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%