NPORT-EX 2 fp0078836_nportex.htm PART F

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  

 

1Restricted 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.

 

2Non-income producing.

 

3Investment is valued using net asset value per share (or its equivalent) as a practical expedient.

 

4Level 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.

 

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.

 

7The 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
June 30,
2022

   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%