CYPRESS CREEK PRIVATE STRATEGIES MASTER FUND, L.P.
(A Limited Partnership)
Schedule of Investments
September 30, 2021
(Unaudited)
Initial Investment Date | Shares | Cost | Fair Value | % of Partners’ Capital | |||||||||||||
Investments in Investment Funds | |||||||||||||||||
Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies | |||||||||||||||||
Canada | |||||||||||||||||
Private Equity (0.42% of Partners’ Capital) | |||||||||||||||||
Alloy Merchant Partners, L.P. (1)(2) | August, 2018 | $ | 1,187,899 | $ | 960,112 | ||||||||||||
Total Canada | 1,187,899 | 960,112 | |||||||||||||||
Cayman Islands | |||||||||||||||||
Energy (0.73% of Partners’ Capital) | |||||||||||||||||
Sentient Global Resources Fund III, L.P. | July, 2008 | 2,639,939 | 842,210 | ||||||||||||||
Sentient Global Resources Fund IV, L.P. | June, 2011 | 2,145,298 | 840,248 | ||||||||||||||
Global Macro and Trading (2.45% of Partners’ Capital) | |||||||||||||||||
GAM Systematic Core Macro (Cayman) Fund LP | February, 2015 | 3,500,000 | 5,621,667 | ||||||||||||||
Private Equity (14.38% of Partners’ Capital) | |||||||||||||||||
ABRY Advanced Securities Fund, L.P. | August, 2008 | - | 31,513 | ||||||||||||||
CX Partners Fund Ltd. (1) | April, 2009 | 2,195,019 | 796,680 | ||||||||||||||
Gavea Investment Fund II A, L.P. | May, 2007 | - | 6,406 | ||||||||||||||
Gavea Investment Fund III A, L.P. | September, 2008 | - | 39,956 | ||||||||||||||
India Asset Recovery Fund L.P. | October, 2006 | - | 512 | ||||||||||||||
J.C. Flowers III L.P. | October, 2009 | 1,169,801 | 271,391 | ||||||||||||||
LC Fund IV, L.P. (1) | May, 2008 | 1,384,002 | 74,532.00 | ||||||||||||||
New Horizon Capital III, L.P. (1) | March, 2009 | 529,459 | 818,453 | ||||||||||||||
Northstar Equity Partners III (1) | June, 2011 | 1,015,816 | 929,306 | ||||||||||||||
Orchid Asia IV, L.P. (1) | November, 2007 | 891,506 | 4,284,499 | ||||||||||||||
Reservoir Capital Partners (Cayman), L.P. | June, 2009 | 318,849 | 522,587 | ||||||||||||||
Tiger Global Private Investment Partners V, L.P. | January, 2008 | 1,219,100 | 1,119,530 | ||||||||||||||
Tiger Global Private Investment Partners VI, L.P. | November, 2010 | 714,285 | 1,372,533 | ||||||||||||||
Trustbridge Partners II, L.P. (1) | December, 2007 | 1,095,709 | 1,733,464 | ||||||||||||||
Trustbridge Partners III, L.P. | April, 2009 | 3,224,468 | 2,705,354 | ||||||||||||||
Trustbridge Partners IV, L.P. (1) | September, 2011 | 10,514 | 5,843,037 | ||||||||||||||
Trustbridge Partners V, L.P. (1) | November, 2015 | 4,929,988 | 12,492,099 | ||||||||||||||
Real Estate (0.32% of Partners’ Capital) | |||||||||||||||||
Forum European Realty Income III, L.P. | February, 2008 | 820,961 | 88,983 | ||||||||||||||
Phoenix Asia Real Estate Investments II, L.P. | September, 2007 | 864,748 | 635,281 | ||||||||||||||
Total Cayman Islands | 28,669,462 | 41,070,241 | |||||||||||||||
Guernsey | |||||||||||||||||
Private Equity (0.00% of Partners’ Capital) | |||||||||||||||||
Mid Europa Fund III LP | November, 2007 | 280,414 | 1,692 | ||||||||||||||
Total Guernsey | 280,414 | 1,692 | |||||||||||||||
Republic of Mauritius | |||||||||||||||||
Real Estate (0.18% of Partners’ Capital) | |||||||||||||||||
ORBIS Real Estate Fund I (2) | November, 2006 | 1,969,703 | 403,755 | ||||||||||||||
Total Republic of Mauritius | 1,969,703 | 403,755 | |||||||||||||||
United Kingdom | |||||||||||||||||
Private Equity (0.16% of Partners’ Capital) | |||||||||||||||||
Darwin Private Equity I L.P. | September, 2007 | 1,306,831 | 219,270 | ||||||||||||||
Sovereign Capital Limited Partnership III (1) | March, 2010 | - | 154,909 | ||||||||||||||
Real Estate (0.03% of Partners’ Capital) | |||||||||||||||||
Benson Elliot Real Estate Partners II, L.P. | August, 2006 | 362,149 | 16,914 | ||||||||||||||
Patron Capital, L.P. II | February, 2005 | 127,337 | 5,237 | ||||||||||||||
Patron Capital, L.P. III | July, 2007 | 618,148 | 57,948 | ||||||||||||||
Relative Value (1.44% of Partners’ Capital) | |||||||||||||||||
The 1609 Fund Ltd. | January, 2018 | 4,280 | 4,373,741 | 3,306,231 | |||||||||||||
Total United Kingdom | 6,788,206 | 3,760,509 |
United States | |||||||||||||||||
Energy (9.03% of Partners’ Capital) | |||||||||||||||||
ArcLight Energy Partners Fund V, L.P. (1) | December, 2011 | 748,110 | 458,091 | ||||||||||||||
EIV Capital Fund II, LP | December, 2014 | 3,220,785 | 3,256,226 | ||||||||||||||
EMG AE Permian Co-Investment, LP | July, 2014 | 3,148,191 | - | ||||||||||||||
EMG Iron Ore Holdco, LP | April, 2019 | 476,106 | 764,643 | ||||||||||||||
EnCap Energy Capital Fund VII-B LP (1) | October, 2007 | 1,516,600 | 74,107 | ||||||||||||||
EnCap Energy Infrastructure TE Feeder, L.P.(1) | October, 2009 | 1,158,495 | 207,466 | ||||||||||||||
Energy & Minerals Group Fund II, L.P. | November, 2011 | 2,254,300 | 2,427,147 | ||||||||||||||
Haddington Energy Partners III, L.P. | April, 2017 | 604,735 | 876,082 | ||||||||||||||
Intervale Capital Fund, L.P. (1) | May, 2008 | 1,144,983 | 1,114,133 | ||||||||||||||
Merit Energy Partners G, L.P. | September, 2009 | 3,122,483 | 1,716,960 | ||||||||||||||
Midstream & Resources Follow-On Fund, L.P. | March, 2010 | 518,415 | 877,514 | ||||||||||||||
NGP Energy Technology Partners II, L.P. (1) | July, 2009 | 776,735 | 427,749 | ||||||||||||||
NGP IX Offshore Fund, L.P. | March, 2008 | 702,284 | 182,609 | ||||||||||||||
NGP Midstream & Resources, L.P. (1) | October, 2007 | 976,239 | 167,892 | ||||||||||||||
Quantum Parallel Partners V, LP | October, 2008 | 4,410,755 | 4,034,859 | ||||||||||||||
TPF II-A, L.P. | October, 2008 | 1,384,952 | 140,344 | ||||||||||||||
Vortus Investments, LP | January, 2016 | 3,897,896 | 1,934,047 | ||||||||||||||
Vortus Investments II, LP | August, 2017 | 1,595,041 | 2,081,074 | ||||||||||||||
Vortus NPR Co-investment | December, 2015 | 461,065 | 583 | ||||||||||||||
Event-Driven (1.10% of Partners’ Capital) | |||||||||||||||||
BDCM Partners I, L.P. | January, 2011 | 1,364,736 | 819,274 | ||||||||||||||
Credit Distressed Blue Line Fund, L.P. (2) | April, 2010 | 3,847,700 | 628,708 | ||||||||||||||
Fortelus Special Situations Fund Ltd. | May, 2010 | - | 178,109.00 | ||||||||||||||
Harbinger Capital Partners Special Situations Fund, L.P. | December, 2006 | 932,188 | 12,564 | ||||||||||||||
Harbinger Streamline Onshore Fund, L.P. | September, 2021 | 106,659 | 105,699 | ||||||||||||||
Muirfield GSE Partners, LP | July, 2019 | 5,000,000 | 773,784 | ||||||||||||||
Private Equity (37.07% of Partners’ Capital) | |||||||||||||||||
Advent Latin American Private Equity Fund IV-F L.P. | August, 2007 | 201,047 | 105,195 | ||||||||||||||
Advent Latin American Private Equity Fund V-F L.P. | May, 2010 | 1,409,393 | 1,363,645 | ||||||||||||||
Allied Strategic Partners Fund I-A, LP (3) | August, 2021 | 383,131 | 328,130 | ||||||||||||||
Armadillo Litigation Finance II | February, 2016 | - | 47,594 | ||||||||||||||
Artis Ventures II, L.P. | November, 2014 | 1,185,720 | 2,479,795 | ||||||||||||||
Aviator Capital Mid-Life Us Feeder Fund, LP | December, 2016 | 2,136,711 | 3,329,108 | ||||||||||||||
Aviator Capital Fund IV US Feeder, L.P. | March, 2019 | 2,585,432 | 2,857,300 | ||||||||||||||
BDCM Opportunity Fund II, L.P. | March, 2006 | 513,817 | 134,857 | ||||||||||||||
Catterton Growth Partners, L.P. | March, 2008 | 1,929,339 | 503,563 | ||||||||||||||
Chicago Pacific Founders Fund II, LP | January, 2020 | 2,459,014 | 4,042,038 | ||||||||||||||
Chrysalis Ventures III, L.P. | December, 2006 | 218,059 | 95,696 | ||||||||||||||
Clovis Point II, LP | February, 2020 | 2,072,570 | 1,813,153 | ||||||||||||||
Colbeck Strategic Lending Onshore Feeder, LP (1)(2) | March, 2017 | 3,608,782 | 3,687,172 | ||||||||||||||
Column Group II, LP | October, 2014 | 2,924,849 | 5,568,692 | ||||||||||||||
Column Group III, LP | May, 2016 | 2,891,926 | 4,457,985 | ||||||||||||||
Crestline Opportunities Fund III, LLC (1) | August, 2016 | 2,649,861 | 3,718,721 | ||||||||||||||
Crosslink Crossover Fund V, L.P. | May, 2007 | 316,468 | 100,344 | ||||||||||||||
Crosslink Crossover Fund VI, L.P. | March, 2007 | - | 2,685,210 | ||||||||||||||
Dace Ventures I, LP | June, 2007 | 359,992 | 150,979 | ||||||||||||||
Fairhaven Capital Partners, L.P. | March, 2008 | 1,590,385 | 602,896 | ||||||||||||||
Founders Fund III, LP | May, 2010 | - | 4,923,146 | ||||||||||||||
Founders Fund IV, LP | January, 2012 | - | 6,985,881 | ||||||||||||||
Freedom Participation Partners I, LLC | July, 2016 | 1,266,459 | 67,248 | ||||||||||||||
Garrison Opportunity Fund LLC | February, 2010 | - | 63,282 | ||||||||||||||
Garrison Opportunity Fund II A LLC | March, 2011 | - | 559,956 | ||||||||||||||
HealthCor Partners Fund, L.P. | August, 2007 | 266,323 | 916,086 | ||||||||||||||
ILS Property & Casualty Master Fund Ltd. (1) | November, 2014 | 2,037,641 | 586,414 | ||||||||||||||
Kayne Anderson Real Estate Debt, L.P. (1) | June, 2016 | 610,523 | 505,027 | ||||||||||||||
Kayne Anderson Real Estate Debt II, L.P. (1) | July, 2017 | 869,186 | 841,856 | ||||||||||||||
KF Partner Investments Fund III LP (1)(2) | June, 2020 | 1,608,123 | 1,665,093 | ||||||||||||||
MatlinPatterson Global Opportunities Partners III, L.P. (1) | July, 2007 | 865,334 | 7,862 | ||||||||||||||
Middle East North Africa Opportunities Fund, L.P. | July, 2008 | 728 | 728,344 | 27,956 | |||||||||||||
Monomoy Capital Partners, L.P. | November, 2006 | 907,709 | 121 | ||||||||||||||
Monomoy Capital Partners II, L.P. (1) | May, 2011 | 1,176,358 | 1,744,729 | ||||||||||||||
Monomoy Capital Partners III, L.P. (1) | December, 2017 | 2,727,000 | 3,711,994 | ||||||||||||||
Parabellum Partners I, LP | August, 2017 | 1,477,650 | 2,731,000 | ||||||||||||||
Parabellum Partners II, LP | August, 2019 | 2,147,121 | 2,250,040 | ||||||||||||||
Pine Brook Capital Partners, L.P. | January, 2008 | 1,822,563 | 314,758 | ||||||||||||||
Pinto America Growth Fund, L.P. | July, 2006 | - | 157,618 | ||||||||||||||
Private Equity Investment Fund V, L.P. | April, 2009 | 5,677,931 | 3,459,605 | ||||||||||||||
Rosebrook 2018 Co-Invest I, L.P. (3) | January, 2018 | 1,023,648 | 1,062,657 | ||||||||||||||
Saints Capital VI, L.P. | April, 2008 | 1,685,951 | 422,261 |
Sanderling Venture Partners VI Co-Investment Fund, L.P. | June, 2005 | 210,432 | 124,860 | ||||||||||||||
Sanderling Venture Partners VI, L.P. | June, 2005 | 94,987 | 97,453 | ||||||||||||||
Sterling Capital Partners II, L.P. | August, 2005 | 190,740 | 20,447 | ||||||||||||||
Sterling Group Partners III, L.P. | April, 2010 | 1,085,732 | 206,971 | ||||||||||||||
Strategic Value Global Opportunities Fund I-A, L.P. | December, 2006 | 28,951 | 296,775 | ||||||||||||||
Strattam Capital Investment Fund, L.P. (1) | December, 2015 | 3,192,683 | 3,392,747 | ||||||||||||||
Strattam Capital Investment Fund II, L.P. (1) | February, 2018 | 1,966,252 | 2,343,088 | ||||||||||||||
Strattam Co-Invest Fund V, L.P. | December, 2018 | 453,214 | 847,546 | ||||||||||||||
Strattam Co-Invest Fund VI, L.P. | December, 2018 | 453,214 | 490,623 | ||||||||||||||
Strattam Co-Invest Fund VII, L.P. | September, 2019 | 413,727 | 642,224 | ||||||||||||||
TAEF Fund, LLC | August, 2008 | - | 56,489 | ||||||||||||||
Tenaya Capital V, LP | November, 2007 | 13,018 | 199,069 | ||||||||||||||
Tenaya Capital VI, LP | July, 2012 | 828,830 | 1,595,670 | ||||||||||||||
The Column Group, LP | September, 2007 | 966,337 | 1,709,292 | ||||||||||||||
Trivest Fund IV, L.P.(1) | November, 2007 | 12,230 | - | ||||||||||||||
Tuckerbrook SB Global Distressed Fund I, L.P. | July, 2007 | 102,897 | 307,402 | ||||||||||||||
Valiant Capital Partners LP | July, 2009 | 401,959 | 588,414 | ||||||||||||||
VCFA Private Equity Partners IV, L.P. | March, 2005 | 308,223 | 14,475 | ||||||||||||||
VCFA Venture Partners V, L.P. | January, 2007 | 431,904 | 437,662 | ||||||||||||||
Voyager Capital Fund III, L.P. | May, 2007 | 286,772 | 117,313 | ||||||||||||||
WestView Capital Partners II, L.P. (1) | August, 2009 | 899,977 | 581,757 | ||||||||||||||
Real Estate (5.70% of Partners’ Capital) | |||||||||||||||||
Cypress Realty VI Limited Partnership | June, 2007 | 198,679 | 25,162 | ||||||||||||||
Florida Real Estate Value Fund, L.P. | October, 2010 | - | 2,599 | ||||||||||||||
GTIS Brazil Real Estate Fund (Brazilian Real) LP | July, 2008 | 2,187,549 | 1,705,169 | ||||||||||||||
Lone Star Real Estate Fund II (U.S.), L.P. | June, 2011 | 518 | 4,893 | ||||||||||||||
Monsoon Infrastructure & Realty Co-Invest, L.P. | February, 2008 | 1,560,996 | 1,312,009 | ||||||||||||||
Northwood Real Estate Co-Investors LP (1) | April, 2008 | 428,966 | 566,916 | ||||||||||||||
Northwood Real Estate Partners LP (1) | April, 2008 | 1,148,481 | 1,406,712 | ||||||||||||||
Pennybacker IV, LP (1) | February, 2018 | 1,901,713 | 2,516,073 | ||||||||||||||
Prescott Strategies Fund I LP | June, 2019 | 2,441,905 | 2,539,642 | ||||||||||||||
PSF I Jax Metro Holdings, LLC | March, 2019 | - | 67,617 | ||||||||||||||
Red Dot Holdings III, LP | February, 2019 | 3,135,478 | 2,627,621 | ||||||||||||||
SBC US Fund II, LP | June, 2011 | 856,075 | 288,102 | ||||||||||||||
Square Mile Partners III LP | April, 2008 | 710,002 | 21,656 | ||||||||||||||
Relative Value (13.61% of Partners’ Capital) | |||||||||||||||||
Anomaly Capital, LP | July, 2021 | 15,000,000 | 15,387,593 | ||||||||||||||
King Street Capital, L.P. | November, 2009 | - | 54,276 | ||||||||||||||
Magnetar Capital Fund LP | February, 2009 | - | 47,288 | ||||||||||||||
Magnetar SPV LLC | May, 2008 | 32,888 | 692 | ||||||||||||||
Millennium USA, LP | April, 2012 | - | 10,405,329 | ||||||||||||||
PIPE Equity Partners, LLC (2) (4) | August, 2008 | 3,252,147 | - | ||||||||||||||
PIPE Select Fund, LLC (2) (4) | September, 2008 | 2,866,761 | - | ||||||||||||||
Stark Select Asset Fund, LLC | July, 2010 | - | 12,249 | ||||||||||||||
STS Partners Fund, LP | November, 2016 | 2,108,191 | 5,386,335 | ||||||||||||||
Total United States | 149,876,241 | 152,784,537 | |||||||||||||||
Total Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies | 188,771,925 | 198,980,846 | 86.62 | % | |||||||||||||
Passive Foreign Investment Companies | |||||||||||||||||
Cayman Companies Limited by Shares, Exempted Companies and Limited Liability Companies | |||||||||||||||||
Relative Value (0.03% of Partners’ Capital) | |||||||||||||||||
CRC Credit Fund Ltd. | July, 2010 | 795 | 79,343 | 70,733 | |||||||||||||
Total Cayman Companies Limited by Shares, Exempted Companies and Limited Liability Companies | 79,343 | 70,733 | |||||||||||||||
Total Passive Foreign Investment Companies | 79,343 | 70,733 | 0.03 | % | |||||||||||||
Total Investments in Investment Funds (6) | 188,851,268 | 199,051,579 | 86.65 | % | |||||||||||||
Investments in CLO Equity | |||||||||||||||||
United States | |||||||||||||||||
Relative Value (1.02% of Partners’ Capital) | |||||||||||||||||
Regatta XV Funding Ltd., Subordinated Note, Principal $5,000,000, 11.52%, due 10/1/2031 (1)(5)(7) | October, 2018 | 3,118,300 | 2,350,000 | ||||||||||||||
Total Investments in CLO Equity | 3,118,300 | 2,350,000 | 1.02 | % |
Investments in Securities | |||||||||||||||||
Limited Liability Companies | |||||||||||||||||
United States | |||||||||||||||||
Private Equity (0.27% of Partners’ Capital) | |||||||||||||||||
Clovis Point II RIVS Investment, LLC (4)(6) | March, 2019 | 650,000 | 618,200 | ||||||||||||||
Total Limited Liability Companies | 650,000 | 618,200 | 0.27 | % | |||||||||||||
Common Stocks | |||||||||||||||||
United States | |||||||||||||||||
Food Technology (0.01% of Partners’ Capital) | |||||||||||||||||
Tastemade Inc. (4) | April, 2016 | 2,582 | 100,000 | 22,128 | |||||||||||||
Other Technology Technology (1.44% of Partners’ Capital) | |||||||||||||||||
Airbnb, Inc. | May, 2010 | 19,503 | 2,753,824 | 3,271,628 | |||||||||||||
Compass, Inc. | January, 2012 | 2,342 | 31,687 | 31,055 | |||||||||||||
Professional Services (0.41% of Partners’ Capital) | |||||||||||||||||
Milton ZXP LLC - Class A Units (2)(4)(6) | February, 2018 | 6,029 | 602,900 | 937,923 | |||||||||||||
Total Common Stocks | 3,488,411 | 4,262,734 | 1.86 | % | |||||||||||||
Total Investments in Securities | 4,138,411 | 4,880,934 | 2.13 | % | |||||||||||||
Total Investments | $ | 196,107,979 | $ | 206,282,513 | 89.80 | % |
The Master Fund’s total outstanding capital commitments to Investment Funds as of September 30, 2021 were $58,161,556. For certain Investment Funds for which the Master Fund has a capital commitment, the Master Fund may be allocated its pro-rata share of expenses prior to having to fund a capital call for such expenses.
All investments are non-income producing unless noted otherwise.
(1) | Income producing investment. |
(2) | Affiliated investments for which ownership exceeds 5% of the investment's capital. |
(3) | Affiliated investments for which ownership exceeds 25% of the investment's capital. |
(4) | Valued in good faith pursuant to procedures approved by the Board of Directors as of September 30, 2021. The total of all such investments represents 0.69% of partners' capital. |
(5) | CLO subordinated notes are considered CLO equity positions. CLO equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. The effective yield for the CLO equity position will generally be updated periodically or on transactions such as an add-on purchases, refinancing or reset. The estimated yield and investment cost may ultimately not be realized. |
(6) | Restricted investments as to resale. |
(7) | Security exempt from registration under Rule 144A of the Securities Act of 1933. The Security may be sold in transactions exempt from registration, normally to qualified institutional buyers. |