The
following
is
a
reconciliation
of
investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
(amounts
in
thousands)
:
Restricted
Investments
The
Fund
may
purchase
securities
for
which
there
is
a
limited
trading
market
or
which
are
subject
to
restrictions
on
resale
to
the
public.
Restricted
securities
and
securities
for
which
there
is
a
limited
trading
market
may
be
significantly
more
difficult
to
value
due
to
the
unavailability
of
reliable
market
quotations
for
such
securities,
and
investment
in
such
securities
may
have
an
adverse
impact
on
NAV.
The
following
are
the
restricted
investments
held
by
the
Fund
as
of
December
31,
2023
(amounts
in
thousands)
:
Common
Stock
Preferred
Stock
Private
Fund
Simple
Agreement
for
Future
Equity
Total
Balance
as
of
March
31,
2023
$
1,022
$
5,000
$
–
$
–
$
6,022
Purchases
28,184
31,556
5,250
4,100
69,090
Realized
gain
(loss)
–
–
–
–
–
Net
change
in
unrealized
appreciation/depreciation
–
(1,463)
–
–
(1,463)
Sales
–
–
–
–
–
Transfers
into
Level
3
–
–
–
–
–
Transfers
out
of
Level
3
–
–
–
–
–
Balance
as
of
December
31,
2023
$
29,206
$
35,093
$
5,250
$
4,100
$
73,649
Net
change
in
unrealized
appreciation/depreciation
for
the
period
ended
December
31,
2023
related
to
Level
3
investments
held
at
December
31,
2023
$
–
$
(1,463)
$
–
$
–
$
(1,463)
Description
Acquisition
Date
Shares
Cost
Value
as
of
December
31,
2023
%
of
Net
Assets
Databricks,
Inc.
07/14/23
382
$
25,019
$
28,067
23.1%
dbt
Labs,
Inc.
09/22/23
441
15,000
15,000
12.4%
ServiceTitan,
Inc.
06/26/23
154
10,000
10,000
8.3%
Databricks,
Inc.
11/20/23
122
8,874
8,874
7.3%
Anthropic
PBC
12/06/23
218
8,535
7,072
5.8%
Canva,
Inc.
09/15/23
6
6,220
6,220
5.1%
Anduril
Industries,
Inc.
10/27/23
313
6,021
6,021
4.9%
HOF
Capital
AP
Growth,
LLC
12/29/23
N/A
5,250
5,250
4.3%
Vanta,
Inc.
09/07/22
555
5,000
5,000
4.1%
Inspectify,
Inc.
06/30/23
N/A
4,000
4,000
3.3%
Jetty
National,
Inc.
08/09/23
611
2,000
2,000
1.6%
AI-LLM,
LLC
08/31/23
N/A
1,597
1,597
1.3%
Anyscale,
Inc.
10/18/23
300
1,494
1,494
1.2%
Immuta,
Inc.
03/28/23
80
1,021
1,021
0.8%
Theory
Ventures,
LP
04/28/23
N/A
634
574
0.5%
Luminos,
Inc.
11/09/23
N/A
100
100
0.1%
Total
$
100,765
$
102,290
84.1%