Bow River Capital Evergreen Fund

Consolidated Schedule of Investments

June 30, 2025 (Unaudited)

 

   Value 
Private Investments - 84.9%    
Direct Investments - 42.0%    
Credit - 4.5%    
Opportunistic - 1.3%     
CL-EA Co-Investment Opportunities I, LP, 10.83% (SOFR1M + 6.50%), 12/31/2029, principal $3,000,000(1),(2)  $5,966,383 
Digital Alpha Solutions Fund, LP, 14.86% (SOFR3M + 9.50% PIK + CSA)(1),(2)   4,348,364 
Palmer Square Loan Funding 2021-3, Ltd.(1)   424,000 
Sand Trust Series 21-1A - Class SUB, 10/15/2034(1),(2)   595,600 
    11,334,347 
      
Senior Credit - 1.7%     
AP DSB Co-Invest II, LP(1),(2),(4)   239 
BSPT Acquisition, Inc. T/L, 10.06% (SOFR1M + 5.50%), 1/4/2027, principal $3,355,244(1),(3)   3,293,303 
ClearScale, LLC T/L A, 13.21% (SOFR1M + 8.40%), 11/19/2025, principal $981,679(1),(3)   995,028 
Corsair Blade IV (Luxembourg) S.a.r.l., 8.09% (EurlBOR3M + 5.75%, principal EUR 1,558,844) and 10.21% (SONIA + 5.75%, principal GBP 2,171,024), 1/5/2031(1),(3)   4,702,034 
Pathstone Family Office, LLC, 9.43% (SOFR1M + 6.75% + CSA), 5/19/2029, principal $2,953,575(1),(3)   2,768,608 
VCPF III Co-Invest 1-A, LP(1),(2)   2,772,555 
    14,531,767 
      
Subordinated Credit - 1.5%     
Eagle Point SRT Co-Invest I, LP, 10.34% (EurlBOR3M + 8.00%), 9/26/2031, principal EUR 6,250,000(1),(3),(5)   4,797,517 
PARIOU SLP, 8.00% PIK, 10/31/2030, principal EUR 6,404,071(1),(2)   6,140,186 
Polaris Newco, 13.45% (SOFR3M + 9.00% + CSA, 1.00% Floor), 6/3/2029, principal $2,150,195(1),(3)   2,040,694 
    12,978,397 
    38,844,511 
Equity - 37.5%     
Buyout - 37.2%     
ACP Hyperdrive Co-Invest, LLC(1),(2),(4)   2,430,685 
Acquiom Financial, LLC(1),(3),(4)   5,000,000 
AE Co-Investment Partners Fund III-R, LP(1),(3),(4)   12,031,160 
Alpine Investors Iceman CV[-A], LP(1),(2),(4)   9,738,519 
AP DSB Co-Invest II, LP(1),(2),(4)   4,189,786 
AP Goat Co-Invest, LP(1),(2),(4)   4,946,212 
Biloxi Co-Investment Partners, LP(1),(2),(4)   2,573,318 
Butterfly Nourish Co-Invest, LP(1),(2),(4)   8,733,827 
BW Colson Co-Invest Feeder (Cayman), LP(1),(2),(4)   5,841,431 
BW Phoenix Co-Invest, LP(1),(2),(4)   8,656,790 
Carlyle Riser Co-Investment, LP(1),(2),(4)   2,532,078 
CIP IX Co-Investment Vehicle 2, LP(1),(3),(4)   10,678,212 
Constellation 2022, LP(1),(2),(4)   3,613,867 
Corsair Amore Investors, LP(1),(3),(4)   1,587,050 
Corsair Riva Munich Co-Investment, LP(1),(2),(4)   9,017,847 
Coyote 2021, LP(1),(2),(4)   7,768,381 
DSG Group Holdings, LP(1),(3),(4)   8,525,103 
Enak Aggregator, LP(1),(2),(4)   3,906,171 
Falcon Co-Investment Partners, LP(1),(2),(4)   3,079,063 
H.I.G. Starlite-A Co-Investment, LP(1),(3),(4)   7,750,211 
Hg Vega Co-Invest, LP(1),(2),(4)   8,787,835 
ISH Co-Investment Aggregator, LP(1),(2),(4)   2,579,185 
IvyRehab Holdings, LLC(1),(3),(4),(6)   9,554,041 
KKR Game Changer Co-Invest, LP(1),(3),(4)   8,400,000 
NCS Investment, LP(1),(3),(4),(6)   5,060,000 
OceanSound Partners Co-Invest II, LP - Series B(1),(2),(4)   11,552,928 
OceanSound Partners Co-Invest II, LP - Series E(1),(2),(4)   12,497,735 
OceanSound SMX Continuation Fund, LP(1),(2),(4)   9,873,910 
Onex OD Co-Invest, LP(1),(2),(4)   7,320,327 
OSP Co-Invest II, LP(1),(2),(4)   9,261,502 

 

 

Palms Co-Investment Partners, LP(1),(2),(4)   4,310,669 
Project Stream Co-Invest Fund, LP(1),(2),(4)   2,162,696 
PSC Tiger, LP(1),(2),(4)   6,756,864 
SANCY SLP(1),(2),(4)   1,824,634 
SCPCV-A, LP(1),(2),(4)   6,836,066 
SEP Hamilton III Aggregator, LP(1),(2),(4)   5,230,881 
SEP Skyhawk Fund III Aggregator, LP(1),(2),(4)   425,538 
SEP Skyhawk Fund III Aggregator II, LP(1),(3),(4)   215,665 
Silver Lake Strategic Investors VI, LP(1),(2),(4)   7,059,416 
Sprinklyer 2024 Co-Investment I (Feeder) SCSp(1),(2),(4)   10,800,997 
TCV Beat Co., LP(1),(2),(4)   6,707,586 
TPG IX Evergreen Cl 1, LP(1),(2),(4)   11,717,321 
Truelink Alpine, LP(1),(2),(4)   8,324,696 
VCF Compass Co-Investor Holdings, LP(1),(2),(4)   7,174,105 
VCF Compass Co-Investor Holdings II, LP(1),(2),(4)   860,665 
Veregy Parent, LLC(1),(3),(4)   5,071,623 
Vistage Equity Investors, LP(1),(2),(4)   9,530,391 
Wildcat 21 Co-Invest Fund, LP(1),(2),(4)   3,600,122 
WP Gateway Co-Invest, LP(1),(2),(4)   44,322 
Yorkville Partners, LP(1),(2),(4)   9,939,887 
    316,081,318 
      
Growth Equity - 0.3%     
WestCap Cerebral Co-Invest 2021, LLC(1),(2),(4)   25,814 
WestCap LoanPal Co-Invest 2020, LLC(1),(3),(4)   2,390,387 
    2,416,201 
    318,497,519 
Total Direct Investments (Cost $255,521,521)   357,342,030 
      
Primary Funds - 13.5%     
Credit - 1.0%     
Opportunistic - 0.0%     
Lynx EBO Fund I (A), LLC(1),(2),(4)   44,325 
      
Senior Credit - 1.0%     
Ashgrove Specialty Lending Fund I SCSp RAIF(1),(2),(4)   1,224,699 
Ashgrove Specialty Lending Fund II(1),(2),(4)   386,773 
Coller Credit Opportunities I - B, LP(1),(2)   4,013,761 
Onex Structured Credit Opportunities International Fund I, LLC(1),(2)   875,300 
TKO Fund(1),(2),(4)   2,261,939 
    8,762,472 
    8,806,797 
Equity - 12.5%     
Buyout - 9.9%     
Avista Capital Partners V, LP(1),(2),(4)   4,191,039 
Capital Dynamics Global Secondaries VI, LP(1),(2),(4)   630,329 
Dawson Portfolio Finance 4, LP(1),(2),(4)   3,661,203 
Dawson Portfolio Finance 5, LP(1),(2),(4)   4,796,666 
Ethos Capital Investments, LP(1),(2),(4)   3,958,892 
FFL Capital Partners V, LP(1),(2),(4)   8,646,850 
Gridiron Capital Fund V, LP(1),(2),(4)   3,314,803 
ICG LP Secondaries Fund I, LP(1),(2),(4)   3,291,151 
OceanSound Partners Fund, LP(1),(2),(4)   5,591,824 
OceanSound Partners Fund II, LP(1),(2),(4)   6,590,939 
Overbay Fund XIV Offshore, LP(1),(2),(4)   1,420,102 
Sheridan Capital Partners Fund III, LP(1),(2),(4)   3,726,827 
SK Capital Partners VI-A, LP(1),(2),(4)   8,499,492 
Sumeru Equity Partners Fund III, LP(1),(2),(4)   2,601,894 
Sumeru Equity Partners Fund IV, LP(1),(2),(4)   2,553,594 
Truelink Capital Fund I-A, LP(1),(2),(4)   8,205,519 
Valeas Capital Partners Fund I, LP(1),(2),(4)   12,417,978 
    84,099,102 

 

 

Growth Equity - 2.0%     
New Vintage Partners Fund I, LP(1),(3),(4)   2,934,968 
WestCap Strategic Operator Fund II, LP(1),(2),(4)   6,053,568 
WestCap Strategic Operator U.S. Feeder Fund, LP(1),(3),(4)   7,692,467 
    16,681,003 
      
Opportunistic - 0.5%     
Grain Spectrum Holdings III (Cayman), LP(1),(2),(4)   3,862,581 
      
Real Assets - 0.1%     
EnCap Energy Transition Fund 1-A, LP(1),(2),(4)   1,312,975 
    105,955,661 
Total Primary Funds (Cost $74,549,443)   114,762,458 
      
Private Investment Funds - 5.7%     
Liquid - 5.0%     
Bright Meadow Agency MBS Onshore Fund, LP(1),(2),(4)   8,101,676 
Ruffer Absolute Institutional, Ltd.(1),(2),(4)   7,130,311 
Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd.(1),(2),(4)   9,997,393 
Voleon Composition International Fund(1),(2),(4)   12,600,437 
Voloridge Fund, LP(1),(2),(4)   4,749,386 
    42,579,203 
      
Senior Credit - 0.7%     
PIMCO DSCO Fund II Offshore Feeder, LP(1),(2),(4)   5,911,947 
Total Private Investment Funds (Cost $43,877,126)   48,491,150 
      
Secondary Funds - 23.7%     
Credit - 4.6%     
Senior Credit - 2.0%     
AG DLI IV (Unlevered), LP(1),(2),(4)   10,809,333 
BRCE SPV I, LLC(1),(3),(4)   163,618 
Brightwood U.S. Credit Fund, LP(1),(2)   2,985,682 
Coller Credit Opportunities I - Annex I, SLP(1),(2)   2,749,104 
    16,707,737 
      
Subordinated Credit - 2.6%     
CCS Co-Investment Vehicle I, LP(1),(2),(4)   4,616,485 
CCS Co-Investment Vehicle 2 (Feeder), LP(1),(2),(4)   12,986,664 
Coller Capital CBL Fund II(1),(2),(4)   2,311,638 
CRG Partners III - Parallel Fund (A), LP(1),(2),(4)   2,146,069 
    22,060,856 
    38,768,593 
      
Equity - 19.1%     
Buyout - 17.4%     
Adams Street 2009 Direct Fund, LP(1),(2),(4)   16,570 
Adams Street 2010 Direct Fund, LP(1),(2),(4)   26,399 
Adams Street 2011 Direct Fund, LP(1),(2),(4)   34,848 
Adams Street 2011 Non-U.S. Developed Markets Fund, LP(1),(2),(4)   112,769 
Adams Street 2011 U.S. Fund, LP(1),(2),(4)   210,093 
Adams Street 2013 Global Fund, LP(1),(2),(4)   1,471,658 
Adams Street 2014 Global Fund, LP(1),(2),(4)   847,509 
Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP(1),(2),(4)   60,175 
Adams Street Partnership Fund 2009 U.S. Fund, LP(1),(2),(4)   141,644 
Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP(1),(2),(4)   77,881 
Adams Street Partnership Fund 2010 U.S. Fund, LP(1),(2),(4)   185,643 
Alchemy Special Opportunities Fund II, LP(1),(2),(4)   1,040,320 
Altor Fund IV (No. 1) AB(1),(2),(4)   5,494,071 
ASP (Feeder) 2017 Global Fund, LP(1),(2),(4)   1,042,643 
Blue Wolf Capital Fund IV, LP(1),(2),(4)   4,214,238 
Brentwood Associates Private Equity VI, LP(1),(2),(4)   3,633,365 
Coller International Partners VI Feeder Fund, LP - Class A(1),(2),(4)   341,761 
Coller International Partners VII Feeder Fund, LP - Series B(1),(2),(4)   1,117,993 

 

 

Crown Secondaries Special Opportunities II, S.C.S.(1),(2),(4)   8,659,447 
Crown Secondaries Special Opportunities II B, S.C.S.(1),(2),(4)   3,520,285 
Forrest Holdings I, LP - Class A(1),(2),(4)   783 
Forrest Holdings I, LP - Class B(1),(2),(4)   10,964 
Gasherbrum Fund II, LP(1),(2),(4)   8,298,521 
Graphite Capital Partners VIII D, LP(1),(3),(4)   3,583,614 
ICG Europe Fund V Investor Feeder Limited Partnership(1),(2),(4)   766,144 
ICG Europe Fund VII Feeder SCSp(1),(2),(4)   6,304,248 
ICG Ludgate Hill IV-A Leopard, LP(1),(2),(4)   5,260,766 
KH Aggregator, LP(1),(2),(4)   3,707,812 
Leeds Equity Partners VI, LP(1),(2),(4)   3,457,124 
Leeds Equity Partners VII-A, LP(1),(2),(4)   4,891,034 
Onex Fund V, LP(1),(2),(4)   8,131,034 
Overbay Capital Partners 2023 Fund Aggregator, LP(1),(2),(4)   12,233,441 
Overbay Capital Partners 2024 Fund Aggregator (AIV VI) II, LP(1),(3),(4)   12,948,000 
Overbay Capital Partners 2024 Fund Aggregator (AIV VII), LP(1),(3),(4)   22,928,387 
Overbay Fund XIV (AIV III), LP(1),(2),(4)   906,140 
Overbay Fund XIV Offshore (AIV), LP(1),(2),(4)   2,233,119 
Porcupine Holdings, LP - Class A(1),(2),(4)   2,603,111 
Porcupine Holdings, LP - Class B(1),(2),(4)   1,568,712 
Resolute Fund IV, LP(1),(2),(4)   6,134,637 
Resolute III Continuation Fund, LP(1),(2),(4)   8,676,295 
SEP Hamilton, LP(1),(3),(4),(6)   1,197,487 
    148,090,685 
      
Growth Equity - 1.7%     
NVP Monogram Co-Invest, LP(1),(3),(4)   13,928,169 
      
Real Assets - 0.0%     
Global Infrastructure Partners II-C, LP(1),(2),(4)   331,475 
    162,350,329 
Total Secondary Funds (Cost $145,982,084)   201,118,922 
      
Total Private Investments (Cost $519,930,174)   721,714,560 
      
U.S. Treasury Bills - 7.0%     
United States Treasury Bill, 4.20% OID, 7/1/2025, principal $60,000,000(7)   59,192,700 
Total U.S. Treasury Bills (Cost $59,192,700)   59,192,700 
      
Short-Term Investments - 10.9%     
UMB Money Market Fiduciary, 0.01%, shares 43,774,090(8),(9)   43,774,090 
UMB Money Market Special, 4.19%, shares 48,570,271(8),(9)   48,570,271 
Total Short-Term Investments (Cost $92,344,361)   92,344,361 
      
Total Investments (Cost $671,467,235) - 102.8%  $873,251,621 
Other liabilities in excess of assets - -2.8%   (23,538,085)
Net Assets - 100%  $849,713,536 

 

CSA - Credit Spread Adjustment

EUR - European Union Currency (Euro)

EurlBOR3M - Three Month Euribor Rate

GBP - Great Britain Pound

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment In Kind

RAIF - Reserved Alternative Investment Fund

SCSp - Special Limited Partnership

SLP - Special Limited Partnership

SOFR1M - One Month Average Secured Overnight Financing Rate

SOFR3M - Three Month Average Secured Overnight Financing Rate

SONIA - Sterling Overnight Index Average

 

1Restricted security. The total value of these securities is $721,714,560, which represents 84.9% of total net assets of the Fund.  Please refer to the Restricted Securities in the Notes to the Consolidated Schedule of Investments.
2Investment is valued using the Fund's pro rata net asset value (or its equivalent) as a practical expedient.
3Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $160,237,346, which represents 18.9% of total net assets of the Fund.
4Non-income producing.
5All or a portion of this security is held through a wholly-owned consolidated Subsidiary, Reverb, Ltd.
6All or a portion of this security is held through a wholly-owned consolidated Subsidiary, Spartan I, LLC.
7All or a portion of this security is held through a wholly-owned consolidated Subsidiary, BRC UMB, LLC.
8Rate disclosed represents the seven day yield as of the Fund's period end.
9The 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, 2025, the Bow River Capital Evergreen Fund had an outstanding forward foreign currency contract with terms as set forth below:

 

      Currency  Currency  Contract Amount       Unrealized 
Settlement Date  Counterparty  Purchased  Sold  Buy   Sell   Value   Depreciation 
September 30, 2025  Bannockburn Global Forex, LLC  USD  EUR  $46,928,000   EUR40,000,000   $47,411,085   $(483,085)
                           $(483,085)

 

 

Bow River Capital Evergreen Fund

Consolidated Summary of Investments

June 30, 2025 (Unaudited)        

  

   Percent of Total 
Security Type/Geographic Region  Net Assets 
Private Investments    
North America   59.5%
Global   14.2%
Europe   11.2%
Total Private Investments   84.9%
U.S. Treasury Bills   7.0%
Short-Term Investments   10.9%
Total Investments   102.8%
Liabilities in excess of other assets   -2.8%
Net Assets   100.0%

  

See accompanying Notes to the Consolidated Schedule of Investments.

 

 

Bow River Capital Evergreen Fund

Notes to the CONSOLIDATED schedule of investments

JUNE 30, 2025 (unaudited)

 

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, 2025 is as follows:

 

   Initial      Fair   % of 
Investments  Acquisition Date  Cost   Value   Net Assets 
ACP Hyperdrive Co-Invest, LLC  March 7, 2022  $2,594,796   $2,430,685    0.3%
Acquiom Financial, LLC  June 27, 2025   5,004,000    5,000,000    0.6%
Adams Street 2009 Direct Fund, LP  April 1, 2022   17,881    16,570    0.0%
Adams Street 2010 Direct Fund, LP  April 1, 2022   19,579    26,399    0.0%
Adams Street 2011 Direct Fund, LP  April 1, 2022   35,423    34,848    0.0%
Adams Street 2011 Non-U.S. Developed Markets Fund, LP  April 1, 2022   71,991    112,769    0.0%
Adams Street 2011 U.S. Fund, LP  April 1, 2022   127,233    210,093    0.0%
Adams Street 2013 Global Fund, LP  April 1, 2022   1,119,471    1,471,658    0.2%
Adams Street 2014 Global Fund, LP  April 1, 2022   598,193    847,509    0.1%
Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP  April 1, 2022   46,037    60,175    0.0%
Adams Street Partnership Fund 2009 U.S. Fund, LP  April 1, 2022   126,537    141,644    0.0%
Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP  April 1, 2022   54,766    77,881    0.0%
Adams Street Partnership Fund 2010 U.S. Fund, LP  April 1, 2022   132,575    185,643    0.0%
AE Co-Investment Partners Fund III-R, LP  February 21, 2025   8,035,160    12,031,160    1.4%
AG DLI IV (Unlevered), LP  April 28, 2023   7,390,957    10,809,333    1.3%
Alchemy Special Opportunities Fund II, LP  April 4, 2024   701,979    1,040,320    0.1%
Alpine Investors Iceman CV[-A], LP  October 20, 2023   7,254,639    9,738,519    1.1%
Altor Fund IV (No. 1) AB  August 12, 2022   5,583,571    5,494,071    0.6%
AP DSB Co-Invest II, LP  July 30, 2021   1,804,340    4,189,786    0.5%
AP DSB Co-Invest II, LP  July 30, 2021   -    239    0.0%
AP Goat Co-Invest, LP  January 24, 2025   4,950,034    4,946,212    0.6%
Ashgrove Specialty Lending Fund I SCSp RAIF  December 17, 2021   795,437    1,224,699    0.1%
Ashgrove Specialty Lending Fund II  August 30, 2024   453,367    386,773    0.0%
ASP (Feeder) 2017 Global Fund, LP  April 1, 2022   669,046    1,042,643    0.1%
Avista Capital Partners V, LP  March 16, 2021   2,632,551    4,191,039    0.5%
Biloxi Co-Investment Partners, LP  August 13, 2021   1,460,680    2,573,318    0.3%
Blue Wolf Capital Fund IV, LP  December 31, 2024   2,699,746    4,214,238    0.5%
BRCE SPV I, LLC  May 22, 2020   402,326    163,618    0.0%
Brentwood Associates Private Equity VI, LP  December 31, 2024   2,492,014    3,633,365    0.4%
Bright Meadow Agency MBS Onshore Fund, LP  April 4, 2025   8,004,000    8,101,676    1.0%
Brightwood U.S. Credit Fund, LP  September 13, 2024   2,113,822    2,985,682    0.4%
BSPT Acquisition, Inc. T/L  February 19, 2025   1,905,707    3,293,303    0.4%
Butterfly Nourish Co-Invest, LP  February 3, 2023   3,434,753    8,733,827    1.0%
BW Colson Co-Invest Feeder (Cayman), LP  March 15, 2021   3,062,822    5,841,431    0.7%
BW Phoenix Co-Invest, LP  February 9, 2024   7,059,621    8,656,790    1.0%
Capital Dynamics Global Secondaries VI, LP  December 27, 2024   526,730    630,329    0.1%
Carlyle Riser Co-Investment, LP  November 11, 2022   -    2,532,078    0.3%
CCS Co-Investment Vehicle 2 (Feeder), LP  December 20, 2024   10,384,879    12,986,664    1.5%
CCS Co-Investment Vehicle I, LP  March 29, 2024   3,153,590    4,616,485    0.5%
CIP IX Co-Investment Vehicle 2, LP  April 4, 2025   9,822,347    10,678,212    1.3%
CL-EA Co-Investment Opportunities I, LP  June 14, 2024   4,848,892    5,966,383    0.7%
ClearScale LLC T/L A  February 15, 2025   562,785    995,028    0.1%
Coller Capital CBL Fund II  October 11, 2024   1,747,524    2,311,638    0.3%
Coller Credit Opportunities I - Annex I, SLP  July 29, 2021   1,630,267    2,749,104    0.3%
Coller Credit Opportunities I - B, LP  January 5, 2022   2,870,872    4,013,761    0.5%
Coller International Partners VI Feeder Fund, LP - Class A  October 1, 2020   2,147    341,761    0.0%
Coller International Partners VII Feeder Fund, LP - Series B  October 1, 2020   -    1,117,993    0.1%
Constellation 2022, LP  August 12, 2022   1,318,780    3,613,867    0.4%
Corsair Amore Investors, LP  May 27, 2022   5,867,714    1,587,050    0.2%
Corsair Blade IV (Luxembourg) S.a.r.l.  April 12, 2024   4,341,275    4,702,034    0.6%
Corsair Riva Munich Co-Investment, LP  March 28, 2025   5,165,183    9,017,847    1.1%
Coyote 2021, LP  March 29, 2021   2,615,483    7,768,381    0.9%
CRG Partners III - Parallel Fund (A), LP  December 31, 2022   1,876,669    2,146,069    0.3%
Crown Secondaries Special Opportunities II B, S.C.S.  September 26, 2024   7,027,091    8,659,447    1.0%
Crown Secondaries Special Opportunities II, S.C.S.  September 26, 2024   2,784,179    3,520,285    0.4%
Dawson Portfolio Finance 4, LP  November 10, 2020   2,343,065    3,661,203    0.4%
Dawson Portfolio Finance 5, LP  February 24, 2022   3,979,942    4,796,666    0.6%
Digital Alpha Solutions Fund, LP  October 28, 2022   2,538,109    4,348,364    0.5%
DSG Group Holdings, LP  September 9, 2022   5,585,674    8,525,103    1.0%
Eagle Point SRT Co-Invest I, LP  October 18, 2024   4,445,372    4,797,517    0.6%

 

 

   Initial      Fair   % of 
Investments  Acquisition Date  Cost   Value   Net Assets 
Enak Aggregator, LP  January 18, 2022   2,861,507    3,906,171    0.5%
EnCap Energy Transition Fund 1-A, LP  April 21, 2021   11,474    1,312,975    0.2%
Ethos Capital Investments, LP  August 16, 2023   2,224,249    3,958,892    0.5%
Falcon Co-Investment Partners, LP  January 26, 2022   3,029,283    3,079,063    0.4%
FFL Capital Partners V, LP  June 16, 2022   6,031,240    8,646,850    1.0%
Forrest Holdings I, LP - Class A  March 17, 2021   -    783    0.0%
Forrest Holdings I, LP - Class B  March 17, 2021   -    10,964    0.0%
Gasherbrum Fund II, LP  May 30, 2024   6,359,703    8,298,521    1.0%
Global Infrastructure Partners II-C, LP  January 14, 2022   -    331,475    0.0%
Grain Spectrum Holdings III (Cayman), LP  October 28, 2020   2,717,921    3,862,581    0.5%
Graphite Capital Partners VIII D, LP  June 30, 2020   -    3,583,614    0.4%
Gridiron Capital Fund V, LP  November 27, 2023   3,002,776    3,314,803    0.4%
H.I.G. Starlite-A Co-Investment, LP  April 11, 2025   7,754,211    7,750,211    0.9%
Hg Vega Co-Invest, LP  May 10, 2024   7,016,708    8,787,835    1.0%
ICG Europe Fund V Investor Feeder Limited Partnership  April 4, 2024   454,501    766,144    0.1%
ICG Europe Fund VII Feeder SCSp  April 4, 2024   1,922,686    6,304,248    0.7%
ICG LP Secondaries Fund I, LP  July 31, 2023   2,752,868    3,291,151    0.4%
ICG Ludgate Hill IV-A Leopard, LP  July 31, 2023   3,592,175    5,260,766    0.6%
ISH Co-Investment Aggregator, LP  May 6, 2021   2,311,692    2,579,185    0.3%
IvyRehab Holdings, LLC  August 25, 2023   8,004,000    9,554,041    1.1%
KH Aggregator, LP  November 30, 2020   1,478,302    3,707,812    0.4%
KKR Game Changer Co-Invest, LP  May 30, 2024   6,004,000    8,400,000    1.0%
Leeds Equity Partners VI, LP  December 31, 2024   3,154,184    3,457,124    0.4%
Leeds Equity Partners VII-A, LP  December 31, 2024   4,525,425    4,891,034    0.6%
Lynx EBO Fund I (A), LLC  December 18, 2020   -    44,325    0.0%
NCS Investment, LP  June 12, 2025   5,064,000    5,060,000    0.6%
New Vintage Partners Fund I, LP  March 28, 2025   2,275,335    2,934,968    0.3%
NVP monogram Co-Invest, LP  March 28, 2025   11,000,629    13,928,169    1.6%
OceanSound Partners Co-Invest II, LP - Series B  November 5, 2021   3,897,268    11,552,928    1.4%
OceanSound Partners Co-Invest II, LP - Series E  December 16, 2022   73,529    12,497,735    1.5%
OceanSound Partners Fund II, LP  January 12, 2024   5,011,709    6,590,939    0.8%
OceanSound Partners Fund, LP  December 27, 2021   1,965,036    5,591,824    0.7%
OceanSound SMX Continuation Fund, LP  March 29, 2024   6,682,296    9,873,910    1.2%
Onex Fund V, LP  September 30, 2022   5,908,945    8,131,034    1.0%
Onex OD Co-Invest, LP  November 9, 2020   3,511,271    7,320,327    0.9%
Onex Structured Credit Opportunities International Fund I, LLC  May 11, 2021   108,841    875,300    0.1%
OSP Co-Invest II, LP  January 5, 2024   5,952,971    9,261,502    1.1%
Overbay Capital Partners 2023 Fund Aggregator, LP  September 30, 2024   8,781,420    12,233,441    1.4%
Overbay Capital Partners 2024 Fund Aggregator (AIV VI) II, LP  May 23, 2025   9,964,000    12,948,000    1.5%
Overbay Capital Partners 2024 Fund Aggregator (AIV VII), LP  April 25, 2025   17,791,245    22,928,387    2.7%
Overbay Fund XIV (AIV III), LP  March 26, 2021   -    906,140    0.1%
Overbay Fund XIV Offshore (AIV), LP  January 5, 2021   -    2,233,119    0.3%
Overbay Fund XIV Offshore, LP  January 22, 2021   404,618    1,420,102    0.2%
Palmer Square Loan Funding 2021-3, Ltd.  July 9, 2021   682,936    424,000    0.0%
Palms Co-Investment Partners, LP  June 3, 2022   3,815,259    4,310,669    0.5%
PARIOU SLP  October 14, 2022   5,063,971    6,140,186    0.7%
Pathstone Family Office, LLC  May 16, 2023   2,953,270    2,768,608    0.3%
PIMCO DSCO Fund II Offshore Feeder, LP  June 30, 2020   4,205,485    5,911,947    0.7%
Polaris Newco  June 18, 2021   1,944,555    2,040,694    0.2%
Porcupine Holdings, LP - Class A  December 29, 2021   1,663,964    2,603,111    0.3%
Porcupine Holdings, LP - Class B  December 29, 2021   2,010,512    1,568,712    0.2%

 

 

   Initial      Fair   % of 
Investments  Acquisition Date  Cost   Value   Net Assets 
Project Stream Co-Invest Fund, LP  October 1, 2021   2,237,751    2,162,696    0.3%
PSC Tiger, LP  September 6, 2024   5,622,313    6,756,864    0.8%
Resolute Fund IV, LP  December 31, 2024   5,404,229    6,134,637    0.7%
Resolute III Continuation Fund, LP  September 27, 2024   8,019,171    8,676,295    1.0%
Ruffer Absolute Institutional, Ltd.  April 1, 2022   7,004,000    7,130,311    0.8%
Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd.  January 28, 2022   11,004,000    9,997,393    1.2%
SANCY SLP  October 14, 2022   1,706,492    1,824,634    0.2%
Sand Trust Series 21-1A - Class SUB  November 6, 2021   916,162    595,600    0.1%
SCPCV-A, LP  March 29, 2024   6,487,283    6,836,066    0.8%
SEP Hamilton III Aggregator, LP  August 17, 2020   2,519,336    5,230,881    0.6%
SEP Hamilton, LP  June 30, 2023   941,500    1,197,487    0.1%
SEP Skyhawk Fund III Aggregator II, LP  April 25, 2025   219,665    215,665    0.0%
SEP Skyhawk Fund III Aggregator, LP  July 9, 2021   510,356    425,538    0.1%
Sheridan Capital Partners Fund III, LP  March 31, 2023   2,314,134    3,726,827    0.4%
Silver Lake Strategic Investors VI, LP  June 2, 2023   5,010,309    7,059,416    0.8%
SK Capital Partners VI-A, LP  April 26, 2024   5,076,968    8,499,492    1.0%
Sprinklyer 2024 Co-Investment I (Feeder) SCSp  March 14, 2025   9,981,285    10,800,997    1.3%
Sumeru Equity Partners Fund III, LP  December 8, 2020   2,147,044    2,601,894    0.3%
Sumeru Equity Partners Fund IV, LP  September 2, 2022   2,506,483    2,553,594    0.3%
TCV Beat Co., LP  September 27, 2024   7,068,051    6,707,586    0.8%
TKO Fund  November 4, 2022   1,191,676    2,261,939    0.3%
TPG IX Evergreen Cl 1, LP  November 22, 2023   7,363,677    11,717,321    1.4%
Truelink Alpine, LP  July 31, 2024   4,160,667    8,324,696    1.0%
Truelink Capital Fund I-A, LP  July 31, 2024   5,985,279    8,205,519    1.0%
Valeas Capital Partners Fund I, LP  October 31, 2024   7,433,965    12,417,978    1.5%
VCF Compass Co-Investor Holdings II, LP  March 21, 2025   790,253    860,665    0.1%
VCF Compass Co-Investor Holdings, LP  April 25, 2024   6,004,000    7,174,105    0.8%
VCPF III Co-Invest 1-A, LP  May 13, 2021   1,954,543    2,772,555    0.3%
Veregy Parent, LLC  November 3, 2020   3,005,300    5,071,623    0.6%
Vistage Equity Investors, LP  July 22, 2022   5,004,000    9,530,391    1.1%
Voleon Composition International Fund  February 29, 2024   10,004,000    12,600,437    1.5%
Voloridge Fund, LP  November 1, 2020   3,655,641    4,749,386    0.6%
WestCap Cerebral Co-Invest 2021, LLC  June 17, 2021   265,814    25,814    0.0%
WestCap LoanPal Co-Invest 2020, LLC  December 18, 2020   2,476,974    2,390,387    0.3%
WestCap Strategic Operator Fund II, LP  July 31, 2021   5,424,438    6,053,568    0.7%
WestCap Strategic Operator U.S. Feeder Fund, LP  February 5, 2021   2,361,425    7,692,467    0.9%
Wildcat 21 Co-Invest Fund, LP  August 13, 2021   1,912,397    3,600,122    0.4%
WP Gateway Co-Invest, LP  October 2, 2023   -    44,322    0.0%
Yorkville Partners, LP  November 18, 2024   10,004,000    9,939,887    1.2%
      $519,930,174   $721,714,560    84.9%