NPORT-EX 2 pmfivti_nportex.htm SOI

 

NB Crossroads Private Markets Fund IV (TI) - Client LLC (the “Fund”) invests substantially all of its assets in NB Crossroads Private Markets Fund IV Holdings LLC (the “Company”). The percentage of the Company’s members’ equity owned by the Fund at June 30, 2020, was 61.84%. The Fund has included the Company’s schedule of investments as of June 30, 2020, below. The Company’s schedule of investments was also filed on Form NPORT-EX with the Securities and Exchange Commission on August 28, 2020.

 

 

 

 

NB Crossroads Private Markets Fund IV Holdings LLC

Schedule of Investments

June 30, 2020 (Unaudited)

 

Investments / Co-investments (A),(B),(D)  Acquisition Type  Acquisition Dates (C)  Geographic Region (E)  Cost   Fair Value 
                  
Large-cap Buyout (19.26%)                   
BC European Capital X - Betty Co-Investment (1) LP  Co-investment  01/2019  North America  $803,618   $994,184 
BC European Capital X - Hulk Co-Investment (1) LP  Co-investment  07/2018  North America   2,660,701    3,338,416 
Carlyle Partners VII, L.P.  Primary  12/2018-05/2020  North America   4,786,489    4,344,332 
Clayton, Dubilier & Rice Fund X, L.P.  Primary  03/2018-01/2020  North America   3,983,994    4,481,645 
Cortefiel Co-Invest SCSp  Co-investment  10/2017  Europe   1,304,722    1,209,228 
CVC Capital Partners VII, L.P.  Primary  12/2018-11/2019  Europe   5,610,344    6,228,414 
Gorilla Aggregator L.P. (F)  Co-investment  10/2017  North America   3,300,000    4,092,000 
KKR Byzantium Infrastructure Co-Invest L.P.  Co-investment  10/2017  Europe   2,123,701    1,930,376 
KKR Starlight Co-Invest II L.P.  Co-investment  12/2018  Europe   5,000,000    5,280,715 
KKR Taurus Co-Invest II L.P.  Co-investment  10/2017-11/2017  North America   3,000,000    3,907,507 
SLP Blue Co-Invest, L.P.  Co-investment  06/2018  North America   1,803,130    2,021,433 
THL Equity Fund VIII Investors (Agiliti), L.P.  Co-investment  01/2019  North America   2,974,429    6,550,271 
TPG Healthcare Partners, L.P.  Primary  12/2019-04/2020  North America   246,399    197,407 
TPG Partners VIII, L.P.  Primary  06/2017-04/2020  North America   882,634    680,835 
Uno Co-Invest L.P.  Co-investment  06/2017-06/2020  North America   3,599,359    5,579,359 
             42,079,520    50,836,122 
Small and Mid-cap Buyout (50.32%)                   
BC Holdco, LLC  Co-investment  11/2017  North America   2,390,570    2,411,141 
ByLight InvestCo LP  Co-investment  05/2017  North America   855,466    4,022,698 
Charlesbank Equity Fund IX, L.P.  Primary  07/2018-04/2020  North America   4,930,997    5,400,000 
CHG PPC Investor LLC  Co-investment  03/2018  North America   1,100,000    2,019,751 
CI Capital Investors II, L.P.  Secondary  06/2017-10/2019  North America   146,118    103,025 
CI Capital Investors II Follow-On Partners, L.P.  Co-investment  05/2018-06/2020  North America   3,816,014    3,561,929 
EQT Mid Market Europe, L.P.  Primary  08/2017-05/2020  Europe   6,795,377    8,231,953 
Fortress Vietnam Investment Holdings PTE. LTD.  Co-investment  06/2017-07/2019  Asia   1,301,945    2,356,520 
Further Global Capital Partners, L.P.  Primary  03/2018-04/2020  North America   5,917,194    5,839,978 
JLL MedPlast Topco, L.P.  Co-investment  06/2018  North America   1,640,000    1,689,200 
KKR Global Infrastructure Investors III L.P.  Primary  12/2018-07/2020  North America   4,299,141    3,868,423 
MCH Iberian Capital Fund IV, F.C.R.  Secondary  05/2017-06/2020  Europe   4,045,825    4,760,969 
MHS Acquisition Holdings, LLC (F)  Co-investment  03/2017-12/2019  North America   1,046,584    1,203,571 
Milani Aggregator LLC (F)  Co-investment  06/2018-03/2020  North America   1,595,229    1,116,660 
MND Holdings I Corp (F)  Co-investment  07/2017  North America   1,757,165    1,313,973 
NB Excelitas LP  Co-investment  11/2017  North America   3,303,083    5,775,259 
NB Pitman 13 Holdings L.P.  Co-investment  06/2018  South America   3,337,399    2,567,253 
NB Soho LP (TRG Growth Fund II)  Secondary  06/2017-09/2017  North America   2,269,644    1,078,703 
Oak Hill Capital Partners IV, L.P.  Primary  05/2017-12/2019  North America   7,401,712    9,226,311 
OHCP IV SF COI, L.P.  Co-investment  01/2018-11/2018  North America   681,730    745,976 
Optimum Evolution Fund SIF-Property II  Secondary  02/2018  Europe   1,783,480    2,552,016 
PPC Fund II, L.P.  Primary  04/2018-07/2019  North America   5,866,594    6,766,437 
Rockbridge Portfolio Fund I L.P.  Secondary  12/2018  North America   1,147,517    1,280,554 
Silver Creek Midstream Coinvest LP  Co-investment  06/2018-11/2019  North America   3,283,131    3,564,626 
THL Equity Fund VII Investors (MHS), L.P.  Co-investment  04/2017-07/2018  North America   1,351,028    5,089,006 
Veritas Capital Fund VI, L.P.  Primary  06/2017-02/2020  North America   10,385,523    19,935,917 
VSC RST Holdco, L.P. (F)  Co-investment  08/2017  North America   2,800,666    3,720,629 
Webster Capital IV, L.P.  Primary  07/2018-05/2020  North America   7,643,894    7,989,661 
Wind Point Partners CV1, L.P.  Secondary  09/2018-04/2020  North America   5,677,250    8,500,000 
WR Environmental Aggregator LLC (F)  Co-investment  04/2017-11/2019  North America   972,310    972,310 
Wrigley Co-Invest, L.P.  Co-investment  06/2018-10/2018  North America   3,408,863    5,171,483 
             102,951,449    132,835,932 

 

 

 

 

NB Crossroads Private Markets Fund IV Holdings LLC

Schedule of Investments

June 30, 2020 (Unaudited)

 

Investments / Co-investments (A),(B),(D)  Acquisition Type  Acquisition Dates (C)  Geographic Region (E)  Cost   Fair Value 
                  
Special Situations (17.32%)                   
Apollo Investment Fund IX, L.P.  Primary  03/2019-06/2020  North America   1,151,955    1,057,948 
Cerberus Institutional Partners VI, L.P.  Primary  04/2017-12/2019  North America   10,940,133    12,167,935 
Diligere Co-Investment Partners, LLC  Co-investment  02/2018-02/2019  North America   1,302,951    2,816,666 
Epiris Fund II L.P.  Primary  05/2018-04/2020  Europe   4,832,418    3,466,709 
Lantern Capital Partners Fund I (A), L.P  Primary  04/2018-06/2020  North America   5,483,520    5,633,654 
NB Arch LP  Co-investment  09/2017  North America   828,594    2,686,066 
NB WM Co-Invest LP  Co-investment  09/2017  North America   1,844,304    6,720,115 
RugsUSA Parent Holdings, LLC (F)  Co-investment  04/2018  North America   1,030,000    3,238,819 
Sycamore Partners III, L.P.  Primary  01/2018-01/2020  North America   1,756,367    1,105,295 
Verscend Intermediate Holding Corp. (F)  Co-investment  08/2018  North America   5,917,472    6,838,500 
             35,087,714    45,731,707 
Venture Capital (12.69%)                   
Acquisition Super Holdings Inc. (F)  Co-investment  06/2018  North America   457,083    495,116 
Alsop Louie Capital IV L.P.  Primary  11/2017-04/2020  North America   3,221,167    3,326,314 
Battery Ventures XII, L.P.  Primary  03/2018-04/2020  North America   2,344,614    2,581,932 
Battery XII Side Fund, L.P.  Primary  03/2018-04/2020  North America   1,381,851    1,649,839 
Canaan XI L.P.  Primary  01/2018-06/2020  North America   3,335,000    4,115,796 
Clearant Super Holdings Inc (F)  Co-investment  06/2018  North America   1,342,917    1,454,660 
DFJ Growth III, L.P.  Primary  05/2017-05/2020  North America   4,045,000    4,796,504 
Hosen Capital Fund III, L.P.  Primary  04/2017-09/2019  Asia   2,730,550    3,688,604 
Menlo Ventures XIV, L.P.  Primary  10/2017-06/2020  North America   2,210,356    2,990,798 
Summit Partners Europe Growth Equity Fund II, SCSp  Primary  01/2018-05/2020  Europe   5,050,028    4,587,907 
TPG Drake Co-Invest, L.P.  Co-investment  07/2018  North America   2,605,720    2,018,870 
TPG Tech Adjacencies, L.P.  Primary  06/2019-05/2020  North America   1,664,664    1,805,063 
             30,388,950    33,511,403 
                    
Total Investments in Portfolio Funds (cost $210,507,633) (99.59%)                 262,915,164 
Other Assets & Liabilities (Net) (0.41%)                 1,091,899 
Members' Equity - Net Assets (100.00%)                $264,007,063 

 

(A)Non-income producing securities, which are restricted as to public resale and illiquid.
(B)Total cost of illiquid and restricted securities at June 30, 2020 aggregated $210,507,633. Total fair value of illiquid and restricted securities at June 30, 2020 was $262,915,164 or 99.59% of net assets.
(C)Acquisition Dates cover from original investment date to the last acquisition date and is required disclosure for restricted securities only.
(D)All percentages are calculated as fair value divided by the Company's Members' Equity - Net Assets.
(E)Geographic Region is based on where a Portfolio Fund is headquartered and may be different from where the Portfolio Fund invests.
(F)The fair value of the investment was determined using a significant unobservable input.

 

 

 

 

Valuation of Investments

 

The Company computes its net asset value (“NAV”) as of the last business day of each fiscal quarter and at such other times as deemed appropriate by the Registered Investment Adviser and the Sub-Adviser in accordance with valuation principles set forth below, or may be determined from time to time, pursuant to the valuation procedures (the “Procedures”) established by the Board.

 

The Board has approved the Procedures pursuant to which the Company values its interests in the Portfolio Funds and other investments. The Board has delegated to the Sub-Adviser general responsibility for determining the value of the assets held by the Company. The value of the Company’s interests is based on information reasonably available at the time the valuation is made and the Sub-Adviser believes to be reliable.

 

It is expected that most of the Portfolio Funds in which the Company invests will meet the criteria set forth under the Financial Accounting Standards Board (“FASB”) ASC Topic 820, Fair Value Measurement (“ASC 820”) permitting the use of the practical expedient to determine the fair value of the Portfolio Fund investments. ASC 820 provides that, in valuing alternative investments that do not have quoted market prices but calculate NAV per share or equivalent, an investor may determine fair value by using the NAV reported to the investor by the underlying investment. To the extent ASC 820 is applicable to a Portfolio Fund, the Sub-Adviser generally will value the Company’s investment in the Portfolio Fund based primarily upon the value reported to the Company by the Portfolio Fund or the lead investor of a direct co-investment as of each quarter-end, determined by the Portfolio Fund in accordance with its own valuation policies.

 

FASB ASC 820-10, “Fair Value Measurements” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). FASB ASC 820-10-35-40 to 54 provides three levels of the fair value hierarchy as follows:

 

Level 1Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access;

 

Level 2Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data;

 

Level 3Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

 

 

 

 

Most Portfolio Funds are structured as closed-end, commitment-based private investment funds to which the Company commits a specified amount of capital upon inception of the Portfolio Fund (i.e., committed capital) which is then drawn down over a specified period of the Portfolio Fund's life. Such Portfolio Funds generally do not provide redemption options for investors and, subsequent to final closing, do not permit subscriptions by new or existing investors. Accordingly, the Company generally holds interests in Portfolio Funds for which there is no active market, although, in some situations, a transaction may occur in the "secondary market" where an investor purchases a limited partner’s existing interest and remaining commitment.

 

Assumptions used by the Sub-Adviser due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Company's results of operations and financial condition.

 

The following table presents the investments carried on the Statement of Assets, Liabilities and Members’ Equity - Net Assets by level within the valuation hierarchy as of June 30, 2020.

 

   Level 1   Level 2   Level 3   Net Asset Value   Total 
Assets:                         
Large-cap Buyout  $-   $-   $4,092,000   $46,744,122   $50,836,122 
Small and Mid-cap Buyout   -    -    8,327,143    124,508,789    132,835,932 
Special Situations   -    -    10,077,319    35,654,388    45,731,707 
Venture   -    -    1,949,776    31,561,627    33,511,403 
Total  $-   $-   $24,446,238   $238,468,926   $262,915,164 

 

Significant Unobservable Inputs

 

As of June 30, 2020, the Company had investments valued at $262,915,164. The fair value of investments valued at $238,468,926 in the Company's Schedule of Investments have been valued at the unadjusted NAV reported by the managers of the investments.

 

The classification of an investment within Level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement. The following table summarizes the valuation methodologies and inputs used for investments categorized in Level 3 as of June 30, 2020:

 

         Unobservable Inputs
Investments  Fair Value
06/30/20		  Valuation
Methodologies		  Variable  Value/Range  Weighted
Average1
                 
Large-cap Buyout  $4,092,000  Market Approach  LTM EBITDA  10.6x  N/A
                 
Small and Mid-cap Buyout   7,210,483  Market Approach  LTM EBITDA  12.8x - 18.4x  14.4x
                 
Small and Mid-cap Buyout   1,116,660  Market Approach  LTM Net Revenue  3.3x  N/A
                 
Special Situations   10,077,319  Market Approach  LTM EBITDA  10.0x - 15.7x  13.9x
                 
Venture   1,949,776  Market Approach  LTM Net Revenue  5.1x  N/A
                 
Total  $24,446,238            

 

1Inputs weighted based on fair value of investments in range.

 

 

 

 

During the period ended June 30, 2020 purchases and sales from Level 3 investments were as follows:

 

  Purchases       Sales  
$ -     $ -  

 

During the period ended June 30, 2020 unrealized appreciation and realized gains from Level 3 investments were $1,739,097 and $0, respectively.

 

The Company recognizes transfers into and out of the levels indicated above at the end of the reporting period. There were no transfers into or out of Level 3 during the period ended June 30, 2020.

 

The estimated remaining life of the Company’s Portfolio Funds as of June 30, 2020 is one to eight years, with the possibility of extensions by each of the Portfolio Funds.