NPORT-EX 2 pmfti_nportex.htm SOI

 

NB Crossroads Private Markets Fund V (TI) LP (the “TI Fund”) invests substantially all of its assets in NB Crossroads Private Markets Fund V Holdings LP (the “Master Fund”). The percentage of the Master Fund’s partners’ capital owned by the TI Fund at December 31, 2022, was 57.51%. The TI Fund has included the Master Fund’s schedule of investments as of December 31, 2022, below. The Master Fund’s schedule of investments was also filed on Form NPORT-EX with the Securities and Exchange Commission on March 1, 2023.

 

 

 

NB Crossroads Private Markets Fund V Holdings LP

Schedule of Investments

December 31, 2022 (Unaudited)

 

Investments / Co-investments (A),(B),(D)  Acquisition Type  Acquisition Dates (C)  Geographic Region (E)  Cost   Fair Value 
Large-cap Buyout (25.50%)                   
Advent International GPE IX Limited Partnership  Primary  10/2019-09/2022  North America  $9,577,863   $14,733,938 
EQT VIII Co-Investment (H) SCSp  Co-Investment  09/2019  North America   -    17,158 
Green Equity Investors, VIII, L.P.  Primary  12/2020-08/2022  North America   10,360,738    11,135,818 
H&F Unite Partners, L.P.  Co-Investment  05/2019  North America   1,252,070    2,060,531 
Hellman & Friedman Capital Partners IX, L.P.  Primary  04/2020-10/2022  North America   6,270,136    7,464,220 
KKR Ascend Co-Invest L.P.  Co-Investment  05/2019  North America   2,600,000    3,403,636 
KKR Banff Co-Investment L.P.  Co-Investment  10/2018  North America   2,250,000    4,050,000 
KKR European Fund V (USD) SCSp  Primary  01/2020-08/2022  Europe   8,219,629    9,267,589 
KKR Parrot Co-Invest, L.P.  Co-Investment  12/2019  Australia   3,300,000    6,195,506 
KKR Precise Co-Invest L.P.  Co-Investment  05/2019  Europe   3,604,012    10,034,323 
NB Bluebird S.à.r.l. (F)  Co-Investment  11/2019  Europe   3,435,491    14,631,240 
NB Horoscope Aggregator II LP  Co-Investment  06/2021  Europe   1,515,446    1,472,946 
NB HUB Aggregator LP  Co-Investment  11/2018-12/2021  North America   1,520,046    2,698,920 
PAI Strategic Partnerships SCSp  Secondary  12/2019-12/2020  Europe   4,644,119    6,980,664 
TPG Healthcare Partners, L.P.  Primary  12/2019-12/2022  North America   604,275    789,794 
TPG Partners VIII, L.P.  Primary  12/2019-10/2022  North America   2,741,000    4,103,650 
Vertex Aggregator LP  Co-Investment  08/2018-09/2020  North America   1,238,944    1,300,569 
             63,133,769    100,340,502 
Small and Mid-cap Buyout (54.15%)                   
Ada Holdco LP  Co-Investment  10/2019-11/2019  North America   2,287,329    3,407,420 
Advent Global Technology Limited Partnership  Primary  03/2020-11/2022  North America   11,400,000    13,583,724 
AEA Investors Fund VII, L.P.  Primary  10/2019-06/2022  North America   8,553,241    8,987,539 
Aquiline Financial Services Fund IV L.P.  Primary  12/2019-04/2022  North America   10,547,193    12,470,029 
Aquiline Relation Co-Invest L.P.  Co-Investment  07/2019-10/2019  North America   1,701,611    4,814,224 
ARL Holdings, LLC (F)  Co-Investment  04/2019-11/2019  North America   1,572,236    6,620,045 
Arsenal Capital Partners Fund V LP  Primary  07/2019-10/2022  North America   10,981,722    12,958,845 
Arsenal IO Co-Invest 1 LP  Co-Investment  07/2019-04/2021  North America   2,559,529    3,019,714 
Athyrium ICH Holdings LP  Co-Investment  10/2019  North America   578,277    112,239 
BRI Investments LLC (F)  Co-Investment  08/2019  North America   2,800,000    2,800,000 
Buzzard Midstream Infrastructure Co-Invest Pooling, L.P  Co-Investment  03/2019-11/2020  North America   4,090,325    4,208,249 
Carlyle Prime Coinvestment, L.P.  Co-Investment  10/2019-04/2021  North America   1,295,127    1,444,576 
CB Nike TopCo, LP (F)  Co-Investment  10/2019  Middle East   579,710    6,937,836 
Charlesbank Technology Opportunities Fund, Limited Partnership  Primary  05/2020-12/2022  North America   7,497,263    16,484,958 
Elm Bidco, L.P.  Co-Investment  02/2019-09/2020  North America   2,472,819    513,173 
Greenbriar Coinvestment BDP, L.P.  Co-Investment  12/2018  North America   324    - 
Holley Parent Holdings, LLC (F)  Co-Investment  10/2018  North America   -    779,000 
Marmor Co-Investment, L.P.  Secondary  09/2019-01/2021  Europe   5,950,889    10,245,789 
NB Mafalda S.a.r.l (F)  Co-Investment  07/2019  Europe   4,535,505    5,631,807 
Oak Hill Capital Partners V, L.P.  Primary  12/2020-12/2022  North America   9,777,025    12,110,056 
Oakley Capital IV-B SCSP  Primary  05/2019-06/2022  Europe   3,668,410    7,688,666 
Plaskolite PPC Investor LLC  Co-Investment  12/2018  North America   1,400,000    1,353,569 
Quadria Capital Fund II, L.P.  Primary  06/2019-09/2022  Asia   8,455,554    10,574,845 
RCP Artemis Co-Invest, L.P.  Co-Investment  07/2019  North America   3,104,413    10,509,000 
Rey de la Carne, L.P.  Co-Investment  11/2019-10/2020  North America   4,841,527    5,123,371 
Rockbridge Portfolio Fund I L.P.  Secondary  12/2018-06/2021  North America   1,783,169    4,725,155 
Solo Brands Inc. (F)  Co-Investment  09/2019-02/2021  North America   360,050    1,280,622 
Summit Partners Growth Equity Fund X-A, L.P.  Primary  03/2020-11/2022  North America   8,542,496    11,300,347 
The Veritas Capital Fund VII, L.P.  Primary  09/2020-08/2022  North America   10,965,495    15,290,505 
THL Equity Fund VIII Investors (Agiliti), L.P.  Co-Investment  01/2019  North America   3,346,924    9,173,605 
THL Equity Fund VIII Investors (Automate), L.P.  Co-Investment  07/2019-11/2021  Europe   1,583,806    7,477,596 
VB Target L.P. (F)  Co-Investment  01/2020  Asia   1,162,922    1,454,963 
Wind Point Partners CV1, L.P.  Secondary  09/2018-12/2019  North America   23,781    5,853 
             138,418,672    213,087,320 

 

 

 

 

NB Crossroads Private Markets Fund V Holdings LP

Schedule of Investments

December 31, 2022 (Unaudited)

  

Investments / Co-investments (A),(B),(D)  Acquisition Type  Acquisition Dates (C)  Geographic Region (E)  Cost   Fair Value 
Special Situations (6.08%)                   
American Industrial Partners Capital Fund VII, L.P.  Primary  10/2019-12/2022  North America   8,709,868    12,239,424 
Amulet Capital OHPE Co-Invest, L.P.  Co-Investment  03/2019-10/2019  North America   142,214    30,991 
Centerbridge Special Credit Partners, L.P.  Secondary  02/2019-06/2021  North America   372,968    100,000 
Cerberus AIR Partners, L.P.  Co-Investment  02/2019  Europe   3,061,212    3,579,645 
Dragon Co-Investment Partners, L.P.  Co-Investment  09/2019-11/2022  North America   51,233    415,997 
East Private Investments, LLC (F)  Co-Investment  07/2019  North America   2,772,445    3,693,200 
Verscend Intermediate Holding Corp. (F)  Co-Investment  08/2018  North America   3,737,264    3,884,850 
             18,847,204    23,944,107 
Venture Capital (13.83%)                   
3L Capital Fund I, LP  Primary  04/2019-09/2021  North America   4,505,333    11,181,610 
GGV Capital VII L.P.  Primary  01/2019-07/2022  North America   3,657,944    5,342,883 
GGV Capital VII Plus L.P.  Primary  05/2019-09/2021  North America   955,500    1,188,610 
GGV Discovery Fund II, L.P.  Primary  01/2019-09/2022  North America   2,418,000    4,855,364 
Level Equity Growth Partners IV, L.P.  Primary  11/2018-07/2022  North America   4,827,687    11,236,118 
Lightspeed China Partners IV, L.P.  Primary  10/2019-05/2022  Asia   2,075,000    3,012,395 
Lightspeed China Partners Select I, L.P.  Primary  04/2019-05/2022  Asia   1,821,922    2,677,657 
TA XIII-A, L.P.  Primary  12/2019-12/2022  North America   9,825,364    14,948,921 
             30,086,750    54,443,558 
                    
Short Term Investments              Cost   Fair Value 
Money Market Fund (0.64%)          
Morgan Stanley Institutional Liquidity Fund Government Portfolio   2,518,402    2,518,402 
    2,518,402    2,518,402 
           
Total Investments (cost $253,004,797) (100.20%)        394,333,889 
Other Assets & Liabilities (Net) (-0.20%)        (790,186)
Partners' Capital - Net Assets (100.00%)       $393,543,703 

(A)

Non-income producing securities, which are restricted as to public resale and illiquid.
(B)

Total cost of illiquid and restricted securities at December 31, 2022 aggregated $250,486,395. Total fair value of illiquid and restricted securities at December 31, 2022 was $391,815,487 or 99.56% 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 Master Fund's Partners' Capital - 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

 

NB Crossroads Private Markets Fund V Holdings LP the (“Master Fund”) 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 Neuberger Berman Investment Advisers LLC (the “Registered Investment Adviser”) and NB Alternatives Advisers LLC (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 of Directors of the registrant (the “Board”).

 

The Board has approved the Procedures pursuant to which the Master Fund values its interests in the portfolio funds (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 Master Fund.  The value of the Master Fund’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 Master Fund 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 Master Fund’s investment in the Portfolio Fund based primarily upon the value reported to the Master Fund 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 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the Master Fund 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 Master Fund’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 Master Fund 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 Master Fund 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 Master Fund's results of operations and financial condition.

 

The following table presents the investments carried on the Statement of Assets, Liabilities and Partners’ Capital – Net Assets by level within valuation hierarchy as of December 31, 2022:

 

   Level 1   Level 2   Level 3   Net Asset Value   Total 
Assets:                         
Large-cap Buyout  $-   $-   $14,631,240   $85,709,262   $100,340,502 
Small and Mid-cap Buyout   -    -    25,504,273    187,583,047    213,087,320 
Special Situations   -    -    7,578,050    16,366,057    23,944,107 
Venture   -    -    -    54,443,558    54,443,558 
Money Market Fund   2,518,402    -    -    -    2,518,402 
Total  $2,518,402   $-   $47,713,563   $344,101,924   $394,333,889 

 

Significant Unobservable Inputs

 

As of December 31, 2022, the Master Fund had investments valued at $394,333,889. The fair value of investments valued at $344,101,924 in the Master Fund'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 December 31, 2022:

 

          Unobservable Inputs  
Investments  Fair Value
12/31/2022		   Valuation
Methodologies		  Variable  Value/Range  Weighted
Average1		  
Large-cap Buyout  $14,631,240   Market Approach  LTM EBITDA  20.0x  N/A  
                    
Small and Mid-cap Buyout   23,444,651   Market Approach  LTM EBITDA  9.7x - 16.1x  13.2x  
                    
Small and Mid-cap Buyout   779,000   Market Approach  Liquidity Discount  15%  N/A  
                    
Small and Mid-cap Buyout   1,280,622   Recent transactional value  N/A  N/A  N/A  
                    
Special Situations   3,884,850   Market Approach  LTM EBITDA  17.8x  N/A  
                    
Special Situations   3,693,200   Market Approach  LTM Net Revenue  2.5x  N/A  
                    
Total  $47,713,563               

 

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

 

During the period ended December 31, 2022 purchases and sales from Level 3 investments were as follows:

 

Purchases   Sales 
$–   $667,747 

 

During the period ended December 31, 2022 unrealized depreciation and realized gains from Level 3 investments were $4,051,317 and $667,747, respectively.

 

The Master Fund 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 December 31, 2022.

 

The estimated remaining life of the Master Fund’s Portfolio Funds as of December 31, 2022 is one to nine years, with the possibility of extensions by each of the Portfolio Funds.