Company name
|
Strategy
|
Relevant information
|
Avalign Technologies
|
Value-add contract manufacturing organization and distributor serving the orthopedic medical device and specialty surgical markets
|
• Announced the acquisition and addition of Slice Manufacturing Studios (SMS) in February 2021.
• SMS expands the already considerable capabilities in both implant and instrument manufacturing within Avalign,
positioning the company with comprehensive, best-in-class services and performance.
|
Advarra
|
Research compliance organization
|
• Advarra launched Advarra Cloud. This next-generation platform expands cloud deployment options for Advarra
clients and delivers applications in a simple, fully managed environment.
• Expanded review capabilities for cosmetic research.
|
Collagen Matrix
|
Developer and manufacturer of collagen-based medical products
|
• Named Tony Orsini as Chief Operating Officer, who was recently a COO at Flexan, a leader in customer medical
device manufacturing solutions and former Linden Capital Partners portfolio company.
• Added Timothy J. Scannell to the Board of Directors, who brings 30 years of experience at Stryker, a leading
medical technology company.
|
IVX Health
|
Operator of ambulatory infusion centers
|
• Boosted by $100 million of fresh capital, IVX is eyeing new markets in 2022, with the goal of becoming the
nation’s preferred destination of pharmaceutical care for patients with complex chronic conditions.
• Opened new infusion centers in Florida.
|
Pinnacle Treatment Centers
|
Substance abuse treatment services
|
• Pinnacle currently operates more than 120 treatment centers in the US.
|
ProPharma Group
|
Provider of medical information, regulatory affairs, and compliance consulting services
|
• In 2022, acquired M Squared Associates (M2), an industry leading clinical,
regulatory and quality consulting firm serving the medical device and diagnostic industry.
|
ILC Dover
|
Provider of engineered solutions to the pharmaceutical and other industries
|
• Announced plans to significantly expand production capabilities in the
Juarez, Mexico facility. This expansion is in response to the strong growth in the life sciences business and entry into sterile liquid handling and chemicals content market.
|
GCX Corporation
|
Provider of medical instrument and information technology (IT) mounting solutions for the healthcare industry
|
• Audax Private Equity and GCX Mounting Solutions announced on September 20,
2021, the formation of a strategic partnership under which Audax acquired a majority stake in GCX.
|
Company name
|
Strategy
|
Relevant information
|
Guoquan Shihui
|
Chinese hot pot and barbecue food materials stores
|
• Founded in early 2017, the startup runs more than 5,000 stores across China, serving roughly 130 million
customers at the end of 2020.
• Less affected by COVID-19 as a result of its focus on prepackaged food sold to customers buying ingredients for
home cooking. Sales at Guoquan jumped fourfold on a yearly basis in 2020.
• Completed Series D+ financing in late 2021, bringing the company’s latest valuation to $2 billion.
|
Zhongneng United
|
Engineering machinery leasing platform
|
• Has completed its Series C2 and C3 rounds of financing raising a total of more than CNY3 billion ($461 million).
• Strategic cooperation with well-known equipment manufacturers at home and abroad (JLG in the United States,
Haulotte in France, Xingbang Heavy Industry, XCMG), with a fleet of more than 30,000 units and a total equipment volume that ranks in the forefront of China.
|
GigaCloud Technology
|
B2B marketplace provider
|
• Partnered with and received official endorsement from China's largest retail center, Red Star Macalline.
• Also partnered with Amazon, Walmart, Wayfair, and eBay.
• Secured a $40 million investment from China’s largest online retailer, JD.com, which we believe signals a
promising outlook for future developments and expansions.
• The company is currently looking for an IPO route in the U.S.
|
Carzone
|
B2B auto parts supplier
|
• The company raised nearly $200 million of Series D
venture funding on September 16, 2021. This round of financing will be used for national market expansion and aftermarket service improvement.
|
Zhujiao / Pork Rice
|
Fast food restaurant chain
|
• The company raised CNY150 million of Series A venture funding on August
10, 2021.
|
Wanqian
|
Supplier of fasteners for manufacturers
|
• The company is undergoing a new series of financing and has received several term sheets at
higher valuations.
|
Haitunjia
|
Membership-based ecommerce company
|
• The company raised $100 million of Series C venture funding. The funds
will be used to expand and upgrade the team, increase investment on product technology, and build a socially driven flexible supply-chain infrastructure.
|
Zhongmo
|
Provider and operator of smart protective equipment
|
• The company currently has businesses across 19 provinces and 50+ cities in China, having serviced over 1,000
commercial buildings, and has an asset base of more than CNY800 million.
• Currently in the pre-IPO process and is a cash generative company
|
One Year Return
|
Annualized Return since Inception*
|
|
Delaware Wilshire Private Markets Fund
|
27.47%1
|
23.55%
|
Wilshire 5000 Total Market IndexSM
|
13.09%
|
20.04%
|
Master Fund — 98.5%
|
||||||||
Description
|
Geographic Region
|
Shares | Fair Value | |||||
Delaware Wilshire Private Markets Master Fund, Class Institutional
|
North America
|
2,363,982
|
$
|
28,209,352
|
||||
Total Master Fund (Cost — $24,554,487)
|
28,209,352
|
|||||||
Short Term Investment — 0.2%
|
||||||||
Description
|
Geographic Region
|
Shares |
Fair Value |
|||||
First American Government Obligations Fund, Class X 0.190%**
|
North America
|
57,090 |
57,090
|
|||||
Total Short Term Investment (Cost — $57,090)
|
57,090
|
|||||||
Total Investments — 98.7% (Cost — $24,611,577)
|
$
|
28,266,442
|
||||||
Other Assets and Liabilities, Net — 1.3%
|
372,292
|
|||||||
Net Assets — 100.0%
|
$ | 28,638,734
|
**
|
The rate reported is the 7-day effective yield as of March 31, 2022.
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Investments Valued at NAV
|
Total
|
||||||||||||||
Master Fund
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
28,209,352
|
$
|
28,209,352
|
|||||||||
Short Term Investment
|
57,090
|
—
|
—
|
—
|
57,090
|
||||||||||||||
Total Investments in Securities
|
$
|
57,090
|
$
|
—
|
$
|
—
|
$
|
28,209,352
|
$
|
28,266,442
|
Assets:
|
||||
Investments in Master Fund, at Value (Cost $24,554,487)
|
$
|
28,209,352
|
||
Investments, at Value (Cost $57,090)
|
57,090
|
|||
Due from Adviser
|
451,809
|
|||
Dividend Receivable
|
14
|
|||
Prepaid Expenses
|
15,458
|
|||
Total Assets
|
28,733,723
|
|||
Liabilities:
|
||||
Legal Fees Payable
|
33,647
|
|||
Audit Fees Payable
|
27,750
|
|||
Transfer Agent Fees Payable
|
18,361
|
|||
Trustees Fees Payable
|
6,231
|
|||
Due to Administrator
|
2,548
|
|||
Other Accrued Expenses
|
6,452
|
|||
Total Liabilities
|
94,989
|
|||
Net Assets
|
$
|
28,638,734
|
||
Net Assets Consist of:
|
||||
Paid-in Capital
|
$
|
24,575,455
|
||
Total Distributable Earnings
|
4,063,279
|
|||
Net Assets
|
$
|
28,638,734
|
||
Institutional Class Shares:
|
||||
Net Assets
|
$
|
28,638,734
|
||
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)
|
2,293,115
|
|||
Net Asset Value and Offering Price Per Share
|
$
|
12.49
|
Net Investment Income (Loss) Allocated from Master Fund:
|
||||
Dividend Income
|
$
|
484,026
|
||
Expenses
|
(1,099,108
|
)
|
||
Net Investment Income (Loss) Allocated from the Master Fund
|
(615,082
|
)
|
||
Investment Income from the Fund:
|
||||
Dividend Income
|
90
|
|||
Total Investment Income From the Fund
|
90
|
|||
Fund Expenses:
|
||||
Administration Fees
|
30,000
|
|||
Investment Advisory Fees
|
28,996
|
|||
Legal Fees
|
260,000
|
|||
Offering Costs
|
214,924
|
|||
Transfer Agent Fees
|
134,623
|
|||
Audit Fees
|
32,830
|
|||
Registration Fees
|
29,655
|
|||
Printing Fees
|
3,157
|
|||
Insurance and Other Expenses
|
71,844
|
|||
Total Expenses
|
806,029
|
|||
Less:
|
||||
Reimbursement of other operating expenses
|
(1,241,602
|
)
|
||
Net Expenses
|
(435,573
|
)
|
||
Net Investment Loss
|
(179,419
|
) |
||
Net Realized Gain Allocated from Master Fund
|
1,551,936
|
|||
Net Change in Unrealized Appreciation on Investments Allocated from Master Fund
|
2,135,380
|
|||
Net Realized and Unrealized Gain on Investments
|
3,687,316
|
|||
Net Increase in Net Assets Resulting from Operations
|
$
|
3,507,897
|
Year Ended
|
Period Ended | |||||||
March 31, 2022 | March 31, 2021(1) | |||||||
Operations:
|
||||||||
Net Investment Loss*
|
$
|
(179,419
|
) |
$
|
(150,723
|
)
|
||
Net Realized Gain on Investments
|
1,551,936
|
29,205
|
||||||
Net Change in Unrealized Appreciation on Investments
|
2,135,380
|
2,712,013
|
||||||
Net Increase in Net Assets Resulting from Operations
|
3,507,897
|
2,590,495
|
||||||
Distributions:
|
(1,300,135
|
)
|
—
|
|||||
Capital Shares Transactions:
|
||||||||
Institutional Class Shares:
|
||||||||
Issued
|
4,055,951
|
18,501,000
|
||||||
Reinvestment of Distributions
|
1,283,526
|
—
|
||||||
Redeemed
|
—
|
—
|
||||||
Net Share Transactions
|
5,339,477
|
18,501,000
|
||||||
Net Increase in Net Assets from Share Transactions
|
5,339,477
|
18,501,000
|
||||||
Total Increase in Net Assets
|
7,547,239
|
21,091,495
|
||||||
Net Assets:
|
||||||||
Beginning of Year/Period
|
21,091,495
|
—
|
||||||
End of Year/Period
|
$
|
28,638,734
|
$
|
21,091,495
|
||||
Share Transactions:
|
||||||||
Institutional Class Shares:
|
||||||||
Issued
|
353,658
|
1,834,594
|
||||||
Reinvestment of Distributions
|
104,863
|
—
|
||||||
Redeemed
|
—
|
—
|
||||||
Net Increase in Shares Outstanding from Share Transactions
|
458,521
|
1,834,594
|
*
|
Net Investment Income (Loss) includes amounts allocated from the Master Fund.
|
(1)
|
The Fund commenced operations on October 28, 2020.
|
Cash Flows Provided by Operating Activities:
|
||||
Net increase in net assets derived from investment operations
|
$
|
3,507,897
|
||
Adjustments to reconcile net investment loss to net cash provided by operating activities:
|
||||
Purchases of investment securities from issuers
|
(9,261,932
|
) |
||
Proceeds from disposition of investment securities from issuers
|
4,994,123
|
|||
Net realized gain on investments allocated from Master Fund
|
(1,551,936
|
) |
||
Net change in unrealized appreciation/(depreciation) on investments allocated from Master Fund
|
(2,135,380
|
) |
||
Income allocated from Master Fund
|
(484,026
|
) |
||
Expenses allocated from Master Fund
|
1,099,108
|
|||
Increase in receivable for dividends and interest
|
(8
|
) |
||
Increase in receivable for prepaid expenses
|
(15,458
|
) |
||
Decrease in deferred offering costs
|
214,924
|
|||
Increase in reimbursement due from investment adviser
|
(363,799
|
) |
||
Increase in payable for trustee fees
|
3,468
|
|||
Increase in payable for legal fees
|
314
|
|||
Decrease in payable for audit fees
|
(250
|
) |
||
Decrease in payable for transfer agent fees
|
(44,139
|
) |
||
Decrease in accrued expenses and other liabilities
|
(2,248
|
) |
||
Net cash flow provided by operating activities
|
(4,039,342
|
) |
||
Cash Flows Received From Financing Activities:
|
||||
Distributions paid in cash
|
(16,609
|
) |
||
Proceeds from shares sold net of reinvestment of distributions
|
4,055,951
|
|||
Net cash flow received from financing activities
|
4,039,342
|
|||
Net increase in cash
|
—
|
|||
Cash and Foreign Currency:
|
||||
Beginning of year
|
—
|
|||
End of year
|
$
|
—
|
||
Supplemental Disclosure of Cash Flow Information:
|
||||
Reinvestment of distributions
|
1,283,526
|
|
Year | Period | ||||||
Ended | Ended | |||||||
March 31, 2022 |
March 31, 2021(1)
|
|||||||
Institutional Class:
|
||||||||
Net Asset Value, Beginning of Year/Period
|
$
|
11.50 |
$ |
10.00 |
||||
Income (Loss) from Operations:
|
||||||||
Net Investment Gain (Loss)(2)
|
(0,08 |
) |
(0.11 |
)
|
||||
Net Realized and Unrealized Gain
|
1.66 |
1.61 |
||||||
Total from Operations
|
1.58 |
1.50 |
||||||
Dividends and Distributions from:
|
||||||||
Net Investment Income
|
(0.59 |
) |
— | |||||
Total Dividends and Distributions
|
(0.59 |
) |
— | |||||
Net Asset Value, End of Year/Period
|
$
|
12.49 |
$ |
11.50 |
||||
Total Return†
|
13.89 |
%
|
15.00 |
% |
||||
Ratios and Supplemental Data
|
||||||||
Net Assets, End of Year/Period (Thousands)
|
$
|
28,639 |
$ |
21,091 |
||||
Ratio of Expenses to Average Net Assets‡
|
2.59 |
%
|
2.50 |
%* |
||||
Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)‡
|
7.45 |
%
|
14.13 |
%* |
||||
Ratio of Net Investment Income (Loss) to Average Net Assets‡
|
(0.70 |
)%
|
(2.50 |
)%* |
*
|
Annualized.
|
†
|
Return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and
assumed by the Adviser during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
‡
|
Includes income and expenses allocated from the Master Fund.
|
(1)
|
The Fund commenced operations on October 28, 2020.
|
(2)
|
Per share data calculated using average shares.
|
Paid in Capital
|
Total Distributable Earnings (Accumulated Losses)
|
||
$734,978
|
$(734,978)
|
|
Ordinary Income
|
Long-term Capital Gain
|
Return of Capital
|
Total
|
||||||
2022
|
$1,300,135
|
$—
|
$—
|
$1,300,135
|
|||||
2021
|
—
|
—
|
—
|
—
|
Undistributed ordinary income
|
$
|
—
|
||
Undistributed long-term capital gain
|
—
|
|||
Capital loss carryforwards
|
—
|
|||
Post October losses
|
—
|
|||
CY Late-Year Loss Deferral
|
(408,280
|
)
|
||
Unrealized appreciation/(depreciation)
|
3,971,822
|
|||
Other temporary differences
|
—
|
|||
Total Distributable Earnings
|
$
|
3,563,542
|
Federal Tax Cost
|
Aggregate Gross
Unrealized Appreciation
|
Aggregate Gross
Unrealized Depreciation
|
Net Unrealized
Appreciation
|
||||
$24,611,577
|
$3,654,865
|
$—
|
$3,654,865
|
Name and Year of Birth
|
Position with Trust and Length of Time Served
|
Principal Occupations in
the Past Five Years
|
Other Directorships
Held in the Past Five Years |
INTERESTED TRUSTEES
|
|||
William M. Doran (Born: 1940)
|
Chairman of
Board of Trustees (since 2020)1 |
Self-Employed Consultant since 2003. Partner at Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003. Counsel to the Funds, SEI Investments, SIMC, the Administrator and SEI
Investments Distribution Co. Secretary of SEI Investments since 1978.
|
Current Directorships: Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, Schroder Global Series Trust, SEI Daily Income Trust, SEI Institutional
International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI
Catholic Values Trust. Director of SEI Investments, SEI Investments (Europe), Limited, SEI Investments-Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Asia), Limited, SEI Global Nominee
Ltd., SEI Investments - Unit Trust Management (UK) Limited and SEI Investments Co. Director of SEI Investments Distribution Co.
Former Directorships: Trustee of O’Connor EQUUS (closed-end investment company) to 2016. Trustee of SEI Liquid Asset Trust to 2016. Trustee of Winton Series Trust to 2017. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, The KP Funds and Winton Diversified Opportunities Fund (closed-end investment company) to 2018. |
INDEPENDENT TRUSTEES
|
|||
Jon C. Hunt
(Born: 1951) |
Trustee and Lead Independent Trustee
(since 2020) |
Retired since 2013. Consultant to Management, Convergent Capital Management, LLC (“CCM”) from 2012 to 2013. Managing Director and Chief Operating Officer, CCM from 1998 to 2012.
|
Current Directorships: Trustee of City National Rochdale Funds, The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, Schroder Global Series Trust and Director of
Chiron Capital Allocation Fund Ltd.
Former Directorships: Trustee of O’Connor EQUUS (closed-end investment company) to 2016. Member of Independent Committee of Nuveen Commodities Asset Management to 2016. Trustee of Winton Series Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. |
Thomas P. Lemke
(Born: 1954) |
Trustee
(since 2020) |
Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013.
|
Current Directorships: Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, Schroder Global Series Trust, JP Morgan Active Exchange-Traded Funds (33
Portfolios) and Symmetry Panoramic Trust (8 Portfolios). Director of Chiron Capital Allocation Fund Ltd.
Former Directorships: Trustee of Munder Funds to 2014. Trustee of Victory Funds to 2015. Trustee of O’Connor EQUUS (closed-end investment company) to 2016. Trustee of Winton Series Trust and AXA Premier VIP Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. |
1
|
Mr. Doran may be deemed to be an “interested” person of the Funds as that term is defined in the 1940 Act by virtue of a material business or professional relationship with the principal
executive officer of the Funds.
|
Name and
Year of Birth |
Position with Trust and Length of Time Served
|
Principal Occupations in
the Past Five Years
|
Other Directorships
Held in the Past Five Years |
INDEPENDENT TRUSTEES (continued)
|
|||
Jay C. Nadel
(Born: 1958) |
Trustee
(since 2020) |
Self-Employed Consultant since 2004. Executive Vice President, Bank of New York Broker Dealer from 2002 to 2004. Partner/Managing Director, Weiss Peck
& Greer/Robeco from 1986 to 2001.
|
Current Directorships: Chairman of the Board of Trustees of City National Rochdale Funds. Trustee of The Advisors’ Inner Circle Fund III, Gallery
Trust, Schroder Series Trust, and Schroder Global Series Trust. Director of Chiron Capital Allocation Fund Ltd.
Former Directorships: Trustee of Winton Series Trust to 2017. Director of Lapolla Industries, Inc. to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. |
Randall S. Yanker
(Born: 1960) |
Trustee
(since 2020) |
Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004.
|
Current Directorships: Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, and Schroder Global Series Trust.
Independent Non-Executive Director of HFA Holdings Limited. Director of Chiron Capital Allocation Fund Ltd.
Former Directorships: Trustee of O’Connor EQUUS (closed-end investment company) to 2016. Trustee of Winton Series Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. |
Nichelle Maynard-Elliott (Born: 1968)
|
Trustee (since 2021)
|
Independent Director since 2018. Executive Director, M&A at Praxair Inc. from 2011 to 2019.
|
Current Directorships: Trustee of The Advisors' Inner Circle Fund III, Gallery Trust, Schroder Series Trust, Schroder Global Series Trust. Director of
Chiron Capital Allocation Fund Ltd. Director of Element Solutions Inc., Director of Xerox Holdings Corporation, and Director Nominee for Lucid Group, Inc.
|
OFFICERS
|
|||
Michael Beattie
(Born: 1965) |
President
(since 2020) |
Director of Client Service, SEI Investments Company, since 2004.
|
None.
|
James Bernstein
(Born: 1962) |
Vice President and Assistant Secretary
(since 2020) |
Attorney, SEI Investments, since 2017.
Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002. |
None.
|
John Bourgeois (Born: 1973)
|
Assistant Treasurer
(since 2020) |
Fund Accounting Manager, SEI Investments, since 2000.
|
None.
|
Name and
Year of Birth |
Position with Trust and Length of Time Served
|
Principal Occupations in
the Past Five Years
|
Other Directorships
Held in the Past Five Years |
OFFICERS (continued)
|
|||
Russell Emery
(Born: 1962) |
Chief Compliance Officer
(since 2020) |
Chief Compliance Officer of SEI Structured Credit Fund, LP since 2007. Chief Compliance Officer of The Advisors’ Inner Circle Fund, The
Advisors’ Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds, The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, Schroder Global Series Trust, the Funds, SEI Institutional
Managed Trust, SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Daily Income Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI
Insurance Products Trust and SEI Catholic Values Trust. Chief Compliance Officer of O’Connor EQUUS (closed-end investment company) to 2016. Chief Compliance Officer of SEI Liquid Asset Trust to 2016. Chief
Compliance Officer of Winton Series Trust to 2017. Chief Compliance Officer of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Chief Compliance Officer of The KP Funds to 2021.
|
None.
|
Eric C. Griffith
(Born: 1969) |
Vice President and Assistant Secretary
(since 2020) |
Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018.
|
None.
|
Matthew M. Maher
(Born: 1975) |
Vice President and Assistant Secretary
(since 2020) |
Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York
Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013.
|
None.
|
Andrew Metzger
(Born: 1980) |
Treasurer, Controller and Chief Financial Officer
(since 2021) |
Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019.
|
None.
|
Robert Morrow (Born: 1968)
|
Vice President
(since 2020) |
Account Manager, SEI Investments, since 2007.
|
None.
|
Alexander F. Smith
(Born: 1977) |
Vice President and Assistant Secretary
(since 2020) |
Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young,
LLP, 2008 to 2012.
|
None.
|
Bridget E. Sudall
(Born: 1980) |
Privacy Officer
(since 2020) Anti-Money Laundering Officer (since 2020) |
Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, from 2011 to 2015. Investor Services Team Lead, Morgan
Stanley Alternative Investment Partners, from 2007 to 2011.
|
None.
|
Beginning |
Ending |
|||||||||||
Account |
Account |
Annualized |
||||||||||
Value |
Value |
Expense |
Expenses Paid |
|||||||||
10/1/21 |
3/31/22 |
Ratios |
During Period* |
|||||||||
Delaware Wilshire Private Markets Fund
|
||||||||||||
Actual Fund Return
|
$
|
1,000.00
|
$ | 1,079.40 |
3.94 |
%† |
$
|
20.43 | ||||
Hypothetical 5% Return
|
$
|
1,000.00
|
$ | 1,005.29 | 3.94 |
%† |
$
|
19.70 |
Company name
|
Strategy
|
Relevant information
|
Avalign Technologies
|
Value-add contract manufacturing organization and distributor serving the orthopedic medical device and specialty surgical markets
|
• Announced the acquisition and addition of Slice Manufacturing Studios (SMS) in February
2021.
• SMS expands the already considerable capabilities in both implant and instrument
manufacturing within Avalign, positioning the company with comprehensive, best-in-class services and performance.
|
Advarra
|
Research compliance organization
|
• Advarra launched Advarra Cloud. This next-generation platform expands cloud deployment
options for Advarra clients and delivers applications in a simple, fully managed environment.
• Expanded review capabilities for cosmetic research.
|
Collagen Matrix
|
Developer and manufacturer of collagen-based medical products
|
• Named Tony Orsini as Chief Operating Officer, who was recently a COO at Flexan, a leader
in customer medical device manufacturing solutions and former Linden Capital Partners portfolio company.
• Added Timothy J. Scannell to the Board of Directors, who brings 30 years of experience at
Stryker, a leading medical technology company.
|
IVX Health
|
Operator of ambulatory infusion centers
|
• Boosted by $100 million of fresh capital, IVX is eyeing new markets in 2022, with
the goal of becoming the nation’s preferred destination of pharmaceutical care for patients with complex chronic conditions.
• Opened new infusion centers in Florida.
|
Pinnacle Treatment Centers
|
Substance abuse treatment services
|
• Pinnacle currently operates more than 120
treatment centers in the US.
|
ProPharma Group
|
Provider of medical information, regulatory affairs, and compliance consulting services
|
• In 2022, acquired M Squared Associates (M2),
an industry leading clinical, regulatory and quality consulting firm serving the medical device and diagnostic industry.
|
ILC Dover
|
Provider of engineered solutions to the pharmaceutical and other industries
|
• Announced plans to significantly expand
production capabilities in the Juarez, Mexico facility. This expansion is in response to the strong growth in the life sciences business and entry into sterile liquid handling and chemicals content market.
|
GCX Corporation
|
Provider of medical instrument and information technology (IT) mounting solutions for the healthcare industry
|
• Audax Private Equity and GCX Mounting
Solutions announced on September 20, 2021, the formation of a strategic partnership under which Audax acquired a majority stake in GCX.
|
Company name
|
Strategy
|
Relevant information
|
Guoquan Shihui
|
Chinese hot pot and barbecue food materials stores
|
• Founded in early 2017, the startup runs more than 5,000 stores across China,
serving roughly 130 million customers at the end of 2020.
• Less affected by COVID-19 as a result of its focus on prepackaged food sold to
customers buying ingredients for home cooking. Sales at Guoquan jumped fourfold on a yearly basis in 2020.
• Completed Series D+ financing in late 2021, bringing the company’s latest valuation
to $2 billion.
|
Zhongneng United
|
Engineering machinery leasing platform
|
• Has completed its Series C2 and C3 rounds of financing raising a total of more than
CNY3 billion ($461 million).
• Strategic cooperation with well-known equipment manufacturers at home and abroad
(JLG in the United States, Haulotte in France, Xingbang Heavy Industry, XCMG), with a fleet of more than 30,000 units and a total equipment volume that ranks in the forefront of China.
|
GigaCloud Technology
|
B2B marketplace provider
|
• Partnered with and received official endorsement from China's largest retail
center, Red Star Macalline.
• Also partnered with Amazon, Walmart, Wayfair, and eBay.
• Secured a $40 million investment from China’s largest online retailer, JD.com,
which we believe signals a promising outlook for future developments and expansions.
• The company is currently looking for an IPO route in the U.S.
|
Carzone
|
B2B auto parts supplier
|
• The company raised nearly $200 million of Series D venture funding on September 16, 2021. This round of financing will be used for national market
expansion and aftermarket service improvement.
|
Zhujiao / Pork Rice
|
Fast food restaurant chain
|
• The company raised CNY150 million of Series A venture funding on August 10, 2021.
|
Wanqian
|
Supplier of fasteners for manufacturers
|
• The company is undergoing a new series of financing and has received several term sheets at higher valuations.
|
Haitunjia
|
Membership-based ecommerce company
|
• The company raised $100 million of Series C venture funding. The funds will be used to expand and upgrade the team, increase investment on product technology, and build a socially
driven flexible supply-chain infrastructure.
|
Zhongmo
|
Provider and operator of smart protective equipment
|
• The company currently has businesses across 19 provinces and 50+ cities in China, having serviced over 1,000 commercial buildings, and has an asset base of more than CNY800 million.
• Currently in the pre-IPO process and is a cash generative company
|
One Year Return
|
Annualized Return since Inception*
|
|
Delaware Wilshire Private Markets Master Fund
|
25.84%1
|
21.09%
|
Wilshire 5000 Total Market IndexSM
|
13.09%
|
20.04%
|
Primary Private Fund Investments — 58.2%
|
||||||||||||||||||
Description
|
Initial
Acquisition Date
|
Geographic
Region
|
Industry
|
Commitment
|
Unfunded
Portion of
Commitment
|
Shares
|
Fair Value
|
|||||||||||
Buhuovc L.P.
|
3/8/2021
|
Asia-Pacific
|
Venture Capital
|
$
|
6,500,000
|
$
|
291,944
|
(A)
|
$
|
8,243,821
|
||||||||
H.I.G. Bayside Loan Opportunity Feeder VI
|
12/8/2020
|
North America
|
Distressed Debt
|
4,000,000
|
2,652,121
|
(A)
|
1,384,555
|
|||||||||||
Linden Structured Capital Fund L.P.
|
12/18/2020
|
North America
|
Buyout
|
6,500,000
|
1,679,132
|
(A)
|
5,798,149
|
|||||||||||
RCP MB Investments B, L.P.
|
12/26/2021
|
North America
|
Buyout
|
1,000,000
|
—
|
(A)
|
1,000,000
|
|||||||||||
Total Primary Private Fund Investments
(Cost — $13,604,094)
|
16,426,525 |
Secondary Private Fund Investments — 38.9%
|
||||||||||||||||||
Description
|
Initial
Acquisition Date
|
Geographic
Region
|
Industry
|
Commitment |
Unfunded
Portion of
Commitment
|
Shares
|
Fair Value | |||||||||||
Basalt Infrastructure Partners II, L.P.
|
11/17/2020
|
US, Europe and US
|
Infrastructure
|
6,000,000
|
668,358
|
(A)
|
6,952,268
|
|||||||||||
Graphite Capital Partners VII A
|
7/19/2021
|
Europe
|
Buyout
|
1,044,282
|
22,028
|
(A)
|
127,731
|
|||||||||||
Graphite Capital Partners VII C
|
7/19/2021
|
Europe
|
Buyout
|
189,872
|
4,022
|
(A)
|
28,853
|
|||||||||||
Graphite Capital Partners VII Top Up Fund
|
7/19/2021
|
Europe
|
Buyout
|
1,404,110
|
—
|
(A)
|
754
|
|||||||||||
Graphite Capital Partners VII Top Up Fund Plus
|
7/19/2021
|
Europe
|
Buyout
|
745,916
|
—
|
(A)
|
351
|
|||||||||||
Graphite Capital Partners VIII B L.P.
|
7/19/2021
|
Europe
|
Buyout
|
487,374
|
50,448
|
(A)
|
542,515
|
|||||||||||
Graphite Capital Partners VIII D L.P.
|
7/19/2021
|
Europe
|
Buyout
|
2,781,939
|
288,700
|
(A)
|
3,065,779
|
|||||||||||
Graphite Capital Partners VIII Top Up Fund B L.P.
|
7/19/2021
|
Europe
|
Buyout
|
1,475,077
|
95,497
|
(A)
|
248,521
|
|||||||||||
Total Secondary Private Fund Investments
(Cost — $8,940,820)
|
10,966,772 |
Short Term Investment — 0.3%
|
||||||||
Description
|
Geographic Region |
Shares
|
Fair Value | |||||
First American Government Obligations Fund, Class X 0.190 %**
|
North America | 92,061 | 92,061 | |||||
Total Short Term Investment (Cost — $92,061)
|
92,061
|
|||||||
Total Investments — 97.4% (Cost — $22,636,975)
|
|
$
|
27,485,358
|
|||||
Other Assets and Liabilities, Net — 2.6%
|
723,994
|
|||||||
Net Assets — 100.0%
|
|
$
|
28,209,352
|
**
|
The rate reported is the 7-day effective yield as of March 31, 2022.
|
(A)
|
Investment does not issue shares.
|
L.P. — Limited Partnership
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Investments Valued at NAV
|
Total
|
|||||||||||||||
Primary Private Fund Investments
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
16,426,525
|
$
|
16,426,525
|
||||||||||
Secondary Private Fund Investments
|
—
|
—
|
—
|
10,966,772
|
10,966,772
|
|||||||||||||||
Short Term Investment
|
92,061
|
—
|
—
|
—
|
92,061
|
|||||||||||||||
Total Investments in Securities
|
$
|
92,061
|
$
|
—
|
$
|
—
|
$
|
27,393,297
|
$
|
27,485,358
|
Assets:
|
||||
Investments, at Value (Cost $22,636,975)
|
$
|
27,485,358
|
||
Receivable for Investment Securities Sold
|
2,445,146
|
|||
Dividend Receivable
|
13
|
|||
Prepaid Expenses
|
45,643
|
|||
Total Assets
|
29,976,160
|
|||
Liabilities:
|
||||
Line of Credit
|
1,558,537
|
|||
Due to Adviser
|
30,309
|
|||
Due to Administrator
|
9,937
|
|||
Trustees Fees Payable
|
6,231
|
|||
Interest Payable
|
4,118
|
|||
Chief Compliance Officer Fees Payable
|
3,301
|
|||
Other Accrued Expenses
|
154,375
|
|||
Total Liabilities
|
1,766,808
|
|||
Net Assets
|
$
|
28,209,352
|
||
Net Assets Consist of:
|
||||
Paid-in Capital
|
$
|
23,746,747
|
||
Total Distributable Earnings
|
4,462,605
|
|||
Net Assets
|
$
|
28,209,352
|
||
Institutional Class Shares:
|
||||
Net Assets
|
$
|
28,209,352
|
||
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)
|
2,363,982
|
|||
Net Asset Value and Offering Price Per Share
|
$
|
11.93
|
Investment Income:
|
||||
Dividend Income
|
$
|
484,026
|
||
Total Investment Income
|
484,026
|
|||
Expenses:
|
||||
Investment Advisory Fees
|
314,299
|
|||
Administration Fees
|
77,718
|
|||
Trustees' Fees
|
28,996
|
|||
Chief Compliance Officer Fees
|
8,766
|
|||
Legal Fees
|
349,448
|
|||
Offering Costs
|
109,245
|
|||
Audit Fees
|
94,000
|
|||
Custodian Fees
|
25,433
|
|||
Printing Fees
|
11,752
|
|||
Transfer Agent Fees
|
10,766
|
|||
Registration Fees
|
4,167
|
|||
Interest Expense
|
4,118
|
|||
Insurance and Other Expenses
|
60,400
|
|||
Total Expenses
|
1,099,108
|
|||
Net Investment Loss
|
(615,082
|
) |
||
Net Realized Gain on Investments
|
1,519,505
|
|||
Net Realized Gain on Foreign Currency Transactions
|
32,431
|
|||
Net Change in Unrealized Appreciation on Investments
|
2,135,380
|
|||
Net Realized and Unrealized Gain on Investments
|
3,687,316
|
|||
Net Increase in Net Assets Resulting from Operations
|
$
|
3,072,234
|
Year Ended
March 31, 2022 |
Period Ended
March 31, 2021(1)
|
|||||||
Operations:
|
||||||||
Net Investment Loss
|
$
|
(615,082
|
)
|
$
|
(334,487
|
)
|
||
Net Realized Gain on Investments and Foreign Currency Transactions
|
1,551,936
|
28,213
|
||||||
Net Change in Unrealized Appreciation on Investments
|
2,135,380
|
2,713,003
|
||||||
Net Increase in Net Assets Resulting from Operations
|
3,072,234
|
2,406,729
|
||||||
Distributions:
|
(1,800,332
|
)
|
—
|
|||||
Capital Shares Transactions:
|
||||||||
Institutional Class:
|
||||||||
Issued
|
4,780,951
|
18,501,000
|
||||||
Reinvestment of Distributions
|
1,800,332
|
—
|
||||||
Redeemed
|
(150,000
|
)
|
(401,562
|
)
|
||||
Net Increase in Net Assets from Share Transactions
|
6,431,283
|
18,099,438
|
||||||
Total Increase in Net Assets
|
7,703,185
|
20,506,167
|
||||||
Net Assets:
|
||||||||
Beginning of Year/Period
|
20,506,167
|
—
|
||||||
End of Year/Period
|
$
|
28,209,352
|
$
|
20,506,167
|
||||
Shares Transactions:
|
||||||||
Institutional Class:
|
||||||||
Issued
|
420,592
|
1,843,470
|
||||||
Reinvestment of Distributions
|
152,700
|
—
|
||||||
Redeemed
|
(12,723
|
)
|
(40,057
|
)
|
||||
Net Increase in Shares Outstanding from Share Transactions
|
560,569
|
1,803,413
|
(1)
|
The Fund commenced operations on October 28, 2020.
|
Cash Flows Provided by Operating Activities:
|
||||
Net increase in net assets derived from investment operations
|
$
|
3,072,234
|
||
Adjustments to reconcile net investment loss to net cash provided by operating activities:
|
||||
Purchases of investment securities from unaffiliated issuers
|
(25,666,970
|
)
|
||
Proceeds from disposition of investment securities from unaffiliated issuers
|
26,040,108
|
|||
Net realized gain on investments from unaffiliated issuers
|
(1,519,505
|
)
|
||
Net change in unrealized appreciation/(depreciation) on investments
|
(2,135,380
|
)
|
||
Increase in receivable for investments sold
|
(2,445,146
|
)
|
||
Decrease in receivable for dividends and interest
|
192
|
|||
Increase in receivable for prepaid expenses
|
(45,643
|
)
|
||
Decrease in deferred offering costs
|
109,245
|
|||
Decrease in payable for investments purchased
|
(3,649,285
|
)
|
||
Increase in payables for investment advisory fees
|
10,677
|
|||
Increase in payables for administration fees
|
5,690
|
|||
Increase in payables for trustee fees
|
3,468
|
|||
Decrease in payables for CCO fees
|
(2,699
|
)
|
||
Increase in accrued interest on Line of Credit
|
4,118
|
|||
Increase in accrued expenses and other liabilities
|
29,408
|
|||
Net cash flow provided by operating activities
|
(6,189,488
|
)
|
||
Cash Flows Received From Financing Activities:
|
||||
Payments on shares redeemed
|
(150,000
|
)
|
||
Proceeds from shares sold net of reinvestment of distributions
|
4,780,951
|
|||
Proceeds from line of credit
|
1,558,537
|
|||
Net cash flow received from financing activities
|
6,189,488
|
|||
Net increase in cash
|
—
|
|||
Cash and Foreign Currency:
|
||||
Beginning of year
|
—
|
|||
End of year
|
$
|
—
|
||
Supplemental Disclosure of Cash Flow Information: | ||||
Reinvestment of distributions
|
1,800,332 |
|
Year | Period | ||||||
Ended | Ended | |||||||
March 31, 2022 |
March 31, 2021(1)
|
|||||||
Institutional Class:
|
||||||||
Net Asset Value, Beginning of Year/Period
|
$
|
11.37 |
$ |
10.00 |
||||
Income (Loss) from Operations:
|
||||||||
Net Investment Gain (Loss)(2)
|
(0,29 |
) |
(0.23 |
)
|
||||
Net Realized and Unrealized Gain
|
1.66 |
1.60 |
||||||
Total from Operations
|
1.37 |
1.37 |
||||||
Dividends and Distributions from:
|
||||||||
Net Investment Income
|
(0.09 |
) |
— | |||||
Net Realized Gain
|
(0.72 | ) |
— | |||||
Total Dividends and Distributions
|
(0.81 |
) |
— | |||||
Net Asset Value, End of Year/Period
|
$
|
11.93 |
$ |
11.37 |
||||
Total Return†
|
12.18 |
%
|
13.70 |
% |
||||
Ratios and Supplemental Data
|
||||||||
Net Assets, End of Year/Period (Thousands)
|
$
|
28,209 |
$ |
20,506 |
||||
Ratio of Expenses to Average Net Assets
|
4.37 |
%
|
5.45 |
%* |
||||
Ratio of Expenses to Average Net Assets (Excluding Waivers)
|
4.37 |
%
|
5.45 |
%* |
||||
Ratio of Net Investment Income (Loss) to Average Net Assets
|
(2.45 |
)%
|
(5.23 |
)%* |
||||
Portfolio Turnover Rate |
13.00 |
% |
— |
%** |
*
|
Annualized.
|
**
|
Not Annualized.
|
†
|
Return is for the period indicated and has not been annualized. Returns shown do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(1)
|
The Fund commenced operations on October 28, 2020.
|
(2)
|
Per share data calculated using average shares.
|
Paid in Capital
|
Total Distributable Earnings
(Accumulated Losses)
|
||
$(783,974)
|
|
$783,974
|
Ordinary Income
|
Long-term
Capital Gain
|
Return of Capital
|
Total
|
|||||||||||||
2022
|
$
|
1,800,332
|
$
|
—
|
$
|
—
|
$
|
1,800,332
|
||||||||
2021
|
—
|
—
|
—
|
—
|
Undistributed ordinary income
|
$
|
—
|
||
Undistributed long-term capital gain
|
—
|
|||
Capital loss carryforwards
|
—
|
|||
Post October losses
|
—
|
|||
CY Late-Year Loss Deferral
|
(160,256
|
)
|
||
Unrealized appreciation/(depreciation)
|
4,920,766
|
|||
Other temporary differences
|
—
|
|||
Total Distributable Earnings
|
$
|
4,760,510
|
Federal
Tax Cost
|
Aggregate Gross
Unrealized Appreciation
|
Aggregate Gross
Unrealized Depreciation
|
Net Unrealized
Appreciation
|
||||
$20,474,533
|
$7,502,275
|
$(491,450)
|
|
$7,010,825
|
Name and Year of Birth
|
Position with Trust and Length of Time Served
|
Principal Occupations in
the Past Five Years
|
Other Directorships
Held in the Past Five Years |
INTERESTED TRUSTEES
|
|||
William M. Doran (Born: 1940)
|
Chairman of
Board of Trustees (since 2020)1 |
Self-Employed Consultant since 2003. Partner at Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003. Counsel to the Funds, SEI Investments,
SIMC, the Administrator and SEI Investments Distribution Co. Secretary of SEI Investments since 1978.
|
Current Directorships: Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, Schroder Global Series Trust, SEI Daily
Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser
Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of SEI Investments, SEI Investments (Europe), Limited, SEI Investments-Global
Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Asia), Limited, SEI Global Nominee Ltd., SEI Investments - Unit Trust Management (UK) Limited and SEI
Investments Co. Director of SEI Investments Distribution Co.
Former Directorships: Trustee of O’Connor EQUUS (closed-end investment company) to 2016. Trustee of SEI Liquid Asset Trust to 2016. Trustee of Winton Series Trust to 2017. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, The KP Funds and Winton Diversified Opportunities Fund (closed-end investment company) to 2018. |
INDEPENDENT TRUSTEES
|
|||
Jon C. Hunt
(Born: 1951) |
Trustee and Lead Independent Trustee
(since 2020) |
Retired since 2013. Consultant to Management, Convergent Capital Management, LLC (“CCM”) from 2012 to 2013. Managing Director and Chief Operating
Officer, CCM from 1998 to 2012.
|
Current Directorships: Trustee of City National Rochdale Funds, The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, Schroder
Global Series Trust and Director of Chiron Capital Allocation Fund Ltd.
Former Directorships: Trustee of O’Connor EQUUS (closed-end investment company) to 2016. Member of Independent Committee of Nuveen Commodities Asset Management to 2016. Trustee of Winton Series Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. |
Thomas P. Lemke
(Born: 1954) |
Trustee
(since 2020) |
Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013.
|
Current Directorships: Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, Schroder Global Series Trust, JP Morgan
Active Exchange-Traded Funds (33 Portfolios) and Symmetry Panoramic Trust (8 Portfolios). Director of Chiron Capital Allocation Fund Ltd.
Former Directorships: Trustee of Munder Funds to 2014. Trustee of Victory Funds to 2015. Trustee of O’Connor EQUUS (closed-end investment company) to 2016. Trustee of Winton Series Trust and AXA Premier VIP Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. |
1
|
Mr. Doran may be deemed to be an “interested” person of the Funds as that term is defined in the 1940 Act by virtue of a material business or
professional relationship with the principal executive officer of the Funds.
|
Name and
Year of Birth |
Position with Trust and Length of Time Served
|
Principal Occupations in
the Past Five Years
|
Other Directorships
Held in the Past Five Years |
INDEPENDENT TRUSTEES (continued)
|
|||
Jay C. Nadel
(Born: 1958) |
Trustee
(since 2020) |
Self-Employed Consultant since 2004. Executive Vice President, Bank of New York Broker Dealer from 2002 to 2004.
Partner/Managing Director, Weiss Peck & Greer/Robeco from 1986 to 2001.
|
Current Directorships: Chairman of the Board of Trustees of City National Rochdale Funds. Trustee of The
Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, and Schroder Global Series Trust. Director of Chiron Capital Allocation Fund Ltd.
Former Directorships: Trustee of Winton Series Trust to 2017. Director of Lapolla Industries, Inc. to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. |
Randall S. Yanker
(Born: 1960) |
Trustee
(since 2020) |
Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004.
|
Current Directorships: Trustee of The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, and
Schroder Global Series Trust. Independent Non-Executive Director of HFA Holdings Limited. Director of Chiron Capital Allocation Fund Ltd.
Former Directorships: Trustee of O’Connor EQUUS (closed-end investment company) to 2016. Trustee of Winton Series Trust to 2017. Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. |
Nichelle Maynard-Elliott (Born: 1968)
|
Trustee (since 2021)
|
Independent Director since 2018. Executive Director, M&A at Praxair Inc. from 2011 to 2019.
|
Current Directorships: Trustee of The Advisors' Inner Circle Fund III, Gallery Trust, Schroder Series Trust,
Schroder Global Series Trust. Director of Chiron Capital Allocation Fund Ltd. Director of Element Solutions Inc., Director of Xerox Holdings Corporation, and Director Nominee for
Lucid Group, Inc.
|
OFFICERS
|
|||
Michael Beattie
(Born: 1965) |
President
(since 2020) |
Director of Client Service, SEI Investments Company, since 2004.
|
None.
|
James Bernstein
(Born: 1962) |
Vice President and Assistant Secretary
(since 2020) |
Attorney, SEI Investments, since 2017.
Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002. |
None.
|
John Bourgeois (Born: 1973)
|
Assistant Treasurer
(since 2020) |
Fund Accounting Manager, SEI Investments, since 2000.
|
None.
|
Name and
Year of Birth |
Position with Trust and Length of Time Served
|
Principal Occupations in
the Past Five Years
|
Other Directorships
Held in the Past Five Years |
OFFICERS (continued)
|
|||
Russell Emery
(Born: 1962) |
Chief Compliance Officer
(since 2020) |
Chief Compliance Officer of SEI Structured Credit Fund, LP since 2007. Chief Compliance Officer of The
Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds, The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder
Series Trust, Schroder Global Series Trust, the Funds, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Institutional
Investments Trust, SEI Daily Income Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Chief
Compliance Officer of O’Connor EQUUS (closed-end investment company) to 2016. Chief Compliance Officer of SEI Liquid Asset Trust to 2016. Chief Compliance Officer of Winton
Series Trust to 2017. Chief Compliance Officer of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Chief Compliance Officer of The KP Funds to
2021.
|
None.
|
Eric C. Griffith
(Born: 1969) |
Vice President and Assistant Secretary
(since 2020) |
Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase &
Co., from 2012 to 2018.
|
None.
|
Matthew M. Maher
(Born: 1975) |
Vice President and Assistant Secretary
(since 2020) |
Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel
& Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013.
|
None.
|
Andrew Metzger
(Born: 1980) |
Treasurer, Controller and Chief Financial Officer
(since 2021) |
Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers
LLP, from 2002 to 2019.
|
None.
|
Robert Morrow (Born: 1968)
|
Vice President
(since 2020) |
Account Manager, SEI Investments, since 2007.
|
None.
|
Alexander F. Smith
(Born: 1977) |
Vice President and Assistant Secretary
(since 2020) |
Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney,
Stradley Ronon Stevens & Young, LLP, 2008 to 2012.
|
None.
|
Bridget E. Sudall
(Born: 1980) |
Privacy Officer
(since 2020) Anti-Money Laundering Officer (since 2020) |
Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, from 2011 to 2015.
Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, from 2007 to 2011.
|
None.
|
Beginning |
Ending |
|||||||||||
Account |
Account |
Annualized |
||||||||||
Value |
Value |
Expense |
Expenses Paid |
|||||||||
10/1/21 |
3/31/22 |
Ratios |
During Period* |
|||||||||
Delaware Wilshire Private Markets Master Fund
|
||||||||||||
Actual Fund Return
|
$
|
1,000.00
|
$ | 1,068.70 |
4.73 |
% |
$
|
24.40 | ||||
Hypothetical 5% Return
|
$
|
1,000.00
|
$ | 1,001.35 | 4.73 |
% |
$
|
23.60 |
|
FYE March 31, 2021 |
||||||
All fees and services to the Trust that were pre-approved
|
All fees and services to
service affiliates that
were pre-approved
|
All other fees and services to service affiliates that
did not require pre-approval
|
All fees and services to the Trust that were pre-approved
|
All fees and services
to service affiliates that
were pre-approved
|
All other fees and services to service affiliates that did
not require pre-approval
|
||
(a)
|
Audit Fees
|
$65,000(1)
|
None
|
None
|
$45,000(1)
|
None
|
None
|
(b)
|
Audit-Related Fees
|
None
|
None
|
None
|
None
|
None
|
None
|
(c)
|
Tax Fees
|
$48,250(2)
|
None
|
None
|
$52,000(2)
|
None
|
None
|
(d)
|
All Other Fees
|
None
|
None
|
$9,044,000
|
None
|
None
|
$8,455,000
|
FYE March 31, 2022
|
FYE March 31, 2021
|
|
Audit-Related Fees
|
None
|
None
|
Tax Fees
|
None
|
None
|
All Other Fees
|
None
|
None
|
Title
|
Years with Wilshire
|
Years of PMs experience
|
|
William van Eesteren
|
Managing Director
|
21
|
29
|
Marc Friedberg
|
Managing Director
|
23
|
24
|
Mark Perry
|
Managing Director
|
9
|
14
|
Registered Investment Companies
|
Other Pooled Investment Vehicles1
|
Other Accounts
|
||||
Name
|
Number of
Accounts |
Total
Assets
|
Number of
Accounts
|
Total Assets (in millions)
|
Number of
Accounts
|
Total
Assets
|
William van Eesteren
|
0
|
$0
|
622
|
4,970
|
0
|
$0
|
Marc Friedberg
|
0
|
$0
|
622
|
4,970
|
0
|
$0
|
Mark Perry
|
0
|
$0
|
622
|
4,970
|
0
|
$0
|
•
|
Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.
|
•
|
Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications
made by the Funds.
|
•
|
Compliance with applicable laws and governmental rules and regulations.
|
•
|
Prompt internal reporting of violations of the Code of Ethics for Financial Officers to an appropriate person or persons identified in the Code of Ethics of Financial
Officers.
|
•
|
Accountability for adherence to the Code of Ethics for Financial Officers.
|
1.
|
To promote honest and ethical conduct by each Trust’s SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;
|
2.
|
To assist each Trust’s SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that
reasonably could be expected to give rise to such a conflict;
|
3.
|
To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public
communications made by the Trusts;
|
4.
|
To promote compliance with applicable laws, rules, and regulations;
|
5.
|
To encourage the prompt internal reporting to an appropriate person of violations of this Code; and
|
6.
|
To establish accountability for adherence to this Code.
|
1.
|
Ethical and honest conduct is of paramount importance. Each Trust’s SFOs must act with honesty and integrity and avoid violations
of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in personal and professional relationships.
|
2.
|
SFOs must disclose material transactions or relationships. Each Trust’s SFOs must disclose to the Compliance Officer any actual or
apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material transactions or business or personal
relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, the matter should be disclosed to the Trust’s Chief Financial Officer, Chief Executive Officer, or another appropriate
person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts’ SFOs have an obligation to report any other actual or apparent conflicts which the SFOs discover or of which
the SFOs otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is “material,” you should bring the matter to the attention of the
Compliance Officer.
|
3.
|
Standards for quality of information shared with service providers of the Trusts. Each Trust’s SFOs must at all times seek to
provide information to the Trust’s service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and
understandable.
|
4.
|
Standards for quality of information included in periodic reports. Each Trust’s SFOs must at all times endeavor to ensure full,
fair, timely, accurate, and understandable disclosure in the Trust’s periodic reports.
|
5.
|
Compliance with laws. Each Trust’s SFOs must comply with the federal securities laws and other laws and rules applicable to the
Trusts, such as the Internal Revenue Code.
|
6.
|
Standard of care. Each Trust’s SFOs must at all times act in good faith and with due care, competence, and diligence, without
misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust’s SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.
|
7.
|
Confidentiality of information. Each Trust’s SFOs must respect and protect the confidentiality of information acquired in the course
of their professional duties, except when authorized by the Trust to disclose this information or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal
advantage.
|
8.
|
Sharing of information and educational standards. Each Trust’s SFOs should share information with relevant parties to keep these
parties informed of the business affairs of the Trust, as appropriate, and to maintain skills important and relevant to the Trust’s needs.
|
9.
|
Promote ethical conduct. Each Trust’s SFOs at all times should proactively promote ethical behavior among peers in the SFOs work
environment.
|
10.
|
Standards for recordkeeping. Each Trust’s SFOs at all times must endeavor to ensure that the Trust’s financial books and records
are thoroughly and accurately maintained to the best of the SFOs knowledge in a manner consistent with applicable laws and this Code.
|
1. |
I have reviewed this report on Form N-CSR of The Delaware Wilshire Private Markets Fund (the “Registrant”);
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information, included in this report fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
|
4. |
The Registrant’s other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such evaluation; and
|
(d) |
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to
materially affect, the Registrant’s internal control over financial reporting; and
|
5. |
The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record,
process, summarize, and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
|
1. |
I have reviewed this report on Form N-CSR of The Delaware Wilshire Private Markets Fund (the “Registrant”);
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information, included in this report fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
|
4. |
The Registrant’s other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report, based on such evaluation; and
|
(d) |
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to
materially affect, the Registrant’s internal control over financial reporting; and
|
5. |
The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record,
process, summarize, and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
|
1. |
such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2. |
the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
1. |
such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2. |
the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|