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%