|
The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete. |
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM NPORT-P Monthly Portfolio Investments Report |
| Confidential | ☐ |
| Filer CIK | 0001876006 |
| Filer CCC | ******** |
| Filer Investment Company Type | |
| Is this a LIVE or TEST Filing? | ☐ LIVE ☐ TEST |
| Would you like a Return Copy? | ☐ |
| Is this an electronic copy of an official filing submitted in paper format? | ☐ |
| Name | |
| Phone | |
| E-Mail Address |
| Notify via Filing Website only? | ☐ |
| Notification E-mail Address | |
| Series ID |
| Class (Contract) ID |
| a. Name of Registrant | Ares Private Markets Fund |
| b. Investment Company Act file number for Registrant: (e.g., 811-______) | 811-23727 |
| c. CIK number of Registrant | 0001876006 |
| d. LEI of Registrant | 54930051YXS5JRICQ134 |
| e. Address and telephone number of Registrant: |
| i. Street Address 1 | 245 PARK AVENUE 44TH FLOOR |
| ii. Street Address 2 | |
| iii. City | NEW YORK |
| iv. State, if applicable | |
| v. Foreign country, if applicable | |
| vi. Zip / Postal Code | 10167 |
| vii. Telephone number | 2127507300 |
| a. Name of Series. | Ares Private Markets Fund |
| b. EDGAR series identifier (if any). | |
| c. LEI of Series. | 54930051YXS5JRICQ134 |
| a. Date of fiscal year-end. | 2024-03-31 |
| b. Date as of which information is reported. | 2023-06-30 |
| a. Does the Fund anticipate that this will be its final filing on Form N PORT? | ☐ Yes ☒ No |
| Report the following information for the Fund and its consolidated subsidiaries. |
| a. Total assets, including assets attributable to miscellaneous securities reported in Part D. | 339886598.85 |
| b. Total liabilities. | 2080975.75 |
| c. Net assets. | 337805623.10 |
| a. Assets attributable to miscellaneous securities reported in Part D. | 0.00000000 |
| b. Assets invested in a Controlled Foreign Corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities. | 0.00000000 |
| c. Borrowings attributable to amounts payable for notes payable, bonds, and similar debt, as reported pursuant to rule 6-04(13)(a) of Regulation S-X [17 CFR 210.6-04(13)(a)]. |
| Amounts payable within one year. | |
| Banks or other financial institutions for borrowings. | 0.00000000 |
| Controlled companies. | 0.00000000 |
| Other affiliates. | 0.00000000 |
| Others. | 0.00000000 |
| Amounts payable after one year. | |
| Banks or other financial institutions for borrowings. | 0.00000000 |
| Controlled companies. | 0.00000000 |
| Other affiliates. | 0.00000000 |
| Others. | 0.00000000 |
| d. Payables for investments purchased either (i) on a delayed delivery, when-issued, or other firm commitment basis, or (ii) on a standby commitment basis. |
| (i) On a delayed delivery, when-issued, or other firm commitment basis: | 0.00000000 |
| (ii) On a standby commitment basis: | 0.00000000 |
| e. Liquidation preference of outstanding preferred stock issued by the Fund. | 0.00000000 |
| f. Cash and cash equivalents not reported in Parts C and D. | 174681.17000000 |
| If the average value of the Fund's debt securities positions for the previous three months, in the aggregate, exceeds 25% or more of the Fund's net asset value, provide: |
| a. Interest Rate Risk (DV01). For each currency for which the Fund had a value of 1% or more of the Fund’s net asset value, provide the change in value of the portfolio resulting from a 1 basis point change in interest rates, for each of the following maturities: 3 month, 1 year, 5 years, 10 years, and 30 years. |
| b. Interest Rate Risk (DV100). For each currency for which the Fund had a value of 1% or more of the Fund’s net asset value, provide the change in value of the portfolio resulting from a 100 basis point change in interest rates, for each of the following maturities: 3 month, 1 year, 5 years, 10 years, and 30 years. |
| Currency Metric Record | ISO Currency code | 3 month | 1 year | 5 years | 10 years | 30 years | — | — | — | — | — | — | — |
|---|
| c. Credit Spread Risk (SDV01, CR01 or CS01). Provide the change in value of the portfolio resulting from a 1 basis point change in credit spreads where the shift is applied to the option adjusted spread, aggregated by investment grade and non-investment grade exposures, for each of the following maturities: 3 month, 1 year, 5 years, 10 years, and 30 years. |
| Credit Spread Risk | 3 month | 1 year | 5 years | 10 years | 30 years | — | — | — | — | — | — |
|---|
|
For purposes of Item B.3., calculate value as the sum of the absolute values of: (i) the value of each debt security, (ii) the notional value of each swap, including, but not limited to, total return swaps, interest rate swaps, and credit default swaps, for which the underlying reference asset or assets are debt securities or an interest rate; (iii) the notional value of each futures contract for which the underlying reference asset or assets are debt securities or an interest rate; and (iv) the delta-adjusted notional value of any option for which the underlying reference asset is an asset described in clause (i),(ii), or (iii). Report zero for maturities to which the Fund has no exposure. For exposures that fall between any of the listed maturities in (a) and (b), use linear interpolation to approximate exposure to each maturity listed above. For exposures outside of the range of maturities listed above, include those exposures in the nearest maturity. |
| a. For each borrower in any securities lending transaction, provide the following information: |
| Borrower Information Record | Name of borrower | LEI (if any) of borrower | Aggregate value of all securities on loan to the borrower |
|---|---|---|---|
| — | — | — | — |
| b. Did any securities lending counterparty provide any non-cash collateral? | ☐ Yes ☒ No |
| a. Monthly total returns of the Fund for each of the preceding three months. If the Fund is a Multiple Class Fund, report returns for each class. Such returns shall be calculated in accordance with the methodologies outlined in Item 26(b) (1) of Form N-1A, Instruction 13 to sub-Item 1 of Item 4 of Form N-2, or Item 26(b) (i) of Form N-3, as applicable. |
| Monthly Total Return Record | Monthly total returns of the Fund for each of the preceding three months | Class identification number(s) (if any) of the Class(es) for which returns are reported | ||
| Month 1 | Month 2 | Month 3 | ||
| #1 | 0.53000000 | -0.71000000 | 0.60000000 | |
| #2 | 0.51000000 | -0.73000000 | 0.58000000 | |
| b. For each of the preceding three months, monthly net realized gain (loss) and net change in unrealized appreciation (or depreciation) attributable to derivatives for each of the following categories: commodity contracts, credit contracts, equity contracts, foreign exchange contracts, interest rate contracts, and other contracts. Within each such asset category, further report the same information for each of the following types of derivatives instrument: forward, future, option, swaption, swap, warrant, and other. Report in U.S. dollars. Losses and depreciation shall be reported as negative numbers. |
| i. Asset category. |
| c. For each of the preceding three months, monthly net realized gain (loss) and net change in unrealized appreciation (or depreciation) attributable to investment other than derivatives. Report in U.S. dollars. Losses and depreciation shall be reported as negative numbers. |
| Month | Monthly net realized gain(loss) | Monthly net change in unrealized appreciation (or depreciation) |
|---|---|---|
| Month 1 | 6234.87000000 | 1809167.76000000 |
| Month 2 | -15142.52000000 | -2226174.47000000 |
| Month 3 | 148638.00000000 | 2300587.06000000 |
| a. Provide the aggregate dollar amounts for sales and redemptions/repurchases of Fund shares during each of the preceding three months. If shares of the Fund are held in omnibus accounts, for purposes of calculating the Fund's sales, redemptions, and repurchases, use net sales or redemptions/repurchases from such omnibus accounts. The amounts to be reported under this Item should be after any front-end sales load has been deducted and before any deferred or contingent deferred sales load or charge has been deducted. Shares sold shall include shares sold by the Fund to a registered unit investment trust. For mergers and other acquisitions, include in the value of shares sold any transaction in which the Fund acquired the assets of another investment company or of a personal holding company in exchange for its own shares. For liquidations, include in the value of shares redeemed any transaction in which the Fund liquidated all or part of its assets. Exchanges are defined as the redemption or repurchase of shares of one Fund or series and the investment of all or part of the proceeds in shares of another Fund or series in the same family of investment companies. |
| Month | Total net asset value of shares sold (including exchanges but excluding reinvestment of dividends and distributions) | Total net asset value of shares sold in connection with reinvestments of dividends and distributions | Total net asset value of shares redeemed or repurchased, including exchanges |
|---|---|---|---|
| Month 1 | 7215000.00000000 | 0.00000000 | 0.00000000 |
| Month 2 | 6065600.00000000 | 0.00000000 | 0.00000000 |
| Month 3 | 7851950.00000000 | 0.00000000 | 0.00000000 |
| a. If applicable, provide the Fund's current Highly Liquid Investment Minimum. |
—
|
| b. If applicable, provide the number of days that the Fund's holdings in Highly Liquid Investments fell below the Fund's Highly Liquid Investment Minimum during the reporting period. |
—
|
| c. Did the Fund's Highly Liquid Investment Minimum change during the reporting period? | ☐ Yes ☐ No ☐ N/A |
| For portfolio investments of open-end management investment companies, provide the percentage of the Fund's Highly Liquid Investments that it has pledged as margin or collateral in connection with derivatives transactions that are classified among the following categories as specified in rule 22e-4 [17 CFR 270.22e-4]: |
| (1) Moderately Liquid Investments |
| (2) Less Liquid Investments |
| (3) Illiquid Investments |
| For purposes of Item B.8, when computing the required percentage, the denominator should only include assets (and exclude liabilities) that are categorized by the Fund as Highly Liquid Investments. |
| Classification |
—
|
| If the Fund is excepted from the rule 18f-4 [17 CFR 270.18f-4] program requirement and limit on fund leverage risk under rule 18f-4(c)(4) [17 CFR 270.18f-4(c)(4)], provide the following information: |
| a. Derivatives exposure (as defined in rule 18f-4(a) [17 CFR 270.18f-4(a)]), reported as a percentage of the Fund’s net asset value. |
—
|
| b. Exposure from currency derivatives that hedge currency risks, as provided in rule 18f-4(c)(4)(i)(B) [17 CFR 270.18f-4(c)(4)(i)(B)], reported as a percentage of the Fund's net asset value. |
—
|
| c. Exposure from interest rate derivatives that hedge interest rate risks, as provided in rule 18f-4(c)(4)(i)(B) [17 CFR 270.18f-4(c)(4)(i)(B)], reported as a percentage of the Fund's net asset value. |
—
|
| d. The number of business days, if any, in excess of the five-business-day period described in rule 18f-4(c)(4)(ii) [17 CFR 270.18f-4(c)(4)(ii)], that the Fund’s derivatives exposure exceeded 10 percent of its net assets during the reporting period. |
—
|
| For Funds subject to the limit on fund leverage risk described in rule 18f-4(c)(2) [17 CFR 270.18f-4(c)(2)], provide the following information, as determined in accordance with the requirement under rule 18f-4(c)(2)(ii) to determine the fund’s compliance with the applicable VaR test at least once each business day: |
| a. Median daily VaR during the reporting period, reported as a percentage of the Fund's net asset value. |
—
|
| b. For Funds that were subject to the Relative VaR Test during the reporting period, provide: | |
| i. As applicable, the name of the Fund’s Designated Index, or a statement that the Fund's Designated Reference Portfolio is the Fund’s Securities Portfolio. |
—
|
| ii. As applicable, the index identifier for the Fund’s Designated Index. |
—
|
| iii. Median VaR Ratio during the reporting period, reported as a percentage of the VaRof the Fund's Designated Reference Portfolio. |
—
|
| c. Backtesting Results. Number of exceptions that the Fund identified as a result of its backtesting of its VaR calculation model (as described in rule 18f-4(c)(1)(iv) [17 CFR 270.18f-4(c)(1)(iv)] during the reporting period. |
—
|
| For each investment held by the Fund and its consolidated subsidiaries, disclose the information requested in Part C. A Fund may report information for securities in an aggregate amount not exceeding five percent of its total assets as miscellaneous securities in Part D in lieu of reporting those securities in Part C, provided that the securities so listed are not restricted, have been held for not more than one year prior to the end of the reporting period covered by this report, and have not been previously reported by name to the shareholders of the Fund or to any exchange, or set forth in any registration statement, application, or report to shareholders or otherwise made available to the public. |
| Schedule of Portfolio Investments Record: 1 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | New Mountain Partners V, L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51261 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 18236882.88000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 5.398632122414 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☐ Yes ☒ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 2 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | Linden Opportunities Fund LP |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51255 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 4423607.80000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 1.309512778208 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☐ Yes ☒ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 3 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | KKR North America Fund XI, L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51242 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 1910703.02000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 0.565622029161 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 4 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | DFW Capital Partners V, L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51248 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 9086419.22000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 2.689836580165 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 5 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | KKR Indigo Equity Partners A L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51253 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 875293.00000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 0.259111435732 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 6 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | KKR Indigo Equity Partners B L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51250 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 12457905.00000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 3.687891541199 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 7 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | WE Strategic Partners SPE-A, L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51262 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 35665500.00000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 10.55799476417 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☐ Yes ☒ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 8 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | Apollo Investment Fund IX, L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51241 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 4720601.18000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 1.397431202204 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 9 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | Capvest Strategic Opportunities 3 SCSP |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51254 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 13147575.00000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 3.892053329173 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☐ Yes ☒ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 10 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | Warburg Pincus XII, L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51259 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 14547823.43000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 4.306566390605 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☐ Yes ☒ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 11 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | Madison Dearborn Capital Partners VII, L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51235 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 10843156.53000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 3.209880413029 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 12 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | THE SIXTH CINVEN FUND |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51264 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
Euro Member Countries
|
| e. Value. (4) | 6987646.51000000 |
| f. Exchange rate. | 0.91667400 |
| g. Percentage value compared to net assets of the Fund. | 2.068540613941 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
GUERNSEY
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☐ Yes ☒ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 13 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | Vista Equity Partners V LP |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51246 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 33183439.45000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 9.823234777881 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 14 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | Lorient Peregrine Investment, LP |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51257 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 13000417.00000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 3.848490407204 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☐ Yes ☒ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 15 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | THL Fund IX Investors (Star II), L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51263 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 1000000.00000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 0.296028227956 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☐ Yes ☒ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 16 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | Livingbridge Enterprise 2 LP |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51249 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United Kingdom Pound
|
| e. Value. (4) | 9424607.26000000 |
| f. Exchange rate. | 0.78721600 |
| g. Percentage value compared to net assets of the Fund. | 2.789949786362 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 17 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | Towerbrook TMX Continuation Fund, L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51251 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 12017704.00000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 3.557579619224 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 18 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | Platinum Equity Capital Partners IV, L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51252 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 34374460.31000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 10.17581057252 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 19 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | Insight Partners Continuation Fund II, L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51260 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 4687500.00000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 1.387632318545 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☐ Yes ☒ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 20 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | TPG Partners VI, L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51244 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 342425.33000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 0.101367563647 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 21 |
| a. Name of issuer (if any). | Goldman Sachs Financial Square Government Fund |
| b. LEI (if any) of issuer. (1) | 549300BRJMXN4GUWZ402 |
| c. Title of the issue or description of the investment. | Goldman Sachs Financial Square Government Fund |
| d. CUSIP (if any). | 38141W273 |
| At least one of the following other identifiers: |
| - ISIN | US38141W2733 |
| Balance. (2) |
| a. Balance | 56355027.21000000 |
| b. Units |
Number of shares
|
| c. Description of other units. | |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 56355027.21000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 16.68267884141 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) |
Short-term investment vehicle (e.g., money market fund, liquidity pool, or other cash management vehicle)
|
| b. Issuer type. (7) |
Registered fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☐ Yes ☒ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☒ 1 ☐ 2 ☐ 3 ☐ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 22 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | KKR Americas Fund XII (EEA) L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51239 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 5965174.55000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 1.765860051487 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 23 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | KKR Olympus Co-Invest L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51256 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 2500145.00000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 0.740113493984 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☐ Yes ☒ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 24 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | Livingbridge 6 LP |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51247 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United Kingdom Pound
|
| e. Value. (4) | 21826265.68000000 |
| f. Exchange rate. | 0.78721600 |
| g. Percentage value compared to net assets of the Fund. | 6.461190752155 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 25 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | Integrum Cap Partners LP |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51258 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 1040065.87000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 0.307888856454 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☐ Yes ☒ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| Schedule of Portfolio Investments Record: 26 |
| a. Name of issuer (if any). | N/A |
| b. LEI (if any) of issuer. (1) | N/A |
| c. Title of the issue or description of the investment. | TPG Partners VII, L.P. |
| d. CUSIP (if any). | N/A |
| At least one of the following other identifiers: |
| - Ticker (if ISIN is not available). | LM51237 |
| Balance. (2) |
| a. Balance | N/A |
| b. Units |
Other units
|
| c. Description of other units. | Other Units |
| d. Currency. (3) |
United States Dollar
|
| e. Value. (4) | 8391801.58000000 |
| f. Exchange rate. | |
| g. Percentage value compared to net assets of the Fund. | 2.484210151089 |
| a. Payoff profile. (5) | ☒ Long ☐ Short ☐ N/A |
| a. Asset type. (6) | |
| b. Issuer type. (7) |
Private fund
|
| a. ISO country code. (8) |
UNITED STATES OF AMERICA
|
| b. Investment ISO country code. (9) |
| a. Is the investment a Restricted Security? | ☒ Yes ☐ No |
| a. Liquidity classification information. (10) |
| Category. |
N/A
|
| a. Level within the fair value hierarchy (12) | ☐ 1 ☐ 2 ☐ 3 ☒ N/A |
| N/A |
| N/A |
| N/A |
| a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? | ☐ Yes ☒ No |
| b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? | ☐ Yes ☒ No |
| c. Is any portion of this investment on loan by the Fund? | ☐ Yes ☒ No |
| The Fund may provide any information it believes would be helpful in understanding the information reported in response to any Item of this Form. The Fund may also explain any assumptions that it made in responding to any Item of this Form. To the extent responses relate to a particular Item, provide the Item number(s), as applicable. |
| The Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
| Registrant: | Ares Private Markets Fund |
| By (Signature): | Vincent Britt |
| Name: | Vincent Britt |
| Title: | Vice President/Controller |
| Date: | 2023-07-30 |
ARES PRIVATE MARKETS FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2023 (UNAUDITED)
| Private Assets - 83.08% | Geographic Region | Acquisition Date | Cost | Fair Value | Percentage of Net Assets | |||||||||||
| Direct Investments/Co-Investments 0.74%(a) | ||||||||||||||||
| KKR Olympus Co-Invest L.P.(b) | North America | 10/18/2022 | $ | 2,500,000 | $ | 2,500,145 | 0.74 | % | ||||||||
| Primary Investments 0.31%(a) | ||||||||||||||||
| Integrum Cap Partners LP(c) | North America | 12/2/2022 | 1,244,163 | 1,040,066 | 0.31 | % | ||||||||||
| Secondary Investments 82.03%(a) | ||||||||||||||||
| Apollo Investment Fund IX, L.P.(c) | North America | 4/1/2022 | 3,648,850 | 4,720,601 | 1.40 | % | ||||||||||
| Capvest Strategic Opportunities 3 SCSP(b) | North America | 8/3/2022 | 12,180,059 | 13,147,575 | 3.89 | % | ||||||||||
| DFW Capital Partners V, L.P.(c) | North America | 4/1/2022 | 9,392,416 | 9,086,419 | 2.69 | % | ||||||||||
| Insight Partners Continuation Fund II, L.P.(b)(c) | North America | 3/31/2023 | 4,687,500 | 4,687,500 | 1.39 | % | ||||||||||
| KKR Americas Fund XII (EEA) L.P.(c) | North America | 4/1/2022 | 6,712,472 | 5,965,175 | 1.77 | % | ||||||||||
| KKR Indigo Equity Partners A L.P.(b) | North America | 6/8/2022 | 880,180 | 875,293 | 0.26 | % | ||||||||||
| KKR Indigo Equity Partners B L.P.(b) | North America | 6/8/2022 | 12,500,000 | 12,457,905 | 3.69 | % | ||||||||||
| KKR North America Fund XI, L.P.(c) | North America | 4/1/2022 | 1,838,375 | 1,910,703 | 0.57 | % | ||||||||||
| Linden Opportunities Fund LP(b)(c) | North America | 9/1/2022 | 4,461,086 | 4,423,608 | 1.31 | % | ||||||||||
| Livingbridge 6 LP(c) | Europe | 4/1/2022 | 16,814,943 | 21,826,266 | 6.46 | % | ||||||||||
| Livingbridge Enterprise 2 LP(c) | Europe | 4/1/2022 | 7,842,723 | 9,424,607 | 2.79 | % | ||||||||||
| Lorient Peregrine Investment, LP(b) | North America | 11/25/2022 | 10,066,631 | 13,000,417 | 3.85 | % | ||||||||||
| Madison Dearborn Capital Partners VII, L.P.(c) | North America | 4/1/2022 | 9,869,102 | 10,843,157 | 3.21 | % | ||||||||||
| New Mountain Partners V, L.P.(c) | North America | 3/31/2023 | 14,587,165 | 18,236,883 | 5.40 | % | ||||||||||
| Platinum Equity Capital Partners IV, L.P.(c) | North America | 6/30/2022 | 32,509,978 | 34,374,460 | 10.18 | % | ||||||||||
| The Sixth Cinven Fund(b)(c) | Europe | 6/26/2023 | 6,156,838 | 6,987,647 | 2.07 | % | ||||||||||
| THL Fund IX Investors (Star II), L.P.(b) | North America | 5/15/2023 | 1,000,000 | 1,000,000 | 0.30 | % | ||||||||||
| Towerbrook TMX Continuation Fund, L.P.(c) | North America | 6/13/2022 | 11,743,338 | 12,017,704 | 3.56 | % | ||||||||||
| TPG Partners VI, L.P.(c) | North America | 4/1/2022 | 384,732 | 342,425 | 0.10 | % | ||||||||||
| TPG Partners VII, L.P.(c) | North America | 4/1/2022 | 9,201,803 | 8,391,802 | 2.48 | % | ||||||||||
| Vista Equity Partners V LP(c) | North America | 4/1/2022 | 33,546,886 | 33,183,439 | 9.82 | % | ||||||||||
| Warburg Pincus XII, L.P.(c) | North America | 12/30/2022 | 11,780,245 | 14,547,823 | 4.31 | % | ||||||||||
| WE Strategic Partners SPE-A, L.P.(b) | North America | 3/31/2023 | 24,180,000 | 35,665,500 | 10.56 | % | ||||||||||
| Total Private Assets | $ | 249,729,485 | $ | 280,657,120 | ||||||||||||
| Short-Term Investments - 16.69% | Shares | Cost | Fair Value | |||||||||||||
| Money Market Funds - 16.69% | ||||||||||||||||
| Goldman Sachs Financial Square Government Fund, Institutional Class, 5.01%(d) | 56,355,027 | 56,355,027 | 56,355,027 | |||||||||||||
| Total Money Market Funds | 56,355,027 | 56,355,027 | ||||||||||||||
| Total Short-Term Investments | $ | 56,355,027 | $ | 56,355,027 | ||||||||||||
| Total Investments - 99.77% | $ | 306,084,512 | $ | 337,012,147 | ||||||||||||
| Other Assets In Excess of Liabilities - 0.23% | 793,476 | |||||||||||||||
| Net Assets - 100.00% | $ | 337,805,623 | ||||||||||||||
| (a) | Investments have no redemption provisions, are issued in private placement transactions and are restricted as to resale. For investments that were acquired through multiple transactions, the acquisition date represents the initial acquisition date of the Fund’s investment in the position. Total fair value of restricted securities amounts to $280,657,120, which represents approximately 83.08% of the Fund's net assets as of June 30, 2023. |
| (b) | Non-income producing security. |
| (c) | Additional capital has been committed but has not been fully funded by the Fund at June 30, 2023. |
| (d) | The rate shown is the annualized 7-day yield as of June 30, 2023. |
1. ORGANIZATION
Ares Private Markets Fund (the “Fund”) was organized as a Delaware statutory trust on July 28, 2021 and commenced operations on April 1, 2022. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a closed-end, non-diversified, management investment company. The Fund currently offers three separate classes of shares of beneficial interest designated as Class A, Class D, and Class I shares (“Shares”). Each class of Shares is subject to different fees and expenses. No Class A Shares were outstanding as of June 30, 2023. The Fund’s investment objective is to seek attractive long-term capital appreciation. In pursuing its investment objective, the Fund invests in an actively managed portfolio of private equity and other private assets (collectively, “Private Assets”). The Fund may gain access to Private Assets through a number of different approaches, including: (i) secondary purchases of interests in private equity and other private asset funds managed by unaffiliated asset managers (“Portfolio Funds”), including through privately negotiated transactions, from investors in a Portfolio Fund or directly from the Portfolio Fund (“Secondary Investments”); (ii) primary investments in Portfolio Funds (“Primary Investments”); and (iii) direct investments in the equity or debt of private companies, including investments alongside private equity firms (“Direct Investments/Co-Investments”). The Fund invests principally in Secondary Investments and, to a lesser degree, in Primary Investments and Direct Investments/Co-Investments, although the allocation among those types of investments may vary from time to time. The Fund may also invest a portion of its assets in a portfolio of liquid assets, including cash and cash equivalents, and may invest in liquid fixed-income securities and other credit instruments, and other investment companies, including exchange traded funds.
Ares Capital Management II LLC (the “Adviser”), a wholly owned subsidiary of Ares Management Corporation, is responsible for the day-to-day management of the Fund’s assets. Investments in the Fund may be made only by eligible investors that are both “accredited investors” as defined in Section 501(a) of Regulation D under the Securities Act of 1933, as amended, and “qualified clients” as defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended.
2. summary of SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Investment Companies.
Use of Estimates – The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The Fund believes that these estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates.
Income Taxes – It is the policy of the Fund to qualify as a regulated investment company (“RIC”), by complying with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies, and by distributing substantially all of its taxable earnings to its shareholders.
Cash – Cash consists of monies held in a non-interest bearing account at UMB Bank, N.A. Such amounts, at times, may exceed federally insured limits. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such accounts. There are no restrictions on the cash held by the Fund.
Valuation – The Fund values its investments monthly at fair value consistent with the principles of ASC Topic 820, Fair Value Measurements. The Fund has formal valuation policies and procedures (the “Valuation Procedures”), which have been approved by the Fund's Board of Trustees (the "Board"). Effective September 8, 2022, the Adviser was designated as the Valuation Designee (the "Valuation Designee") for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities. The Fund uses net asset value (“NAV”) as a practical expedient to determine the fair value of its investments in Portfolio Funds. Ordinarily, the fair value of a Portfolio Fund held by the Fund is based on the NAV of that Portfolio Fund reported by its investment manager. If the Adviser determines that the most recent NAV reported by the investment manager of a Portfolio Fund does not represent the fair value or if the investment manager of a Portfolio Fund fails to report a NAV to the Fund, a fair value determination is made by the Adviser with oversight from the Board in accordance with the Fund’s valuation procedures. This includes adjusting the previous NAV provided by an investment manager with other relevant information available at the time the Fund values its portfolio, including capital activity and events occurring between the reference dates of the investment manager’s valuation and the relevant valuation date, to the extent that the Adviser is aware of such information. For investments that do not have readily determinable fair values and for which it is not possible to use NAV as a practical expedient, the Adviser will review and value such investments using one or more of the following types of analyses:
| ● | Market comparable statistics and public trading multiples discounted for illiquidity, minority ownership and/or other factors for investments with similar characteristics. |
| ● | Discounted cash flow analysis, including a terminal value or exit multiple. |
| ● | The cost of the investment, if the cost is determined to best approximate the fair value of the investment. |
| ● | Valuations implied by third-party investment in similar assets or issuers. |
Short-term Investments – Short-term investments represent investments in money market instruments and money market mutual funds, and are recorded at NAV per share which approximates fair value. Money market instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include U.S. Government securities, commercial paper, certificates of deposit and bankers’ acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements. There are no restrictions on the short-term investments held by the Fund.
Income Recognition and Expenses – Income is recognized on an accrual basis as earned. Expenses are recognized on an accrual basis as incurred. Distributions from Portfolio Funds occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received, including return of capital, realized gains and dividend income, is based on information received from the investment manager of the Portfolio Fund. The change in unrealized appreciation on investments and foreign currency translation within the Consolidated Statement of Operations includes the Fund's share of unrealized gains and losses, realized undistributed gains and losses and the undistributed net investment income or loss on investments for the relevant period.
Shareholders’ Allocation – The Fund currently offers Class A, Class D and Class I shares. Realized and unrealized gains and losses and net investment income, excluding class specific expenses, if any, are allocated to each class of common shares based upon the relative proportion of net assets of each class. Differences in per share distributions by class are generally due to differences in class specific expenses.
Dividends and Distributions - Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.
Foreign Currency – Assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of investments and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realized gain/(loss) and change in unrealized appreciation/(depreciation) from Private Assets and foreign currency transactions in the Consolidated Statement of Operations.
3. FAIR VALUE MEASUREMENTS
The Fund follows the provisions of ASC 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Fund has considered its principal market as the market in which the Fund exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:
The three-tier hierarchy of inputs is summarized below:
| - | Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical financial instruments that the reporting entity has the ability to access at the measurement date. |
| - | Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the financial instrument, either directly or indirectly. Level 2 inputs also include quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active. |
| - | Level 3 – Significant unobservable inputs for the financial instrument (including management’s own assumptions in determining the fair value of investments). |
Investments in Portfolio Funds are recorded at fair value, using the Portfolio Funds’ net asset value as a “practical expedient,” in accordance with ASC 820-10.
Investments in Portfolio Funds generally are restricted securities that are subject to substantial holding periods and are not traded in public markets. Accordingly, the Fund may not be able to resell or realize some of its investments for extended periods, which may be several years. The types of Portfolio Funds that the Fund may make investments in include Primary and Secondary Investments.
The fair value relating to certain underlying investments of these Portfolio Funds, for which there is no public market, has been estimated by the respective Portfolio Funds’ management and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a public market for the investments existed. These differences could be material.
The Fund may also make Direct Investments/Co-Investments, which may include debt and/or equity securities issued by operating companies and are typically made as investments alongside a private equity fund.
The following table is a summary of information about the levels within the fair valuation hierarchy at which the Fund’s investments are measured as of June 30, 2023:
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Short-Term Investments | $ | 56,355,027 | $ | – | $ | – | $ | 56,355,027 | ||||||||
| Total | $ | 56,355,027 | $ | – | $ | – | $ | 56,355,027 | ||||||||
The Fund held Portfolio Funds with a fair value of $280,657,120, that in accordance with ASC 820, are excluded from the fair value hierarchy as of June 30, 2023, as investments in Portfolio Funds valued at net asset value, as a "practical expedient", are not required to be included in the fair value hierarchy.
A listing of Private Asset types held by the Fund and related attributes, as of June 30, 2023, are shown in the below table:
| Investment Category | Investment Strategy | Fair Value | Unfunded Commitments | Redemption Frequency* | Notice Period (In Days) | Redemption Restrictions Terms** | ||||||||||
| Direct Investments/ Co-Investments | Investments in an operating company alongside other investors | $ | 2,500,145 | $ | – | None | N/A | Liquidity in the form of distributions from Private Asset investments | ||||||||
| Primary Investments | Investments in newly established Portfolio Funds | 1,040,066 | 8,847,390 | None | N/A | Liquidity in the form of distributions from Private Asset investments | ||||||||||
| Secondary Investments | Investments in existing Portfolio Funds that are typically acquired in privately negotiated transactions | 277,116,909 | 55,443,920 | None | N/A | Liquidity in the form of distributions from Private Asset investments | ||||||||||
| Totals | $ | 280,657,120 | $ | 64,291,310 | ||||||||||||
| * | The information summarized in the table above represents the general terms for the specified investment type. Individual Private Asset investments may have terms that are more or less restrictive than those terms indicated for the investment type as a whole. In addition, most Private Asset investments have the flexibility, as provided for in their constituent documents, to modify and waive such terms. |
| ** | Distributions from Private Asset investments occur at irregular intervals, and the exact timing of distributions from Private Asset investments cannot be determined. It is estimated that distributions will occur over the life of the Private Asset investments. |
4. RISK FACTORS
The following are certain principal risk factors that relate to the operations and terms of the Fund. These considerations, which do not purport to be a complete description of any of the particular risks referred to or a complete list of all risks involved in an investment in the Fund, should be carefully evaluated before determining whether to invest in the Fund. The Fund’s investment program is speculative and entails substantial risks. In considering participation in the Fund, prospective investors should be aware of certain principal risk factors, including:
General Investment Risks. There is no assurance that the investments held by the Fund will be profitable, that there will be proceeds from such investments available for distribution to shareholders, or that the Fund will achieve its investment objective. An investment in the Fund is speculative and involves a high degree of risk.
Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund may be subject to a relatively high level of management risk because the Fund invests in Private Assets. The Fund's allocation of its investments across Portfolio Funds, Direct Investments and other portfolio investments representing various strategies, geographic regions, asset classes and sectors may vary significantly over time based on the Adviser's analysis and judgment. It is possible that the Fund will focus on an investment that performs poorly or underperforms other investments under various market conditions.
Closed-End Fund Structure; Liquidity Limited to Periodic Repurchases of Shares. An investment in the Fund, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. The Shares are appropriate only for investors who are comfortable with investment in less liquid or illiquid portfolio investments within an illiquid fund. Unlike open-end funds (commonly known as mutual funds), which generally permit redemptions on a daily basis, the Shares will not be redeemable at a shareholder's option. Unlike stocks of listed closed-end funds, the Shares are not listed, and are not expected to be listed, for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future.
Restrictions on Transfers. Transfers of Shares may be made only with the prior written consent of the Board, which may be withheld in the Board's sole discretion. Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board that the proposed transferee, at the time of transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability.
Non-Diversified Status. The Fund is a "non-diversified" investment company for purposes of the 1940 Act, which means it is not subject to percentage limitations under the 1940 Act on assets that may be invested in the assets of any one issuer. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified fund, like the Fund, more susceptible to the risk that one single event or occurrence can have a significant adverse impact upon the Fund.
Valuation Risk. The Fund is subject to valuation risk, which is the risk that one or more of the Portfolio Funds in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale due to factors such as incomplete data, market instability, human error, or, with respect to Portfolio Funds for which there are no readily available market quotations, the inherent difficulty in determining the fair value of certain types of investments. The Adviser may, but is not required to, use an independent pricing service or prices provided by dealers to value Portfolio Funds at their market value. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value.
A substantial portion of the Fund's assets consist of Portfolio Funds for which there are no readily available market quotations. The information available in the marketplace for such companies, their securities and the status of their businesses and financial conditions is often extremely limited, outdated and difficult to confirm. Such securities are valued by the Fund at fair value as determined pursuant to policies and procedures approved by the Board.
The value at which the Fund's investments can be liquidated may differ, sometimes significantly, from the valuations assigned by the Fund. In addition, the timing of liquidations may also affect the values obtained on liquidation. The Fund will invest a significant amount of its assets in Private Assets for which no public market exists. There can be no guarantee that the Fund's investments could ultimately be realized at the Fund's valuation of such investments.
The Fund's net asset value is a critical component in several operational matters including computation of the Advisory Fee, the Incentive Fee and the Distribution and Servicing Fee, and determination of the price at which the Shares will be offered and at which a repurchase offer will be made. Consequently, variance in the valuation of the Fund's investments will impact, positively or negatively, the fees and expenses shareholders will pay, the price a shareholder will receive in connection with a repurchase offer and the number of Shares an investor will receive upon investing in the Fund.