ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)
Consolidated Schedule of Investments —
December 31, 2021 (Unaudited)
The unaudited consolidated schedule of investments of Partners Group Private Equity (Master Fund), LLC (the “Fund”), a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company, as of December 31, 2021 is set forth below:
INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS
Industry | Acquisition Date | Shares | Fair Value | |||||||||
Common Stocks (1.86%) | ||||||||||||
Asia - Pacific (0.02%) | ||||||||||||
APA Group | Utilities | 02/16/16 | 264,773 | $ | 1,936,538 | |||||||
Total Asia - Pacific (0.02%) | 1,936,538 | |||||||||||
North America (0.96%) | ||||||||||||
American Tower Corp. | Communication | 05/29/20 | 21,933 | 6,413,867 | ||||||||
American Water Works Co., Inc. | Utilities | 02/16/16 | 42,619 | 8,046,467 | ||||||||
Ares Capital Corp. | Diversified Financial Services | 02/16/16 | 274,279 | 5,809,229 | ||||||||
Ares Management Corp. | Diversified Financial Services | 06/28/19 | 38,596 | 3,135,153 | ||||||||
Atmos Energy Corp. | Utilities | 02/16/16 | 91,881 | 9,626,372 | ||||||||
Blackstone Group, Inc. | Diversified Financial Services | 07/12/19 | 33,137 | 4,287,928 | ||||||||
Brookfield Business Partners LP | Diversified Financial Services | 12/16/21 | 34,841 | 1,596,885 | ||||||||
Canadian National Railway Co. | Transportation | 05/14/19 | 37,412 | 4,599,046 | ||||||||
CMS Energy Corp. | Utilities | 11/01/19 | 81,259 | 5,285,085 | ||||||||
Crown Castle International Corp. | Communication | 02/16/16 | 31,741 | 6,622,442 | ||||||||
Datadog, Inc. | Software | 12/10/20 | 4,530 | 806,884 | ||||||||
Enbridge, Inc. | Utilities | 02/16/16 | 55,486 | 2,168,962 | ||||||||
Equinix Inc. | Diversified Financial Services | 07/31/20 | 5,388 | 4,557,440 | ||||||||
Fifth Street Finance Corp. | Diversified Financial Services | 04/07/21 | 356,943 | 2,662,795 | ||||||||
Fortis Inc. | Utilities | 12/18/17 | 99,204 | 4,790,266 | ||||||||
HarbourVest Global Private Equity | Diversified Financial Services | 12/21/18 | 113,782 | 4,415,884 | ||||||||
KKR & Co., Inc. | Diversified Financial Services | 02/16/16 | 59,372 | 4,424,402 | ||||||||
Onex Corporation | Diversified Financial Services | 02/16/16 | 17,576 | 1,375,353 | ||||||||
Republic Services Inc. | Commercial & Professional Services | 08/28/17 | 46,358 | 6,465,087 | ||||||||
Solar Capital Ltd. | Diversified Financial Services | 08/28/17 | 123,969 | 2,278,550 | ||||||||
TC Energy Corp. | Utilities | 11/01/19 | 45,416 | 2,111,049 | ||||||||
Union Pacific Corp. | Transportation | 06/29/16 | 17,379 | 4,377,596 | ||||||||
Waste Management Inc. | Utilities | 07/02/20 | 26,716 | 4,458,901 | ||||||||
Total North America (0.96%) | 100,315,643 | |||||||||||
Western Europe (0.88%) | ||||||||||||
3i Group Plc | Diversified Financial Services | 10/01/20 | 175,294 | 3,440,764 | ||||||||
Aena SA | Transportation | 12/21/18 | 41,641 | 6,570,686 | ||||||||
Apax Global Alpha Ltd. | Diversified Financial Services | 01/19/21 | 485,904 | 1,477,700 | ||||||||
BBGI SICAV S.A. | Diversified Financial Services | 03/21/19 | 2,345,126 | 5,578,407 | ||||||||
Bridgepoint Group Ltd. | Financial Services | 07/22/21 | 209,449 | 1,381,741 | ||||||||
Cellnex Telecom SA | Communication | 05/15/19 | 137,284 | 7,978,062 | ||||||||
EQT AB | Diversified Financial Services | 04/06/20 | 31,259 | 1,706,873 | ||||||||
Gimv N.V. | Diversified Financial Services | 02/12/16 | 43,331 | 2,626,531 | ||||||||
HBM Healthcare Investments AG | Diversified Financial Services | 04/07/20 | 4,834 | 1,775,279 | ||||||||
HgCapital Trust PLC | Diversified Financial Services | 02/12/16 | 1,476,617 | 8,391,108 | ||||||||
HICL Infrastructure Co Ltd. | Diversified Financial Services | 03/30/16 | 1,733,870 | 4,147,885 | ||||||||
ICG Graphite Enterprise Trust PLC | Diversified Financial Services | 02/12/16 | 119,861 | 2,058,812 | ||||||||
Intermediate Capital Group PLC | Diversified Financial Services | 12/12/16 | 98,453 | 2,926,072 | ||||||||
Investment AB Kinnevik | Diversified Financial Services | 04/06/20 | 115,882 | 4,160,423 | ||||||||
Investor AB | Diversified Financial Services | 08/28/17 | 160,160 | 4,048,768 | ||||||||
Italgas SpA | Utilities | 05/29/20 | 239,023 | 1,642,936 | ||||||||
National Grid PLC | Utilities | 02/12/16 | 378,176 | 5,429,219 | ||||||||
NB Private Equity Partners Ltd. | Diversified Financial Services | 11/06/19 | 137,871 | 3,455,128 | ||||||||
Orsted AS | Utilities | 06/15/21 | 8,156 | 1,041,143 | ||||||||
Pantheon International Participations Plc | Diversified Financial Services | 11/04/19 | 48,033 | 2,166,723 | ||||||||
Sofina SA | Diversified Financial Services | 01/10/18 | 7,369 | 3,620,336 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)
Consolidated Schedule of Investments —
December 31, 2021 (Unaudited) (continued)
Industry | Acquisition Date | Shares | Fair Value | |||||||||
Public Investments (continued) | ||||||||||||
Common Stocks (continued) | ||||||||||||
Western Europe (continued) | ||||||||||||
Spotify Technology SA | Software | 03/01/21 | 2,727 | $ | 637,954 | |||||||
Terna Rete Elettrica Nazionale SpA | Utilities | 01/05/18 | 663,107 | 5,364,807 | ||||||||
Vinci SA | Transportation | 02/12/16 | 85,667 | 9,045,906 | ||||||||
Wendel SA | Diversified Financial Services | 02/12/16 | 9,017 | 1,080,835 | ||||||||
Total Western Europe (0.88%) | 91,754,098 | |||||||||||
Total Common Stocks (Cost $134,611,624)(1.86%) | $ | 194,006,279 |
Interest | Acquisition Date | Maturity Date | Investment Type | Principal | Fair Value | |||||||||||
Asset-Backed Securities (0.30%) | ||||||||||||||||
North America (0.15%) | ||||||||||||||||
ARES LI CLO Ltd. *** | 6.85% + L^^ | 07/26/21 | 07/15/34 | Series 2019-51A, Class ER | $ | 500,000 | $ | 505,708 | ||||||||
CIFC Funding 2021-VI Ltd. *** | 6.25% + L^^ | 09/22/21 | 10/15/34 | Series 2021-6A, Class E | 1,500,000 | 1,490,490 | ||||||||||
Dryden 95 CLO Ltd. *** | 6.15% + L^^ | 08/02/21 | 08/20/34 | Series 2021-95A, Class E | 1,500,000 | 1,518,792 | ||||||||||
Magnetite CLO Ltd. *** | 6.20% + L^^ | 10/01/21 | 10/25/34 | Series 2021-30A, Class E | 1,625,000 | 1,639,006 | ||||||||||
Magnetite XXVI Ltd. *** | 5.95% + L^^ | 08/02/21 | 07/25/34 | Series 2020-26A, Class ER | 1,000,000 | 998,792 | ||||||||||
Neuberger Berman CLO XXI Ltd. *** | 3.30% + L^^ | 04/02/21 | 04/20/34 | Series 2016-21A, Class DR2 | 500,000 | 501,581 | ||||||||||
Neuberger Berman CLO XXI Ltd. *** | 6.46% + L^^ | 04/02/21 | 04/20/34 | Series 2016-21A, Class ER2 | 1,000,000 | 972,583 | ||||||||||
Neuberger Berman Loan Advisers CLO 45 Ltd. *** | 6.25% + L^^ | 10/07/21 | 10/14/35 | Series 2021-45A, Class E | 1,000,000 | 1,008,108 | ||||||||||
Ocean Trails CLO IX *** | 7.45% + L^^ | 09/22/21 | 10/15/34 | Series 2020-9A ER | 1,500,000 | 1,492,799 | ||||||||||
Southwick Park CLO LLC. *** | 6.25% + L^^ | 11/16/21 | 07/20/32 | Series 2019-4A, Class ER | 1,800,000 | 1,800,900 | ||||||||||
Symphony CLO XXV Ltd. *** | 3.60% + L^^ | 03/12/21 | 04/19/34 | Series 2021-25A, Class D | 1,000,000 | 1,007,551 | ||||||||||
Symphony CLO XXV Ltd. *** | 6.50% + L^^ | 03/12/21 | 04/19/34 | Series 2021-25A, Class E | 500,000 | 492,966 | ||||||||||
Tallman Park CLO Ltd. *** | 6.35% + L^^ | 04/09/21 | 04/20/34 | Series 2021-1A, Class E | 1,500,000 | 1,516,444 | ||||||||||
Wellman Park CLO Ltd. *** | 6.25% + L^^ | 05/10/21 | 07/15/34 | Series 2021-1A, Class E | 1,000,000 | 1,005,133 | ||||||||||
Total North America (0.15%) | 15,950,853 | |||||||||||||||
Western Europe (0.15%) | ||||||||||||||||
Aurium CLO V Designated Activity Co. *** | 3.50% + E## | 03/08/21 | 04/17/34 | Series 5A, Class DR | 1,000,000 | 1,148,845 | ||||||||||
Aurium CLO V Designated Activity Co. *** | 6.16% + E## | 03/08/21 | 04/17/34 | Series 5A, Class ER | 1,500,000 | 1,709,395 | ||||||||||
Avoca CLO XXV DAC *** | 6.14% + E## | 10/20/21 | 10/15/34 | Series 25A, Class E | 1,600,000 | 1,817,851 | ||||||||||
Carlyle Euro CLO 2021 *** | 6.12% + E## | 05/01/21 | 04/15/34 | Series 2021-1A, Class D | 333,000 | 387,491 | ||||||||||
Carlyle Euro CLO 2021-2 DAC *** | 6.25% + E## | 09/27/21 | 10/15/35 | Series 2021 2A D | 3,000,000 | 3,404,197 | ||||||||||
Carysfort Park CLO *** | 6.14% + E## | 03/12/21 | 07/28/34 | Series 2021 1A D | 500,000 | 583,055 | ||||||||||
Elm Park CLO *** | 6.16% + E## | 03/26/21 | 04/15/34 | Series 1A DRR | 666,000 | 752,241 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)
Consolidated Schedule of Investments —
December 31, 2021 (Unaudited) (continued)
Interest | Acquisition Date | Maturity Date | Investment Type | Principal | Fair Value | |||||||||||
Public Investments (continued) | ||||||||||||||||
Asset-Backed Securities (continued) | ||||||||||||||||
Western Europe (continued) | �� | |||||||||||||||
Elm Park CLO *** | 3.50% + E## | 03/26/21 | 04/15/34 | Series 1A CRR | $ | 1,000,000 | $ | 1,145,765 | ||||||||
Madison Park EUR Funding XVI DAC *** | 6.02% + E## | 04/15/21 | 05/25/34 | Series 16A, Class E | 1,406,000 | 1,617,986 | ||||||||||
Palmer Square European Loan Funding 2021-1 DAC *** | 5.95% + E## | 08/02/21 | 04/15/31 | Series 2021-1A, Class E | 714,000 | 824,674 | ||||||||||
Palmer Square European Loan Funding 2021-2 DAC *** | 8.05% + E## | 10/15/21 | 07/15/31 | Series 2021-2A, Class F | 375,000 | 420,922 | ||||||||||
Palmer Square European Loan Funding 2021-2 DAC *** | 5.90% + E## | 10/15/21 | 07/15/31 | Series 2021-2A, Class E | 625,000 | 713,756 | ||||||||||
Voya Euro CLO V DAC *** | 5.81% + E## | 08/06/21 | 04/15/35 | Series 5A, Class E | 417,000 | 473,347 | ||||||||||
Total Western Europe (0.15%) | 14,999,525 | |||||||||||||||
Total Asset-Backed Securities (Cost $31,194,763)(0.30%) | $ | 30,950,378 |
Investment Type | Acquisition Date | Shares | Fair Value** | |||||||||
Private Equity Investments (96.10%) | ||||||||||||
Direct Investments * (68.74%) | ||||||||||||
Direct Equity (59.79%) | ||||||||||||
Asia - Pacific (6.46%) | ||||||||||||
AAVAS Financiers Limited +, a, e | Common equity | 06/23/16 | 3,891,752 | $ | 123,228,402 | |||||||
Argan Mauritius Limited +, a, e | Common equity | 05/09/16 | 106,215 | 24,751,813 | ||||||||
Continuity CNC Capital Ltd. +, a, d | Common equity | 03/03/18 | 102,112 | 7,898,283 | ||||||||
Continuity CNC Capital Ltd. +, a, c, d | Member interest | 03/03/18 | — | 27,901,810 | ||||||||
Huntress Co-Investment L.P., 1 +, a, b, c, e | Limited partnership interest | 04/08/16 | — | 51,312,792 | ||||||||
KKR Pebble Co-Invest L.P. +, a, c, e | Limited partnership interest | 05/13/21 | — | 20,493,242 | ||||||||
Kowloon Co-Investment, L.P. +, a, c | Limited partnership interest | 11/04/15 | — | 6,005,424 | ||||||||
Murra Warra Asset Hold Trust +, a, b, e | Common equity | 09/10/18 | 13,186,543 | 25,091,573 | ||||||||
Murra Warra II Asset Hold Trust +, a, b, e | Common equity | 07/30/20 | 5,402,025 | 11,454,341 | ||||||||
Murra Warra II Project Hold Trust +, a, b, e | Common equity | 07/30/20 | 10 | 2,863,585 | ||||||||
Murra Warra Project Hold Trust +, a, b, e | Common equity | 09/10/18 | 429,366 | 6,272,896 | ||||||||
Partners Terra Pte. Ltd. +, a, b, e, f | Common equity | 05/14/21 | 1,787,445 | 1,753,392 | ||||||||
PG Esmeralda Pte. Ltd. +, a, b, e, f | Common equity | 03/03/21 | 5,433,284 | 6,736,222 | ||||||||
PG Esmeralda Pte. Ltd. +, a, b, e, f | Preferred equity | 03/03/21 | 488,996 | 60,626,051 | ||||||||
Touchstone Co-Investment, L.P. +, a, c, e | Limited partnership interest | 12/30/16 | — | 3,015,875 | ||||||||
TPG Upswing Co-Invest, L.P. +, a, c | Limited partnership interest | 01/10/19 | — | 23,301,092 | ||||||||
Zenith Longitude Limited +, a, b, e | Common equity | 08/13/21 | 6,682,671 | 271,614,435 | ||||||||
Total Asia - Pacific (6.46%) | 674,321,228 | |||||||||||
North America (28.89%) | ||||||||||||
Alliant Insurance Services, Inc. +, a, c | Limited partnership interest | 12/01/21 | — | 24,738,060 | ||||||||
AP VIII Prime Security Services Holdings, L.P. +, a, c, e | Limited partnership interest | 05/02/16 | — | 13,152,479 | ||||||||
Astorg VII Co-Invest ERT +, a | Common equity | 01/31/20 | 32,787,729 | 49,104,398 | ||||||||
Astorg VII Co-Invest ERT +, a, c | Limited partnership interest | 04/28/21 | — | 10,236,980 | ||||||||
BCPE Hercules Holdings, LP +, a, c | Limited partnership interest | 07/30/18 | — | 52,280,592 | ||||||||
BI Gen Holdings, Inc. +, a | Common equity | 05/09/18 | 14,561 | 282,876 | ||||||||
Burger Bossco Holdings, Inc. +, a | Preferred equity | 12/31/20 | 300 | 179,367 | ||||||||
Burger Bossco Holdings, Inc. +, a | Common equity | 12/31/20 | 145 | 3 | ||||||||
CapitalSpring Finance Company, LLC +, a | Common equity | 10/03/14 | 3,020,546 | 6,100,950 | ||||||||
CB Poly Holdings, LLC +, a, e | Preferred equity | 08/16/16 | 171,270 | 32,949,939 | ||||||||
CB Titan MidCo Holdings, Inc. +, a | Common equity | 05/01/17 | 56,634 | 20,568 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)
Consolidated Schedule of Investments —
December 31, 2021 (Unaudited) (continued)
Investment Type | Acquisition Date | Shares | Fair Value** | |||||||||
Private Equity Investments (continued) | ||||||||||||
Direct Investments * (continued) | ||||||||||||
Direct Equity (continued) | ||||||||||||
CBI Parent, L.P. +, a, b | Common equity | 01/06/21 | 1,145,918 | $ | 115,660,948 | |||||||
CD&R Mercury Co-Investor, L.P. +, a, c, e | Limited partnership interest | 10/14/20 | — | 167,359,581 | ||||||||
Confluent Health, LLC +, a, b, e | Common equity | 05/30/19 | 27,260 | 71,624,820 | ||||||||
ConvergeOne Investment L.P. +, a | Common equity | 07/03/19 | 3,120 | 3,107,411 | ||||||||
Cure Holdings, LLC +, a | Common equity | 05/13/21 | 263,891 | 5,917,513 | ||||||||
ECP Parent, LLC +, a, b, e | Common equity | 02/18/20 | 105,520,023 | 153,288,202 | ||||||||
Elgin Co-Investment, L.P.2 +, a, c | Limited partnership interest | 11/28/16 | — | 21,029,466 | ||||||||
EnfraGen LLC +, a, b, e, f | Common equity | 09/17/19 | 37,786 | 56,555,077 | ||||||||
EQT Infrastructure IV Co-Investment (B) SCSp +, a, c | Limited partnership interest | 03/09/20 | — | 113,743,081 | ||||||||
EQT IX Co-Investment (F) SCSp +, a, c, e | Limited partnership interest | 11/15/21 | — | 103,079,624 | ||||||||
EQT VIII Co-Investment (C) SCSp +, a, c | Limited partnership interest | 01/28/19 | — | 91,097,109 | ||||||||
EXW Coinvest L.P. +, a, c | Limited partnership interest | 06/22/16 | — | 22,931,882 | ||||||||
Healthgrades, Inc. +, a | Common equity | 01/04/19 | 1,616 | 186,403 | ||||||||
Icebox Parent L.P. +, a, b | Common equity | 12/22/21 | 184,779 | 184,782,100 | ||||||||
Idera Parent L.P. +, a, b, c, e, f | Limited partnership interest | 03/02/21 | — | 243,332,690 | ||||||||
KDOR Merger Sub Inc. +, a | Common equity | 05/11/18 | 366 | 1 | ||||||||
KENE Holdings, L.P. +, a, c | Limited partnership interest | 08/08/19 | — | 274,692 | ||||||||
KKR Enterprise Co-Invest AIV A L.P. +, a, c, e | Limited partnership interest | 07/31/20 | — | 1,500,046 | ||||||||
KKR Enterprise Co-Invest L.P. +, a, e | Common equity | 10/09/18 | 9,684 | — | ||||||||
KPSKY Holdings L.P. +, a, b, c, e | Limited partnership interest | 10/19/21 | — | 61,566,000 | ||||||||
KSLB Holdings, LLC +, a | Common equity | 07/30/18 | 252,000 | 332,888 | ||||||||
LTF Holdings, Inc. +, a, e | Common equity | 01/06/20 | 3,464,630 | 53,632,467 | ||||||||
Matterhorn Topco, L.P. +, a | Common equity | 05/19/21 | 88,040 | 9,652,248 | ||||||||
MHS Acquisition Holdings, LLC +, a, b | Common equity | 03/10/17 | 342 | 438,656 | ||||||||
MHS Acquisition Holdings, LLC +, a, b | Preferred equity | 03/10/17 | 33,900 | 238,264 | ||||||||
MHS Blocker Purchaser L.P. +, a, b, c | Limited partnership interest | 03/10/17 | — | 52,338,875 | ||||||||
Milestone Investment Holdings, LLC +, a, e | Common equity | 09/23/21 | 22,293,150 | 21,705,252 | ||||||||
NC Ocala Co-Invest Alpha, L.P. +, a, c | Limited partnership interest | 11/24/21 | — | 60,480,000 | ||||||||
NDES Holdings, LLC +, a | Preferred equity | 09/19/11 | 500,000 | 4,802,940 | ||||||||
NTS Holding Corporation, Inc. +, a | Common equity | 11/21/13 | 2,740 | 2,502,611 | ||||||||
NTS Holding Corporation, Inc. +, a | Preferred equity | 04/21/17 | 70 | 473,334 | ||||||||
OHCP IV SF COI, L.P. +, a, b, c, e | Limited partnership interest | 01/31/18 | — | 43,515,635 | ||||||||
OMNIA Coinvest L.P. +, a, c, e | Limited partnership interest | 10/23/20 | — | 19,263,025 | ||||||||
Onecall Holdings, L.P. +, a, b, c | Limited partnership interest | 11/29/17 | — | 168,075,747 | ||||||||
Onex Fox, L.P. +, a, c, e | Limited partnership interest | 04/25/19 | — | 56,546,289 | ||||||||
Orion Opportunity L.P. +, a, c, e | Limited partnership interest | 09/01/21 | — | 40,557,609 | ||||||||
Patriot SPV, L.P. +, a, c | Limited partnership interest | 03/18/21 | — | 43,624,144 | ||||||||
PG BRPC Investment, LLC +, a, b, e | Common equity | 08/01/19 | 32,079 | 69,160,529 | ||||||||
PG Delta HoldCo, LLC +, a, b, e, f | Common equity | 06/24/21 | 16,497 | 18,003,160 | ||||||||
Polaris Investment Holdings, L.P. +, a, c | Limited partnership interest | 06/07/16 | — | 9,334,154 | ||||||||
Safari Co-Investment L.P. +, a, c, e | Limited partnership interest | 03/14/18 | — | 11,615,766 | ||||||||
Shermco Intermediate Holdings, Inc. +, a, e | Common equity | 06/05/18 | 1,153 | 1,691,507 | ||||||||
Shingle Coinvest L.P. +, a, c, e | Limited partnership interest | 05/29/18 | — | 155,040,687 | ||||||||
SIH RP HoldCo L.P. +, a, e | Common equity | 09/10/19 | 5,995,126 | 76,468,666 | ||||||||
Silver Lake Sumeru Marlin Co-Invest Fund, L.P. +, a, c | Limited partnership interest | 05/14/12 | — | 61,971 | ||||||||
SLP West Holdings Co-Invest Feeder II, L.P. +, a, c, d | Limited partnership interest | 08/18/17 | — | 42,001,726 | ||||||||
SnackTime PG Holdings, Inc. +, a, b, e | Common equity | 05/23/18 | 12 | 53,347,096 | ||||||||
SnackTime PG Holdings, Inc. +, a, b, c, e | Member interest | 05/23/18 | — | 18,947,189 | ||||||||
Specialty Pharma Holdings L.P. +, a, b, c, f | Limited partnership interest | 04/01/21 | — | 113,965,877 | ||||||||
Stonepeak Tiger (Co-Invest) Holdings (I-B) L.P. +, a, c, e | Limited partnership interest | 08/17/21 | — | 35,176,025 | ||||||||
T-VIII Mercury Co-Invest L.P. +, a, c, e | Limited partnership interest | 07/29/21 | — | 4,591,121 | ||||||||
Thermostat Purchaser, L.P. +, a, b, c | Limited partnership interest | 08/31/21 | — | 72,539,167 | ||||||||
TKC Topco LLC +, a | Common equity | 10/14/16 | 4,632,829 | 9,758,105 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)
Consolidated Schedule of Investments —
December 31, 2021 (Unaudited) (continued)
Investment Type | Acquisition Date | Shares | Fair Value** | |||||||||
Private Equity Investments (continued) | ||||||||||||
Direct Investments * (continued) | ||||||||||||
Direct Equity (continued) | ||||||||||||
VEPF VII Co-Invest 2-A, L.P. +, a, c, e | Limited partnership interest | 04/06/21 | — | $ | 68,355,342 | |||||||
WHCG Purchaser, L.P. +, a, b, c | Limited partnership interest | 06/22/21 | — | 70,052,819 | ||||||||
Woof Parent L.P. +, a | Common equity | 12/21/20 | 1,441 | 1,666,331 | ||||||||
Total North America (28.89%) | 3,016,040,080 | |||||||||||
Rest of World (1.74%) | ||||||||||||
Carlyle Retail Turkey Partners, L.P. +, a, c | Limited partnership interest | 07/11/13 | — | 4,952,678 | ||||||||
Heket Holdings S.à.r.l. +, a, e | Preferred equity | 09/25/19 | 11,988,920 | 22,532,275 | ||||||||
Heket Holdings S.à.r.l. +, a, e | Common equity | 09/25/19 | 271,743 | 154,339,706 | ||||||||
Total Rest of World (1.74%) | 181,824,659 | |||||||||||
South America (0.15%) | ||||||||||||
Centauro Co-Investment Fund, L.P. +, a, c, d | Limited partnership interest | 11/28/13 | — | 7,999,047 | ||||||||
GTS II Cayman Corporation +, a | Common equity | 07/24/13 | 2,824 | 7,265,831 | ||||||||
Total South America (0.15%) | 15,264,878 | |||||||||||
Western Europe (22.55%) | ||||||||||||
Aston Lux Acquisitions S.à.r.l +, a, c | Limited partnership interest | 11/28/19 | — | 4,563,266 | ||||||||
Aston Lux Acquisitions S.àr.l +, a | Common equity | 01/11/21 | 218,625 | 312,642 | ||||||||
Astorg Co-Invest SGG, FCPI +, a, b, c | Limited partnership interest | 02/10/16 | — | 70,547,679 | ||||||||
BC European Capital X - Ceramtec Co-Investment (1) L.P. +, a, c | Limited partnership interest | 02/20/18 | — | 46,918,604 | ||||||||
Bock Capital JVCo Nature S.à r.l. +, a, b | Common equity | 07/01/21 | 12,590,000,000 | 183,252,913 | ||||||||
Camelia Investment 1 Limited +, a, b | Preferred equity | 10/12/17 | 6,768,617,529 | 137,209,681 | ||||||||
Camelia Investment 1 Limited +, a, b | Common equity | 10/12/17 | 86,516 | 58,602,151 | ||||||||
Capri Acquisitions Topco Limited +, a, e | Common equity | 11/01/17 | 8,345,985 | 196,381,007 | ||||||||
CD&R Market Co-Investor, L.P. +, a, c, e | Limited partnership interest | 11/10/21 | — | 78,503,589 | ||||||||
Ciddan S.a.r.l. +, a, e | Preferred equity | 09/15/17 | 23,249,522 | 29,365,267 | ||||||||
Ciddan S.a.r.l. +, a, e | Common equity | 09/15/17 | 12,263,242 | 74,009,474 | ||||||||
EQT Jaguar Co-Investment SCSp +, a, b, c, e | Limited partnership interest | 11/30/18 | — | 100,124,618 | ||||||||
EQT VIII Co-Investment (D) SCSp +, a, c, e | Limited partnership interest | 10/01/19 | — | 168,684,610 | ||||||||
Fides S.p.A +, a | Common equity | 12/15/16 | 1,096,526 | 1,338,335 | ||||||||
Frontmatec Holding III ApS +, a, e | Common equity | 09/23/16 | 248,257,489 | 33,960,000 | ||||||||
Global Blue Group Holding AG +, a | Common equity | 09/11/20 | 97,520 | 614,376 | ||||||||
Global Blue Holding L.P. +, a, c | Limited partnership interest | 07/31/12 | — | 10,368,875 | ||||||||
KKR Matterhorn Co-Invest L.P. +, a, c | Limited partnership interest | 11/02/12 | — | 2,699,303 | ||||||||
KKR Traviata Co-invest L.P. +, a, c | Limited partnership interest | 12/18/19 | — | 146,228,018 | ||||||||
Luxembourg Investment Company 261 S.à.r.l. +, a | Common equity | 07/31/18 | 1,481 | 65,799,953 | ||||||||
Luxembourg Investment Company 261 S.à.r.l. +, a, c | Member interest | 07/31/18 | — | 57,934,926 | ||||||||
Luxembourg Investment Company 285 S.à.r.l. +, a, b | Preferred equity | 08/22/19 | 7,865,820 | 21,992,014 | ||||||||
Luxembourg Investment Company 285 S.à.r.l. +, a, b, c | Member interest | 08/22/19 | — | 20,125,479 | ||||||||
Luxembourg Investment Company 285 S.à.r.l. +, a, b | Common equity | 08/22/19 | 6,999,953 | 31,945,286 | ||||||||
Luxembourg Investment Company 293 S.à.r.l. +, a, b | Common equity | 06/26/19 | 9,789,622 | 36,742,111 | ||||||||
Luxembourg Investment Company 293 S.à.r.l. +, a, b, c, e | Member interest | 06/26/19 | — | 5,830,130 | ||||||||
Luxembourg Investment Company 314 S.à.r.l. +, a, b | Common equity | 08/22/19 | 192,000 | 1 | ||||||||
Luxembourg Investment Company 414 S.à r.l. +, a, b, c, e | Member interest | 07/02/21 | — | 51,501,575 | ||||||||
Luxembourg Investment Company 414 S.à r.l. +, a, b, e | Common equity | 07/02/21 | 12,111,360 | 21,380,692 | ||||||||
Luxembourg Investment Company 430 S.à r.l. +, a, b, c, e | Member interest | 05/10/21 | — | 59,294,464 | ||||||||
Luxembourg Investment Company 430 S.à r.l. +, a, b, e | Common equity | 05/10/21 | 50,548,848 | 14,746,532 | ||||||||
Mauritius (Luxemburg) Investments Sarl +, a | Common equity | 10/19/21 | 11,698 | 1 | ||||||||
May Co-Investment S.C.A. +, a, b, e, f | Common equity | 11/09/20 | 1,059,375 | 51,067,662 | ||||||||
Nerve Co-Invest SCSp +, a, c, e | Limited partnership interest | 01/27/21 | — | 34,164,498 | ||||||||
Orbiter Investments S.à r.l. +, a, e | Common equity | 12/17/21 | 5,977,270 | 99,465,780 | ||||||||
OT Luxco 3 & Cy S.C.A. +, a | Warrants | 12/01/17 | — | 1,395,874 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)
Consolidated Schedule of Investments —
December 31, 2021 (Unaudited) (continued)
Investment Type | Acquisition Date | Shares | Fair Value** | |||||||||
Private Equity Investments (continued) | ||||||||||||
Direct Investments * (continued) | ||||||||||||
Direct Equity (continued) | ||||||||||||
PG Investment Company 1 S.à r.l. +, a, b, e | Common equity | 10/28/21 | 12,822,040 | $ | 6,502,136 | |||||||
PG Investment Company 1 S.à r.l. +, a, b, c | Member interest | 10/28/21 | — | 95,799,163 | ||||||||
PG Lion Management Warehouse S.C.S +, a, b, c | Limited partnership interest | 08/22/19 | — | 1,921,697 | ||||||||
PG TLP S.à r.l. +, a, b, c, d, e | Member interest | 04/14/21 | — | 14,265,888 | ||||||||
PG TLP S.à r.l. +, a, b, d, e | Common equity | 04/14/21 | 6,377,426 | 87,407,010 | ||||||||
Polyusus Lux XVI S.a.r.l. +, a, b, e | Common equity | 05/23/18 | 44,442,345 | 86,554 | ||||||||
Polyusus Lux XVI S.a.r.l. +, a, b, e | Preferred equity | 05/23/18 | 244,659,996 | 14,198,654 | ||||||||
Polyusus Lux XXIII S.a.r.l +, a, e | Preferred equity | 08/19/21 | 12,610,772 | 259,773 | ||||||||
Polyusus Lux XXIII S.a.r.l +, a, e | Common equity | 08/19/21 | 4,200,611 | 3 | ||||||||
Real Hero Topco, L.P. +, a, c | Limited partnership interest | 04/01/21 | — | 19,760,149 | ||||||||
Root JVCo S.à r.l. +, a, b | Preferred equity | 09/29/20 | 6,731,408 | 29,145,605 | ||||||||
Root JVCo S.à r.l. +, a, b | Common equity | 09/29/20 | 1,969,352 | 11,209,361 | ||||||||
Root JVCo S.à r.l. +, a, b, c | Member interest | 09/29/20 | — | 37,798,322 | ||||||||
S.TOUS, S.L +, a | Common equity | 10/06/15 | 622 | 19,521,586 | ||||||||
Stark Perseus Investment +, a | Common equity | 02/26/21 | 963,052 | 1,324,116 | ||||||||
Stark Perseus Topco +, a, c, e | Member interest | 02/26/21 | — | 11,995,931 | ||||||||
Stark Perseus Topco +, a, e | Common equity | 02/26/21 | 26,921,454 | 34,114,522 | ||||||||
Surfaces SLP (SCSp) +, a, b, c | Limited partnership interest | 10/01/20 | — | 52,138,760 | ||||||||
Total Western Europe (22.55%) | 2,354,520,616 | |||||||||||
Total Direct Equity (59.79%) | $ | 6,241,971,461 |
Interest | Acquisition Date | Maturity Date | Investment Type | Principal | Fair Value** | |||||||||||
Direct Debt (8.95%) | ||||||||||||||||
Asia - Pacific (0.16%) | ||||||||||||||||
Healing Quest +, a | PIK 14.50% | 01/31/18 | 01/31/23 | Mezzanine | $ | 8,351,682 | $ | 9,272,971 | ||||||||
Snacking Investments BidCo Pty Limited +, a | Cash 4.00% + L (1.00% Floor)^ | 01/15/20 | 12/18/26 | Senior | 1,277,250 | 1,279,645 | ||||||||||
Stiphout Finance, LLC +, a | Cash 3.00% + L (1.00% Floor)^ | 10/30/15 | 10/26/22 | Senior | 4,730,244 | 4,774,979 | ||||||||||
Voyage Australia Pty Ltd +, a | Cash 3.50% + L (0.50% Floor)^^ | 07/23/21 | 06/18/28 | Senior | 1,700,000 | 1,702,924 | ||||||||||
Total Asia - Pacific (0.16%) | 17,030,519 | |||||||||||||||
North America (5.94%) | ||||||||||||||||
8th Avenue Food & Provisions, Inc. +, a | Cash 3.75% + L^ | 11/13/18 | 10/01/25 | Senior | $ | 1,458,750 | $ | 1,442,033 | ||||||||
Acrisure LLC +, a | Cash 3.75% + L (0.50% Floor)^^ | 08/18/21 | 02/13/27 | Senior | 2,194,500 | 2,194,500 | ||||||||||
Acrisure LLC +, a | Cash 3.50% + L^^ | 03/27/20 | 02/15/27 | Senior | 1,872,690 | 1,854,899 | ||||||||||
Acrisure LLC +, a | Cash 4.25% + L (0.50% Floor)^^ | 12/08/21 | 02/15/27 | Senior | 1,000,000 | 1,001,250 | ||||||||||
ADMI Corp. +, a | Cash 3.50% + L (0.50% Floor)^ | 07/14/21 | 12/23/27 | Senior | 1,396,500 | 1,396,172 | ||||||||||
AI Alpine AT BidCo GmBH +, a | Cash 3.00% + E### | 11/30/18 | 10/31/25 | Senior | 1,415,436 | 1,398,379 | ||||||||||
AIT Buyer, LLC +, a | Cash 7.75% + L (0.75% Floor)^^ | 04/06/21 | 03/30/29 | Second Lien | 6,860,000 | 6,960,156 | ||||||||||
AIT Worldwide Logistics, Inc. +, a | Cash 4.75% + L (0.75% Floor)^^ | 04/19/21 | 03/31/28 | Senior | 2,600,000 | 2,603,289 | ||||||||||
Alliant Holdings Intermediate, LLC +, a | Cash 3.25% + L^ | 06/03/19 | 05/09/25 | Senior | 1,267,500 | 1,257,094 | ||||||||||
Alliant Holdings Intermediate, LLC +, a | Cash 3.50% + L (0.50% Floor)^ | 12/08/21 | 11/05/27 | Senior | 1,600,000 | 1,600,288 | ||||||||||
Apex Group Treasury Limited +, a | Cash 3.75% + L (0.50% Floor)^^ | 08/27/21 | 07/27/28 | Senior | 1,695,750 | 2,094,101 | ||||||||||
Applovin Corporation +, a | Cash 3.25% + L^^ | 03/24/21 | 08/15/25 | Senior | 989,796 | 989,177 | ||||||||||
Applovin Corporation +, a | Cash 3.00% + L (0.50% Floor)^^ | 12/08/21 | 10/25/28 | Senior | 1,396,500 | 1,396,060 | ||||||||||
AQA Acquisition Holding, Inc. +, a | Cash 4.25% + L (0.50% Floor)^^ | 03/18/21 | 03/03/28 | Senior | 1,094,500 | 1,095,644 | ||||||||||
AqGen Island Holdings, Inc. +, a | Cash 6.50% + L (0.50% Floor)^^ | 08/19/21 | 08/02/29 | Second Lien | 7,049,750 | 7,087,219 | ||||||||||
AthenaHealth, Inc. +, a | Cash 4.25% + L^^ | 03/13/19 | 02/11/26 | Senior | 3,132,578 | 3,136,885 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)
Consolidated Schedule of Investments —
December 31, 2021 (Unaudited) (continued)
Interest | Acquisition Date | Maturity Date | Investment Type | Principal | Fair Value** | |||||||||||
Private Equity Investments (continued) | ||||||||||||||||
Direct Investments * (continued) | ||||||||||||||||
Direct Debt (continued) | ||||||||||||||||
Avantor, Inc. +, a | Cash 2.00% + L (1.00% Floor)^ | 12/22/17 | 11/21/24 | Senior | $ | 2,378,162 | $ | 2,591,978 | ||||||||
Barracuda Networks, Inc. +, a | Cash 6.75% + L (0.75% Floor)^^ | 11/06/20 | 10/22/28 | Second Lien | 1,000,000 | 1,009,690 | ||||||||||
Bella Holding Company, LLC +, a | Cash 3.75% + L (0.75% Floor)^ | 05/13/21 | 04/01/28 | Senior | 3,591,000 | 3,593,621 | ||||||||||
Berry Global, Inc. +, a | Cash 1.75% + L^^ | 08/05/19 | 07/01/26 | Senior | 2,200,500 | 2,188,947 | ||||||||||
BK LC Lux Sov S.a.r.l. +, a | Cash 3.75% + L (0.50% Floor)^^^ | 07/09/21 | 04/28/28 | Senior | 1,895,250 | 1,892,881 | ||||||||||
Blackhawk Network Holdings, Inc. +, a | Cash 3.00% + L^^ | 08/12/19 | 06/15/25 | Senior | 972,292 | 967,494 | ||||||||||
BMC Software, Inc. +, a, f | Cash 5.50% + L (0.50% Floor)^^ | 09/22/21 | 02/27/26 | Senior | 1,700,000 | 1,719,482 | ||||||||||
Boxer Parent Company Inc. +, a | Cash 3.75% + L^ | 10/18/18 | 10/02/25 | Senior | 1,336,962 | 1,330,284 | ||||||||||
Bracket Intermediate Holding Corp +, a | Cash 4.25% + L^^ | 10/04/18 | 09/05/25 | Senior | 1,455,000 | 1,453,545 | ||||||||||
Bracket Intermediate Holding Corp. +, a | Cash 8.13% + L (1.00% Floor)^^ | 12/21/20 | 08/31/26 | Second Lien | 1,950,000 | 1,950,000 | ||||||||||
Brookfield WEC Holdings, Inc. +, a | Cash 2.75% + L (0.50% Floor)^ | 09/12/18 | 08/01/25 | Senior | 984,826 | 979,671 | ||||||||||
Burger Bossco Intermediate, Inc. +, a | Cash 4.25% + L (1.00% Floor)^ | 05/09/17 | 04/25/24 | Senior | 152,800 | 131,408 | ||||||||||
Burger Bossco Intermediate, Inc. +, a | PIK 10.00% + L (1.00% Floor)^^ | 04/25/17 | 04/25/25 | Second Lien | 304,720 | 285,849 | ||||||||||
BYJU's Alpha, Inc. +, a, f | Cash 5.50% + L (0.75% Floor)^^ | 11/05/21 | 11/24/26 | First Lien | 2,400,000 | 2,434,992 | ||||||||||
Campaign Monitor (UK) Limited +, a | Cash 8.90% + L (1.00% Floor)^^ | 01/01/21 | 11/06/25 | Second Lien | 1,650,000 | 1,650,000 | ||||||||||
CapitalSpring Finance Company, LLC +, a | Cash 8.00% | 03/01/17 | 02/10/23 | Mezzanine | 7,167,246 | 7,167,246 | ||||||||||
CapitalSpring Finance Company, LLC +, a | PIK 5.00% | 03/01/17 | 02/10/23 | Mezzanine | 3,234,000 | 3,063,370 | ||||||||||
Carestream Dental Equipment, Inc. +, a | Cash 4.50% + L (0.50% Floor)^^ | 11/26/21 | 09/01/24 | Senior | 2,000,000 | 2,000,000 | ||||||||||
Carestream Dental Equipment, Inc. +, a | Cash 8.00% + L (1.00% Floor)^^ | 11/26/21 | 09/01/25 | Second Lien | 3,000,000 | 2,985,000 | ||||||||||
Cengage Learning Acquisitions, Inc. +, a | Cash 4.75% + L (1.00% Floor)^^ | 08/06/21 | 07/14/26 | Senior | 1,400,000 | 1,405,614 | ||||||||||
Centralsquare Technologies, LLC +, a | Cash 3.75% + L^^ | 10/16/18 | 08/29/25 | Senior | 970,000 | 918,207 | ||||||||||
Charter NEX US, Inc. +, a | Cash 4.25% + L (0.75% Floor)^ | 05/31/19 | 12/01/27 | Senior | 1,449,173 | 1,454,043 | ||||||||||
CIBT Global, Inc. +, a | Cash 4.00% + L (1.00% Floor)^^ | 06/19/17 | 06/01/24 | Senior | 232,299 | 189,556 | ||||||||||
CommScope, Inc. +, a | Cash 3.25% + L^ | 04/26/19 | 04/06/26 | Senior | 977,500 | 966,708 | ||||||||||
ConnectWise, LLC +, a | Cash 3.50% + L (0.50% Floor)^^ | 10/06/21 | 09/29/28 | Senior | 1,700,000 | 1,698,181 | ||||||||||
Conservice Midco, LLC +, a | Cash 4.25% + L^^ | 05/18/20 | 05/13/27 | Senior | 1,678,750 | 1,676,828 | ||||||||||
Conterra Ultra Broadband Holdings, Inc. +, a | Cash 4.70% + L (1.00% Floor)^ | 06/06/19 | 04/30/26 | Senior | 1,657,500 | 1,660,351 | ||||||||||
ConvergeOne Holdings, Inc. +, a | Cash 5.00% + L^ | 03/27/19 | 04/01/26 | Senior | 2,917,500 | 2,863,716 | ||||||||||
ConvergeOne Holdings, Inc. +, a | Cash 8.50% + L^ | 04/15/19 | 01/04/27 | Second Lien | 31,200,000 | 30,264,000 | ||||||||||
Convergint Tech LLC +, a | Cash 6.75% + L (0.75% Floor)^ | 04/12/21 | 03/30/29 | Second Lien | 1,400,000 | 1,403,500 | ||||||||||
Cornerstone OnDemand, Inc. +, a | Cash 3.75% + L (0.50% Floor)^^ | 10/22/21 | 10/16/28 | Senior | 1,200,000 | 1,198,200 | ||||||||||
CQP Holdco LP +, a | Cash 3.75% + L (0.50% Floor)^^ | 06/09/21 | 06/04/28 | Senior | 3,283,500 | 3,280,069 | ||||||||||
Crown Subsea Communications Holding, Inc. +, a | Cash 5.00% + L (0.75% Floor)^^ | 05/05/21 | 04/27/27 | Senior | 4,487,671 | 4,523,191 | ||||||||||
CSC Holdings, LLC +, a | Cash 2.50% + L^ | 08/11/21 | 04/15/27 | Senior | 3,491,117 | 3,451,842 | ||||||||||
CSC Holdings, LLC +, a | Cash 2.25% + L^ | 12/07/18 | 01/15/26 | Senior | 2,922,375 | 2,888,767 | ||||||||||
DCert Buyer, Inc. +, a | Cash 4.00% + L^ | 10/24/19 | 10/16/26 | Senior | 1,968,712 | 1,967,610 | ||||||||||
Deerfield Dakota Holding, LLC +, a | Cash 3.75% + L (1.00% Floor)^^ | 06/01/20 | 04/09/27 | Senior | 985,000 | 987,389 | ||||||||||
Delta 2 (Lux) S.A.R.L +, a | Cash 2.50% + L (1.00% Floor)^ | 03/01/18 | 02/01/24 | Senior | 1,997,500 | 2,000,830 | ||||||||||
Delta Topco, Inc. +, a | Cash 3.75% + L (0.75% Floor)^^ | 10/07/20 | 12/01/27 | Senior | 2,089,500 | 2,094,358 | ||||||||||
DexKo Global Inc. +, a | Cash 3.75% + L (0.50% Floor)^^ | 10/07/21 | 10/04/28 | Senior | 1,510,038 | 1,507,093 | ||||||||||
DG Investment Intermediate Holdings 2, Inc. +, a | Cash 3.75% + L (0.75% Floor)^ | 04/23/21 | 03/31/28 | Senior | 1,293,574 | 1,294,759 | ||||||||||
Diligent Corporation +, a | Cash 6.25% + L (1.00% Floor)^^ | 04/29/16 | 08/04/25 | Senior | 29,236,566 | 29,590,243 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)
Consolidated Schedule of Investments —
December 31, 2021 (Unaudited) (continued)
Interest | Acquisition Date | Maturity Date | Investment Type | Principal | Fair Value** | |||||||||||
Private Equity Investments (continued) | ||||||||||||||||
Direct Investments * (continued) | ||||||||||||||||
Direct Debt (continued) | ||||||||||||||||
EAB Global, Inc. +, a | Cash 3.50% + L^^ | 08/25/21 | 06/28/28 | Senior | $ | 2,200,000 | $ | 2,190,837 | ||||||||
ECI Macola/Max Holding, LLC +, a | Cash 3.75% + L (0.75% Floor)^^ | 09/13/21 | 11/09/27 | Senior | 1,691,457 | 1,695,331 | ||||||||||
Endurance International Group Holdings, Inc. +, a | Cash 3.50% + L (0.75% Floor)^^ | 04/28/21 | 02/10/28 | Senior | 3,890,250 | 3,863,505 | ||||||||||
Energizer Holdings, Inc. +, a | Cash 2.25% + L (0.50% Floor)^^ | 12/16/20 | 12/22/27 | Senior | 992,500 | 991,572 | ||||||||||
Engineered Machinery Holdings, Inc. +, a | Cash 3.75% + L (0.75% Floor)^^ | 08/16/21 | 05/21/28 | Senior | 1,600,000 | 1,598,496 | ||||||||||
Envision Healthcare Corporation +, a | Cash 3.75% + L^ | 10/25/18 | 10/10/25 | Senior | 3,882,431 | 3,136,286 | ||||||||||
Envision Healthcare Corporation +, a | PIK 6.00% + L (1.00% Floor)^ | 04/27/20 | 10/10/25 | Senior | 40,562,745 | 30,873,319 | ||||||||||
Explorer Holdings, Inc. +, a | Cash 8.00% + L (0.50% Floor)^ | 02/04/20 | 02/04/28 | Second Lien | 25,511,456 | 25,529,313 | ||||||||||
Femur Buyer, Inc. +, a | Cash 4.50% + L^^ | 03/26/19 | 03/05/26 | Senior | 2,925,000 | 2,720,250 | ||||||||||
Filtration Group Corporation +, a | Cash 3.50% + L (0.50% Floor)^^ | 11/01/21 | 10/21/28 | Senior | 2,094,750 | 2,095,190 | ||||||||||
First Student Bidco Inc. +, a | Cash 3.00% + L (0.50% Floor)^^ | 08/11/21 | 08/21/28 | Senior | 1,100,006 | 1,096,793 | ||||||||||
Flex Acquisition Company, Inc. +, a | Cash 3.00% + L^ | 07/30/18 | 06/29/25 | Senior | 962,649 | 955,376 | ||||||||||
Flynn Restaurant Group LP +, a | Cash 4.25% + L (0.50% Floor)^^ | 12/10/21 | 11/22/28 | Senior | 2,300,000 | 2,276,713 | ||||||||||
Galls, LLC +, a | Cash 6.25% + L (1.00% Floor)^^ | 12/22/20 | 01/31/25 | Senior | 479,790 | 464,623 | ||||||||||
GC EOS Buyer, Inc. +, a | Cash 4.50% + L^ | 07/18/19 | 08/01/25 | Senior | 3,939,339 | 3,940,580 | ||||||||||
GFL Environmental Inc. +, a | Cash 3.00% + L (1.00% Floor)^ | 12/05/18 | 05/30/25 | Senior | 1,196,879 | 1,201,368 | ||||||||||
GHX Ultimate Parent Corporation +, a | Cash 3.25% + L (1.00% Floor)^^ | 09/17/18 | 06/22/24 | Senior | 1,931,105 | 1,929,897 | ||||||||||
GI Consilio Parent LLC +, a | Cash 4.00% + L (0.50% Floor)^^ | 05/18/21 | 04/30/28 | Senior | 6,683,250 | 6,650,535 | ||||||||||
Global Medical Response, Inc. +, a | Cash 4.75% + L (1.00% Floor)^^ | 02/25/21 | 10/02/25 | Senior | 992,500 | 989,771 | ||||||||||
Gopher Resource, LLC +, a | Cash 3.25% + L (1.00% Floor)^ | 07/09/21 | 03/06/25 | Senior | 2,976,326 | 2,797,746 | ||||||||||
Great American Outdoors Group, LLC +, a | Cash 3.75% + L (0.75% Floor)^^ | 05/14/21 | 06/03/28 | Senior | 1,782,034 | 1,786,266 | ||||||||||
GTT Communications, Inc. +, a | Cash 2.75% + L^^ | 07/02/18 | 05/31/25 | Senior | 2,163,692 | 1,946,760 | ||||||||||
Heartland Dental, LLC +, a | Cash 3.50% + L^ | 05/15/18 | 04/30/25 | Senior | 2,897,499 | 2,874,362 | ||||||||||
Heartland Dental, LLC +, a | Cash 4.00% + L^ | 05/15/18 | 04/30/25 | Senior | 997,500 | 997,086 | ||||||||||
Help Systems, Inc. +, a | Cash 6.75% + L (0.75% Floor)^^ | 11/05/21 | 11/19/27 | Second Lien | 3,600,000 | 3,601,512 | ||||||||||
Help Systems, Inc. +, a | Cash 4.00% + L (0.75% Floor)^^ | 06/25/21 | 11/19/26 | Senior | 4,168,182 | 4,162,096 | ||||||||||
Hexion Inc. +, a | Cash 3.50% + L^^ | 08/09/19 | 07/01/26 | Senior | 1,365,000 | 1,367,136 | ||||||||||
Hornblower Sub, LLC +, a | Cash 4.50% + L^^ | 05/01/19 | 04/27/25 | Senior | 948,619 | 898,024 | ||||||||||
Husky Injection Molding Systems Ltd. +, a | Cash 3.25% + L (1.00% Floor)^^ | 07/15/19 | 03/28/25 | Senior | 972,220 | 957,704 | ||||||||||
Hyland Software, Inc. +, a | Cash 3.50% + L (0.75% Floor)^^ | 10/27/20 | 07/01/24 | Senior | 987,245 | 992,181 | ||||||||||
Idera, Inc. +, a | Cash 2.75% + L (0.75% Floor)^ | 12/17/18 | 06/27/24 | Senior | 1,264,035 | 1,264,629 | ||||||||||
Indy US Bidco, LLC +, a | Cash 3.75% + L^^ | 03/29/21 | 03/06/28 | Senior | 992,513 | 992,825 | ||||||||||
KENE Acquisition, Inc. +, a | Cash 8.25% + L^^ | 12/15/21 | 08/08/27 | Second Lien | 175,500 | 175,500 | ||||||||||
KENE Acquisition, Inc. +, a | Cash 8.25% + L (1.00% Floor)^^ | 08/08/19 | 08/09/27 | Second Lien | 1,462,500 | 1,462,500 | ||||||||||
Kingpin Intermediate Holdings LLC +, a | Cash 3.50% + L (1.00% Floor)^ | 10/05/18 | 07/03/24 | Senior | 1,327,377 | 1,324,476 | ||||||||||
KSLB Holdings, LLC +, a | Cash 8.75% + L (1.00% Floor)^ | 07/30/18 | 07/30/26 | Second Lien | 2,935,385 | 2,812,375 | ||||||||||
LBM Acquisition LLC +, a, f | Cash 3.75% + L (0.75% Floor)^^ | 06/24/21 | 12/17/27 | Senior | 1,097,241 | 1,082,055 | ||||||||||
LBM Acquisition, LLC +, a | Cash 3.25% + L (0.75% Floor)^^ | 09/07/21 | 12/17/27 | Senior | 2,194,486 | 2,178,225 | ||||||||||
LogMeIn, Inc. +, a | Cash 4.75% + L^^ | 09/03/20 | 08/31/27 | Senior | 4,950,000 | 4,927,205 | ||||||||||
Loire UK Midco 3 Limited +, a | Cash 3.25% + L^^^ | 06/08/20 | 04/21/27 | Senior | 1,379,131 | 1,365,340 | ||||||||||
LSCS Holdings, Inc. +, a, f | Cash 4.50% + L (0.50% Floor)^^ | 11/23/21 | 12/16/28 | First Lien | 2,600,000 | 2,603,900 | ||||||||||
LTI Holdings, Inc. +, a | Cash 3.50% + L^ | 10/22/18 | 09/06/25 | Senior | 967,500 | 957,559 | ||||||||||
Lucid Energy Group II Borrower, LLC +, a | Cash 3.00% + L (1.00% Floor)^^ | 08/06/21 | 02/17/25 | Senior | 1,989,845 | �� | 1,968,952 | |||||||||
Lucid Energy Group II Borrower, LLC +, a | Cash 4.25% + L (0.75% Floor)^^ | 12/08/21 | 11/24/28 | Senior | 2,992,500 | 2,961,079 | ||||||||||
Magenta Buyer LLC +, a | Cash 8.25% + L (0.75% Floor)^^ | 10/13/21 | 07/27/29 | Second Lien | 2,000,000 | 1,991,880 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)
Consolidated Schedule of Investments —
December 31, 2021 (Unaudited) (continued)
Interest | Acquisition Date | Maturity Date | Investment Type | Principal | Fair Value** | |||||||||||
Private Equity Investments (continued) | ||||||||||||||||
Direct Investments * (continued) | ||||||||||||||||
Direct Debt (continued) | ||||||||||||||||
Magenta Buyer LLC +, a | Cash 5.00% + L (0.75% Floor)^^ | 08/02/21 | 07/27/28 | Senior | $ | 3,491,250 | $ | 3,487,427 | ||||||||
MajorDrive Holdings IV LLC +, a | Cash 4.00% + L (0.50% Floor)^^ | 06/10/21 | 06/01/28 | Senior | 997,500 | 999,161 | ||||||||||
Marnix SAS +, a | Cash 4.00% + L (0.50% Floor)^^ | 12/17/21 | 08/04/28 | Senior | 1,492,500 | 1,490,634 | ||||||||||
Maverick Bidco, Inc. +, a | Cash 6.75% + L (0.75% Floor)^^ | 05/26/21 | 05/18/29 | Second Lien | 6,603,000 | 6,636,015 | ||||||||||
Maverick Bidco, Inc. +, a | Cash 3.75% + L (0.75% Floor)^^ | 05/27/21 | 04/29/28 | Senior | 1,500,000 | 1,503,750 | ||||||||||
McAfee, LLC +, a | Cash 3.75% + L^ | 07/19/19 | 09/30/24 | Senior | 376,977 | 377,802 | ||||||||||
McAfee, LLC +, a | Cash 4.50% + L (1.00% Floor)^ | 02/02/18 | 09/27/24 | Senior | 2,563,588 | 2,582,356 | ||||||||||
Medline Borrower, L.P. +, a | Cash 3.25% + L (0.50% Floor)^^ | 11/03/21 | 10/23/28 | Senior | 1,100,000 | 1,100,996 | ||||||||||
Mercury Borrower, Inc. +, a, f | Cash 6.50% + L (0.50% Floor)^^ | 11/17/21 | 08/02/29 | Second Lien | 900,000 | 904,788 | ||||||||||
Messer Industries USA, Inc. +, a | Cash 2.50% + L^^ | 04/26/19 | 03/01/26 | Senior | 1,179,028 | 1,171,659 | ||||||||||
MetroNet Systems Holdings, LLC +, a | Cash 3.75% + L (0.75% Floor)^^ | 06/14/21 | 06/02/28 | Senior | 3,383,021 | 3,388,941 | ||||||||||
Michaels Stores, Inc. +, a | Cash 4.25% + L (0.75% Floor)^^ | 04/26/21 | 04/15/28 | Senior | 2,189,000 | 2,172,977 | ||||||||||
Ministry Brands, LLC +, a | Cash 4.00% + L (1.00% Floor)^ | 01/01/21 | 12/02/22 | Senior | 1,250,651 | 1,238,144 | ||||||||||
Mirion Technologies, Inc. +, a | Cash 2.75% + L (0.50% Floor)^^ | 11/05/21 | 10/20/28 | Senior | 1,197,600 | 1,196,534 | ||||||||||
Mitchell International, Inc. +, a | Cash 3.75% + L (0.50% Floor)^^ | 10/21/21 | 10/15/28 | Senior | 3,800,000 | 3,783,147 | ||||||||||
Mitchell International, Inc. +, a | Cash 6.50% + L (0.50% Floor)^^ | 10/26/21 | 10/15/29 | Second Lien | 1,000,000 | 1,008,250 | ||||||||||
National Mentor Holdings, Inc. +, a | Cash 3.75% + L (0.75% Floor)^^ | 04/26/21 | 03/02/28 | Senior | 2,762,694 | 2,736,420 | ||||||||||
National Spine & Pain Centers, LLC +, a | Cash 5.00% + L (1.00% Floor)^ | 06/30/17 | 06/02/24 | Senior | 531,413 | 524,451 | ||||||||||
Navicure, Inc. +, a | Cash 4.00% + L^^ | 11/19/19 | 10/22/26 | Senior | 2,959,912 | 2,961,140 | ||||||||||
NEP Group, Inc. +, a | Cash 4.00% + L (0.50% Floor)^^ | 12/06/21 | 10/20/25 | Senior | 1,900,000 | 1,884,563 | ||||||||||
NEP Group, Inc. +, a, f | Cash 3.25% + L^^ | 06/29/21 | 10/20/25 | First Lien | 1,984,655 | 1,949,090 | ||||||||||
Netsmart, Inc. +, a | Cash 3.75% + L (1.00% Floor)^ | 05/20/19 | 04/19/23 | Senior | 2,239,218 | 2,247,055 | ||||||||||
Nexstar Broadcasting +, a | Cash 2.50% + L^ | 10/02/19 | 09/21/26 | Senior | 1,294,119 | 1,293,070 | ||||||||||
Northwest Fiber, LLC +, a | Cash 5.50% + L^ | 06/17/20 | 04/30/27 | Senior | 629,349 | 628,168 | ||||||||||
NSM Top Holdings Corp. +, a | Cash 5.25% + L^ | 11/26/19 | 11/16/26 | Senior | 1,470,000 | 1,470,000 | ||||||||||
Oceankey (U.S.) II Corp. +, a, f | Cash 3.50% + L (0.50% Floor)^^ | 12/09/21 | 12/15/28 | First Lien | 1,900,000 | 1,895,250 | ||||||||||
OEConnection LLC +, a | Cash 4.00% + L^^ | 10/28/19 | 09/25/26 | Senior | 2,951,549 | 2,949,718 | ||||||||||
OneDigital Borrower LLC +, a, f | Cash 3.25% + P (1.50% Floor)‡ ‡ | 11/22/21 | 11/16/27 | First Lien | 1,300,000 | 1,299,194 | ||||||||||
OneDigital Borrower LLC +, a | Cash 4.50% + L (0.75% Floor)^^ | 12/11/20 | 11/16/27 | Senior | 1,492,735 | 1,491,802 | ||||||||||
Osmose Utilities Services, Inc. +, a | Cash 3.25% + L (0.50% Floor)^^ | 09/01/21 | 06/23/28 | Senior | 2,493,750 | 2,483,152 | ||||||||||
Osmosis Buyer Limited +, a | Cash 4.00% + L (0.50% Floor)^^ | 08/03/21 | 07/31/28 | First Lien | 4,400,000 | 4,417,666 | ||||||||||
PAI Holdco, Inc. +, a | Cash 3.50% + L (1.00% Floor)^^ | 11/09/20 | 10/22/27 | Senior | 1,194,000 | 1,194,997 | ||||||||||
Panther BF Aggregator 2 L.P. +, a | Cash 3.25% + L^ | 05/14/19 | 04/30/26 | Senior | 1,014,249 | 1,010,319 | ||||||||||
Parexel International Corporation +, a | Cash 3.50% + L (0.50% Floor)^^ | 12/07/21 | 11/15/28 | Senior | 3,000,000 | 3,004,140 | ||||||||||
Pearl Intermediate Parent, LLC +, a | Cash 6.25% + L^ | 03/21/18 | 02/13/26 | Second Lien | 2,400,000 | 2,413,458 | ||||||||||
Pearl Intermediate Parent, LLC +, a | Cash 2.75% + L^ | 03/16/18 | 02/14/25 | Senior | 3,655,192 | 3,627,067 | ||||||||||
Peraton Corp. +, a | Cash 3.75% + L (0.75% Floor)^^ | 04/12/21 | 02/01/28 | Senior | 1,985,000 | 1,989,248 | ||||||||||
Perforce Software, Inc. +, a | Cash 3.75% + L^ | 07/22/19 | 07/01/26 | Senior | 1,661,835 | 1,651,449 | ||||||||||
PetVet Care Centers, LLC +, a | Cash 3.25% + L^ | 04/12/19 | 02/14/25 | Senior | 1,163,910 | 1,158,096 | ||||||||||
PetVet Care Centers, LLC +, a | Cash 3.50% + L (0.75% Floor)^^ | 08/18/21 | 02/14/25 | Senior | 994,911 | 996,030 | ||||||||||
PG&E Corporation +, a | Cash 4.50% + L (1.00% Floor)^^ | 08/11/20 | 06/23/25 | Senior | 1,970,000 | 1,952,763 | ||||||||||
Pluto Acquisition I, Inc. +, a | Cash 4.00% + L^^ | 06/15/21 | 06/22/26 | Senior | 1,691,500 | 1,687,973 | ||||||||||
PODS, INC. +, a | Cash 3.00% + L (0.75% Floor)^ | 04/16/21 | 03/31/28 | Senior | 1,290,266 | 1,287,486 | ||||||||||
Polaris Newco, LLC +, a | Cash 4.00% + L (0.50% Floor)^^^ | 06/15/21 | 06/02/28 | Senior | 1,200,000 | 1,201,434 | ||||||||||
Potters Industries, LLC +, a | Cash 4.00% + L (0.75% Floor)^^ | 12/17/20 | 12/14/27 | Senior | 992,500 | 995,607 | ||||||||||
Pre-Paid Legal Services, Inc. +, a | Cash 7.00% + L (0.50% Floor)^^ | 12/07/21 | 12/14/29 | Second Lien | 3,700,000 | 3,697,706 | ||||||||||
Pregis TopCo LLC +, a | Cash 4.00% + L (0.75% Floor)^^ | 12/23/20 | 07/31/26 | Senior | 997,500 | 993,759 | ||||||||||
Pretium PKG Holdings, Inc. +, a | Cash 6.75% + L (0.50% Floor)^^ | 10/05/21 | 10/01/29 | Second Lien | 1,800,000 | 1,798,875 | ||||||||||
Procera Networks, Inc. +, a | Cash 4.50% + L^^ | 11/20/18 | 10/31/25 | Senior | 1,144,395 | 1,143,680 | ||||||||||
Project Boost Purchaser, LLC +, a | Cash 3.50% + L^^ | 07/19/19 | 06/01/26 | Senior | 1,759,500 | 1,760,600 | ||||||||||
Prometric Holdings, Inc. +, a | Cash 7.50% + L (1.00% Floor)^ | 01/29/18 | 01/29/26 | Second Lien | 14,154,350 | 14,834,336 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)
Consolidated Schedule of Investments —
December 31, 2021 (Unaudited) (continued)
Interest | Acquisition Date | Maturity Date | Investment Type | Principal | Fair Value** | |||||||||||
Private Equity Investments (continued) | ||||||||||||||||
Direct Investments * (continued) | ||||||||||||||||
Direct Debt (continued) | ||||||||||||||||
Quintiles IMS Inc. +, a | Cash 2.00% + E (0.50% Floor)## | 06/22/18 | 06/11/25 | Senior | $ | 2,803,629 | $ | 2,732,821 | ||||||||
Radiate HoldCo, LLC +, a | Cash 3.50% + L (0.75% Floor)^^ | 07/16/19 | 09/25/26 | Senior | 1,000,000 | 997,865 | ||||||||||
Radiology Partners, Inc. +, a | Cash 4.25% + L^ | 09/11/18 | 07/09/25 | Senior | 2,403,933 | 1,327,611 | ||||||||||
RC Buyer, Inc. +, a | Cash 6.50% + L (0.75% Floor)^^ | 08/03/21 | 07/26/29 | Second Lien | 2,800,000 | 2,807,000 | ||||||||||
RealPage, Inc. +, a | Cash 3.25% + L (0.50% Floor)^^ | 04/26/21 | 04/24/28 | Senior | 3,990,000 | 3,983,157 | ||||||||||
Red Planet Borrower, LLC +, a | Cash 3.75% + L (0.50% Floor)^^ | 10/04/21 | 10/02/28 | Senior | 2,194,500 | 2,185,722 | ||||||||||
Redstone Holdco 2 L.P. +, a | Cash 4.75% + L (0.75% Floor)^^ | 05/10/21 | 04/27/28 | Senior | 3,790,500 | 3,635,715 | ||||||||||
Redstone Holdco 2 L.P. +, a | Cash 7.75% + L (0.75% Floor)^^ | 05/03/21 | 04/16/29 | Second Lien | 3,000,000 | 2,790,000 | ||||||||||
Refficiency Holdings LLC +, a, e | Cash 3.75% + L (0.75% Floor)^ | 02/04/21 | 12/16/27 | First Lien | 287,419 | — | ||||||||||
Refficiency Holdings LLC +, a, f | Cash 4.00% + L (0.75% Floor)^ | 12/11/20 | 12/16/27 | Senior | 1,494,609 | 1,495,551 | ||||||||||
Rent-A-Center, Inc. +, a | Cash 4.00% + L (0.75% Floor)^ | 03/02/21 | 02/17/28 | Senior | 992,500 | 993,741 | ||||||||||
Restaurant Technologies, Inc. +, a | Cash 3.00% + L^^ | 10/26/18 | 10/01/25 | Senior | 485,000 | 482,170 | ||||||||||
RLG Holdings, LLC +, a | Cash 4.25% + L (0.75% Floor)^^ | 07/19/21 | 07/10/28 | Senior | 2,000,000 | 1,999,380 | ||||||||||
Rocket Software, Inc. +, a | Cash 4.25% + L^ | 12/05/18 | 11/28/25 | Senior | 2,648,135 | 2,637,383 | ||||||||||
Rough Country, LLC +, a | Cash 3.50% + L (0.75% Floor)^^ | 08/03/21 | 07/26/28 | Senior | 1,895,250 | 1,894,075 | ||||||||||
S2P Acquisition Borrower, Inc. +, a | Cash 4.00% + L^ | 10/07/19 | 08/14/26 | Senior | 977,500 | 977,906 | ||||||||||
Sabre GLBL Inc. +, a | Cash 3.50% + L (0.50% Floor)^ | 08/09/21 | 12/17/27 | Senior | 1,890,550 | 1,869,232 | ||||||||||
Safe Fleet Holdings LLC +, a, b | Cash 3.00% + L (1.00% Floor)^ | 03/05/18 | 02/03/25 | Senior | 2,883,000 | 2,882,944 | ||||||||||
SCIH Salt Holdings, Inc. +, a | Cash 4.00% + L (1.00% Floor)^^ | 04/17/20 | 03/16/27 | Senior | 815,742 | 809,114 | ||||||||||
Senneca Holdings, Inc. +, a | PIK 11.00% | 05/11/18 | 05/11/26 | Second Lien | 1,249,147 | 3 | ||||||||||
Senneca Holdings, Inc. +, a | PIK 10.00% | 05/29/20 | 11/11/25 | 1.5 Lien | 1,160,556 | 144,141 | ||||||||||
Shearer's Foods, LLC +, a | Cash 3.50% + L (0.75% Floor)^^ | 09/25/20 | 09/23/27 | Senior | 33,334 | 33,279 | ||||||||||
Shearer's Foods, LLC +, a | Cash 3.50% + L (1.00% Floor)^^ | 05/17/18 | 09/23/27 | Senior | 3,096,746 | 3,121,524 | ||||||||||
Shearer's Foods, LLC +, a | Cash 7.75% + L (1.00% Floor)^^ | 10/14/20 | 09/22/28 | Second Lien | 1,000,000 | 1,001,300 | ||||||||||
Shermco Intermediate Holdings, Inc. +, a | Cash 4.50% + L (1.00% Floor)^ | 06/05/18 | 06/05/24 | Senior | 25,564,006 | 25,214,068 | ||||||||||
Sorenson Communications, LLC +, a | Cash 5.50% + L (0.75% Floor)^^ | 03/23/21 | 03/12/28 | Senior | 2,762,865 | 2,774,967 | ||||||||||
Sound Inpatient Physicians, Inc. +, a | Cash 2.75% + L^ | 08/23/18 | 06/27/25 | Senior | 1,347,500 | 1,346,240 | ||||||||||
Sovos Compliance, LLC +, a, e, f | Cash 4.50% + L (0.50% Floor)^^ | 08/16/21 | 08/11/28 | First Lien | 250,342 | (626 | ) | |||||||||
Sovos Compliance, LLC +, a | Cash 4.50% + L (0.50% Floor)^^ | 08/16/21 | 08/11/28 | First Lien | 1,449,658 | 1,455,210 | ||||||||||
SS&C Technologies, Inc. +, a | Cash 1.75% + L^ | 12/07/18 | 04/16/25 | Senior | 2,192,086 | 2,171,075 | ||||||||||
SSH Group Holdings, Inc. +, a | Cash 4.25% + L^^ | 09/11/18 | 07/30/25 | Senior | 962,638 | 3,281,132 | ||||||||||
SSH Group Holdings, Inc. +, a | Cash 8.25% + L^^ | 08/21/18 | 07/30/26 | Second Lien | 2,120,000 | 2,056,400 | ||||||||||
Standard Industries Inc. +, a | Cash 2.50% + L (0.50% Floor)^^ | 10/26/21 | 09/22/28 | Senior | 640,250 | 641,585 | ||||||||||
Star US Bidco, LLC +, a | Cash 4.25% + L (1.00% Floor)^ | 04/24/20 | 03/17/27 | Senior | 1,280,500 | 1,279,706 | ||||||||||
Tank Holding Corp. +, a | Cash 5.00% + L (0.75% Floor)^^ | 12/18/20 | 03/26/26 | Senior | 950,834 | 955,293 | ||||||||||
TecoStar Holdings, Inc. +, a | Cash 8.50% + L (1.00% Floor)^ | 05/01/17 | 11/01/24 | Second Lien | 525,000 | 502,950 | ||||||||||
Telenet Financing USD LLC +, a | Cash 2.00% + L^^^ | 04/27/20 | 04/30/28 | Senior | 2,400,000 | 2,361,300 | ||||||||||
TLP Finance Holdings, LLC +, a | Cash 8.00% + L (1.00% Floor)^ | 02/26/19 | 02/26/26 | Mezzanine | 43,551,847 | 44,422,884 | ||||||||||
Tory Burch LLC +, a | Cash 3.50% + L (0.50% Floor)^ | 04/30/21 | 04/16/28 | Senior | 995,000 | 995,000 | ||||||||||
Tosca Services LLC +, a | Cash 3.50% + L (0.75% Floor)^ | 08/21/20 | 08/18/27 | Senior | 990,000 | 989,386 | ||||||||||
TricorBraun Holdings, Inc. +, a | Cash 3.25% + L (0.50% Floor)^^ | 04/15/21 | 03/03/28 | Senior | 995,302 | 989,494 | ||||||||||
Trident TPI Holdings, Inc. +, a | Cash 4.00% + L (0.50% Floor)^^ | 09/22/21 | 09/15/28 | Senior | 1,569,991 | 1,571,215 | ||||||||||
Triton Water Holdings, Inc. +, a | Cash 3.50% + L (0.50% Floor)^^ | 04/19/21 | 03/31/28 | Senior | 1,393,000 | 1,379,384 | ||||||||||
UKG Inc. +, a | Cash 3.25% + L (0.75% Floor)^^ | 07/13/20 | 05/04/26 | Senior | 990,019 | 986,509 | ||||||||||
Unified Women's Healthcare, LLC +, a, f | Cash 4.25% + L (0.75% Floor)^ | 03/16/21 | 12/20/27 | Senior | 2,690,258 | 2,696,647 | ||||||||||
Upstream Newco, Inc. +, a | Cash 4.25% + L^ | 08/04/21 | 11/20/26 | Senior | 3,482,500 | 3,491,746 | ||||||||||
Utz Quality Foods, LLC +, a | Cash 3.00% + L^^ | 01/29/21 | 01/20/28 | Senior | 3,663,004 | 3,661,630 | ||||||||||
VeriFone Systems, Inc. +, a | Cash 4.00% + L^^ | 09/25/18 | 08/20/25 | Senior | 3,588,702 | 3,532,180 | ||||||||||
Vetcor Professional Practices LLC +, a | Cash 6.50% + L^ | 07/02/18 | 07/02/26 | Second Lien | 2,990,000 | 2,990,000 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)
Consolidated Schedule of Investments —
December 31, 2021 (Unaudited) (continued)
Interest | Acquisition Date | Maturity Date | Investment Type | Principal | Fair Value** | |||||||||||
Private Equity Investments (continued) | ||||||||||||||||
Direct Investments * (continued) | ||||||||||||||||
Direct Debt (continued) | ||||||||||||||||
Vetcor Professional Practices LLC +, a | Cash 6.50% + L^^ | 07/02/18 | 07/02/26 | Second Lien | $ | 613,333 | $ | 613,333 | ||||||||
Vision Solutions, Inc. +, a | Cash 4.25% + L (0.75% Floor)^^ | 05/06/21 | 03/19/28 | Senior | 3,890,250 | 3,890,250 | ||||||||||
Vision Solutions, Inc. +, a | Cash 7.25% + L (0.75% Floor)^^ | 09/07/21 | 08/04/28 | Second Lien | 1,500,000 | 1,503,593 | ||||||||||
VS Buyer, LLC +, a | Cash 3.00% + L^^ | 04/10/20 | 02/28/27 | Senior | 1,965,000 | 1,960,088 | ||||||||||
Weld North Education LLC +, a | Cash 3.75% + L (0.75% Floor)^^ | 12/15/20 | 12/21/27 | Senior | 1,287,000 | 1,288,879 | ||||||||||
West Corporation +, a | Cash 3.50% + L (1.00% Floor)^^ | 04/20/18 | 10/10/24 | Senior | 3,105,628 | 2,941,636 | ||||||||||
Whatabrands LLC +, a | Cash 3.25% + L (0.50% Floor)^ | 08/05/21 | 07/21/28 | Senior | 3,000,000 | 2,993,685 | ||||||||||
Woof Holdings, Inc. +, a | Cash 7.25% + L (0.75% Floor)^^ | 12/21/20 | 12/21/28 | Second Lien | 7,200,000 | 7,276,536 | ||||||||||
WP CityMD Bidco LLC +, a | Cash 3.75% + L (1.00% Floor)^^ | 09/01/19 | 08/13/26 | Senior | 2,947,725 | 2,949,567 | ||||||||||
WP CityMD Bidco LLC +, a | Cash 3.25% + L (0.50% Floor)^^ | 11/18/21 | 12/22/28 | First Lien | 3,000,000 | 3,001,875 | ||||||||||
WWEX UNI TopCo Holdings, LLC +, a | Cash 4.25% + L (0.75% Floor)^^ | 08/03/21 | 07/26/28 | Senior | 2,700,000 | 2,710,678 | ||||||||||
Zayo Group Holdings, Inc. +, a | Cash 3.00% + L^ | 04/24/20 | 03/09/27 | Senior | 3,919,474 | 3,872,930 | ||||||||||
Total North America (5.94%) | 620,059,189 | |||||||||||||||
Rest of World (0.37%) | ||||||||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. +, a | Cash 4.50% + L^^^ | 10/05/18 | 07/10/25 | Senior | $ | 22,171,514 | $ | 22,793,736 | ||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. +, a | Cash 3.75% + E# | 10/05/18 | 09/29/25 | Senior | 2,401,128 | 2,270,239 | ||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. +, a | Cash 7.25% + E### | 10/11/18 | 09/28/26 | Second Lien | 13,678,916 | 13,381,093 | ||||||||||
Total Rest of World (0.37%) | $ | 38,445,068 | ||||||||||||||
Western Europe (2.48%) | ||||||||||||||||
Acuris Finance US, Inc. +, a | Cash 4.00% + L (0.50% Floor)^^ | 03/11/21 | 02/16/28 | Senior | $ | 677,083 | $ | 680,347 | ||||||||
AEA International Holdings (Luxembourg) S.a.r.l. +, a | Cash 3.75% + L (0.50% Floor)^^ | 09/15/21 | 08/09/28 | Senior | 2,300,000 | 2,305,750 | ||||||||||
AI Convoy (Luxembourg) S.a.r.l. +, a | Cash 3.50% + L (1.00% Floor)^^ | 05/20/20 | 01/18/27 | Senior | 1,861,583 | 1,867,838 | ||||||||||
AI PLEX AcquiCo GmbH +, a | Cash 4.75% + L^^^ | 08/23/19 | 07/31/26 | Senior | 4,907,368 | 4,909,405 | ||||||||||
Albion Financing 3 S.a r.l. (Albion Financing LLC) +, a, f | Cash 5.25% + L (0.50% Floor)^^ | 10/15/21 | 07/31/26 | First Lien | 2,500,000 | 2,510,950 | ||||||||||
Altice France S.A. +, a | Cash 4.00% + L^^ | 12/10/20 | 08/14/26 | Senior | 2,979,539 | 2,969,111 | ||||||||||
Anticimex International AB +, a, f | Cash 3.50% + L (0.50% Floor)^^ | 07/21/21 | 07/21/28 | Senior | 2,700,000 | 2,697,462 | ||||||||||
Aston Finco S.à.r.l. +, a | Cash 4.25% + L^^ | 11/14/19 | 10/09/26 | Senior | 2,751,000 | 2,740,973 | ||||||||||
Aston Finco S.à.r.l. +, a | Cash 8.25% + L^^ | 10/25/19 | 10/09/27 | Second Lien | 36,733,592 | 38,776,177 | ||||||||||
Atlas Packaging GmbH +, a | Cash 7.75% + E### | 09/14/18 | 07/31/26 | Second Lien | 3,016,905 | 2,788,758 | ||||||||||
Atos Medical +, a | Cash 4.00% + E# | 08/09/16 | 07/20/23 | Senior | 3,921,197 | 4,552,418 | ||||||||||
Auris Luxembourg III S.a.r.l. +, a | Cash 3.75% + L^ | 04/04/19 | 02/27/26 | Senior | 973,723 | 967,943 | ||||||||||
Autoform Lux S.a.r.l +, a | Cash 3.75% + L^^^ | 07/22/16 | 07/21/23 | Senior | 1,677,395 | 1,674,602 | ||||||||||
Autoform Lux S.a.r.l +, a | Cash 3.50% + E### | 07/22/16 | 07/21/23 | Senior | 5,051,317 | 5,514,410 | ||||||||||
Babar Bidco +, a | Cash 4.00% + E### | 12/04/20 | 11/17/27 | Senior | 1,214,051 | 1,139,668 | ||||||||||
CD&R Firefly Bidco Limited +, a | Cash 4.75% + S>>> | 08/31/18 | 06/23/25 | Senior | 5,199,152 | 5,395,531 | ||||||||||
CD&R Firefly Bidco Limited +, a | Cash 8.35% + S>> | 06/22/21 | 06/12/26 | Second Lien | 19,485,767 | 19,062,859 | ||||||||||
CD&R Firefly Bidco Limited +, a | Cash 8.35% + S>>> | 06/21/18 | 06/18/26 | Second Lien | 26,897,480 | 28,177,700 | ||||||||||
Cidron Atrium SE +, a | Cash 7.00% + E (0.50% Floor)### | 02/28/18 | 02/28/26 | Second Lien | 1,146,938 | 1,068,839 | ||||||||||
Compass IV Limited +, a | Cash 4.00% + E### | 07/06/18 | 05/09/25 | Senior | 341,033 | 214,457 | ||||||||||
Constellation Automotive Group Limited +, a | Cash 4.75% + S>>> | 09/03/21 | 07/28/28 | Senior | 1,387,192 | 1,356,604 | ||||||||||
Constellation Automotive Group Limited +, a | Cash 7.50% + S>>> | 10/18/21 | 07/30/29 | Second Lien | 1,372,084 | 1,375,366 | ||||||||||
CTC AcquiCo GmbH +, a | Cash 2.50% + E## | 03/29/18 | 03/07/25 | Senior | 3,608,360 | 3,166,406 | ||||||||||
EG Group Limited +, a | Cash 4.00% + L^ | 05/22/18 | 02/07/25 | Senior | 1,365,696 | 1,382,329 | ||||||||||
EG Group Limited +, a | Cash 4.00% + E## | 06/20/18 | 02/07/25 | Senior | 1,885,579 | 1,732,563 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company)
|
Consolidated Schedule of Investments — December 31, 2021 (Unaudited) (continued)
|
Interest | Acquisition Date | Maturity Date | Investment Type | Principal | Fair Value** | |||||||||||
Private Equity Investments (continued) | ||||||||||||||||
Direct Investments * (continued) | ||||||||||||||||
Direct Debt (continued) | ||||||||||||||||
Fugue Finance B.V. +, a | Cash 3.25% + E## | 08/24/20 | 08/30/24 | Senior | $ | 1,299,487 | $ | 1,236,728 | ||||||||
Genesis Specialist Care Finance UK Limited +, a | Cash 5.00% + L (1.00% Floor)^^^ | 07/28/20 | 05/14/27 | Senior | 2,167,000 | 2,085,196 | ||||||||||
Grupo Iberica de Congelados, SA +, a | Cash 7.00% + E# | 06/28/19 | 11/28/24 | Senior | 1,112,644 | 1,048,444 | ||||||||||
HIG Finance 2 Limited +, a | Cash 3.25% + L (0.75% Floor)^ | 10/05/21 | 11/12/27 | Senior | 1,496,222 | 3,181,973 | ||||||||||
HNVR Holdco Limited +, a, f | Cash 5.50% + E### | 10/14/21 | 09/12/27 | Senior | 1,500,000 | 1,548,101 | ||||||||||
Holding Socotec +, a | Cash 4.25% + L (0.75% Floor)^^^ | 09/10/21 | 06/30/28 | Senior | 1,500,000 | 1,499,062 | ||||||||||
Hunter Holdco 3 Limited +, a | Cash 4.25% + L (0.50% Floor)^^ | 08/26/21 | 08/19/28 | Senior | 3,300,000 | 3,310,329 | ||||||||||
HURTIGRUTEN GROUP AS +, a, f | Cash 8.00% + E## | 12/20/21 | 06/11/23 | First Lien | 1,500,000 | 1,706,594 | ||||||||||
IGT Holding IV AB +, a | Cash 3.50% + L(0.50% Floor)^^^ | 07/21/21 | 03/31/28 | Senior | 1,885,750 | 1,884,581 | ||||||||||
International Park Holdings B.V. +, a | Cash 3.50% + L^^ | 11/16/21 | 06/13/24 | Senior | 2,967,557 | 2,886,691 | ||||||||||
ION Trading Finance Limited +, a | Cash 4.75% + L (1.00% Floor)^^ | 05/25/21 | 04/01/28 | Senior | 2,786,000 | 2,796,837 | ||||||||||
IWH UK Midco Limited +, a | Cash 4.00% + E### | 02/28/18 | 11/28/24 | Senior | 5,886,679 | 5,519,118 | ||||||||||
Kiwi VFS Sub II S.a.r.l. +, a | Cash 3.25% + E## | 08/21/18 | 07/29/24 | Senior | 1,151,803 | 1,126,590 | ||||||||||
Logoplaste Parent S.a.r.l. +, a | Cash 4.25% + L^^ | 07/30/21 | 07/06/28 | Senior | 2,892,857 | 2,897,674 | ||||||||||
Loire Finco Luxembourg S.a.r.l. +, a | Cash 3.75% + L (0.75% Floor)^^^ | 07/09/21 | 04/21/27 | Senior | 1,290,274 | 1,287,049 | ||||||||||
Matador Bidco S.a r.l. +, a, f | Cash 4.75% + L^ | 11/12/19 | 10/15/26 | Senior | 2,456,250 | 3,629,310 | ||||||||||
Nomad Foods Lux S.a.r.l. +, a | Cash 2.25% + L^ | 07/02/18 | 05/15/24 | Senior | 1,551,247 | 1,544,143 | ||||||||||
Nouryon Finance B.V. +, a | Cash 2.75% + L^ | 11/14/18 | 10/01/25 | Senior | 1,799,423 | 1,795,492 | ||||||||||
Osmosis Buyer Limited +, a | Cash 4.00% + L (0.50% Floor)^^ | 08/03/21 | 07/31/28 | First Lien | 600,000 | (2,825 | ) | |||||||||
OT Luxco 3 & Cy S.C.A. +, a | Cash 8.75% + E (1.00% Floor)###; PIK 9.00% | 05/31/17 | 05/31/27 | Mezzanine | 26,898,335 | 28,032,176 | ||||||||||
Paradocs Holding S.a r.l. +, a | Cash 3.75% + L (0.75% Floor)^^ | 06/02/21 | 02/17/28 | Senior | 1,885,750 | 1,886,533 | ||||||||||
Paysafe Group Holdings II Limited +, a, f | Cash 2.75% + L (0.50% Floor)^^ | 09/29/21 | 06/28/28 | Senior | 1,000,000 | 980,000 | ||||||||||
RivieraTopco S.A.R.L. +, a | PIK 8.50%; E (1.00% Floor)### | 12/08/17 | 05/08/24 | Mezzanine | 1,870,798 | 1,702,248 | ||||||||||
Rouge Beachhouse B.V. +, a | Cash 4.50% + E## | 10/15/18 | 07/25/25 | Senior | 579,174 | 570,758 | ||||||||||
Sapphire Bidco B.V. +, a | Cash 3.25% + E## | 05/25/18 | 05/05/25 | Senior | 2,271,578 | 2,258,252 | ||||||||||
Seren Bidco AB +, a | Cash 7.25% + SR ¤¤ | 11/16/21 | 11/16/29 | Second Lien | 16,653,255 | 16,192,213 | ||||||||||
Sigma Bidco B.V. +, a | Cash 3.50% + E# | 08/03/18 | 07/02/25 | Senior | 212,364 | 1 | ||||||||||
Sitel Worldwide Corporation +, a | Cash 3.75% + L (0.50% Floor)^^ | 10/15/21 | 08/28/28 | Senior | 1,800,000 | 1,801,692 | ||||||||||
Summer (BC) Bidco B LLC +, a | Cash 4.50% + L (0.75% Floor)^^ | 09/08/21 | 12/04/26 | Senior | 997,500 | 998,123 | ||||||||||
Sunshine Luxembourg VII S.a.r.l. +, a | Cash 3.75% + L (0.75% Floor)^^ | 10/22/19 | 10/01/26 | Senior | 2,764,113 | 2,778,223 | ||||||||||
Tahoe Subco 1 Ltd. +, a | Cash 3.50% + L (1.00% Floor)^^ | 03/20/18 | 06/13/24 | Senior | 2,731,455 | 2,718,004 | ||||||||||
TDC A/S +, a | Cash 3.00% + E# | 10/22/18 | 06/04/25 | Senior | 1,506,866 | 1,483,613 | ||||||||||
team.blue Finco S.a.r.l. +, a | Cash 3.75% + E### | 06/25/21 | 03/27/28 | Senior | 4,056,317 | 3,867,352 | ||||||||||
Vertical Midco GmbH +, a | Cash 4.25% + L^^ | 09/09/20 | 07/30/27 | Senior | 3,960,150 | 3,967,852 | ||||||||||
Virgin Media Bristol, LLC +, a | Cash 2.50% + L^ | 02/07/18 | 01/31/28 | Senior | 5,486,250 | 5,457,622 | ||||||||||
Zacapa S.a.r.l. +, a | Cash 5.00% + L (0.75% Floor)^^ | 07/31/18 | 07/02/25 | Senior | 1,741,500 | 1,746,942 | ||||||||||
Ziggo Financing Partnership +, a | Cash 2.50% + L^^ | 02/27/20 | 04/30/28 | Senior | 2,500,000 | 2,476,562 | ||||||||||
Total Western Europe (2.48%) | 258,927,719 | |||||||||||||||
Total Direct Debt (8.95%) | $ | 934,462,495 | ||||||||||||||
Total Direct Investments (68.74%) | $ | 7,176,433,956 |
Acquisition Date | Fair Value | |||||
Secondary Investments *, c (11.99%) | ||||||
Asia - Pacific (1.30%) | ||||||
Baring Asia Private Equity Fund IV, L.P. +, a | 11/24/09 | $ | 6,487 | |||
CVC Capital Partners Asia Pacific III, L.P. +, a | 01/11/13 | 439,700 | ||||
MBK Partners Colonel Fund, L.P. +, a | 09/20/21 | 80,943,877 | ||||
TRG Growth Partnership (Offshore) II, L.P. +, a | 08/02/10 | 134,246 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company)
|
Consolidated Schedule of Investments — December 31, 2021 (Unaudited) (continued)
|
Acquisition Date | Fair Value | |||||
Private Equity Investments (continued) | ||||||
Secondary Investments *, c (continued) | ||||||
Asia - Pacific (continued) | ||||||
TRG Growth Partnership (Offshore), L.P. +, a | 08/02/10 | $ | 6,135 | |||
TRG Growth Partnership II, L.P. +, a | 07/08/10 | 397,162 | ||||
Yunfeng Capital Fund III, L.P. +, a | 05/18/21 | 50,997,011 | ||||
Yunfeng Capital Fund IV, L.P. +, a | 05/31/21 | 3,381,868 | ||||
Total Asia - Pacific (1.30%) | 136,306,486 | |||||
North America (9.05%) | ||||||
Apollo Investment Fund IX, L.P. +, a | 06/01/17 | 20,442,172 | ||||
Apollo Investment Fund VII, L.P. +, a | 07/01/10 | 32,305 | ||||
Apollo Overseas Partners (Delaware) VII, L.P. +, a | 10/01/09 | 14,088 | ||||
Ares PE Extended Value Fund, L.P. +, a | 11/14/19 | 32,485,451 | ||||
Bain Capital Fund X, L.P. +, a | 12/31/12 | 6,365,418 | ||||
Bain Capital VIII Co-Investment Fund, L.P. +, a | 12/31/15 | 6 | ||||
Berkshire Fund VIII, L.P. +, a | 09/03/21 | 51,291,508 | ||||
Berkshire Fund X-A, L.P. +, a | 09/03/21 | 1,504,811 | ||||
Bertram Growth Capital II-A, L.P. +, a | 09/30/15 | 334,807 | ||||
CCMP Capital Investors IV, L.P. +, a, e | 04/01/21 | — | ||||
Clayton, Dubilier & Rice Fund VIII, L.P. +, a | 12/31/12 | 2,962,957 | ||||
DST Opportunities Access Offshore L.P. +, a | 09/30/20 | 14,639,312 | ||||
ECP Terra-Gen Growth Fund, L.P. +, a | 03/23/21 | 1,731,810 | ||||
EnCap Energy Co-Investment Fund I-C, L.P. +, a | 04/30/21 | 1,253,151 | ||||
EnCap Energy Transition Fund I, L.P. +, a | 04/30/21 | 3,711,543 | ||||
Energy Capital Partners Credit Solutions II, L.P. +, a | 02/03/21 | 1,600,813 | ||||
Energy Capital Partners III, L.P. +, a | 02/01/21 | 9,972,365 | ||||
Frazier Healthcare VI, L.P. +, a | 06/30/12 | 157,698 | ||||
FS Equity Partners V, L.P. +, a | 08/07/12 | 1,086,680 | ||||
GA Continuity Fund I L.P. (Bermuda) +, a | 06/30/21 | 52,911,554 | ||||
General Atlantic Investment Partners 2021, L.P. +, a | 07/02/21 | 1,641,709 | ||||
Genstar Capital Partners V, L.P. +, a | 09/30/15 | 25,423 | ||||
Green Equity Investors Side CF, L.P. +, a | 04/16/21 | 46,275,887 | ||||
Gridiron Energy Feeder I, L.P. +, a | 05/15/17 | 32,485,009 | ||||
Gryphon Partners 3.5, L.P. +, a | 05/21/13 | 1,223,749 | ||||
Gryphon Partners IV L.P. +, a | 02/08/16 | 23,761,113 | ||||
H.I.G. Bayside Debt & LBO Fund II, L.P. +, a | 12/30/10 | 294,279 | ||||
Harvest Partners V, L.P. +, a | 09/30/11 | 3,568 | ||||
Harvest Partners VII, L.P. +, a | 12/14/15 | 10,072,791 | ||||
Hellman & Friedman Capital Partners VI, L.P. +, a | 12/31/12 | 132,586 | ||||
Hellman & Friedman Capital Partners VII, L.P. +, a | 06/30/14 | 515,297 | ||||
Highstar Capital III Prism Fund, L.P. +, a | 07/01/10 | 9,010 | ||||
Icon Partners IV, L.P. +, a | 05/26/21 | 31,900,796 | ||||
Icon Partners V, L.P. +, a | 12/27/21 | 73,811,111 | ||||
Insight Venture Partners Continuation Fund, L.P. +, a | 09/09/19 | 59,152,677 | ||||
Investcorp Private Equity 2007 Fund, L.P. +, a | 03/31/11 | 9,476 | ||||
Investcorp Technology Partners III (Cayman), L.P. +, a | 08/19/11 | 14,468 | ||||
Lee Equity Partners II, L.P. +, a | 06/30/17 | 4,787,206 | ||||
Lee Equity Partners Realization Fund, L.P. +, a | 06/30/17 | 16,282,425 | ||||
Lightyear Fund II, L.P. +, a | 09/30/13 | 633,674 | ||||
Madison Dearborn Capital Partners V, L.P. +, a | 01/03/12 | 369,562 | ||||
Madison Dearborn Capital Partners VIII, L.P. +, a | 03/15/21 | 3,692,935 | ||||
MidOcean Partners III, L.P. +, a | 06/30/11 | 410,627 | ||||
Monomoy Capital Partners II, L.P. +, a | 09/30/15 | 1,435,472 | ||||
New Enterprise Associates 17, L.P. +, a | 09/30/20 | 6,444,564 | ||||
Northgate Growth Fund, L.P. +, a | 12/20/19 | 5,694,441 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company)
|
Consolidated Schedule of Investments — December 31, 2021 (Unaudited) (continued)
|
Acquisition Date | Fair Value | |||||
Private Equity Investments (continued) | ||||||
Secondary Investments *, c (continued) | ||||||
North America (continued) | ||||||
NVP VIII PG, L.P. +, a | 05/31/19 | $ | 69,957,084 | |||
Oak Investment Partners XII, L.P. +, a | 06/28/12 | 118,057 | ||||
Palladium Equity Partners III, L.P. +, a | 08/02/10 | 480 | ||||
Pamlico Capital GP II, LLC +, a | 03/31/14 | 3,497 | ||||
Pamlico Capital II, L.P. +, a | 03/31/14 | 653 | ||||
Providence Equity Partners IV, L.P. +, a | 06/30/11 | 1,008 | ||||
Providence Equity Partners V, L.P. +, a | 06/30/11 | 8,269 | ||||
Providence Equity Partners VI-A, L.P. +, a | 06/30/13 | 1,073,584 | ||||
Providence Equity Partners VII-A, L.P. +, a | 06/30/13 | 2,201,064 | ||||
PT2, L.P. +, a | 12/21/21 | 8,996,847 | ||||
Revelstoke Single Asset Fund I, L.P. +, a | 11/20/19 | 83,938,576 | ||||
Samson Partners, L.P. +, a | 12/21/20 | 43,140,517 | ||||
Silver Lake Partners II, L.P. +, a | 06/30/14 | 1 | ||||
Silver Lake Partners III, L.P. +, a | 06/30/14 | 1,149,066 | ||||
Silver Lake Partners V, L.P. +, a | 03/31/17 | 68,049,704 | ||||
Silver Lake Sumeru Fund, L.P. +, a | 12/18/09 | 11,593 | ||||
SL SPV-1, L.P. +, a | 12/13/16 | 31,662,007 | ||||
SL SPV-2, L.P. +, a | 05/01/19 | 9,709,837 | ||||
Specialty Pharma Holdings L.P. +, a | 04/30/21 | 8,140,853 | ||||
Sun Capital Partners V, L.P. +, a | 09/30/13 | 4,094,907 | ||||
TA Atlantic & Pacific VI, L.P. +, a | 09/30/15 | 231,398 | ||||
TA XI, L.P. +, a | 09/30/15 | 2,483,353 | ||||
TCV VI, L.P. +, a | 09/30/13 | 85 | ||||
TCV VII (A), L.P. +, a | 09/30/13 | 876,740 | ||||
TorQuest Partners Fund (U.S.) II, L.P. +, a | 09/30/15 | 289,765 | ||||
TPG Partners V, L.P. +, a | 07/11/11 | 13,213 | ||||
TPG Partners VI, L.P. +, a | 12/31/12 | 1,568,778 | ||||
Tudor Ventures III, L.P. +, a | 12/31/12 | 73,468 | ||||
Vistria Fund III, L.P. +, a | 06/19/19 | 13,641,936 | ||||
Warburg Pincus Private Equity X, L.P. +, a | 09/28/12 | 249,124 | ||||
Welsh, Carson, Anderson & Stowe XII, L.P. +, a | 12/31/18 | 69,218,197 | ||||
Total North America (9.05%) | 944,481,965 | |||||
Western Europe (1.64%) | ||||||
3i Eurofund Vb, L.P. +, a | 10/01/14 | 113,053 | ||||
3i Growth Capital B, L.P. +, a | 10/01/14 | 59,344 | ||||
Abingworth Bioventures III, L.P. +, a | 09/30/15 | 8,826 | ||||
Abingworth Bioventures V Co-Investment Growth Equity Fund, L.P. +, a | 06/30/12 | 166,179 | ||||
Abingworth Bioventures V, L.P. +, a | 06/30/12 | 26,234 | ||||
Advent International GPE VI, L.P. +, a | 04/30/11 | 311,308 | ||||
Apax Europe VI - A, L.P. +, a | 07/01/11 | 166,558 | ||||
Apax Europe VII - B, L.P. +, a | 04/30/11 | 4,466 | ||||
Astorg V FCPR +, a | 09/30/15 | 1,589,814 | ||||
Astorg VI, FCPI +, a | 06/30/16 | 11,246,525 | ||||
BC European Capital IX, L.P. +, a | 09/30/14 | 5,623,777 | ||||
Carlyle Europe Partners II, L.P. +, a | 12/28/12 | 1 | ||||
Carlyle Europe Partners III, L.P. +, a | 09/30/14 | 222,998 | ||||
CCP IX L.P. No.2 +, a | 09/30/14 | 234,061 | ||||
CD&R Value Building Partners I, L.P. +, a | 12/17/21 | 53,520,000 | ||||
CVC European Equity Partners V, L.P. +, a | 12/28/12 | 194,661 | ||||
EPIC I-b Fund SLP +, a | 11/30/20 | 23,844,996 | ||||
ESP Golden Bear Europe Fund +, a | 12/31/16 | 6,198,774 | ||||
Galileo III FCPR +, a | 09/30/15 | 34,043 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company)
|
Consolidated Schedule of Investments — December 31, 2021 (Unaudited) (continued)
|
Acquisition Date | Fair Value | |||||
Private Equity Investments (continued) | ||||||
Secondary Investments *, c (continued) | ||||||
Western Europe (continued) | ||||||
Graphite Capital Partners VII Top-Up +, a | 09/30/15 | $ | 1 | |||
Graphite Capital Partners VII, L.P. +, a | 09/30/15 | 187,726 | ||||
Indigo Capital V, L.P. +, a | 09/30/15 | 550 | ||||
Italian Private Equity Fund IV, L.P. +, a | 01/29/16 | 16,490 | ||||
KKR European Fund III, L.P. +, a | 10/01/14 | 310,246 | ||||
Montagu III, L.P. +, a | 12/09/09 | 1 | ||||
Montagu+ SCSp +, a | 12/06/21 | 32,729,878 | ||||
Permira Europe II, L.P. +, a | 11/29/13 | 25,617 | ||||
Permira Europe III, L.P. +, a | 09/30/13 | 46,919 | ||||
Permira IV, L.P. +, a | 09/30/15 | 9,185,817 | ||||
Riverside Europe Fund IV, L.P. +, a | 09/30/14 | 990,743 | ||||
STG Alternative Investments S.C.A. SICAV-RAIF +, a | 09/17/21 | 13,302,913 | ||||
Trilantic Capital Partners V (Europe) S.C.A., SICAR +, a | 11/20/20 | 10,400,899 | ||||
Trilantic Europe VI SCSp +, a, f | 12/10/20 | 1 | ||||
Total Western Europe (1.64%) | 170,763,419 | |||||
Total Secondary Investments (11.99%) | $ | 1,251,551,870 | ||||
Primary Investments *, c (15.37%) | ||||||
Asia - Pacific (1.36%) | ||||||
Baring Asia Private Equity Fund V, L.P. +, a | 12/01/10 | 2,827,994 | ||||
BGH Capital Fund I +, a | 03/01/18 | 12,199,448 | ||||
CMC Capital Partners IV, L.P. +, a, e | 12/03/21 | — | ||||
CPEChina Fund III, L.P. +, a | 03/28/18 | 35,056,847 | ||||
Hony Capital Fund VIII, L.P. +, a | 10/30/15 | 8,557,861 | ||||
Hony Capital Partners V, L.P. +, a, f | 12/15/11 | 4,634,194 | ||||
J-STAR No.4-C, L.P. +, a | 08/02/19 | 11,055,630 | ||||
Kedaara Capital III Limited +, a | 06/17/21 | 412,464 | ||||
KKR Asian Fund IV SCSp +, a | 05/29/20 | 1,200,537 | ||||
Primavera Capital Fund III L.P. +, a | 05/09/18 | 15,512,230 | ||||
Primavera Capital Fund IV, L.P. +, a | 05/20/21 | 4,116,354 | ||||
Southern Capital Fund IV L.P. +, a | 01/26/18 | 2,062,394 | ||||
The Baring Asia Private Equity Fund VII, L.P. +, a | 07/10/18 | 9,713,115 | ||||
TPG Asia VII (B), L.P. +, a | 12/07/18 | 19,852,432 | ||||
Trustbridge Partners VI, L.P. +, a | 04/12/18 | 14,320,535 | ||||
Total Asia - Pacific (1.36%) | 141,522,035 | |||||
North America (8.93%) | ||||||
Advent Global Technology, L.P. +, a | 06/25/19 | 3,419,795 | ||||
AEA Investors Fund VII L.P. +, a | 02/08/19 | 2,072,680 | ||||
American Industrial Partners Capital Fund VII, L.P. +, a | 03/29/19 | 12,088,741 | ||||
Apollo Investment Fund VIII, L.P. +, a | 06/28/13 | 5,599,392 | ||||
Ares Corporate Opportunities Fund IV, L.P. +, a | 04/19/12 | 5,469,278 | ||||
Ares Corporate Opportunities Fund V, L.P. +, a | 12/28/15 | 8,648,129 | ||||
Ares Corporate Opportunities Fund VI, L.P. +, a | 06/02/20 | 869,353 | ||||
Avista Capital Partners II, L.P. +, a | 03/15/10 | 85,429 | ||||
Avista Capital Partners III, L.P. +, a | 10/03/11 | 89,007 | ||||
Bain Capital Fund XII, L.P. +, a | 06/30/17 | 19,992,118 | ||||
Bain Capital Fund XIII, L.P. +, a | 08/07/20 | 1,386,506 | ||||
Barings Transportation Fund, L.P. +, a | 09/23/21 | 9,351,712 | ||||
Berkshire Fund IX, L.P. +, a | 03/18/16 | 14,372,674 | ||||
Caltius Partners V-A, L.P. +, a | 12/02/14 | 6,349,557 | ||||
Carlyle Partners VII, L.P. +, a | 11/29/17 | 51,585,801 | ||||
Carlyle Partners VIII, L.P. +, a, e | 09/10/21 | — |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company)
|
Consolidated Schedule of Investments — December 31, 2021 (Unaudited) (continued)
|
Acquisition Date | Fair Value | |||||
Private Equity Investments (continued) | ||||||
Primary Investments *, c (continued) | ||||||
North America (continued) | ||||||
Clayton Dubilier & Rice Fund IX, L.P. +, a | 07/31/13 | $ | 14,029,166 | |||
Clayton, Dubilier & Rice Fund XI, L.P. +, a | 05/15/20 | 6,718,164 | ||||
Clearlake Capital Partners V, L.P. +, a | 12/15/17 | 36,698,625 | ||||
Clearlake Capital Partners VI, L.P. +, a | 12/15/19 | 17,483,883 | ||||
Clearlake Capital Partners VII, L.P. +, a, e | 09/23/21 | — | ||||
Crescent Mezzanine Partners VI, L.P. +, a | 03/30/12 | 731,364 | ||||
Frazier Healthcare Growth Buyout Fund X, L.P. +, a | 03/10/21 | 690,360 | ||||
Genstar Capital Partners IX, L.P. +, a | 02/21/19 | 21,482,608 | ||||
Genstar Capital Partners VI, L.P. +, a | 09/01/12 | 2,299,729 | ||||
Genstar Capital Partners VII, L.P. +, a | 06/26/15 | 5,901,090 | ||||
Genstar Capital Partners VIII, L.P. +, a | 03/23/17 | 34,978,688 | ||||
Genstar Capital Partners X, L.P. +, a | 04/01/21 | 1,161,644 | ||||
Genstar X Opportunities Fund, L.P. +, a | 08/13/21 | 504,934 | ||||
GoldPoint Mezzanine Partners IV, L.P. +, a | 12/30/15 | 9,930,748 | ||||
Green Equity Investors Side VIII, L.P. +, a | 10/18/19 | 24,489,044 | ||||
Gryphon Heritage Partners, L.P. +, a | 12/17/20 | 5,184,277 | ||||
Gryphon Partners V, L.P. +, a | 02/23/18 | 9,940,932 | ||||
Gryphon Partners VI, L.P. +, a | 12/17/20 | 4,539,676 | ||||
Harvest Partners IX, L.P. +, a, e | 09/24/21 | — | ||||
Harvest Partners VIII, L.P. +, a | 12/19/18 | 20,814,700 | ||||
Hellman & Friedman Capital Partners X, L.P. +, a | 05/10/21 | 1,801,344 | ||||
Icon Partners IV, L.P. +, a | 09/01/21 | 5,440,209 | ||||
Icon Partners V, L.P. +, a | 12/27/21 | 7,255,319 | ||||
Insight Partners XII (Co-Investors), L.P. +, a | 06/07/21 | 666,758 | ||||
Insight Venture Partners X, L.P. +, a | 07/06/18 | 18,623,625 | ||||
Insight Venture Partners XI, L.P. +, a | 12/17/19 | 7,865,113 | ||||
Insight Ventures Partners XII, L.P. +, a | 06/07/21 | 2,477,452 | ||||
KKR Americas Fund XII L.P. +, a | 01/31/18 | 41,355,348 | ||||
KKR North America Fund XI, L.P. +, a | 02/01/12 | 7,587,614 | ||||
KKR North America Fund XIII, SCSP +, a, e | 04/06/21 | — | ||||
Kleiner Perkins Caufield & Byers XIX LLC +, a | 03/05/20 | 7,760,471 | ||||
Kohlberg TE Investors IX, L.P. +, a | 12/20/19 | 11,170,022 | ||||
Kohlberg TE Investors VIII, L.P. +, a | 08/04/16 | 18,268,693 | ||||
Lee Equity Partners Realization Fund Captive AIV, L.P. +, a, e | 05/31/19 | — | ||||
Leeds Equity Partners VI, L.P. +, a | 11/25/16 | 21,961,005 | ||||
Lerer Hippeau Select Fund III, L.P. +, a | 12/20/19 | 7,062,614 | ||||
Lerer Hippeau VII, L.P. +, a | 12/20/19 | 1,977,684 | ||||
Lux Total Opportunities, L.P. +, a | 05/28/21 | 634,576 | ||||
Lux Ventures VII, L.P. +, a | 05/28/21 | 188,282 | ||||
Madison Dearborn Capital Partners VIII, L.P. +, a | 03/20/20 | 3,500,415 | ||||
Nautic Partners IX-A, L.P. +, a | 03/12/19 | 5,571,306 | ||||
Nautic Partners VII-A, L.P. +, a | 06/27/14 | 2,451,451 | ||||
Nautic Partners X-A, L.P. +, a, e | 07/19/21 | — | ||||
NEA 18 Venture Growth Equity, L.P. +, a, e | 12/22/21 | — | ||||
New Enterprise Associates 14, L.P. +, a | 05/04/12 | 11,519,821 | ||||
New Enterprise Associates 17, L.P. +, a | 06/06/19 | 8,728,977 | ||||
New Enterprise Associates 18, L.P. +, a, e | 12/22/21 | — | ||||
New Mountain Capital V, L.P. +, a | 06/29/17 | 35,232,228 | ||||
New Mountain Partners VI, L.P. +, a | 10/16/20 | 4,790,049 | ||||
NexPhase Capital Fund III-A, L.P. +, a | 09/01/16 | 27,900,636 | ||||
Oak Hill Capital Partners IV, L.P. +, a | 04/28/17 | 15,739,649 | ||||
Oak Hill Capital Partners V, L.P. +, a, d | 12/21/18 | 27,381,328 | ||||
Pamlico Capital V, L.P. +, a | 02/03/20 | 1,208,637 |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company)
|
Consolidated Schedule of Investments — December 31, 2021 (Unaudited) (continued)
|
Acquisition Date | Fair Value | |||||
Private Equity Investments (continued) | ||||||
Primary Investments *, c (continued) | ||||||
North America (continued) | ||||||
PennantPark Credit Opportunities Fund II, L.P. +, a | 08/03/12 | $ | 5,103,555 | |||
Silver Lake Partners IV, L.P. +, a | 07/30/12 | 20,610,499 | ||||
Silver Lake Partners VI, L.P. +, a | 06/04/20 | 3,126,725 | ||||
Sumeru Equity Partners Fund, L.P. +, a | 04/27/15 | 6,375,264 | ||||
Summit Partners Growth Equity Fund XI, L.P. +, a, e | 10/01/21 | — | ||||
TA Select Opportunities Fund II-B, L.P. +, a | 05/27/21 | 330,000 | ||||
TA XIII-B, L.P. +, a | 05/02/19 | 17,078,513 | ||||
TA XIV-B, L.P. +, a | 05/27/21 | 3,105,000 | ||||
TCV X, L.P. +, a | 08/31/18 | 18,442,215 | ||||
TCV XI (A), L.P. +, a | 10/02/20 | 3,799,179 | ||||
Thompson Street Capital Partners IV, L.P. +, a | 12/10/15 | 7,099,100 | ||||
Thompson Street Capital Partners V, L.P. +, a | 05/04/18 | 9,172,574 | ||||
Thompson Street Capital Partners VI, L.P. +, a, e | 06/11/21 | — | ||||
TPG Partners VII, L.P. +, a | 03/01/16 | 11,248,079 | ||||
TPG Partners VIII, L.P. +, a | 01/31/19 | 5,374,127 | ||||
Trident IX, L.P. +, a, e | 11/19/21 | — | ||||
Trident VII, L.P. +, a | 09/22/16 | 38,745,299 | ||||
Trident VIII, L.P. +, a | 04/05/19 | 22,438,192 | ||||
Vista Equity Partners Fund VII, L.P. +, a | 08/31/18 | 18,283,137 | ||||
Vistria Fund II, L.P. +, a | 12/19/17 | 11,457,425 | ||||
Vistria Fund III, L.P. +, a | 06/19/19 | 13,641,936 | ||||
Vistria Fund IV, L.P. +, a | 03/31/21 | 2,907,693 | ||||
Warburg Pincus Global Growth, L.P. +, a | 11/20/18 | 10,433,794 | ||||
Welsh, Carson, Anderson & Stowe XII, L.P. +, a | 12/19/14 | 17,610,933 | ||||
Welsh, Carson, Anderson & Stowe XIII, L.P. +, a | 12/20/18 | 15,886,178 | ||||
Windjammer Senior Equity Fund IV, L.P. +, a | 02/06/13 | 5,027,036 | ||||
Total North America (8.93%) | 932,376,883 | |||||
Rest of World (0.65%) | ||||||
Advent Latin American Private Equity Fund VI-H L.P. +, a | 10/17/14 | 14,682,428 | ||||
Altra Private Equity Fund II, L.P. +, a | 12/07/12 | 1,252,847 | ||||
Patria - Brazilian Private Equity Fund IV, L.P. +, a | 06/30/11 | 5,891,773 | ||||
Polish Enterprise Fund VIII, L.P. +, a | 09/15/17 | 46,593,612 | ||||
Total Rest of World (0.65%) | 68,420,660 | |||||
Western Europe (4.43%) | ||||||
Adagia Capital Europe S.L.P. +, a | 06/01/21 | 186,519 | ||||
Advent International GPE IX-C, L.P. +, a | 05/31/19 | 33,357,993 | ||||
Advent International GPE VII-B, L.P. +, a | 07/01/12 | 5,777,276 | ||||
Advent International GPE VIII-C, L.P +, a | 03/22/16 | 13,305,199 | ||||
Apax X USD L.P. +, a | 07/16/19 | 10,686,288 | ||||
Astorg Mid-Cap +, a | 02/22/21 | 776,048 | ||||
Astorg VIII S.à.r.l. +, a, e | 12/17/21 | — | ||||
Axcel VI K/S +, a | 02/21/20 | 5,006,148 | ||||
Bain Capital Europe Fund IV, L.P. +, a | 09/01/14 | 6,729,832 | ||||
BC Partners XI, L.P. +, a | 12/18/20 | 7,010,421 | ||||
BC Partners XI, L.P. +, a, e | 12/15/21 | — | ||||
CapVest Equity Partners III B, L.P. +, a | 08/30/13 | 2,492,543 | ||||
Capvis Equity V L.P. +, a | 01/17/18 | 19,416,106 | ||||
Carlyle Europe Partners IV, L.P. +, a | 08/27/13 | 1,349,519 | ||||
Carlyle Europe Partners V, L.P. +, a | 04/23/18 | 3,623,458 | ||||
CD&R Value Building Partners I, L.P. +, a | 12/17/21 | 6,669,487 | ||||
Charterhouse Capital Partners XI +, a, e | 11/26/21 | — |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company)
|
Consolidated Schedule of Investments — December 31, 2021 (Unaudited) (continued)
|
Acquisition Date | Fair Value | |||||
Private Equity Investments (continued) | ||||||
Primary Investments *, c (continued) | ||||||
Western Europe (continued) | ||||||
CVC Capital Partners VI (A) L.P. +, a | 07/05/13 | $ | 8,657,749 | |||
CVC Capital Partners VIII, L.P. +, a, f | 06/19/20 | 432,909 | ||||
DPE Deutschland IV +, a | 08/24/20 | 782,699 | ||||
EQT IX, L.P. (USD) +, a | 05/15/20 | 16,566,805 | ||||
EQT Mid-Market (No.1) Feeder L.P. +, a | 07/01/16 | 33,555,651 | ||||
EQT VI (No.1), L.P. +, a | 07/01/11 | 17,708 | ||||
Gilde Buy-Out Fund VI C.V. +, a | 06/28/19 | 10,493,400 | ||||
Graphite Capital Partners IX L.P. +, a | 04/11/18 | 6,400,772 | ||||
Hg Saturn I L.P. +, a | 06/28/18 | 27,235,968 | ||||
HgCapital 8 L.P. +, a | 12/19/16 | 24,870,044 | ||||
HgCapital Mercury 2 +, a | 02/15/17 | 20,978,363 | ||||
Index Ventures Growth III (Jersey) L.P. +, a | 03/18/15 | 53,649,103 | ||||
KKR European Fund V (EUR) SCSp +, a | 11/05/18 | 21,448,212 | ||||
KKR European Fund VI (USD) +, a, e | 11/01/21 | — | ||||
Livingbridge 7 L.P. +, a | 09/04/20 | 6,891,209 | ||||
MCH Iberian Capital Fund V FCR +, a | 12/10/21 | 6,429,981 | ||||
Nordic Capital Evo GP, SCSp +, a, e | 06/30/21 | — | ||||
Nordic Capital IX, L.P. +, a | 07/18/17 | 47,839,759 | ||||
Nordic Capital X, L.P. +, a | 09/30/20 | 5,773,827 | ||||
PAI Europe VI-1, L.P. +, a | 03/12/15 | 10,242,169 | ||||
PAI Partners VIII-1 SCSp +, a, e | 12/17/21 | — | ||||
Permira VII L.P. +, a | 06/21/19 | 22,021,740 | ||||
Sixth Cinven Fund (No.3) L.P. +, a | 05/01/16 | 8,118,105 | ||||
The Seventh Cinven Fund, L.P. +, a | 04/16/19 | 13,360,819 | ||||
Total Western Europe (4.43%) | 462,153,829 | |||||
Total Primary Investments (15.37%) | $ | 1,604,473,407 | ||||
Total Private Equity Investments (Cost $6,990,898,292)(96.10%) | $ | 10,032,459,233 | ||||
Total Investments (Cost $7,156,704,679)(98.26%) | 10,257,415,890 | |||||
Other Assets in Excess of Liabilities (1.74%) | 181,777,325 | |||||
Net Assets (100.00%) | $ | 10,439,193,215 |
* | Direct Investments are private investments directly into the equity or debt of selected operating companies, often together with the management of the company. Primary Investments are investments in newly established private equity partnerships where underlying portfolio companies are not known as of the time of investment. Secondary Investments are portfolios of assets on the secondary market. |
** | The Fair Value of any Direct Investment may not necessarily reflect the current or expected future performance of such Direct Investment or the Fair Value of the Fund’s interest in such Direct Investment. Furthermore, the Fair Value of any Direct Investment has not been calculated, reviewed, verified or in any way approved by such Direct Investment or its general partner, manager or sponsor (including any of its affiliates). Please see below for further details regarding the valuation policy of the Fund. |
*** | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At December 31, 2021, the aggregate value of these securities is $30,950,378 or 0.29% of the Portfolio's net assets. |
^ | The interest rate on these loans is subject to the greater of a LIBOR floor or 1 month LIBOR plus a base rate. The 1 month LIBOR as of December 31, 2021 was 0.10%. |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company)
|
Consolidated Schedule of Investments — December 31, 2021 (Unaudited) (continued)
|
^^ | The interest rate on these loans is subject to the greater of a LIBOR floor or 3 month LIBOR plus a base rate. The 3 month LIBOR as of December 31, 2021 was 0.21%. |
^^^ | The interest rate on these loans is subject to the greater of a LIBOR floor or 6 month LIBOR plus a base rate. The 6 month LIBOR as of December 31, 2021 was 0.34%. |
^^^^ | The interest rate on these loans is subject to the greater of a LIBOR floor or 12 month LIBOR plus a base rate. The 12 month LIBOR as of December 31, 2021 was 0.58%. |
# | As of December 31, 2021, 1 month EURIBOR was -0.58%. |
## | As of December 31, 2021, 3 month EURIBOR was -0.57%. |
### | As of December 31, 2021, 6 month EURIBOR was -0.55%. |
+ | The fair value of the investment was determined using significant unobservable inputs. |
† | As of December 31, 2021, 1 month Bank Bill Swap Rate was 0.02%. |
††† | As of December 31, 2021, 6 month Bank Bill Swap Rate was 0.21%. |
>> | As of December 31, 2021, 3 month Sterling Overnight Interbank Average Rate was 0.06%. |
>>> | As of December 31, 2021, 6 month Sterling Overnight Interbank Average Rate was 0.05%. |
¤ ¤ | As of December 31, 2021, 3 month Stockholm Interbank Offered Rate was -0.05%. |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company)
|
Consolidated Schedule of Investments — December 31, 2021 (Unaudited) (continued)
|
a | Private equity investments are generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Schedule of Investments. Total fair value of restricted investments as of December 31, 2021 was $10,032,459,233, or 96.10% of net assets. As of December 31, 2021, the aggregate cost of each investment restricted to resale was $15,568,606, $10,621,500, $102,112, $15,366,827, $38,102,078, $22,700,000, $2,204,591, $14,353,176, $8,354,709, $2,088,677, $3,600,295, $1,857,614, $5,441,192, $48,970,725, $2,375,601, $16,300,545, $149,888,161, $24,738,060, $11,393,287, $36,322,745, $8,255,636, $35,317,661, $150,000, $1, $0, $4,168,272, $17,127,003, $56,634, $114,591,806, $122,578,028, $27,243,271, $3,120,000, $3,602,070, $107,123,942, $3,933,233, $38,614,270, $94,861,790, $103,079,624, $56,985,983, $9,345,787, $87,093, $184,782,100, $151,690,905, $250,000, $219,375, $1,111,078, $9,683,864, $61,566,000, $252,000, $83,828,190, $8,804,000, $317,827, $172,633, $37,921,967, $22,612,605, $60,480,000, $5,000,000, $2,899,729, $473,334, $23,222,892, $15,300,854, $60,063,112, $45,225,381, $40,466,519, $37,834,451, $32,126,730, $17,380,705, $7,729,253, $6,996,130, $1,152,500, $52,454,049, $46,801,951, $2,817,098, $28,417,946, $54,969,200, $14,872,000, $90,515,558, $31,820,375, $4,438,314, $71,817,900, $4,632,829, $64,274,853, $68,399,200, $1,441,200, $7,026,869, $17,510,132, $69,246,328, $6,195,472, $2,518,375, $3,792,769, $264,490, $27,377,030, $21,901,395, $149,423,941, $89,101,353, $33,206, $83,976,881, $78,503,589, $27,818,080, $14,672,982, $68,887,918, $88,276,348, $866,635, $18,777,316, $1,045,423, $3,833,799, $9,986,562, $92,759,254, $21,615,986, $48,949,162, $17,052,864, $17,052,864, $3,377,868, $18,476,616, $4,520,077, $7,793, $52,258,764, $9,222,921, $62,229,753, $14,595,698, $13,620, $40,775,356, $41,607,840, $98,273,895, $0, $6,616,483, $97,483,897, $1,063,586, $5,337,259, $91,975,796, $6,358,397, $24,190,919, $736,329, $245,443, $13,722,831, $26,015,343, $2,436,246, $36,261,531, $12,156,155, $1,168,810, $12,231,850, $32,673,281, $34,731,898, $9,443,675, $1,267,801, $4,730,244, $1,684,015, $1,456,628, $2,173,783, $1,863,671, $992,584, $1,389,940, $1,414,447, $6,732,245, $2,552,370, $1,259,957, $1,598,020, $2,088,700, $989,796, $1,393,039, $1,084,870, $6,998,997, $3,101,545, $2,573,610, $991,104, $3,557,902, $2,196,811, $1,886,361, $974,514, $1,691,500, $1,329,938, $1,450,813, $1,966,641, $982,681, $152,224, $276,541, $2,364,000, $1,628,028, $7,172,041, $3,274,874, $1,980,677, $2,956,017, $1,387,012, $968,615, $1,445,493, $187,905, $971,169, $1,691,756, $1,611,770, $1,651,997, $2,842,799, $29,833,649, $1,393,407, $1,194,145, $3,268,169, $4,447,022, $3,466,629, $2,900,074, $1,966,065, $977,267, $1,999,056, $2,080,720, $1,502,677, $1,287,643, $29,235,884, $2,189,483, $1,687,411, $3,865,671, $988,107, $1,592,387, $3,848,784, $40,719,891, $25,113,668, $2,906,297, $2,089,623, $1,094,797, $961,344, $2,277,169, $445,224, $3,911,229, $1,188,494, $1,926,957, $6,625,711, $988,455, $2,718,140, $1,773,895, $2,236,846, $2,889,739, $993,162, $3,600,000, $4,168,182, $1,355,644, $945,791, $950,409, $984,653, $1,262,551, $988,077, $171,149, $1,435,826, $1,326,597, $3,143,272, $1,086,554, $2,174,285, $4,875,156, $1,379,131, $2,587,000, $964,739, $1,963,198, $2,962,815, $1,980,394, $3,458,034, $992,841, $1,485,077, $6,571,850, $1,493,054, $375,410, $2,572,325, $1,094,613, $900,000, $1,177,157, $3,375,928, $2,168,936, $1,248,639, $1,191,733, $3,772,199, $990,175, $2,750,882, $530,439, $2,950,479, $1,881,308, $1,940,000, $2,236,424, $1,289,594, $610,015, $1,459,149, $1,881,000, $2,938,948, $1,296,750, $1,460,016, $2,482,026, $4,379,247, $1,186,328, $1,007,611, $2,985,131, $2,393,159, $3,658,604, $1,975,923, $1,656,143, $1,140,912, $990,430, $1,948,135, $1,691,500, $1,284,373, $1,194,407, $983,809, $3,663,000, $993,333, $1,782,409, $1,141,176, $1,752,158, $14,691,109, $2,810,183, $997,628, $1,338,855, $2,786,543, $3,977,262, $2,183,860, $3,755,090, $2,949,947, $0, $1,481,387, $988,053, $484,302, $1,992,457, $2,624,605, $1,890,754, $974,048, $1,886,115, $2,888,145, $809,342, $1,226,116, $1,132,763, $33,124, $3,126,731, $982,766, $25,993,357, $2,738,996, $1,345,676, $-626, $1,446,198, $2,221,520, $3,389,382, $2,106,031, $634,002, $1,270,455, $938,819, $518,925, $2,395,122, $43,049,635, $985,872, $977,675, $990,939, $1,566,406, $1,386,637, $978,497, $2,672,648, $3,474,356, $3,654,961, $3,569,142, $2,944,505, $613,333, $3,872,395, $1,489,100, $1,965,000, $1,281,357, $3,110,812, $2,985,727, $7,069,053, $2,926,931, $2,996,256, $2,674,338, $3,911,863, $21,966,976, $2,296,538, $13,529,161, $675,559, $2,277,850, $1,854,455, $4,531,859, $2,462,500, $2,979,718, $2,686,500, $2,731,029, $35,873,705, $2,810,964, $4,393,473, $966,995, $1,677,395, $5,099,008, $1,166,491, $5,184,952, $19,485,767, $27,092,126, $1,123,447, $230,205, $1,373,861, $1,358,626, $3,427,275, $1,412,122, $1,770,122, $1,259,665, $2,140,256, $1,018,374, $3,160,547, $1,612,895, $1,492,794, $3,268,398, $1,668,023, $1,881,314, $2,875,153, $2,779,564, $5,901,564, $1,144,063, $2,879,150, $1,284,301, $3,585,800, $1,549,597, $1,794,228, $-2,825, $27,287,364, $1,877,097, $985,000, $1,793,514, $579,174, $2,330,990, $16,206,912, $2,494, $1,791,243, $990,415, $2,754,744, $2,733,110, $1,499,757, $4,046,834, $3,894,748, $5,492,536, $1,731,753, $2,500,000, $10,380, $1,423,091, $46,064,097, $116,273, $53,395, $441,558, $37,207,990, $3,473,510, $14,876,219, $101,746, $1, $28,309,268, $426,155, $282, $24,579,036, $1,504,811, $1, $0, $2, $8,031,619, $1,684,588, $710,659, $2,326,215, $1,791,166, $7,227,456, $1, $1,158,141, $53,175,785, $1,641,709, $1, $24,035,052, $24,613,529, $1, $1, $1, $1, $1,987,995, $2, $1, $156,137, $31,457,032, $73,811,111, $27,361,734, $1, $1, $275,058, $1,321,844, $4,380,163, $3, $2,562,010, $772, $470,921, $4,490,570, $4,448,000, $39,933,649, $1,099,657, $1, $1, $1, $8, $413,158, $1,169,742, $1, $8,996,847, $41,246,626, $34,549,063, $1, $4, $34,571,608, $1, $4,806,484, $4,087,631, $4,395,132, $17,471,827, $1, $1, $1, $1, $975,111, $1,082,285, $146,229, $316,004, $11,026,549, $1, $2,660,763, $3, $1, $1, $856,679, $1, $2,178, $155,485, $332,525, $855,591, $5,147,350, $92,133, $62,947, $1,616,358, $2,229,508, $53,520,000, $1, $20,228,350, $1, $1, $1, $1, $80,327, $1, $1,653, $229, $32,436,442, $101,953, $390,786, $2,326,146, $699,374, $11,801,893, $7,952,276, $0, $352,309, $10,501,327, $0, $26,121,241, $7,813,628, $6,201,000, $12,985,278, $412,464, $1,182,233, $8,857,693, $4,236,087, $2,571,994, $5,352,543, $13,373,576, $9,959,998, $2,272,585, $2,060,177, $12,006,926, $177,861, $1, $6,483,341, $674,857, $219,478, $1,417,651, $14,535,874, $1,595,000, $9,406,467, $8,575,944, $4,786,011, $46,913,711, $0, $1, $6,075,547, $1, $12,365,006, $0, $1, $600,000, $14,608,752, $1, $1, $9,817,824, $1,202,704, $506,700, $6,579,678, $23,182,194, $5,231,951, $6,730,147, $4,858,625, $0, $14,778,990, $1,827,063, $5,364,532, $7,255,319, $675,000, $5,282,223, $4,741,299, $2,518,315, $16,234,776, $1, $0, $5,760,000, $9,430,174, $6,556,941, $0, $10,141,145, $3,825,000, $2,025,000, $637,500, $200,000, $2,410,007, $3,910,257, $1, $0, $0, $31,463, $6,297,959, $0, $15,006,812, $4,752,660, $7,522,003, $733,281, $24,795,100, $1,251,976, $1, $1,485,514, $2,555,255, $1, $0, $330,000, $8,887,500, $3,105,000, $7,506,328, $3,924,176, $1, $5,452,592, $0, $1, $4,341,964, $0, $19,642,797, $18,137,984, $14,586,019, $1, $11,026,549, $2,907,693, $8,447,500, $1, $11,517,207, $24,087, $5,201,153, $2,637,866, $4,601,029, $37,588,389, $192,546, $10,857,149, $1, $2,261,549, $9,636,558, $929,822, $0, $4,686,551, $2,922,966, $7,353,623, $0, $1, $18,029,412, $439,552, $3,270,747, $6,669,487, $0, $1,198,548, $443,693, $892,690, $14,252,498, $10,194,791, $1, $10,994,380, $6,256,723, $11,596,657, $9,072,190, $5,698,326, $1, $17,660,939, $0, $7,540,704, $6,376,292, $0, $23,454,579, $4,304,332, $2,892,876, $0, $19,875,231, $3,767,553 and $11,849,435, respectively, totaling $6,990,898,292. |
b | Represents an affiliated issuer. |
The accompanying notes are an integral part of these Consolidated Financial Statements.
Partners Group Private Equity (Master Fund), LLC (a Delaware Limited Liability Company)
|
Consolidated Schedule of Investments — December 31, 2021 (Unaudited) (continued)
|
c | Investment does not issue shares. |
d | Non-income producing. |
e | Investment has been committed to but has not been fully funded by the Fund. |
f | Security or a portion thereof is unsettled at December 31, 2021. |
Legend:
£ | - British Pound |
€ | - Euro |
BBSY | - Bank Bill Swap Rate |
E | - EURIBOR |
L | - LIBOR |
S | - Sterling Overnight Interbank Average Rate |
SR | - Stockholm Interbank Offered Rate |
PIK | - Payment-in-kind |
A summary of outstanding financial instruments at December 31, 2021 is as follows:
Forward Foreign Currency Contracts
Settlement Date | Counterparty | Currency Purchased | Currency Sold | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
January 20, 2022 | Barclays | $ | 93,313,864 | € | 80,000,000 | $ | 90,850,738 | $ | 2,463,126 | |||||||||||
January 20, 2022 | Barclays | 94,480,287 | € | 81,000,000 | 91,986,372 | 2,493,915 | ||||||||||||||
January 20, 2022 | Barclays | 94,477,047 | € | 81,000,000 | 91,986,372 | 2,490,675 | ||||||||||||||
February 24, 2022 | Barclays | 68,037,817 | € | 59,270,000 | 67,358,501 | 679,316 | ||||||||||||||
February 24, 2022 | Barclays | 68,026,930 | € | 59,260,000 | 67,347,136 | 679,794 | ||||||||||||||
February 24, 2022 | Barclays | 68,034,854 | € | 59,270,000 | 67,358,502 | 676,352 | ||||||||||||||
February 24, 2022 | Barclays | 57,648,416 | € | 51,000,000 | 57,959,905 | (311,489 | ) | |||||||||||||
February 24, 2022 | Barclays | 57,680,087 | € | 51,000,000 | 57,959,905 | (279,818 | ) | |||||||||||||
March 16, 2022 | Bank of America | 92,614,228 | € | 82,000,000 | 93,228,662 | (614,434 | ) | |||||||||||||
March 16, 2022 | Bank of America | 92,645,470 | € | 82,000,000 | 93,228,662 | (583,192 | ) | |||||||||||||
March 16, 2022 | Bank of America | 90,919,308 | € | 80,500,000 | 91,523,260 | (603,952 | ) | |||||||||||||
March 16, 2022 | Bank of America | 83,880,197 | £ | 63,300,000 | 85,356,520 | (1,476,323 | ) | |||||||||||||
March 16, 2022 | Bank of America | 83,896,105 | £ | 63,300,000 | 85,356,521 | (1,460,416 | ) | |||||||||||||
March 16, 2022 | Bank of America | 92,666,052 | € | 82,000,000 | 93,228,662 | (562,610 | ) | |||||||||||||
March 16, 2022 | Bank of America | 83,627,244 | £ | 63,100,000 | 85,086,832 | (1,459,588 | ) | |||||||||||||
March 16, 2022 | Bank of America | 83,866,904 | £ | 63,300,000 | 85,356,520 | (1,489,616 | ) | |||||||||||||
March 16, 2022 | Barclays | 92,620,558 | € | 82,000,000 | 93,228,662 | (608,104 | ) | |||||||||||||
March 16, 2022 | Barclays | 92,620,558 | € | 82,000,000 | 93,228,662 | (608,104 | ) | |||||||||||||
March 16, 2022 | Barclays | 92,621,378 | € | 82,000,000 | 93,228,662 | (607,284 | ) | |||||||||||||
$ | (1,181,752 | ) |
The accompanying notes are an integral part of these Consolidated Financial Statements.
The information contained in this section should be read in conjunction with the Fund’s audited consolidated financial statements contained in its annual report for the year ended March 31, 2021.
Investments held by the Fund include short-term investments, direct equity and debt investments in operating companies (“Direct Investments”) and primary and secondary investments in private equity funds (“Primary Investments” and “Secondary Investments”, respectively, and together, “Private Equity Fund Investments”; Direct Investments and Private Equity Fund Investments, collectively, “Private Equity Investments”).
Partners Group (USA) Inc. (the “Adviser”) determines the fair value of the Fund’s Private Equity Investments in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and the Fund's valuation procedures (the “Valuation Procedures”), which have been approved by the Board of Managers of the Fund (the “Board”). As authorized by the Valuation Procedures, the Adviser values the Fund’s Private Equity Investments in consultation with its affiliates. The Valuation Procedures require evaluation of all relevant factors reasonably available to the Adviser and its affiliates at the time the Fund’s Private Equity Investments are valued.
The Valuation Procedures are implemented by the Adviser and State Street Bank and Trust Company, as the Fund’s administrator (the “Administrator”). Both the Adviser and the Administrator are subject to the oversight of, and report to, the Board. The Adviser and the Administrator monitor and review the methodologies of the various third-party pricing services that are employed by the Fund.
The Adviser and certain of its affiliates act as investment advisers to clients other than the Fund. However, the valuation attributed to a Private Equity Investment held by the Fund and the valuation attributable to the same Private Equity Investment held by another client or by one of its affiliates or by a client of one of its affiliates might differ due to differences in accounting, regulatory and other factors applicable to the Fund and to such other client or the Adviser’s affiliate.
In conformity with U.S. GAAP, investments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Estimated fair values may differ from the values that would have been used if a ready market existed or if the investments were liquidated at the valuation date. A three-level hierarchy is used to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs). This distinction determines the classification of fair value measurements for disclosure purposes.
The various types of inputs used in determining the value of the Fund’s investments are summarized below for each of the three levels:
• | Level 1 – Pricing inputs are quoted prices available in active markets for identical investments as of the measurement date. The type of investments included in Level 1 include marketable securities that are primarily traded on a securities exchange. The fair value is determined to be the last sale price on the determination date, or, if no sales occurred on any such date, the mean between the closing bid and ask prices on such date. The Fund does not apply a blockage discount to the quoted price for these investments, even in situations where the Fund holds a large position in an investment and a sale could reasonably impact the quoted price. |
• | Level 2 – Pricing inputs are observable inputs other than quoted prices in active markets (i.e., not Level 1 inputs). Fair value is determined through the use of models or other valuation methodologies through direct or indirect corroboration with observable market data. Investments that are generally included in this category include corporate notes, convertible notes, warrants and restricted equity securities. The fair value of legally restricted equity securities may be discounted depending on the likely impact of the restrictions on liquidity and the Adviser’s estimates. |
• | Level 3 – Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment and/or estimation. Investments that are included in this category are equity and debt investments that are privately owned, as well as convertible notes and warrants that are not actively traded. The fair value for investments using Level 3 pricing inputs is based on the Adviser’s estimates that consider a combination of various factors and performance measurements. These factors and measurements include the timing of the transaction; the market in which the investment operates; comparable market transactions; operational performance and projections of the investments; various performance multiples as applied to earnings before interest, taxes, depreciation and amortization or a similar measure of earnings for the latest reporting period or a forward period; brokers quotes; and discounted cash flow analysis. |
Due to the inherent uncertainty of estimates, fair value determinations based on estimates may materially differ from the values that would have been used had a ready market for the securities existed. The following is a summary of the Fund's investments classified in the fair value hierarchy as of December 31, 2021:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 194,006,279 | $ | — | $ | — | $ | 194,006,279 | ||||||||
Asset-Backed Securities | — | — | 30,950,378 | 30,950,378 | ||||||||||||
Direct Investments: | ||||||||||||||||
Direct Equity | 268,746,353 | 210,333,981 | 5,762,891,127 | 6,241,971,461 | ||||||||||||
Direct Debt | — | — | 934,462,495 | 934,462,495 | ||||||||||||
Total Direct Investments | $ | 268,746,353 | $ | 210,333,981 | $ | 6,697,353,622 | $ | 7,176,433,956 | ||||||||
Secondary Investments | — | — | 1,251,551,870 | 1,251,551,870 | ||||||||||||
Primary Investments | — | — | 1,604,473,407 | 1,604,473,407 | ||||||||||||
Total Investments | $ | 462,752,632 | $ | 210,333,981 | $ | 9,584,329,277 | $ | 10,257,415,890 | ||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Foreign Currency Exchange Contracts | $ | 9,483,178 | $ | — | $ | — | $ | 9,483,178 | ||||||||
Total Assets | $ | 9,483,178 | $ | — | $ | — | $ | 9,483,178 | ||||||||
Liabilities | ||||||||||||||||
Foreign Currency Exchange Contracts | $ | (10,664,930 | ) | $ | — | $ | — | $ | (10,664,930 | ) | ||||||
Total Liabilities | $ | (10,664,930 | ) | $ | — | $ | — | $ | (10,664,930 | ) | ||||||
Net Depreciation on Foreign Currency Exchange Contracts | $ | (1,181,752 | ) | $ | — | $ | — | $ | (1,181,752 | ) | ||||||
Total Investments Net of Foreign Currency Exchange Contracts | $ | 461,570,880 | $ | 210,333,981 | $ | 9,584,329,277 | $ | 10,256,234,138 |
The following is a reconciliation of the amount of the account balances on April 1, 2021 and December 31, 2021 of those investments in which significant unobservable inputs (Level 3) were used in determining value:
Balance as of April 1, 2021 | Realized Gain/(Loss) | Net Change in Unrealized Appreciation/ (Depreciation) | Gross Purchases | Gross Sales | Net Amortization of Discount/ (Premium) | Net Transfers In or Out of Level 3 | Balance as of December 31, 2021 | |||||||||||||||||||||||||
Asset-Backed Securities | $ | 6,931,675 | $ | — | $ | (202,704 | ) | $ | 24,218,837 | $ | — | $ | 2,570 | $ | — | $ | 30,950,378 | |||||||||||||||
Direct Investments: | ||||||||||||||||||||||||||||||||
Direct Equity Investments | $ | 3,924,823,290 | $ | 569,085,873 | $ | 425,794,135 | $ | 1,788,226,541 | $ | (853,665,169 | ) | $ | — | $ | (91,373,543 | ) | $ | 5,762,891,127 | ||||||||||||||
Direct Debt Investments | 925,071,641 | (2,524,284 | ) | 3,110,938 | 288,972,320 | (281,582,286 | ) | 1,414,166 | — | 934,462,495 | ||||||||||||||||||||||
Total Direct Investments* | $ | 4,849,894,931 | $ | 566,561,589 | $ | 428,905,073 | $ | 2,077,198,861 | $ | (1,135,247,455 | ) | $ | 1,414,166 | $ | (91,373,543 | ) | $ | 6,697,353,622 | ||||||||||||||
Secondary Investments* | 641,384,492 | 125,500 | 252,651,747 | 532,728,185 | (175,338,054 | ) | — | — | 1,251,551,870 | |||||||||||||||||||||||
Primary Investments* | 1,123,708,740 | 786,333 | 296,012,425 | 419,308,419 | (235,342,510 | ) | — | — | 1,604,473,407 | |||||||||||||||||||||||
Total | $ | 6,621,919,838 | $ | 567,473,422 | $ | 977,366,541 | $ | 3,053,454,302 | $ | (1,545,928,019 | ) | $ | 1,416,736 | $ | (91,373,543 | ) | $ | 9,584,329,277 |
* | For the purposes of the tables above: (i) “Direct Investments” are private investments directly in the equity or debt of selected operating companies, often together with the management of the investee operating company; (ii) “Primary Investments” are investments in newly established private equity partnerships where underlying portfolio companies are generally not known as of the time of investment; and “Secondary Investments” are single or portfolios of assets acquired on the secondary market. However, “Secondary Investments” are generally understood to mean Private Equity Fund Investments acquired in the secondary market. Notwithstanding the foregoing, if the Fund reasonably determines that the strict application of the above definitions would not reflect the economic substance of any investment, the Fund may re-classify such investment as it deems appropriate. |
Changes in inputs or methodologies used for valuing investments may result in transfers in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments. Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. For the nine months ended December 31, 2021, transfers out of Level 3 were due to increased price transparency.
The amount of the net change in unrealized appreciation (depreciation) for the nine months ended December 31, 2021 relating to investments in Level 3 assets still held at December 31, 2021 is $1,390,926,771.
The following is a summary of quantitative information about significant unobservable valuation inputs approved by the Adviser for Level 3 Fair Value Measurements for investments held as of December 31, 2021:
Type of Security | Fair Value at December 31, 2021 (000’s)* | Valuation Technique(s) | Unobservable Input | Range (weighted average) | |||||||
Asset-Backed Securities | $ | 30,950 | Reported fair value | Reported fair value | n/a | ||||||
Direct Investments: | |||||||||||
Direct Equity | $ | 106,258 | Discounted cash flow | Discount factor | 7.75% – 11.40% (9.69%) | ||||||
4,576,449 | Market comparable companies | Enterprise value to EBITDA multiple | 7.27x – 24.60x (15.65x) | ||||||||
169,243 | Exit price | Recent transaction price | n/a | ||||||||
771,463 | Recent financing/transaction | Recent transaction price | n/a | ||||||||
1,753 | Replacement cost | Recent transaction price | n/a | ||||||||
6,101 | Reported fair value | Reported fair value | n/a | ||||||||
135,718 | Market comparable companies | Enterprise value to sales multiple | 3.50x – 11.30x (7.43x) | ||||||||
Direct Debt | $ | 685,282 | Broker quotes | Indicative quotes for an inactive market | n/a | ||||||
221,513 | Discounted cash flow | Discount factor | 6.03% – 15.00% (9.09%) | ||||||||
144 | Market comparable companies | Enterprise value to EBITDA multiple | 13.40x – 13.40x (13.40x) | ||||||||
1,080 | Exit price | Recent transaction price | n/a | ||||||||
Primary and Secondary Investments | $ | 2,814,453 | Adjusted reported net asset value | Reported net asset value | n/a | ||||||
41,954 | Adjusted reported net asset value | Fair value adjustments | n/a |
* | Level 3 fair value includes accrued interest. |
Level 3 Direct Equity Investments valued using an unobservable input are directly affected by a change in that input. For Level 3 Direct Debt Investments, the Fund estimates fair value utilizing earnings and multiples analysis or an analysis of discounted cash flows that considers the credit risk and interest rate risk of the particular investment. For Direct Investments, significant increases or decreases in these inputs in isolation would result in a significantly lower or higher fair value measurements.
Forward Foreign Currency Exchange Contracts
The Fund may enter into forward foreign currency exchange contracts to manage foreign exchange rate risk. These contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date may be entered into as a hedge against either specific transactions or portfolio positions. The objective of the Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. Dollar value of the Fund’s foreign currency denominated investments will decline due to changes in foreign currency exchange rates. All forward foreign currency exchange contracts are “marked-to-market” daily at the applicable translation rates resulting in unrealized gains or losses. Realized gains or losses are recorded at the time the forward foreign currency exchange contract is offset by entering into a closing transaction or by the delivery or receipt of the currency. The potential inability of counterparties to meet the terms of their contracts and unanticipated movements in the value of a foreign currency relative to the U.S. Dollar are risks inherent in forward foreign exchange contracts.
During the nine months ended December 31, 2021, the Fund entered into 102 long/short forward foreign currency exchange contracts. The Fund had $77,753,818 in net realized gains and $(21,546,974) change in net unrealized appreciation (depreciation) on forward foreign currency contracts. The outstanding forward foreign currency exchange contract amounts at December 31, 2021 are representative of contract amounts during the period.
Affiliated Investments
Under Section 2(a)(3) of the Investment Company Act, a portfolio company is defined as “affiliated” with the Fund if the Fund owns five percent or more of its outstanding voting securities. The Fund held at least five percent of the outstanding voting securities of the following portfolio companies as of December 31, 2021:
Shares/ Principal as of December 31, 2021 | Fair Value as of March 31, 2021 | Gross Additions(1) | Gross Reductions(2) | Realized Gains/ Losses | Change in Unrealized Gains (Losses) | Fair Value as of December 31, 2021 | Affiliated Income/ Accretion of Discount | |||||||||||||||||||||||||
Non-Controlled Affiliates | ||||||||||||||||||||||||||||||||
AAVAS Financiers Limited(3) | 3,891,752 | $ | 147,751,158 | $ | - | $ | (30,681,016 | ) | $ | 26,986,360 | $ | (20,828,100 | ) | $ | 123,228,402 | $ | (60 | ) | ||||||||||||||
Astorg Co-Invest SGG, FCPI(4) | - | 72,814,487 | - | - | - | (2,266,808 | ) | 70,547,679 | - | |||||||||||||||||||||||
Bock Capital JVco Nature S.à r.l. | 12,590,000,000 | - | 149,423,941 | - | - | 33,828,972 | 183,252,913 | - | ||||||||||||||||||||||||
Camelia Investment 1 Limited | 6,768,704,045 | 196,294,018 | - | (83,048 | ) | 1,953 | (401,091 | ) | 195,811,832 | - | ||||||||||||||||||||||
CBI Parent, L.P. | 1,145,918 | 114,591,806 | - | - | - | 1,069,142 | 115,660,948 | - | ||||||||||||||||||||||||
Confluent Health, LLC | 27,260 | 46,256,540 | - | - | - | 25,368,280 | 71,624,820 | - | ||||||||||||||||||||||||
ECP Parent, LLC(4) | - | 115,508,099 | - | - | - | (115,508,099 | ) | - | - | |||||||||||||||||||||||
EnfraGen, LLC | 37,786 | 52,909,891 | 43,294 | - | - | 3,601,892 | 56,555,077 | - | ||||||||||||||||||||||||
EQT Jaguar Co-Investment SCSp(4) | - | 91,540,074 | - | - | - | 8,584,544 | 100,124,618 | - | ||||||||||||||||||||||||
GlobalLogic Worldwide Holdings, Inc.(3)(4) | - | 387,876,810 | - | (407,500,482 | ) | 346,139,647 | (326,515,975 | ) | - | - | ||||||||||||||||||||||
Huntress Co-Investment L.P.(4) | - | 41,835,243 | - | - | - | 9,477,549 | 51,312,792 | - | ||||||||||||||||||||||||
Icebox Parent LP | 184,779 | - | 184,782,100 | - | - | - | 184,782,100 | - | ||||||||||||||||||||||||
Idera Parent, L.P.(4) | - | 151,685,530 | 5,375 | - | - | 91,641,785 | 243,332,690 | - | ||||||||||||||||||||||||
KPSKY Holdings, L.P.(4) | - | - | 61,566,000 | - | - | - | 61,566,000 | - | ||||||||||||||||||||||||
Luxembourg Investment Company 285 S.à r.l.(5) | 14,865,773 | 66,217,773 | - | - | - | 7,845,006 | 74,062,779 | - | ||||||||||||||||||||||||
Luxembourg Investment Company 293 S.à r.l. | 9,789,622 | 37,576,907 | - | - | - | 4,995,334 | 42,572,241 | - | ||||||||||||||||||||||||
Luxembourg Investment Company 314 S.à r.l.(5) | 192,000 | 1 | - | - | - | - | 1 | - | ||||||||||||||||||||||||
Luxembourg Investment Company 414 S.à r.l. | 12,111,360 | - | 61,481,684 | - | - | 11,400,583 | 72,882,267 | - | ||||||||||||||||||||||||
Luxembourg Investment Company 430 S.à r.l. | 50,548,848 | - | 78,953,581 | (2,072,470 | ) | (55,660 | ) | (2,784,455 | ) | 74,040,996 | - | |||||||||||||||||||||
May Co-Investment S.C.A. | 1,059,375 | 43,564,146 | 75,121 | - | - | 7,428,395 | 51,067,662 | - | ||||||||||||||||||||||||
MHS Acquisition Holdings, LLC | 34,242 | 698,103 | - | - | - | (21,183 | ) | 676,920 | - | |||||||||||||||||||||||
MHS Blocker Purchaser L.P.(4) | - | 53,976,725 | - | - | - | (1,637,850 | ) | 52,338,875 | - | |||||||||||||||||||||||
Murra Warra Asset Hold Trust | 13,186,543 | 24,490,555 | - | - | - | 601,018 | 25,091,573 | 87,715 | ||||||||||||||||||||||||
Murra Warra Project Hold Trust | 429,366 | 6,122,638 | - | - | - | 150,258 | 6,272,896 | 21,929 | ||||||||||||||||||||||||
Murra Warra II Asset Hold Trust | 5,402,025 | 1,838,690 | 6,631,425 | (5,512 | ) | 186 | 2,989,552 | 11,454,341 | - | |||||||||||||||||||||||
Murra Warra II Project Hold Trust | 10 | 459,673 | 1,657,856 | (1,378 | ) | 47 | 747,387 | 2,863,585 | - | |||||||||||||||||||||||
OHCP IV SF COI, L.P.(4) | - | 32,399,058 | 44,069 | - | - | 11,072,508 | 43,515,635 | - | ||||||||||||||||||||||||
Onecall Holdings, L.P.(4) | - | 156,945,548 | - | (18,589,738 | ) | - | 29,719,937 | 168,075,747 | 10,368,379 | |||||||||||||||||||||||
Partners Terra Pte. Ltd. | 1,787,445 | - | 1,857,614 | - | - | (104,222 | ) | 1,753,392 | - | |||||||||||||||||||||||
PG BRPC Investment, LLC | 32,079 | 52,196,395 | - | - | - | 16,964,134 | 69,160,529 | - | ||||||||||||||||||||||||
PG Esmeralda Pte. Ltd. | 5,922,280 | 54,332,836 | 79,081 | - | - | 12,950,356 | 67,362,273 | - | ||||||||||||||||||||||||
PG Delta Holdco, LLC | 16,497 | - | 17,380,705 | - | - | 622,455 | 18,003,160 | - | ||||||||||||||||||||||||
PG Investment Company 1 S.A.R.L | 12,822,040 | - | 104,100,380 | - | - | (1,799,081 | ) | 102,301,299 | - | |||||||||||||||||||||||
PG Lion Management Warehouse S.C.S(4)(5) | - | 1,743,439 | - | - | - | 178,258 | 1,921,697 | - | ||||||||||||||||||||||||
PG TLP S.à r.l. | 6,377,426 | - | 101,243,477 | (3,883,298 | ) | (47,124 | ) | 4,359,843 | 101,672,898 | - | ||||||||||||||||||||||
Polyusus Lux XVI S.a.r.l. | 289,102,341 | 21,245,826 | - | - | - | (6,960,618 | ) | 14,285,208 | - | |||||||||||||||||||||||
Quadriga Capital IV Investment Holding II L.P.(3)(4) | - | 59,215,601 | - | (62,216,486 | ) | 45,796,673 | (42,795,788 | ) | - | - | ||||||||||||||||||||||
Root JVCo S.à r.l. | 8,700,760 | 65,859,253 | - | - | - | 12,294,035 | 78,153,288 | - | ||||||||||||||||||||||||
Safe Fleet Holdings LLC(3)(6) | 2,883,000 | 2,859,481 | 1,041 | (15,001 | ) | 27 | 37,396 | 2,882,944 | 89,728 | |||||||||||||||||||||||
SnackTime PG Holdings, Inc. | 12 | 86,744,446 | - | - | - | (14,450,161 | ) | 72,294,285 | - | |||||||||||||||||||||||
Specialty Pharma Holdings LP(4) | - | - | 90,515,558 | - | - | 23,450,319 | 113,965,877 | - | ||||||||||||||||||||||||
Surfaces SLP (SCSp)(4) | - | 40,540,675 | - | - | - | 11,598,085 | 52,138,760 | - | ||||||||||||||||||||||||
Thermostat Purchaser, L.P.(4) | - | - | 71,817,900 | - | - | 721,267 | 72,539,167 | - | ||||||||||||||||||||||||
WHCG Purchaser, LP(4) | - | - | 68,399,200 | - | - | 1,653,619 | 70,052,819 | - | ||||||||||||||||||||||||
Zenith Longitude Limited | 6,682,671 | - | 149,888,161 | - | - | 121,726,274 | 271,614,435 | - | ||||||||||||||||||||||||
Total Non-Controlled Affiliates | $ | 2,228,091,425 | $ | 1,149,947,563 | $ | (525,048,429 | ) | $ | 418,822,109 | $ | (78,995,248 | ) | $ | 3,192,817,420 | $ | 10,567,691 |
(1) | Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, the accretion of discounts and the exchange of one or more existing securities for one or more new securities. |
(2) | Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales and the exchange of one or more existing securities for one or more new securities. |
(3) | As of December 31, 2021, the Fund no longer had ownership of five percent or more of outstanding voting securities. |
(4) | Investment does not issue shares. |
(5) | Luxembourg Investment Company 285 S.à.r.l, Luxembourg Investment Company 314 S.à.r.l and PG Lion Management Warehouse S.C.S. are related to the same investment. |
(6) | This investment is associated with OHCP IV SF COI, L.P. |
COVID-19
The 2021 global economic recovery continues to rise with the progress of global vaccination campaigns and the support of the government and the banks. As the market has regained confidence, investment activity has picked up significantly across private markets. However, as the pandemic is not yet behind us, operations, financial condition, liquidity and cash flows of the Fund and its underlying portfolio companies and industries will continue to be impacted for an indefinite period of time.
The ongoing effects of the pandemic on the accounting and business performance of the portfolio companies and the industries, countries or market sectors in which they operate continue to develop, and the duration and full impact of the pandemic remain unknown. Some of these companies and industries may have bounced back from the pandemic, while others are still pushing towards recovery. Based on current information, Management is not aware of any material additional impact on the financial statements arising from the COVID-19 outbreak. Management continues to observe the efforts of governments to contain the spread of the virus in order to actively monitor and manage the economic impact on the companies in the portfolio and on the Fund itself.