NPORT-EX 2 fp0072962_nportex.htm PART F

 

Bow River Capital Evergreen Fund

Schedule of Investments

December 31, 2021 (Unaudited)

 

 

   Fair Value 
Private Investments - 80.4%     
Co-Investments - 31.4%     
AP DSB Co-Invest II, LP1,2,4  $3,232,135 
Ashgrove Speciality Lending Investments I, 8.75% (LIBOR + 8.25%), 4/9/2026, principal  GBP 1,000,0001,3   1,341,248 
Biloxi Co-Investment Partners, LP1,2   1,453,642 
BW Colson Co-Invest Feeder (Cayman), LP1,2,4   3,769,563 
CL Oliver Co-Invest I,  LP1,2,4   452,621 
Coyote 2021, LP1,2,4   4,753,097 
ISH Co-Investment Aggregator, LP1,2,4   2,405,586 
OceanSound Partners Co-Invest II, LP - Series B1,2   2,437,500 
Onex OD Co-Invest, LP1,2,4   3,952,941 
Palmer Square Loan Funding 2021-3, Ltd.1,2   2,000,000 
Polaris Newco, 9.00% (LIBOR +1.00%), 6/4/2028, principal $2,000,0001,3   1,940,000 
Project Stream Co-Invest Fund, LP1,2   2,231,250 
Sand Trust Series 21-1A - Class SUB1,2   1,000,000 
SEP Hamilton III Aggregator, LP1,2,4   6,364,888 
SEP Skyhawk Fund III Aggregator, LP1,2,4   529,898 
The Global Atlantic Financial Group, LLC1,2,3   3,710,000 
US Hospitality Publishers, Inc., 8.00% (6.00% Base Rate + 2.00%), 12/18/2025, principal $2,000,0001,3   1,541,237 
VCPF III Co-Invest 1-A, LP1,2,4   2,541,077 
Veregy Parent, LLC1,2,3   3,000,000 
WestCap Cerebral Co-Invest 2021, LLC1,2,4   313,948 
WestCap LoanPal Co-Invest 2020, LLC1,2,4   5,750,722 
Wildcat 21 Co-Invest Fund, LP1,2,4   2,250,161 
Total Co-Investments (Cost $45,990,361)   56,971,514 
      
Primary Funds - 20.5%     
Ashgrove Speciality Lending Fund I SCSp RAIF1,2   421,597 
Avista Capital Partners V, LP1,2,4   2,737,157 
EnCap Energy Transition Fund 1-A, LP1,2,4   1,903,107 
Grain Spectrum Holdings III (Cayman), LP1,2,4   2,296,273 
Lynx EBO Fund I (A), LLC1,2,4   2,959,898 
OceanSound Partners Fund, LP1,2,3   4,214,977 
Onex Structured Credit Opportunities International Fund I, LLC1,2,4   1,206,580 
Overbay Fund XIV Offshore, LP1,2,4   2,921,989 
Sumeru Equity Partners Fund III, LP1,2,4   2,373,481 
WestCap Strategic Operator Fund II, LP1,2,4   1,022,477 
WestCap Strategic Operator U.S. Feeder Fund, LP1,2,4   11,113,991 
Whitehorse Liquidity Partners IV, LP1,2,4   3,980,918 
Total Primary Funds (Cost $26,395,270)   37,152,445 
      
Private Investment Funds - 8.8%     
PIMCO DSCO Fund II Offshore Feeder, LP1,2,4   4,711,643 
Post Limited Term High Yield Fund, LP1,2,4   6,150,575 
Voloridge Sustainability Fund, LP1,2,4   5,102,338 
Total Private Investment Funds (Cost $15,205,485)   15,964,556 

 

 

Secondary Funds - 19.7%     
BRCE SPV I, LLC1,2,3   236,041 
Coller Credit Opportunities I - Annex I, SLP1,2   3,239,986 
Coller International Partners VI Feeder Fund, LP - Class A1,2,4   971,877 
Coller International Partners VII Feeder Fund, LP - Series B1,2,4   2,826,732 
Forrest Holdings I, LP - Class A1,2,4   1,400,911 
Forrest Holdings I, LP - Class B1,2,3   3,150,000 
Graphite Capital Partners VIII D, LP1,2,3   4,416,622 
KH Aggregator, LP1,2,4   5,338,425 
Overbay Fund XIV (AIV III), LP1,2,4   3,063,796 
Overbay Fund XIV Offshore (AIV), LP1,2,4,5   6,145,367 
Porcupine Holdings, LP - Class A1,2   2,799,787 
Porcupine Holdings, LP - Class B1,2   2,008,512 
Total Secondary Funds (Cost $19,749,868)   35,598,056 
Total Private Investments (Cost $107,340,984)   145,686,571 
      
Exchange Traded Funds - 1.7%     
Equity Funds - 1.7%     
Core Alternative ETF   3,116,000 
Total Exchange Traded Funds (Cost $3,047,500)   3,116,000 
      
Short-Term Investments - 23.8%     
Demand Deposits - 23.8%     
UMB Money Market Fidicuary, 0.01%6   10,336,000 
UMB Money Market Special, 0.01%6   32,833,699 
Total Short-Term Investments (Cost $43,169,699)   43,169,699 
      
Total Investments (Cost $153,558,183) - 105.9%  $191,972,270 
Liabilities in excess of other assets - (5.9%)   (10,788,070)
Net Assets - 100%  $181,184,200 

 

RAIF - Reserved Alternative Investment Fund 

LLC - Limited Liability Company 

LP - Limited Partnership 

LIBOR - London Interbank Offered Rate 

SCSP - Special Limited Partnership 

SLP - Special Limited Partnership

 

1Restricted security. The total value of these securities is $145,686,571, which represents 80.4% of total net assets of the Fund. Please refer to Restricted Securities in the Notes to the Schedule of Investments.

 

2Non-Income Producing

 

3Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $23,550,125, which represents 13% of total net assets of the Fund.

 

4Investment is valued using net asset value per share (or its equivalent) as a practical expedient.

 

5Affiliated investment for which ownership exceeds 10% of the investment's capital. Please refer to Affiliated Investments, in the Notes to the Schedule of Investments.

 

6Rate 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 December 31, 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

 
March 31, 2022  Bannockburn Global Forex, LLC  USD  GBP  $4,039,500   GBP3,000,000   $4,056,789    (17,289)
                            (17,289)

 

Bow River Capital Evergreen Fund

Summary of Investments

December 31, 2021 (Unaudited)

 

 

    Percent of Total
Security Type/Geographic Region Net Assets
Private Investments  
  North America 64.6%
  Global 12.4%
  Europe 3.4%
Total Private Investments 80.4%
Exchange Traded-Funds  
  North America 1.7%
Total Exchange Traded-Funds 1.7%
Short-Term Investments 23.8%
Total Investments 105.9%
  Liabilities in excess of other assets -5.9%
Net Assets 100.0%

 

See accompanying notes to the Schedule of Investments.

 

 

 

Bow River Capital Evergreen Fund 

Notes to the schedule of investments 

December 31, 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 December 31, 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

December 31,

2021

  

Investment

Income

 
Overbay Fund XIV Offshore (AIV), LP  $5,757,998   $—   $(1,621,145)  $2,008,514   $—   $6,145,367   $— 
Total Non-Controlled Affiliates  $5,757,998   $—   $(1,621,145)  $2,008,514   $—   $6,145,367   $— 

 

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 December 31, 2021 is as follows:

 

Investments 

Initial 

Acquisition Date 

  Cost  

Fair 

Value

  

% of 

Net Assets

 
AP DSB Co-Invest II, LP  July 30, 2021  $3,014,243   $3,232,135    1.8%
Ashgrove Speciality Lending Fund I SCSp RAIF  December 17, 2021   422,878    421,597    0.2%
Ashgrove Speciality Lending Investments I  July 8, 2021   1,370,160    1,341,248    0.8%
Avista Capital Partners V, LP  March 16, 2021   2,311,793    2,737,157    1.5%
Biloxi Co-Investment Partners, LP  August 13, 2021   1,458,481    1,453,642    0.8%
BRCE SPV I, LLC  May 22, 2020   60,658    236,041    0.1%
BW Colson Co-Invest Feeder (Cayman), LP  March 15, 2021   3,049,786    3,769,563    2.1%
CL Oliver Co-Invest I, LP  May 27, 2021   442,240    452,621    0.3%
Coller Credit Opportunities I - Annex I, SLP  July 29, 2021   2,877,867    3,239,986    1.8%
Coller International Partners VI Feeder Fund, LP - Class A  October 1, 2020   220,339    971,877    0.5%
Coller International Partners VII Feeder Fund, LP - Series B  October 1, 2020   894,122    2,826,732    1.6%
Coyote 2021, LP  March 29, 2021   2,613,058    4,753,097    2.6%
EnCap Energy Transition Fund 1-A, LP  April 21, 2021   1,691,953    1,903,107    1.1%
Forrest Holdings I, LP - Class A  March 17, 2021   865,533    1,400,911    0.8%
Forrest Holdings I, LP - Class B  March 17, 2021   1,504,911    3,150,000    1.7%
Grain Spectrum Holdings III (Cayman), LP  October 28, 2020   2,413,780    2,296,273    1.3%
Graphite Capital Partners VIII D, LP  June 30, 2020   1,848,183    4,416,622    2.4%
ISH Co-Investment Aggregator, LP  May 6, 2021   2,311,692    2,405,586    1.3%
KH Aggregator, LP  November 30, 2020   3,695,556    5,338,425    2.9%
Lynx EBO Fund I (A), LLC  December 18, 2020   2,504,000    2,959,898    1.6%
OceanSound Partners Co-Invest II, LP - Series B  November 5, 2021   2,519,844    2,437,500    1.3%
OceanSound Partners Fund, LP  December 27, 2021   3,246,290    4,214,977    2.3%
Onex OD Co-Invest, LP  November 9, 2020   3,511,271    3,952,941    2.2%
Onex Structured Credit Opportunities International Fund I, LLC  May 11, 2021   1,031,218    1,206,580    0.7%
Overbay Fund XIV (AIV III), LP  March 26, 2021   1,376,249    3,063,796    1.7%
Overbay Fund XIV Offshore (AIV), LP  January 5, 2021   1,594,151    6,145,367    3.4%
Overbay Fund XIV Offshore, LP  January 22, 2021   1,656,169    2,921,989    1.6%
PIMCO DSCO Fund II Offshore Feeder, LP  June 30, 2020   4,205,485    4,711,643    2.6%
Palmer Square Loan Funding 2021-3, Ltd.  July 9, 2021   2,004,000    2,000,000    1.1%
Polaris Newco  June 18, 2021   1,944,555    1,940,000    1.1%
Project Stream Co-Invest Fund, LP  October 1, 2021   2,237,313    2,231,250    1.2%
Porcupine Holdings, LP - Class A  December 29, 2021   2,801,787    2,799,787    1.5%
Porcupine Holdings, LP - Class B  December 29, 2021   2,010,512    2,008,512    1.1%
Post Limited Term High Yield Fund, LP  January 1, 2021   6,000,000    6,150,575    3.4%
Sand Trust Series 21-1A - Class SUB  November 6, 2021   1,004,000    1,000,000    0.6%
SEP Hamilton III Aggregator, LP  August 17, 2020   2,519,336    6,364,888    3.5%
SEP Skyhawk Fund III Aggregator, LP  August 24, 2021   510,356    529,898    0.3%
Sumeru Equity Partners Fund III, LP  December 8, 2020   1,956,286    2,373,481    1.3%
The Global Atlantic Financial Group, LLC  January 1, 2021   3,506,645    3,710,000    2.0%
US Hospitality Publishers, Inc.  January 11, 2021   1,541,237    1,541,237    0.9%
VCPF III Co-Invest 1-A, LP  May 13, 2021   2,439,020    2,541,077    1.4%
Veregy Parent, LLC  November 3, 2020   3,005,300    3,000,000    1.7%
Voloridge Sustainability Fund, LP  November 1, 2020   5,000,000    5,102,338    2.8%
WestCap Cerebral Co-Invest 2021, LLC  June 17, 2021   254,286    313,948    0.2%
Westcap LoanPal Co-Invest 2020, LLC  December 18, 2020   2,478,277    5,750,722    3.2%
WestCap Strategic Operator Fund II, LP  July 31, 2021   926,023    1,022,477    0.6%
Westcap Strategic Operator U.S. Feeder Fund, LP  February 5, 2021   5,450,286    11,113,991    6.1%
Whitehorse Liquidity Partners IV, LP  November 10, 2020   2,784,594    3,980,918    2.2%
Wildcat 21 Co-Invest Fund, LP  August 13, 2021   2,255,261    2,250,161    1.2%
      $107,340,984   $145,686,571    80.4%