POMONA INVESTMENT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023 (UNAUDITED)
| Private Equity Investments (81.82%)(a)(b) | Geographic Region(c) | Acquisition Date | Fair Value | |||||
| Direct Investments/Co-Investments (1.97%) | ||||||||
| Blue Owl GP Stakes V Nimbus Cayman (B), L.P. | North America | 09/10/2021 | $ | 8,557,800 | ||||
| Blue Owl GP Stakes V Nimbus U.S. (A), LLC | North America | 09/10/2021 | 1,698,743 | |||||
| BSV Opportunities B, F.C.R.E(d) | Europe | 12/16/2021 | 5,266,053 | |||||
| Investcorp Aspen Offshore Fund, L.P. | Rest of World | 07/01/2019 | 10,050,345 | |||||
| Roark Capital Partners II Sidecar, L.P.(d) | North America | 10/18/2018 | 1,746,010 | |||||
| Total Direct Investments/Co-Investments | 27,318,951 | |||||||
| Primary Investments (4.12%) | ||||||||
| Accel-KKR Capital Partners VII, L.P.(d) | North America | 12/16/2022 | (26,695 | ) | ||||
| Accel-KKR Growth Capital Partners IV, L.P.(d) | North America | 12/17/2021 | 821,801 | |||||
| Apax XI USD L.P.(d) | Europe | 10/19/2023 | 31,606 | |||||
| Berkshire Fund X-A, L.P. | North America | 09/22/2020 | 6,623,710 | |||||
| Blue Owl GP Stakes V Offshore Investors, L.P. | North America | 09/20/2021 | 2,325,376 | |||||
| BPEA EQT Mid-Market Growth Partnership, SCSp(d) | Europe | 06/07/2023 | 92,263 | |||||
| CB Offshore Equity X, L.P. | North America | 11/20/2020 | 2,680,898 | |||||
| Clearlake Capital Partners VII (USTE), L.P. | North America | 09/17/2021 | 3,014,422 | |||||
| Genstar Capital Partners X, L.P. | North America | 04/01/2021 | 4,823,004 | |||||
| Genstar Capital Partners XI, L.P.(d) | North America | 04/26/2023 | 10,653 | |||||
| Green Equity Investors Side IX, L.P.(d) | North America | 03/01/2022 | 61,259 | |||||
| Halifax Capital Partners V, L.P.(d) | North America | 09/30/2023 | 642,596 | |||||
| Hellman & Friedman Capital Partners IX (Parallel), L.P. | North America | 09/28/2018 | 2,850,991 | |||||
| Hellman & Friedman Capital Partners X (Parallel), L.P.(d) | North America | 05/10/2021 | 4,161,742 | |||||
| Hellman & Friedman Capital Partners XI (Parallel), L.P.(d) | North America | 12/16/2022 | – | |||||
| HighVista Private Equity VIII (Offshore), L.P.(d) | Europe | 04/11/2019 | 3,338,978 | |||||
| Norwest Mezzanine Partners V-A, L.P.(d) | North America | 09/30/2023 | 892,297 | |||||
| Providence Equity Partners IX-A S.C.Sp(d) | North America | 12/15/2023 | 172,622 | |||||
| Roark Capital Partners V (TE), L.P. | North America | 04/30/2018 | 6,438,818 | |||||
| Roark Capital Partners VI (TE), L.P.(d) | North America | 01/28/2022 | 2,300,840 | |||||
| TA XIV-B, L.P. | North America | 05/27/2021 | 3,558,567 | |||||
| TA XV-B, L.P.(d) | North America | 04/27/2023 | – | |||||
| The Veritas Capital Fund VII, L.P.(d) | North America | 10/10/2019 | 4,033,346 | |||||
| The Veritas Capital Fund VIII, L.P. | North America | 03/16/2022 | 4,178,346 | |||||
| Thoma Bravo Explore Fund II-A, L.P.(d) | North America | 02/03/2022 | – | |||||
| Thoma Bravo Fund XV-A, L.P.(d) | North America | 02/03/2022 | 3,658,000 | |||||
| Vista Equity Partners Fund VIII-A, L.P. | North America | 04/27/2022 | 543,286 | |||||
| Total Primary Investments | 57,228,726 | |||||||
| Seasoned Primary Investments (4.60%) | ||||||||
| Aerospace, Transportation and Logistics Fund II, L.P.(d) | North America | 03/31/2019 | 2,125,655 | |||||
| Avista Capital Partners (Offshore) IV, L.P. | North America | 12/01/2017 | 387,475 | |||||
| Gryphon Partners IV, L.P. | North America | 06/08/2016 | 4,072,986 | |||||
| Gryphon Partners VI-A, L.P.(d) | North America | 12/17/2021 | 9,306,430 | |||||
| Insight Partners (Cayman) XII Buyout Annex Fund, L.P. | North America | 10/26/2021 | 4,542,212 | |||||
| Ironsides Offshore Direct Investment Fund V, L.P.(d) | North America | 12/31/2019 | 4,518,423 | |||||
| L Catterton IX, L.P.(d) | North America | 03/09/2021 | 7,224,492 | |||||
| Merit Mezzanine Fund VI, L.P. | North America | 03/02/2018 | 1,757,988 | |||||
| NB Credit Opportunities II Cayman Feeder LP(d) | North America | 06/30/2023 | 11,400,000 | |||||
| OceanSound Partners Fund, L.P. | North America | 01/31/2022 | 10,488,000 | |||||
| Sorenson Capital Partners IV-B, L.P.(d) | North America | 01/11/2022 | 5,018,314 | |||||
| Private Equity Investments (81.82%)(a)(b) (continued) | Geographic Region(c) | Acquisition Date | Fair Value | |||||
| Seasoned Primary Investments (4.60%) (continued) | ||||||||
| VSS Structured Capital Parallel III, L.P. | North America | 01/26/2018 | $ | 3,000,625 | ||||
| Total Seasoned Primary Investments | 63,842,600 | |||||||
| Secondary Investments (71.13%) | ||||||||
| A9 EUR (Feeder) L.P. | Europe | 10/19/2023 | 11,943,002 | |||||
| A9 USD (Feeder) L.P.(d) | Europe | 10/19/2023 | 4,089,428 | |||||
| ABS Capital Partners VII Offshore, L.P.(d) | North America | 10/13/2023 | 2,992,002 | |||||
| ABS Capital Partners VII, L.P.(d) | North America | 10/13/2023 | 7,697,947 | |||||
| Accel-KKR Capital Partners CV III, L.P.(d) | North America | 06/30/2021 | 4,252,593 | |||||
| Actis Energy 5 LP | Europe | 06/30/2023 | 232,872 | |||||
| Advent International GPE VI-A Limited Partnership(d) | North America | 03/31/2021 | 137,677 | |||||
| Advent International GPE VII-B Limited Partnership(d) | North America | 06/30/2015 | 561,150 | |||||
| Advent International GPE VIII-B-2, L.P.(d) | North America | 03/31/2022 | 2,753,841 | |||||
| Advent International GPE VIII-C Limited Partnership(d) | North America | 12/31/2019 | 2,008,851 | |||||
| AEA EXC CF, L.P.(d) | North America | 08/12/2022 | 11,448,211 | |||||
| American Securities Partners VI, L.P.(d) | North America | 03/31/2022 | 2,416,838 | |||||
| American Securities Partners VII, L.P. | North America | 12/30/2022 | 30,126,701 | |||||
| AP VIII Private Investors Offshore (USD), L.P.(d) | Europe | 06/30/2017 | 40,785 | |||||
| AP VIII Private Investors, LLC(d) | Europe | 06/28/2019 | 816,445 | |||||
| Apax Europe VI - A, L.P.(d) | Europe | 12/30/2016 | 223,452 | |||||
| Apax Europe VII, L.P.(d) | Europe | 03/31/2021 | 37,821 | |||||
| Apax IX USD L.P.(d) | Europe | 10/19/2023 | 17,810,609 | |||||
| Apollo Investment Fund VI, L.P.(d) | North America | 12/31/2018 | 66,337 | |||||
| Apollo Investment Fund VII, L.P. | North America | 09/29/2017 | 8,333 | |||||
| Ares Corporate Opportunities Fund III, L.P.(d) | North America | 12/31/2019 | 14,986 | |||||
| Artiman Ventures III, L.P.(d) | North America | 03/31/2021 | 695,072 | |||||
| Astorg VI SLP(d) | Europe | 03/31/2022 | 2,325,183 | |||||
| Astorg VII SLP(d) | Europe | 03/31/2022 | 9,126,464 | |||||
| Atlas Capital Resources, L.P.(d) | North America | 06/30/2021 | 483,237 | |||||
| Audax Mezzanine Fund III, L.P.(d) | North America | 09/30/2016 | 605,888 | |||||
| Audax Private Equity Fund Aspen CF, L.P.(d) | North America | 03/24/2022 | 7,580,788 | |||||
| Audax Private Equity Fund III, L.P.(d) | North America | 09/30/2015 | 125,325 | |||||
| Audax Private Equity Fund, L.P.(d) | North America | 12/31/2018 | 3,002 | |||||
| Audax Senior Loan Fund III, L.P. | North America | 09/28/2018 | 179,089 | |||||
| Avista Healthcare Partners, L.P. | North America | 12/31/2019 | (3,745 | ) | ||||
| Bain Capital Asia Fund II, L.P.(d) | North America | 12/31/2019 | 1,909,216 | |||||
| Bain Capital Asia Fund III, L.P. | North America | 06/30/2023 | 3,618,292 | |||||
| Bain Capital Distressed and Special Situations 2013 E, L.P.(d) | North America | 06/30/2015 | 57,611 | |||||
| Bain Capital Empire Holdings, L.P.(d) | North America | 09/21/2022 | 18,720,525 | |||||
| Bain Capital Europe Fund III, L.P.(d) | North America | 12/30/2016 | 203,511 | |||||
| Bain Capital Fund VII, L.P.(d) | North America | 12/29/2017 | 7,233,206 | |||||
| Bain Capital Fund X, L.P.(d) | North America | 12/30/2015 | 1,821,488 | |||||
| Bain Capital VII Coinvestment Fund, L.P.(d) | North America | 12/29/2017 | 97,019 | |||||
| BC Asia III Private Investors, L.P. | North America | 06/30/2020 | 1,864,714 | |||||
| BC Europe IV Private Investors, L.P. | North America | 06/30/2020 | 1,080,373 | |||||
| BC European Capital IX-8, L.P. | Europe | 12/31/2020 | 649,988 | |||||
| BC Life Sciences Private Investors, L.P.(d) | North America | 06/30/2020 | 1,778,143 | |||||
| BC XI Private Investor, L.P.(d) | North America | 06/30/2020 | 1,864,234 | |||||
| BC XII Private Investors, L.P. | North America | 06/30/2020 | 4,746,830 | |||||
| BCP V-S, L.P.(d) | North America | 09/29/2017 | 4 | |||||
| Berkshire Fund IX, L.P. | North America | 09/03/2021 | 9,953,424 | |||||
| Berkshire Fund VI, Limited Partnership(d) | North America | 12/31/2018 | 4,851,513 | |||||
| Berkshire Fund VII, L.P.(d) | North America | 12/31/2018 | 242,325 | |||||
| Berkshire Fund VIII (IND), L.P.(d) | North America | 09/03/2021 | 6,416,198 | |||||
| Blackstone Capital Partners V, L.P.(d) | North America | 09/29/2017 | 3,622 | |||||
| Private Equity Investments (81.82%)(a)(b) (continued) | Geographic Region(c) | Acquisition Date | Fair Value | |||||
| Secondary Investments (71.13%) (continued) | ||||||||
| Blue Owl GP Stakes US Investors, L.P. | North America | 03/31/2022 | $ | 1,179,455 | ||||
| Bowmark Capital Partners V, L.P. | Europe | 06/30/2023 | 998,459 | |||||
| BPEA Private Equity Fund VI, L.P.1(d) | Europe | 06/30/2023 | 4,243,412 | |||||
| Brentwood Associates Private Equity V, L.P.(d) | North America | 12/29/2023 | 5,418,991 | |||||
| Bridgepoint Europe IV, L.P.(d) | Europe | 03/31/2021 | 218,773 | |||||
| Carlyle Credit Opportunities Fund (Parallel), L.P. | North America | 09/29/2023 | 1,975,058 | |||||
| Carlyle Partners V, L.P.(d) | North America | 12/31/2019 | 72,974 | |||||
| Carlyle US Equity Opportunity Fund II, L.P. | North America | 06/30/2022 | 1,758,407 | |||||
| CCP Climb, L.P.(d) | Europe | 05/03/2023 | 20,215,937 | |||||
| CCP Strider L.P.(d) | Europe | 10/10/2022 | 16,192,645 | |||||
| CD&R Value Building Partners I, L.P. | North America | 12/02/2021 | 12,452,615 | |||||
| CDRF8 Private Investors, LLC | North America | 06/30/2017 | 6,286 | |||||
| Centerbridge Seaport Acquisition Fund, L.P.(d) | North America | 04/27/2022 | 9,400,000 | |||||
| Cerberus Institutional Partners, L.P. - Series Four | North America | 12/30/2016 | 28,356 | |||||
| Charlesbank Equity Fund IX, Limited Partnership | North America | 03/31/2022 | 4,490,354 | |||||
| Charlesbank Equity Fund VIII, Limited Partnership | North America | 03/31/2022 | 1,790,964 | |||||
| Charterhouse Capital Partners IX, L.P.(d) | Europe | 12/31/2021 | 22,106 | |||||
| CHP III, L.P.(d) | North America | 09/29/2017 | 80,600 | |||||
| CI Capital Investors II, L.P.(d) | North America | 12/31/2019 | 8,244 | |||||
| CI Capital Investors III, L.P.(d) | North America | 12/31/2019 | 20,262,366 | |||||
| Clayton, Dubilier & Rice Fund IX, L.P. | North America | 06/30/2022 | 3,917,858 | |||||
| Clayton, Dubilier & Rice Fund XI, L.P.(d) | North America | 06/30/2022 | 2,059,548 | |||||
| Clearlake Capital Partners II, L.P. | North America | 09/30/2022 | 728 | |||||
| Clearlake Capital Partners III, L.P.(d) | North America | 09/30/2022 | 221,320 | |||||
| Clearlake Capital Partners IV, L.P. | North America | 12/31/2019 | 1,849,054 | |||||
| Clearlake Capital Partners V (Offshore), L.P. | North America | 12/30/2022 | 531,571 | |||||
| Clearlake Capital Partners V, L.P. | North America | 09/30/2022 | 20,252,935 | |||||
| Clearlake Capital Partners VI, L.P. | North America | 09/30/2022 | 2,226,755 | |||||
| Clearlake Opportunities Partners (P-Offshore), L.P. | North America | 12/31/2019 | 756,673 | |||||
| Coller International Partners VI, L.P.(d) | Europe | 12/31/2021 | 272,700 | |||||
| Comvest Capital II International (Cayman), L.P.(d) | North America | 06/29/2018 | 48,324 | |||||
| Comvest Capital III International (Cayman), L.P. | North America | 06/29/2018 | 255,890 | |||||
| Court Square Capital Partners (Offshore) III, L.P. | North America | 12/31/2020 | 904,649 | |||||
| CVC Capital Partners VI (A), L.P.(d) | Europe | 12/29/2022 | 3,874,765 | |||||
| CVC Capital Partners VI (B), L.P.(d) | Europe | 12/30/2022 | 13,079,942 | |||||
| CVC Capital Partners VII (A), L.P. | Europe | 08/15/2022 | 3,848,922 | |||||
| CVC European Equity Partners V (A), L.P. | Europe | 12/30/2022 | 212,544 | |||||
| CVC European Equity Partners V (C), L.P. | Europe | 03/31/2023 | 236,374 | |||||
| DCM IV, L.P.(d) | North America | 06/30/2015 | 143,857 | |||||
| DCM V, L.P.(d) | North America | 06/30/2015 | 51,638 | |||||
| DCM VI, L.P.(d) | North America | 06/30/2015 | 299,959 | |||||
| EQT VII (No.1) Limited Partnership(d) | Europe | 12/31/2020 | 735,628 | |||||
| EQT VIII (No.1) SCSp(d) | Europe | 12/31/2020 | 1,344,097 | |||||
| Equistone Partners Europe Fund IV, L.P.(d) | Europe | 12/31/2021 | 431,122 | |||||
| Fifth Cinven Fund (No.3) Limited Partnership | Europe | 12/31/2021 | 2,371,551 | |||||
| Five Arrows Florence Continuation Fund SCSp(d) | Europe | 05/05/2022 | 10,152,073 | |||||
| Francisco Partners II, L.P.(d) | North America | 12/31/2018 | 3,093 | |||||
| Frontenac XI Private Capital (M) Limited Partnership(d) | North America | 07/24/2023 | 6,300,952 | |||||
| FSN Capital IV, L.P.(d) | Europe | 12/31/2019 | 65,830 | |||||
| General Atlantic Investment Partners 2013, L.P. | North America | 12/31/2019 | 1,955,128 | |||||
| Genstar Capital Partners V, L.P.(d) | North America | 03/31/2022 | 7,531 | |||||
| Genstar Capital Partners VI, L.P.(d) | North America | 03/31/2022 | 590,720 | |||||
| Genstar Capital Partners VII (EU), L.P. | North America | 12/31/2020 | 798,001 | |||||
| Genstar Capital Partners VII, L.P. | North America | 03/31/2022 | 6,947,263 | |||||
| Genstar Capital Partners VIII BL (EU), L.P.(d) | North America | 12/31/2020 | 2,543,957 | |||||
| Genstar VIII Opportunities Fund I (EU), L.P.(d) | North America | 12/31/2020 | 1,571,302 | |||||
| Private Equity Investments (81.82%)(a)(b) (continued) | Geographic Region(c) | Acquisition Date | Fair Value | |||||
| Secondary Investments (71.13%) (continued) | ||||||||
| GESD Investors II, L.P.(d) | North America | 09/29/2017 | $ | 24,663 | ||||
| Green Equity Investors CF II, L.P.(d) | North America | 11/30/2021 | 1,706,453 | |||||
| Green Equity Investors CF, L.P.(d) | North America | 04/26/2021 | 2,587,483 | |||||
| Green Equity Investors Side VI, L.P. | North America | 06/30/2021 | 5,735,461 | |||||
| Green Equity Investors V, L.P.(d) | North America | 09/29/2017 | 89,610 | |||||
| Green Equity Investors VI, L.P. | North America | 09/30/2022 | 4,591,461 | |||||
| Gridiron Capital Fund II, L.P.(d) | North America | 12/31/2019 | 768,463 | |||||
| Gridiron Energy Feeder I, L.P.(d) | North America | 05/10/2017 | 2,634,783 | |||||
| Gryphon Co-Invest Fund IV, L.P. | North America | 12/31/2020 | 204,277 | |||||
| Gryphon Mezzanine Partners II, L.P. | North America | 12/30/2022 | 17,075,447 | |||||
| Gryphon Mezzanine Partners, L.P. | North America | 12/30/2022 | 3,332,665 | |||||
| Gryphon Partners 3.5, L.P.(d) | North America | 12/31/2020 | 22,393 | |||||
| Gryphon Partners IV, L.P. | North America | 12/31/2020 | 1,253,226 | |||||
| Gryphon Partners V-A, L.P.(d) | North America | 12/31/2020 | 3,062,726 | |||||
| GS Capital Partners VI Parallel, L.P.(d) | North America | 12/31/2019 | 22,805 | |||||
| GSO Capital Opportunities Overseas Fund, L.P.(d) | North America | 12/30/2015 | 65,776 | |||||
| GSO Private Investors Offshore II, L.P.(d) | North America | 06/30/2017 | 38,175 | |||||
| H&F Arrow 2, L.P.(d) | North America | 08/28/2020 | 2,587,554 | |||||
| H&F Executives IX, L.P. | North America | 09/30/2020 | 3,556,599 | |||||
| H&F Executives VIII, L.P.(d) | North America | 09/30/2020 | 3,194,133 | |||||
| H.I.G. Bayside Debt & LBO Fund II, L.P. | North America | 12/31/2018 | 319,102 | |||||
| H.I.G. Bayside Loan Opportunity Cayman Fund II, L.P.(d) | North America | 03/31/2021 | 15,722 | |||||
| H.I.G. Capital Partners IV, L.P.(d) | North America | 12/31/2018 | 160,572 | |||||
| H.I.G. Capital Partners V, L.P. | North America | 06/30/2023 | 4,710,000 | |||||
| Halifax Capital Partners IV, L.P.(d) | North America | 03/31/2022 | 13,087,735 | |||||
| Hamilton Lane-Carpenters Partnership Fund IV, L.P. | North America | 03/31/2022 | 15,243,973 | |||||
| Hamilton Lane-Carpenters Partnership Fund V, L.P.(d) | North America | 03/31/2022 | 7,673,990 | |||||
| Harvest Partners Structured Capital Fund II, L.P. | North America | 12/30/2022 | 26,547,548 | |||||
| Harvest Partners Structured Capital Fund III, L.P. | North America | 12/30/2022 | 14,722,120 | |||||
| Harvest Partners Structured Capital Fund, L.P. | North America | 12/30/2022 | 14,036,387 | |||||
| Hellman & Friedman Capital Partners VII (Parallel), L.P.(d) | North America | 06/28/2019 | 1,509,189 | |||||
| Hellman & Friedman Capital Partners VII, L.P.(d) | North America | 06/30/2021 | 1,034,196 | |||||
| HFCP VII (Parallel-A), L.P.(d) | North America | 09/30/2021 | 536,132 | |||||
| Hg Genesis 6 C L.P.(d) | Europe | 03/31/2023 | 2,051 | |||||
| Hg Genesis 7 C L.P.(d) | Europe | 03/31/2023 | 1,159,692 | |||||
| Hg Genesis 7 E L.P.(d) | Europe | 06/30/2023 | 1,684,874 | |||||
| Hildred Perennial Partners I, L.P.(d) | North America | 12/22/2023 | 29,788,905 | |||||
| HPE Continuation Fund I C.V.(d) | Europe | 05/27/2021 | 3,218,461 | |||||
| Icon Partners II, L.P.(d) | North America | 03/27/2021 | 313,719 | |||||
| Icon Partners III, L.P. | North America | 04/13/2021 | 2,289,703 | |||||
| Insight Equity I, L.P.(d) | North America | 12/31/2018 | 1,271 | |||||
| Insight Equity II, L.P.(d) | North America | 12/31/2018 | 289,187 | |||||
| Insight Partners Continuation Fund, L.P. | North America | 08/14/2019 | 8,722,093 | |||||
| Insight Venture Partners (Cayman) IX, L.P. | North America | 09/30/2019 | 2,383,290 | |||||
| Insight Venture Partners (Cayman) VIII, L.P. | North America | 09/30/2019 | 1,805,638 | |||||
| Insight Venture Partners Coinvestment Fund (Delaware) III, L.P. | North America | 09/30/2019 | 247,463 | |||||
| Insight Venture Partners Coinvestment Fund II, L.P. | North America | 06/30/2015 | 921,333 | |||||
| Insight Venture Partners Coinvestment Fund III, L.P. | North America | 06/30/2015 | 123,304 | |||||
| Insight Venture Partners Growth-Buyout Coinvestment Fund (Cayman), L.P.(d) | North America | 09/30/2019 | 878,480 | |||||
| Insight Venture Partners Growth-Buyout Coinvestment Fund, L.P.(d) | North America | 09/30/2019 | 54,343 | |||||
| Insight Venture Partners IX, L.P. | North America | 09/30/2019 | 60,907 | |||||
| Insight Venture Partners VII, L.P. | North America | 06/30/2015 | 2,106,610 | |||||
| Insight Venture Partners VIII (Co-Investors), L.P. | North America | 12/31/2019 | 217,018 | |||||
| Insight Venture Partners VIII, L.P. | North America | 06/30/2015 | 2,748,476 | |||||
| Private Equity Investments (81.82%)(a)(b) (continued) | Geographic Region(c) | Acquisition Date | Fair Value | |||||
| Secondary Investments (71.13%) (continued) | ||||||||
| Kelso Investment Associates IX, L.P. | North America | 03/31/2022 | $ | 1,952,351 | ||||
| Kelso Investment Associates VIII, L.P. | North America | 09/29/2017 | 44,772 | |||||
| KKR 2006 Fund, L.P. | North America | 09/29/2017 | 1,708 | |||||
| KKR 2006 Private Investors Offshore, L.P. | North America | 06/30/2017 | 723 | |||||
| KKR Americas Fund XII, L.P. | North America | 03/31/2021 | 3,336,152 | |||||
| KKR China Growth Fund, L.P. | North America | 12/31/2021 | 133,190 | |||||
| KKR North America Fund XI, L.P. | North America | 12/31/2021 | 3,535,413 | |||||
| Lightspeed Venture Partners IX, L.P.(d) | North America | 12/31/2020 | 3,337,115 | |||||
| Lion/Simba Investors, L.P. | Europe | 12/21/2020 | 5,190,808 | |||||
| Littlejohn Fund III, L.P.(d) | North America | 12/31/2018 | 17,115 | |||||
| Littlejohn Fund IV, L.P.(d) | North America | 12/30/2015 | 863,556 | |||||
| Littlejohn Fund V, L.P.(d) | North America | 12/29/2023 | 4,219,192 | |||||
| Lovell Minnick Equity Partners III, L.P. | North America | 06/30/2021 | 439,000 | |||||
| Madison Dearborn Capital Partners VI-C, L.P. | North America | 03/31/2021 | 7,582 | |||||
| Madison Dearborn Capital Partners VII, L.P. | North America | 03/31/2022 | 6,285,281 | |||||
| Marlin Equity III, L.P.(d) | North America | 06/30/2021 | 40,993 | |||||
| MDCP Insurance SPV, L.P.(d) | North America | 05/09/2023 | 2,518,482 | |||||
| MDP Fund, L.P. | Europe | 06/30/2015 | 12,341 | |||||
| Merchant Banking Partners IV, L.P.(d) | North America | 09/29/2017 | 630 | |||||
| Montagu+ SCSp(d) | Europe | 11/10/2021 | 9,898,268 | |||||
| Montreux Equity Partners IV, L.P. | North America | 09/29/2017 | 227,465 | |||||
| MPE Partners II, L.P. | North America | 06/30/2019 | 1,740,300 | |||||
| MSouth Equity Partners II, L.P.(d) | North America | 12/31/2019 | 8,717 | |||||
| Nautic Partners VI-A, L.P.(d) | North America | 12/31/2019 | 306,836 | |||||
| Navis Asia Fund VI, L.P. | Rest of World | 03/31/2021 | 23,075 | |||||
| NB SPV, L.P.(d) | North America | 08/27/2021 | 5,626,578 | |||||
| New Enterprise Associates 12, Limited Partnership(d) | North America | 09/29/2017 | 24,682 | |||||
| New Mountain Partners III, L.P.(d) | North America | 09/29/2017 | 91,901 | |||||
| New Mountain Partners IV, L.P.(d) | North America | 03/31/2023 | 1,298,318 | |||||
| New Mountain Partners V, L.P. | North America | 03/31/2023 | 7,287,575 | |||||
| NewView Capital Fund I, L.P.(d) | North America | 10/31/2018 | 5,044,027 | |||||
| North Bridge Growth Equity II, L.P. | North America | 12/31/2020 | 8,659,140 | |||||
| Norwest Mezzanine Partners III, L.P.(d) | North America | 09/29/2023 | 1,793,339 | |||||
| Norwest Mezzanine Partners IV | North America | 09/29/2023 | 55,211,385 | |||||
| Oak Investment Partners XII, Limited Partnership(d) | North America | 03/29/2019 | 35,394 | |||||
| Oaktree Opportunities Fund IX (Cayman), L.P. | North America | 12/31/2021 | 1,775,732 | |||||
| Oaktree Opportunities Fund VIII (Cayman), Ltd.(d) | North America | 12/31/2021 | 5,612 | |||||
| Oaktree Private Investment Fund 2010, L.P. | North America | 06/30/2015 | 39,527 | |||||
| Odyssey Investment Partners Fund V, LP | North America | 06/30/2023 | 4,004,792 | |||||
| Paladin III (HR), L.P. | North America | 09/29/2017 | 183,679 | |||||
| Pamlico Capital III Continuation Fund, L.P.(d) | North America | 01/27/2023 | 10,442,019 | |||||
| Parthenon Investors II, L.P. | North America | 12/31/2018 | 129,633 | |||||
| Parthenon Investors III, L.P. | North America | 12/31/2018 | 1,252,015 | |||||
| Pegasus WSJLL Fund, L.P.(d) | North America | 12/13/2021 | 9,914,481 | |||||
| Permira IV Feeder, L.P.(d) | Europe | 04/23/2020 | 9,750,224 | |||||
| Platinum Equity Capital Partners II, L.P. | North America | 09/29/2017 | 84,427 | |||||
| PRO SPV, L.P.(d) | North America | 08/27/2021 | 6,301,151 | |||||
| Providence Equity Offshore Partners IV, L.P.(d) | North America | 12/30/2016 | 17,464 | |||||
| Providence Equity Partners V, L.P. | North America | 12/30/2016 | 32,016 | |||||
| Providence Equity Partners VI, L.P.(d) | North America | 12/30/2016 | 127,236 | |||||
| Providence Equity Partners VII, L.P. | North America | 09/29/2017 | 8,434,206 | |||||
| Providence Equity Partners VII-A, L.P. | North America | 09/29/2023 | 24,151,882 | |||||
| PT2-A, L.P.(d) | North America | 12/16/2021 | 8,726,500 | |||||
| PTEV-A, L.P.(d) | North America | 12/30/2021 | 4,875,374 | |||||
| RC III CKE LLC(d) | North America | 06/30/2023 | 4,813,174 | |||||
| RCF V Annex Fund, L.P.(d) | Rest of World | 06/30/2021 | 7,864 | |||||
| Private Equity Investments (81.82%)(a)(b) (continued) | Geographic Region(c) | Acquisition Date | Fair Value | |||||
| Secondary Investments (71.13%) (continued) | ||||||||
| Resource Capital Fund V, L.P.(d) | Rest of World | 06/30/2021 | $ | 68,456 | ||||
| Riverside Capital Appreciation Fund V, L.P.(d) | North America | 03/31/2021 | 110,000 | |||||
| Roark Capital Partners CF RI, L.P. | North America | 08/26/2022 | 919,873 | |||||
| Roark Capital Partners CF, L.P. | North America | 05/11/2022 | 8,106,687 | |||||
| Roark Capital Partners II, L.P. | North America | 06/29/2018 | 228,786 | |||||
| Roark Capital Partners III, L.P. | North America | 06/29/2018 | 4,813,187 | |||||
| Roark Capital Partners IV, L.P. | North America | 06/29/2018 | 24,502,820 | |||||
| Roark Capital Partners V (T), L.P.(d) | North America | 12/29/2023 | 4,250,377 | |||||
| Samson Brunello 2, L.P.(d) | North America | 02/19/2021 | 2,645,082 | |||||
| Samson Hockey 2, L.P.(d) | North America | 12/23/2020 | 1,596,071 | |||||
| Samson Shield 2, L.P.(d) | North America | 12/23/2020 | 4,643,558 | |||||
| Saw Mill Capital Partners, L.P.(d) | North America | 09/29/2017 | 66,305 | |||||
| Seidler Equity Partners IV, L.P. | North America | 06/30/2021 | 1,161,400 | |||||
| Silver Lake Partners III, L.P. | North America | 12/31/2018 | 94,571 | |||||
| Silver Lake Partners V, L.P. | North America | 06/30/2020 | 2,371,087 | |||||
| Sixth Cinven Fund (No. 2) Limited Partnership | Europe | 12/30/2022 | 1,817,153 | |||||
| Sixth Cinven Fund (No. 4) Limited Partnership | Europe | 06/30/2019 | 2,409,559 | |||||
| Sixth Street Opportunities Partners III (B), L.P. | North America | 06/30/2015 | 17,388 | |||||
| SL SPV-2, L.P. | North America | 02/14/2019 | 687,181 | |||||
| Sorenson Capital Partners III, L.P.(d) | North America | 12/31/2021 | 11,611,951 | |||||
| Sterling Capital Partners IV, L.P.(d) | North America | 12/31/2021 | 520,672 | |||||
| Summit Partners Growth Equity Fund VIII-B, L.P.(d) | North America | 12/31/2021 | 1,173,506 | |||||
| Summit Partners Private Equity Fund VII-A, L.P.(d) | North America | 12/31/2018 | 178,369 | |||||
| Sun Capital Partners IV, L.P.(d) | North America | 12/31/2018 | 75,183 | |||||
| Sun Capital Partners V, L.P. | North America | 12/31/2018 | 83,707 | |||||
| SunTx Capital Partners II, L.P.(d) | North America | 12/31/2019 | 2,825,247 | |||||
| TA Atlantic and Pacific VI, L.P.(d) | North America | 03/31/2021 | 32,085 | |||||
| TCW/Crescent Mezzanine Partners VB, L.P.(d) | North America | 12/30/2015 | 5,256 | |||||
| Tennenbaum Opportunities Fund V, LLC(d) | North America | 09/29/2017 | 117,641 | |||||
| The Veritas Capital Fund V, L.P.(d) | North America | 06/30/2019 | 16,651,283 | |||||
| The Veritas Capital Fund VI, L.P.(d) | North America | 03/31/2022 | 8,079,327 | |||||
| Thomas H. Lee Parallel (Cayman) Fund VII, L.P.(d) | North America | 06/29/2018 | 2,010,140 | |||||
| TowerBrook Investors III, L.P.(d) | North America | 12/31/2019 | 22,328 | |||||
| TPF II-A, L.P.(d) | North America | 12/31/2019 | 8,674 | |||||
| TPG Growth III (A), L.P.(d) | North America | 12/31/2019 | 2,038,981 | |||||
| TPG Partners V, L.P.(d) | North America | 09/29/2017 | 2,840 | |||||
| TPG Partners VI, L.P. | North America | 09/29/2017 | 193,435 | |||||
| TPG STAR, L.P.(d) | North America | 09/29/2017 | 166,077 | |||||
| Trident VI, L.P. | North America | 06/30/2023 | 6,871,163 | |||||
| Triton Fund III, L.P.(d) | Europe | 03/31/2021 | 105,496 | |||||
| Triton Fund IV L.P.(d) | Europe | 06/30/2023 | 3,094,020 | |||||
| Vista Equity Partners Fund V, L.P.(d) | North America | 09/30/2018 | 16,448,888 | |||||
| Warburg Pincus Global Growth, L.P. | North America | 06/30/2022 | 6,124,229 | |||||
| Warburg Pincus Private Equity XI, L.P. | North America | 12/31/2021 | 2,684,515 | |||||
| Warburg Pincus Private Equity XI-B, L.P. | North America | 03/31/2022 | 3,592,959 | |||||
| Warburg Pincus Private Equity XII, L.P.(d) | North America | 06/30/2022 | 4,089,666 | |||||
| Warburg Pincus Private Equity XII-B, L.P.(d) | North America | 03/31/2022 | 4,121,604 | |||||
| Webster Equity Partners Bristol CF, L.P.(d) | North America | 10/15/2021 | 9,378,292 | |||||
| White Deer Energy, L.P.(d) | North America | 06/30/2021 | 31,334 | |||||
| Wind Point Partners AAV, L.P.(d) | North America | 06/29/2021 | 765,669 | |||||
| Wind Point Partners VII-B, L.P.(d) | North America | 09/29/2017 | 597,312 | |||||
| Private Equity Investments (81.82%)(a)(b) (continued) | Geographic Region(c) | Acquisition Date | Fair Value | |||||
| Secondary Investments (71.13%) (continued) | ||||||||
| WP AUSA, L.P.(d) | North America | 07/22/2019 | $ | 8,240,039 | ||||
| Total Secondary Investments | 987,494,154 | |||||||
| Total Private Equity Investments | ||||||||
| (Cost $1,001,150,354) | $ | 1,135,884,431 | ||||||
| Common Stock (0.01%) | Shares | Fair Value | |||||
| Udemy, Inc.(d) | 5,854 | 86,230 | |||||
| Total Common Stock | |||||||
| (Cost $89,625) | $ | 86,230 | |||||
| Short-Term Investments (31.62%) | Fair Value | |||
| Money Market Funds (31.62%) | ||||
| Fidelity Government Portfolio, Class I, 5.19%(e) | 437,195,398 | |||
| JPMorgan US Government Money Market Fund, 5.11%(e) | 1,780,439 | |||
| Total Money Market Funds | 438,975,837 | |||
| Total Short-Term Investments | ||||
| (Cost $438,975,837) | $ | 438,975,837 | ||
Total Investments (113.45%) | ||||
| (Cost $1,440,215,816) | $ | 1,574,946,498 | ||
| Liabilities in Excess of Other Assets (-13.45%) | (186,733,194 | ) | ||
| Net Assets (100.00%) | $ | 1,388,213,304 | ||
| (a) | Private Equity Investments are generally offered in private placement transactions and as such are illiquid and generally restricted as to resale. Total cost and fair value of illiquid and restricted securities as of December 31, 2023 was $1,001,150,354 and $1,135,884,431, respectively. |
| (b) | Pomona Investment Fund ordinarily acquires portfolios of investments that are comprised of interests in multiple private equity funds (rather than single interests in such funds) and pays a single purchase price for each such portfolio. As a result, the specific acquisition cost allocated to each Private Equity Investment does not necessarily reflect the actual cost of each such investment. The information regarding the Private Equity Investments, as listed in the Consolidated Schedule of Investments above, has not been prepared, reviewed or approved by any such Private Equity Fund or any general partner, manager or sponsor of such Private Equity Investments or any of their respective affiliates. As of December 31, 2023, the aggregate cost of each investment restricted to resale was: $2,887,826, $4,088,138, $7,723,191, $4,258,507, $923,385, $–, $863,638, $–, $5,976,645, $3,673,011, $108,862, $2,204,915, $2,884,771, $4,617,943, $29,821, $48,081, $506,131, $1,902,757, $3,608,091, $–, $2,186,739, $892,297, $190,647, $3,951,961, $1,883,884, $3,735,200, $–, $2,849,282, $4,168,225, $–, $3,414,904, $365,314, $2,035,115, $364,498, $2,913,689, $8,172,094, $3,785,000, $2,785,746, $6,267,911, $2,093,507, $10,555,321, $6,487,603, $4,812,838, $2,931,000, $10,123,594, $3,637,598, $2,080,020, $5,347,611, $3,816,204, $265,389, $41,815, $1,688,034, $2,632,058, $1,435,829, $11,610,029, $1,833,298, $26,981,608, $154,778, $1,747,198, $406,876, $20,004, $15,841,744, $207,218, $292,335, $585,763, $547,290, $3,873,937, $6,722,589, $1,196,347, $1,433,742, $7,370,000, $2,308,026, $2,154, $335,148, $391,357, $2,055,081, $2,812,541, $–, $16,967,972, $962,325, $5,516,370, $4,222,683, $49,683, $349,079, $805,495, $1,487,440, $431,555, $1,042,975, $2,234,037, $47,896, $8,927,605, $6,040,488, $992,633, $6,497,467, $445,286, $1,344,773, $1,058,009, $4,690,653, $4,183,829, $127,495, $1,535,503, $53,331, $1,757,547, $17,477,759, $15,545,080, $9,959,106, $229,064, $9,051,479, $688,460, $2,876,192, $1,113,554, $–, $216,690, $21,757, $13,650,875, $4,357,913, $2,028,007, $8,048, $187,670, $2,496,333, $493,546, $22,490,376, $2,108,640, $697,565, $318,530, $151,461, $1,611,792, $755,571, $3,161,688, $11,965,789, $2,690,911, $212,127, $235,566, $133,659, $1,177,767, $1,671,703, $909,962, $1,178,329, $496,116, $2,369,386, $8,227,875, $112,071, $4,342,764, $127,519, $2,030,606, $212,384, $1,309,870, $742,837, $5,755,348, $1,509,239, $1,035,833, $13,778, $1,185,423, $3,326,399, $4,561,044, $3,144,333, $3,515,070, $1,888,254, $1,741,331, $312,839, $15,346,663, $3,101,823, $163,282, $1,821,425, $2,345,544, $16,951, $261,086, $203,075, $1,233,601, $2,296,728, $1,660,017, $614,120, $–, $1,701,384, $4,427,386, $11,275,545, $13,079,691, $6,491,818, $20,525,318, $12,790,666, $13,408,925, $7,777,784, $640,492, $936,385, $46,154, $794,430, $1,259,573, $21,739,130, $3,340,978, $184,439, $3,917,088, $157,636, $822,646, $4,739,329, $1,587,088, $1,340,088, $329,763, $560,617, $136,347, $714,957, $44,530, $40,398, $1,612,660, $168,084, $2,113,308, $1,249,470, $629,587, $177,890, $6,030, $2,812,761, $–, $3,082,630, $2,068,183, $2,835,997, $10,272, $2,009,981, $3,325,860, $777,423, $193,609, $6,293,128, $29,533, $1,996,576, $1,818,116, $705, $6,726,345, $339,516, $3,250, $904,846, $174,902, $230,532, $5,000,000, $88,504, $1,040,174, $1,343,658, $4,941,418, $3,559,711, $8,674,922, $1,461,140, $37,950,316, $166,027, $339,528, $837, $45,196, $4,779,265, $12,946, $7,488,872, $116,700, $512,940, $8,650,087, $4,062,182, $279,152, $6,464,539, $19,151, $361,457, $3,471,348, $6,506,913, $18,578,788, $6,414,863, $4,285,377, $3,257,184, $6,023, $14,852, $256,800, $518,083, $6,147,548, $783,059, $4,907,084, $20,269,039, $3,719,932, $897,028, $904,194, $4,008,487, $675,116, $2,036,010, $887,625, $1,797,271, $1,330,160, $1,429,735, $20,620, $345,632, $12,287,603, $956,949, $898,295, $495,237, $243,191, $471,830, $1,097,436, $20,352, $223,456, $113,418, $17,368,314, $14,590,155, $2,100,840, $267,492, $21,751, $2,087,710, $319,883, $1,476,047, $495,028, $4,762,415, $276,706, $1,616,639, $12,086,562, $4,150,022, $2,683,855, $3,204,279, $4,426,865, $5,578,176, $9,573,471, $66,690, $933,479, $469,001 and $4,942,500, respectively, totaling, $1,001,150,354. |
| (c) | In the case of Private Equity Investments, geographic region generally refers to where the general partner is headquartered and may be different from where a Private Equity Investment invests or operates. |
| (d) | Non-income producing security. |
| (e) | The rate shown is the annualized 7-day yield as of December 31, 2023. |
1. Organization
Pomona Investment Fund (the “Fund”) was organized as a Delaware statutory trust on August 12, 2014 and commenced operations on May 7, 2015. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, closed-end management investment company. The Fund is managed by Pomona Management LLC (the “Adviser” and the “Administrator”), an investment adviser registered under the Investment Advisers Act of 1940, as amended. The Fund seeks long-term capital appreciation by investing principally in private equity investments (“Private Equity Investments”). On August 3, 2017, in connection with the Fund’s revolving credit agreement, Pomona Investment Fund LLC was organized as a Delaware limited liability company and is a wholly owned subsidiary of the Fund.
A board of trustees (the “Board”) has overall responsibility for the management and supervision of the business operations of the Fund. As permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, or the Adviser.
2. Summary of Significant Accounting Policies
The Fund follows the provisions of Fair Value Measurement set forth in ASC Topic 820 (“ASC 820”). The Fund has formal valuation policies and procedures (the “Valuation Procedures”), which have been approved by the Board. The Adviser is designated as the Valuation Designee (the "Valuation Designee") for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities.
The Board receives valuation reports from the Valuation Designee quarterly, annually and promptly (as necessary in accordance with rule 2a-5) and determines if the Valuation Procedures are operating as expected and the outcomes are reliable.
The Valuation Procedures are applied to all of the Fund’s investments, which primarily consists of the following types of Private Equity Investment strategies:
| ● | Secondary Investments refer to investments in existing Private Equity assets that are typically acquired in privately negotiated transactions. |
| ● | Primary Investments refer to investments in newly established private equity funds. |
| ● | Seasoned Primary Investments refer to primary investments made after an investment fund has already invested a certain percentage of its capital commitments. |
| ● | Direct Investments/Co-Investments refers to investments in an operating company alongside other investors. |
All investments are recorded at “Fair Value” in good faith. Fair value is based on actual or estimated market value, with special provisions for assets not having readily available market quotations, and for situations in which market quotations are deemed unreliable. The Private Equity Investments that the Fund makes normally do not have readily available market prices. Determining the fair value of Private Equity Investments and other assets requires that judgment be applied to the specific facts and circumstances of each asset while seeking to employ a valuation process that is consistently followed. There is not necessarily a single standard for determining fair value of such assets, and determinations of fair value may involve subjective judgments and estimates.
The fair values of the Fund’s Private Equity Investments are estimates and are determined by the Valuation Designee in accordance with the Valuation Procedures. If applicable, these estimates are net of management and performance incentive fees or allocations payable pursuant to the respective organizational documents of each Private Equity Investment. Ordinarily, the fair value of a Private Equity Investment held by the Fund is based on the net asset value (“NAV”) of that Private Equity Investment reported by its investment manager. If the Valuation Designee determines that the most recent NAV reported by the investment manager of a Private Equity Investment does not represent the fair value or if the investment manager of a Private Equity Investment fails to report a NAV to the Fund, a fair value determination is made by the Valuation Designee in accordance with the Valuation Procedures. This may include adjusting the previous NAV provided by an investment manager with other relevant information available at the time the Fund values its portfolio, including capital activity and events occurring between the reference dates of the investment manager’s valuation and the relevant valuation date.
The Fund uses NAV as a practical expedient to determine the fair value of its investments in Private Equity Investments. For investments that do not have readily determinable fair values and for which it is not possible to use NAV as a practical expedient, such as certain Direct Investments/Co-Investments, the Valuation Designee will review and value such investments using one or more of the following types of analyses:
| ● | Market comparable statistics and public trading multiples discounted for illiquidity, minority ownership and/or other factors for investments with similar characteristics. |
| ● | Discounted cash flow analysis, including a terminal value or exit multiple. |
| ● | The cost of the investment, if the cost is determined to best approximate the fair value of the investment. |
| ● | Valuations implied by third-party investment in similar assets or issuers. |
Cash
The Fund holds cash at UMB Bank N.A. (the “Custodian”) and JPMorgan Chase Bank, N.A. At times, such deposits may be in excess of federally insured limits. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such accounts. There are no restrictions on the cash held by the Fund.
Short-term Investments
Short-term investments represent investments in money market instruments and money market mutual funds, and are recorded at NAV per share which approximates fair value. Money market instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include U.S. Government securities, commercial paper, certificates of deposit and bankers acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements. There are no restrictions on the short-term investments held by the Fund.
Realized Gain/(Loss) on Investments, Interest Income, and Dividend Income
The Fund accounts for realized gains and losses, interest income, and dividend income on distributions received from Private Equity Investments based on the nature of such distributions as determined by each underlying investment manager.
Other Income from Private Equity Investments
The Fund accounts for other income on distributions received from Private Equity Investments based on the nature of such distributions as determined by the underlying investment fund managers.
Income Recognition and Expenses
Income is recognized on an accrual basis as earned. Expenses are recognized on an accrual basis as incurred.
The Fund bears all expenses incurred in the course of its operations, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Fund’s account; professional fees; costs of insurance; registration expenses; and expenses of meetings of the Board. Certain expenses of the Fund attributable to a particular share class will be allocated to the share class to which they are attributable.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Fund’s Administrator to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Changes in the economic environment, financial markets, and any other factors or parameters used in determining these estimates could cause actual results to differ materially.
Foreign Currency
Assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of investments and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held.
3. Fair Value Disclosures
In accordance with ASC 820, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based on unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurement). The guidance establishes three levels of fair value as listed below.
| - | Level 1 – Unadjusted quoted prices in active markets for identical investments that the Fund has the ability to access at the measurement date |
| - | Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, including inputs in markets that are not considered to be active |
| - | Level 3 – Significant unobservable inputs |
The notion of unobservable inputs is intended to allow for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Under Level 3, the owner of an asset must determine fair value based on its own assumptions about what market participants would take into account in determining the fair value of the asset, using the best information available.
The inputs or methodology for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Administrator. The Administrator considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The Fund’s Private Equity Investments are generally restricted securities that are subject to substantial holding periods and restrictions on resale and are not traded in public markets. Accordingly, the Fund may not be able to resell such investments for extended periods, if at all.
The following table is a summary of information about the levels within the fair value hierarchy at which the Fund’s investments are measured as of December 31, 2023:
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 86,230 | $ | – | $ | – | $ | 86,230 | ||||||||
| Short-Term Investments | 438,975,837 | – | – | 438,975,837 | ||||||||||||
| TOTAL | $ | 439,062,067 | $ | – | $ | – | $ | 439,062,067 | ||||||||
As the Fund uses the NAV as a practical expedient to determine the fair value of certain Private Equity Investments, these investments have not been classified in the U.S. GAAP fair value hierarchy. As of December 31, 2023, $1,135,884,431 was fair valued utilizing NAV as a practical expedient.
As of December 31, 2023 there were no level 3 investments held in the Fund. During the period ended December 31, 2023, the Fund did not have any transfers in or out of Level 3 of the fair value hierarchy.