0001145549-20-053397.txt : 20200828 0001145549-20-053397.hdr.sgml : 20200828 20200828122707 ACCESSION NUMBER: 0001145549-20-053397 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200828 PERIOD START: 20210331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NB Private Markets Fund III (TE) LLC CENTRAL INDEX KEY: 0001572915 IRS NUMBER: 900950233 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22815 FILM NUMBER: 201146537 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 (TE), LLC DATE OF NAME CHANGE: 20130325 NPORT-P 1 primary_doc.xml NPORT-P false 0001572915 XXXXXXXX NB Private Markets Fund III (TE) LLC 811-22815 0001572915 549300AINNPZMXSYU418 325 North Saint Paul Street 49th Floor Dallas 75201 2124768800 NB Private Markets Fund III (TE) LLC 549300AINNPZMXSYU418 2021-03-31 2020-06-30 N 26388626.260000000000 52624.780000000000 26336001.480000000000 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 NB Private Markets Fund III (Offshore) LDC N/A NB Private Markets Fund III (Offshore) LDC 999999999 26147314.65 OU Other Units USD 26147314.65 99.2835403273 Long PF US Y N/A N N N 2020-07-20 NB Private Markets Fund III (TE) LLC /s/Mark Bonner Mark Bonner Treasurer XXXX NPORT-EX 2 nbpmfiiite_nportex.htm SOI

 

NB Private Markets Fund III (TE) LLC (the “Fund”) invests substantially all of its assets in NB Private Markets Fund III (Master) LLC (the “Company”). The percentage of the Company’s members’ equity owned by the Fund at June 30, 2020, was 42.79%. The Fund has included the Company’s schedule of investments as of June 30, 2020, below. The Company’s schedule of investments was also filed on Form NPORT-EX with the Securities and Exchange Commission on August 28, 2020.

 

 

 

 

NB Private Markets Fund III (Master) LLC

Schedule of Investments

June 30, 2020 (Unaudited)

 

Portfolio Funds (A),(B),(D)  Acquisition
Type		  Acquisition
Dates (C)		 

Geographic

Region (E)

  Cost   Fair Value 
                  
Buyout/Growth (50.39%)                   
Advent International GPE VIII-B, L.P.  Primary   09/2016 - 06/2020  North America  $6,559,001   $8,814,942 
Apollo Investment Fund IV, L.P.  Secondary  04/2014  North America   77,631    13,051 
BVIP Fund VIII, L.P.  Primary  08/2014 - 06/2020  North America   1,261,658    3,560,172 
Charlesbank Equity Fund VIII, LP  Primary  01/2015 - 06/2020  North America   7,820,521    9,100,000 
Green Equity Investors VII, L.P.  Primary  05/2017 - 04/2020  North America   3,368,248    4,172,308 
Levine Leichtman Capital Partners II, L.P.  Secondary  03/2014  North America   709,210    36,342 
Lone Star Fund IX (U.S.), L.P.  Primary  03/2015 - 06/2018  North America   1,789,190    1,486,535 
Platinum Equity Capital Partners III, L.P.  Secondary  12/2013 - 11/2019  North America   2,085,046    3,622,063 
Rhone Partners V L.P.  Primary  07/2015 - 04/2020  North America   4,951,141    6,193,456 
             28,621,646    36,998,869 
Special Situations (14.55%)                   
Clearlake Capital Partners IV, L.P.  Primary  09/2015 - 05/2020  North America   2,917,850    4,774,503 
Clearlake Opportunities Partners, L.P.  Primary  09/2015 - 06/2020  North America   1,427,418    1,602,763 
Lone Star Real Estate Fund III (U.S.), L.P.  Primary  05/2014 - 04/2017  North America   1,285,320    383,848 
OrbiMed Royalty Opportunities II, L.P.  Primary  04/2015 - 06/2019  North America   1,033,658    798,309 
Ridgewood Energy Oil & Gas Fund III, L.P.  Primary  05/2015 - 06/2020  North America   2,108,600    1,992,861 
Walton Street Real Estate Fund VII, L.P.  Primary  03/2014 - 07/2019  North America   1,231,694    1,131,575 
             10,004,540    10,683,859 
Venture Capital (28.58%)                   
Lightspeed China Partners II, L.P.  Primary  06/2014 - 01/2020  Asia   1,311,790    6,535,509 
Lightspeed Venture Partners Select, L.P.  Primary  03/2014 - 05/2019  North America   1,317,993    1,859,946 
Lightspeed Venture Partners X, L.P.  Primary  07/2014 - 02/2020  North America   1,625,745    3,628,904 
Meritech Capital Partners V L.P.  Primary  09/2014 - 07/2018  North America   2,339,046    8,955,510 
             6,594,574    20,979,869 
                    
                    
Total Investments in Portfolio Funds (cost $45,220,760) (93.52%)              68,662,597 
Other Assets & Liabilities (Net) (6.48%)              4,758,659 
Members' Equity - Net Assets (100.00%)             $73,421,256 

 

(A)Non-income producing securities, which are restricted as to public resale and illiquid.

(B)Total cost of illiquid and restricted securities at June 30, 2020 aggregated $45,220,760. Total fair value of illiquid and restricted securities at June 30, 2020 was $68,662,597 or 93.52% 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

 

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 June 30, 2020, investments valued using the practical expedient with a fair value of $68,662,597 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 1Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access;

 

Level 2Observable 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 3Unobservable 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 June 30, 2020 is one to six years, with the possibility of extensions by each of the Portfolio Funds.