0001145549-21-051581.txt : 20210827 0001145549-21-051581.hdr.sgml : 20210827 20210827101555 ACCESSION NUMBER: 0001145549-21-051581 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210827 PERIOD START: 20220331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bow River Capital Evergreen Fund CENTRAL INDEX KEY: 0001810256 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23566 FILM NUMBER: 211214882 BUSINESS ADDRESS: STREET 1: 205 DETROIT STREET STREET 2: SUITE 800 CITY: DENVER STATE: CO ZIP: 80206 BUSINESS PHONE: (303) 861-8466 MAIL ADDRESS: STREET 1: 205 DETROIT STREET STREET 2: SUITE 800 CITY: DENVER STATE: CO ZIP: 80206 FORMER COMPANY: FORMER CONFORMED NAME: Bow River Capital Evergreen Private Equity Fund DATE OF NAME CHANGE: 20200421 NPORT-P 1 primary_doc.xml NPORT-P false 0001810256 XXXXXXXX Bow River Capital Evergreen Fund 811-23566 0001810256 549300MCKUIHR7P7SO70 205 Detroit Street, Suite 800 Denver 80206 3038618466 Bow River Capital Evergreen Fund 549300MCKUIHR7P7SO70 2022-03-31 2021-06-30 N 128884843.700000000000 1034004.766319000000 127850838.933700000000 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 348661.510000000000 N Avista Capital Partners V LP N/A Avista Capital Partners V LP 999999999 1982633 OU Other Units USD 1982633 1.5507391399 Long PF US Y N/A N N N BRCE SPV I, LLC N/A BRCE SPV I, LLC 999999999 703437.75 OU Other Units USD 703437.75 0.5502019039 Long PF US Y 3 N N N BW Colson Co-Invest Feeder (Cayman) LP N/A BW Colson Co-Invest Feeder (Cayman) LP 999999999 3000000 OU Other Units USD 3000000 2.3464844072 Long PF KY Y 2 N N N Celery: FFP LLC N/A Celery: FFP LLC 999999999 992500 PA USD 932840.12 0.7296315987 Long LON US Y 3 2025-08-18 Floating 8.25 N N N N N N CL Oliver Co-Invest I, L.P. N/A CL Oliver Co-Invest I, L.P. 999999999 129449 OU Other Units USD 129449 0.1012500200 Long PF US Y 3 2024-06-03 Fixed 11.50 N N Y N N N Coller International Partners VI Feeder Fund, L.P. N/A Coller International Partners VI Feeder Fund, L.P. 999999999 999996.06 OU Other Units USD 999996.06 0.7821583873 Long PF GB Y N/A N N N Coller International Partners VII Feeder Fund, L.P. N/A Coller International Partners VII Feeder Fund, L.P. 999999999 2641210.78 OU Other Units USD 2641210.78 2.0658533038 Long PF GB Y N/A N N N Coyote 2021 LP (Friendly Skies) N/A Coyote 2021 LP (Friendly Skies) 999999999 2606229 OU Other Units USD 2606229 2.0384919033 Long PF US Y 2 N N N EnCap Energy Transition Fund 1-A, L.P. N/A EnCap Energy Transition Fund 1-A, L.P. 999999999 2190866.08 OU Other Units USD 2190866.08 1.7136110316 Long PF US Y 2 N N N Forrest Holdings I LP (A Shares) N/A Forrest Holdings I LP (A Shares) 999999999 3122950.6 OU Other Units USD 3122950.6 2.4426516291 Long PF US Y N/A N N N Forrest Holdings I LP (B Shares) N/A Forrest Holdings I LP (B Shares) 999999999 3752229 OU Other Units USD 3752229 2.9348489469 Long PF US Y N/A N N N Grain Spectrum Holdings III (Cayman), L.P. N/A Grain Spectrum Holdings III (Cayman), L.P. 999999999 2298194 OU Other Units USD 2298194 1.7975587952 Long PF US Y N/A N N N Graphite Capital Partners VIII D LP N/A Graphite Capital Partners VIII D LP 999999999 4698877.72 OU Other Units USD 4698877.72 3.6752811004 Long PF GB Y 3 N N N ISH Co-investment Aggregator LP N/A ISH Co-investment Aggregator LP 999999999 2307692 OU Other Units USD 2307692 1.8049877648 Long PF US Y 2 N N N KH Aggregator LP N/A KH Aggregator LP 999999999 5890695.53 OU Other Units USD 5890695.53 4.6074750695 Long PF US Y N/A N N N Lynx EBO Fund I(A), LLC N/A Lynx EBO Fund I(A), LLC 999999999 2682271.99 OU Other Units USD 2682271.99 2.0979698001 Long PF US Y N/A N N N Onex OD Co-Invest LP N/A Onex OD Co-Invest LP 999999999 3502620 OU Other Units USD 3502620 2.7396144047 Long PF US Y N/A N N N Onex Structured Credit Opportunities Fund I, LP N/A Onex Structured Credit Opportunities Fund I, LP 999999999 703099 OU Other Units USD 703099 0.5499369467 Long PF US Y 2 N N N Overbay Fund XIV Offshore (AIV)LP (Skyview) N/A Overbay Fund XIV Offshore (AIV)LP (Skyview) 999999999 5379690.98 OU Other Units USD 5379690.98 4.2077870000 Long PF CA Y N/A N N N Overbay Fund XIV Offshore LP N/A Overbay Fund XIV Offshore LP 999999999 2819737.8 OU Other Units USD 2819737.8 2.2054902600 Long PF CA Y N/A N N N Overbay XIV - AIV III (Quebec) N/A Overbay XIV - AIV III (Quebec) 999999999 2736119 OU Other Units USD 2736119 2.1400868565 Long PF CA Y N/A N N N PIMCO DSCO Fund II Offshore Feeder, L.P. N/A PIMCO DSCO Fund II Offshore Feeder, L.P. 999999999 4585588.82 OU Other Units USD 4585588.82 3.5866708879 Long PF KY Y N/A N N N Polaris Newco N/A Polaris Newco 999999999 2000000 PA USD 1940000 1.5173932500 Long LON US Y 3 2028-06-04 Floating 9 N N N N N N Post Limited Term High Yield Fund LP N/A Post Limited Term High Yield Fund LP 999999999 6063732.4 OU Other Units USD 6063732.4 4.7428178419 Long PF US Y N/A N N N SEP Hamilton III Aggregator LP N/A SEP Hamilton III Aggregator LP 999999999 3800724 OU Other Units USD 3800724 2.9727798673 Long PF US Y N/A N N N Sumeru Equity Partners Fund III L.P. N/A Sumeru Equity Partners Fund III L.P. 999999999 1519014.07 OU Other Units USD 1519014.07 1.1881142765 Long PF US Y N/A N N N The Global Atlantic Financial Group LLC (Magnolia 2001278) N/A The Global Atlantic Financial Group LLC (Magnolia 2001278) 999999999 3327100 OU Other Units USD 3327100 2.6023294237 Long PF BM Y 3 N N N US Hospitality Publishers Inc (Engagement) N/A US Hospitality Publishers Inc (Engagement) 999999999 2000000 PA USD 1272894.76 0.9956092354 Long LON US Y 3 2025-12-18 Floating 8 N N N N N N VCPF Co-Invest Fund (Afiniti) N/A VCPF Co-Invest Fund (Afiniti) 999999999 2409216 PA USD 2408986 1.8842160287 Long LON US Y 3 2025-11-17 Fixed 12.25 N N Y N N N VCPF III Co-invest 1-A LP - Warrants N/A VCPF III Co-invest 1-A LP - Warrants 999999999 1182 NC USD 91014 0.0711876439 N/A DE PF US Y 3 N/A N/A Call Purchased VCPF Co-Invest Fund (Afiniti) VCPF Co-Invest Fund (Afiniti) 1182 77.024880000000 USD 2025-11-17 XXXX 0 N N N Veregy Parent, LLC N/A Veregy Parent, LLC 999999999 3000000 OU Other Units USD 3000000 2.3464844072 Long PF US Y 3 N N N Voloridge Sustainability Fund, Ltd. N/A Voloridge Sustainability Fund, Ltd. 999999999 4850171.24 OU Other Units USD 4850171.24 3.7936170622 Long PF US Y N/A N N N Westcap Cerebral Co-Invest 2021 LLC N/A Westcap Cerebral Co-Invest 2021 LLC 999999999 250000 OU Other Units USD 250000 0.1955403673 Long PF US Y 2 N N N WestCap LoanPal Co-Invest 2020, LLC N/A WestCap LoanPal Co-Invest 2020, LLC 999999999 3765609 OU Other Units USD 3765609 2.9453142673 Long PF US Y N/A N N N WestCap Strategic Operator Feeder FD, LP N/A WestCap Strategic Operator Feeder FD, LP 999999999 6389713 OU Other Units USD 6389713 4.9977873069 Long PF US Y N/A N N N Whitehorse Liquidity Partners IV LP N/A Whitehorse Liquidity Partners IV LP 999999999 3182105.24 OU Other Units USD 3182105.24 2.4889201092 Long PF KY Y N/A N N N CORE ALTERNATIVE ETF-BOWRIVER_UMB_154321 N/A CORE ALTERNATIVE ETF-BOWRIVER_UMB_154321 53656F847 100000 NS Number of shares USD 2938460 2.2983501904 Long RF US N 1 N N N UMB MONEY MARKET FIDUCIARY / N/A UMB MONEY MARKET FIDUCIARY / SF8888528 23247919.12 PA USD 23247919.12 18.1836265713 Long STIV CORP US N 1 N N N UMB MONEY MARKET SPECIAL ACCOUNT / N/A UMB MONEY MARKET SPECIAL ACCOUNT / SF8888205 600000 PA USD 600000 0.4692968814 Long STIV CORP US N 1 N N N GBP FORWARD BOW RIVER CONTRACT 06/30/2021 / N/A GBP FORWARD BOW RIVER CONTRACT 06/30/2021 / 999999999 -3000000 OU Currency -4148960.25 -3.2451568442 N/A DFE GB N 2 Bannockburn Global Forex 8SP4DPNKBJXD8RON4R15 3000000 GBP 4150200 USD 2021-09-30 1239.75 N N N 2021-07-26 Bow River Capital Evergreen Fund /s/ Derek Mullins Derek Mullins Treasurer XXXX NPORT-EX 2 fp0067957_nportex.htm 6.30.21 PART F
Bow River Capital Evergreen Fund
Schedule of Investments 
6/30/2021 (Unaudited)

 

   Fair Value 
Private Investments - 79.4%     
Co-Investments - 25.2%     
BW Colson Co-Invest Feeder (Cayman), LP1,2  $3,000,000 
Celery: FFP LLC1,3,4   932,840 
CL Oliver Co-Invest I, LP1,4,5   129,449 
Coyote 2021 LP1,2   2,606,229 
ISH Co-investment Aggregator LP1,2   2,307,692 
Onex OD Co-Invest, LP1,2,6   3,502,620 
Polaris Newco1,4,7   1,940,000 
SEP Hamilton III Aggregator, LP1,2,6   3,800,724 
The Global Atlantic Financial Group, LLC1,2,4   3,327,100 
US Hospitality Publishers, Inc.1,4,8   1,272,895 
VCPF III Co-Invest 1-A LP1,4,9   2,408,986 
Veregy Parent, LLC1,2,4   3,000,000 
WestCap Cerebral Co-Invest 2021, LLC1,2   250,000 
WestCap LoanPal Co-Invest 2020, LLC1,2,6   3,765,609 
Total Co-Investments (Cost $29,957,782)   32,244,144 
      
Primary Funds - 18.6%     
Avista Capital Partners V, LP1,2,6   1,982,633 
EnCap Energy Transition Fund 1-A, L.P.1,2   2,190,866 
Grain Spectrum Holdings II (Cayman), LP1,2,6   2,298,194 
Lynx EBO Fund I (A), LLC1,2,6   2,682,272 
Onex Structured Credit Opportunities Fund I, LP1,2   703,099 
Overbay Fund XIV Offshore, LP1,2,6   2,819,738 
Sumeru Equity Partners Fund III, LP1,2,6   1,519,014 
WestCap Strategic Operator U.S. Feeder Fund, LP1,2,6   6,389,713 
Whitehorse Liquidity Partners IV, LP1,2,6   3,182,105 
Total Primary Funds (Cost $20,517,343)   23,767,634 
      
Private Investment Funds - 12.1%     
PIMCO DSCO Fund II Offshore Feeder, LP1,2,6   4,585,589 
Post Limited Term High Yield Fund, LP1,2,6   6,063,732 
Voloridge Sustainability Fund, LP1,2,6   4,850,171 
Total Private Investment Funds (Cost $15,205,485)   15,499,492 

 

 

 

Secondary Funds - 23.4%     
BRCE SPV I, LLC1,2,4   703,438 
Coller International Partners VI Feeder Fund, LP1,2,6   999,996 
Coller International Partners VII Feeder Fund, LP1,2,6   2,641,211 
Forrest Holdings I, LP - Class A1,2,6   3,122,951 
Forrest Holdings I, LP - Class B1,2,6   3,752,229 
Graphite Capital Partners VIII D, LP1,2,4   4,698,878 
KH Aggregator, LP1,2,6   5,890,695 
Overbay Fund XIV (AIV III), LP1,2,6   2,736,119 
Overbay Fund XIV Offshore (AIV), LP1,2,6,10   5,379,691 
Total Seconday Funds (Cost $18,151,013)   29,925,208 
      
Warrants - .1%     
VCPF III Co-Invest 1-A LP1,2,4,11   91,014 
Total Warrants (Cost $91,014)   91,014 
Total Private Investments (Cost $83,922,637)   101,527,492 
      
Exchange Traded Funds - 2.3%     
Equity Funds - 2.3%     
Core Alternative ETF   2,938,460 
Total Exchange Traded Funds (Cost $3,027,740)   2,938,460 
      
Short-Term Investments - 18.7%     
Demand Deposits - 18.7%     
UMB Money Market Market Fidicuary, 0.01%12   600,000 
UMB Money Market Market Special, 0.01%12   23,247,919 
Total Short-Term Investments (Cost $23,847,919)   23,847,919 
      
Total Investments (Cost $110,798,296) - 100.4%  $128,313,871 
Liabilities in excess of other assets - (0.4%)   (463,032)
Net Assets - 100%  $127,850,839 

 

LLC - Limited Liability Company

LP - Limited Partnership

LIBOR - London Interbank Offered Rate

 

1Restricted security. The total value of these securities is $101,527,492, which represents 79.4% of total net assets of the Fund.  Please refer to Restricted Securities in the Notes to the Schedule of Investments.
2Non-Income Producing
3$992,500 Principal, 8.25% (LIBOR + 7.25%), 8/18/2025

 

 

 

4Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $18,504,600, which represents 14.47% of total net assets of the Fund.
511.50%, 6/3/2024
6Investment is valued using net asset value per share (or its equivalent) as a practical expedient.
7$2,000,000 Principal, 9.00% (LIBOR + 1.00%), 6/4/2028
8$2,000,000 Principal, 8.00% (6.00% Base Rate + 2.00%), 12/18/2025
9$2,409,216 Principal, 12.25%, 11/17/2025
10Affiliated investment for which ownership exceeds 10% of the investment's capital.  Please refer to Affiliated Issuers, in the Notes to the Schedule of Investments.
111,182 contracts, Exercise Price $77.02, Expiration Date 11/17/2025
12Rate disclosed represents the seven day yield as of the Fund's period end.  The UMB Money Market Fidicuary and UMB Money Market Special accounts are interest-bearing money market deposit accounts maintained by UMB Bank, n.a. in its capacity as a custodian for various participating custody accounts.  The Fund may redeem its investments in whole, or in part, on each business day.

 

On June 30, 2021, the Bow River Capital Evergreen Fund had an outstanding forward foreign currency contract with terms as set forth below:

                           

            Contract Amount         
 
Settlement Date		  
 		  
Counterparty		  
 		  Currency Purchased  
 		  Currency Sold  
 		  
Buy		  
 		  
 		  
Sell		  
 		  
 		  
Value		  
 		  
 		 Unrealized
Depreciation		  
 
September 30, 2021  Bannockburn Global Forex, LLC  USD  GBP  $4,150,200   GBP3,000,000   $4,148,960    1,240 
                            1,240 

 

 

 

Bow River Capital Evergreen Fund
Summary of Investments 
6/30/2021 (Unaudited)

 

   Percent of Total 
Security Type/Geographic Region  Net Assets 
Private Investments     
North America   61.5%
Global   14.2%
Europe   3.7%
Total Private Investments   79.4%
Exchange Traded-Funds     
North America   2.3%
Total Exchange Traded-Funds   2.3%
Short-Term Investments   18.7%
Total Investments   100.4%
Other assets in excess of liabilities   -0.4%
Net Assets   100.0%

 

See accompanying notes to the Schedule of Investments.    

 

 

 

Bow River Capital Evergreen Fund

Notes to the schedule of investments

JUNE 30, 2021 (unaudited)

 

Affiliated Investments

 

Issuers that are considered affiliates, as defined in Section 2(a)(3) of the 1940 Act, of the Fund at period-end are noted in the Fund’s Schedule of Investments. The table below reflects transactions during the period with entities that are affiliates as of June 30, 2021 and may include acquisitions of new investments, prior year holdings that become affiliated during the period, and prior period affiliated holdings that are no longer affiliated as of period-end.

 

Non-Controlled Affiliates  Beginning Fair Value April 1,
2021		   Purchases or Contributions   Sales or Distributions   Change in Unrealized Appreciation (Depreciation)   Net Realized Gain (Loss)   Ending
Fair Value
June 30, 2021		   Investment
Income		 
Overbay Fund XIV Offshore (AIV), LP  $5,757,998   $—   $(378,307)  $—   $—   $5,379,691   $— 
Total Non-Controlled Affiliates  $5,757,998   $—   $(378,307)  $—   $—   $5,379,691   $— 

 

Restricted Securities

 

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees.

 

Additional information on each restricted investment held by the Fund at June 30, 2021 is as follows:

 

 

   Initial      Fair   % of  
Investments  Acquisition Date  Cost   Value   Net Assets  
Avista Capital Partners V, LP  March 16, 2021   1,748,926   $1,982,633    1.6%  
BRCE SPV I, LLC  May 22, 2020   265,043    703,438    0.6%  
BW Colson Co-Invest Feeder (Cayman), LP  March 15, 2021   3,049,786    3,000,000    2.4%  
Celery: FFP LLC1  August 17, 2020   925,426    932,840    0.7%  
CL Oliver Co-Invest I, LP  May 27, 2021   133,449    129,449    0.1%  
Coller International Partners VI Feed Fund, LP  October 1, 2020   613,325    999,996    0.8%  
Coller International Partners VII Feed Fund, LP  October 1, 2020   1,252,322    2,641,211    2.1%  
Coyote 2021 LP  March 29, 2021   2,610,229    2,606,229    2.0%  
EnCap Energy Transition Fund 1-A, L.P.  April 21, 2021   2,194,866    2,190,866    1.7%  
Forrest Holdings I, LP - Class A  March 17, 2021   2,803,237    3,122,951    2.4%  
Forrest Holdings I, LP - Class B  March 17, 2021   1,504,911    3,752,229    2.9%  
Grain Spectrum Holdings II (Cayman), LP  October 28, 2020   2,332,896    2,298,194    1.8%  
Graphite Capital Partners VIII D, LP  June 30, 2020   2,354,328    4,698,878    3.7%  
ISH Co-investment Aggregator LP  May 6, 2021   2,311,692    2,307,692    1.8%  
KH Aggregator, LP  November 30, 2020   4,663,475    5,890,695    4.6%  
Lynx EBO Fund I (A), LLC  December 18, 2020   2,504,000    2,682,272    2.1%  
Onex OD Co-Invest, LP  November 9, 2020   3,511,271    3,502,620    2.7%  
Onex Structured Credit Opportunities Fund I, LP  May 11, 2021   711,218    703,099    0.5%  
Overbay Fund XIV (AIV III), LP  March 26, 2021   1,857,383    2,736,119    2.1%  
Overbay Fund XIV Offshore (AIV), LP  January 5, 2021   2,836,989    5,379,691    4.2%  
Overbay Fund XIV Offshore, LP  January 22, 2021   2,229,011    2,819,738    2.2%  
PIMCO DSCO Fund II Offshore Feeder, LP  June 30, 2020   4,205,485    4,585,589    3.6%  
Polaris Newco  June 18, 2021   1,944,000    1,940,000    1.5%  
Post Limited Term High Yield Fund, LP  January 1, 2021   6,000,000    6,063,732    4.7%  
SEP Hamilton III Aggregator, LP  August 17, 2020   2,519,336    3,800,724    3.0%  
Sumeru Equity Partners Fund III, LP  December 8, 2020   1,408,942    1,519,014    1.2%  
The Global Atlantic Financial Group, LLC  January 1, 2021   3,506,644    3,327,100    2.6%  
US Hospitality Publishers, Inc.  January 11, 2021   1,272,895    1,272,895    1.0%  
VCPF III Co-Invest 1-A LP  May 13, 2021   2,412,986    2,408,986    1.9%  
VCPF III Co-Invest 1-A LP (Warrants)  May 13, 2021   91,014    91,014    0.1%  
Veregy Parent, LLC  November 3, 2020   3,005,300    3,000,000    2.4%  
Voloridge Sustainability Fund, LP  November 1, 2020   5,000,000    4,850,171    3.8%  
WestCap Cerebral Co-Invest 2021, LLC  June 17, 2021   253,036    250,000    0.2%  
Westcap LoanPal Co-Invest 2020, LLC  December 18, 2020   2,501,732    3,765,609    2.9%  
Westcap Strategic Operator U.S. Feeder Fund, LP  February 5, 2021   4,663,740    6,389,713    5.0%  
Whitehorse Liquidity Partners IV, LP  November 10, 2020   2,723,744    3,182,105    2.5%  
      $83,922,637   $101,527,492    79.4%