UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23591
NB Crossroads Private Markets Access Fund LLC
(Exact name of registrant as specified in charter)
1290 Avenue of the Americas
New York, NY 10104
(Address of principal executive offices) (Zip code)
James Bowden, Chief Executive Officer and President
Neuberger Berman Investment Advisers LLC
53 State Street
Boston, MA 02109
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-212-476-8800
Date of fiscal year end: March 31
Date of reporting period: September 30, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a)
As of September 30, 2021 (Unaudited)
Index | | | Page No. | | |||
FINANCIAL INFORMATION (Unaudited) | | | | | | | |
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 9 | | | |
| | | | 10 | | | |
| | | | 11 | | | |
| | | | 12 | | | |
| | | | 13 | | | |
SUPPLEMENTAL INFORMATION (Unaudited) | | | | | | | |
| | | | 24 | | |
Statement of Assets and Liabilities
As of September 30, 2021 (Unaudited)
| Assets | | | | | | | |
| Investments, at fair value (cost of $315,338,058) | | | | $ | 329,119,404 | | |
| Cash and cash equivalents | | | | | 249,997 | | |
| Receivable for investments sold | | | | | 5,036,477 | | |
| Interest receivable | | | | | 490,705 | | |
| Other assets | | | | | 114,338 | | |
| Total Assets | | | | $ | 335,010,921 | | |
| Liabilities | | | | | | | |
| Investment securities purchased | | | | $ | 10,322,679 | | |
| Contributions received in advance | | | | | 6,523,000 | | |
| Incentive fee payable | | | | | 640,294 | | |
| Advisory fee payable | | | | | 189,665 | | |
| Professional fees payable | | | | | 166,169 | | |
| Due to Affiliate | | | | | 138,281 | | |
| Accounting and administration service fees payable | | | | | 73,921 | | |
| Other payables | | | | | 52,552 | | |
| Total Liabilities | | | | $ | 18,106,561 | | |
| Commitments and contingencies (See Note 5) | | | | | | | |
| Net Assets at Value | | | | $ | 316,904,360 | | |
| Net Assets Consist of: | | | | | | | |
| Paid-in capital, Institutional Class Shares | | | | | 301,485,000 | | |
| Total accumulated earnings | | | | | 15,419,360 | | |
| Net Assets at Value | | | | $ | 316,904,360 | | |
| Institutional Class Shares outstanding (unlimited shares authorized) | | | | | 29,738,637 | | |
| Net Asset Value, per Share | | | | $ | 10.66 | | |
Schedule of Investments
As of September 30, 2021 (Unaudited)
Description | | | Interest | | | Maturity Date | | | Shares or Principal Amount | | | Cost | | | Value | | |||||||||
BANK LOANS – 50.82% | | | | | | | | | | | | | | | | | | | | | | | | | |
ADMI Corp. | | | 3.63% (1-Month USD Libor + 3.25%) | | | 12/23/2027 | | | | | 1,253,700 | | | | | $ | 1,267,804 | | | | | $ | 1,242,730 | | |
ADMI Corp. | | | 4.00% (1-Month USD Libor + 3.75%) | | | 12/23/2027 | | | | | 1,325,000 | | | | | | 1,325,000 | | | | | | 1,323,344 | | |
Ahead DB Holdings, LLC | | | 4.50% (1-Month USD Libor + 3.75%) | | | 10/18/2027 | | | | | 1,246,875 | | | | | | 1,265,578 | | | | | | 1,251,027 | | |
Alliant Holdings Intermediate, LLC | | | 4.25% (1-Month USD Libor + 3.75%) | | | 11/05/2027 | | | | | 1,250,071 | | | | | | 1,261,009 | | | | | | 1,250,421 | | |
All-Star Bidco AB | | | 4.00% (1-Month USD Libor + 3.50%) | | | 07/21/2028 | | | | | 1,710,000 | | | | | | 1,701,450 | | | | | | 1,705,007 | | |
Alter Domus Holdco Sarl | | | 4.50% (1-Month USD Libor + 3.75%) | | | 02/11/2028 | | | | | 1,263,650 | | | | | | 1,257,332 | | | | | | 1,258,279 | | |
Altice Financing S.A. | | | 2.88% (3-Month USD Libor + 2.75%) | | | 07/15/2025 | | | | | 1,273,351 | | | | | | 1,266,984 | | | | | | 1,251,869 | | |
Altice France S.A. | | | 2.88% (3-Month USD Libor + 2.75%) | | | 07/31/2025 | | | | | 1,270,052 | | | | | | 1,268,464 | | | | | | 1,248,359 | | |
American Trailer World Corp. | | | 4.50% (1-Month USD Libor + 3.75%) | | | 03/03/2028 | | | | | 1,885,275 | | | | | | 1,871,210 | | | | | | 1,875,377 | | |
Apex Group Treasury, LLC | | | 4.25% (1-Month USD Libor + 3.75%) | | | 07/23/2028 | | | | | 1,710,000 | | | | | | 1,705,725 | | | | | | 1,707,863 | | |
Applied Systems, Inc. | | | 3.75% (3-Month USD Libor + 3.25%) | | | 09/19/2024 | | | | | 2,580,348 | | | | | | 2,580,348 | | | | | | 2,579,393 | | |
APX Group, Inc. | | | 4.00% (1-Month USD Libor + 3.50%) | | | 06/30/2028 | | | | | 2,610,000 | | | | | | 2,608,544 | | | | | | 2,601,022 | | |
AssuredPartners, Inc. | | | 3.58% (1-Month USD Libor + 3.50%) | | | 02/12/2027 | | | | | 1,260,379 | | | | | | 1,258,803 | | | | | | 1,251,972 | | |
Asurion, LLC | | | 3.33% (1-Month USD Libor + 3.25%) | | | 12/23/2026 | | | | | 2,143,301 | | | | | | 2,140,179 | | | | | | 2,110,380 | | |
Asurion, LLC | | | 5.33% (1-Month USD Libor + 5.25%) | | | 01/31/2028 | | | | | 1,060,000 | | | | | | 1,069,844 | | ��� | | | | 1,056,248 | | |
Athenahealth, Inc. | | | 4.38% (1-Month USD Libor + 4.25%) | | | 02/11/2026 | | | | | 2,517,350 | | | | | | 2,517,350 | | | | | | 2,522,385 | | |
Aveanna Healthcare, LLC(A)(B) | | | 4.25% (1-Month USD Libor + 3.75%) | | | 06/30/2028 | | | | | 1,285,000 | | | | | | 1,036,122 | | | | | | 1,040,941 | | |
BCP Renaissance Parent, LLC | | | 4.50% (3-Month USD Libor + 3.50%) | | | 10/31/2024 | | | | | 2,472,953 | | | | | | 2,440,587 | | | | | | 2,450,696 | | |
BCPE Empire Holdings, Inc.(A)(B) | | | 4.50% (1-Month USD Libor + 4.00%) | | | 06/11/2026 | | | | | 1,710,000 | | | | | | 1,120,955 | | | | | | 1,120,176 | | |
Bella Holding Co., LLC | | | 4.50% (1-Month USD Libor + 3.75%) | | | 04/01/2028 | | | | | 1,265,000 | | | | | | 1,252,350 | | | | | | 1,262,521 | | |
Birkenstock US BidCo, Inc. | | | 4.25% (1-Month USD Libor + 3.75%) | | | 04/27/2028 | | | | | 997,500 | | | | | | 992,513 | | | | | | 995,425 | | |
CCI Buyer, Inc. | | | 4.75% (1-Month USD Libor + 4.00%) | | | 12/17/2027 | | | | | 1,248,725 | | | | | | 1,261,212 | | | | | | 1,252,109 | | |
CIRCOR International, Inc. | | | 4.25% (1-Month USD Libor + 3.25%) | | | 12/11/2024 | | | | | 2,605,000 | | | | | | 2,600,013 | | | | | | 2,596,872 | | |
Cobra Holdings, Inc. | | | 4.25% (1-Month USD Libor + 3.75%) | | | 07/23/2028 | | | | | 1,710,000 | | | | | | 1,701,450 | | | | | | 1,697,175 | | |
Connect FInco SARL | | | 4.50% (1-Month USD Libor + 3.50%) | | | 12/11/2026 | | | | | 1,255,441 | | | | | | 1,261,718 | | | | | | 1,255,893 | | |
Consolidated Communications, Inc. | | | 4.25% (1-Month USD Libor + 3.50%) | | | 10/02/2027 | | | | | 1,265,000 | | | | | | 1,265,000 | | | | | | 1,265,595 | | |
Constant Contact, Inc. | | | 4.75% (1-Month USD Libor + 4.00%) | | | 02/10/2028 | | | | | 1,262,507 | | | | | | 1,256,195 | | | | | | 1,259,351 | | |
Cpc Acquisition Corp. | | | 4.50% (1-Month USD Libor + 3.75%) | | | 12/29/2027 | | | | | 1,253,700 | | | | | | 1,264,670 | | | | | | 1,252,133 | | |
CQP Holdco, LP | | | 4.25% (1-Month USD Libor + 3.75%) | | | 05/26/2028 | | | | | 2,603,475 | | | | | | 2,595,433 | | | | | | 2,594,805 | | |
Crosby US Acquisition Corp. | | | 4.84% (3-Month USD Libor + 4.75%) | | | 06/26/2026 | | | | | 1,270,254 | | | | | | 1,262,315 | | | | | | 1,269,060 | | |
Deerfield Dakota Holding, LLC | | | 4.75% (1-Month USD Libor + 3.75%) | | | 04/09/2027 | | | | | 1,148,775 | | | | | | 1,160,263 | | | | | | 1,151,107 | | |
Edelman Financial Engines Center LLC/The | | | 4.25% (1-Month USD Libor + 3.75%) | | | 04/07/2028 | | | | | 1,119,509 | | | | | | 1,119,510 | | | | | | 1,116,890 | | |
Edgewater Generation, LLC | | | 3.83% (3-Month USD Libor + 3.75%) | | | 12/13/2025 | | | | | 1,232,688 | | | | | | 1,235,770 | | | | | | 1,172,755 | | |
EG America, LLC | | | 4.75% (1-Month USD Libor + 4.25%) | | | 03/11/2026 | | | | | 1,759,985 | | | | | | 1,748,625 | | | | | | 1,758,225 | | |
Endurance International Group Holdings, Inc. | | | 4.25% (1-Month USD Libor + 3.50%) | | | 02/10/2028 | | | | | 2,525,810 | | | | | | 2,513,181 | | | | | | 2,510,023 | | |
Engineered Components & Systems, LLC(A)(B) | | | 6.50% (1-Month USD Libor + 6.00%) | | | 06/08/2028 | | | | | 885,000 | | | | | | 668,378 | | | | | | 680,912 | | |
Ensemble RCM, LLC | | | 3.88% (3-Month USD Libor + 3.75%) | | | 08/03/2026 | | | | | 2,510,785 | | | | | | 2,504,508 | | | | | | 2,514,827 | | |
Enterprise Development Authority/The | | | 5.00% (1-Month USD Libor + 4.25%) | | | 02/18/2028 | | | | | 1,238,250 | | | | | | 1,232,059 | | | | | | 1,239,736 | | |
Epicor Software Corp. | | | 4.00% (1-Month USD Libor + 4.25%) | | | 07/30/2027 | | | | | 1,255,489 | | | | | | 1,261,766 | | | | | | 1,254,924 | | |
Schedule of Investments (continued)
As of September 30, 2021 (Unaudited)
Description | | | Interest | | | Maturity Date | | | Shares or Principal Amount | | | Cost | | | Value | | |||||||||
FCG Acquisitions, Inc. | | | 4.25% (1-Month USD Libor + 3.75%) | | | 03/31/2028 | | | | | 1,703,757 | | | | | | 496,048 | | | | | | 489,659 | | |
First Brands Group, LLC | | | 6.00% (1-Month USD Libor + 5.00%) | | | 03/22/2027 | | | | | 1,258,675 | | | | | | 1,246,088 | | | | | | 1,270,003 | | |
Gainwell Acquisition Corp. | | | 4.75% (1-Month USD Libor + 4.00%) | | | 10/01/2027 | | | | | 2,522,293 | | | | | | 2,485,972 | | | | | | 2,525,976 | | |
Granite US Holdings Corp. | | | 4.15% (1-Month USD Libor + 4.00%) | | | 09/30/2026 | | | | | 1,245,795 | | | | | | 1,255,139 | | | | | | 1,245,795 | | |
Great Outdoors Group, LLC | | | 5.00% (1-Month USD Libor + 4.25%) | | | 02/26/2028 | | | | | 2,515,988 | | | | | | 2,503,408 | | | | | | 2,523,535 | | |
Greeneden US Holdings II, LLC | | | 4.75% (1-Month USD Libor + 4.00%) | | | 12/01/2027 | | | | | 1,253,700 | | | | | | 1,264,670 | | | | | | 1,257,511 | | |
Heartland Dental, LLC | | | 4.10% (1-Month USD Libor + 4.00%) | | | 04/30/2025 | | | | | 1,531,163 | | | | | | 1,531,163 | | | | | | 1,526,569 | | |
Helios Software Holdings, Inc. | | | 3.92% (1-Month USD Libor + 3.75%) | | | 02/28/2028 | | | | | 1,048,143 | | | | | | 1,045,523 | | | | | | 1,046,571 | | |
HUB International Ltd. | | | 4.00% (1-Month USD Libor + 3.25%) | | | 04/25/2025 | | | | | 1,260,475 | | | | | | 1,273,080 | | | | | | 1,260,475 | | |
Hyland Software, Inc. | | | 4.25% (1-Month USD Libor + 3.50%) | | | 07/01/2024 | | | | | 1,258,513 | | | | | | 1,255,367 | | | | | | 1,259,167 | | |
Indy US Bidco, LLC | | | 4.10% (1-Month USD Libor + 4.00%) | | | 03/05/2028 | | | | | 2,517,350 | | | | | | 2,504,763 | | | | | | 2,521,856 | | |
Ingram Micro Inc. | | | 4.00% (1-Month USD Libor + 3.50%) | | | 03/30/2028 | | | | | 1,261,838 | | | | | | 1,249,219 | | | | | | 1,264,361 | | |
Iridium Satellite, LLC | | | 3.25% (1-Month USD Libor + 2.50%) | | | 11/04/2026 | | | | | 1,259,067 | | | | | | 1,270,083 | | | | | | 1,259,520 | | |
Ivanti Software, Inc. | | | 5.75% (1-Month USD Libor + 4.75%) | | | 12/01/2027 | | | | | 1,243,750 | | | | | | 1,263,961 | | | | | | 1,245,889 | | |
Kenan Advantage Group, Inc. | | | 4.50% (1-Month USD Libor + 3.75%) | | | 03/24/2026 | | | | | 1,995,469 | | | | | | 1,985,491 | | | | | | 1,990,760 | | |
Kloeckner Pentaplast of America, Inc. | | | 5.25% (1-Month USD Libor + 4.75%) | | | 02/12/2026 | | | | | 2,517,350 | | | | | | 2,504,763 | | | | | | 2,522,083 | | |
Life Time, Inc. | | | 5.75% (1-Month USD Libor + 4.75%) | | | 12/16/2024 | | | | | 1,260,475 | | | | | | 1,257,324 | | | | | | 1,269,147 | | |
Lonestar II Generation Holdings, LLC – Term B Loan | | | 5.08% (3-Month USD Libor + 5.00%) | | | 04/20/2026 | | | | | 415,798 | | | | | | 401,245 | | | | | | 411,536 | | |
Lonestar II Generation Holdings, LLC – Term C Loan | | | 5.09% (3-Month USD Libor + 5.00%) | | | 04/20/2026 | | | | | 54,350 | | | | | | 52,448 | | | | | | 53,793 | | |
Lucid Energy Group II Borrower, LLC | | | 4.00% (3-Month USD Libor + 3.00%) | | | 02/17/2025 | | | | | 2,656,280 | | | | | | 2,598,437 | | | | | | 2,624,405 | | |
Lummus Technology Holdings V, LLC | | | 3.58% (1-Month USD Libor + 3.50%) | | | 06/30/2027 | | | | | 1,198,286 | | | | | | 1,201,282 | | | | | | 1,195,794 | | |
Madison IAQ, LLC | | | 3.75% (1-Month USD Libor + 3.25%) | | | 06/21/2028 | | | | | 1,705,725 | | | | | | 1,692,932 | | | | | | 1,702,876 | | |
Mauser Packaging Solutions Holding Co. | | | 3.34% (3-Month USD Libor + 3.25%) | | | 04/03/2024 | | | | | 1,279,974 | | | | | | 1,270,374 | | | | | | 1,252,570 | | |
Medallion Midland Acquisition, LP | | | 4.25% (3-Month USD Libor + 3.25%) | | | 10/30/2024 | | | | | 1,275,064 | | | | | | 1,275,064 | | | | | | 1,266,037 | | |
MedAssets Software Intermediate Holdings, Inc. | | | 4.50% (1-Month USD Libor + 3.75%) | | | 01/28/2028 | | | | | 1,266,825 | | | | | | 1,273,159 | | | | | | 1,266,432 | | |
Midwest Physician Administrative Services, LLC | | | 3.75% (1-Month USD Libor + 3.25%) | | | 03/05/2028 | | | | | 1,258,675 | | | | | | 1,252,382 | | | | | | 1,250,418 | | |
Mozart Debt Merger Sub, Inc. – Term Loan B | | | 3.75% (1-Month USD Libor + 3.25%) | | | 09/30/2028 | | | | | 2,500,000 | | | | | | 2,487,500 | | | | | | 2,500,000 | | |
National Mentor Holdings, Inc.(A)(B) | | | 4.50% (1-Month USD Libor + 3.75%) | | | 02/18/2028 | | | | | 1,227,420 | | | | | | 1,167,315 | | | | | | 1,172,536 | | |
National Mentor Holdings, Inc. – Term C Loan | | | 4.50% (1-Month USD Libor + 3.75%) | | | 02/18/2028 | | | | | 37,026 | | | | | | 36,841 | | | | | | 37,017 | | |
Oryx Midstream Holdings, LLC | | | 4.08% (3-Month USD Libor + 4.00%) | | | 05/22/2026 | | | | | 2,621,676 | | | | | | 2,605,484 | | | | | | 2,618,399 | | |
Peraton Corp. | | | 4.50% (1-Month USD Libor + 3.75%) | | | 02/01/2028 | | | | | 1,263,650 | | | | | | 1,257,332 | | | | | | 1,263,852 | | |
Petco Health & Wellness Co., Inc. | | | 4.00% (1-Month USD Libor + 3.25%) | | | 02/25/2028 | | | | | 2,265,650 | | | | | | 2,262,491 | | | | | | 2,264,835 | | |
PetSmart, Inc. | | | 4.50% (1-Month USD Libor + 3.75%) | | | 01/27/2028 | | | | | 1,265,000 | | | | | | 1,252,350 | | | | | | 1,266,809 | | |
PetVet Care Centers, LLC | | | 4.25% (1-Month USD Libor + 3.50%) | | | 02/14/2025 | | | | | 1,260,354 | | | | | | 1,272,958 | | | | | | 1,259,964 | | |
Prairie ECI Acquiror, LP | | | 4.83% (3-Month USD Libor + 4.75%) | | | 03/11/2026 | | | | | 2,190,000 | | | | | | 2,161,606 | | | | | | 2,114,576 | | |
Prime Security Services Borrower, LLC | | | 3.50% (1-Month USD Libor + 2.75%) | | | 09/23/2026 | | | | | 1,258,675 | | | | | | 1,269,688 | | | | | | 1,256,812 | | |
Project Ruby Ultimate Parent Corp. | | | 4.00% (1-Month USD Libor + 3.25%) | | | 03/10/2028 | | | | | 2,590,317 | | | | | | 2,583,998 | | | | | | 2,586,276 | | |
Schedule of Investments (continued)
As of September 30, 2021 (Unaudited)
Description | | | Interest | | | Maturity Date | | | Shares or Principal Amount | | | Cost | | | Value | | |||||||||
Project Sky Merger Sub, Inc. | | | 4.25% (1-Month USD Libor + 3.75%) | | | 08/10/2028 | | | | | 2,000,000 | | | | | | 1,980,000 | | | | | | 1,996,260 | | |
Proofpoint, Inc. | | | 3.75% (1-Month USD Libor + 3.25%) | | | 08/31/2028 | | | | | 2,610,000 | | | | | | 2,600,275 | | | | | | 2,595,645 | | |
Rackspace Technology Global, Inc. | | | 3.50% (1-Month USD Libor + 2.75%) | | | 02/15/2028 | | | | | 2,517,350 | | | | | | 2,504,763 | | | | | | 2,498,193 | | |
RealPage, Inc. | | | 3.75% (1-Month USD Libor + 3.25%) | | | 02/18/2028 | | | | | 2,600,000 | | | | | | 2,596,825 | | | | | | 2,591,056 | | |
Redstone Holdco 2, LP | | | 5.50% (1-Month USD Libor + 4.75%) | | | 04/14/2028 | | | | | 1,270,000 | | | | | | 1,260,872 | | | | | | 1,247,775 | | |
Ryan Specialty Group, LLC | | | 3.75% (1-Month USD Libor + 3.25%) | | | 09/01/2027 | | | | | 1,240,602 | | | | | | 1,251,457 | | | | | | 1,239,361 | | |
SCIH Salt Holdings, Inc. | | | 4.75% (1-Month USD Libor + 4.00%) | | | 03/16/2027 | | | | | 1,043,821 | | | | | | 1,038,602 | | | | | | 1,044,312 | | |
Sedgwick Claims Management Services, Inc. | | | 3.33% (3-Month USD Libor + 3.25%) | | | 12/31/2025 | | | | | 1,265,242 | | | | | | 1,262,079 | | | | | | 1,254,766 | | |
Solera, LLC | | | 4.50% (1-Month USD Libor + 4.00%) | | | 06/02/2028 | | | | | 1,280,000 | | | | | | 1,273,600 | | | | | | 1,282,406 | | |
Storable, Inc. | | | 3.75% (1-Month USD Libor + 3.25%) | | | 02/26/2028 | | | | | 2,600,000 | | | | | | 2,595,163 | | | | | | 2,591,342 | | |
Sunshine Luxembourg VII Sarl | | | 4.50% (1-Month USD Libor + 3.75%) | | | 10/01/2026 | | | | | 1,258,675 | | | | | | 1,255,528 | | | | | | 1,261,822 | | |
Tecta America Corp. | | | 5.00% (1-Month USD Libor + 4.25%) | | | 04/10/2028 | | | | | 997,500 | | | | | | 987,525 | | | | | | 998,747 | | |
The Dun & Bradstreet Corp. | | | 3.34% (1-Month USD Libor + 3.25%) | | | 02/06/2026 | | | | | 1,205,888 | | | | | | 1,213,424 | | | | | | 1,204,380 | | |
TIBCO Software, Inc. | | | 3.84% (1-Month USD Libor + 3.75%) | | | 06/30/2026 | | | | | 2,582,106 | | | | | | 2,580,448 | | | | | | 2,561,140 | | |
TK Elevator US Newco, Inc. | | | 4.00% (1-Month USD Libor + 3.50%) | | | 07/30/2027 | | | | | 1,240,648 | | | | | | 1,256,157 | | | | | | 1,242,373 | | |
TMS International Corp. | | | 3.75% (1-Month USD Libor + 2.75%) | | | 08/14/2024 | | | | | 1,260,475 | | | | | | 1,271,504 | | | | | | 1,257,324 | | |
Trader Interactive, LLC | | | 4.50% (1-Month USD Libor + 4.00%) | | | 07/28/2028 | | | | | 1,710,000 | | | | | | 1,701,450 | | | | | | 1,705,725 | | |
Traverse Midstream Partners, LLC | | | 6.50% (1-Month USD Libor + 5.50%) | | | 09/27/2024 | | | | | 1,243,358 | | | | | | 1,243,358 | | | | | | 1,243,358 | | |
TricorBraun Holdings, Inc. | | | 1.63% (1-Month USD Libor + 3.25%) | | | 01/29/2028 | | | | | 464,725 | | | | | | 158,384 | | | | | | 155,540 | | |
TricorBraun Holdings, Inc. | | | 3.75% (1-Month USD Libor + 3.25%) | | | 01/29/2028 | | | | | 2,060,923 | | | | | | 2,050,541 | | | | | | 2,048,310 | | |
Trident TPI Holdings, Inc.(A)(B) | | | 4.50% (1-Month USD Libor + 4.00%) | | | 07/29/2028 | | | | | 1,710,000 | | | | | | 1,493,834 | | | | | | 1,499,356 | | |
Triton Water Holdings, Inc. | | | 4.00% (1-Month USD Libor + 3.50%) | | | 03/18/2028 | | | | | 1,261,838 | | | | | | 1,255,528 | | | | | | 1,259,478 | | |
UKG, Inc. | | | 4.00% (1-Month USD Libor + 3.25%) | �� | | 05/04/2026 | | | | | 1,260,475 | | | | | | 1,273,080 | | | | | | 1,262,151 | | |
United Airlines, Inc. | | | 4.50% (1-Month USD Libor + 3.75%) | | | 04/14/2028 | | | | | 1,263,650 | | | | | | 1,257,331 | | | | | | 1,271,409 | | |
Univision Communications, Inc. | | | 3.75% (3-Month USD Libor + 2.75%) | | | 03/15/2024 | | | | | 2,650,000 | | | | | | 2,650,000 | | | | | | 2,646,316 | | |
Verscend Holding Corp. | | | 4.08% (1-Month USD Libor + 4.00%) | | | 08/27/2025 | | | | | 1,330,000 | | | | | | 1,330,000 | | | | | | 1,331,103 | | |
Vision Solutions, Inc. | | | 5.00% (1-Month USD Libor + 4.25%) | | | 03/19/2028 | | | | | 1,265,000 | | | | | | 1,258,674 | | | | | | 1,261,634 | | |
Worldwide Express, Inc. | | | 5.00% (1-Month USD Libor + 4.25%) | | | 07/26/2028 | | | | | 1,710,000 | | | | | | 1,692,900 | | | | | | 1,714,754 | | |
TOTAL BANK LOANS | | | | | | | | | | | | | | | | | 161,180,467 | | | | | | 161,057,677 | | |
CORPORATE BONDS(C) – 6.78% | | | | | | | | | | | | | | | | | | | | | | | | | |
Alamo Re Ltd. | | | 4.01% (3-Month Treasury Bill + 4.00%) | | | 06/07/2024 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 1,027,700 | | |
Cape Lookout Re Ltd. | | | 3.26% (1-Month Treasury Bill + 3.25%) | | | 03/22/2024 | | | | | 1,250,000 | | | | | | 1,250,000 | | | | | | 1,256,750 | | |
Cosaint Re Pte Ltd. | | | 9.26% (1-Month Treasury Bill + 9.25%) | | | 04/03/2024 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 1,044,000 | | |
Everglades Re II Ltd. | | | 5.76% (1-Month Treasury Bill + 5.75%) | | | 05/14/2024 | | | | | 925,000 | | | | | | 925,000 | | | | | | 939,245 | | |
Herbie Re Ltd. | | | 17.25% (3-Month Treasury Bill + 1.25%) | | | 06/06/2025 | | | | | 500,000 | | | | | | 500,000 | | | | | | 475,000 | | |
First Coast Re III Pte Ltd. | | | 6.01% (3-Month Treasury Bill + 6.00%) | | | 04/07/2025 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 1,025,700 | | |
FloodSmart Re Ltd. | | | 13.01% (3-Month Treasury Bill + 1.00%) | | | 03/01/2024 | | | | | 1,250,000 | | | | | | 1,250,000 | | | | | | 1,181,250 | | |
Kendall Re Ltd. | | | 4.00% (3-Month Treasury Bill + 4.00%) | | | 05/02/2024 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 981,000 | | |
Kilimanjaro III Re Ltd. | | | 4.26% (3-Month Treasury Bill + 4.25%) | | | 04/21/2025 | | | | | 800,000 | | | | | | 800,000 | | | | | | 824,080 | | |
Kilimanjaro III Re Ltd. | | | 11.26% (3-Month Treasury Bill + 1.25%) | | | 04/20/2026 | | | | | 750,000 | | | | | | 750,000 | | | | | | 768,000 | | |
Kilimanjaro III Re Ltd. | | | 4.26% (3-Month Treasury Bill + 4.25%) | | | 04/20/2026 | | | | | 700,000 | | | | | | 700,000 | | | | | | 715,190 | | |
Schedule of Investments (continued)
As of September 30, 2021 (Unaudited)
Description | | | Interest | | | Maturity Date | | | Shares or Principal Amount | | | Cost | | | Value | | |||||||||
Mona Lisa Re Ltd. | | | 6.86% (3-Month Treasury Bill + 7.00%) | | | 07/08/2025 | | | | | 750,000 | | | | | | 750,000 | | | | | | 765,900 | | |
Mystic Re IV Ltd. | | | 8.62% (3-Month Treasury Bill + 5.50%) | | | 01/08/2025 | | | | | 900,000 | | | | | | 900,000 | | | | | | 907,920 | | |
Pelican IV Re Ltd. | | | 5.26% (1-Month Treasury Bill + 5.25%) | | | 05/07/2024 | | | | | 725,000 | | | | | | 725,000 | | | | | | 717,750 | | |
Putnam RE PTE Ltd. | | | 5.32% (1-Month Treasury Bill + 5.50%) | | | 06/07/2024 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 1,023,200 | | |
Residential Reinsurance 2021 Ltd. | | | 8.30% (3-Month Treasury Bill + 9.25%) | | | 06/06/2025 | | | | | 500,000 | | | | | | 500,000 | | | | | | 507,150 | | |
Residential Reinsurance 2021 Ltd. | | | 4.74% (3-Month Treasury Bill + 5.25%) | | | 06/06/2025 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 1,013,200 | | |
Residential Reinsurance 2021 Ltd. | | | 3.40% (3-Month Treasury Bill + 3.75%) | | | 06/06/2025 | | | | | 975,000 | | | | | | 975,000 | | | | | | 987,383 | | |
Residential Reinsurance 2021 Ltd. | | | 2.29% (3-Month Treasury Bill + 2.50%) | | | 06/06/2025 | | | | | 500,000 | | | | | | 500,000 | | | | | | 505,200 | | |
Sanders RE II Ltd. | | | 3.38% (3-Month Treasury Bill + 3.50%) | | | 04/07/2028 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 1,008,900 | | |
Sierra Ltd. | | | 4.76% (3-Month Treasury Bill + 4.75%) | | | 01/31/2024 | | | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,521,300 | | |
Titania RE Ltd. | | | 4.50% (1-Month Treasury Bill + 4.50%) | | | 06/21/2024 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 1,016,200 | | |
Vista RE Ltd. | | | 6.75% (3-Month Treasury Bill + 6.75%) | | | 05/21/2024 | | | | | 1,250,000 | | | | | | 1,250,000 | | | | | | 1,271,000 | | |
TOTAL CORPORATE BONDS | | | | | | | | | | | | | | | | | 21,275,000 | | | | | | 21,483,018 | | |
SHORT-TERM INVESTMENTS – 17.74% | | | | | | | | | | | | | | | | | | | | | | | | | |
MONEY MARKET FUND – 17.74% | | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley Institutional Liquidity Fund Government Portfolio | | | 0.03%(H) | | | | | | | | 56,221,959 | | | | | | 56,221,959 | | | | | | 56,221,959 | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | | | | | | | 56,221,959 | | | | | | 56,221,959 | | |
COMMON STOCKS – 5.81% | | | | | | | | | | | | | | | | | | | | | | | | | |
IronSource Ltd. | | | | | | | | | | | 800,000 | | | | | | 8,005,334 | | | | | | 8,696,000 | | |
KKR & Co Inc. | | | | | | | | | | | 50,837 | | | | | | 2,080,987 | | | | | | 3,094,957 | | |
The Blackstone Group Inc. | | | | | | | | | | | 32,327 | | | | | | 2,080,582 | | | | | | 3,760,923 | | |
The Carlyle Group Inc. | | | | | | | | | | | 60,734 | | | | | | 2,081,214 | | | | | | 2,871,504 | | |
TOTAL COMMON STOCKS | | | | | | | | | | | | | | | | | 14,248,117 | | | | | | 18,423,384 | | |
|
Schedule of Investments (continued)
As of September 30, 2021 (Unaudited)
| | | Acquisition Type | | | Acquisition Dates(E) | | | Geographic Region(F) | | | Cost | | | Fair Value | | |||||||||
PRIVATE FUNDS(D) – 22.70% | | | | | | | |||||||||||||||||||
AFC Acquisitions, Inc.(G) | | | Co-Investment | | | | | 04/2021 | | | | North America | | | | | 4,163,756 | | | | | | 4,163,756 | | |
Austin Co-Investment, L.P.2 | | | Co-Investment | | | | | 03/2021 | | | | North America | | | | | 3,038,500 | | | | | | 6,472,127 | | |
BC Partners Galileo (1) L.P. | | | Secondary | | | | | 09/2021 | | | | Europe | | | | | 8,683,054 | | | | | | 8,491,827 | | |
CB Starfish TopCo, L.P. | | | Co-Investment | | | | | 08/2021 | | | | North America | | | | | 1,956,166 | | | | | | 1,940,000 | | |
Itelyum Co-Investment L.P. | | | Co-Investment | | | | | 09/2021 | | | | Europe | | | | | 7,857,760 | | | | | | 7,758,361 | | |
KKR Leo Co-Invest L.P. | | | Co-Investment | | | | | 06/2021 | | | | North America | | | | | 2,570,118 | | | | | | 2,552,501 | | |
L Catterton Growth IV, L.P. | | | Primary | | | | | 04/2021 | | | | North America | | | | | 6,832,544 | | | | | | 11,973,085 | | |
Magenta Blocker Aggregator L.P.(G) | | | Co-Investment | | | | | 09/2021 | | | | North America | | | | | 3,100,000 | | | | | | 3,099,930 | | |
NB Lowcode Private Equity | | | Co-Investment | | | | | 04/2021 | | | | North America | | | | | 2,910,548 | | | | | | 3,183,931 | | |
RealPage Property Parent, L.P.(G) | | | Co-Investment | | | | | 04/2021 | | | | North America | | | | | 6,500,000 | | | | | | 6,500,000 | | |
Rothwell Ventures Ultimate Feeder I (Cayman) L.P. | | | Secondary | | | | | 09/2021 | | | | North America | | | | | 10,800,069 | | | | | | 10,800,069 | | |
THL Automation Fund Investors (4K), L.P. | | | Co-Investment | | | | | 03/2021 | | | | North America | | | | | 4,000,000 | | | | | | 4,997,779 | | |
TOTAL PRIVATE FUNDS | | | | | | | | | | | | | | | | | 62,412,515 | | | | | | 71,933,366 | | |
TOTAL INVESTMENTS (Cost $315,338,058) – 103.85% | | | | | | | | | | | | | | | | | | | | | | | 329,119,404 | | |
Liabilities in excess of other assets – (3.85%) | | | | | | | | | | | | | | | | | | | | | | | (12,215,044) | | |
TOTAL NET ASSETS – 100.00% | | | | | | | | | | | | | | | | | | | | | | $ | 316,904,360 | | |
Summary of Investments
As of September 30, 2021 (Unaudited)
Summary by Investment Type | | | Fair Value | | | % of Net Assets | | ||||||
Bank Loans | | | | $ | 161,057,677 | | | | | | 50.82% | | |
Corporate Bonds | | | | | 21,483,018 | | | | | | 6.78% | | |
Short-Term Investments | | | | | | | | | | | | | |
Money Market Fund | | | | | 56,221,959 | | | | | | 17.74% | | |
Total Short-Term Investments | | | | | 56,221,959 | | | | | | 17.74% | | |
Common Stocks | | | | | 18,423,384 | | | | | | 5.81% | | |
Private Funds | | | | | 71,933,366 | | | | | | 22.70% | | |
Total Investments | | | | | 329,119,404 | | | | | | 103.85% | | |
Liabilities in excess of other assets | | | | | (12,215,044) | | | | | | (3.85)% | | |
Total Net Assets | | | | $ | 316,904,360 | | | | | | 100.00% | | |
Statement of Operations
For the six months ended September 30, 2021 (Unaudited)
| Investment Income: | | | | | | | |
| Interest income | | | | $ | 3,592,884 | | |
| Dividend income | | | | | 94,247 | | |
| Total Investment Income | | | | | 3,687,131 | | |
| Operating Expenses: | | | | | | | |
| Incentive fees | | | | | 1,244,827 | | |
| Advisory fees (see Note 3) | | | | | 325,548 | | |
| Professional fees | | | | | 202,603 | | |
| Offering costs (see Note 2) | | | | | 190,218 | | |
| Accounting and administration service fees | | | | | 129,466 | | |
| Independent managers fees | | | | | 87,500 | | |
| Other expenses | | | | | 84,383 | | |
| Total Operating Expenses | | | | | 2,264,545 | | |
| Expenses waived by Adviser | | | | | (302,443) | | |
| Net Operating Expenses | | | | | 1,962,102 | | |
| Net investment income | | | | | 1,725,029 | | |
| Net Realized and Change in Unrealized Gain on Investments | | | | | | | |
| Net realized loss on investments | | | | | (30,451) | | |
| Net change in unrealized appreciation on investments | | | | | 9,811,304 | | |
| Net Realized and Change in Unrealized Gain on Investments | | | | | 9,780,853 | | |
| Net Increase in Net Assets Resulting from Operations | | | | $ | 11,505,882 | | |
Statements of Changes in Net Assets
| | | Six Months Ended September 30, 2021 (Unaudited) | | | Period from January 19, 2021 (Commencement of Operations) through March 31, 2021* | | ||||||
Change in Net Assets from Operations: | | | | | | | | | | | | | |
Net investment income | | | | $ | 1,725,029 | | | | | $ | 6,190 | | |
Net realized loss on investments | | | | | (30,451) | | | | | | (62,754) | | |
Net change in unrealized appreciation on investments | | | | | 9,811,304 | | | | | | 3,970,042 | | |
Net Increase in Net Assets from Operations | | | | | 11,505,882 | | | | | | 3,913,478 | | |
Change in Net Assets Resulting from Capital Transactions: | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | 93,385,000 | | | | | | 208,000,000 | | |
Change in Net Assets Resulting from Capital Transactions | | | | | 93,385,000 | | | | | | 208,000,000 | | |
Net Change in Net Assets | | | | | 104,890,882 | | | | | | 211,913,478 | | |
Net Assets: | | | | | | | | | | | | | |
Beginning of period | | | | | 212,013,478 | | | | | | 100,000** | | |
End of period | | | | $ | 316,904,360 | | | | | $ | 212,013,478 | | |
Transactions in Shares: | | | | | | | | | | | | | |
Shares sold | | | | | 8,928,637 | | | | | | 20,800,000 | | |
Net Increase in Shares | | | | | 8,928,637 | | | | | | 20,800,000 | | |
Statement of Cash Flows
For the six months ended September 30, 2021 (Unaudited)
| Cash Flows from Operating Activities | | | | | | | |
| Net Change in net assets resulting from operations | | | | $ | 11,505,882 | | |
| Adjustments to reconcile net change in net assets resulting from operations to net cash provided by operating activities: | | | | | | | |
| Purchases of investments* | | | | | (379,181,447) | | |
| Proceeds from disposition of investments* | | | | | 304,468,909 | | |
| Net realized loss on investments | | | | | 30,451 | | |
| Net change in unrealized (appreciation) depreciation on investments | | | | | (9,811,304) | | |
| Changes in assets and liabilities related to operations | | | | | | | |
| (Increase) decrease in receivable for investments sold | | | | | 1,239,743 | | |
| (Increase) decrease in interest receivable | | | | | (164,083) | | |
| (Increase) decrease in other assets | | | | | 190,218 | | |
| Increase (decrease) investment securities purchased | | | | | (28,670,340) | | |
| Increase (decrease) due to Affiliate | | | | | (98,717) | | |
| Increase (decrease) advisory fee payable | | | | | 86,100 | | |
| Increase (decrease) accounting and administration service fees payable | | | | | (544) | | |
| Increase (decrease) professional fees payable | | | | | 101,855 | | |
| Increase (decrease) incentive fee payable | | | | | 205,463 | | |
| Increase (decrease) in other payables | | | | | 36,682 | | |
| Net Cash Provided by (used in) Operating Activities | | | | | (100,061,132) | | |
| Cash Flows from Financing Activities | | | | | | | |
| Contributions received in advance | | | | | 6,523,000 | | |
| Proceeds from shares sold | | | | | 93,385,000 | | |
| Net Cash Provided by (used in) Financing Activities | | | | | 99,908,000 | | |
| Net Change in Cash and Cash Equivalents | | | | | (153,132) | | |
| Cash and Cash Equivalents at Beginning of the Period | | | | | 403,129 | | |
| Cash and Cash Equivalents at End of Period | | | | $ | 249,997 | | |
Financial Highlights
| | | Six Months Ended September 30, 2021 (Unaudited) | | | Period from January 19, 2021 (Commencement of Operations) through March 31, 2021* | | ||||||
Per Share Operating Performance(1)** | | | | | | | | | | | | | |
NET ASSET VALUE, BEGINNING OF PERIOD | | | | $ | 10.19 | | | | | $ | 10.00 | | |
INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | |
Net investment income | | | | | 0.07 | | | | | | — | | |
Net realized and unrealized gain on investments | | | | | 0.40 | | | | | | 0.19 | | |
Net increase in net assets resulting from operations | | | | | 0.47 | | | | | | 0.19 | | |
DISTRIBUTIONS | | | | | | | | | | | | | |
Net change in capital due to distributions | | | | | — | | | | | | — | | |
NET ASSET VALUE, END OF PERIOD | | | | | 10.66 | | | | | | 10.19 | | |
TOTAL NET ASSET VALUE RETURN(2)(3) | | | | | 4.61% | | | | | | 1.90% | | |
RATIOS AND SUPPLEMENTAL DATA: | | | | | | | | | | | | | |
Net assets, end of period(in thousands) | | | | | 316,904 | | | | | | 212,013 | | |
Ratios to average net assets(4)(5) | | | | | | | | | | | | | |
Total expenses before expense waiver | | | | | 1.26% | | | | | | 1.16% | | |
Total expenses after expense waiver | | | | | 1.03% | | | | | | 0.76% | | |
Net investment income | | | | | 1.80% | | | | | | 0.86% | | |
Portfolio Turnover Rate(3) | | | | | 24.29% | | | | | | 12.50% | | |
Notes to the Financial Statements
September 30, 2021
Notes to the Financial Statements (continued)
September 30, 2021
Notes to the Financial Statements (continued)
September 30, 2021
Investments | | | Level 1 | | | Level 2 | | | Level 3 | | | Net Asset Value | | | Total | | |||||||||||||||
Bank Loans | | | $— | | | | $ | 161,057,677 | | | | $— | | | $— | | | | $ | 161,057,677 | | | |||||||||
Common Stocks | | | | | 18,423,384 | | | | — | | | — | | | — | | | | | 18,423,384 | | | |||||||||
Corporate Bonds | | | — | | | | | 21,483,018 | | | | — | | | — | | | | | 21,483,018 | | | |||||||||
Private Funds | | | — | | | — | | | | | 13,763,686 | | | | | | 58,169,680 | | | | | | 71,933,366 | | | ||||||
Short-Term Investments | | | | | 56,221,959 | | | | — | | | — | | | — | | | | | 56,221,959 | | | |||||||||
Total Investments | | | | $ | 74,645,343 | | | | | $ | 182,540,695 | | | | | $ | 13,763,686 | | | | | $ | 58,169,680 | | | | | $ | 329,119,404 | | |
Notes to the Financial Statements (continued)
September 30, 2021
| | | | | | | | | | | | Unobservable Inputs | | |||||||||||||||
Investments | | | Fair Value as of September 30, 2021 | | | Valuation Methodologies | | | Variable | | | Value/Range | | | Weighted Average | | ||||||||||||
Private Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Co-Investment | | | | $ | 13,763,686 | | | | Recent Transaction Value | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Total Investments | | | | $ | 13,763,686 | | | | | | | | | | | | | | | | | | | | | | | |
| Purchases | | | Sales | | |||
| $13,763,756 | | | | $ | — | | |
Notes to the Financial Statements (continued)
September 30, 2021
Notes to the Financial Statements (continued)
September 30, 2021
Notes to the Financial Statements (continued)
September 30, 2021
Notes to the Financial Statements (continued)
September 30, 2021
| November 25, 2023 | | | March 31, 2024 | | | March 31, 2025 | | |||
| $24,823 | | | $264,983 | | | | $ | 302,443 | | |
Notes to the Financial Statements (continued)
September 30, 2021
Investment: | | | Unfunded Commitment | | |||
Private Funds | | | | $ | 19,157,645 | | |
Total | | | | $ | 19,157,645 | | |
Notes to the Financial Statements (continued)
September 30, 2021
Notes to the Financial Statements (continued)
September 30, 2021
Proxy Voting and Portfolio Holdings (Unaudited)
September 30, 2021
Item 1. Reports to Stockholders Continued.
(b) not applicable to the Registrant.
Item 2. Code of Ethics.
Not applicable to semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable to semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable to semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to semi-annual reports.
Item 6. Schedule of Investments.
(a) The Schedule of Investments is included as part of the report to members filed under Item 1 of this form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
(a) Not applicable to semi-annual reports.
(b) As of September 30, 2021:
Neuberger Berman Private Equity’s PIPCO investment team is responsible for the day-to-day management of the Fund and serves as the day-to-day interface with the members of the Private Investment Portfolio and Co-Investment Investment Committee (the “Investment Committee”), which serve as the Fund’s Portfolio Fund Managers. The Investment Committee and other senior private equity investment personnel also have responsibility for managing private equity investments made on behalf of third-party investors, sourcing new investment opportunities, performing due diligence on all new investment opportunities and monitoring existing investments.
Since the Registrant’s most recent annual report on Form N-CSR, Elizabeth Traxler was added as a member of the Investment Committee. The information below is with respect to Elizabeth Traxler, who joined the Investment Committee effective August 2021.
Elizabeth Traxler is a Managing Director of Neuberger Berman and a senior member of the Private Investment Portfolios & Co-Investments team. She is also a member of the Private Investment Portfolios, Co-investments and the Secondary Investment Committees. Prior to joining Neuberger Berman in 2008, Ms. Traxler was at Wachovia Capital Partners (now known as Pamlico Capital), where she focused on making direct growth equity and buyout investments across a broad range of industries. Ms. Traxler also worked at Wachovia Securities in the Leveraged Capital Group, which provided senior and mezzanine debt for private equity-backed transactions. She is currently a Board Observer for several private companies and Advisory Board member for a number of private equity funds. Ms. Traxler received an M.B.A. from the Kellogg School of Management at Northwestern University and a B.A., cum laude, in Economics from Vanderbilt University.
Other Accounts Managed as of September 30, 2021:
The following tables set forth information about funds and accounts other than the Registrant for which Elizabeth Traxler, as a member of the Investment Committee, is primarily responsible for the day-to-day portfolio management as of September 30, 2021. Registered investment companies in a “master-feeder” structure are counted as one investment company for purposes for determining the number of accounts managed.
Elizabeth Traxler
Registered Investment Companies Managed | Pooled Vehicles Managed | Other Accounts Managed | ||||||||
Number | Total Assets | Number | Total Assets | Number | Total Assets | |||||
7 | $1,201,510,531 | 29 | $20,341,123,051 | 104 | $30,888,628,364 |
Registered Investment Companies Managed | Pooled Vehicles Managed | Other Accounts Managed | ||||||||
Number with Performance- Based Fees | Total Assets with Performance- Based Fees | Number with Performance- Based Fees | Total Assets with Performance- Based Fees | Number with Performance- Based Fees | Total Assets with Performance- Based Fees | |||||
7 | $1,201,510,531 | 29 | $20,341,123,051 | 104 | $30,888,628,364 |
Potential Conflicts of Interests
Real, potential or apparent conflicts of interest may arise should members of the Portfolio Management Team have day-to-day portfolio management responsibilities with respect to more than one fund. Portfolio Management Team members may manage other accounts with investment strategies similar to the Registrant, including other investment companies, pooled investment vehicles and separately managed accounts. Fees earned by the Investment Adviser may vary among these accounts and Portfolio Management Team members may personally invest in these accounts. These factors could create conflicts of interest because the Portfolio Management Team members may have incentives to favor certain accounts over others, that could result in other accounts outperforming the Registrant. A conflict may also exist if a Portfolio Management Team member identifies a limited investment opportunity that may be appropriate for more than one account, but the Registrant is not able to take full advantage of that opportunity due to the need to allocate that opportunity among multiple accounts. In addition, a Portfolio Management Team member may execute transactions for another account that may adversely impact the value of securities held by the Registrant. However, the Investment Adviser believes that these risks are mitigated by the fact that accounts with like investment strategies managed by the Portfolio Management Team members are generally managed in a similar fashion and the Investment Adviser has policies that seek to allocate opportunities on a fair and equitable basis, taking into consideration the investment objectives and strategies and any legal, tax or regulatory considerations.
Compensation Structure of Portfolio Manager(s) or Management Team Members - As of September 30, 2021:
Neuberger Berman’s compensation philosophy is one that focuses on rewarding performance and incentivizing our employees. We are also focused on creating a compensation process that we believe is fair, transparent, and competitive with the market.
Compensation for the Fund’s Portfolio Management Team consists of fixed (salary) and variable (bonus) compensation but is more heavily weighted on the variable portion of total compensation and is paid from a team compensation pool made available to the portfolio management team with which the portfolio manager is associated. The size of the team compensation pool is determined based on a formula that takes into consideration a number of factors including the pre-tax revenue that is generated by that particular portfolio management team, less certain adjustments. The bonus portion of the compensation for a portfolio manager is discretionary and is determined on the basis of a variety of criteria, including investment performance (including the aggregate multi-year track record), utilization of central resources (including research, sales and operations/support), business building to further the longer term sustainable success of the investment team, effective team/people management, and overall contribution to the success of Neuberger Berman.
The terms of our long-term retention incentives are as follows:
· | Employee-Owned Equity. Certain employees (i.e., senior leadership and investment professionals) participate in Neuberger Berman’s equity ownership structure, which was designed to incentivize and retain key personnel. In addition, in prior years certain employees may have elected to have a portion of their compensation delivered in the form of equity. |
For confidentiality and privacy reasons, Neuberger Berman cannot disclose individual equity holdings or program participation.
· | Contingent Compensation. Certain employees may participate in the Neuberger Berman Group Contingent Compensation Plan (the “CCP”) to serve as a means to further align the interests of our employees with the success of the firm and the interests of our clients, and to reward continued employment. Under the CCP, up to 20% of a participant’s annual total compensation in excess of $500,000 is contingent and subject to vesting. The contingent amounts are maintained in a notional account that is tied to the performance of a portfolio of Neuberger Berman investment strategies as specified by the firm on an employee-by-employee basis. By having a participant’s contingent compensation tied to Neuberger Berman investment strategies, each employee is given further incentive to operate as a prudent risk manager and to collaborate with colleagues to maximize performance across all business areas. In the case of members of investment teams, including Portfolio Managers, the CCP is currently structured so that such employees have exposure to the investment strategies of their respective teams as well as the broader Neuberger Berman portfolio. |
· | Restrictive Covenants. Most investment professionals, including Portfolio Fund Managers, are subject to notice periods and restrictive covenants which include employee and client non-solicit restrictions as well as restrictions on the use of confidential information. In addition, depending on participation levels, certain senior professionals who have received equity grants have also agreed to additional notice and transition periods and, in some cases, non-compete restrictions. |
Disclosure of Securities Ownership
As of September 30, 2021, Elizabeth Traxler did not own any interest in the Registrant.
Item 9. Purchase of Equity Securities By Close-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which members may recommend nominees to the Board.
Item 11. Controls and Procedures.
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) were effective as of a date within 90 days prior to the filing date of this report, based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures, as required by Rule 30a-3(b) of the 1940 Act.
(b) There were no changes in the Registrant's internal control over financial reporting that occurred during the Registrant's fiscal half-year covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) The Fund did not engage in any securities lending activity during the six months ended September 30, 2021.
(b) The Fund did not engage in any securities lending activity and did not engage a securities lending agent during the six months ended September 30, 2021.
Item 13. Exhibits.
(a)(1) | Not applicable to semi-annual reports. |
(a)(2) | Separate certifications for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(a) under the 1940 Act, are filed herewith. |
(a)(3) | Not applicable |
(b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act is furnished herewith. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NB Crossroads Private Markets Access Fund LLC
By: | /s/ James Bowden | |
James Bowden | ||
Chief Executive Officer and President | ||
Date: December 9, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James Bowden | |
James Bowden | ||
Chief Executive Officer and President | ||
(Principal Executive Officer) |
Date: December 9, 2021
By: | /s/ Mark Bonner | |
Mark Bonner | ||
Treasurer | ||
(Principal Financial Officer) |
Date: December 9, 2021