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, 2023, was 61.84%. The Fund has included the Company’s schedule of investments as of June 30, 2023, below. The Company’s schedule of investments was also filed on Form NPORT-EX with the Securities and Exchange Commission on August 29, 2023.

 

 

 

 

NB Crossroads Private Markets Fund IV Holdings LLC

Schedule of Investments

June 30, 2023 (Unaudited)

 

Investments / Co-investments (A),(B),(D)  Acquisition Type  Acquisition Dates (C)  Geographic Region (E)  Cost   Fair Value 
Large-cap Buyout (22.48%)                   
BC European Capital X - Betty Co-Investment (1) LP  Co-investment  01/2019-10/2022  North America  $540,666   $2,313,130 
BC European Capital X - Hulk Co-Investment (1) LP  Co-investment  07/2018-10/2022  North America   1,262,488    5,224,690 
Carlyle Partners VII, L.P.  Primary  12/2018-03/2023  North America   11,186,674    13,890,806 
Clayton, Dubilier & Rice Fund X, L.P.  Primary  03/2018-03/2023  North America   6,241,780    11,205,852 
Cortefiel Co-Invest SCSp  Co-investment  10/2017-05/2022  Europe   1,308,759    2,395,616 
CVC Capital Partners VII, L.P.  Primary  12/2018-10/2022  Europe   7,233,671    16,148,761 
Gorilla Aggregator L.P. (F)  Co-investment  10/2017  North America   1,583,511    4,421,511 
KKR Byzantium Infrastructure Co-Invest L.P.  Co-investment  10/2017  Europe   2,123,701    2,442,002 
KKR Taurus Co-Invest II L.P.  Co-investment  10/2017-11/2017  North America   125,598    100,101 
SLP Blue Co-Invest, L.P.  Co-investment  06/2018-05/2022  North America   1,804,069    3,084,939 
THL Equity Fund VIII Investors (Agiliti), L.P.  Co-investment  01/2019-07/2021  North America   2,975,044    8,249,308 
TPG Healthcare Partners, L.P.  Primary  12/2019-06/2023  North America   1,618,830    2,107,431 
TPG Partners VIII, L.P.  Primary  12/2019-06/2023  North America   7,461,360    11,825,645 
Uno Co-Invest L.P.  Co-investment  06/2017-06/2020  North America   3,599,359    9,418,916 
             49,065,510    92,828,708 
Small and Mid-cap Buyout (44.05%)                   
BC Holdco, LLC  Co-investment  11/2017-02/2023  North America  $2,252,987   $4,349,292 
ByLight InvestCo LP  Co-investment  05/2017-02/2023  North America   389,073    9,239,381 
Charlesbank Equity Fund IX, L.P.  Primary  07/2018-05/2023  North America   8,872,863    13,338,860 
CHG PPC Investor LLC  Co-investment  03/2018  North America   570,715    3,347,772 
CI Capital Investors II, L.P.  Secondary  06/2017-02/2023  North America   24,670    8,458 
CI Capital Investors II Follow-On Partners, L.P.  Co-investment  05/2018-02/2022  North America   618,263    145,562 
EQT Mid Market Europe, L.P.  Primary  08/2017-06/2023  Europe   7,622,135    9,695,446 
EXC Holdings LP  Co-investment  11/2017-12/2022  North America   626,548    1,643,719 
Fortress Vietnam Investment Holdings PTE. LTD.  Co-investment  06/2017-07/2019  Asia   1,301,945    3,134,504 
Further Global Capital Partners, L.P.  Primary  03/2018-05/2023  North America   10,916,287    12,251,367 
JLL MedPlast Topco, L.P.  Co-investment  06/2018  North America   1,640,000    3,828,549 
KKR Global Infrastructure Investors III L.P.  Primary  12/2018-03/2023  North America   8,594,174    10,489,005 
MCH Iberian Capital Fund IV, F.C.R.  Secondary  05/2017-05/2023  Europe   4,237,654    7,292,039 
MHS Acquisition Holdings, LLC (F)  Co-investment  03/2017-12/2019  North America   1,046,584    1,906,060 
Milani Aggregator LLC (F)  Co-investment  06/2018-08/2021  North America   1,699,440    1,903,373 
MND Holdings I Corp (F)  Co-investment  07/2017  North America   1,757,165    3,500,000 
NB Soho LP (TRG Growth Fund II)  Secondary  06/2017-04/2022  North America   678,661    778,203 
NB Verrocchio LP  Co-investment  06/2018-05/2022  South America   3,357,522    2,093,096 
Oak Hill Capital Partners IV, L.P.  Primary  05/2017-07/2022  North America   3,009,952    6,168,119 
OHCP IV SF COI, L.P.  Co-investment  01/2018-11/2018  North America   683,929    1,738,817 
PPC Fund II, L.P.  Primary  04/2018-02/2023  North America   8,436,490    11,652,417 
Rockbridge Portfolio Fund I L.P.  Secondary  12/2018-06/2021  North America   1,090,237    3,411,176 
Silver Creek Midstream Coinvest LP  Co-investment  06/2018-11/2019  North America   2,672,811    3,432,525 
THL Equity Fund VII Investors (MHS), L.P.  Co-investment  04/2017-09/2022  North America   1,119,575    5,696,997 
Veritas Capital Fund VI, L.P.  Primary  06/2017-10/2022  North America   3,693,014    22,269,913 
VSC RST Holdco, L.P. (F)  Co-investment  08/2017-08/2021  North America   3,382,965    10,534,016 
Webster Capital IV, L.P.  Primary  07/2018-06/2023  North America   9,933,105    19,706,064 
Wind Point Partners CV1, L.P.  Secondary  09/2018-10/2019  North America   13,453    13,447 
WR Environmental Aggregator LLC (F)  Co-investment  04/2017-02/2022  North America   1,148,240    1,860,149 
Wrigley Co-Invest, L.P.  Co-investment  06/2018-10/2018  North America   2,350,120    6,519,683 
             93,740,577    181,948,009 

 

 

 

 

NB Crossroads Private Markets Fund IV Holdings LLC

Schedule of Investments

June 30, 2023 (Unaudited)

 

Investments / Co-investments (A),(B),(D)  Acquisition Type  Acquisition Dates (C)   Geographic Region (E)  Cost   Fair Value 
Special Situations (14.86%)                   
Apollo Investment Fund IX, L.P.  Primary  03/2019-06/2023  North America  $2,532,952   $4,397,357 
Cerberus Institutional Partners VI, L.P.  Primary  04/2017-12/2019  North America   7,662,713    11,877,211 
Diligere Co-Investment Partners, LLC  Co-investment  02/2018-10/2022  North America   1,305,255    3,358,664 
Epiris Fund II L.P.  Primary  05/2018-06/2023  Europe   8,103,804    15,625,986 
Lantern Capital Partners Fund I (A), L.P  Primary  04/2018-02/2021  North America   2,740,985    2,641,327 
NB Arch LP  Co-investment  09/2017-06/2022  North America   830,000    3,602,679 
Runner Topco L.P.  Co-investment  04/2018  North America   132,049    682,158 
Sycamore Partners III, L.P.  Primary  01/2018-03/2023  North America   6,110,715    10,207,605 
Verscend Intermediate Holding Corp. (F)  Co-investment  08/2018  North America   8,830,832    8,972,500 
             38,249,305    61,365,487 
Venture Capital (16.19%)                   
Alsop Louie Capital IV L.P.  Primary  11/2017-09/2022  North America  $5,531,167   $6,783,566 
Battery Ventures XII, L.P.  Primary  03/2018-08/2021  North America   1,975,887    5,621,957 
Battery XII Side Fund, L.P.  Primary  03/2018-08/2021  North America   1,170,067    2,984,453 
Canaan XI L.P.  Primary  01/2018-02/2023  North America   4,322,992    10,935,739 
DFJ Growth III, L.P.  Primary  05/2017-04/2023  North America   3,369,634    7,986,016 
Hosen Capital Fund III, L.P.  Primary  04/2017-09/2019  Asia   2,149,521    3,706,383 
Menlo Ventures XIV, L.P.  Primary  10/2017-06/2022  North America   2,521,288    7,233,396 
New Clearent Holdings, LLC (F)  Co-investment  06/2018-10/2021  North America   2,026,027    5,470,273 
Summit Partners Europe Growth Equity Fund II, SCSp  Primary  01/2018-12/2022  Europe   2,589,013    9,663,477 
TPG Drake Co-Invest, L.P.  Co-investment  07/2018  North America   -    5,241 
TPG Tech Adjacencies, L.P.  Primary  06/2019-03/2023  North America   3,987,564    6,490,857 
             29,643,160    66,881,358 

 

Short Term Investments           Cost   Fair Value 
Money Market Fund (2.62%)                   
Morgan Stanley Institutional Liquidity Fund Government Portfolio            10,835,547    10,835,547 
             10,835,547    10,835,547 
Total Investments in Portfolio Funds (cost $221,534,099) (100.20%)                 413,859,109 
Other Assets & Liabilities (Net) (-0.20%)                 (821,964)
Members' Equity - Net Assets (100.00%)                $413,037,145 

 

(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, 2023 aggregated $210,698,552. Total fair value of illiquid and restricted securities at June 30, 2023 was $403,023,562 or 97.58% 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 Adviser in accordance with valuation principles set forth below, or as 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. In December 2020, the Securities and Exchange Commission ("SEC") adopted Rule 2a-5 under the Investment Company Act, which establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. Effective as of the compliance date of September 8, 2022, the Board approved changes to the Procedures with Rule 2a-5 and designated NBIA as the Company’s valuation designee (as defined in the rule). The valuation designee, with assistance from NBAA, is responsible for determining fair value in good faith for any and all Fund investments, subject to oversight by the Board.

 

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 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 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 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, 2023.

 

   Level 1   Level 2   Level 3   Net Asset Value   Total 
Assets:                         
Large-cap Buyout  $-   $-   $4,421,511   $88,407,197   $92,828,708 
Small and Mid-cap Buyout   -    -    19,703,598    162,244,411    181,948,009 
Special Situations   -    -    9,654,658    51,710,829    61,365,487 
Venture Capital   -    -    5,470,273    61,411,085    66,881,358 
Money Market Fund   10,835,547    -    -    -    10,835,547 
Total  $10,835,547   $-   $39,250,040   $363,773,522   $413,859,109 

 

Significant Unobservable Inputs

 

As of June 30, 2023, the Company had investments valued at $413,859,109. The fair value of investments valued at $363,773,522 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, 2023:

 

          Unobservable Inputs
Investments  Fair Value
06/30/23		   Valuation
Methodologies		  Variable  Value/Range  Weighted
Average1
Large-cap Buyout  $4,421,511   Market Comparables  LTM EBITDA  12.8x  N/A
                  
Small and Mid-cap Buyout   14,300,225   Market Comparables  LTM EBITDA  13.9x-16.5x  15.9x
                  
Small and Mid-cap Buyout   1,903,373   Market Comparables  LTM Net Revenue  3.9x  N/A
                  
Small and Mid-cap Buyout   3,500,000   Income Approach  Discount Rate  12.0x  N/A
                  
Special Situations   9,654,658   Market Comparables  LTM EBITDA  10.7x-15.8x  15.4x
                  
Venture Capital   5,470,273   Recent Transaction Value  Recent Transaction Value  N/A  N/A
                  
Total  $39,250,040             

 

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

 

 

 

 

During the period ended June 30, 2023 purchases and sales from Level 3 investments were as follows:

 

Purchases   Sales 
$-   $- 

 

During the period ended June 30, 2023 unrealized appreciation and realized gains from Level 3 investments were $684,724 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, 2023.

 

The estimated remaining life of the Company’s Portfolio Funds as of June 30, 2023 is one to five years, with the possibility of extensions by each of the Portfolio Funds.