0001752724-22-053842.txt : 20220301 0001752724-22-053842.hdr.sgml : 20220301 20220301144018 ACCESSION NUMBER: 0001752724-22-053842 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20211231 FILED AS OF DATE: 20220301 PERIOD START: 20220331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: iCapital KKR Private Markets Fund CENTRAL INDEX KEY: 0001606789 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22963 FILM NUMBER: 22696936 BUSINESS ADDRESS: STREET 1: ONE GRAND CENTRAL PLACE STREET 2: 60 EAST 42ND STREET, 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10165 BUSINESS PHONE: (888) 524-9441 MAIL ADDRESS: STREET 1: ONE GRAND CENTRAL PLACE STREET 2: 60 EAST 42ND STREET, 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10165 FORMER COMPANY: FORMER CONFORMED NAME: Altegris KKR Commitments Master Fund DATE OF NAME CHANGE: 20150318 FORMER COMPANY: FORMER CONFORMED NAME: Altegris KKR Private Equity Master Fund DATE OF NAME CHANGE: 20140429 NPORT-P 1 primary_doc.xml NPORT-P false 0001606789 XXXXXXXX iCapital KKR Private Markets Fund 811-22963 0001606789 549300ROP5KICGIV3S29 60 EAST 42ND STREET 26TH FLOOR NEW YORK 10165 212-994-7400 iCapital KKR Private Markets Fund 549300ROP5KICGIV3S29 2022-03-31 2021-12-31 N 605679376.67 53200571.89 552478804.78 0 0 0 0 0 0 0 0 0 0 0 0 0 3953127.08 N Warburg Pincus XI (Asia) N/A Warburg Pincus XI (Asia) N/A 6902404.92000000 NS USD 5266349.67000000 0.953222028507 Long PF US Y 3 N N N KKR INDEPENDENCE ENERGY N/A KKR INDEPENDENCE ENERGY N/A 10166473.00000000 NS USD 5129003.00000000 0.928361949023 Long PF US Y N/A N N N ANTERO MIDSTREAM CORP N/A ANTERO MIDSTREAM 03676B102 1600.00000000 NS USD 15488.00000000 0.002803365462 Long EC CORP US N 1 N N N OHCP IV BC S, L.P. N/A OHCP IV BC S, L.P. N/A 342786.13000000 NS USD 342786.13000000 0.062045118660 Long PF US Y 3 N N N The Resolute Fund II LP N/A The Resolute Fund II LP N/A 3394404.01000000 NS USD 3626501.54000000 0.656405550515 Long PF US Y 3 N N N KKR North American XI LP N/A KKR North American XI LP N/A 6040882.28000000 NS USD 4849698.00000000 0.877807068441 Long PF US Y N/A N N N UMB MONEY MRKT FIDUCIARY N/A UMB MONEY MRKT FIDUCIARY N/A 44355108.04000000 PA USD 44355108.04000000 8.028381841302 Long STIV CORP US N 1 N N N ICON PARTNERS V, L.P. N/A ICON PARTNERS V, L.P. N/A 4444444.44000000 NS USD 4444444.44000000 0.804455193854 Long PF US Y 3 N N N RB Equity Fund II-A, L.P. N/A RB Equity Fund II-A, L.P. 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N/A RB Equity Fund I-A, L.P. N/A 3587692.32000000 NS USD 9401609.25000000 1.701714014846 Long PF US Y 3 N N N PEGASUS WSJLL FUND, L.P. N/A PEGASUS WSJLL FUND, L.P. N/A 5073975.00000000 NS USD 5073975.00000000 0.918401747922 Long PF US Y 3 N N N KKR North American XI LP N/A KKR North American XI LP N/A 12532612.67400000 NS USD 13128936.00000000 2.376369172248 Long PF US Y N/A N N N KKR Nxt Gn Tch Grth Fd II N/A KKR Nxt Gn Tch Grth Fd II N/A 3256463.00900000 NS USD 4750985.00000000 0.859939776674 Long PF US Y N/A N N N KKR Caribou Co-Invest LP N/A KKR Caribou Co-Invest LP N/A 524999.99900000 NS USD 1896225.00000000 0.343221311585 Long PF US Y N/A N N N KKR China Growth Fund LP N/A KKR China Growth Fund LP N/A 12442777.33000000 NS USD 7607626.00000000 1.376998707313 Long PF US Y N/A N N N Artisan Partners Asset Mg N/A Artisan Partners Asset Mg N/A 2864518.50000000 NS USD 3202740.68000000 0.579703809863 Long PF US Y 3 N N N Oak Hill Capital IV L.P. N/A Oak Hill Capital IV L.P. N/A 505013.72000000 NS USD 555997.12000000 0.100636823564 Long PF US Y 3 N N N Pueblo Co-Invest A L.P. N/A Pueblo Co-Invest A L.P. N/A 3193131.00000000 NS USD 6452795.71000000 1.167971631521 Long PF US Y 3 N N N Bridge Growth Partners LP N/A Bridge Growth Partners LP N/A 855576.99900000 NS USD 1057481.59000000 0.191406725624 Long PF US Y 3 N N N LC Sports Ptd. Ltd N/A LC Sports Ptd. Ltd N/A 2282797.03000000 NS USD 2240134.90000000 0.405469835334 Long PF US Y 3 N N N GA CONTINUITY I GP, L.P. N/A GA CONTINUITY I GP, L.P. N/A 3527166.00000000 NS USD 3583301.32000000 0.648586206203 Long PF US Y 3 N N N OHSOF N/A OHSOF N/A 4449.27000000 NS USD 0.00000000 0.000000 Long PF US Y 3 N N N KKR Uno Coinvestment N/A KKR Uno Coinvestment N/A 15000000.00000000 NS USD 31500000.00000000 5.701576192147 Long PF US Y N/A N N N L Catterton Asia 3 LP N/A L Catterton Asia 3 LP N/A 1686519.67000000 NS USD 1477342.04000000 0.267402482632 Long PF US Y 3 N N N KKR No Amer XI Indigo LP N/A KKR No Amer XI Indigo LP N/A 1656323.15000000 NS USD 18409856.00000000 3.332228465729 Long PF US Y N/A N N N KKR Banff Co-Invest LP N/A KKR Banff Co-Invest LP N/A 10000000.00000000 NS USD 17000000.00000000 3.077041119571 Long PF US Y N/A N N N YORKTOWN ENERGY PART VIII N/A YORKTOWN ENERGY PART VIII N/A 575650.29700000 NS USD 303583.16000000 0.054949286266 Long PF US Y 3 N N N Orchid Asia III, L.P LLC N/A Orchid Asia III, L.P LLC N/A 932796.10000000 NS USD 1687447.95000000 0.305432160546 Long PF US Y 3 N N N Eurazeo Capital IV A SCSp N/A Eurazeo Capital IV A SCSp N/A 2202676.15800000 NS USD 2357223.01000000 0.426663066457 Long PF US Y 3 N N N Foundation Capital V, LP N/A Foundation Capital V, LP N/A 3409.55900000 NS USD 195224.69000000 0.035336141099 Long PF US Y 3 N N N KKR Health Care Strategic N/A KKR Health Care Strategic N/A 9240546.99800000 NS USD 11095534.00000000 2.008318491859 Long PF US Y N/A N N N KKR ASIA FUND, L.P. N/A KKR ASIA FUND, L.P. N/A 1757434.76800000 NS USD -144113 -0.02608480158 Long PF US Y N/A N N N KKR 2006 Fund LP LLC N/A KKR 2006 Fund LP LLC N/A 13485875.43010000 NS USD 9542084.00000000 1.727140284377 Long PF US Y N/A N N N KKR Guadi Investors L.P. N/A KKR Guadi Investors L.P. N/A 8623313.00000000 NS USD 8886057.00000000 1.608397810579 Long PF US Y N/A N N N KKR Eur Fund V (USD) SCSp N/A KKR Eur Fund V (USD) SCSp N/A 17751449.99800000 NS USD 22861253.00000000 4.137942089760 Long PF US Y N/A N N N Foundation CapitalVIII LP N/A Foundation CapitalVIII LP N/A 700010.21500000 NS USD 7305961.67000000 1.322396733918 Long PF US Y 3 N N N Charles River Partnership N/A Charles River Partnership N/A 31567.24300000 NS USD 235656.95000000 0.042654477956 Long PF US Y 3 N N N KKR Element Co-Invest LP N/A KKR Element Co-Invest LP N/A 0.00010000 NS USD 359.00000000 0.000064979868 Long PF US Y N/A N N N Salient Solutions LLC LLC N/A Salient Solutions LLC LLC N/A 0.00010000 NS USD 1895.13000000 0.000343023113 Long PF US Y 3 N N N Lime Rock Partners IV AF N/A Lime Rock Partners IV AF N/A 5063776.00000000 NS USD 7419716.18000000 1.342986575377 Long PF US Y 3 N N N KKR European Fund IV, LP N/A KKR European Fund IV, LP N/A 3315943.99000000 NS USD 4273737.00000000 0.773556734307 Long PF US Y N/A N N N OHCP III L.P N/A OHCP III L.P N/A 785802.03000000 NS USD 249432.76000000 0.045147932887 Long PF US Y 3 N N N Menlo Ventures XI LP N/A Menlo Ventures XI LP N/A 5063680.12000000 NS USD 1898877.00000000 0.343701330000 Long PF US Y N/A N N N Menlo Ventures X LP N/A Menlo Ventures X LP N/A 2493984.86000000 NS USD 210982.00000000 0.038188252322 Long PF US Y N/A N N N KKR ASIAN FUND(IRELANDIII N/A KKR ASIAN FUND(IRELANDIII N/A 1088708.20000000 NS USD 249125 0.045092227583 Long PF US Y N/A N N N Nutraceutical Investco LP N/A Nutraceutical Investco LP N/A 1354333.01000000 NS USD 2312529.06000000 0.418573353401 Long PF US Y 3 N N N KKR Sigma Co-Invest LP N/A KKR Sigma Co-Invest LP N/A 7500000.00000000 NS USD 11718378.00000000 2.121054762393 Long PF US Y N/A N N N OHCP III BC RO S, L.P. N/A OHCP III BC RO S, L.P. N/A 7287358.02000000 NS USD 7287358.02000000 1.319029428269 Long PF US Y 3 N N N KKR Asian Fund III L.P. N/A KKR Asian Fund III L.P. N/A 46930299.99000000 NS USD 81602471.00000000 14.77024463092 Long PF US Y N/A N N N KKR ENTERPRISE C-INVST B N/A KKR ENTERPRISE C-INVST B N/A 2294701.00000000 NS USD 5976519.00000000 1.081764394994 Long PF US Y N/A N N N YORKTOWN ENERGY PART IX N/A YORKTOWN ENERGY PART IX N/A 327082.22800000 NS USD 220553.34000000 0.039920688014 Long PF US Y 3 N N N Menlo Ventures IX LP N/A Menlo Ventures IX LP N/A 38532.33000000 NS USD 90975.00000000 0.016466695050 Long PF US Y N/A N N N KKR Lending Partners Debt N/A KKR Lending Partners Debt N/A 2678731.09000000 NS USD 1031127.70000000 0.186636607789 Long PF US Y N/A N N N PROVIDENCE STRATEGIC N/A PROVIDENCE STRATEGIC N/A 670319.01100000 NS USD 801492.81000000 0.145072137259 Long PF US Y 3 N N N OnyxPoint Permain Equity N/A OnyxPoint Permain Equity N/A 2723512.00000000 NS USD 3981.00000000 0.000720570629 Long PF US Y 3 N N N YORKTOWN ENERGY PART VII N/A YORKTOWN ENERGY PART VII N/A 180407.56700000 NS USD 66395.24000000 0.012017699036 Long PF US Y 3 N N N HPH Spcl Intl Fund 1 LP N/A HPH Spcl Intl Fund 1 LP N/A 652885.96800000 NS USD 11834.00000000 0.002141982624 Long PF US Y 3 N N N WESTCAP HOPPER 2021 CO-INVEST LLC N/A WESTCAP HOPPER 2021 CO-IN N/A 1520990.00000000 NS USD 1553809.00000000 0.281243187350 Long PF US Y 3 N N N KKR Enterprise Co-Inve LP N/A KKR Enterprise Co-Inve LP N/A 20000000.00000000 NS USD 0.00000000 0.000000 Long PF US Y N/A N N N KKR Asian Fund II Private N/A KKR Asian Fund II Private N/A 3178056.14000000 NS USD 2739716.86000000 0.495895378482 Long PF US Y 3 N N N 2022-01-28 iCapital KKR Private Markets Fund Erik Naviloff Erik Naviloff Assistant Treasurer XXXX NPORT-EX 2 icapitalkkrnport.htm
iCapital KKR Private Markets Fund 
CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)
December 31, 2021
                         
    Investment Strategy   Geographic Region    Cost     Fair Value    % of Net Assets   Initial Acquisition Date
INVESTMENTS IN PRIVATE EQUITY FUNDS (a) - 91.96 %                      
CO-INVESTMENTS - 16.51 %                        
Independence Energy Co-Invest L.P. (b) *   Buyout   Americas    $         10,166,473    $         5,129,003   0.93%   2/26/2018
KKR Banff Co-Invest L.P. *   Buyout   Americas               10,000,000             17,000,000   3.08%   9/28/2018
KKR Byzantium Infrastructure Co-Invest L.P. *   Infrastructure   Europe                 6,435,450               6,843,402   1.24%   10/3/2017
KKR Cape Co-Invest L.P. *   Growth   Americas                 5,000,000               5,000,000   0.91%   11/12/2021
KKR Caribou Co-Invest L.P. *   Growth   Americas                    525,000               1,896,225   0.34%   2/26/2018
KKR Element Co-Invest L.P. *   Buyout   Americas                               -                         359   0.00%   8/12/2016
KKR Enterprise Co-Invest AIV B L.P. *   Buyout   Americas                 2,294,701               5,976,519   1.08%   7/14/2020
KKR Enterprise Co-Invest L.P. *   Buyout   Americas               20,000,000                             -   0.00%   9/6/2018
KKR Sigma Co-Invest L.P. *   Buyout   Europe                 7,500,000             11,718,378   2.12%   6/11/2018
LC Sports Pte. Ltd. (c) *   Buyout   Asia                 2,282,797               2,240,135   0.41%   11/2/2018
Nutraceutical Investco LP (c) *   Buyout   Americas                 1,355,241               2,312,529   0.42%   7/15/2019
OnyxPoint Permian Equity Feeder III LLC (c)*   Buyout   Americas                 2,723,512                      3,981   0.00%   9/7/2018
Uno Co-Invest L.P. (c) *   Buyout   Americas               15,000,000             31,500,000   5.70%   6/7/2017
WestCap Hopper 2021 Co-Invest, LLC (c)*   Growth   Americas                 1,520,990               1,553,809   0.28%   9/23/2021
TOTAL CO-INVESTMENTS                     84,804,164          91,174,340   16.51%    
                         
PRIMARY INVESTMENTS - 45.55 %                        
Bridge Growth Partners (Parallel), L.P. (c) *   Growth   Americas                    855,577               1,057,482   0.19%   2/23/2016
HPH Specialized International Fund 1, L.P. (c) *   Buyout   Americas                    652,886                    11,834   0.00%   10/9/2015
KKR Americas Fund XII L.P.    Buyout   Americas               60,771,112           120,374,428   21.79%   3/31/2017
KKR Asian Fund III L.P.    Buyout   Asia               46,930,300             81,602,471   14.77%   3/31/2017
KKR European Fund IV, L.P.    Buyout   Europe                 3,315,944               4,273,737   0.77%   12/17/2015
KKR European Fund V, L.P. SCSp   Buyout   Europe               17,751,450             22,861,253   4.14%   11/5/2018
KKR Health Care Strategic Growth Fund L.P. *   Growth   Americas                 9,240,547             11,095,534   2.01%   8/4/2017
KKR Next Generation Technology Growth Fund II SCSp (b) * Growth   Americas                 3,256,463               4,750,985   0.86%   7/11/2019
L Catterton Asia 3 LP (c)   Buyout   Asia                 1,686,520               1,477,342   0.27%   12/4/2018
Oak Hill Capital Partners IV, L.P. (c)   Buyout   Americas                    505,014                  555,997   0.10%   3/31/2017
OHCP IV BC S, L.P. (c) *   Buyout   Americas                    342,786                  342,786   0.06%   12/23/2021
Providence Strategic Growth Europe L.P. (b,c)    Growth   Europe                    670,319                  801,493   0.14%   11/11/2019
RB Equity Fund II-A, L.P. (c)*   Growth   Americas                    767,616                  936,397   0.17%   12/3/2018
The Resolute Fund IV, L.P. (c)   Buyout   Americas                    826,332               1,521,596   0.28%   9/28/2018
TOTAL PRIMARY INVESTMENTS                   147,572,866        251,663,335   45.55%    
                         
SECONDARY INVESTMENTS - 29.90 %                        
Artisan Partners Asset Management, Inc. TRA (c,d)   Credit   Americas                 2,864,801               3,202,741   0.58%   10/12/2018
Charles River Partnership XIII, L.P. (c) *    Growth   Americas                      31,567                  235,657   0.04%   6/29/2018
Eurazeo Capital IV A SCSp (c)    Buyout   Europe                 2,202,676               2,357,223   0.43%   1/28/2019
Eurazeo Capital IV D SCSp ©   Buyout   Europe                    923,029                  738,649   0.13%   1/28/2019
Foundation Capital III L.P. (c) *   Growth   Americas                           102                      1,555   0.00%   6/29/2018
Foundation Capital V L.P. (c) *   Growth   Americas                        3,410                  195,225   0.04%   6/29/2018
Foundation Capital VI L.P. (c) *   Growth   Americas                    161,147                  355,245   0.06%   6/29/2018
Foundation Capital VII L.P. (c) *   Growth   Americas                    580,590               1,206,242   0.22%   6/29/2018
Foundation Capital VIII L.P. (c) *   Growth   Americas                    700,010               7,305,962   1.32%   6/29/2018
GA Continuity I GP, L.P. (c) *   Buyout   Americas                 3,527,166               3,583,301   0.65%   6/22/2021
Icon Partners V, L.P. (c)   Buyout   Americas                 4,444,444               4,444,444   0.80%   12/22/2021
KKR 2006 Fund L.P . (b)    Buyout   Americas               13,780,647               9,542,084   1.73%   12/31/2015
KKR 2006 Fund (Overseas) L.P.    Buyout   Americas                 9,554,332               2,935,904   0.53%   12/31/2015
KKR Asian Fund L.P. *   Buyout   Asia                 1,757,395                (144,113)   -0.03%   12/29/2016
KKR Asian Fund (Ireland III MIT) I L.P. *   Buyout   Asia                 1,088,708                  249,125   0.05%   12/29/2016
KKR Asian Fund II Private Investors Offshore, L.P. (c)    Buyout   Asia                 3,203,151               2,739,717   0.49%   9/30/2017
KKR China Growth Fund, L.P.   Growth   Asia               12,654,679               7,607,626   1.38%   6/29/2018
KKR European Fund III, L.P. *   Buyout   Europe                 2,321,071                  880,713   0.16%   12/31/2015
KKR Gaudi Investors L.P. *   Buyout   Europe                 8,623,313               8,886,057   1.61%   5/4/2017
KKR Lending Partners II L.P. (b) *   Credit   Americas                 2,678,731               1,031,128   0.19%   3/31/2017
KKR North America Fund XI L.P.  (b)    Buyout   Americas               18,546,038             17,978,634   3.25%   10/29/2015
KKR North America Fund XI (Indigo) L.P.  (b)*   Buyout   Americas                 1,656,323             18,409,856   3.33%   10/29/2015
KKR North America Fund XI (Wave) L.P.  (b)*   Buyout   Americas                 1,158,120                  621,749   0.11%   10/29/2015
KKR Real Estate Partners Americas II L.P.    Real Estate   Americas               20,183,188             18,416,532   3.33%   5/31/2018
L Catterton VIII Offshore, L.P. (b,c)   Buyout   Americas                 2,276,933               2,687,282   0.49%   9/27/2019
Lime Rock Partners IV AF, L.P. (c)   Buyout   Americas                 5,063,776               7,419,716   1.34%   6/21/2018
Menlo Ventures IX LP *   Growth   Americas                      38,532                    90,975   0.02%   12/31/2017
Menlo Ventures X LP *   Growth   Americas                 2,493,985                  210,982   0.04%   12/31/2017
 
 
iCapital KKR Private Markets Fund 
CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
    Investment Strategy   Geographic Region    Cost     Fair Value    % of Net Assets   Initial Acquisition Date
SECONDARY INVESTMENTS (Continued) - 29.90 %                        
Menlo Ventures XI LP *   Growth   Americas                 5,063,680               1,898,877   0.34%   12/31/2017
Oak Hill Capital Partners III (AIV I), L.P. * (c)   Buyout   Americas    $              109,786    $              31,331   0.01%   3/17/2017
Oak Hill Capital Partners III, L.P. (c)   Buyout   Americas                    785,802                  249,433   0.05%   3/17/2017
OHCP III BC RO, L.P. (c) *   Buyout   Americas                 7,287,358               7,287,358   1.32%   12/31/2018
Orchid Asia III, L.P.  (c) *   Buyout   Asia                    932,796               1,687,448   0.31%   8/15/2016
Pegasus WSJLL Fund, L.P. (c)   Buyout   Americas                 5,073,975               5,073,975   0.92%   12/14/2021
Pueblo Co-Invest-A LP  (c)    Growth   Americas                 3,193,131               6,452,796   1.17%   6/25/2019
RB Equity Fund I-A LP (c) *   Growth   Americas                 3,587,692               9,401,609   1.70%   12/31/2018
Salient Solutions LLC (c,e)*   Growth   Americas                               -                      1,895   0.00%   2/10/2016
The Resolute Fund II Continuation Fund, L.P. (c)   Buyout   Americas                 3,436,987               3,626,501   0.66%   8/31/2018
Warburg Pincus XI (ASIA), L.P. (c) *   Growth   Asia                 6,902,405               5,266,350   0.95%   9/30/2017
Yorktown Energy Partners IX, L.P (b,c)*   Buyout   Americas                    327,161                  220,553   0.04%   9/30/2018
Yorktown Energy Partners VI, L.P (b,c) *   Buyout   Americas                      63,741                    30,555   0.01%   9/30/2018
Yorktown Energy Partners VII, L.P (b,c)    Buyout   Americas                    180,486                    66,395   0.01%   9/30/2018
Yorktown Energy Partners VIII, L.P (b,c)    Buyout   Americas                    575,729                  303,583   0.05%   9/30/2018
Yorktown Energy Partners X, L.P (b,c)    Buyout   Americas                    539,050                  414,027   0.07%   9/30/2018
TOTAL SECONDARY INVESTMENTS                   160,577,643        165,202,897   29.90%    
                         
TOTAL INVESTMENTS IN PRIVATE EQUITY FUNDS            $   392,954,673    $ 508,040,572   91.96%    
                         
COMMON STOCK- 0.00 % **   Shares                    
ENERGY - 0.00 % **                        
Antero Midstream (Common Stock) ^ (b)                1,600   Americas                      15,480                    15,488   0.00%   12/28/2021
TOTAL COMMON STOCK            $              15,480    $            15,488   0.00%    
                         
TOTAL INVESTMENTS - 91.96 % (Cost - $392,970,153) (f)              $     508,056,060        
OTHER ASSETS LESS LIABILITIES - 8.04 %                         44,422,745        
NET ASSETS - 100.00 %                $ 552,478,805        
                         
                         
*     Non-income producing.                         
^ Common stock received as an in-kind distribution from Yorktown Energy Partners VII and Yorktown Energy Partners VIII LP.          
(a) Securities restricted to resale represents $508,040,572 or 91.96% of net assets.                
(b) All or part of these investments are holdings of iKF, LLC, a wholly-owned subsidiary of the Master Fund.  
(c) The fair value of this investment is determined using significant unobservable inputs and is classified as level 3 on the GAAP hierarchy.        
(d) Artisan Partners Asset Management TRA - A tax receivable agreement (“TRA”) with Artisan Partners Asset Management (NYSE: APAM) was acquired from a private equity fund in a secondary transaction.  
(e) Salient Solutions LLC - An existing equity co-investment interest in Salient Solutions LLC, a technology company, was acquired from a private equity fund in a secondary transaction.     
(f) The fair value of total investments consists of the following regions:   Cost   Fair Value   % of Net Assets        
    Americas    $            265,788,150    $       345,969,054   62.62%        
    Asia    $              77,438,751    $       102,726,101   18.59%        
    Europe    $              49,743,252    $         59,360,905   10.75%        
    Total Investments    $            392,970,153    $       508,056,060   91.96%