0001145549-22-013821.txt : 20220301 0001145549-22-013821.hdr.sgml : 20220301 20220301133800 ACCESSION NUMBER: 0001145549-22-013821 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20211231 FILED AS OF DATE: 20220301 PERIOD START: 20220331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FlowStone Opportunity Fund CENTRAL INDEX KEY: 0001741739 IRS NUMBER: 364909711 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23352 FILM NUMBER: 22696262 BUSINESS ADDRESS: STREET 1: 55 NOD ROAD STREET 2: SUITE 120 CITY: AVON STATE: CT ZIP: 06001 BUSINESS PHONE: 312-429-2419 MAIL ADDRESS: STREET 1: 55 NOD ROAD STREET 2: SUITE 120 CITY: AVON STATE: CT ZIP: 06001 FORMER COMPANY: FORMER CONFORMED NAME: Cresset Private Markets Opportunity Fund DATE OF NAME CHANGE: 20190130 FORMER COMPANY: FORMER CONFORMED NAME: Cresset Private Equity Opportunity Fund DATE OF NAME CHANGE: 20180523 NPORT-P 1 primary_doc.xml NPORT-P false 0001741739 XXXXXXXX FLOWSTONE OPPORTUNITY FUND 811-23352 0001741739 54930070WA2NYCEI1614 55 Nod Road Suite 120 Avon 06001 3124292419 FLOWSTONE OPPORTUNITY FUND 54930070WA2NYCEI1614 2022-03-31 2021-12-31 N 250529427.642300000000 2734817.960000000000 247794609.682300000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 61929520.423880000000 N Versant Venture Capital IV, L.P. N/A Versant Venture Capital IV, L.P. 999999999 1902770 OU Other Units USD 1902770 0.7678819174 Long PF US Y N/A N N N TZP Small Cap Partners I-A (Blocker), LP N/A TZP Small Cap Partners I-A (Blocker), LP 999999999 350751 OU Other Units USD 350751 0.1415490839 Long PF US Y N/A N N N TZP Capital Partners II-A (Blocker), LP N/A TZP Capital Partners II-A (Blocker), LP 999999999 967805 OU Other Units USD 967805 0.3905674144 Long PF US Y N/A N N N TZP Capital Partners I (PIV), LP N/A TZP Capital Partners I (PIV), LP 999999999 112045 OU Other Units USD 112045 0.0452168835 Long PF US Y N/A N N N Tudor Ventures III L.P. N/A Tudor Ventures III L.P. 999999999 178270.98 OU Other Units USD 178270.98 0.0719430420 Long PF KY Y N/A N N N TCW/Crescent Mezzanine Partners VB, L.P. N/A TCW/Crescent Mezzanine Partners VB, L.P. 999999999 300576.9 OU Other Units USD 300576.9 0.1213008226 Long PF US Y N/A N N N The Peninsula Fund V, L.P. N/A The Peninsula Fund V, L.P. 999999999 14045844 OU Other Units USD 14045844 5.6683412194 Long PF US Y N/A N N N TA Subordinated Debt Fund III, L.P. N/A TA Subordinated Debt Fund III, L.P. 999999999 1462553 OU Other Units USD 1462553 0.5902279319 Long PF US Y N/A N N N Summit Partners Subordinated Debt IV-B, L.P. N/A Summit Partners Subordinated Debt IV-B, L.P. 999999999 936700 OU Other Units USD 936700 0.3780146797 Long PF US Y N/A N N N Summit Partners Growth Equity Fund IX-A, L.P. N/A Summit Partners Growth Equity Fund IX-A, L.P. 999999999 4082088 OU Other Units USD 4082088 1.6473675538 Long PF US Y N/A N N N StepStone Real Estate Partners III, L.P. N/A StepStone Real Estate Partners III, L.P. 999999999 260415 OU Other Units USD 260415 0.1050930851 Long PF US Y N/A N N N Savant Growth Fund I, LP N/A Savant Growth Fund I, LP 999999999 1846785 OU Other Units USD 1846785 0.7452886091 Long PF US Y N/A N N N Riverstone Global Energy and Power Fund VI, LP N/A Riverstone Global Energy and Power Fund VI, LP 999999999 752965 OU Other Units USD 752965 0.3038665776 Long PF US Y N/A N N N Rembrandt Venture Partners Fund Two, L.P. N/A Rembrandt Venture Partners Fund Two, L.P. 999999999 1063307 OU Other Units USD 1063307 0.4291082043 Long PF US Y N/A N N N Reverence Capital Partners Opportunities Fund I, L.P. N/A Reverence Capital Partners Opportunities Fund I, L.P. 999999999 2105833.69 OU Other Units USD 2105833.69 0.8498303061 Long PF US Y N/A N N N Redpoint Ventures IV, L.P. N/A Redpoint Ventures IV, L.P. 999999999 3017066 OU Other Units USD 3017066 1.2175672440 Long PF US Y N/A N N N Quad-C Partners VIII, LP N/A Quad-C Partners VIII, LP 999999999 1289132 OU Other Units USD 1289132 0.5202421480 Long PF US Y N/A N N N Pro SPV, LP N/A Pro SPV, LP 999999999 7421692 OU Other Units USD 7421692 2.9950982427 Long PF US Y N/A N N N Point 406 Ventures I, LP N/A Point 406 Ventures I, LP 999999999 3759151 OU Other Units USD 3759151 1.5170430886 Long PF US Y N/A N N N Parthenon Investors III, L.P. N/A Parthenon Investors III, L.P. 999999999 3606572 OU Other Units USD 3606572 1.4554683028 Long PF US Y N/A N N N Park Square Capital Partners II, L.P. N/A Park Square Capital Partners II, L.P. 999999999 2424313.53 OU Other Units 2424313.53 0.9783560397 Long PF GG Y N/A N N N NYLCAP Mezzanine Offshore Partners III, L.P. N/A NYLCAP Mezzanine Offshore Partners III, L.P. 999999999 1217110 OU Other Units USD 1217110 0.4911769475 Long PF US Y N/A N N N OCM Principal Opportunities Fund IV, L.P. N/A OCM Principal Opportunities Fund IV, L.P. 999999999 10963 OU Other Units USD 10963 0.0044242286 Long PF US Y N/A N N N Northstar Mezzanine Partners V, L.P. N/A Northstar Mezzanine Partners V, L.P. 999999999 2091432 OU Other Units USD 2091432 0.8440183597 Long PF US Y N/A N N N New Mountain Partners VI, L.P. N/A New Mountain Partners VI, L.P. 999999999 383000 OU Other Units USD 383000 0.1545634913 Long PF US Y N/A N N N Morgenthaler Venture Partners IX, LP N/A Morgenthaler Venture Partners IX, LP 999999999 16402704 OU Other Units USD 16402704 6.6194757106 Long PF US Y N/A N N N MDV IX, L.P. N/A MDV IX, L.P. 999999999 2171732 OU Other Units USD 2171732 0.8764242300 Long PF US Y N/A N N N Madison Dearborn Capital Partners VIII-A, L.P. N/A Madison Dearborn Capital Partners VIII-A, L.P. 999999999 1684599 OU Other Units USD 1684599 0.6798368222 Long PF US Y N/A N N N Littlejohn Fund IV, LP N/A Littlejohn Fund IV, LP 999999999 417635 OU Other Units USD 417635 0.1685407929 Long PF US Y N/A N N N Lincolnshire Equity Fund IV-A, L.P. N/A Lincolnshire Equity Fund IV-A, L.P. 999999999 3287948 OU Other Units USD 3287948 1.3268843920 Long PF US Y N/A N N N Liquid Stock I, LP N/A Liquid Stock I, LP 999999999 5258732 OU Other Units USD 5258732 2.1222140412 Long PF US Y N/A N N N JK&B Capital V, L.P. N/A JK&B Capital V, L.P. 999999999 196479 OU Other Units USD 196479 0.0792910710 Long PF US Y N/A N N N Intermediate Capital Asia Pacific Fund 2008, L.P. N/A Intermediate Capital Asia Pacific Fund 2008, L.P. 999999999 633543 OU Other Units USD 633543 0.2556726318 Long PF JE Y N/A N N N Institutional Venture Partners XII, L.P. N/A Institutional Venture Partners XII, L.P. 999999999 98760 OU Other Units USD 98760 0.0398555885 Long PF US Y N/A N N N Icon Partners IV, L.P. N/A Icon Partners IV, L.P. 999999999 8450472 OU Other Units USD 8450472 3.4102727298 Long PF US Y N/A N N N ICG Ludgate Hill IB SCSp N/A ICG Ludgate Hill IB SCSp 999999999 26019478.35 OU Other Units 26019478.35 10.5004214512 Long PF LU Y N/A N N N GCG Investors II-A, L.P. N/A GCG Investors II-A, L.P. 999999999 43216 OU Other Units USD 43216 0.0174402502 Long PF US Y N/A N N N Fin Venture Capital I, L.P. N/A Fin Venture Capital I, L.P. 999999999 11882264.05 OU Other Units USD 11882264.05 4.7952068309 Long PF US Y N/A N N N Francisco Partners III, L.P. N/A Francisco Partners III, L.P. 999999999 1900516 OU Other Units USD 1900516 0.7669722931 Long PF US Y N/A N N N Fin VC Flagship II, LP N/A Fin VC Flagship II, LP 999999999 655696.06 OU Other Units USD 655696.06 0.2646127213 Long PF US Y N/A N N N Falcon Strategic Partners III, L.P. N/A Falcon Strategic Partners III, L.P. 999999999 2686711 OU Other Units USD 2686711 1.0842491705 Long PF US Y N/A N N N EnerTech Capital Partners III, L.P. N/A EnerTech Capital Partners III, L.P. 999999999 246753 OU Other Units USD 246753 0.0995796480 Long PF US Y N/A N N N Emerald Partners V, LP N/A Emerald Partners V, LP 999999999 12070 OU Other Units USD 12070 0.0048709696 Long PF US Y N/A N N N EagleTree Partners IV, LP N/A EagleTree Partners IV, LP 999999999 1537829 OU Other Units USD 1537829 0.6206063166 Long PF US Y N/A N N N DFJ Growth 2006 Continuation, L.P. N/A DFJ Growth 2006 Continuation, L.P. 999999999 3799285 OU Other Units USD 3799285 1.5332395668 Long PF KY Y N/A N N N Crosslink Ventures V, L.P. N/A Crosslink Ventures V, L.P. 999999999 541189 OU Other Units USD 541189 0.2184022488 Long PF US Y N/A N N N Dace Ventures I, LP N/A Dace Ventures I, LP 999999999 340089 OU Other Units USD 340089 0.1372463269 Long PF US Y N/A N N N CRG Partners III (Holdings I) L.P. N/A CRG Partners III (Holdings I) L.P. 999999999 741409 OU Other Units USD 741409 0.2992030379 Long PF US Y N/A N N N Cerberus Institutional Partners VI, L.P. N/A Cerberus Institutional Partners VI, L.P. 999999999 1620233.1 OU Other Units USD 1620233.1 0.6538613177 Long PF US Y N/A N N N Catterton Partners VI, L.P. N/A Catterton Partners VI, L.P. 999999999 1545278 OU Other Units USD 1545278 0.6236124353 Long PF US Y N/A N N N Castle Harlan Partners V & AIV N/A Castle Harlan Partners V & AIV 999999999 955017 OU Other Units USD 955017 0.3854066887 Long PF US Y N/A N N N Canaan VII, L.P. N/A Canaan VII, L.P. 999999999 886281 OU Other Units USD 886281 0.3576675865 Long PF US Y N/A N N N Caltius Partners IV, L.P. N/A Caltius Partners IV, L.P. 999999999 5294650 OU Other Units USD 5294650 2.1367091103 Long PF US Y N/A N N N BC European Capital IX N/A BC European Capital IX 999999999 15598341.06 OU Other Units 15598341.06 6.2948669787 Long PF GG Y N/A N N N BC Partners Galileo (2) L.P. N/A BC Partners Galileo (2) L.P. 999999999 2092712.124 OU Other Units 2092712.124 0.8445349666 Long PF GG Y N/A N N N Audax Mezzanine Fund III, L.P. N/A Audax Mezzanine Fund III, L.P. 999999999 1159879 OU Other Units USD 1159879 0.4680808035 Long PF US Y N/A N N N Apax X USD, L.P. N/A Apax X USD, L.P. 999999999 971729 OU Other Units USD 971729 0.3921509839 Long PF GG Y N/A N N N Ampersand CF Limited Partnership - Class B N/A Ampersand CF Limited Partnership - Class B 999999999 4015916.13 OU Other Units USD 4015916.13 1.6206632320 Long PF US Y N/A N N N Ampersand CF Limited Partnership - Class A N/A Ampersand CF Limited Partnership - Class A 999999999 2252404.87 OU Other Units USD 2252404.87 0.9089805758 Long PF US Y N/A N N N Ampersand 2006 Limited Partnership N/A Ampersand 2006 Limited Partnership 999999999 62766 OU Other Units USD 62766 0.0253298488 Long PF US Y N/A N N N AIC Credit Opportunities Partners Fund II L.P. N/A AIC Credit Opportunities Partners Fund II L.P. 999999999 7031678 OU Other Units USD 7031678 2.8377041813 Long PF US Y N/A N N N 2022-01-13 FLOWSTONE OPPORTUNITY FUND /s/ Trent Statczar Trent Statczar Principal Financial Officer XXXX NPORT-EX 2 fp0073719_nportex.htm 12.31.21 FLOWSTONE OPPORTUNITY FUND SOI

 

FlowStone Opportunity Fund 

Schedule of Investments 

December 31, 2021 (Unaudited)

 

 

Investment Funds*  

Geographic 

Region** 

  

Investment 

Strategy 

   Shares     Cost     Fair Value    

% of Shareholders'  Capital 

    

Original 

Acquisition Date 

Primary Investments                                            
Apax X USD, L.P.(a)(b)   Guernsey   Leveraged Buyout           $ 1,223,474     $ 1,440,768       0.45 %   3/3/2020
Fin VC Flagship II,  LP(a)(b)   North America   Venture             706,531       649,405       0.20 %   5/6/2021
Liquid Stock I, L.P.(a)(b)   North America   Private Equity Fund             3,711,805       5,057,757       1.57 %   8/30/2019
Madison Dearborn Capital Partners VIII-A, L.P.(b)   North America   Leveraged Buyout             1,505,661       1,835,774       0.57 %   6/21/2021
New Mountain Partners VI, L.P.(a)(b)   North America   Leveraged Buyout             621,847       620,000       0.19 %   4/8/2020
Trident Capital IX, L.P.(a)(b)   North America   Leveraged Buyout             21,133       (30,000 )     -0.01 %   9/17/2021
Total Primary Investments (Cost $7,790,451) (2.97%)***         9,573,704              
                                             
Secondary Investments                                  
AIC Credit Opportunities Partners Fund II, L.P.(b)   North America   Private Credit             6,772,626       6,989,501       2.16 %   10/31/2019
American Securities Partners VI, L.P.(a)(b)(c)   North America   Leveraged Buyout             2,906,415       3,013,560       0.93 %   12/31/2021
Ampersand CF Limited Partnership - Class A(a)(b)(c)   North America   Leveraged Buyout             2,159,660       3,350,123       1.03 %   10/29/2020
Ampersand CF Limited Partnership - Class B(a)(b)(c)   North America   Leveraged Buyout             3,869,585       6,003,795       1.86 %   10/29/2020
Ampersand 2006, L.P.(a)(b)(c)(d)   North America   Venture             -       62,766       0.02 %   12/31/2019
Audax Mezzanine Fund III, L.P.(b)(c)(d)   North America   Private Credit             578,157       664,974       0.21 %   6/30/2021
Bain Capital Europe III, L.P.(a)(b)(c)   North America   Leveraged Buyout             117,551       113,473       0.04 %   12/31/2021
BC European Capital IX, L.P.(a)(b)   Guernsey   Leveraged Buyout             9,651,234       15,122,100       4.69 %   12/31/2020
BC Partners Galileo (2) L.P.(a)(b)(c)   Guernsey   Leveraged Buyout             2,177,902       2,077,361       0.64 %   6/10/2021
Caltius Partners IV, L.P.(a)(b)   North America   Private Credit             4,748,031       5,504,101       1.71 %   6/30/2021
Canaan VII, L.P.(a)(b)   North America   Venture             432,808       896,949       0.28 %   12/31/2019
Carlyle Europe Partners IV, L.P.(a)(b)   United Kingdom   Leveraged Buyout             1,914,135       2,140,429       0.66 %   12/31/2021
Carlyle Partners VI, L.P.(a)(b)   North America   Leveraged Buyout             2,909,574       3,021,801       0.94 %   12/31/2021
Castle Harlan Partners V & AIV(a)(b)(c)   North America   Leveraged Buyout             731,001       1,188,416       0.37 %   9/30/2021
Catterton Partners VI, L.P.(a)(b)   North America   Leveraged Buyout             546,441       1,051,414       0.33 %   12/31/2019
Centerbridge Special Credit Partners, L.P.(a)(b)   North America   Private Credit             71,337       64,633       0.02 %   12/31/2021
Cerberus Institutional Partners VI, L.P.(a)(b)   North America   Leveraged Buyout             1,534,950       1,844,519       0.57 %   7/30/2021
Clayton, Dubilier & Rice Fund IX, L.P.(a)(b)   North America   Leveraged Buyout             6,977,977       7,320,797       2.27 %   12/31/2021
Court Square Capital Partners (Offshore) III, L.P.(a)(b)(c)   North America   Leveraged Buyout             5,639,844       5,476,870       1.70 %   12/31/2021
CRG Partners III (Holdings I) L.P.(b)(c)   North America   Private Credit             568,759       687,834       0.21 %   1/1/2020
Crosslink Ventures V, L.P.(a)(b)   North America   Venture             468,540       497,402       0.15 %   1/1/2020
Dace Ventures I, L.P.(a)(b)   North America   Venture             291,049       342,600       0.11 %   12/31/2019
DBAG Fund VI (Guernsey) L.P.(a)(b)   Guernsey   Leveraged Buyout             1,453,772       1,573,460       0.49 %   12/31/2021
DFJ Growth 2006 Continuation, L.P.(a)(b)   North America   Leveraged Buyout             1,497,477       4,792,995       1.49 %   12/31/2019
EagleTree Partners IV, LP(a)(b)   North America   Leveraged Buyout             1,261,274       1,584,365       0.49 %   6/30/2021
Emerald Partners V, L.P.(a)(b)   North America   Leveraged Buyout             733       1,000       0.00 %   12/31/2019
EnerTech Capital Partners III, L.P.(a)(b)   North America   Venture             287,373       254,165       0.08 %   12/31/2019
Falcon Strategic Partners III, L.P.(b)   North America   Private Credit             2,029,119       2,829,904       0.88 %   6/30/2021
Fin Venture Capital I, L.P.(a)(b)   North America   Venture             3,573,341       12,380,006       3.84 %   6/30/2020
Francisco Partners III (Cayman), L.P.(a)(b)   North America   Leveraged Buyout             -       714,267       0.22 %   12/31/2020
Francisco Partners III (Domestic AIV), L.P.(a)(b)   North America   Leveraged Buyout             -       261,004       0.08 %   12/31/2020
Francisco Partners III, L.P.(a)(b)   North America   Leveraged Buyout             -       1,003,281       0.31 %   12/31/2020
GF Capital Private Equity Fund II-B, L.P.(a)(b)(c)   North America   Leveraged Buyout             5,155,223       4,785,782       1.49 %   12/31/2021
Hony Capital Fund V, L.P.(a)(b)   North America   Leveraged Buyout             1,966,883       1,643,476       0.51 %   12/31/2021
ICG Ludgate Hill IB SCSp(a)(b)   Luxembourg   Leveraged Buyout             13,069,191       25,532,428       7.93 %   6/22/2021
Icon Partners IV, L.P.(a)(b)(c)   North America   Leveraged Buyout             8,349,670       8,660,183       2.69 %   5/21/2021
Icon Partners V, L.P.(a)(b)   North America   Leveraged Buyout             7,407,407       7,407,407       2.30 %   8/27/2021
IK VII Fund(a)(b)   Jersey   Leveraged Buyout             521,942       662,147       0.21 %   12/31/2021
Institutional Venture Partners XII, L.P.(a)(b)   North America   Venture             342,941       96,975       0.03 %   12/31/2019
Institutional Venture Partners XIV, L.P.(a)(b)   North America   Leveraged Buyout             2,739,254       2,645,915       0.82 %   12/31/2021
Intermediate Capital Asia Pacific Fund 2008, L.P.(b)(c)   Jersey   Private Credit             245,618       518,006       0.16 %   6/30/2021
JFL-NG Continuation Fund, L.P.(a)(b)   North America   Leveraged Buyout             2,753,434       2,742,888       0.85 %   10/27/2021
JK&B Capital V, L.P.(a)(b)(d)   North America   Venture             148,521       196,399       0.06 %   12/31/2019
Lincolnshire Equity Fund IV-A, L.P.(a)(b)   North America   Leveraged Buyout             1,601,344       3,289,096       1.02 %   12/31/2020
Littlejohn Fund IV, LP(a)(b)(c)   North America   Leveraged Buyout             265,888       400,896       0.12 %   9/30/2021
MDV IX, L.P.(a)(b)   North America   Venture             799,539       2,140,564       0.66 %   12/31/2020
Milestone Partners FS LP(a)(b)(c)   North America   Leveraged Buyout             1,523,529       1,647,023       0.51 %   12/31/2021
Milestone Partners IV, L.P.(a)(b)(c)   North America   Leveraged Buyout             1,260,993       1,676,259       0.52 %   12/31/2021
Morgenthaler Venture Partners IX, LP(a)(b)   North America   Venture             572,678       1,340,098       0.42 %   12/31/2020
Northstar Mezzanine Partners V, L.P.(b)   North America   Private Credit             2,880,849       1,900,000       0.59 %   6/30/2021
NYLCAP Mezzanine Offshore Partners III, L.P.(b)   North America   Private Credit             942,693       1,234,963       0.38 %   6/30/2021
Oaktree European Principal Fund III (U.S.), L.P.(a)(b)   North America   Private Credit             1,468,318       1,800,615       0.56 %   11/1/2021
OCM Principal Opportunities Fund IV, L.P.(b)   North America   Private Credit             (2,649 )     -       0.00 %   7/30/2021
Onex Partners III LP(b)   North America   Leveraged Buyout             511,565       670,000       0.21 %   10/1/2021
Park Square Capital Partners II, L.P.(b)   Guernsey   Private Credit             1,683,853       2,187,951       0.68 %   6/30/2021
Parthenon Investors III, L.P.(b)   North America   Leveraged Buyout             449,508       2,225,350       0.69 %   12/31/2019
Pegasus WSJLL Fund, L.P.(a)(b)   North America   Leveraged Buyout             8,456,626       8,433,305       2.62 %   12/14/2021
Point 406 Ventures I, L.P.(a)(b)   North America   Venture             1,865,426       1,131,106       0.35 %   12/31/2019
Pro SPV, LP(a)(b)   North America   Leveraged Buyout             8,344,680       9,265,256       2.88 %   8/27/2021
PT2-A, L.P.(a)(b)   North America   Leveraged Buyout             6,300,000       6,187,500       1.92 %   12/15/2021
Quad-C Partners VIII, LP(a)(b)   North America   Leveraged Buyout             672,899       443,728       0.14 %   9/30/2021
Redpoint Ventures IV, L.P.(a)(b)   North America   Venture             3,020,976       2,351,392       0.73 %   12/31/2020
Rembrandt Venture Partners Fund Two, L.P.(a)(b)   North America   Venture             918,894       1,079,824       0.34 %   12/31/2019
Reverence Capital Partners Opportunities Fund I, L.P.(b)(c)   North America   Leveraged Buyout             1,487,996       2,115,813       0.66 %   12/31/2020
Resolute Fund III, L.P.(a)(b)   North America   Leveraged Buyout             1,617,956       1,836,435       0.57 %   12/31/2021
Riverstone Global Energy and Power Fund VI, LP(b)   North America   Leveraged Buyout             423,769       760,403       0.24 %   6/30/2021
Savant Growth Fund I, LP(a)(b)   North America   Leveraged Buyout             1,857,148       2,218,124       0.69 %   12/8/2020
StepStone Real Estate Partners III, L.P.(b)(c)   North America   Fund of Funds             149,758       221,820       0.07 %   6/30/2021
Summit Partners Growth Equity Fund IX-A, L.P.(a)(b)(c)   North America   Leveraged Buyout             2,832,551       3,082,631       0.96 %   6/30/2021
Summit Partners Subordinated Debt IV-B, L.P.(a)(b)(c)   North America   Private Credit             828,415       936,700       0.29 %   6/30/2021
TA Subordinated Debt Fund III, L.P.(b)   North America   Private Credit             890,213       966,848       0.30 %   7/30/2021
TCW/Crescent Mezzanine Partners VB, L.P.(a)(b)   North America   Private Credit             26,042       283,111       0.09 %   6/30/2021
The Peninsula Fund V, L.P.(b)   North America   Private Credit             10,776,405       13,583,490       4.22 %   7/1/2021
TowerBrook Investors IV (OS), L.P.(a)(b)   North America   Leveraged Buyout             4,554,115       4,828,402       1.50 %   12/31/2021
Tudor Ventures III, L.P.(a)(b)   North America   Venture             -       22,285       0.01 %   12/31/2019
TZP Capital Partners I (PIV), LP(a)(b)   North America   Leveraged Buyout             74,140       115,715       0.04 %   4/7/2021
TZP Capital Partners II-A (Blocker), LP(b)   North America   Leveraged Buyout             585,442       960,300       0.30 %   4/7/2021
TZP Small Cap Partners I-A (Blocker), LP(a)(b)   North America   Leveraged Buyout             282,671       358,613       0.11 %   4/7/2021
Versant Venture Capital IV, L.P.(a)(b)   North America   Venture             6,548,058       1,451,732       0.45 %   12/31/2020
Total Secondary Investments (Cost $184,343,037) (71.67%)***         230,868,819              
Total Investment Funds (Cost $192,133,488) (74.64%)***       $ 240,442,523              
                                             
Short-Term Investment (32.08%)***                                  
Money Market Fund                                  
Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01% (e)             103,353,628             $ 103,353,628              
Total Money Market Fund (Cost $103,353,628) (32.08%)***       $ 103,353,628              
                                             
Total Investments (Cost $295,487,116) (106.72%)***                 $ 343,796,151              
Liabilities less other assets  (-6.72%)***                   (21,630,441 )            
Shareholders' Capital - 100.00%***                 $ 322,165,710              

 

 

Primary Investments are investments in newly established private equity partnerships where underlying portfolio companies are not known as of the time of investment.

Secondary Investments are Private Equity Fund Investments generally acquired in the secondary market.

 

*Restricted investments as to resale. Certain Investment Funds will distribute proceeds upon realization events and such proceeds are distributed at the discretion of the Investment Manager, as they become available.

**The geographic region disclosed is based on where each Investment Fund is domiciled.

***As a percentage of total shareholders' capital.

(a)Non-income producing.

(b)Investment Funds are issued in private placement transactions and as such are restricted as to resale per Rule 12-12-8 of Regulation S-X.

(c)Fair valued by the Fair Value Committee based on policies and procedures established by the Board of Trustees and considered a Level 3 investment.

(d)The Investment Fund is liquidating its assets and is in the process of returning capital to its limited partners in a reasonable manner.

(e)The rate quoted is the annualized seven-day yield of the fund at the period end.