Bow River Capital Evergreen Fund
Schedule of Investments
June 30, 2022 (Unaudited)
| Fair Value | ||||
| Private Investments - 75.3% | ||||
| Credit Co-Investments - 6.0% | ||||
| Ashgrove Speciality Lending Investments I, 9.92% (SONIA + 8.25%), 4/9/2026, principal GBP 1,000,0001,4 | $ | 915,654 | ||
| Ashgrove Speciality Lending Investments I, DAC, 8.87% (SONIA + 8.50%, 0.25% Floor), 6/30/2026, principal GBP 2,500,0001,4 | 1,742,013 | |||
| CL Oliver Co-Invest I, LP1,2,3 | 2,060,640 | |||
| Ecoville Investments Limited, 9.50%, 1/11/24, principal $2,000,0001,4 | 2,002,500 | |||
| Palmer Square Loan Funding 2021-3, Ltd.1,4 | 973,443 | |||
| Polaris Newco, 9.00% (LIBOR + 8.00%, 1.00% Floor), 6/4/2029, principal $2,000,0001,4 | 1,980,000 | |||
| Sand Trust Series 21-1A - Class SUB1,4 | 908,159 | |||
| US Hospitality Publishers, Inc., 8.00% (LIBOR + 7.00%, 1.00% Floor), 12/18/2025, principal $2,000,0001,4 | 1,707,211 | |||
| VCPF III Co-Invest 1-A, LP1,3 | 2,569,539 | |||
| Total Credit Co-Investments (Cost $15,812,129) | 14,859,159 | |||
| Equity Co-Investments - 27.5% | ||||
| ACP Hyperdrive Co-Invest, LLC1,2,3 | 2,500,000 | |||
| AP DSB Co-Invest II, LP1,2,3 | 3,553,149 | |||
| Ashgrove Speciality Lending Investments I, DAC1,2,4 | 444,265 | |||
| Biloxi Co-Investment Partners, LP1,2,3 | 1,679,290 | |||
| BW Colson Co-Invest Feeder (Cayman), LP1,2,3 | 4,236,814 | |||
| Corsair Amore Investors, LP1,2,3 | 5,025,000 | |||
| Coyote 2021, LP1,2,3 | 7,634,095 | |||
| Enak Aggregator, LP1,2,4 | 2,622,616 | |||
| Falcon Co-Investment Partners, LP1,2,3 | 2,895,769 | |||
| ISH Co-Investment Aggregator, LP1,2,3 | 2,330,132 | |||
| OceanSound Partners Co-Invest II, LP - Series B1,2,3,5 | 2,491,372 | |||
| Onex OD Co-Invest, LP1,2,3 | 4,331,938 | |||
| Palms Co-Investment Partners, LP1,2,3 | 3,809,524 | |||
| Project Stream Co-Invest Fund, LP1,2,3 | 2,231,563 | |||
| SEP Hamilton III Aggregator, LP1,2,3 | 6,364,169 | |||
| SEP Skyhawk Fund III Aggregator, LP1,2,3 | 529,660 | |||
| The Global Atlantic Financial Group, LLC1,2,4 | 3,885,000 | |||
| Veregy Parent, LLC1,2,4 | 3,000,000 | |||
| WestCap Cerebral Co-Invest 2021, LLC1,2,3 | 659,897 | |||
| WestCap LoanPal Co-Invest 2020, LLC1,2,3 | 5,712,578 | |||
| Wildcat 21 Co-Invest Fund, LP1,2,3 | 2,250,053 | |||
| Total Equity Co-Investments (Cost $51,587,235) | 68,186,884 | |||
| Primary Funds - 17.6% | ||||
| Ashgrove Speciality Lending Fund I SCSp RAIF1,2,3 | 538,039 | |||
| Avista Capital Partners V, LP1,2,3 | 4,392,329 | |||
| Coller Credit Opportunities I - B, LP1,3 | 1,232,048 | |||
| EnCap Energy Transition Fund 1-A, LP1,2,3 | 3,376,918 | |||
| FFL Capital Partners V, LP1,2,3 | 3,697,385 | |||
| Grain Spectrum Holdings III (Cayman), LP1,2,3 | 2,366,652 | |||
| Lynx EBO Fund I (A), LLC1,2,3 | 1,613,206 | |||
| OceanSound Partners Fund, LP1,2,3 | 2,842,884 | |||
| Onex Structured Credit Opportunities International Fund I, LLC1,3 | 1,524,823 | |||
| Overbay Fund XIV Offshore, LP1,2,4 | 2,381,676 | |||
| Sumeru Equity Partners Fund III, LP1,2,3 | 2,685,939 | |||
| WestCap Strategic Operator Fund II, LP1,2,3 | 2,709,348 | |||
| WestCap Strategic Operator U.S. Feeder Fund, LP1,2,4 | 9,117,762 | |||
| Whitehorse Liquidity Partners IV, LP1,2,3 | 4,153,055 | |||
| Whitehorse Liquidity Partners V, LP1,2,3 | 881,508 | |||
| Total Primary Funds (Cost $29,046,430) | 43,513,572 | |||
| Private Investment Funds - 10.3% | ||||
| PIMCO DSCO Fund II Offshore Feeder, LP1,2,3 | 4,664,804 | |||
| Post Limited Term High Yield Fund, LP1,2,3 | 5,704,885 | |||
| Ruffer Absolute Institutional, Ltd.1,2,3 | 4,822,561 | |||
| Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd.1,2,3 | 5,784,027 | |||
| Voloridge Fund, LP1,2,3 | 4,590,597 | |||
| Total Private Investment Funds (Cost $25,213,485) | 25,566,874 | |||
| Secondary Funds - 13.9% | ||||
| Adams Street 2009 Direct Fund, LP1,2,4 | 38,195 | |||
| Adams Street 2010 Direct Fund, LP1,2,4 | 37,815 | |||
| Adams Street 2011 Direct Fund, LP1,2,4 | 54,146 | |||
| Adams Street 2011 Non-U.S. Developed Markets Fund, LP1,2,4 | 149,074 | |||
| Adams Street 2011 U.S. Fund, LP1,2,4 | 326,951 | |||
| Adams Street 2013 Direct Fund, LP1,2,4 | 1,900,279 | |||
| Adams Street 2014 Global Fund, LP1,2,4 | 950,066 | |||
| Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP1,2,4 | 131,814 | |||
| Adams Street Partnership Fund 2009 U.S. Fund, LP1,2,4 | 269,099 | |||
| Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP1,2,4 | 133,961 | |||
| Adams Street Partnership Fund 2010 U.S. Fund, LP1,2,4 | 283,892 | |||
| APS (Feeder) 2017 Global Fund, LP1,2,4 | 724,240 | |||
| BRCE SPV I, LLC1,4 | 242,239 | |||
| Coller Credit Opportunities I - Annex I, SLP1,3 | 3,139,836 | |||
| Coller International Partners VI Feeder Fund, LP - Class A1,2,4 | 1,204,104 | |||
| Coller International Partners VII Feeder Fund, LP - Series B1,2,4 | 2,099,276 | |||
| Forrest Holdings I, LP - Class B1,2,4 | 476,094 | |||
| Global Infrastructure Partners II-C, LP1,2,3 | 1,209,974 | |||
| Graphite Capital Partners VIII D, LP1,2,4 | 3,728,925 | |||
| KH Aggregator, LP1,2,3 | 5,368,672 | |||
| Overbay Fund XIV (AIV III), LP1,2,4 | 2,556,201 | |||
| Overbay Fund XIV Offshore (AIV), LP1,2,4,5 | 4,535,375 | |||
| Porcupine Holdings, LP - Class A1,2,3 | 3,134,157 | |||
| Porcupine Holdings, LP - Class B1,2,4 | 1,693,830 | |||
| Total Secondary Funds (Cost $18,905,383) | 34,388,215 | |||
| Total Private Investments (Cost $140,564,662) | 186,514,704 | |||
| Exchange Traded Funds - 1.2% | ||||
| Equity Funds - 1.2% | ||||
| Core Alternative ETF, shares 100,000 | 3,067,000 | |||
| Total Exchange Traded Funds (Cost $3,047,500) | 3,067,000 | |||
| Short-Term Investments - 25.7% | ||||
| UMB Money Market Fidicuary, 0.01%, shares 4,950,0006,7 | 4,950,000 | |||
| Goldman Sachs Financial Square Government Fund - Institutional Class, 1.35%, shares 58,627,1556 | 58,627,155 | |||
| Total Short-Term Investments (Cost $63,577,155) | 63,577,155 | |||
| Total Investments (Cost $207,189,317) - 102.2% | $ | 253,158,859 | ||
| Liabilities in excess of other assets - (2.2%) | (5,330,490 | ) | ||
| Net Assets - 100% | $ | 247,828,369 |
DAC - Designated Activity Company
LLC - Limited Liability Company
LP - Limited Partnership
LIBOR - London Interbank Offered Rate
RAIF - Reserved Alternative Investment Fund
SCSp - Special Limited Partnership
SLP - Special Limited Partnership
SONIA - Sterling Overnight Index Average
| 1 | Restricted security. The total value of these securities is $186,514,704, which represents 75.3% of total net assets of the Fund. Please refer to Restricted Securities, in the Notes to the Schedule of Investments. |
| 2 | Non-income producing. |
| 3 | Investment is valued using net asset value per share (or its equivalent) as a practical expedient. |
| 4 | Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $53,215,875, which represents 21.5% of total net assets of the Fund. |
| 5 | Affiliated investment for which ownership exceeds 10% of the investment's capital. Please refer to Affiliated Investments, in the Notes to the Schedule of Investments. |
| 6 | Rate disclosed represents the seven day yield as of the Fund's period end. |
| 7 | The UMB Money Market Fidicuary account is an interest-bearing money market deposit account 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, 2022, 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, 2022 | Bannockburn Global Forex, LLC | USD | GBP | $ | 1,822,500 | GBP 1,500,000 | $ | 1,828,650 | (6,150 | ) | ||||||||||||
| (6,150 | ) | |||||||||||||||||||||
Bow River Capital Evergreen Fund
Summary of Investments
June 30, 2022
| Security Type/Geographic Region | Percent of Total Net Assets | |||
| Private Investments | ||||
| North America | 56.9 | % | ||
| Global | 13.6 | % | ||
| Europe | 4.0 | % | ||
| Asia | 0.8 | % | ||
| Total Private Investments | 75.3 | % | ||
| Exchange Traded-Funds | ||||
| North America | 1.2 | % | ||
| Total Exchange Traded-Funds | 1.2 | % | ||
| Short-Term Investments | 25.7 | % | ||
| Total Investments | 102.2 | % | ||
| Liabilities in excess of other assets | -2.2 | % | ||
| 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, 2022 (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, 2022 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, 2022 | Purchases or Contributions | Sales or Distributions | Change in Unrealized Appreciation (Depreciation) | Net Realized Gain (Loss) | Ending Fair Value | Investment Income | |||||||||||||||||||||
| OceanSound Partners Co-Invest II, LP - Series B | $ | 2,491,234 | $ | - | $ | - | $ | 138 | $ | - | $ | 2,491,372 | $ | - | ||||||||||||||
| Overbay Fund XIV Offshore (AIV), LP | 5,181,429 | - | (382,768 | ) | (263,286 | ) | - | 4,535,375 | - | |||||||||||||||||||
| Total Non-Controlled Affiliates | $ | 7,672,663 | $ | - | $ | (382,768 | ) | $ | (263,148 | ) | $ | - | $ | 7,026,747 | $ | - | ||||||||||||
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 on June 30, 2022 is as follows:
| Investments | Initial Acquisition Date | Cost | Fair Value | %
of Net Assets | ||||||||||
| ACP Hyperdrive Co-Invest, LLC | March 7, 2022 | $ | 2,510,024 | $ | 2,500,000 | 1.0 | % | |||||||
| Adams Street 2009 Direct Fund, LP | April 1, 2022 | 42,276 | 38,195 | 0.0 | % | |||||||||
| Adams Street 2010 Direct Fund, LP | April 1, 2022 | 42,159 | 37,815 | 0.0 | % | |||||||||
| Adams Street 2011 Direct Fund, LP | April 1, 2022 | 60,931 | 54,146 | 0.0 | % | |||||||||
| Adams Street 2011 Non-U.S. Developed Markets Fund, LP | April 1, 2022 | 144,130 | 149,074 | 0.1 | % | |||||||||
| Adams Street 2011 U.S. Fund, LP | April 1, 2022 | 233,526 | 326,951 | 0.1 | % | |||||||||
| Adams Street 2013 Direct Fund, LP | April 1, 2022 | 1,831,362 | 1,900,279 | 0.8 | % | |||||||||
| Adams Street 2014 Global Fund, LP | April 1, 2022 | 929,155 | 950,066 | 0.4 | % | |||||||||
| Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP | April 1, 2022 | 108,725 | 131,814 | 0.1 | % | |||||||||
| Adams Street Partnership Fund 2009 U.S. Fund, LP | April 1, 2022 | 219,399 | 269,099 | 0.1 | % | |||||||||
| Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP | April 1, 2022 | 114,390 | 133,961 | 0.1 | % | |||||||||
| Adams Street Partnership Fund 2010 U.S. Fund, LP | April 1, 2022 | 224,828 | 283,892 | 0.1 | % | |||||||||
| AP DSB Co-Invest II, LP | July 30, 2021 | 1,799,272 | 3,553,149 | 1.4 | % | |||||||||
| APS (Feeder) 2017 Global Fund, LP | April 1, 2022 | 814,673 | 724,240 | 0.3 | % | |||||||||
| Ashgrove Speciality Lending Fund I SCSp RAIF | December 17, 2021 | 577,589 | 538,039 | 0.2 | % | |||||||||
| Ashgrove Speciality Lending Investments I | July 8, 2021 | 979,081 | 915,654 | 0.4 | % | |||||||||
| Ashgrove Speciality Lending Investments I, DAC | April 7, 2022 | 1,876,722 | 1,742,013 | 0.7 | % | |||||||||
| Ashgrove Speciality Lending Investments I, DAC | April 7, 2022 | 477,599 | 444,265 | 0.2 | % | |||||||||
| Avista Capital Partners V, LP | March 16, 2021 | 3,503,732 | 4,392,329 | 1.8 | % | |||||||||
| Biloxi Co-Investment Partners, LP | August 13, 2021 | 1,458,481 | 1,679,290 | 0.7 | % | |||||||||
| BRCE SPV I, LLC | May 22, 2020 | 52,838 | 242,239 | 0.1 | % | |||||||||
| BW Colson Co-Invest Feeder (Cayman), LP | March 15, 2021 | 3,049,786 | 4,236,814 | 1.7 | % | |||||||||
| CL Oliver Co-Invest I, LP | May 27, 2021 | 2,007,675 | 2,060,640 | 0.8 | % | |||||||||
| Coller Credit Opportunities I - Annex I, SLP | July 29, 2021 | 2,676,667 | 3,139,836 | 1.2 | % | |||||||||
| Coller Credit Opportunities I - B, LP | January 5, 2022 | 1,146,843 | 1,232,048 | 0.5 | % | |||||||||
| Coller International Partners VI Feeder Fund, LP - Class A | October 1, 2020 | 273,653 | 1,204,104 | 0.5 | % | |||||||||
| Coller International Partners VII Feeder Fund, LP - Series B | October 1, 2020 | 260,522 | 2,099,276 | 0.8 | % | |||||||||
| Corsair Amore Investors, LP | May 27, 2022 | 5,029,000 | 5,025,000 | 2.0 | % | |||||||||
| Coyote 2021, LP | March 29, 2021 | 2,613,058 | 7,634,095 | 3.1 | % | |||||||||
| Ecoville Investments Limited | February 24, 2022 | 1,986,967 | 2,002,500 | 0.8 | % | |||||||||
| Enak Aggregator, LP | January 18, 2022 | 2,861,507 | 2,622,616 | 1.1 | % | |||||||||
| EnCap Energy Transition Fund 1-A, LP | April 21, 2021 | 2,356,682 | 3,376,918 | 1.4 | % | |||||||||
| Falcon Co-Investment Partners, LP | January 26, 2022 | 2,908,067 | 2,895,769 | 1.2 | % | |||||||||
| FFL Capital Partners V, LP | June 16, 2022 | 2,525,169 | 3,697,385 | 1.5 | % | |||||||||
| Forrest Holdings I, LP - Class B | March 17, 2021 | - | 476,094 | 0.2 | % | |||||||||
| Global Infrastructure Partners II-C, LP | January 14, 2022 | 290,449 | 1,209,974 | 0.5 | % | |||||||||
| Grain Spectrum Holdings III (Cayman), LP | October 28, 2020 | 2,422,271 | 2,366,652 | 1.0 | % | |||||||||
| Graphite Capital Partners VIII D, LP | June 30, 2020 | 592,517 | 3,728,925 | 1.5 | % | |||||||||
| ISH Co-Investment Aggregator, LP | May 6, 2021 | 2,311,692 | 2,330,132 | 0.9 | % | |||||||||
| KH Aggregator, LP | November 30, 2020 | 3,643,177 | 5,368,672 | 2.2 | % | |||||||||
| Lynx EBO Fund I (A), LLC | December 18, 2020 | 1,152,410 | 1,613,206 | 0.6 | % | |||||||||
| OceanSound Partners Co-Invest II, LP - Series B | November 5, 2021 | 2,519,844 | 2,491,372 | 1.0 | % | |||||||||
| OceanSound Partners Fund, LP | December 27, 2021 | 2,225,234 | 2,842,884 | 1.1 | % | |||||||||
| Onex OD Co-Invest, LP | November 9, 2020 | 3,511,271 | 4,331,938 | 1.7 | % | |||||||||
| Onex Structured Credit Opportunities International Fund I, LLC | May 11, 2021 | 1,355,403 | 1,524,823 | 0.6 | % | |||||||||
| Overbay Fund XIV (AIV III), LP | March 26, 2021 | 1,247,915 | 2,556,201 | 1.0 | % | |||||||||
| Overbay Fund XIV Offshore (AIV), LP | January 5, 2021 | 506,065 | 4,535,375 | 1.8 | % | |||||||||
| Overbay Fund XIV Offshore, LP | January 22, 2021 | 1,478,019 | 2,381,676 | 1.0 | % | |||||||||
| Palmer Square Loan Funding 2021-3, Ltd. | July 9, 2021 | 2,004,000 | 973,443 | 0.4 | % | |||||||||
| Palms Co-Investment Partners, LP | June 3, 2022 | 3,813,524 | 3,809,524 | 1.5 | % | |||||||||
| PIMCO DSCO Fund II Offshore Feeder, LP | June 30, 2020 | 4,205,485 | 4,664,804 | 1.9 | % | |||||||||
| Polaris Newco | June 18, 2021 | 1,944,556 | 1,980,000 | 0.8 | % | |||||||||
| Porcupine Holdings, LP - Class A | December 29, 2021 | 2,585,514 | 3,134,157 | 1.3 | % | |||||||||
| Porcupine Holdings, LP - Class B | December 29, 2021 | 2,010,512 | 1,693,830 | 0.7 | % | |||||||||
| Post Limited Term High Yield Fund, LP | January 1, 2021 | 6,000,000 | 5,704,885 | 2.3 | % | |||||||||
| Project Stream Co-Invest Fund, LP | October 1, 2021 | 2,237,313 | 2,231,563 | 0.9 | % | |||||||||
| Ruffer Absolute Institutional, Ltd. | April 1, 2022 | 5,004,000 | 4,822,561 | 1.9 | % | |||||||||
| Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd. | January 28, 2022 | 5,004,000 | 5,784,027 | 2.3 | % | |||||||||
| Sand Trust Series 21-1A - Class SUB | November 6, 2021 | 916,162 | 908,159 | 0.4 | % | |||||||||
| SEP Hamilton III Aggregator, LP | August 17, 2020 | 2,519,336 | 6,364,169 | 2.6 | % | |||||||||
| SEP Skyhawk Fund III Aggregator, LP | August 24, 2021 | 510,356 | 529,660 | 0.2 | % | |||||||||
| Sumeru Equity Partners Fund III, LP | December 8, 2020 | 2,239,278 | 2,685,939 | 1.1 | % | |||||||||
| The Global Atlantic Financial Group, LLC | January 1, 2021 | 3,506,645 | 3,885,000 | 1.6 | % | |||||||||
| US Hospitality Publishers, Inc. | January 11, 2021 | 1,735,819 | 1,707,211 | 0.7 | % | |||||||||
| VCPF III Co-Invest 1-A, LP | May 13, 2021 | 2,361,147 | 2,569,539 | 1.0 | % | |||||||||
| Veregy Parent, LLC | November 3, 2020 | 3,005,300 | 3,000,000 | 1.2 | % | |||||||||
| Voloridge Fund, LP | November 1, 2020 | 5,000,000 | 4,590,597 | 1.8 | % | |||||||||
| WestCap Cerebral Co-Invest 2021, LLC | June 17, 2021 | 255,536 | 659,897 | 0.3 | % | |||||||||
| WestCap LoanPal Co-Invest 2020, LLC | December 18, 2020 | 2,434,363 | 5,712,578 | 2.3 | % | |||||||||
| WestCap Strategic Operator Fund II, LP | July 31, 2021 | 2,517,867 | 2,709,348 | 1.1 | % | |||||||||
| WestCap Strategic Operator U.S. Feeder Fund, LP | February 5, 2021 | 2,304,128 | 9,117,762 | 3.7 | % | |||||||||
| Whitehorse Liquidity Partners IV, LP | November 10, 2020 | 2,707,292 | 4,153,055 | 1.7 | % | |||||||||
| Whitehorse Liquidity Partners V, LP | February 4, 2022 | 534,513 | 881,508 | 0.4 | % | |||||||||
| Wildcat 21 Co-Invest Fund, LP | August 13, 2021 | 2,255,261 | 2,250,053 | 0.9 | % | |||||||||
| $ | 140,564,662 | $ | 186,514,704 | 75.3 | % | |||||||||