NB Crossroads Private Markets Access Fund LLC |
Schedule of Investments |
As of June 30, 2021 (Unaudited) |
Description | Interest | Maturity Date | Shares or Principal Amounts | Cost | Value | |||||||||||
BANK LOANS - 58.81% | ||||||||||||||||
ADMI Corp. | 3.88% (1-Month USD Libor + 325.000 basis points) | 12/23/2027 | 1,256,850 | $ | 1,270,990 | $ | 1,241,931 | |||||||||
Ahead DB Holdings, LLC | 4.50% (1-Month USD Libor + 375.000 basis points) | 10/18/2027 | 1,250,000 | 1,268,750 | 1,251,363 | |||||||||||
Alliant Holdings Intermediate, LLC | 4.25% (1-Month USD Libor + 375.000 basis points) | 11/05/2027 | 1,253,231 | 1,264,197 | 1,254,271 | |||||||||||
Alter Domus Holdco Sarl | 4.50% (1-Month USD Libor + 375.000 basis points) | 02/11/2028 | 1,266,825 | 1,260,491 | 1,264,925 | |||||||||||
Altice Financing S.A. | 2.93% (3-Month USD Libor + 275.000 basis points) | 07/15/2025 | 1,276,675 | 1,270,292 | 1,253,759 | |||||||||||
Altice France S.A. | 2.94% (3-Month USD Libor + 275.000 basis points) | 07/31/2025 | 1,273,368 | 1,271,776 | 1,250,549 | |||||||||||
Altium Packaging, LLC | 3.25% (1-Month USD Libor + 275.000 basis points) | 02/03/2028 | 2,523,675 | 2,511,057 | 2,508,306 | |||||||||||
American Trailer World Corp. | 4.50% (1-Month USD Libor + 375.000 basis points) | 03/03/2028 | 1,270,000 | 1,263,650 | 1,267,625 | |||||||||||
Applied Systems, Inc. | 3.75% (3-Month USD Libor + 325.000 basis points) | 09/19/2024 | 1,255,348 | 1,255,348 | 1,252,059 | |||||||||||
AssuredPartners, Inc. | 3.60% (1-Month USD Libor + 350.000 basis points) | 02/12/2027 | 1,263,586 | 1,262,006 | 1,256,396 | |||||||||||
Asurion, LLC | 3.35% (1-Month USD Libor + 325.000 basis points) | 12/23/2026 | 1,253,700 | 1,258,401 | 1,238,819 | |||||||||||
Asurion, LLC | 5.35% (1-Month USD Libor + 525.000 basis points) | 01/31/2028 | 185,000 | 185,000 | 186,310 | |||||||||||
Athenahealth, Inc. | 4.41% (1-Month USD Libor + 425.000 basis points) | 02/11/2026 | 2,523,675 | 2,523,675 | 2,529,202 | |||||||||||
Aveanna Healthcare, LLC | 6.50% (3-Month USD Libor + 550.000 basis points) | 03/18/2024 | 1,273,486 | 1,270,302 | 1,271,894 | |||||||||||
Aveanna Healthcare, LLC | 4.25% (1-Month USD Libor + 375.000 basis points) | 06/30/2028 | 1,042,547 | 1,037,334 | 1,042,547 | |||||||||||
Aveanna Healthcare, LLC(A) | 4.25% (1-Month USD Libor + 375.000 basis points) | 06/30/2028 | 242,453 | - | 1,212 | |||||||||||
BCP Renaissance Parent, LLC | 4.50% (3-Month USD Libor + 350.000 basis points) | 10/31/2024 | 1,287,908 | 1,268,589 | 1,263,296 | |||||||||||
Bella Holding Co., LLC | 4.50% (1-Month USD Libor + 375.000 basis points) | 04/01/2028 | 1,265,000 | 1,252,350 | 1,264,469 | |||||||||||
Berlin Packaging, LLC | 3.75% (1-Month USD Libor + 325.000 basis points) | 03/13/2028 | 1,261,838 | 1,255,528 | 1,255,528 | |||||||||||
Birkenstock US BidCo, Inc. | 4.25% (1-Month USD Libor + 375.000 basis points) | 04/27/2028 | 1,000,000 | 995,000 | 999,580 | |||||||||||
CCI Buyer, Inc. | 4.75% (1-Month USD Libor + 400.000 basis points) | 12/17/2027 | 1,251,863 | 1,264,381 | 1,253,202 | |||||||||||
CIRCOR International, Inc. | 4.25% (1-Month USD Libor + 325.000 basis points) | 12/11/2024 | 1,275,000 | 1,275,000 | 1,267,031 | |||||||||||
Connect FInco SARL | 4.50% (1-Month USD Libor + 350.000 basis points) | 12/11/2026 | 1,258,627 | 1,264,920 | 1,259,420 | |||||||||||
Consolidated Communications, Inc. | 4.25% (1-Month USD Libor + 350.000 basis points) | 10/02/2027 | 1,265,000 | 1,265,000 | 1,266,581 | |||||||||||
Constant Contact, Inc.(A) | 0.50% (1-Month USD Libor + 400.000 basis points) | 02/10/2028 | 267,882 | - | 669 | |||||||||||
Constant Contact, Inc. | 4.75% (1-Month USD Libor + 400.000 basis points) | 02/10/2028 | 997,118 | 992,132 | 994,625 | |||||||||||
Cpc Acquisition Corp. | 4.50% (1-Month USD Libor + 375.000 basis points) | 12/29/2027 | 1,256,850 | 1,267,847 | 1,253,318 | |||||||||||
CQP Holdco, LP | 4.25% (1-Month USD Libor + 375.000 basis points) | 05/26/2028 | 1,280,000 | 1,273,600 | 1,274,240 | |||||||||||
Crosby US Acquisition Corp. | 4.84% (3-Month USD Libor + 475.000 basis points) | 06/26/2026 | 1,273,503 | 1,265,543 | 1,267,135 | |||||||||||
Deerfield Dakota Holding, LLC | 4.75% (1-Month USD Libor + 375.000 basis points) | 04/09/2027 | 1,151,683 | 1,163,200 | 1,156,002 | |||||||||||
Delta 2 Lux Sarl | 3.50% (3-Month USD Libor + 250.000 basis points) | 02/01/2024 | 1,256,075 | 1,252,935 | 1,248,426 | |||||||||||
Edelman Financial Engines Center LLC/The | 4.50% (1-Month USD Libor + 375.000 basis points) | 04/07/2028 | 1,122,315 | 1,122,315 | 1,123,089 | |||||||||||
Edgewater Generation, LLC | 3.85% (3-Month USD Libor + 375.000 basis points) | 12/13/2025 | 1,255,466 | 1,258,605 | 1,195,442 | |||||||||||
EG America, LLC | 4.75% (1-Month USD Libor + 425.000 basis points) | 03/11/2026 | 1,262,907 | 1,250,278 | 1,262,907 | |||||||||||
Endurance International Group Holdings, Inc. | 4.25% (1-Month USD Libor + 350.000 basis points) | 02/10/2028 | 2,532,140 | 2,519,479 | 2,518,416 | |||||||||||
Ensemble RCM, LLC | 3.94% (3-Month USD Libor + 375.000 basis points) | 08/03/2026 | 2,517,190 | 2,510,897 | 2,517,718 | |||||||||||
Enterprise Development Authority/The | 5.00% (1-Month USD Libor + 425.000 basis points) | 02/18/2028 | 1,254,125 | 1,247,854 | 1,257,260 | |||||||||||
Epicor Software Corp. | 4.00% (1-Month USD Libor + 425.000 basis points) | 07/30/2027 | 1,258,659 | 1,264,952 | 1,256,721 | |||||||||||
Everi Payments, Inc. | 3.50% (1-Month USD Libor + 275.000 basis points) | 05/09/2024 | 1,265,000 | 1,265,000 | 1,261,838 | |||||||||||
First Brands Group, LLC | 6.00% (1-Month USD Libor + 500.000 basis points) | 03/22/2027 | 1,261,838 | 1,249,219 | 1,274,986 | |||||||||||
Gainwell Acquisition Corp. | 4.75% (1-Month USD Libor + 400.000 basis points) | 10/01/2027 | 2,528,647 | 2,492,234 | 2,534,336 | |||||||||||
Gates Global, LLC | 3.50% (1-Month USD Libor + 275.000 basis points) | 03/31/2027 | 1,263,650 | 1,260,491 | 1,260,365 | |||||||||||
Granite US Holdings Corp. | 4.15% (1-Month USD Libor + 400.000 basis points) | 09/30/2026 | 1,248,933 | 1,258,300 | 1,252,055 | |||||||||||
Great Outdoors Group, LLC | 5.00% (1-Month USD Libor + 425.000 basis points) | 02/26/2028 | 2,522,325 | 2,509,713 | 2,528,631 | |||||||||||
Greeneden US Holdings II, LLC | 4.75% (1-Month USD Libor + 400.000 basis points) | 12/01/2027 | 1,256,850 | 1,267,847 | 1,259,100 | |||||||||||
Heartland Dental, LLC | 3.60% (3-Month USD Libor + 375.000 basis points) | 04/30/2025 | 1,288,364 | 1,272,260 | 1,272,260 | |||||||||||
Helios Software Holdings, Inc. | 3.90% (1-Month USD Libor + 375.000 basis points) | 02/28/2028 | 1,048,143 | 1,045,523 | 1,047,818 | |||||||||||
HUB International Ltd. | 4.00% (1-Month USD Libor + 325.000 basis points) | 04/25/2025 | 1,263,650 | 1,276,287 | 1,262,765 | |||||||||||
Hyland Software, Inc. | 4.25% (1-Month USD Libor + 350.000 basis points) | 07/01/2024 | 1,261,756 | 1,258,602 | 1,262,804 | |||||||||||
Indy US Bidco, LLC | 4.08% (1-Month USD Libor + 400.000 basis points) | 03/05/2028 | 2,523,675 | 2,511,057 | 2,526,375 | |||||||||||
Ingram Micro Inc. | 4.00% (1-Month USD Libor + 350.000 basis points) | 03/30/2028 | 1,265,000 | 1,252,350 | 1,266,581 | |||||||||||
Iridium Satellite, LLC | 3.75% (1-Month USD Libor + 275.000 basis points) | 11/04/2026 | 1,261,814 | 1,272,854 | 1,263,038 | |||||||||||
Ivanti Software, Inc. | 5.75% (1-Month USD Libor + 475.000 basis points) | 12/01/2027 | 1,246,875 | 1,267,137 | 1,247,050 | |||||||||||
Kloeckner Pentaplast of America, Inc. | 5.25% (1-Month USD Libor + 475.000 basis points) | 02/12/2026 | 2,523,675 | 2,511,057 | 2,536,293 | |||||||||||
Life Time, Inc. | 5.75% (1-Month USD Libor + 475.000 basis points) | 12/16/2024 | 1,263,650 | 1,260,491 | 1,266,809 | |||||||||||
Lonestar II Generation Holdings, LLC - Term B Loan | 5.10% (3-Month USD Libor + 500.000 basis points) | 04/20/2026 | 415,798 | 401,245 | 407,657 | |||||||||||
Lonestar II Generation Holdings, LLC - Term C Loan | 5.10% (3-Month USD Libor + 500.000 basis points) | 04/20/2026 | 54,350 | 52,448 | 53,286 | |||||||||||
Lower Cadence Holdings, LLC | 4.10% (3-Month USD Libor + 400.000 basis points) | 05/22/2026 | 1,288,404 | 1,275,520 | 1,278,741 | |||||||||||
Lucid Energy Group II Borrower, LLC | 4.00% (3-Month USD Libor + 300.000 basis points) | 02/17/2025 | 1,323,162 | 1,273,543 | 1,309,454 | |||||||||||
Lummus Technology Holdings V, LLC | 3.60% (1-Month USD Libor + 350.000 basis points) | 06/30/2027 | 1,261,838 | 1,264,992 | 1,253,497 | |||||||||||
Mauser Packaging Solutions Holding Co. | 3.35% (3-Month USD Libor + 325.000 basis points) | 04/03/2024 | 1,283,316 | 1,273,691 | 1,251,438 | |||||||||||
Medallion Midland Acquisition, LP | 4.25% (3-Month USD Libor + 325.000 basis points) | 10/30/2024 | 1,278,376 | 1,278,376 | 1,268,469 | |||||||||||
MedAssets Software Intermediate Holdings, Inc. | 4.50% (1-Month USD Libor + 375.000 basis points) | 01/28/2028 | 1,270,000 | 1,276,350 | 1,268,413 | |||||||||||
Midwest Physician Administrative Services, LLC | 4.00% (1-Month USD Libor + 325.000 basis points) | 03/05/2028 | 1,261,838 | 1,255,528 | 1,257,901 | |||||||||||
MPH Acquisition Holdings, LLC | 3.75% (1-Month USD Libor + 300.000 basis points) | 06/07/2023 | 1,270,000 | 1,273,175 | 1,266,254 | |||||||||||
National Mentor Holdings, Inc.(A) | 0.50% (1-Month USD Libor + 375.000 basis points) | 02/18/2028 | 54,577 | - | 61 | |||||||||||
National Mentor Holdings, Inc. | 4.50% (1-Month USD Libor + 375.000 basis points) | 02/18/2028 | 1,175,620 | 1,170,079 | 1,176,925 | |||||||||||
National Mentor Holdings, Inc. - Term C Loan | 4.50% (1-Month USD Libor + 375.000 basis points) | 02/18/2028 | 37,026 | 36,841 | 37,067 | |||||||||||
Peraton Corp. | 4.50% (1-Month USD Libor + 375.000 basis points) | 02/01/2028 | 1,266,825 | 1,260,491 | 1,269,460 | |||||||||||
Petco Health & Wellness Co., Inc. | 4.00% (1-Month USD Libor + 325.000 basis points) | 02/25/2028 | 1,266,825 | 1,263,658 | 1,263,886 | |||||||||||
PetSmart, Inc. | 4.50% (1-Month USD Libor + 375.000 basis points) | 01/27/2028 | 1,265,000 | 1,252,350 | 1,265,316 | |||||||||||
PetVet Care Centers, LLC | 4.25% (1-Month USD Libor + 350.000 basis points) | 02/14/2025 | 1,263,570 | 1,276,205 | 1,265,465 | |||||||||||
Prairie ECI Acquiror, LP | 4.85% (3-Month USD Libor + 475.000 basis points) | 03/11/2026 | 1,285,000 | 1,276,969 | 1,249,123 | |||||||||||
Prime Security Services Borrower, LLC | 3.50% (1-Month USD Libor + 275.000 basis points) | 09/23/2026 | 1,261,838 | 1,272,879 | 1,260,462 | |||||||||||
Project Ruby Ultimate Parent Corp. | 4.00% (1-Month USD Libor + 325.000 basis points) | 03/10/2028 | 1,266,825 | 1,260,491 | 1,262,467 | |||||||||||
Proofpoint, Inc. | 3.75% (1-Month USD Libor + 325.000 basis points) | 06/09/2028 | 1,280,000 | 1,273,600 | 1,272,166 | |||||||||||
Rackspace Technology Global, Inc. | 3.50% (1-Month USD Libor + 275.000 basis points) | 02/15/2028 | 2,523,675 | 2,511,057 | 2,508,634 |
RealPage, Inc. | 3.75% (1-Month USD Libor + 325.000 basis points) | 02/18/2028 | 1,270,000 | 1,266,825 | 1,265,555 | |||||||||||
Redstone Holdco 2, LP(A) | 0.50% (1-Month USD Libor + 475.000 basis points) | 04/16/2028 | 357,239 | - | 2,382 | |||||||||||
Redstone Holdco 2, LP | 5.50% (1-Month USD Libor + 475.000 basis points) | 04/14/2028 | 912,761 | 903,634 | 909,722 | |||||||||||
Ryan Specialty Group, LLC | 3.75% (1-Month USD Libor + 325.000 basis points) | 09/01/2027 | 1,243,734 | 1,254,617 | 1,242,565 | |||||||||||
SCIH Salt Holdings, Inc. | 4.75% (1-Month USD Libor + 400.000 basis points) | 03/16/2027 | 1,266,825 | 1,260,491 | 1,268,941 | |||||||||||
Sedgwick Claims Management Services, Inc. | 3.35% (3-Month USD Libor + 325.000 basis points) | 12/31/2025 | 1,268,495 | 1,265,324 | 1,254,224 | |||||||||||
Solera, LLC | 4.50% (1-Month USD Libor + 400.000 basis points) | 06/02/2028 | 1,280,000 | 1,273,600 | 1,283,046 | |||||||||||
Storable, Inc. | 3.75% (1-Month USD Libor + 325.000 basis points) | 02/26/2028 | 1,270,000 | 1,266,825 | 1,263,650 | |||||||||||
Sunshine Luxembourg VII Sarl | 4.50% (1-Month USD Libor + 375.000 basis points) | 10/01/2026 | 1,261,838 | 1,258,683 | 1,265,699 | |||||||||||
Surf Holdings, LLC | 3.63% (1-Month USD Libor + 350.000 basis points) | 03/05/2027 | 1,263,622 | 1,257,304 | 1,254,625 | |||||||||||
Tech Data Corp. | 5.60% (1-Month USD Libor + 550.000 basis points) | 06/30/2025 | 1,243,734 | 1,265,500 | 1,246,844 | |||||||||||
Tecta America Corp. | 5.00% (1-Month USD Libor + 425.000 basis points) | 04/10/2028 | 1,000,000 | 990,000 | 1,001,250 | |||||||||||
Tenneco, Inc. | 3.10% (3-Month USD Libor + 300.000 basis points) | 10/01/2025 | 1,278,444 | 1,272,052 | 1,263,103 | |||||||||||
The Dun & Bradstreet Corp. | 3.35% (1-Month USD Libor + 325.000 basis points) | 02/06/2026 | 1,208,925 | 1,216,481 | 1,202,687 | |||||||||||
TI Group Automotive Systems, LLC | 3.75% (1-Month USD Libor + 325.000 basis points) | 12/16/2026 | 492,568 | 496,878 | 493,799 | |||||||||||
TIBCO Software, Inc. | 3.86% (1-Month USD Libor + 375.000 basis points) | 06/30/2026 | 1,258,643 | 1,258,643 | 1,254,238 | |||||||||||
TK Elevator US Newco Inc | 4.48% (1-Month USD Libor + 425.000 basis points) | 07/30/2027 | 1,243,758 | 1,259,305 | 1,244,280 | |||||||||||
TMS International Corp. | 3.75% (1-Month USD Libor + 275.000 basis points) | 08/14/2024 | 1,263,650 | 1,274,707 | 1,258,911 | |||||||||||
Traverse Midstream Partners, LLC | 6.50% (1-Month USD Libor + 550.000 basis points) | 09/27/2024 | 1,246,752 | 1,246,752 | 1,250,655 | |||||||||||
TricorBraun Holdings, Inc.(A) | 1.63% (1-Month USD Libor + 325.000 basis points) | 01/29/2028 | 464,725 | 15,491 | 11,833 | |||||||||||
TricorBraun Holdings, Inc. | 3.75% (1-Month USD Libor + 325.000 basis points) | 01/29/2028 | 2,066,088 | 2,055,680 | 2,049,828 | |||||||||||
Triton Water Holdings, Inc. | 4.00% (1-Month USD Libor + 350.000 basis points) | 03/18/2028 | 1,265,000 | 1,258,675 | 1,263,242 | |||||||||||
Uber Technologies, Inc. | 3.60% (1-Month USD Libor + 350.000 basis points) | 04/04/2025 | 1,263,487 | 1,263,487 | 1,262,363 | |||||||||||
UKG, Inc. | 4.00% (1-Month USD Libor + 325.000 basis points) | 05/04/2026 | 1,263,650 | 1,276,287 | 1,264,382 | |||||||||||
United Airlines, Inc. | 4.50% (1-Month USD Libor + 375.000 basis points) | 04/14/2028 | 1,266,825 | 1,260,491 | 1,282,305 | |||||||||||
Verscend Holding Corp. | 4.10% (1-Month USD Libor + 400.000 basis points) | 08/27/2025 | 1,333,333 | 1,333,333 | 1,335,479 | |||||||||||
Vision Solutions, Inc. | 5.00% (1-Month USD Libor + 425.000 basis points) | 03/19/2028 | 1,265,000 | 1,258,675 | 1,262,470 | |||||||||||
TOTAL BANK LOANS | 129,953,567 | |||||||||||||||
COMMON STOCKS - 4.06% | ||||||||||||||||
KKR & Co Inc. | 50,837 | 2,080,987 | 3,011,584 | |||||||||||||
The Blackstone Group Inc. | 32,327 | 2,080,582 | 3,140,245 | |||||||||||||
The Carlyle Group Inc. | 60,734 | 2,081,214 | 2,822,916 | |||||||||||||
TOTAL COMMON STOCKS | 8,974,745 | |||||||||||||||
CORPORATE BONDS(B) - 9.66% | ||||||||||||||||
Alamo Re Ltd. | 3.65% (3-Month Treasury Bill + 400.000 basis points) | 06/07/2024 | 1,000,000 | 1,000,000 | 1,000,800 | |||||||||||
Cape Lookout Re Ltd. | 3.26% (1-Month Treasury Bill + 325.000 basis points) | 03/22/2024 | 1,250,000 | 1,250,000 | 1,250,625 | |||||||||||
Cosaint Re Pte Ltd. | 8.98% (1-Month Treasury Bill + 925.000 basis points) | 04/03/2024 | 1,000,000 | 1,000,000 | 1,020,500 | |||||||||||
Everglades Re II Ltd. | 5.76% (1-Month Treasury Bill + 575.000 basis points) | 05/14/2024 | 925,000 | 925,000 | 925,278 | |||||||||||
Herbie Re Ltd. | 17.25% (3-Month Treasury Bill + 1725.000 basis points) | 06/06/2025 | 500,000 | 500,000 | 499,500 | |||||||||||
First Coast Re III Pte Ltd. | 6.00% (3-Month Treasury Bill + 600.000 basis points) | 04/07/2025 | 1,000,000 | 1,000,000 | 1,000,800 | |||||||||||
FloodSmart Re Ltd. | 12.56% (3-Month Treasury Bill + 1300.000 basis points) | 03/01/2024 | 1,250,000 | 1,250,000 | 1,240,000 | |||||||||||
Kendall Re Ltd. | 3.91% (3-Month Treasury Bill + 400.000 basis points) | 05/02/2024 | 1,000,000 | 1,000,000 | 1,005,000 | |||||||||||
Kilimanjaro III Re Ltd. | 4.26% (3-Month Treasury Bill + 425.000 basis points) | 04/21/2025 | 800,000 | 800,000 | 809,440 | |||||||||||
Kilimanjaro III Re Ltd. | 11.26% (3-Month Treasury Bill + 1125.000 basis points) | 04/20/2026 | 750,000 | 750,000 | 752,925 | |||||||||||
Kilimanjaro III Re Ltd. | 4.26% (3-Month Treasury Bill + 425.000 basis points) | 04/20/2026 | 700,000 | 700,000 | 709,100 | |||||||||||
Mona Lisa Re Ltd. | 7.00% (3-Month Treasury Bill + 700.000 basis points) | 07/08/2025 | 750,000 | 750,000 | 750,000 | |||||||||||
Mystic Re IV Ltd. | 5.50% (3-Month Treasury Bill + 550.000 basis points) | 01/08/2025 | 900,000 | 900,000 | 899,910 | |||||||||||
Pelican IV Re Ltd. | 5.25% (1-Month Treasury Bill + 525.000 basis points) | 05/07/2024 | 725,000 | 725,000 | 725,653 | |||||||||||
Putnam RE PTE Ltd. | 5.01% (1-Month Treasury Bill + 550.000 basis points) | 06/07/2024 | 1,000,000 | 1,000,000 | 1,000,600 | |||||||||||
Residential Reinsurance 2021 Ltd. | 9.25% (3-Month Treasury Bill + 925.000 basis points) | 06/06/2025 | 500,000 | 500,000 | 499,500 | |||||||||||
Residential Reinsurance 2021 Ltd. | 5.25% (3-Month Treasury Bill + 525.000 basis points) | 06/06/2025 | 1,000,000 | 1,000,000 | 999,700 | |||||||||||
Residential Reinsurance 2021 Ltd. | 3.75% (3-Month Treasury Bill + 375.000 basis points) | 06/06/2025 | 975,000 | 975,000 | 974,415 | |||||||||||
Residential Reinsurance 2021 Ltd. | 2.50% (3-Month Treasury Bill + 250.000 basis points) | 06/06/2025 | 500,000 | 500,000 | 499,750 | |||||||||||
Sanders RE II Ltd. | 3.50% (3-Month Treasury Bill + 350.000 basis points) | 04/07/2028 | 1,000,000 | 1,000,000 | 998,500 | |||||||||||
Sierra Ltd. | 4.75% (3-Month Treasury Bill + 475.000 basis points) | 01/31/2024 | 1,500,000 | 1,500,000 | 1,522,140 | |||||||||||
Titania RE Ltd. | 4.50% (1-Month Treasury Bill + 450.000 basis points) | 06/21/2024 | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||||
Vista RE Ltd. | 7.25% (3-Month Treasury Bill + 675.000 basis points) | 05/21/2024 | 1,250,000 | 1,250,000 | 1,256,750 | |||||||||||
TOTAL CORPORATE BONDS | 21,340,886 | |||||||||||||||
SHORT-TERM INVESTMENTS - 44.99% | ||||||||||||||||
MONEY MARKET FUND - 44.99% | ||||||||||||||||
Morgan Stanley Institutional Liquidity Fund Government Portfolio | 0.03%(C) | 99,423,996 | 99,423,996 | 99,423,996 | ||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 99,423,996 |
Acquisition Type | Acquisition Dates(E) | Geographic Region(F) | Cost | Fair Value | ||||||||||||
PRIVATE FUNDS(D) - 19.28% | ||||||||||||||||
AFC Acquisitions, Inc.(G) | Co-Investment | 04/2021 | North America | 3,800,000 | 3,800,000 | |||||||||||
Austin Co-Investment, L.P.2(G) | Co-Investment | 03/2021 | North America | 3,551,267 | 4,637,925 | |||||||||||
KKR Leo Co-Invest L.P. | Co-Investment | �� | 06/2021 | North America | 2,570,118 | 2,590,010 | ||||||||||
L Catterton Growth IV, L.P. | Primary | 04/2021 | North America | 5,090,063 | 10,038,885 | |||||||||||
NB Lowcode Private Equity | Co-Investment | 04/2021 | North America | 2,910,548 | 3,025,521 | |||||||||||
RealPage Property Parent, L.P.(G) | Co-Investment | 04/2021 | North America | 6,500,000 | 6,500,000 | |||||||||||
THL Automation Fund Investors (4K), L.P. | Co-Investment | 03/2021 | North America | 4,000,000 | 4,000,000 | |||||||||||
Thoma Bravo Ascension Fund, L.P. | Co-Investment | 06/2021 | North America | 8,005,334 | 8,002,338 | |||||||||||
TOTAL PRIVATE FUNDS | 42,594,679 | |||||||||||||||
TOTAL INVESTMENTS (Cost $293,492,433) - 136.80% | 302,287,873 | |||||||||||||||
Liabilities in excess of other assets - (36.80%) | (81,317,315 | ) | ||||||||||||||
TOTAL NET ASSETS - 100.00% | $ | 220,970,558 |
(A) | Security represents an unfunded Delayed Draw Term Loan. |
(B) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”). These securities are restricted and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the total value of these securities is $21,340,886, representing 9.66% of net assets. |
(C) | The rate is the annualized seven-day yield as of June 30, 2021. |
(D) | Non-income producing securities, which are restricted as to resale and illiquid. |
(E) | Acquistion Dates cover from the original investment date and is a required disclosure for restricted securities only. |
(F) | Geographic region is based on where a private fund is headquartered and may be different from where such fund invests or operates. In the case of primary and secondary investments, geographic region generally refers to where the majority of the underlying assets are invested. |
(G) | The fair value of the investment was determined using a significant unobservable input. |
Valuation of Investments
The Fund computes the Net Asset Value (“NAV”) for each class of Shares as of the close of business on the last business day of each month and in connection with the Fund’s offer to purchase Shares, on each date that Shares are to be repurchased, as of the date of any distribution and at such other times as the Board shall determine, in accordance with valuation principles set forth below, or may be determined from time to time, pursuant to the valuation procedures (the “Procedures”) established by the Board.
The Board has approved the Procedures pursuant to which the Fund values its investments. The Board has delegated to the Adviser general responsibility for determining, in accordance with the Procedures, the value of such investments. The value of the Fund's assets is based on information reasonably available at the time the valuation is made and the Adviser believes to be reliable.
The Adviser generally will value the Fund’s investment in Portfolio Funds and certain Direct Investments, including Direct Investments in private equity securities, using the “practical expedient” in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 provides that, in valuing alternative investments that do not have quoted market prices but calculate NAV per share or equivalent, an investor may determine fair value by using the NAV reported to the investor by the underlying investment. Portfolio Funds are generally valued based on the latest net asset value reported by a Portfolio Fund Manager or general partner. Similarly, many Direct Investments, including Direct Investments in private equity securities, are generally valued based on the valuation information provided by the lead or sponsoring private equity investors. In general, it is anticipated that such valuation information from these Portfolio Fund managers or from lead or sponsoring private equity investors will generally not be available until 60 days or more after each quarter-end. Therefore, the most recently provided valuation information about these Direct Investments and Portfolio Funds for purposes of calculating the Fund’s monthly net asset value will typically be adjusted by the Adviser pursuant to the Fund’s valuation procedures to estimate the fair value, on a monthly basis, of the interests in such Portfolio Funds or Direct Investments. To the extent the Adviser is either unable to utilize the practical expedient under ASC 820, or where the Adviser determines that use of the practical expedient is not appropriate as it will not result in a price that represents the current value of an investment, the Adviser will make a fair value determination of the value of the investment.
Domestic exchange traded equity securities (other than options) will be valued at their last sale prices as reported on the exchanges where those securities are primarily traded. If no sales of a security are reported on a particular day, the security will be valued based on its bid price for a security held long, or its ask price for a security held short, as reported by those exchanges. Securities traded primarily on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”). If no NOCP is available, the security will generally be valued at the latest bid price as reported on NASDAQ. In the absence of such sales or quotations, other publicly offered securities will be valued at their bid prices (or asked prices in the case of securities held short) as obtained from one or more dealers making markets for those securities.
Debt securities may be valued in accordance with the procedures described for equity securities above. In addition, debt securities may be valued by an independent pricing service approved by the Board on the basis of market quotations. The Adviser will monitor the reasonableness of valuations provided by the pricing service. Debt securities with remaining maturities of 60 days or less will be valued on the basis of amortized cost, unless other factors indicate that amortized cost is not an accurate estimate of the security’s value. If a valuation for a security is not available from an independent pricing service or if the Adviser believes in good faith that the valuation does not reflect the amount the Fund would receive on a current sale of that security, the Fund seeks to obtain quotations from brokers or dealers. If such quotations are not readily available, the Fund may use a fair value estimate made according to methods approved by the Board of Managers.
For illiquid securities for which no market quotations are available (other than interests in Portfolio Funds and certain Direct Investments, as described above) and for which independent appraisals of current value can readily be obtained, valuations will be based on such appraisals. Otherwise, valuation of illiquid securities (other than interests in Portfolio Funds and certain Direct Investments, as described above) will remain at cost except that original cost valuation will be adjusted based on a determination of such investment’s fair value.
FASB ASC 820-10, “Fair Value Measurements” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). FASB ASC 820 provides three levels of the fair value hierarchy as follows:
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access; |
Level 2 | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data; |
Level 3 | Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. |
Most Portfolio Funds and certain Direct Investments are structured as closed-end, commitment-based private investment funds to which the Fund commits a specified amount of capital upon inception of the investment (i.e., committed capital) which is then drawn down over a specified period of the investment’s life. Such investments generally do not provide redemption options for investors and, subsequent to final closing, do not permit subscriptions by new or existing investors. Accordingly, the Fund generally holds interests for which there is no active market, although, in some situations, a transaction may occur in the “secondary market” where an investor purchases a limited partner’s existing interest and remaining commitment.
Assumptions used by the Adviser due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations and financial condition.
The following table presents the investments carried on the Statement of Assets and Liabilities by level within the valuation hierarchy as of June 30, 2021.
Investments | Level 1 | Level 2 | Level 3 | Net Asset Value | Total | |||||||||||||||
Bank Loans | $ | — | $ | 129,953,567 | $ | — | $ | — | $ | 129,953,567 | ||||||||||
Common Stocks | 8,974,745 | — | — | — | 8,974,745 | |||||||||||||||
Corporate Bonds | — | 21,340,886 | — | — | 21,340,886 | |||||||||||||||
Private Funds | — | — | 14,937,925 | 27,656,754 | 42,594,679 | |||||||||||||||
Short-Term Investments | 99,423,996 | — | — | — | 99,423,996 | |||||||||||||||
Total Investments | $ | 108,398,741 | $ | 151,294,453 | $ | 14,937,925 | $ | 27,656,754 | $ | 302,287,873 |
Additional sector, industry, or geographic detail, if any, is included in the Schedule of Investments.
Significant Unobservable Inputs
As of June 30, 2021, the Fund had Level 3 investments valued at $14,937,925. The fair value of investments valued at $27,656,754 in the Fund’s Schedule of Investments have been valued at the unadjusted NAV by the managers of the investments.
The classification of an investment within Level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement. The following table summarizes the valuation methodologies and inputs used for investments categorized in Level 3 as of June 30, 2021.
Investments | Fair Value as of June 30, 2021 | Valuation Methodologies | Variable | Value/Range | Weighted Average | |||||||||||
Private Funds | ||||||||||||||||
AFC Acquisitions, Inc. | $ | 3,800,000 | Recent Transaction Value | N/A | N/A | N/A | ||||||||||
Austin Co-Investment, LP | 4,637,925 | Market Approach | Adjusted EBITDA | 5.2x | N/A | |||||||||||
RealPage Property Parent, L.P. | 6,500,000 | Recent Transaction Value | N/A | N/A | N/A | |||||||||||
Total Investments | $ | 14,937,925 |
During the period ended June 30, 2021, purchases of and sales from Level 3 investments were as follows:
Purchases | Sales | |||||
$ | 10,300,000 | $ | — | |||
During the period ended June 30, 2021, change in unrealized appreciation and realized gains from Level 3 investments were $1,107,925 and $0, respectively.
The Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period. There were no transfers into or out of Level 3 during the period ended June 30, 2021.
The estimated remaining life of the Fund’s investments as of June 30, 2021, is unknown at this time.
Restricted securities are securities that may be resold only upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. The restricted securities may be valued at the price provided by dealers in the secondary market or, if no market prices are available, the fair value as determined in good faith using methods approved by the Board.