iCapital KKR Private Markets Fund |
CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) |
December 31, 2021 |
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Investment Strategy |
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Geographic Region |
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Cost |
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Fair Value |
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% of Net Assets |
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Initial Acquisition Date |
INVESTMENTS IN PRIVATE EQUITY FUNDS (a) - 91.96 % |
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CO-INVESTMENTS - 16.51 % |
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Independence Energy Co-Invest L.P. (b) * |
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Buyout |
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Americas |
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$ 10,166,473 |
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$ 5,129,003 |
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0.93% |
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2/26/2018 |
KKR Banff Co-Invest L.P. * |
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Buyout |
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Americas |
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10,000,000 |
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17,000,000 |
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3.08% |
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9/28/2018 |
KKR Byzantium Infrastructure Co-Invest L.P. * |
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Infrastructure |
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Europe |
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6,435,450 |
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6,843,402 |
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1.24% |
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10/3/2017 |
KKR Cape Co-Invest L.P. * |
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Growth |
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Americas |
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5,000,000 |
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5,000,000 |
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0.91% |
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11/12/2021 |
KKR Caribou Co-Invest L.P. * |
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Growth |
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Americas |
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525,000 |
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1,896,225 |
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0.34% |
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2/26/2018 |
KKR Element Co-Invest L.P. * |
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Buyout |
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Americas |
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- |
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359 |
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0.00% |
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8/12/2016 |
KKR Enterprise Co-Invest AIV B L.P. * |
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Buyout |
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Americas |
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2,294,701 |
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5,976,519 |
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1.08% |
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7/14/2020 |
KKR Enterprise Co-Invest L.P. * |
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Buyout |
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Americas |
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20,000,000 |
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- |
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0.00% |
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9/6/2018 |
KKR Sigma Co-Invest L.P. * |
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Buyout |
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Europe |
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7,500,000 |
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11,718,378 |
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2.12% |
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6/11/2018 |
LC Sports Pte. Ltd. (c) * |
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Buyout |
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Asia |
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2,282,797 |
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2,240,135 |
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0.41% |
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11/2/2018 |
Nutraceutical Investco LP (c) * |
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Buyout |
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Americas |
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1,355,241 |
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2,312,529 |
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0.42% |
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7/15/2019 |
OnyxPoint Permian Equity Feeder III LLC (c)* |
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Buyout |
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Americas |
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2,723,512 |
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3,981 |
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0.00% |
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9/7/2018 |
Uno Co-Invest L.P. (c) * |
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Buyout |
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Americas |
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15,000,000 |
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31,500,000 |
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5.70% |
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6/7/2017 |
WestCap Hopper 2021 Co-Invest, LLC (c)* |
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Growth |
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Americas |
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1,520,990 |
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1,553,809 |
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0.28% |
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9/23/2021 |
TOTAL CO-INVESTMENTS |
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84,804,164 |
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91,174,340 |
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16.51% |
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PRIMARY INVESTMENTS - 45.55 % |
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Bridge Growth Partners (Parallel), L.P. (c) * |
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Growth |
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Americas |
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855,577 |
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1,057,482 |
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0.19% |
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2/23/2016 |
HPH Specialized International Fund 1, L.P. (c) * |
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Buyout |
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Americas |
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652,886 |
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11,834 |
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0.00% |
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10/9/2015 |
KKR Americas Fund XII L.P. |
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Buyout |
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Americas |
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60,771,112 |
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120,374,428 |
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21.79% |
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3/31/2017 |
KKR Asian Fund III L.P. |
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Buyout |
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Asia |
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46,930,300 |
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81,602,471 |
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14.77% |
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3/31/2017 |
KKR European Fund IV, L.P. |
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Buyout |
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Europe |
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3,315,944 |
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4,273,737 |
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0.77% |
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12/17/2015 |
KKR European Fund V, L.P. SCSp |
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Buyout |
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Europe |
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17,751,450 |
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22,861,253 |
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4.14% |
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11/5/2018 |
KKR Health Care Strategic Growth Fund L.P. * |
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Growth |
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Americas |
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9,240,547 |
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11,095,534 |
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2.01% |
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8/4/2017 |
KKR Next Generation Technology Growth Fund II SCSp (b) * |
Growth |
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Americas |
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3,256,463 |
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4,750,985 |
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0.86% |
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7/11/2019 |
L Catterton Asia 3 LP (c) |
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Buyout |
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Asia |
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1,686,520 |
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1,477,342 |
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0.27% |
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12/4/2018 |
Oak Hill Capital Partners IV, L.P. (c) |
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Buyout |
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Americas |
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505,014 |
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555,997 |
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0.10% |
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3/31/2017 |
OHCP IV BC S, L.P. (c) * |
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Buyout |
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Americas |
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342,786 |
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342,786 |
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0.06% |
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12/23/2021 |
Providence Strategic Growth Europe L.P. (b,c) |
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Growth |
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Europe |
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670,319 |
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801,493 |
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0.14% |
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11/11/2019 |
RB Equity Fund II-A, L.P. (c)* |
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Growth |
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Americas |
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767,616 |
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936,397 |
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0.17% |
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12/3/2018 |
The Resolute Fund IV, L.P. (c) |
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Buyout |
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Americas |
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826,332 |
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1,521,596 |
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0.28% |
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9/28/2018 |
TOTAL PRIMARY INVESTMENTS |
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147,572,866 |
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251,663,335 |
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45.55% |
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SECONDARY INVESTMENTS - 29.90 % |
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Artisan Partners Asset Management, Inc. TRA (c,d) |
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Credit |
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Americas |
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2,864,801 |
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3,202,741 |
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0.58% |
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10/12/2018 |
Charles River Partnership XIII, L.P. (c) * |
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Growth |
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Americas |
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31,567 |
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235,657 |
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0.04% |
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6/29/2018 |
Eurazeo Capital IV A SCSp (c) |
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Buyout |
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Europe |
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2,202,676 |
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2,357,223 |
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0.43% |
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1/28/2019 |
Eurazeo Capital IV D SCSp © |
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Buyout |
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Europe |
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923,029 |
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738,649 |
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0.13% |
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1/28/2019 |
Foundation Capital III L.P. (c) * |
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Growth |
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Americas |
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102 |
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1,555 |
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0.00% |
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6/29/2018 |
Foundation Capital V L.P. (c) * |
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Growth |
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Americas |
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3,410 |
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195,225 |
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0.04% |
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6/29/2018 |
Foundation Capital VI L.P. (c) * |
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Growth |
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Americas |
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161,147 |
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355,245 |
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0.06% |
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6/29/2018 |
Foundation Capital VII L.P. (c) * |
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Growth |
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Americas |
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580,590 |
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1,206,242 |
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0.22% |
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6/29/2018 |
Foundation Capital VIII L.P. (c) * |
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Growth |
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Americas |
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700,010 |
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7,305,962 |
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1.32% |
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6/29/2018 |
GA Continuity I GP, L.P. (c) * |
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Buyout |
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Americas |
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3,527,166 |
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3,583,301 |
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0.65% |
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6/22/2021 |
Icon Partners V, L.P. (c) |
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Buyout |
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Americas |
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4,444,444 |
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4,444,444 |
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0.80% |
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12/22/2021 |
KKR 2006 Fund L.P . (b) |
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Buyout |
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Americas |
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13,780,647 |
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9,542,084 |
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1.73% |
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12/31/2015 |
KKR 2006 Fund (Overseas) L.P. |
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Buyout |
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Americas |
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9,554,332 |
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2,935,904 |
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0.53% |
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12/31/2015 |
KKR Asian Fund L.P. * |
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Buyout |
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Asia |
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1,757,395 |
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(144,113) |
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-0.03% |
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12/29/2016 |
KKR Asian Fund (Ireland III MIT) I L.P. * |
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Buyout |
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Asia |
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1,088,708 |
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249,125 |
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0.05% |
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12/29/2016 |
KKR Asian Fund II Private Investors Offshore, L.P. (c) |
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Buyout |
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Asia |
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3,203,151 |
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2,739,717 |
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0.49% |
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9/30/2017 |
KKR China Growth Fund, L.P. |
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Growth |
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Asia |
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12,654,679 |
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7,607,626 |
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1.38% |
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6/29/2018 |
KKR European Fund III, L.P. * |
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Buyout |
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Europe |
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2,321,071 |
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880,713 |
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0.16% |
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12/31/2015 |
KKR Gaudi Investors L.P. * |
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Buyout |
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Europe |
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8,623,313 |
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8,886,057 |
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1.61% |
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5/4/2017 |
KKR Lending Partners II L.P. (b) * |
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Credit |
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Americas |
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2,678,731 |
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1,031,128 |
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0.19% |
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3/31/2017 |
KKR North America Fund XI L.P. (b) |
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Buyout |
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Americas |
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18,546,038 |
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17,978,634 |
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3.25% |
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10/29/2015 |
KKR North America Fund XI (Indigo) L.P. (b)* |
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Buyout |
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Americas |
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1,656,323 |
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18,409,856 |
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3.33% |
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10/29/2015 |
KKR North America Fund XI (Wave) L.P. (b)* |
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Buyout |
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Americas |
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1,158,120 |
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621,749 |
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0.11% |
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10/29/2015 |
KKR Real Estate Partners Americas II L.P. |
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Real Estate |
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Americas |
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20,183,188 |
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18,416,532 |
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3.33% |
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5/31/2018 |
L Catterton VIII Offshore, L.P. (b,c) |
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Buyout |
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Americas |
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2,276,933 |
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2,687,282 |
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0.49% |
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9/27/2019 |
Lime Rock Partners IV AF, L.P. (c) |
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Buyout |
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Americas |
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5,063,776 |
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7,419,716 |
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1.34% |
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6/21/2018 |
Menlo Ventures IX LP * |
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Growth |
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Americas |
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38,532 |
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90,975 |
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0.02% |
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12/31/2017 |
Menlo Ventures X LP * |
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Growth |
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Americas |
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2,493,985 |
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210,982 |
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0.04% |
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12/31/2017 |
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iCapital KKR Private Markets Fund |
CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) |
December 31, 2021 |
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Investment Strategy |
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Geographic Region |
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Cost |
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Fair Value |
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% of Net Assets |
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Initial Acquisition Date |
SECONDARY INVESTMENTS (Continued) - 29.90 % |
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Menlo Ventures XI LP * |
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Growth |
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Americas |
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5,063,680 |
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1,898,877 |
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0.34% |
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12/31/2017 |
Oak Hill Capital Partners III (AIV I), L.P. * (c) |
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Buyout |
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Americas |
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$ 109,786 |
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$ 31,331 |
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0.01% |
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3/17/2017 |
Oak Hill Capital Partners III, L.P. (c) |
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Buyout |
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Americas |
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785,802 |
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249,433 |
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0.05% |
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3/17/2017 |
OHCP III BC RO, L.P. (c) * |
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Buyout |
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Americas |
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7,287,358 |
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7,287,358 |
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1.32% |
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12/31/2018 |
Orchid Asia III, L.P. (c) * |
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Buyout |
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Asia |
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932,796 |
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1,687,448 |
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0.31% |
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8/15/2016 |
Pegasus WSJLL Fund, L.P. (c) |
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Buyout |
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Americas |
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5,073,975 |
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5,073,975 |
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0.92% |
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12/14/2021 |
Pueblo Co-Invest-A LP (c) |
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Growth |
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Americas |
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3,193,131 |
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6,452,796 |
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1.17% |
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6/25/2019 |
RB Equity Fund I-A LP (c) * |
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Growth |
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Americas |
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3,587,692 |
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9,401,609 |
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1.70% |
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12/31/2018 |
Salient Solutions LLC (c,e)* |
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Growth |
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Americas |
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- |
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1,895 |
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0.00% |
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2/10/2016 |
The Resolute Fund II Continuation Fund, L.P. (c) |
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Buyout |
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Americas |
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3,436,987 |
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3,626,501 |
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0.66% |
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8/31/2018 |
Warburg Pincus XI (ASIA), L.P. (c) * |
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Growth |
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Asia |
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6,902,405 |
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5,266,350 |
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0.95% |
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9/30/2017 |
Yorktown Energy Partners IX, L.P (b,c)* |
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Buyout |
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Americas |
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327,161 |
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220,553 |
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0.04% |
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9/30/2018 |
Yorktown Energy Partners VI, L.P (b,c) * |
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Buyout |
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Americas |
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63,741 |
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30,555 |
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0.01% |
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9/30/2018 |
Yorktown Energy Partners VII, L.P (b,c) |
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Buyout |
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Americas |
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180,486 |
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66,395 |
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0.01% |
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9/30/2018 |
Yorktown Energy Partners VIII, L.P (b,c) |
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Buyout |
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Americas |
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575,729 |
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303,583 |
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0.05% |
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9/30/2018 |
Yorktown Energy Partners X, L.P (b,c) |
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Buyout |
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Americas |
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539,050 |
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414,027 |
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0.07% |
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9/30/2018 |
TOTAL SECONDARY INVESTMENTS |
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160,577,643 |
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165,202,897 |
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29.90% |
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TOTAL INVESTMENTS IN PRIVATE EQUITY FUNDS |
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$ 392,954,673 |
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$ 508,040,572 |
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91.96% |
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COMMON STOCK- 0.00 % ** |
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Shares |
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ENERGY - 0.00 % ** |
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Antero Midstream (Common Stock) ^ (b) |
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1,600 |
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Americas |
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15,480 |
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15,488 |
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0.00% |
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12/28/2021 |
TOTAL COMMON STOCK |
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$ 15,480 |
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$ 15,488 |
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0.00% |
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TOTAL INVESTMENTS - 91.96 % (Cost - $392,970,153) (f) |
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$ 508,056,060 |
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OTHER ASSETS LESS LIABILITIES - 8.04 % |
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44,422,745 |
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NET ASSETS - 100.00 % |
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$ 552,478,805 |
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* Non-income producing. |
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^ Common stock received as an in-kind distribution from Yorktown Energy Partners VII and Yorktown Energy Partners VIII LP. |
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(a) Securities restricted to resale represents $508,040,572 or 91.96% of net assets. |
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(b) All or part of these investments are holdings of iKF, LLC, a wholly-owned subsidiary of the Master Fund. |
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(c) The fair value of this investment is determined using significant unobservable inputs and is classified as level 3 on the GAAP hierarchy. |
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(d) Artisan Partners Asset Management TRA - A tax receivable agreement (“TRA”) with Artisan Partners Asset Management (NYSE: APAM) was acquired from a private equity fund in a secondary transaction. |
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(e) Salient Solutions LLC - An existing equity co-investment interest in Salient Solutions LLC, a technology company, was acquired from a private equity fund in a secondary transaction. |
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(f) The fair value of total investments consists of the following regions: |
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Cost |
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Fair Value |
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% of Net Assets |
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Americas |
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$ 265,788,150 |
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$ 345,969,054 |
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62.62% |
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Asia |
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$ 77,438,751 |
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$ 102,726,101 |
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18.59% |
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Europe |
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$ 49,743,252 |
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$ 59,360,905 |
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10.75% |
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Total Investments |
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$ 392,970,153 |
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$ 508,056,060 |
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91.96% |
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