Y N/A N N N Lightspeed Venture Partners Select, L.P. N/A Lightspeed Venture Partners Select, L.P. 999999999 2214945.07 OU Other Units USD 2214945.07 2.8130295182 Long PF US Y N/A N N N Lightspeed Venture Partners X, L.P. N/A Lightspeed Venture Partners X, L.P. 999999999 3594103 OU Other Units USD 3594103 4.5645907736 Long PF US Y N/A N N N Lone Star Fund IX (U.S.), L.P. N/A Lone Star Fund IX (U.S.), L.P. 999999999 1094608.6 OU Other Units USD 1094608.6 1.3901772754 Long PF US Y N/A N N N Lone Star Real Estate Fund III (U.S.), L.P. N/A Lone Star Real Estate Fund III (U.S.), L.P. 999999999 193419 OU Other Units USD 193419 0.2456464333 Long PF US Y N/A N N N Meritech Capital Partners V L.P. N/A Meritech Capital Partners V L.P. 999999999 10924361.03 OU Other Units USD 10924361.03 13.8741815592 Long PF US Y N/A N N N OrbiMed Royalty Opportunities II, L.P. N/A OrbiMed Royalty Opportunities II, L.P. 999999999 724176.06 OU Other Units USD 724176.06 0.9197197081 Long PF US Y N/A N N N Platinum Equity Capital Partners III, L.P. N/A Platinum Equity Capital Partners III, L.P. 999999999 1346408 OU Other Units USD 1346408 1.7099681156 Long PF US Y N/A N N N Rhone Partners V L.P. N/A Rhone Partners V L.P. 999999999 8584897.799352 OU Other Units 8584897.799352 10.9030112066 Long PF KY Y N/A N N N Ridgewood Energy Oil & Gas Fund III, L.P. N/A Ridgewood Energy Oil & Gas Fund III, L.P. 999999999 2861534 OU Other Units USD 2861534 3.6342118450 Long PF US Y N/A N N N Walton Street Real Estate Fund VII, L.P. N/A Walton Street Real Estate Fund VII, L.P. 999999999 1136084.49 OU Other Units USD 1136084.49 1.4428525785 Long PF US Y N/A N N N 2021-01-30 NB Private Markets Fund III (Master) LLC /s/Mark Bonner Mark Bonner Treasurer XXXX NPORT-EX 2 pmfiiimaster_nportex.htm SOI

 

NB Private Markets Fund III (Master) LLC

Schedule of Investments

December 31, 2020 (Unaudited)

 

Portfolio Funds (A),(B),(D)  Acquisition Type  Acquisition Dates (C)  Geographic Region (E)  Cost   Fair Value 
                  
Buyout/Growth (46.62%)                    
Advent International GPE VIII-B, L.P.  Primary   09/2016 - 09/2020   North America  $6,643,000   $12,931,708 
Apollo Investment Fund IV, L.P.  Secondary   04/2014  North America   77,631    9,044 
BVIP Fund VIII, L.P.  Primary   08/2014 - 06/2020  North America   1,259,170    3,829,621 
Charlesbank Equity Fund VIII, LP  Primary   01/2015 - 09/2020  North America   7,924,237    9,445,633 
Green Equity Investors VII, L.P.  Primary   05/2017 - 10/2020  North America   3,152,410    5,497,316 
Levine Leichtman Capital Partners II, L.P.  Secondary   03/2014  North America   709,210    36,125 
Lone Star Fund IX (U.S.), L.P.  Primary   03/2015 - 06/2018  North America   1,150,267    1,277,170 
Platinum Equity Capital Partners III, L.P.  Secondary   12/2013 - 11/2019  North America   1,001,304    2,385,404 
Rhone Partners V L.P.  Primary   07/2015 - 12/2020  North America   6,138,143    9,003,328 
              28,055,372    44,415,349 
Special Situations (11.59%)                    
Clearlake Capital Partners IV, L.P.  Primary   09/2015 - 05/2020  North America   2,568,804    4,495,683 
Clearlake Opportunities Partners, L.P.  Primary   09/2015 - 06/2020  North America   1,416,781    1,638,702 
Lone Star Real Estate Fund III (U.S.), L.P.  Primary   05/2014 - 04/2017  North America   1,110,173    206,159 
OrbiMed Royalty Opportunities II, L.P.  Primary   04/2015 - 09/2020  North America   867,269    794,296 
Ridgewood Energy Oil & Gas Fund III, L.P.  Primary   05/2015 - 09/2020  North America   2,646,793    2,800,000 
Walton Street Real Estate Fund VII, L.P.  Primary   03/2014 - 07/2019  North America   1,231,695    1,110,075 
              9,841,515    11,044,915 
Venture Capital (34.97%)                    
Lightspeed China Partners II, L.P.  Primary   06/2014 - 01/2020  Asia   1,155,497    8,372,252 
Lightspeed Venture Partners Select, L.P.  Primary   03/2014 - 05/2019  North America   1,198,642    2,719,804 
Lightspeed Venture Partners X, L.P.  Primary   07/2014 - 02/2020  North America   1,585,443    5,602,645 
Meritech Capital Partners V L.P.  Primary   09/2014 - 07/2018  North America   2,300,665    16,619,186 
              6,240,247    33,313,887 
                     
Total Investments in Portfolio Funds (cost $44,137,134) (93.18%)            88,774,151 
Other Assets & Liabilities (Net) (6.82%)                  6,498,604 
Members' Equity - Net Assets (100.00%)                 $95,272,755 

 

(A)Non-income producing securities, which are restricted as to public resale and illiquid.
(B)Total cost of illiquid and restricted securities at December 31, 2020 aggregated $44,137,134. Total fair value of illiquid and restricted securities at December 31, 2020 was $88,774,151 or 93.18% of net assets.
(C)Acquisition Dates cover from original investment date to the last acquisition date and is required disclosure for restricted securities only.
(D)All percentages are calculated as fair value divided by the Company's Members' Equity - Net Assets.
(E)Geographic Region is based on where a Portfolio Fund is headquartered and may be different from where the Portfolio Fund invests.

 

 

 

 

Valuation of Investments

 

NB Private Markets Fund III (Master) LLC the (“Company”) computes its net asset value (“NAV”) as of the last business day of each fiscal quarter and at such other times as deemed appropriate by the Registered Investment Adviser and the Sub-Adviser in accordance with valuation principles set forth below, or may be determined from time to time, pursuant to the valuation procedures (the “Procedures”) established by the Board. 

 

The Board has approved the Procedures pursuant to which the Company values its interests in the Portfolio Funds and other investments.  The Board has delegated to the Sub-Adviser general responsibility for determining the value of the assets held by the Company.  The value of the Company’s interests is based on information reasonably available at the time the valuation is made and the Sub-Adviser believes to be reliable. 

 

It is expected that most of the Portfolio Funds in which the Company invests will meet the criteria set forth under the Financial Accounting Standards Board (“FASB”) ASC Topic 820: Fair Value Measurement (“ASC 820”) permitting the use of the practical expedient to determine the fair value of the Portfolio Fund investments. ASC 820 provides that, in valuing alternative investments that do not have quoted market prices but calculate NAV per share or equivalent, an investor may determine fair value by using the NAV reported to the investor by the underlying investment. To the extent ASC 820 is applicable to a Portfolio Fund, the Sub-Adviser generally will value the Company’s investment in the Portfolio Fund based primarily upon the value reported to the Company by the Portfolio Fund as of each quarter-end, determined by the Portfolio Fund in accordance with its own valuation policies. As of December 31, 2020, investments valued using the practical expedient with a fair value of $88,774,151 are excluded from the fair value hierarchy.

 

FASB ASC 820-10 Fair Value Measurements establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). FASB ASC 820-10-35-40 to 54 provides three levels of the fair value hierarchy as follows:

 

  Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access;
     
  Level 2 Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data;
     
  Level 3 Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

 

 

 

 

Most Portfolio Funds are structured as closed-end, commitment-based private investment funds to which the Company commits a specified amount of capital upon inception of the Portfolio Fund (i.e., committed capital) which is then drawn down over a specified period of the Portfolio Fund's life. Such Portfolio Funds generally do not provide redemption options for investors and, subsequent to final closing, do not permit subscriptions by new or existing investors. Accordingly, the Company generally holds interests in Portfolio Funds for which there is no active market, although, in some situations, a transaction may occur in the "secondary market" where an investor purchases a limited partner’s existing interest and remaining commitment.

 

The estimated remaining life of the Company’s Portfolio Funds as of December 31, 2020 is one to six years, with the possibility of extensions by each of the Portfolio Funds.