CYPRESS CREEK PRIVATE STRATEGIES MASTER FUND, L.P.
Schedule of Investments
June 30, 2023
(Unaudited)
| Geographic Region* | Initial Investment Date | Shares | Cost | Fair Value | % of Partners’ Capital | ||||||||||||||||
| Private Investments Portfolio | |||||||||||||||||||||
| Operating Companies | |||||||||||||||||||||
| Buyout | 0.69 | % | |||||||||||||||||||
| Clovis Point II RIVS Investment, LLC (4)(6) | NAM | 2017 | $ | 650,000 | $ | 263,869 | |||||||||||||||
| Milton ZXP LLC - Class A Units (4)(6) | NAM | 2018 | 6,029 | 602,900 | 1,205,800 | ||||||||||||||||
| Venture Capital | 0.00 | % | |||||||||||||||||||
| TasteMade, Inc. (4) | NAM | 2015 | 2,582 | 100,000 | - | ||||||||||||||||
| Total Operating Companies | 1,352,900 | 1,469,669 | 0.69 | % | |||||||||||||||||
| Private Investment Funds | |||||||||||||||||||||
| Private Debt | |||||||||||||||||||||
| Private Debt | 7.70 | % | |||||||||||||||||||
| ABRY Advanced Securities Fund, L.P. | NAM | 2008 | - | 4,076 | |||||||||||||||||
| Alloy Merchant Partners, L.P. (1)(2) | ROW | 2018 | 475,064 | 181,771 | |||||||||||||||||
| Aviator Capital Fund IV US Feeder, L.P. | GL | 2018 | 1,869,778 | 2,265,218 | |||||||||||||||||
| Aviator Capital Mid-Life Us Feeder Fund, LP | GL | 2016 | 1,850,357 | 2,712,080 | |||||||||||||||||
| BDCM Opportunity Fund II, L.P.(1) | NAM | 2006 | 501,444 | 105,328 | |||||||||||||||||
| Colbeck Strategic Lending Onshore Feeder, LP (2) | NAM | 2016 | 3,930,533 | 3,951,011 | |||||||||||||||||
| Crestline Opportunities Fund III, LLC (1) | NAM | 2016 | 1,919,571 | 3,072,402 | |||||||||||||||||
| Freedom Participation Partners I, LLC (1) | NAM | 2016 | 1,247,460 | 38,232 | |||||||||||||||||
| Garrison Opportunity Fund II A LLC | GL | 2010 | - | 1,612 | |||||||||||||||||
| Garrison Opportunity Fund LLC | GL | 2009 | - | 1,795 | |||||||||||||||||
| ILS Property & Casualty Master Fund Ltd. | NAM | 2014 | 1,523,944 | 5,820 | |||||||||||||||||
| India Asset Recovery Fund L.P. | AS | 2006 | - | 275 | |||||||||||||||||
| MatlinPatterson Global Opportunities Partners III, L.P. | NAM | 2007 | 860,392 | 481 | |||||||||||||||||
| Parabellum Partners II, LP (1) | NAM | 2019 | 2,516,400 | 2,854,628 | |||||||||||||||||
| Rosebrook 2018 Co-Invest I, L.P. (3) | ROW | 2018 | 1,023,648 | 713,437 | |||||||||||||||||
| Strategic Value Global Opportunities Fund I-A, L.P. | EU | 2006 | 28,951 | 137,464 | |||||||||||||||||
| Tuckerbrook SB Global Distressed Fund I, L.P. | GL | 2006 | 102,897 | 289,434 | |||||||||||||||||
| Total Private Debit (6) | 17,850,439 | 16,335,064 | 7.70 | % | |||||||||||||||||
| Private Equity | |||||||||||||||||||||
| Buyout | 24.67 | % | |||||||||||||||||||
| Advent Latin American Private Equity Fund IV-F L.P. | ROW | 2007 | 201,045 | 101,651 | |||||||||||||||||
| Advent Latin American Private Equity Fund V-F L.P. | ROW | 2010 | 1,125,971 | 494,337 | |||||||||||||||||
| Chicago Pacific Founders Fund II, LP (1) | NAM | 2019 | 3,894,640 | 10,070,153 | |||||||||||||||||
| Clovis Point II, LP | NAM | 2018 | 2,305,697 | 2,220,209 | |||||||||||||||||
| CRC (Atria) Investment Holdings, L.P. (3)(4) | NAM | 2022 | 4,263,131 | 4,162,677 | |||||||||||||||||
| Darwin Private Equity I L.P. | EU | 2007 | 1,251,657 | 26,187 | |||||||||||||||||
| Intervale Capital Fund, L.P. | NAM | 2007 | 423,099 | 1,956 | |||||||||||||||||
| J.C. Flowers III L.P. | EU | 2009 | 1,142,330 | 183,396 | |||||||||||||||||
| KF Partner Investments Fund III LP (2) | NAM | 2019 | 2,061,175 | 2,717,795 | |||||||||||||||||
| Monomoy Capital Partners II, L.P. | NAM | 2011 | 1,032,653 | 309,112 | |||||||||||||||||
| Monomoy Capital Partners III, L.P. (1) | NAM | 2016 | 1,630,409 | 5,504,899 | |||||||||||||||||
| Reservoir Capital Partners (Cayman), L.P. (1) | GL | 2006 | 31,595 | 70,987 | |||||||||||||||||
| Sovereign Capital Limited Partnership III | EU | 2009 | - | 39,468 | |||||||||||||||||
| Sterling Capital Partners II, L.P. (1) | NAM | 2005 | 190,740 | 11,467 | |||||||||||||||||
| Strattam Capital Investment Fund, L.P. | NAM | 2014 | 3,286,699 | 3,919,124 | |||||||||||||||||
| Strattam Capital Investment Fund II, L.P. | NAM | 2017 | 2,329,660 | 3,840,097 | |||||||||||||||||
| Strattam Capital Investment Fund III, L.P. (1)(2) | NAM | 2021 | 5,410,781 | 5,055,794 | |||||||||||||||||
| Strattam Co-Invest Fund V, L.P. | NAM | 2018 | - | 682,239 | |||||||||||||||||
| Strattam Co-Invest Fund VI, L.P. | NAM | 2018 | 725,757 | 1,043,382 | |||||||||||||||||
| Strattam Co-Invest Fund VII, L.P. | NAM | 2019 | 413,727 | 836,359 | |||||||||||||||||
| Strattam Co-Invest Fund IX, L.P. (3) | NAM | 2023 | 3,743,772 | 3,742,777 | |||||||||||||||||
| Trivest Fund IV, L.P. | NAM | 2007 | 12,230 | 7,215 | |||||||||||||||||
| Viburnum Equity 4, LP (1)(2) | ROW | 2019 | 7,153,520 | 7,308,559 | |||||||||||||||||
| Growth Equity | 9.40 | % | |||||||||||||||||||
| Catterton Growth Partners, L.P. | NAM | 2007 | 1,929,339 | 610,353 | |||||||||||||||||
| Crosslink Crossover Fund V, L.P. | NAM | 2007 | 316,468 | 100,025 | |||||||||||||||||
| Crosslink Crossover Fund VI, L.P. | NAM | 2011 | - | 3,254,579 | |||||||||||||||||
| Gavea Investment Fund II A, L.P. | ROW | 2007 | - | 7,501 | |||||||||||||||||
| Gavea Investment Fund III A, L.P. | ROW | 2008 | - | 33,265 | |||||||||||||||||
| HealthCor Partners Fund, L.P. | NAM | 2007 | 269,603 | 405,044 | |||||||||||||||||
| LoneTree I, L.P. (2) | NAM | 2023 | 4,538,927 | 4,536,631 | |||||||||||||||||
| New Horizon Capital III, L.P. (1) | AS | 2008 | - | 12,034 | |||||||||||||||||
| NGP Energy Technology Partners II, L.P.(1) | NAM | 2008 | 690,970 | 307,627 | |||||||||||||||||
| Northstar Equity Partners III (1) | AS | 2011 | 535,672 | 310,790 | |||||||||||||||||
| Orchid Asia IV, L.P. (1) | AS | 2007 | 887,156 | 312,724 | |||||||||||||||||
| Pinto America Growth Fund, L.P. | NAM | 2005 | - | 13,132 | |||||||||||||||||
| Saints Capital VI, L.P. | NAM | 2008 | 1,659,216 | 380,618 | |||||||||||||||||
| Trustbridge Partners II, L.P. (1) | AS | 2007 | 1,009,356 | 693,240 | |||||||||||||||||
| Trustbridge Partners III, L.P. | AS | 2008 | 3,246,506 | 2,230,963 | |||||||||||||||||
| Trustbridge Partners IV, L.P. (1) | AS | 2011 | 625 | 2,884,293 | |||||||||||||||||
| Trustbridge Partners V, L.P. (1) | AS | 2014 | 4,312,894 | 3,855,960 | |||||||||||||||||
| Secondaries | 1.51 | % | |||||||||||||||||||
| Private Equity Investment Fund V, L.P. | NAM | 2009 | 5,677,931 | 3,195,492 | |||||||||||||||||
| Venture Capital | 10.14 | % | |||||||||||||||||||
| Artis Ventures II, L.P. | NAM | 2013 | 1,085,752 | 2,032,837 | |||||||||||||||||
| Chrysalis Ventures III, L.P. | NAM | 2006 | 208,572 | 75,730 | |||||||||||||||||
| Dace Ventures I, LP | NAM | 2007 | 347,577 | 137,462 | |||||||||||||||||
| Fairhaven Capital Partners, L.P. | NAM | 2007 | 1,556,314 | 315,810 | |||||||||||||||||
| Founders Fund III, LP | NAM | 2010 | - | 3,482,810 | |||||||||||||||||
| Founders Fund IV, LP | NAM | 2012 | - | 4,750,754 | |||||||||||||||||
| Sanderling Venture Partners VI, L.P. | NAM | 2004 | 94,987 | 14,410 | |||||||||||||||||
| Sanderling Venture Partners VI Co-Investment Fund, L.P. | NAM | 2004 | 210,432 | 59,928 | |||||||||||||||||
| Tenaya Capital V, LP (1) | NAM | 2007 | 24,309 | 79,111 | |||||||||||||||||
| Tenaya Capital VI, LP | NAM | 2012 | 760,163 | 875,448 | |||||||||||||||||
| The Column Group, LP | NAM | 2007 | 966,337 | 928,973 | |||||||||||||||||
| The Column Group II, LP | NAM | 2014 | 1,999,372 | 4,189,905 | |||||||||||||||||
| The Column Group III, LP | NAM | 2016 | 3,086,043 | 2,903,353 | |||||||||||||||||
| Tiger Global Private Investment Partners V, L.P. | AS | 2008 | 1,219,100 | 1,111,478 | |||||||||||||||||
| Tiger Global Private Investment Partners VI, L.P. | AS | 2010 | - | 497,621 | |||||||||||||||||
| Voyager Capital Fund III, L.P. | NAM | 2006 | 286,772 | 58,905 | |||||||||||||||||
| Total Private Equity (6) | 79,550,681 | 97,008,646 | 45.72 | % | |||||||||||||||||
| Real Assets | |||||||||||||||||||||
| Infrastructure | 8.54 | % | |||||||||||||||||||
| Allied Strategic Partners Fund I-A, LP (3) | NAM | 2021 | 10,142,467 | 10,376,781 | |||||||||||||||||
| EIV Capital Fund II, LP (1) | NAM | 2014 | 2,877,033 | 2,344,079 | |||||||||||||||||
| Haddington Energy Partners III, L.P. | NAM | 2005 | 604,735 | 1,446,802 | |||||||||||||||||
| TPF II-A, L.P. | NAM | 2008 | 1,213,282 | 18,522 | |||||||||||||||||
| YTM6, LLC (2) | NAM | 2022 | 3,470,498 | 3,925,175 | |||||||||||||||||
| Natural Resources | 11.89 | % | |||||||||||||||||||
| EMG Iron Ore Holdco, LP | NAM | 2019 | 476,106 | 763,642 | |||||||||||||||||
| Energy & Minerals Group Fund II, L.P. (1) | NAM | 2011 | 2,295,341 | 2,464,569 | |||||||||||||||||
| Merit Energy Partners G, L.P. (1) | NAM | 2008 | 2,854,173 | 1,386,431 | |||||||||||||||||
| Midstream & Resources Follow-On Fund, L.P. | ROW | 2009 | 518,415 | 444,002 | |||||||||||||||||
| NGP IX Offshore Fund, L.P.(1) | NAM | 2007 | 613,623 | 21,073 | |||||||||||||||||
| NGP Midstream & Resources, L.P. | ROW | 2007 | 976,239 | 105,256 | |||||||||||||||||
| Pine Brook Capital Partners, L.P. | NAM | 2007 | 1,747,294 | 233,408 | |||||||||||||||||
| Quantum Parallel Partners V, LP | NAM | 2008 | 2,805,960 | 494,824 | |||||||||||||||||
| Sentient Global Resources Fund III, L.P. | ROW | 2009 | 2,568,145 | 661,256 | |||||||||||||||||
| Sentient Global Resources Fund IV, L.P. | ROW | 2011 | 1,833,312 | 496,158 | |||||||||||||||||
| Tembo Capital Co-Investment Partners I, LP (3) | ROW | 2022 | 7,515,253 | 8,094,437 | |||||||||||||||||
| Tembo Capital Mining Fund III LP | GL | 2020 | 6,175,819 | 6,585,113 | |||||||||||||||||
| Vortus Investments II, LP | NAM | 2017 | 1,799,104 | 2,757,763 | |||||||||||||||||
| Vortus Investments, LP | NAM | 2014 | 2,864,496 | 709,652 | |||||||||||||||||
| Real Estate | 4.29 | % | |||||||||||||||||||
| Benson Elliot Real Estate Partners II, L.P. | EU | 2006 | 349,758 | 6,625 | |||||||||||||||||
| Forum European Realty Income III, L.P. | EU | 2007 | 820,961 | 64,470 | |||||||||||||||||
| GTIS Brazil Real Estate Fund (Brazilian Real) LP | ROW | 2008 | 1,197,791 | 648,572 | |||||||||||||||||
| Lone Star Real Estate Fund II (U.S.), L.P. | GL | 2009 | 58 | 3,799 | |||||||||||||||||
| Monsoon Infrastructure & Realty Co-Invest, L.P. | AS | 2008 | 941,846 | 573,377 | |||||||||||||||||
| Northwood Real Estate Co-Investors LP (1) | NAM | 2007 | 335,411 | 406,104 | |||||||||||||||||
| Northwood Real Estate Partners LP (1) | NAM | 2007 | 1,068,143 | 1,314,261 | |||||||||||||||||
| ORBIS Real Estate Fund I (2) | AS | 2006 | 1,969,703 | 360,537 | |||||||||||||||||
| Patron Capital, L.P. II | EU | 2005 | 123,803 | 1,293 | |||||||||||||||||
| Patron Capital, L.P. III | EU | 2007 | 598,435 | 28,254 | |||||||||||||||||
| Pennybacker IV, LP | NAM | 2016 | 1,026,628 | 675,626 | |||||||||||||||||
| Phoenix Asia Real Estate Investments II, L.P. | AS | 2006 | 823,410 | 711,806 | |||||||||||||||||
| Prescott Strategies Fund I LP | NAM | 2017 | 2,134,503 | 1,993,483 | |||||||||||||||||
| Red Dot Holdings III, LP (1)(2) | NAM | 2018 | 2,683,350 | 2,292,534 | |||||||||||||||||
| SBC US Fund II, LP | ROW | 2011 | 789,902 | 39,565 | |||||||||||||||||
| Total Real Assets (6) | 68,214,997 | 52,449,249 | 24.72 | % | |||||||||||||||||
| Total Private Investment Funds (6) | 165,616,117 | 165,792,959 | 78.14 | % | |||||||||||||||||
| Total Private Investments Portfolio | 166,969,017 | 167,262,628 | 78.83 | % |
| Cash Management Portfolio | |||||||||||||||||||||
| Hedge Funds | |||||||||||||||||||||
| Event Driven | 0.46 | % | |||||||||||||||||||
| BDCM Partners I, L.P. | NAM | 2019 | 1,364,736 | 973,954 | |||||||||||||||||
| Fortelus Special Situations Fund Ltd. | GL | 2019 | - | 2,048 | |||||||||||||||||
| Global Macro | 5.30 | % | |||||||||||||||||||
| GAM Systematic Core Macro (Cayman) Fund LP | GL | 2019 | 8,500,000 | 11,251,022 | |||||||||||||||||
| Relative Value | 14.01 | % | |||||||||||||||||||
| Anomaly Capital, LP | GL | 2021 | 15,003,000 | 18,985,734 | |||||||||||||||||
| King Street Capital, L.P.(1) | NAM | 2019 | 1,845 | 44,419 | |||||||||||||||||
| Magnetar Capital Fund LP | NAM | 2020 | - | 45,442 | |||||||||||||||||
| Middle East North Africa Opportunities Fund, L.P. | ROW | 2019 | 728 | 728,344 | 6,739 | ||||||||||||||||
| PIPE Equity Partners, LLC (2) (4) | NAM | 2003 | 3,252,147 | - | |||||||||||||||||
| PIPE Select Fund, LLC (2) (4) | NAM | 2009 | 2,866,761 | - | |||||||||||||||||
| Stark Select Asset Fund, LLC | ROW | 2018 | - | 10,124 | |||||||||||||||||
| STS Partners Fund, LP | NAM | 2019 | 1,286,019 | 3,646,467 | |||||||||||||||||
| The 1609 Fund Ltd. | NAM | 2019 | 3,345 | 3,850,838 | 1,551,192 | ||||||||||||||||
| Valiant Capital Partners LP | NAM | 2019 | 369,529 | 320,650 | |||||||||||||||||
| WMA Systematic Equity Alpha Long/Short Onshore Fund LP - Class A | GL | 2022 | 5,004,000 | 5,120,013 | |||||||||||||||||
| Total Hedge Funds (6) | 42,227,219 | 41,957,804 | 19.77 | % | |||||||||||||||||
| Other Securities | |||||||||||||||||||||
| Securities | 0.39 | % | |||||||||||||||||||
| Regatta XV Funding Ltd., Subordinated Note, Principal $5,000,000, 6.66%, due 10/1/2031 (1)(5)(7) | NAM | 2019 | 3,118,300 | 825,000 | |||||||||||||||||
| Total Other Liquid Securities | 3,118,300 | 825,000 | 0.39 | % | |||||||||||||||||
| Total Cash Management Portfolio | 45,345,519 | 42,782,804 | 20.16 | % | |||||||||||||||||
| Total Investments | $ | 212,314,536 | $ | 210,045,432 | 98.99 | % |
The Master Fund’s total outstanding capital commitments to Investment Funds as of June 30, 2023 were $76,971,157.
All investments are non-income producing unless noted otherwise.
| * | The Geographic Regions are abbreviated as follows: Asia (AS), Europe (EU), North America (NAM), Global (GL), and Rest of World (ROW). The “Rest of World” geographic region represents an investment strategy to make investments domiciled outside of Asia, Europe or North America. The “Global” geographic region represents an investment strategy to make investments domiciled in various locations throughout the world including Asia, Europe, North America and/or the rest of the world. |
| Refer to the Allocation of Investments in the unaudited section of the financial statements for the percent of Partners' Capital by Asset Class. |
| (1) | Income producing investment. |
| (2) | Affiliated investments for which ownership exceeds 5% of the investment's capital. |
| (3) | Affiliated investments for which ownership exceeds 25% of the investment's capital. |
| (4) | Valued in good faith pursuant to procedures approved by the Board of Directors as of June 30, 2023. The total of all such investments represents 2.65% of partners' capital. |
| (5) | CLO subordinated notes are considered CLO equity positions. CLO equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. The effective yield for the CLO equity position will generally be updated periodically or on transactions such as an add-on purchases, refinancing or reset. The estimated yield and investment cost may ultimately not be realized. |
| (6) | Restricted investments as to resale. |
| (7) | Security exempt from registration under Rule 144A of the Securities Act of 1933. The Security may be sold in transactions exempt from registration, normally to qualified institutional buyers. |