0001145549-24-013157.txt : 20240229 0001145549-24-013157.hdr.sgml : 20240229 20240229095253 ACCESSION NUMBER: 0001145549-24-013157 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240229 DATE AS OF CHANGE: 20240229 PERIOD START: 20240331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NB Private Markets Fund III (Master) LLC CENTRAL INDEX KEY: 0001572914 ORGANIZATION NAME: IRS NUMBER: 300769347 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22816 FILM NUMBER: 24699494 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 1 primary_doc.xml NPORT-P false 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 2024-03-31 2023-12-31 N 64042017.520000000000 230943.550000000000 63811073.970000000000 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 Apollo Investment Fund IV, L.P. N/A Apollo Investment Fund IV, L.P. 999999999 7624 OU Other Units USD 7624 0.0119477694 Long PF US Y N/A N N N Charlesbank Equity Fund VIII, L.P. N/A Charlesbank Equity Fund VIII, L.P. 999999999 8629505 OU Other Units USD 8629505 13.5235225849 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 2743899 OU Other Units USD 2743899 4.3000357607 Long PF US Y N/A N N N Clearlake Capital Partners IV, L.P. N/A Clearlake Capital Partners IV, L.P. 999999999 2484492.02 OU Other Units USD 2484492.02 3.8935123097 Long PF US Y N/A N N N Clearlake Opportunities Partners, L.P. N/A Clearlake Opportunities Partners, L.P. 999999999 1840433.73 OU Other Units USD 1840433.73 2.8841917484 Long PF US Y N/A N N N Green Equity Investors VII, L.P. N/A Green Equity Investors VII, L.P. 999999999 4237782.01 OU Other Units USD 4237782.01 6.6411388280 Long PF US Y N/A N N N Lightspeed China Partners II, L.P. N/A Lightspeed China Partners II, L.P. 999999999 3486885 OU Other Units USD 3486885 5.4643885192 Long PF KY Y N/A N N N Lightspeed Venture Partners Select, L.P. N/A Lightspeed Venture Partners Select, L.P. 999999999 1369345 OU Other Units USD 1369345 2.1459363004 Long PF US Y N/A N N N Lightspeed Venture Partners X, L.P. N/A Lightspeed Venture Partners X, L.P. 999999999 6698057 OU Other Units USD 6698057 10.4966999978 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 13616.82 OU Other Units USD 13616.82 0.0213392741 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 1117525.9 OU Other Units USD 1117525.9 1.7513040143 Long PF US Y N/A N N N Meritech Capital Partners V L.P. N/A Meritech Capital Partners V L.P. 999999999 2547727.76 OU Other Units USD 2547727.76 3.9926106889 Long PF US Y N/A N N N OrbiMed Royalty Opportunities II, L.P. N/A OrbiMed Royalty Opportunities II, L.P. 999999999 182719.59 OU Other Units USD 182719.59 0.2863446399 Long PF US Y N/A N N N Rhone Partners V L.P. N/A Rhone Partners V L.P. 999999999 9282514.06 OU Other Units 9282514.06 14.5468701316 Long PF KY Y N/A N N N Platinum Equity Capital Partners III, L.P. N/A Platinum Equity Capital Partners III, L.P. 999999999 1478267 OU Other Units USD 1478267 2.3166308103 Long PF US 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 4320417 OU Other Units USD 4320417 6.7706382783 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 809681.76 OU Other Units USD 809681.76 1.2688734253 Long PF US Y N/A N N N Advent International GPE VIII-B, L.P. N/A Advent International GPE VIII-B, L.P. 999999999 7506938 OU Other Units USD 7506938 11.7643185312 Long PF US Y N/A N N N 2024-01-30 NB Private Markets Fund III (Master) LLC /s/Mark Bonner Mark Bonner Treasurer XXXX NPORT-EX 2 pmfiiim_nportex.htm SOI

 

NB Private Markets Fund III (Master) LLC

Schedule of Investments

December 31, 2023 (Unaudited)

 

Portfolio Funds (A),(B),(D)  Acquisition Type  Acquisition Dates (C)   Geographic Region (E)  Cost   Fair Value 
Buyout/Growth (54.82%)                   
Advent International GPE VIII-B, L.P.  Primary   09/2016 - 02/2022  North America  $4,323,793   $7,527,137 
Apollo Investment Fund IV, L.P.  Secondary  04/2014  North America   77,631    7,624 
BV Investment Partners Fund VIII, L.P.  Primary  08/2014 - 10/2022  North America   995,483    2,765,637 
Charlesbank Equity Fund VIII, L.P.  Primary  01/2015 - 06/2023  North America   6,549,970    8,596,623 
Green Equity Investors VII, L.P.  Primary  05/2017 - 08/2023  North America   2,225,159    4,237,782 
Lone Star Fund IX (U.S.), L.P.  Primary  03/2015 - 06/2018  North America   943,189    1,145,426 
Platinum Equity Capital Partners III, L.P.  Secondary  12/2013 - 09/2023  North America   395,560    1,384,829 
Rhone Partners V, L.P.  Primary  07/2015 - 08/2023  North America   3,989,645    9,282,514 
             19,500,430    34,947,572 
Special Situations (15.09%)                   
Clearlake Capital Partners IV, L.P.  Primary  09/2015 - 01/2023  North America   1,460,527    2,484,492 
Clearlake Opportunities Partners, L.P.  Primary  09/2015 - 12/2023  North America   1,413,373    1,840,434 
Lone Star Real Estate Fund III (U.S.), L.P.  Primary  05/2014 - 04/2017  North America   912,720    15,376 
OrbiMed Royalty Opportunities II, L.P.  Primary  04/2015 - 03/2023  North America   364,332    187,421 
Ridgewood Energy Oil & Gas Fund III, L.P.  Primary  05/2015 - 09/2023  North America   4,314,118    4,300,000 
Walton Street Real Estate Fund VII, L.P.  Primary  03/2014 - 12/2022  North America   1,248,854    789,440 
             9,713,924    9,617,163 
Venture Capital (22.16%)                   
Lightspeed China Partners II, L.P.  Primary  06/2014 - 11/2023  Asia   1,177,826    3,486,885 
Lightspeed Venture Partners Select, L.P.  Primary  03/2014 - 05/2019  North America   634,989    1,256,043 
Lightspeed Venture Partners X, L.P.  Primary  07/2014 - 11/2023  North America   1,266,320    6,255,938 
Meritech Capital Partners V L.P.  Primary  09/2014 - 11/2022  North America   1,289,215    3,129,665 
             4,368,350    14,128,531 

 

Short Term Investments  Cost   Fair Value 
Money Market Fund (8.25%)          
Morgan Stanley Institutional Liquidity Fund Government Portfolio   5,259,122    5,259,122 
    5,259,122    5,259,122 
           
Total Investments (cost $38,841,826) (100.32%)        63,952,388 
Other Assets & Liabilities (Net) (-0.32%)        (205,479)
Members' Equity - Net Assets (100.00%)       $63,746,909 

 

(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, 2023 aggregated $33,582,704. Total fair value of illiquid and restricted securities at December 31, 2023 was $58,693,266 or 92.07% 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 Adviser in accordance with valuation principles set forth below, or as 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. In December 2020, the Securities and Exchange Commission ("SEC") adopted Rule 2a-5 under the Investment Company Act, which establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. Effective as of the compliance date of September 8, 2022, the Board approved changes to the Procedures to comply with Rule 2a-5 and designated NBIA as the Company’s valuation designee (as defined in the rule). The valuation designee, with assistance from NBAA, is responsible for determining fair value in good faith for any and all Fund investments, subject to oversight by the Board.

 

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 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.

 

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 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.

 

Assumptions used by the Adviser due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Company's results of operations and financial condition.

 

The following table presents the investments carried on the Statement of Assets, Liabilities and Members’ Equity - Net Assets by level within the valuation hierarchy as of December 31, 2023.

 

   Level 1   Level 2   Level 3   Net Asset Value   Total 
Assets:                         
Buyout/Growth  $-   $-   $-   $34,947,572   $34,947,572 
Special Situations   -    -    -    9,617,163    9,617,163 
Venture Capital   -    -    -    14,128,531    14,128,531 
Money Market Fund   5,259,122    -    -    -    5,259,122 
Totals  $5,259,122   $-   $-   $58,693,266   $63,952,388 

 

Significant Unobservable Inputs

 

As of December 31, 2023, the Company had investments valued at $63,952,388. The fair value of investments valued at $58,693,266 in the Company's Schedule of Investments have been valued at the unadjusted NAV reported by the managers of the investments.

 

The estimated remaining life of the Company’s Portfolio Funds as of December 31, 2023 is one to three years, with the possibility of extensions by each of the Portfolio Funds.