0001193125-15-314352.txt : 20150908 0001193125-15-314352.hdr.sgml : 20150907 20150908153206 ACCESSION NUMBER: 0001193125-15-314352 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150908 DATE AS OF CHANGE: 20150908 EFFECTIVENESS DATE: 20150908 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PMF TEI Fund, L.P. CENTRAL INDEX KEY: 0001597220 IRS NUMBER: 464480732 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22942 FILM NUMBER: 151096682 BUSINESS ADDRESS: STREET 1: 4265 SAN FELIPE STREET 2: 8TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 713-993-4675 MAIL ADDRESS: STREET 1: 4265 SAN FELIPE STREET 2: 8TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77027 N-CSRS 1 d31373dncsrs.htm PMF TEI FUND, L.P. PMF TEI Fund, L.P.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22942

 

 

PMF TEI Fund, L.P.

(Exact name of registrant as specified in charter)

 

 

4265 SAN FELIPE, 8TH FLOOR, HOUSTON, TX 77027

(Address of principal executive offices) (Zip code)

 

 

 

   With a copy to:
John A. Blaisdell    George J. Zornada
PMF TEI Fund, L.P.    K & L Gates LLP
4265 San Felipe, 8th Floor    State Street Financial Center
Houston, TX 77027    One Lincoln St.
(Name and address of agent for service)    Boston, MA 02111-2950
   (617) 261-3231

 

 

Registrant’s telephone number, including area code: 800-725-9456

Date of fiscal year end: 12/31/15

Date of reporting period: 06/30/15

 

 

 


Item 1. Reports to Stockholders.


LOGO


TABLE OF CONTENTS

 

PMF TEI Fund, L.P.

  

Statement of Assets, Liabilities and Partners’ Capital

     1   

Statement of Operations

     2   

Statement of Changes in Partners’ Capital

     3   

Statement of Cash Flows

     4   

Notes to Financial Statements

     5   

Supplemental Information

     11   

Privacy Policy

     14   

The Endowment PMF Master Fund, L.P.

  

Statement of Assets, Liabilities and Partners’ Capital

     17   

Schedule of Investments

     18   

Statement of Operations

     23   

Statement of Changes in Partners’ Capital

     24   

Statement of Cash Flows

     25   

Notes to Financial Statements

     26   

Supplemental Information

     38   

Privacy Policy

     41   


PMF TEI FUND, L.P.

(A Limited Partnership)

Statement of Assets, Liabilities and Partners’ Capital

June 30, 2015

(Unaudited)

 

Assets

  

Investment in the Offshore Fund, at fair value

   $ 335,313,676   

Receivable from the Offshore Fund

     10,466,850   
  

 

 

 

Total assets

     345,780,526   
  

 

 

 

Liabilities and Partners’ Capital

  

Withdrawals payable

     10,466,850   

Servicing Fees payable

     434,288   

Accounts payable and accrued expenses

     383,890   
  

 

 

 

Total liabilities

     11,285,028   
  

 

 

 

Partners’ capital

     334,495,498   
  

 

 

 

Total liabilities and partners’ capital

   $ 345,780,526   
  

 

 

 

 

See accompanying notes to financial statements.

 

1


PMF TEI FUND, L.P.

(A Limited Partnership)

Statement of Operations

Six Months Ended June 30, 2015

(Unaudited)

 

Net investment loss allocated from the Offshore Fund:

  

Dividend income (net of witholding tax of $514)

   $ 1,102,829   

Interest income

     104,606   

Dividend income from affiliated investments

     680,473   

Expenses

     (1,950,267
  

 

 

 

Net investment loss allocated from the Offshore Fund

     (62,359
  

 

 

 

Income of the TEI Fund:

  

Other income

     59,157   
  

 

 

 

Total income of the TEI Fund

     59,157   
  

 

 

 

Expenses of the TEI Fund:

  

Servicing Fees

     889,219   

Professional fees

     91,648   

Other expenses

     41,954   
  

 

 

 

Total expenses of the TEI Fund

     1,022,821   
  

 

 

 

Net investment loss of the TEI Fund

     (1,026,023
  

 

 

 

Net realized and unrealized gain (loss) from investments

  

Net realized gain from investments allocated from the Offshore Fund

     19,127,650   

Change in unrealized appreciation/depreciation from investments allocated from the Offshore Fund

     (8,165,790
  

 

 

 

Net realized and unrealized gain from investments

     10,961,860   
  

 

 

 

Net increase in partners’ capital resulting from operations

   $ 9,935,837   
  

 

 

 

 

See accompanying notes to financial statements.

 

2


PMF TEI FUND, L.P.

(A Limited Partnership)

Statement of Changes in Partners’ Capital

For the period from March 31, 2014 through December 31, 20141

and the six months ended June 30, 2015 (Unaudited)

 

Partners’ capital at March 31, 2014

   $ —     

Transfer of Interests from The Endowment Master Fund, L.P. (Note 1)

     882,298,855   

Withdrawals

     (466,883,845

Net decrease in partners’ capital resulting from operations:

  

Net investment loss

     (7,623,038

Net realized gain from investments allocated from the Master Fund

     45,461,499   

Change in unrealized appreciation/depreciation from investments allocated from the Master Fund

     (11,735,300

Realized loss from early liquidity offer

     (65,781,745
  

 

 

 

Net decrease in partners’ capital resulting from operations

     (39,678,584
  

 

 

 

Partners’ capital at December 31, 2014

   $ 375,736,426   
  

 

 

 

Withdrawals

     (51,176,765

Net increase in partners’ capital resulting from operations:

  

Net investment loss

     (1,026,023

Net realized gain from investments allocated from the Master Fund

     19,127,650   

Change in unrealized appreciation/depreciation from investments allocated from the Master Fund

     (8,165,790
  

 

 

 

Net increase in partners’ capital resulting from operations

     9,935,837   
  

 

 

 

Partners’ capital at June 30, 2015

   $ 334,495,498   
  

 

 

 

 

1 

PMF TEI Fund, L.P. commenced operations on March 31, 2014.

 

See accompanying notes to financial statements.

 

3


PMF TEI FUND, L.P.

(A Limited Partnership)

Statement of Cash Flows

Six Months Ended June 30, 2015

(Unaudited)

 

Cash flows from operating activities:

  

Net increase in partners’ capital resulting from operations

   $ 9,935,837   

Adjustments to reconcile net increase in partners’ capital resulting from operations to net cash provided by operating activities:

  

Net realized and unrealized gain from investments allocated from the Offshore Fund

     (10,961,860

Net investment loss allocated from the Offshore Fund

     62,359   

Redemptions from the Offshore Fund

     52,184,736   

Change in operating assets and liabilities:

  

Receivable from the Offshore Fund

     5,967,361   

Servicing Fees payable

     (61,853

Accounts payable and accrued expenses

     17,546   
  

 

 

 

Net cash provided by operating activities

     57,144,126   
  

 

 

 

Cash flows from financing activities:

  

Withdrawals

     (57,144,126
  

 

 

 

Net cash used in financing activities

     (57,144,126
  

 

 

 

Net change in cash and cash equivalents

     —     

Cash and cash equivalents at beginning of period

     —     
  

 

 

 

Cash and cash equivalents at end of period

   $ —     
  

 

 

 

 

See accompanying notes to financial statements.

 

4


PMF TEI FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements

June 30, 2015

(Unaudited)

 

(1) ORGANIZATION

PMF TEI Fund, L.P. (the “TEI Fund”), a Delaware limited partnership registered under the Investment Company Act of 1940, as amended (the “1940 Act”), commenced operations on March 31, 2014, as a non-diversified, closed-end management investment company. The TEI Fund was created to serve as a feeder fund for PMF TEI Offshore Fund, Ltd. (the “Offshore Fund”), which in turn is a feeder fund for The Endowment PMF Master Fund, L.P. (the “Master Fund”). There are currently three feeder funds (the “Feeder Funds”). For convenience, reference to the TEI Fund may include the Offshore Fund and Master Fund, as the context requires.

On March 31, 2014 the Master Fund received in an in-kind transfer a portfolio of investments funds including, but not limited to, limited partnerships, limited liability companies, offshore corporations and other foreign investment vehicles (collectively, the “Investment Funds”) from The Endowment Master Fund, L.P. (the “Legacy Master Fund”), in exchange for limited partnership interests (the “Interests”) of the Master Fund totaling $1,723,272,229. The transfer was accounted for as a tax-free transaction resulting in Investment Funds transferring to the Master Fund with a total market value of $1,490,836,309, consisting of total cost and accumulated appreciation of $1,317,376,887 and $173,459,422, respectively, and cash and other assets of $232,135,920. Partners in four feeder funds to the Legacy Master Fund elected to transfer $882,298,855 of Interests to the TEI Fund.

The TEI Fund’s investment objective is to manage a portfolio of Investment Funds and cash to preserve value while prioritizing liquidity to investors over active management, until such time as the Master Fund’s portfolio has been liquidated. The Master Fund holds a portfolio of Investment Funds, reflecting an approximate pro rata division of the portfolio of the Legacy Master Fund, managed in a broad range of investment strategies and asset categories. The Adviser, as hereinafter defined, manages the Master Fund portfolio primarily in a passive manner whereby the Master Fund holds to self-liquidating private equity and other similar illiquid interests in Investment Funds and oversees the liquidation of other Investment Funds that provide for redemption while managing the Master Fund’s cash to ensure the Master Fund has the ability to satisfy outstanding capital commitments relating to such portfolio holdings. The Master Fund’s financial statements, Schedule of Investments and notes to financial statements included elsewhere in this report, should be read in conjunction with this report. The Offshore Fund serves solely as an intermediary for the TEI Fund’s investment in the Master Fund. The percentage of the Master Fund’s partnership interests indirectly owned by the TEI Fund on June 30, 2015, was 31.09%.

The Endowment Fund GP, L.P., a Delaware limited partnership, serves as the general partner of the TEI Fund, the Master Fund and the Legacy Master Fund (the “General Partner”). To the fullest extent permitted by applicable law, the General Partner has irrevocably delegated to a board of directors (the “Board” and each member a “Director”) its rights and powers to monitor and oversee the business affairs of the TEI Fund, including the complete and exclusive authority to oversee and establish policies regarding the management, conduct, and operation of the TEI Fund’s business. A majority of the members of the Board are independent of the General Partner and its management. To the extent permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the TEI Fund, the Adviser, or any committee of the Board.

The Board is authorized to engage an investment adviser and it has selected Endowment Advisers, L.P. (the “Adviser”), to manage the TEI Fund’s portfolio and operations, pursuant to an investment management agreement (the “Investment Management Agreement”). The Adviser is a Delaware limited partnership that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Under the

 

5


PMF TEI FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

Investment Management Agreement, the Adviser is responsible for the establishment of an investment committee, which is responsible for developing, implementing, and supervising the TEI Fund’s investment program subject to the ultimate supervision of the Board. In addition to investment advisory services, the Adviser also functions as the servicing agent of the TEI Fund (the “Servicing Agent”) and as such provides or procures investor services and administrative assistance for the TEI Fund. The Adviser can delegate all or a portion of its duties as Servicing Agent to other parties, who would in turn act as sub-servicing agents.

Under the TEI Fund’s organizational documents, the TEI Fund’s officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the TEI Fund. In the normal course of business, the TEI Fund enters into contracts with service providers, which also provide for indemnifications by the TEI Fund. The TEI Fund’s maximum exposure under these arrangements is unknown, as this would involve any future potential claims that may be made against the TEI Fund. However, based on experience, the General Partner expects that risk of loss to be remote.

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES

(a) BASIS OF ACCOUNTING

The accounting and reporting policies of the TEI Fund conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The accompanying financial statements reflect the financial position of the TEI Fund and the results of its operations. The TEI Fund is an investment company and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”.

(b) CASH EQUIVALENTS

The TEI Fund considers all unpledged temporary cash investments with a maturity date at the time of purchase of three months or less to be cash equivalents.

(c) INVESTMENT SECURITIES TRANSACTIONS

The TEI Fund records monthly, its pro-rata share of income, expenses, changes in unrealized appreciation and depreciation, and realized gains and losses derived from the Offshore Fund.

The TEI Fund records investment transactions on a trade-date basis.

Investments that are held by the TEI Fund are marked to fair value at the date of the financial statements, and the corresponding change in unrealized appreciation/depreciation is included in the Statement of Operations.

(d) INVESTMENT VALUATION

The valuation of the TEI Fund’s investments is determined as of the close of business at the end of each reporting period, generally monthly. The valuation of the TEI Fund’s investments is calculated by UMB Fund Services, Inc., the TEI Fund’s independent administrator (the “Administrator”).

The Board has formed a valuation committee (the “Board Valuation Committee”) that is responsible for overseeing the TEI Fund’s valuation policies, making recommendations to the Board on valuation-related matters, and overseeing implementation by the Adviser of such valuation policies.

 

6


PMF TEI FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

The Board has authorized the Adviser to establish a valuation committee of the Adviser (the “Adviser Valuation Committee”). The Adviser Valuation Committee’s function, subject to the oversight of the Board Valuation Committee and the Board, is generally to review valuation methodologies, valuation determinations, and any information provided to the Adviser Valuation Committee by the Adviser or the Administrator.

The TEI Fund invests substantially all of its assets in the Offshore Fund, which in turn invests substantially all of its assets in the Master Fund. Investments in the Master Fund are recorded at fair value based on the TEI Fund’s proportional share of the Master Fund’s partners’ capital, through the Offshore Fund. Valuation of the investments held by the Master Fund is discussed in the Master Fund’s notes to financial statements, included elsewhere in this report.

(e) INVESTMENT INCOME

For investments in securities, dividend income is recorded on the ex-dividend date, net of withholding taxes. Interest income is recorded as earned on the accrual basis and includes amortization of premiums or accretion of discounts.

(f) FUND EXPENSES

Unless otherwise voluntarily or contractually assumed by the Adviser or another party, the TEI Fund bears all expenses incurred in its business, directly or indirectly through its investment in the Master Fund (through the Offshore Fund), including but not limited to, the following: all costs and expenses related to investment transactions and positions for the TEI Fund’s account; legal fees; accounting, auditing and tax preparation fees; recordkeeping and custodial fees; costs of computing the TEI Fund’s net asset value; fees for data and software providers; research expenses; costs of insurance; registration expenses; expenses of meetings of the partners; directors fees; all costs with respect to communications to partners; offshore withholding taxes; and other types of expenses as may be approved from time to time by the Board.

(g) INCOME TAXES

The TEI Fund is organized and operates as a limited partnership and is not subject to income taxes as a separate entity. Such taxes are the responsibility of the individual partners. Accordingly, no provision for income taxes has been made in the TEI Fund’s financial statements. Investments in foreign securities may result in foreign taxes being withheld by the issuer of such securities.

For the current open tax year and the tax year ended December 31, 2014, and for all major jurisdictions, management of the TEI Fund has evaluated the tax positions taken or expected to be taken in the course of preparing the TEI Fund’s tax returns to determine whether the tax positions will “more-likely-than-not” be sustained by the TEI Fund upon challenge by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold and that would result in a tax benefit or expense to the TEI Fund would be recorded as a tax benefit or expense in the current period. For the six months ended June 30, 2015, the TEI Fund did not recognize any amounts for unrecognized tax benefit/expense. A reconciliation of unrecognized tax benefit/expense is not provided herein, as the beginning and ending amounts of unrecognized tax benefit/expense are zero, with no interim additions, reductions or settlements. Tax positions taken in tax years which remain open under the statute of limitations (generally three years for federal income tax purposes) are subject to examination by federal and state tax jurisdictions.

 

7


PMF TEI FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

(h) USE OF ESTIMATES

The financial statements have been prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results may differ from those estimates and such differences may be significant.

(3) FAIR VALUE MEASUREMENTS

The TEI Fund records its investment in the Offshore Fund, which in turn invests substantially all of its assets in the Master Fund, at fair value. Investments of the Master Fund are recorded at fair value as more fully discussed in the Master Fund’s notes to financial statements, included elsewhere in this report.

(4) PARTNERS’ CAPITAL ACCOUNTS

(a) ISSUANCE OF INTERESTS

Interests of the TEI Fund are generally available only to those investors who received Interests as in-kind repurchase proceeds for their tendered interests in one of the feeder funds to the Legacy Master Fund. Interests of the TEI Fund will generally not otherwise be offered or sold.

(b) ALLOCATION OF PROFITS AND LOSSES

For each fiscal period, generally monthly, net profits or net losses of the TEI Fund, including allocations from the Master Fund, are allocated among and credited to or debited against the capital accounts of all partners as of the last day of each fiscal period in accordance with the partners’ respective capital account ownership percentage for the fiscal period. Net profits or net losses are measured as the net change in the value of the partners’ capital of the TEI Fund, including any change in unrealized appreciation or depreciation of investments and income, net of expenses, and realized gains or losses during a fiscal period.

(c) REPURCHASE OF INTERESTS

A partner will not be eligible to have the TEI Fund repurchase all or any portion of an Interest at the partner’s discretion at any time. Interests are not redeemable nor are they exchangeable for Interests or shares of any other fund.

The Master Fund anticipates making quarterly distributions pro rata to all investors in an amount equal to the Master Fund’s excess cash (“Excess Cash”). Excess Cash is defined as the amount of cash on hand over and above the amount necessary or prudent for operational and regulatory purposes (“Required Cash”). The amount of Required Cash is determined by the Adviser with oversight by the Board. Excess Cash is generally distributed in the subsequent quarter or quarters where the aggregate of Excess Cash from such subsequent quarter(s) and prior quarters exceeds a threshold of $10 million. Intra-quarter distributions may also be made if Excess Cash exceeds a threshold of $25 million as of the forty fifth day after the end of any quarter. The Master Fund may make in-kind distributions of portfolio securities as deemed necessary.

(5) INVESTMENTS IN PORTFOLIO SECURITIES

As of June 30, 2015, all of the investments made by the TEI Fund were in the Master Fund (through the Offshore Fund).

 

8


PMF TEI FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

(6) FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK

In the normal course of business, the Investment Funds in which the TEI Fund may invest either directly or through the Offshore Fund and Master Fund may trade various derivative securities and other financial instruments, and enter into various investment activities with off-balance sheet risk both as an investor and as a principal. The TEI Fund’s risk of loss in these Investment Funds is limited to the TEI Fund’s pro rata share of the value of its investment in or commitment to such Investment Funds as held directly or through the Offshore Fund and Master Fund.

(7) ADMINISTRATION AGREEMENT

In consideration for administrative, accounting, and recordkeeping services, the Master Fund pays the Administrator a monthly administration fee based on the month-end partners’ capital of the Master Fund. The Administrator also provides the TEI Fund, the Offshore Fund and the Master Fund with compliance, transfer agency, and other investor related services at an additional cost.

The fees for TEI Fund administration are paid out of the Master Fund’s assets, which decreases the net profits or increases the net losses of the partners in the TEI Fund.

(8) RELATED PARTY TRANSACTIONS

(a) INVESTMENT MANAGEMENT FEE

In consideration of the advisory and other services provided by the Adviser to the Master Fund and the TEI Fund, the Master Fund pays the Adviser an investment management fee (the “Investment Management Fee”) equal to 0.70% on an annualized basis of the Master Fund’s partners’ capital at the end of each month, payable monthly in arrears, for the six quarters following March 31, 2014, and 0.40% on an annualized basis for periods thereafter until the period ending March 31, 2024, when the Adviser will no longer receive the Investment Management Fee.

The TEI Fund’s partners bear an indirect portion of the Investment Management Fee paid by the Master Fund. The Investment Management Fee decreases the net profits or increases the net losses of the Master Fund and indirectly the TEI Fund as the fees reduce the capital accounts of the Master Fund’s partners.

(b) SERVICING FEE

In consideration for providing or procuring investor services and administrative assistance to the TEI Fund, the Adviser receives a servicing fee (the “Servicing Fee”) equal to 0.50% (on an annualized basis) of each partner’s capital account balance, calculated at the end of each month, payable quarterly in arrears, for the six quarters following March 31, 2014, and 0.40% (on an annualized basis) for periods thereafter until the period ending March 31, 2024, when the Adviser will no longer receive a Servicing Fee.

The Adviser may engage one or more sub-servicing agents to provide some or all of the services. Compensation to any sub-servicing agent is paid by the Adviser. The Adviser or its affiliates also may pay a fee out of their own resources to sub-servicing agents.

For the six months ended June 30, 2015, $889,219 was incurred for Servicing Fees.

 

9


PMF TEI FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

(9) FINANCIAL HIGHLIGHTS

 

     Six Months Ended
June 30, 2015
(Unaudited)
     For the Period
March 31, 2014 Through
December 31, 20141
 

Net investment loss to average partners’ capital2

     (0.59)%         (2.11)%   

Expenses to average partners’ capital2

     1.67%         3.10%   

Portfolio Turnover3

     5.92%         5.28%   

Internal rate of return since inception4

     (6.81)%         (9.73)%   

Partners’ capital, end of period (000’s)

   $ 334,495        $ 375,736    

An investor’s return (and operating ratios) may vary from those reflected based on the timing of capital transactions.

 

1

The PMF TEI Fund, L.P. commenced operations on March 31, 2014.

2

Ratios are calculated by dividing the indicated amount by average partners’ capital measured at the end of each month during the period. Ratios include allocations of net investment loss and expenses from the Offshore Fund and the Master Fund. These ratios have been annualized for periods less than twelve months.

3

The TEI Fund is invested exclusively in the Offshore Fund which in turn is invested solely in the Master Fund, therefore this ratio reflects the portfolio turnover of the Master Fund, which is for the period indicated.

4

The internal rate of return since inception (“IRR”) of the limited partners is net of all fees and profit allocations to the Adviser. The IRR was computed based on the actual dates of the cash inflows (capital contributions), cash outflows (cash distributions), and the ending partners’ capital as of June 30, 2015 (the residual value). The IRR reported is for the PMF TEI Fund as a whole, which includes the early liquidity discount that was specifically allocated only to those investors that did not elect the PMF TEI Fund option but instead elected to be fully redeemed for cash pursuant to the March 31, 2014 tender offer. The IRR for investors who remained invested in the PMF TEI Fund is 5.78%. The IRR reported for the Master Fund is 6.09%.

The total return of the TEI Fund for the six months ended June 30, 2015 is 2.94% and is calculated as geometrically linked monthly returns for each month in the period. Total return is not annualized for periods less than twelve months.

(10) SUBSEQUENT EVENTS

Effective August 24, 2015, Salient Partners, L.P. (“Salient”)—the parent company of the Master Fund’s Adviser—completed its acquisition of Forward Management (“Forward”). Following Salient’s acquisition of Forward, the Master Fund and the registered investment companies managed by subsidiaries of Salient are now related investment companies.

Management of the TEI Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements as of June 30, 2015.

 

10


PMF TEI FUND, L.P.

(A Limited Partnership)

Supplemental Information

June 30, 2015

(Unaudited)

 

Directors and Officers

The TEI Fund’s operations are managed under the direction and oversight of the Board. Each Director serves for an indefinite term or until he or she reaches mandatory retirement, if any, as established by the Board. The Board appoints the officers of the TEI Fund who are responsible for the TEI Fund’s day-to-day business decisions based on policies set by the Board. The officers serve at the pleasure of the Board.

Compensation for Directors

The Endowment PMF Master Fund, L.P., PMF Fund, L.P., and PMF TEI Fund, L.P., together pay each of the Directors who is not an “interested person” of the Adviser, as defined in the 1940 Act (the “Independent Directors”) an annual retainer of $12,500 paid quarterly, an annual Board meeting fee of $4,500, a fee of $1,000 for each informal Board meeting, a fee of $500 for each telephonic Board meeting, annual fees of $625, $625, and $833 for membership on the Audit, Valuation and Compliance Committees, respectively paid quarterly, annual fees of $3,000, $4,000 and $3,000 for the Audit, Valuation and Compliance Committee chair positions, respectively paid quarterly, and an annual fee of $5,000 to the Lead Independent Director, paid quarterly. There are currently four Independent Directors. In the interest of retaining Independent Directors of the highest quality, the Board intends to periodically review such compensation and may modify it as the Board deems appropriate.

Allocation of Investments

The following chart indicates the allocation of investments among the asset classes in the Master Fund as of June 30, 2015.

 

Asset Class1

   Fair Value      %  

Energy

   $ 181,600,015         17.6   

Event-Driven

     64,024,817         6.2   

Global Macro and Trading

     28,277,924         2.8   

Private Equity

     593,406,342         57.7   

Real Estate

     124,990,750         12.1   

Relative Value

     36,937,044         3.6   
  

 

 

    

 

 

 

Total Investments

   $ 1,029,236,892         100.0   
  

 

 

    

 

 

 

 

1

The complete list of investments is included in the Schedule of Investments of the Master Fund, which is included elsewhere in this report.

Form N-Q Filings

The TEI Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The TEI Fund’s Form N-Q is available on the Securities and Exchange Commission website at http://www.sec.gov. The TEI Fund’s Form N-Q may be reviewed and copied at the Securities and Exchange Commission Public Reference Room in Washington, DC and information regarding operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

 

11


PMF TEI FUND, L.P.

(A Limited Partnership)

Supplemental Information, continued

June 30, 2015

(Unaudited)

 

Proxy Voting Policies

A description of the policies and procedures that the TEI Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-725-9456; and (ii) on the Securities and Exchange Commission website at http://www.sec.gov.

Information regarding how the TEI Fund voted proxies relating to portfolio securities during the year ended June 30, 2015 is available (i) without charge, upon request, by calling 1-800-725-9456; and (ii) on the Securities and Exchange Commission website at http://www.sec.gov.

Additional Information

The TEI Fund’s private placement memorandum (the “PPM”) includes additional information about Directors of the TEI Fund. The PPM is available, without charge, upon request by calling 1-800-725-9456.

The Adviser’s Investment Committee Members

As of the date of the filing, the Investment Committee is responsible for the day-to-day management of the Fund’s portfolio. The Endowment PMF Master Fund, L.P. (the “Master Fund”), PMF Fund, L.P. (the “PMF Fund”), and PMF TEI Fund, L.P. (the “TEI Fund”) are registered investment companies (collectively, the “Fund Complex” and each individually the “Fund”). The members of the Investment Committee (each an “Investment Committee Member”) are: Messrs. Lee G. Partridge, William B. Hunt and William R. Guinn.

Mr. Partridge has served as an Investment Committee Member since January 15, 2013, and has served as Chief Investment Officer of Salient Partners, L.P. (“Salient”), which owns Salient Trust Co., LTA, a trust company chartered under the laws of the State of Texas, since January 15, 2013. Mr. Hunt has served as an Investment Committee Member since 2014 and as Chief Risk Officer of Salient since 2014. He previously held positions as a Senior Analyst and Portfolio Manager of Iridian Asset Management (from 1996-2011) and Professor at Southern Methodist University (from 1991-2000). Mr. Guinn has served as an Investment Committee Member since 2014 and Director of Salient since 2013. Previously, he held the position of Director of Strategic Partnerships and Opportunistic Investments at the Teacher Retirement System of Texas (2009-2013). Each member of the Investment Committee reviews asset allocation recommendations made by the Adviser’s representatives, manager due diligence and recommendations and, by a majority vote of the Investment Committee, determines asset allocation and manager selection.

The Adviser and certain other entities controlled by the Principals manage investment programs which are similar to that of the Fund, and the Adviser and/or the Principals may in the future serve as an investment adviser or otherwise manage or direct the investment activities of other registered and/or private investment vehicles with investment programs similar to the Funds.

Other Accounts Managed by the Investment Adviser

Certain Investment Committee Members, who are primarily responsible for the day-to-day management of the Fund, also manage other registered investment companies, other pooled investment vehicles and other accounts, as indicated below. The following tables identify, as of December 31, 2014: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by the

 

12


PMF TEI FUND, L.P.

(A Limited Partnership)

Supplemental Information, continued

June 30, 2015

(Unaudited)

 

Investment Committee Member and the total assets of such companies, vehicles and accounts; and (ii) the number and total assets of such companies, vehicles and accounts with respect to which the advisory fee is based on performance.

 

Name

  Number of Other
Accounts
    Total Assets of Other
Accounts
    Number of Other Accounts
Subject to a Performance
Fee
    Total Assets of Other
Accounts Subject to
a Performance Fee
 

Lee Partridge

       

Registered investment companies(1)

    13      $ 3.73 billion        0      $ —     

Other pooled investment companies(1)

    16      $ 1.43 billion        3      $ 477.55 million   

Other accounts

    4301      $ 15.13 billion        3      $ 10.59 billion   

William B. Hunt

       

Registered investment companies(1)

    5      $ 363.81 million        0      $ —     

Other pooled investment companies(1)

    4      $ —          0      $ —     

Other accounts

    0      $ —          0      $ —     

William R. Guinn

       

Registered investment companies(1)

    8      $ 2.55 billion        0      $ —     

Other pooled investment companies(1)

    7      $ 1.06 billion        2      $ 426.78 million   

Other accounts

    4300      $ 5.90 billion        2      $ 87.82 million   

 

(1)

For registered investment companies and pooled investment vehicles managed, the number of vehicles reported for master feeder structures includes both the master fund and feeder funds while the corresponding total assets reported reflect the assets of the master fund only.

 

 

13


PMF TEI FUND, L.P.

(A Limited Partnership)

 

Privacy Policy (Unaudited)

The TEI Fund recognizes the importance of securing personal financial information. It is our policy to safeguard any personal and financial information that may be entrusted to us. The following is a description of the TEI Fund’s policy regarding disclosure of nonpublic personal information.

We collect nonpublic personal information as follows:

We collect information about our investors, including, but not limited to, the investor’s name, address, telephone number, e-mail address, social security number and date of birth. We collect that information from subscription agreements, other forms of correspondence that we receive from investors, from personal conversations and from affiliated entities as permitted by law.

We receive information about investor transactions with us, including, but not limited to, account number, account balance, investment amounts, withdrawal amounts and other financial information.

We are permitted by law to disclose nonpublic information we collect, as described above, to the TEI Fund’s service providers, including the TEI Fund’s investment adviser, sub-advisers, servicing agent, independent administrator, custodian, legal counsel, accountant and auditor. We do not disclose any nonpublic information about our current or former investors to nonaffiliated third parties, except as required or permitted by law. We restrict access to investor nonpublic personal information to those persons who require such information to provide products or services to investors. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard investors’ nonpublic personal information.

If an investor’s investment relationship with the TEI Fund involves a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of such investor’s financial intermediary would govern how any nonpublic personal information would be shared by them with nonaffiliated third parties.

 

14


the

ENDOWMENT FUND

The Endowment PMF Master Fund, L.P.

Shareholder Report

June 30, 2015

(Unaudited)


 

 

This Page Intentionally Left Blank

 

 

 

 

16


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Statement of Assets, Liabilities and Partners’ Capital

June 30, 2015

(Unaudited)

 

Assets

  

Investments in Investment Funds, at fair value (Cost $526,917,776)

   $ 614,144,581   

Investments in affiliated Investment Funds, at fair value (Cost $392,850,212)

     415,092,311   
  

 

 

 

Total investments

     1,029,236,892   

Cash and cash equivalents

     78,075,600   

Receivable from affiliate

     801,235   

Receivable from investments sold

     7,435,012   

Advanced contributions to Investment Funds

     292,148   

Prepaids and other assets

     122,420   
  

 

 

 

Total assets

     1,115,963,307   
  

 

 

 

Liabilities and Partners’ Capital

  

Withdrawals payable

     33,700,017   

Investment Management Fees payable

     1,952,460   

Offshore withholding tax payable

     772,732   

Administration fees payable

     165,371   

Accounts payable and accrued expenses

     873,700   
  

 

 

 

Total liabilities

     37,464,280   
  

 

 

 

Partners’ capital

     1,078,499,027   
  

 

 

 

Total liabilities and partners’ capital

   $ 1,115,963,307   
  

 

 

 

 

See accompanying notes to financial statements.

 

17


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Schedule of Investments

June 30, 2015

(Unaudited)

 

     Shares    Fair
Value
     % of
Partners’
Capital

Investments in Investment Funds

        

Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies

        

British Virgin Islands

        

Private Equity (0.09% of Partners’ Capital)

        

Penta Asia Domestic Partners, L.P.

      $ 1,005,492      
     

 

 

    

Total British Virgin Islands

        1,005,492      
     

 

 

    

Cayman Islands

        

Energy (2.39% of Partners’ Capital)

        

Sentient Global Resources Fund III, L.P.

        17,710,161      

Sentient Global Resources Fund IV, L.P.

        8,033,159      

Private Equity (22.03% of Partners’ Capital)

        

ABRY Advanced Securities Fund, L.P.

        239,041      

CX Partners Fund Ltd(1)(2)

        21,679,370      

Gavea Investment Fund II A, L.P.

        942,199      

Gavea Investment Fund III A, L.P.(1)

        11,867,814      

Hillcrest Fund, L.P.(2)

        9,246,746      

India Asset Recovery Fund L.P.

        201,653      

J.C. Flowers III LP(1)

        9,634,237      

LC Fund IV, L.P.(1)(2)

        20,701,538      

New Horizon Capital III, L.P.(1)

        26,895,514      

Northstar Equity Partners III(1)

        6,253,361      

Orchid Asia IV, L.P.(1)

        5,687,842      

Reservoir Capital Partners (Cayman), L.P.

        12,501,156      

Tiger Global Private Investment Partners IV, L.P.

        9,676,635      

Tiger Global Private Investment Partners V, L.P.(1)

        15,638,036      

Tiger Global Private Investment Partners VI, L.P.

        13,316,881      

Trustbridge Partners II, L.P.(1)

        23,057,337      

Trustbridge Partners III, L.P.(2)

        31,802,334      

Trustbridge Partners IV, L.P.(1)

        18,191,109      

Real Estate (1.90% of Partners’ Capital)

        

Forum European Realty Income III, L.P.(1)

        11,459,224      

Phoenix Asia Real Estate Investments II, L.P.

        7,764,915      

Phoenix Real Estate Fund (T) L.P.(2)

        1,288,530      
     

 

 

    

Total Cayman Islands

        283,788,792      
     

 

 

    

Guernsey

        

Private Equity (0.42% of Partners’ Capital)

        

Mid Europa Fund III LP(1)

        4,536,159      
     

 

 

    

Total Guernsey

        4,536,159      
     

 

 

    

 

See accompanying notes to financial statements.

 

18


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Schedule of Investments, continued

June 30, 2015

(Unaudited)

 

     Shares      Fair
Value
     % of
Partners’
Capital

Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies (continued)

        

United Kingdom

        

Private Equity (0.45% of Partners’ Capital)

        

Darwin Private Equity I L.P.(1)

      $ 4,811,899      

Real Estate (0.45% of Partners’ Capital)

        

Benson Elliott Real Estate Partners II, L.P.(1)

        1,081,157      

Patron Capital, L.P. II(1)

        289,434      

Patron Capital, L.P. III

        3,502,446      
     

 

 

    

Total United Kingdom

        9,684,936      
     

 

 

    

United States

        

Energy (14.34% of Partners’ Capital)

        

ArcLight Energy Partners Fund IV, L.P.(1)

        2,697,429      

ArcLight Energy Partners Fund V, L.P.(1)

        4,782,277      

CamCap Resources, L.P.

        18,351      

EnCap Energy Capital Fund VII-B LP(1)

        2,643,018      

EnCap Energy Infrastructure TE Feeder, L.P.(1)(2)

        3,197,372      

Energy & Minerals Group Fund II, L.P.(1)

        16,026,021      

Intervale Capital Fund, L.P.(1)

        4,612,802      

Merit Energy Partners G, L.P.(1)

        15,249,172      

Midstream & Resources Follow-On Fund, L.P.(1)(2)

        29,400,173      

NGP Energy Technology Partners II, L.P.

        5,369,331      

NGP IX Offshore Fund, L.P.(1)

        10,519,795      

NGP Midstream & Resources, L.P.(1)

        16,726,482      

Quantum Parallel Partners V, L.P.(2)

        34,721,545      

Tenaska Power Fund II-A, L.P.(1)(2)

        8,666,024      

Event-Driven (3.19% of Partners’ Capital)

        

BDCM Partners I, L.P.

        20,846,515      

Credit Distressed Blue Line Fund, L.P.(3)

        11,153,727      

Fortelus Special Situations Fund LP(2)

        2,438,891      

Event-Driven (2.74% of Partners’ Capital) (continued)

        

Harbinger Capital Partners Fund I, L.P.(3)

        23,004,036      

Harbinger Capital Partners Fund II, L.P.

        1,757,808      

Harbinger Capital Partners Special Situations Fund, L.P.

        1,847,955      

Harbinger Class L Holdings (U.S.), LLC

        106,962      

Harbinger Class LS Holdings (U.S.) Trust

     3,225         709,905      

Harbinger Class PE Holdings (U.S.) Trust

     6         1,102,627      

Prospect Harbor Credit Partners LP

        1,056,391      

Global Macro and Trading (2.62% of Partners’ Capital)

        

Blueshift Energy Fund, LP(2)

        28,138,095      

Passport Global Strategies III Ltd.(2)

     1,896         139,829      

 

See accompanying notes to financial statements.

 

19


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Schedule of Investments, continued

June 30, 2015

(Unaudited)

 

     Shares      Fair
Value
     % of
Partners’
Capital

Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies (continued)

        

United States (continued)

        

Private Equity (32.00% of Partners’ Capital)

        

Advent Latin American Private Equity Fund IV-F L.P.

      $ 3,002,882      

Advent Latin American Private Equity Fund V-F L.P.

        10,676,986      

BDCM Opportunity Fund II, L.P.(1)

        9,592,492      

Black River Commodity Multi-Strategy Fund LLC

        243,624      

Capital Royalty Partners LP(1)

        741,310      

Catterton Growth Partners, L.P.

        14,542,491      

CCM Small Cap Value Qualified Fund, L.P.(3)

        2,020,411      

Chrysalis Ventures III, L.P.

        2,043,913      

Crosslink Crossover Fund IV, L.P.(2)

        459,469      

Crosslink Crossover Fund V, L.P.

        3,391,720      

Crosslink Crossover Fund VI, L.P.

        16,458,034      

Dace Ventures I, LP(2)

        1,240,418      

Fairhaven Capital Partners, L.P.

        8,046,000      

Founders Fund III, LP

        21,662,283      

Founders Fund IV, LP

        24,230,074      

Garrison Opportunity Fund II A LLC

        12,709,619      

Garrison Opportunity Fund LLC(2)

        13,010,222      

HealthCor Partners Fund, L.P.(2)

        7,662,358      

Highland Credit Strategies Liquidation Vehicle Onshore

        1,849,496      

Ithan Creek Partners, L.P.

        7,547,434      

L-R Global Partners, L.P.

        342,018      

MatlinPatterson Global Opportunities Partners III L.P.

        9,085,087      

Middle East North Africa Opportunities Fund, L.P.(1)(3)

     3,969         521,563      

Monomoy Capital Partners II, L.P.

        4,741,134      

Monomoy Capital Partners, L.P.

        1,703,930      

Pine Brook Capital Partners, L.P.(1)

        14,690,927      

Pinto America Growth Fund, L.P.

        2,173,710      

Private Equity Investment Fund IV, L.P.(1)(2)

        5,973,775      

Private Equity Investment Fund V. L.P.(1)(2)

        38,070,726      

Saints Capital VI, L.P.(2)

        9,719,528      

Samlyn Onshore Fund, LP

        324,238      

Sanderling Venture Partners VI Co-Investment Fund, L.P

        1,226,098      

Sanderling Venture Partners VI, L.P.

        992,246      

Sterling Capital Partners II, L.P.(1)

        1,143,221      

Sterling Group Partners II, L.P.

        573,609      

Sterling Group Partners III, L.P.

        14,404,615      

Strategic Value Global Opportunities Fund I-A, L.P.

        778,681      

TAEF Fund, LLC

        2,454,950      

 

See accompanying notes to financial statements.

 

20


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Schedule of Investments, continued

June 30, 2015

(Unaudited)

 

     Shares      Fair
Value
     % of
Partners’
Capital
 

Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies (continued)

        

United States (continued)

        

Private Equity (32.00% of Partners’ Capital) (continued)

        

Tenaya Capital V, LP

      $ 4,080,293      

Tenaya Capital VI, LP

        6,950,881      

The Column Group, L.P.

        11,868,827      

The Raptor Global Fund L.P.

     1,209         615,037      

Trivest Fund IV, L.P.(1)(2)

        10,810,869      

Tuckerbrook SB Global Distressed Fund I, L.P.(2)

        3,572,773      

Valiant Capital Partners LP

        3,391,789      

VCFA Private Equity Partners IV, L.P.(1)

        782,472      

VCFA Venture Partners V, L.P.

        3,967,957      

Voyager Capital Fund III, L.P.

        3,441,798      

WestView Capital Partners II, L.P.(1)(2)

        25,607,765      

Real Estate (8.41% of Partners’ Capital)

        

Aslan Realty Partners III, L.L.C.(1)

        355,564      

Cypress Realty VI Limited Partnership

        4,137,846      

Florida Real Estate Value Fund, L.P.(2)

        4,327,532      

GTIS Brazil Real Estate Fund (Brazilian Real) LP(1)(2)

        13,343,796      

Lone Star Real Estate Fund II (U.S.), L.P.

        2,031,782      

Monsoon Infrastructure & Realty Co-Invest, L.P.(1)(2)

        14,784,400      

Northwood Real Estate Co-Investors LP(1)

        6,406,192      

Northwood Real Estate Partners LP(1)

        10,788,377      

Parmenter Realty Fund III, L.P.(1)

        2,552,733      

Parmenter Realty Fund IV, L.P.(1)

        5,906,571      

Pearlmark Mezzanine Realty Partners III, L.L.C.(1)

        6,703,061      

Pennybacker II, LP(1)(2)

        3,627,888      

SBC Latin America Housing US Fund, LP(2)

        9,783,656      

Square Mile Partners III LP(1)

        5,954,499      

Relative Value (2.81% of Partners’ Capital)

        

Eton Park Fund, L.P.

        1,893,415      

King Street Capital, L.P.

        985,907      

Magnetar Capital Fund LP(2)

        2,693,049      

Magnetar SPV LLC(2)

        1,387,401      

OZ Asia Domestic Partners, LP(1)

        1,523,896      

PIPE Equity Partners LLC(3)

        5,367,742      

PIPE Select Fund LLC(3)

        15,528,760      

Stark Investments Ltd Partnership(1)

        41,517      

Stark Select Asset Fund, LLC

        835,462      
     

 

 

    

Total United States

        713,035,332      
     

 

 

    

Total Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies

        1,012,050,711         93.84
     

 

 

    

 

See accompanying notes to financial statements.

 

21


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Schedule of Investments, continued

June 30, 2015

(Unaudited)

 

     Shares      Fair
Value
     % of
Partners’
Capital
 

Passive Foreign Investment Companies

        

Cayman Companies Limited by Shares, Exempted Companies and Limited Liability Companies

        

Energy (0.11% of Partners’ Capital)

        

Ospraie Special Opportunities (Offshore) Ltd.

      $ 1,226,903      

Private Equity (0.04% of Partners’ Capital)

        

Quorum Fund Ltd

     8,762         378,236      

Relative Value (0.62% of Partners’ Capital)

        

CRC Credit Fund Ltd.

     49,482         6,041,518      

Overseas CAP Partners, Inc.

     78         638,377      
     

 

 

    

Total Cayman Companies Limited by Shares, Exempted Companies and Limited Liability Companies

        8,285,034      
     

 

 

    

Total Passive Foreign Investment Companies

        8,285,034         0.77
     

 

 

    

Private Corporations

        

United States

        

Real Estate (0.82% of Partners’ Capital)

        

Legacy Partners Realty Fund II, Inc.

        1,643,812      

Legacy Partners Realty Fund III, Inc.

        6,577,684      

Net Lease Private REIT VI, Inc.

        284,899      

Net Lease Private REIT VII, Inc.

        197,376      

Net Lease Private REIT VII-A, Inc.

        197,376      
     

 

 

    

Total Private Corporations

        8,901,147         0.82
     

 

 

    

Total Investments in Investment Funds
(Cost $919,767,988)

        1,029,236,892         95.43
     

 

 

    

Total Investments (Cost $919,767,988)

      $ 1,029,236,892         95.43
     

 

 

    

The Master Fund’s total outstanding capital commitments to Investment Funds as of June 30, 2015 were $145,975,180. For certain Investment Funds for which the Master Fund has a capital commitment, the Master Fund may be allocated its pro-rata share of expenses prior to having to fund a capital call for such expenses.

All Investment Funds and securities are non-income producing unless noted otherwise.

 

(1)

Income producing investment

(2)

Affiliated investments (See Note 5b)

(3)

Affiliated investments for which ownership exceeds 25% of the Investment Fund’s Capital (See Note 5b)

 

See accompanying notes to financial statements.

 

22


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Statement of Operations

Six Months Ended June 30, 2015

(Unaudited)

 

Investment income:

  

Dividend income (net of foreign tax withholding of $1,651)

   $ 3,432,686   

Interest income

     336,153   

Dividend income from affiliated investments

     2,299,382   
  

 

 

 

Total investment income

     6,068,221   
  

 

 

 

Expenses:

  

Investment Management Fees

     4,018,478   

Administration fees

     341,897   

Professional fees

     85,408   

Custodian fees

     98   

Commitment fees

     122,498   

Directors fees

     53,250   

Offshore withholding tax expense

     425,000   

Other expenses

     166,861   
  

 

 

 

Total expenses

     5,213,490   
  

 

 

 

Net investment income

     854,731   
  

 

 

 

Net realized and unrealized gain (loss):

  

Net realized gain from investments and foreign currency translations

     54,033,084   

Net realized gain from affiliated investments

     7,447,622   

Change in unrealized appreciation/depreciation

     (26,254,197
  

 

 

 

Net realized and unrealized gain

     35,226,509   
  

 

 

 

Net increase in partners’ capital resulting from operations

   $ 36,081,240   
  

 

 

 

 

See accompanying notes to financial statements.

 

23


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Statements of Changes in Partners’ Capital

For the Period March 31, 2014 through December 31, 20141

and Six Months Ended June 30, 2015

(Unaudited)

 

Partners’ capital at March 31, 2014

   $ —     

Contributions

     539,387,194   

Transfer of Interests from The Endowment Master Fund, L.P. (Note 1)

     1,723,272,229   

Withdrawals

     (1,150,900,544

Net increase in partners’ capital resulting from operations:

  

Net investment loss

     (11,275,595

Net realized gain from investments and foreign currency translations

     120,508,262   

Net realized gain from redemptions in-kind

     1,544,898   

Net realized gain from affiliated investments

     24,127,574   

Change in unrealized appreciation/depreciation

     (37,736,366
  

 

 

 

Net increase in partners’ capital resulting from operations

     97,168,773   
  

 

 

 

Partners’ capital at December 31, 2014

   $ 1,208,927,652   
  

 

 

 

Withdrawals

     (166,509,865

Net increase in partners’ capital resulting from operations:

  

Net investment income

     854,731   

Net realized gain from investments and foreign currency translations

     54,033,084   

Net realized gain from affiliated investments

     7,447,622   

Change in unrealized appreciation/depreciation

     (26,254,197
  

 

 

 

Net increase in partners’ capital resulting from operations

     36,081,240   
  

 

 

 

Partners’ capital at June 30, 2015

   $ 1,078,499,027   
  

 

 

 

 

1 

The Endowment PMF Master Fund, L.P. commenced operations on March 31, 2014.

 

See accompanying notes to financial statements.

 

24


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Statement of Cash Flows

Six Months Ended June 30, 2015

(Unaudited)

 

Cash flows from operating activities:

  

Net increase in partners’ capital resulting from operations

   $ 36,081,240   

Adjustments to reconcile net increase in partners’ capital resulting from operations to net cash provided by operating activities:

  

Purchases of investments

     (63,352,647

Proceeds from disposition of investments

     182,450,246   

Net realized gain from investments

     (54,909,606

Net realized gain from affiliated investments

     (7,447,622

Change in unrealized appreciation/depreciation from investments

     26,530,286   

Change in operating assets and liabilities:

  

Foreign currency, at value

     3,449,077   

Receivable from affiliate

     (342,444

Receivable from investments sold

     29,122,651   

Receivable from affiliated investments sold

     36,602   

Advanced contributions to Investment Funds

     (292,148

Prepaids and other assets

     (37,494

Investment Management Fees payable

     (282,206

Offshore withholding tax payable

     425,000   

Administration fees payable

     39,101   

Payable to Adviser

     (11,570

Accounts payable and accrued expenses

     (57,750
  

 

 

 

Net cash provided by operating activities

     151,400,716   
  

 

 

 

Cash flows from financing activities:

  

Withdrawals

     (185,474,653
  

 

 

 

Net cash used in financing activities

     (185,474,653
  

 

 

 

Net change in cash and cash equivalents

     (34,073,937

Cash and cash equivalents at beginning of period

     112,149,537   
  

 

 

 

Cash and cash equivalents at end of period

   $ 78,075,600   
  

 

 

 

 

See accompanying notes to financial statements.

 

25


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements

June 30, 2015

(Unaudited)

(1) ORGANIZATION

The Endowment PMF Master Fund, L.P. (the “Master Fund”), a Delaware limited partnership, commenced operations on March 31, 2014. The Master Fund is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Master Fund is the master fund in a master-feeder structure in which there are currently three feeder funds.

On March 31, 2014 the Master Fund received in an in-kind transfer a portfolio of investment funds including, but not limited to, limited partnerships, limited liability companies, offshore corporations and other foreign investment vehicles (collectively, the “Investment Funds”) from The Endowment Master Fund, L.P. (the “Legacy Master Fund”), in exchange for limited partnership interests (the “Interests”) of the Master Fund totaling $1,723,272,229. The transfer was accounted for as a tax-free transaction resulting in Investment Funds transferring to the Master Fund with a total market value of $1,490,836,309, consisting of total cost and accumulated appreciation of $1,317,376,887 and $173,459,422, respectively, and cash and other assets of $232,435,920.

The Master Fund’s investment objective is to manage a portfolio of Investment Funds and cash to preserve value while prioritizing liquidity to investors over active management, until such time as the Master Fund’s portfolio has been liquidated. The Master Fund holds a portfolio of Investment Funds, reflecting an approximate pro rata division of the portfolio of the Legacy Master Fund, managed in a broad range of investment strategies and asset categories. The Adviser, as hereinafter defined, manages the Master Fund portfolio primarily in a passive manner whereby the Master Fund holds to self-liquidating private equity and other similar illiquid interests in Investment Funds and oversees the liquidation of other Investment Funds that provide for redemption while managing the Master Fund’s cash to ensure the Master Fund has the ability to satisfy outstanding capital commitments relating to such portfolio holdings.

The Endowment Fund GP, L.P., a Delaware limited partnership, serves as the general partner of the Master Fund and the Legacy Master Fund (the “General Partner”). To the fullest extent permitted by applicable law, the General Partner has irrevocably delegated to a board of directors (the “Board” and each member a “Director”) its rights and powers to monitor and oversee the business affairs of the Master Fund, including the complete and exclusive authority to oversee and establish policies regarding the management, conduct, and operation of the Master Fund’s business. A majority of the members of the Board are independent of the General Partner and its management. To the extent permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Master Fund, the Adviser, or any committee of the Board.

The Board is authorized to engage an investment adviser, and pursuant to an investment management agreement, (the “Investment Management Agreement”), it has selected Endowment Advisers, L.P. (the “Adviser”), to manage the Master Fund’s portfolio and operations. The Adviser is a Delaware limited partnership that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Under the Investment Management Agreement, the Adviser is responsible for the establishment of an investment committee (the “Investment Committee”), which is responsible for developing, implementing, and supervising the Master Fund’s investment program subject to the ultimate supervision of the Board.

Under the Master Fund’s organizational documents, the Master Fund’s Directors and officers are indemnified against certain liabilities arising out of the performance of their duties to the Master Fund. In the normal course of business, the Master Fund enters into contracts with service providers, which also provide for indemnifications by the Master Fund. The Master Fund’s maximum exposure under these arrangements is unknown, as this would involve any future potential claims that may be made against the Master Fund. However, based on experience, the General Partner expects that risk of loss to be remote.

 

26


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES

(a) BASIS OF ACCOUNTING

The accounting and reporting policies of the Master Fund conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The accompanying financial statements reflect the financial position of the Master Fund and the results of its operations. The Master Fund is an investment company and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”.

(b) CASH EQUIVALENTS

The Master Fund considers all unpledged temporary cash investments with a maturity date at the time of purchase of three months or less to be cash equivalents.

(c) INVESTMENT SECURITIES TRANSACTIONS

The Master Fund records investment transactions on a trade-date basis.

Investments that are held by the Master Fund, including those that have been sold short, are marked to fair value at the date of the financial statements, and the corresponding change in unrealized appreciation/ depreciation is included in the Statement of Operations.

Dividend income is recorded on the ex-dividend date. Other investment fund distributions are recorded based on the detail provided with the distribution notice, as applicable. Realized gains or losses on the disposition of investments are accounted for based on the first in first out method.

(d) INVESTMENT VALUATION

The valuation of the Master Fund’s investments is determined as of the close of business at the end of each reporting period, generally monthly. The valuation of the Master Fund’s investments is calculated by UMB Fund Services, Inc., the Master Fund’s independent administrator (the “Administrator”).

The Board has formed a valuation committee (the “Board Valuation Committee”) that is responsible for overseeing the Master Fund’s valuation policies, making recommendations to the Board on valuation-related matters, and overseeing implementation by the Adviser of such valuation policies.

The Board has authorized the Adviser to establish a valuation committee of the Adviser (the “Adviser Valuation Committee”). The Adviser Valuation Committee’s function, subject to the oversight of the Board Valuation Committee and the Board, is generally to review valuation methodologies, valuation determinations, and any information provided to the Adviser Valuation Committee by the Adviser or the Administrator.

The Master Fund is not able to obtain complete underlying investment holding details on each of the Investment Funds in order to determine if the Master Fund’s proportional, aggregated, indirect share of any investments held by the Investment Funds exceeds 5% of partners’ capital of the Master Fund as of June 30, 2015.

 

27


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

Investments held by the Master Fund are valued as follows:

 

   

INVESTMENT FUNDS—Investments in Investment Funds are carried at fair value, using the net asset value (the “NAV”) as a practical expedient, as provided to the Administrator by the investment managers of such Investment Funds or the administrators of such Investment Funds. These Investment Funds value their underlying investments in accordance with policies established by such Investment Funds. Prior to investing in any Investment Fund, the Adviser Valuation Committee, as part of the due diligence process, conducts a review of the valuation methodologies employed by the Investment Fund to determine whether such methods are appropriate for the asset types. All of the Master Fund’s valuations utilize financial information supplied by each Investment Fund and are net of management and estimated performance incentive fees or allocations payable to the Investment Funds’ managers pursuant to the Investment Funds’ agreements. Generally, Investment Funds in which the Master Fund invests will use market value when available, and otherwise will use principles of fair value applied in good faith. The Adviser Valuation Committee will consider whether it is appropriate, in light of the relevant circumstances, to value shares at NAV as reported by an Investment Fund for valuation purposes, or whether to adjust such reported value to reflect an adjusted fair value. Because of the inherent uncertainty of valuation, fair value may differ significantly from the value that would have been used had readily available markets for the investments in Investment Funds existed. The Master Fund’s investments in Investment Funds are subject to the terms and conditions of the respective operating agreements and offering memoranda of such Investment Funds.

 

   

OTHER—Investments in open-end registered investment companies (“RICs”) that do not trade on an exchange are valued at the end of day NAV per share and are categorized as Level 1 in the fair value hierarchy. Where no value is readily available from a RIC or other security, or where a value supplied by a RIC is deemed not to be indicative of the RIC’s value, the Adviser Valuation Committee and/or the Board Valuation Committee, in consultation with the Administrator or the Adviser, will determine, in good faith, the fair value of the RIC or other security. Such fair valued investments are typically categorized as Level 1 or Level 2 in the fair value hierarchy, based upon the inputs used to value the investments.

 

   

SECURITIES NOT ACTIVELY TRADED—The value of securities, derivatives or synthetic securities that are not actively traded on an exchange shall be determined by obtaining quotes from brokers that normally deal in such securities or by an unaffiliated pricing service that may use actual trade data or procedures using market indices, matrices, yield curves, specific trading characteristics of certain groups of securities, pricing models or a combination of these procedures pursuant to the valuation procedures approved by the Board. In each of these situations, valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based upon the inputs used to value the investments.

(e) FOREIGN CURRENCY

The accounting records of the Master Fund are maintained in U.S. dollars. Foreign currency amounts and investments denominated in a foreign currency, if any, are translated into U.S. dollar amounts at current exchange rates on the valuation date. Purchases and sales of investments denominated in foreign currencies are translated into U.S. dollar amounts at the exchange rate on the respective dates of such transactions. The Master Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currency translations.

 

28


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

(f) CFTC REGULATION

On August 13, 2013, the Commodity Futures Trading Commission (“CFTC”) adopted rules to harmonize conflicting Securities and Exchange Commission (the “SEC”) and CFTC disclosure, reporting and recordkeeping requirements for RICs that do not meet an exemption from the definition of commodity pool. The harmonization rules provide that the CFTC will accept the SEC’s disclosure, reporting, and recordkeeping regime as substituted compliance for substantially all of the otherwise applicable CFTC regulations as long as such investment companies meet the applicable SEC requirements.

Previously, in November 2012, the CFTC issued relief for fund of fund operators, including advisers to RIC’s, that may otherwise be required to register with the CFTC as commodity pool operators but do not have access to information from the investment funds in which they are invested in order to determine whether such registration is required. This relief delayed the registration date for such operators until the later of June 30, 2013 or six months from the date the CFTC issues revised guidance on the application of certain thresholds with respect to investments in commodities held by funds of funds. In December 2012, the Master Fund filed as required with the CFTC in order to claim this no-action relief, which was effective upon receipt of the filing. Although the CFTC now has adopted harmonization rules applicable to investment companies that are deemed to be commodity pools, the CFTC has not yet issued guidance on how funds of funds are to determine whether they are deemed to be commodity pools. As of June 30, 2015, the Master Fund is not considered a commodity pool and continues to rely on the fund of fund no-action relief.

(g) INVESTMENT INCOME

For investments in securities, dividend income is recorded on the ex-dividend date, net of withholding taxes. Interest income is recorded as earned on the accrual basis and includes amortization of premiums or accretion of discounts.

(h) FUND EXPENSES

Unless otherwise voluntarily or contractually assumed by the Adviser or another party, the Master Fund bears all expenses incurred in its business including, but not limited to, the following: all costs and expenses related to investment transactions and positions for the Master Fund’s account; legal fees; accounting, auditing and tax preparation fees; recordkeeping and custodial fees; costs of computing the Master Fund’s net asset value; fees for data and software providers; research expenses; costs of insurance; registration expenses; expenses of meetings of partners; directors fees; all costs with respect to communications to partners; transfer taxes; offshore withholding taxes; and other types of expenses as may be approved from time to time by the Board.

(i) INCOME TAXES

The Master Fund is organized and operates as a limited partnership and is not subject to income taxes as a separate entity. Such taxes are the responsibility of the individual partners. Accordingly, no provision for income taxes has been made in the Master Fund’s financial statements. Investments in foreign securities may result in foreign taxes being withheld by the issuer of such securities. For U.S. offshore withholding tax, the Master Fund may serve as withholding agent for its offshore feeder funds.

For the current open tax year and the tax year ended December 31, 2014, and for all major jurisdictions, management of the Master Fund has evaluated the tax positions taken or expected to be taken in the course of

 

29


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

preparing the Master Fund’s tax returns to determine whether the tax positions will “more-likely-than-not” be sustained by the Master Fund upon challenge by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold and that would result in a tax benefit or expense to the Master Fund would be recorded as a tax benefit or expense in the current period. For the six months ended June 30, 2015, the Master Fund did not recognize any amounts for unrecognized tax benefit/expense. A reconciliation of unrecognized tax benefit/expense is not provided herein, as the beginning and ending amounts of unrecognized tax benefit/expense are zero, with no interim additions, reductions or settlements. Tax positions taken in tax years which remain open under the statute of limitations (generally three years for federal income tax purposes) are subject to examination by federal and state tax jurisdictions.

(j) USE OF ESTIMATES

The financial statements have been prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results may differ from those estimates and such differences may be significant.

(3) FAIR VALUE MEASUREMENTS

The Master Fund defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions.

The inputs used to determine the fair value of the Master Fund’s investments are summarized in the three broad levels listed below:

 

   

Level 1—unadjusted quoted prices in active markets for identical investments and registered investment companies where the value per share (unit) is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date

 

   

Level 2—investments with other significant observable inputs

 

   

Level 3—investments with significant unobservable inputs (which may include the Master Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Master Fund discloses transfers between levels based on valuations at the end of the reporting period. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

The Master Fund establishes valuation processes and procedures to ensure that the valuation techniques for investments categorized within Level 3 of the fair value hierarchy are fair, consistent, and appropriate. The Adviser is responsible for developing the Master Fund’s written valuation processes and procedures, conducting periodic reviews of the valuation policies, and evaluating the overall fairness and consistent application of the valuation policies. The Board Valuation Committee has authorized the Adviser to oversee the implementation of the Board approved valuation procedures by the Administrator. The Adviser Valuation Committee is comprised of various Master Fund personnel, which include members from the Master Fund’s portfolio management and operations groups. The Adviser Valuation Committee meets monthly or as needed, to determine the valuations of the Master Fund’s Level 3 investments. The valuations are supported by methodologies employed by the

 

30


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

Investment Funds’ market data, industry accepted third party valuation models, or other methods the Adviser Valuation Committee deems to be appropriate, including the use of internal proprietary valuation models.

In April 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), modifying Accounting Standards Codification (“ASC”) 820 Fair Value Measurement. The Master Fund has elected to early adopt and retrospectively apply ASU 2015-07. The impact of the early adoption of ASU 2015-07 has been reflected in the notes to the financial statements. Prior to this, investments valued using the practical expedient were categorized within the fair value hierarchy on the basis of whether the investment is redeemable with the investee at net asset value on the measurement date, never redeemable with the investee at net asset value, or redeemable with the investee at net asset value at a future date. The retroactive application of ASU 2015-07 results in the exclusion of any Investment Funds valued using NAV as practical expedient from the investment roll forward included in the December 31, 2014 audited financial statements. As a result of adopting ASU 2015-07, Investment Funds with a fair value of $1,029,236,892 are excluded from the fair value hierarchy as of June 30, 2015. As of June 30, 2015, the Fund does not hold any investments that have to be included in the fair value hierarchy.

The Master Fund is permitted to invest in alternative investments that may not have a readily determinable fair value. For an investment that does not have a readily determinable fair value, the Master Fund uses the NAV reported by the Investment Fund as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the reported NAV. If the practical expedient NAV is not as of the reporting entity’s measurement date, then the NAV is adjusted to reflect any significant events that would materially affect the value of the investment and the NAV of the Master Fund as of the valuation date.

Certain Investment Funds in which the Master Fund invests have limitations on liquidity which may result in limitations on redemptions including, but not limited to, early redemption fees. Other than Investment Funds that are self-liquidating, such as Private Equity and some Energy, Natural Resources and Real Estate Funds, the Investment Funds in which the Master Fund invests have withdrawal rights ranging from monthly to annually, after a notice period, usually for a period of up to two years from the date of the initial investment or an additional investment. A listing of the investments held by the Master Fund and their attributes as of June 30, 2015, that qualify for this valuation approach is shown in the table below.

 

Investment Category    Investment
Strategy
  Fair
Value (in
000s)
    Unfunded
Commitments
(in 000s)
  Remaining
Life*
  Redemption
Frequency*
  Notice
Period
(in Days)*
  Redemption
Restrictions
and Terms*
Energy(a)   Private investments in securities issued by companies in the energy and natural resources sectors.   $ 181,600      $30,583   up to
15
years
  N/A   N/A   0-15 years
Event-Driven(b)   Strategies designed to profit from changes in the prices of securities of companies facing a major corporate event.     64,025      N/A   N/A   Quarterly   45-90  

0-5 years;

up to 2.5% early withdrawal fee; possible 25% investor level gate; illiquid side pocket capital

 

31


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

Investment Category    Investment
Strategy
  Fair
Value (in
000s)
    Unfunded
Commitments
(in 000s)
    Remaining
Life*
  Redemption
Frequency*
  Notice
Period
(in Days)*
  Redemption
Restrictions
and Terms*
Global Macro and Trading(c)   Investments across global markets and security types seeking to profit from macroeconomic opportunities. Strategies can be discretionary or systematic. Includes Commodity Trading Advisers.   $ 28,278        N/A      N/A   Quarterly   30-90  

0-5 years;

up to 6% early redemption fee; possible hard lock within first 12 months; illiquid side pocket capital

Private Equity(d)   Investments in nonpublic companies.     593,406        91,794      up to
10
years
  N/A   N/A   0-10 years
Real Estate(e)   Investments in REITs, private partnerships, and various real estate related mortgage securities.     124,991        23,598      up to
10
years
  N/A   N/A   0-10 years
Relative Value(f)   Strategies seeking to profit from inefficiencies existing within capital structures, within markets, and across markets.     36,937        N/A      N/A   Quarterly   30-120  

0-5 years;

up to 7% early redemption fee; possible 5% fund level gate; illiquid side pocket capital

    $ 1,029,237      $ 145,975           
   

 

 

   

 

 

         

 

*

The information summarized in the table above represents the general terms for the specified asset class. Individual Investment Funds may have terms that are more or less restrictive than those terms indicated for the asset class as a whole. In addition, most Investment Funds have the flexibility, as provided for in their constituent documents, to modify and waive such terms.

(a)

This category includes Investment Funds that invest primarily in privately issued securities by companies in the energy and natural resources sectors and private investments in energy-related assets or companies. The Investment Funds include private funds and private partnerships with private investments in their portfolios.

(b)

This category includes Investment Funds that invest primarily in the following securities: common stock, preferred stock, and many types of debt. Events include mergers, acquisitions, restructurings, spin-offs, and litigation.

(c)

This category includes Investment Funds that invest in global markets and across all security types including equities, fixed income, derivatives, commodities, currencies, futures, and exchange-traded funds. Investment Funds in this category are typically private funds and may include global macro funds, and commodity trading advisors.

(d)

This category includes private equity funds that invest primarily in non-publicly traded companies in need of capital. These Investment Funds may vary widely as to sector, size, stage, duration, and liquidity. Certain of these Investment Funds may also focus on the secondary market, buying interests in existing private equity funds, often at a discount.

(e)

This category includes Investment Funds that invest in registered investment companies or managers that invest in real estate trusts (commonly known as “REITs”) and private partnerships that make investments in income producing properties, raw land held for development or appreciation, and various types of mortgage loans and common or preferred stock whose operations involve real estate.

(f)

This category includes Investment Funds with low net exposure to most financial markets. Underlying strategies include Equity Market Neutral or Statistical Arbitrage, Capital Structure Arbitrage, Convertible Arbitrage, Volatility Arbitrage, and Credit Arbitrage.

 

32


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

(4) PARTNERS’ CAPITAL ACCOUNTS

(a) ISSUANCE OF INTERESTS

Interests of the Master Fund are generally available only to those investors who received Interests as in-kind repurchase proceeds for their tendered interests in one of the feeder funds to the Legacy Master Fund. Interests of the Master Fund will generally not otherwise be offered or sold.

(b) ALLOCATION OF PROFITS AND LOSSES

For each fiscal period, generally monthly, net profits or net losses of the Master Fund are allocated among and credited to or debited against the capital accounts of all partners as of the last day of each fiscal period in accordance with the partners’ respective capital account ownership percentage for the fiscal period. Net profits or net losses are measured as the net change in the value of the partners’ capital of the Master Fund, including any change in unrealized appreciation or depreciation of investments and income, net of expenses, and realized gains or losses during a fiscal period.

(c) REPURCHASE OF INTERESTS

A partner will not be eligible to have the Master Fund repurchase all or any portion of an Interest at the partner’s discretion at any time. Interests are not redeemable nor are they exchangeable for Interests or shares of any other fund.

The Master Fund anticipates making quarterly distributions pro rata to all investors in an amount equal to the Master Fund’s excess cash (“Excess Cash”). Excess Cash is defined as the amount of cash on hand over and above the amount necessary or prudent for operational and regulatory purposes (“Required Cash”). The amount of Required Cash is determined by the Adviser with oversight by the Board. Excess Cash is generally distributed in the subsequent quarter or quarters where the aggregate of Excess Cash from such subsequent quarter(s) and prior quarters exceeds a threshold of $10 million. Intra-quarter distributions may also be made if Excess Cash exceeds a threshold of $25 million as of the forty fifth day after the end of any quarter. The Master Fund may make in-kind distributions of portfolio securities as deemed necessary.

(5) INVESTMENTS IN PORTFOLIO SECURITIES

(a) INVESTMENT ACTIVITY

As of June 30, 2015 the Master Fund held investments in Investment Funds and securities. The agreements related to investments in Investment Funds provide for compensation to the Investment Funds’ managers/general partners or advisers in the form of management fees of up to 2.0% annually of monthly average net assets. In addition, many Investment Funds also provide for performance incentive fees/ allocations of up to 20% of an Investment Fund’s net profits, although it is possible that such ranges may be exceeded for certain investment managers. These management fees and incentive fees are in addition to the management fees charged by the Master Fund.

 

33


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

During the six months ended June 30, 2015, certain investments were received through a transfer-in-kind in connection with the redemption of certain investments. The fair value of these investments transferred-in-kind and related cost were as follows:

 

Investments Redeemed

  Fair Value     Cost     Realized Gain
(Loss) on
Transfers  In-Kind
    Unreralized Gain
(Loss) on
Transfers  In-Kind
    Investments
Received
 

Tiger Global Private Investment Partners V, L.P.

  $ 43,399,249      $ 42,498,518      $ 900,731      $        JD.com, Inc.   
 

 

 

   

 

 

   

 

 

   

 

 

   
  $ 43,399,249      $ 42,498,518      $ 900,731      $     
 

 

 

   

 

 

   

 

 

   

 

 

   

For the six months ended June 30, 2015, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were $63,352,647 and $124,780,315, respectively.

The cost of the Master Fund’s underlying investments for Federal income tax purposes is adjusted for items of taxable income allocated to the Master Fund from such investments. The allocated taxable income is generally reported to the Master Fund by its underlying investments on Schedules K-1, Forms 1099 or PFIC statements, or a combination thereof.

The underlying investments generally do not provide the Master Fund with tax reporting information until well after year end, and as a result, the Master Fund is unable to calculate the year end tax cost of its investments until such time. The Master Fund’s book cost as of June 30, 2015, was $919,767,988, resulting in accumulated net unrealized appreciation of $109,468,904 consisting of $255,510,901 in gross unrealized appreciation and $146,041,997 in gross unrealized depreciation.

(b) AFFILIATED INVESTMENT FUNDS

At June 30, 2015, the Master Fund’s investments in certain Investment Funds were deemed to be investments in affiliated issuers under the 1940 Act, primarily because the Master Fund owns 5% or more of the Investment Funds’ total net assets. A listing of these affiliated Investment Funds (including activity during the six months ended June 30, 2015) is shown below:

 

Investment Funds

  Shares
12/31/2014
  Shares
6/30/2015
  Fair  Value
12/31/2014
    Cost of
Purchases
    Cost of
Sales*
    Realized
Gain (Loss)
on
Investments
    Change in
Unrealized
Appreciation/
Depreciation
    Fair  Value
6/30/2015
    Interest/
Dividend
Income
 

Blueshift Energy Fund, LP

      $ 31,172,637      $ —        $ (5,507   $ 5,705      $ (3,034,740   $ 28,138,095      $ —     

CCM Small Cap Value Qualified Fund, L.P.

        1,597,648        —          —          —          422,763        2,020,411        —     

Credit Distressed Blue Line Fund, L.P

        8,864,067        —          —          —          2,289,660        11,153,727        —     

Crosslink Crossover Fund IV, L.P.

        673,237        —          (31,242     22,623        (205,149     459,469        —     

CX Partners Fund Ltd

        21,562,954        2,467,502        (3,231,226     (43,683     923,823        21,679,370        185,602   

Dace Ventures I, L.P.

        1,191,236        27,658        —          —          21,524        1,240,418        —     

EnCap Energy Infrastructure TE Feeder, L.P.

        3,765,890        236,503        (104,327     520,232        (1,220,926     3,197,372        6,420   

Florida Real Estate Value Fund, L.P.

        8,047,739        —          (3,882,631     506,047        (343,623     4,327,532        —     

Fortelus Special Situations Fund LP

        2,954,885        —          (775,819     —          259,825        2,438,891        —     

Garrison Opportunity Fund LLC

        12,618,494        —          (1,160,257     —          1,551,985        13,010,222        —     

GTIS Brazil Real Estate Fund (Brazilian Real) LP

        16,718,472        —          (34,234     —          (3,340,442     13,343,796        —     

Harbinger Capital Partners Fund I, L.P.

        14,495,648        —          —          —          8,508,388        23,004,036        —     

HealthCor Partners Fund, L.P.

        8,050,383        73,997        —          —          (462,022     7,662,358        —     

Hillcrest Fund, L.P.

        10,268,306        77,633        (609,922     186,154        (675,425     9,246,746        —     

LC Fund IV, L.P.

        19,930,273        —          —          —          771,265        20,701,538        —     

 

34


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

Investment Funds

  Shares
12/31/2014
    Shares
6/30/2015
    Fair  Value
12/31/2014
    Cost of
Purchases
    Cost of
Sales*
    Realized
Gain (Loss)
on
Investments
    Change in
Unrealized
Appreciation/
Depreciation
    Fair  Value
6/30/2015
    Interest/
Dividend
Income
 

Magnetar Capital Fund LP

      $ 3,094,731      $ —        $ (528,948   $ —        $ 127,266      $ 2,693,049      $ —     

Magnetar SPV LLC

        1,447,232        —          —          —          (59,831     1,387,401        —     

Middle East North Africa Opportunities Fund, L.P.

    3,969        3,969        675,206        —          —          —          (153,643     521,563        —     

Midstream & Resources Follow-On Fund, L.P.

        31,689,803        68,478        (248,439     209,680        (2,319,349     29,400,173        166,486   

Monsoon Infrastructure & Realty Co-Invest, L.P.

        14,464,134        —          (1,035,107     —          1,355,373        14,784,400        —     

Passport Global Strategies III Ltd.

    1,896        1,896        188,708        —          —          —          (48,879     139,829        —     

Pennybacker II, LP

        5,150,000        117,674        (1,261,292     692,901        (1,071,395     3,627,888        —     

Phoenix Real Estate Fund (T) L.P.

        1,383,806        —          —          —          (95,276     1,288,530        —     

PIPE Equity Partners, LLC

        7,272,700        —          (357,935     (725,664     (821,359     5,367,742        —     

PIPE Select Fund LLC

        16,968,173        —          (923,005     (140,111     (376,297     15,528,760        —     

Private Equity Investment Fund IV, L.P.

        5,309,069        220,698        (513,825     177,984        779,849        5,973,775        —     

Private Equity Investment Fund V, L.P.**

        41,200,445        1,278,200        (1,104,598     1,293,584        (4,596,905     38,070,726        111,055   

Quantum Parallel Partners V, L.P.

        35,665,667        2,879,329        —          —          (3,823,451     34,721,545        —     

Saints Capital VI, L.P.

        10,811,345        —          (388,254     275,660        (979,223     9,719,528        —     

SBC Latin America Housing US Fund, LP

        9,181,351        211,239        (194,339     —          585,405        9,783,656        —     

Tenaska Power Fund II-A, L.P.

        8,319,874        143,589        (17,970     —          220,531        8,666,024        —     

Trivest Fund IV, L.P.

        14,497,369        45,666        (4,158,412     —          426,246        10,810,869        181,486   

Trustbridge Partners III, L.P.

        38,448,676        194,623        (271,844     3,652,424        (10,221,545     31,802,334        1,648,333   

Tuckerbrook SB Global Distressed Fund I, L.P.

        4,022,438        —          (422,477     —          (27,188     3,572,773        —     

Westview Capital Partners II, L.P.

        21,047,452        229,209        (4,382,408     3,098,968        5,614,544        25,607,765        —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      $ 432,750,048      $ 8,271,998      $ (25,644,018   $ 9,732,504      $ (10,018,221   $ 415,092,311      $ 2,299,382   

 

*

Sales include return of capital.

**

Voting rights have been waived for this investment.

(6) FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK

In the normal course of business, the Investment Funds in which the Master Fund invests may trade various derivative securities and other financial instruments, and may enter into various investment activities with off- balance sheet risk both as an investor and as a principal. The Master Fund’s risk of loss in these Investment Funds is limited to the value of its investment in such Investment Funds.

(7) ADMINISTRATION AGREEMENT

In consideration for administrative, accounting, and recordkeeping services, the Master Fund pays the Administrator a monthly administration fee based on the month-end partners’ capital of the Master Fund. The Master Fund is charged, on an annual basis, 6 basis points on partners’ capital of up to $2 billion, 5 basis points on partners’ capital between the amounts of $2 billion and $5 billion, 2 basis points on partners’ capital between the amounts of $5 billion and $15 billion, and 1.25 basis points for amounts over $15 billion. The administration fee is payable monthly in arrears. The Administrator also provides the Master Fund with compliance, transfer agency, and other investor related services at an additional cost.

The administration fees are paid out of the Master Fund’s assets, which decreases the net profits or increases the net losses of the partners in the Master Fund. As of June 30, 2015, the Master Fund had $1,078,499,027 in partners’ capital. The total administration fees incurred for the six months ended June 30, 2015, was $341,897.

 

35


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

(8) RELATED PARTY TRANSACTIONS

(a) INVESTMENT MANAGEMENT FEE

In consideration of the advisory and other services provided by the Adviser to the Master Fund, the Master Fund pays the Adviser an investment management fee (the “Investment Management Fee”) equal to 0.70% on an annualized basis of the Master Fund’s partners’ capital at the end of each month, payable monthly in arrears, for the six quarters following March 31, 2014, and 0.40% on an annualized basis for periods thereafter until the period ending March 31, 2024, when the Adviser will no longer receive the Investment Management Fee.

The Master Fund’s partners bear an indirect portion of the Investment Management Fee paid by the Master Fund. The Investment Management Fee decreases the net profits or increases the net losses of the Master Fund that are credited to or debited against the capital accounts of its partners. For the six months ended June 30, 2015, $4,018,478 as incurred for Investment Management Fees.

(b) EXPENSE LIMITATION AGREEMENT

Through an expense limitation agreement (the “Expense Limitation Agreement”), the Adviser contractually agreed to limit total annualized expenses of the Master Fund, for the period April 1, 2014 through January 31, 2016, to the amount of 1.25%, exclusive of fees and expenses of underlying investment funds, borrowing and other investment-related costs and fees, taxes, litigation and other extraordinary expenses not incurred in the ordinary course of the Master Fund’s business.

Under the Expense Limitation Agreement, the Adviser is permitted to recover in later periods expenses it has borne to the extent that the Master Fund’s expenses fall below the rate in effect at the time of the waiver. The Master Fund, however, is not obligated to pay any such amounts beyond three years after the end of the fiscal year in which the Adviser reimbursed such expense. Any such recoupment by the Adviser shall not cause the Master Fund to exceed the annual expense limitation rate that was in effect at the time of such waiver or reimbursement. For the six months ended June 30, 2015, no such expense waiver has been incurred by the Master Fund.

(9) CREDIT FACILITY

The Master Fund entered into a line of credit agreement (the “Credit Agreement”) with Credit Suisse AG on July 17, 2014. The terms of the Credit Agreement provide a $50,000,000 credit facility. Borrowings under the Credit Agreement are secured by the Master Fund’s investments. The Credit Agreement provides for a commitment fee of 0.50% per annum plus interest accruing on any borrowed amounts at the three month London Interbank Offered Rate (LIBOR) plus a spread of 2.5% per annum during the commitment period and 3.00% per annum during the wind down period as defined in the Credit Agreement. There were no borrowings during the six months ended June 30, 2015. The Credit Agreement expires on July 18, 2016.

(10) FINANCIAL HIGHLIGHTS

 

     Six months ended
June 30, 2015
(Unaudited)
    For the period
March 31, 2014 through
December 31, 20141
 

Net investment income (loss) to average partners’ capital2

     0.15     (1.04 )% 

Expenses to average partners’ capital2,3

     0.83     2.11

Portfolio Turnover4

     5.92     5.28

Internal rate of return since inception5

     6.09     8.89

Partners’ capital, end of period (000’s)

   $ 1,078,499      $ 1,208,928   

 

36


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Notes to Financial Statements, continued

June 30, 2015

(Unaudited)

 

An investor’s return (and operating ratios) may vary from those reflected based on the timing of capital transactions.

 

1

The Endowment PMF Master Fund, L.P. commenced operations on March 31, 2014.

2

Ratios are calculated by dividing the indicated amount by average partners’ capital measured at the end of each month during the period. These ratios have been annualized for periods less than twelve months.

3

Expense ratios do not include expenses of acquired funds that are paid indirectly by the Master Fund as a result of its ownership in the underlying funds. Expenses include U.S. offshore withholding tax, which is only allocable to investors investing through the offshore feeder funds.

4

Not annualized for periods less than twelve months.

5

The internal rate of return since inception (“IRR”) of the limited partners is net of all fees and profit allocations to the Adviser. The IRR reported is for the Master Fund as a whole. The IRR was computed based on the actual dates of the cash inflows (capital contributions), cash outflows (cash distributions) and the ending partners’ capital as of June 30, 2015 (the residual value).

The total return of the Master Fund for the six months ended June 30, 2015 is 3.31% and is calculated as geometrically linked monthly returns for each month in the period. Total return is not annualized for periods less than twelve months.

(11) SUBSEQUENT EVENTS

Effective August 24, 2015, Salient Partners, L.P. (“Salient”)—the parent company of the Master Fund’s Adviser—completed its acquisition of Forward Management (“Forward”). Following Salient’s acquisition of Forward, the Master Fund and the registered investment companies managed by subsidiaries of Salient are now related investment companies.

Management of the Master Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements as of June 30, 2015.

 

37


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Supplemental Information

June 30, 2015

(Unaudited)

 

Directors and Officers

The Master Fund’s operations are managed under the direction and oversight of the Board. Each Director serves for an indefinite term or until he or she reaches mandatory retirement, if any, as established by the Board. The Board appoints the officers of the Master Fund who are responsible for the Master Fund’s day-to-day business decisions based on policies set by the Board. The officers serve at the pleasure of the Board.

Compensation for Directors

The Endowment PMF Master Fund, L.P., PMF Fund, L.P., and PMF TEI Fund, L.P., together pay each of the Directors who is not an “interested person” of the Adviser, as defined in the 1940 Act (the “Independent Directors”) an annual retainer of $12,500 paid quarterly, an annual Board meeting fee of $4,500, a fee of $1,000 for each informal Board meeting, a fee of $500 for each telephonic Board meeting, annual fees of $625, $625 and $833 for membership on the Audit, Valuation and Compliance Committees, respectively paid quarterly, annual fees of $3,000, $4,000 and $3,000 for the Audit, Valuation and Compliance Committee chair positions, respectively paid quarterly, and an annual fee of $5,000 to the Lead Independent Director, paid quarterly. There are currently four Independent Directors. In the interest of retaining Independent Directors of the highest quality, the Board intends to periodically review such compensation and may modify it as the Board deems appropriate.

Allocation of Investments

The following chart indicates the allocation of investments among the asset classes in the Master Fund as of June 30, 2015.

 

Asset Class1

   Fair Value      %  

Energy

   $ 181,600,015         17.6   

Event-Driven

     64,024,817         6.2   

Global Macro and Trading

     28,277,924         2.8   

Private Equity

     593,406,342         57.7   

Real Estate

     124,990,750         12.1   

Relative Value

     36,937,044         3.6   
  

 

 

    

 

 

 

Total Investments

   $ 1,029,236,892         100.0   
  

 

 

    

 

 

 

 

1

The complete list of investments included in the following asset class categories is included in the Schedule of Investments of the Master Fund.

Form N-Q Filings

The Master Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Master Fund’s Form N-Q is available on the Securities and Exchange Commission website at http://www.sec.gov. The Master Fund’s Form N-Q may be reviewed and copied at the Securities and Exchange Commission Public Reference Room in Washington, DC and information regarding operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

 

38


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Supplemental Information, continued

June 30, 2015

(Unaudited)

 

Proxy Voting Policies

A description of the policies and procedures that the Master Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-725-9456; and (ii) on the Securities and Exchange Commission website at http://www.sec.gov.

Information regarding how the Master Fund voted proxies relating to portfolio securities during the year ended June 30, 2015 is available (i) without charge, upon request, by calling 1-800-725-9456; and (ii) on the Securities and Exchange Commission website at http://www.sec.gov.

Additional Information

The Master Fund’s private placement memorandum (the “PPM”) includes additional information about Directors of the Master Fund. The PPM is available, without charge, upon request by calling 1-800-725-9456.

The Adviser’s Investment Committee Members

As of the date of the filing, the Investment Committee is responsible for the day-to-day management of the Fund’s portfolio. The Endowment PMF Master Fund, L.P. (the “Master Fund”), PMF Fund, L.P. (the “PMF Fund”), and PMF TEI Fund, L.P. (the “TEI Fund”) are registered investment companies (collectively, the “Fund Complex” and each individually the “Fund”). The members of the Investment Committee (each an “Investment Committee Member”) are: Messrs. Lee G. Partridge, William B. Hunt and William R. Guinn.

Mr. Partridge has served as an Investment Committee Member since January 15, 2013, and has served as Chief Investment Officer of Salient Partners, L.P. (“Salient”), which owns Salient Trust Co., LTA, a trust company chartered under the laws of the State of Texas, since January 15, 2013. Mr. Hunt has served as an Investment Committee Member since 2014 and as Chief Risk Officer of Salient since 2014. He previously held positions as a Senior Analyst and Portfolio Manager of Iridian Asset Management (from 1996-2011) and Professor at Southern Methodist University (from 1991-2000). Mr. Guinn has served as an Investment Committee Member since 2014 and Director of Salient since 2013. Previously, he held the position of Director of Strategic Partnerships and Opportunistic Investments at the Teacher Retirement System of Texas (2009-2013). Each member of the Investment Committee reviews asset allocation recommendations made by the Adviser’s representatives, manager due diligence and recommendations and, by a majority vote of the Investment Committee, determines asset allocation and manager selection.

The Adviser and certain other entities controlled by the Principals manage investment programs which are similar to that of the Fund, and the Adviser and/or the Principals may in the future serve as an investment adviser or otherwise manage or direct the investment activities of other registered and/or private investment vehicles with investment programs similar to the Funds.

Other Accounts Managed by the Investment Adviser

Certain Investment Committee Members, who are primarily responsible for the day-to-day management of the Fund, also manage other registered investment companies, other pooled investment vehicles and other accounts, as indicated below. The following tables identify, as of December 31, 2014: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by the

 

39


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

Supplemental Information, continued

June 30, 2015

(Unaudited)

 

Investment Committee Member and the total assets of such companies, vehicles and accounts; and (ii) the number and total assets of such companies, vehicles and accounts with respect to which the advisory fee is based on performance.

 

Name

  Number of Other
Accounts
    Total Assets of Other
Accounts
    Number of Other Accounts
Subject to a Performance
Fee
    Total Assets of Other
Accounts Subject to
a Performance Fee
 

Lee Partridge

       

Registered investment companies(1)

    13      $ 3.73 billion        0      $ —     

Other pooled investment companies(1)

    16      $ 1.43 billion        3      $ 477.55 million   

Other accounts

    4301      $ 15.13 billion        3      $ 10.59 billion   

William B. Hunt

       

Registered investment companies(1)

    5      $ 363.81 million        0      $ —     

Other pooled investment companies(1)

    4      $ —          0      $ —     

Other accounts

    0      $ —          0      $ —     

William R. Guinn

       

Registered investment companies(1)

    8      $ 2.55 billion        0      $ —     

Other pooled investment companies(1)

    7      $ 1.06 billion        2      $ 426.78 million   

Other accounts

    4300      $ 5.90 billion        2      $ 87.82 million   

 

(1)

For registered investment companies and pooled investment vehicles managed, the number of vehicles reported for master feeder structures includes both the master fund and feeder funds while the corresponding total assets reported reflect the assets of the master fund only.

 

 

40


THE ENDOWMENT PMF MASTER FUND, L.P.

(A Limited Partnership)

 

Privacy Policy (Unaudited)

The Master Fund recognizes the importance of securing personal financial information. It is our policy to safeguard any personal and financial information that may be entrusted to us. The following is a description of the Master Fund’s policy regarding disclosure of nonpublic personal information.

We collect nonpublic personal information as follows:

We collect information about our investors, including, but not limited to, the investor’s name, address, telephone number, e-mail address, social security number and date of birth. We collect that information from subscription agreements, other forms of correspondence that we receive from investors, from personal conversations and from affiliated entities as permitted by law.

We receive information about investor transactions with us, including, but not limited to, account number, account balance, investment amounts, withdrawal amounts and other financial information.

We are permitted by law to disclose nonpublic information we collect, as described above, to the Master Fund’s service providers, including the Master Fund’s investment adviser, sub-advisers, servicing agent, independent administrator, custodian, legal counsel, accountant and auditor. We do not disclose any nonpublic information about our current or former investors to nonaffiliated third parties, except as required or permitted by law. We restrict access to investor nonpublic personal information to those persons who require such information to provide products or services to investors. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard investors’ nonpublic personal information.

If an investor’s investment relationship with the Master Fund involves a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of such investor’s financial intermediary would govern how any nonpublic personal information would be shared by them with nonaffiliated third parties

 

41


Independent Directors

Jonathan P. Carroll

Richard C. Johnson

G. Edward Powell

Scott E. Schwinger

Interested Directors and Officers

John A. Blaisdell, Director and Principal Executive Officer

John E. Price, Treasurer and Principal Financial Officer

Jeremy Radcliffe, Secretary

Paul A. Bachtold, Chief Compliance Officer

Investment Adviser

Endowment Advisers, L.P.

Houston, TX

Fund Administrator and Transfer Agent

UMB Fund Services, Inc.

Milwaukee, WI

Custodian

Citibank, N.A.

New York, NY

Independent Registered Public Accounting Firm

KPMG LLP

Columbus, OH

Legal Counsel

K&L Gates LLP

Boston, MA


LOGO


Item 2. Code of Ethics.

Not applicable.

 

Item 3. Audit Committee Financial Expert.

Not applicable.

 

Item 4. Principal Accountant Fees and Services.

Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

Not applicable.


Item 6. Investments.

(a) Schedule of Investments as of the close of the reporting period is included in the report to the shareholders filed under item 1 of this form.

(b) Not applicable.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

 

Item 11. Controls and Procedures.

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is (i) accumulated and communicated to the investment company’s management, including its certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)  

PMF TEI Fund, L.P.

By (Signature and Title)   

/s/ John A. Blaisdell

   John A. Blaisdell
   Principal Executive Officer
Date:  

August 27, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)   

/s/ John A. Blaisdell

   John A. Blaisdell
   Principal Executive Officer
Date:  

August 27, 2015

By (Signature and Title)   

/s/ John E. Price

   John E. Price
   Principal Financial Officer
Date:  

August 27, 2015

EX-99.CERT 2 d31373dex99cert.htm CERTIFICATIONS PURSUANT TO SECTION 302 Certifications Pursuant to Section 302

EX-99. 302

CERTIFICATIONS

I, John A. Blaisdell, certify that:

 

1. I have reviewed this report on Form N-CSR of PMF TEI Fund, L.P. (the “registrant”);

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in partners’ capital, and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

August 27, 2015    

/s/ John A. Blaisdell

Date     John A. Blaisdell
    Principal Executive Officer


CERTIFICATIONS

I, John E. Price, certify that:

 

1. I have reviewed this report on Form N-CSR of PMF TEI Fund, L.P. (the “registrant”);

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in partners’ capital, and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

August 27, 2015    

/s/ John E. Price

Date     John E. Price
    Principal Financial Officer
EX-99.906 CERT 3 d31373dex99906cert.htm CERTIFICATIONS PURSUANT TO SECTION 906 Certifications Pursuant to Section 906

EX-99.906

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2015 of PMF TEI Fund, L.P. (the “registrant”).

I, John A. Blaisdell, the Principal Executive Officer of the registrant, certify that, to the best of my knowledge:

 

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

 

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

 

August 27, 2015

Date

/s/ John A. Blaisdell

John A. Blaisdell
Principal Executive Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.


This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2015 of PMF TEI Fund, L.P. (the “registrant”).

I, John E. Price, the Principal Financial Officer of the registrant, certify that, to the best of my knowledge:

 

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

 

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

 

August 27, 2015

Date

/s/ John E. Price

John E. Price
Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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