THE ENDOWMENT PMF MASTER FUND, L.P.
(A Limited Partnership)
Schedule of Investments
December 31, 2022
(Unaudited)
Initial Investment Date (1) | Shares | Cost | Fair Value | % of Partners’ Capital | ||||||||||||||
Investments in Investment Funds | ||||||||||||||||||
Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies | ||||||||||||||||||
Cayman Islands | ||||||||||||||||||
Energy (2.34% of Partners’ Capital) | ||||||||||||||||||
Sentient Global Resources Fund III, L.P. | July, 2008 | $ | 12,387,341 | $ | 3,575,541 | |||||||||||||
Sentient Global Resources Fund IV, L.P. (2) | June, 2011 | 9,916,684 | 2,953,790 | |||||||||||||||
Private Equity (17.39% of Partners’ Capital) | ||||||||||||||||||
ABRY Advanced Securities Fund, L.P. | August, 2008 | - | 42,681 | |||||||||||||||
CX Partners Fund Ltd. (2)(3) | April, 2009 | 10,512,844 | 289,000 | |||||||||||||||
Gavea Investment Fund II A, L.P. | May, 2007 | - | 42,350 | |||||||||||||||
Gavea Investment Fund III A, L.P. | September, 2008 | - | 191,507 | |||||||||||||||
India Asset Recovery Fund L.P. | October, 2006 | - | 1,765 | |||||||||||||||
J.C. Flowers III L.P. | October, 2009 | 6,985,611 | 1,086,381 | |||||||||||||||
LC Fund IV, L.P. | May, 2008 | 7,493,581 | 347,374 | |||||||||||||||
New Horizon Capital III, L.P. (2) | March, 2009 | 3,526,056 | - | |||||||||||||||
Northstar Equity Partners III (2) | June, 2011 | 3,011,449 | 1,862,550 | |||||||||||||||
Orchid Asia IV, L.P. (2) | November, 2007 | 4,834,761 | 1,328,608 | |||||||||||||||
Reservoir Capital Partners (Cayman), L.P. (2) | June, 2009 | 1,602,522 | 3,379,981 | |||||||||||||||
Tiger Global Private Investment Partners V, L.P. | January, 2008 | 6,176,631 | 5,855,418 | |||||||||||||||
Tiger Global Private Investment Partners VI, L.P. | November, 2010 | - | 2,712,772 | |||||||||||||||
Trustbridge Partners II, L.P. (2) | December, 2007 | 4,990,945 | 3,684,509 | |||||||||||||||
Trustbridge Partners III, L.P. (3) | April, 2009 | 17,692,549 | 11,494,102 | |||||||||||||||
Trustbridge Partners IV, L.P.(2) | September, 2011 | - | 16,141,786 | |||||||||||||||
Real Estate (1.29% of Partners’ Capital) | ||||||||||||||||||
Forum European Realty Income III, L.P. | February, 2008 | 4,466,262 | 339,378 | |||||||||||||||
Phoenix Asia Real Estate Investments II, L.P. (3) | September, 2007 | 3,650,617 | 3,262,165 | |||||||||||||||
Total Cayman Islands | 97,247,853 | 58,591,658 | ||||||||||||||||
Guernsey | ||||||||||||||||||
Private Equity (0.00% of Partners’ Capital) | ||||||||||||||||||
Mid Europa Fund III LP | November, 2007 | 3,749,029 | 7,433 | |||||||||||||||
Total Guernsey | 3,749,029 | 7,433 | ||||||||||||||||
United Kingdom | ||||||||||||||||||
Private Equity (0.04% of Partners’ Capital) | ||||||||||||||||||
Darwin Private Equity I L.P. | September, 2007 | 6,816,923 | 118,621 | |||||||||||||||
Real Estate (0.08% of Partners’ Capital) | ||||||||||||||||||
Benson Elliot Real Estate Partners II, L.P. | August, 2006 | 1,975,313 | 26,083 | |||||||||||||||
Patron Capital, L.P. II | February, 2005 | 674,772 | 10,033 | |||||||||||||||
Patron Capital, L.P. III | July, 2007 | 3,254,500 | 187,692 | |||||||||||||||
Total United Kingdom | 12,721,508 | 342,429 | ||||||||||||||||
United States | ||||||||||||||||||
Energy (17.37% of Partners’ Capital) | ||||||||||||||||||
EnCap Energy Capital Fund VII-B LP (2) | October, 2007 | 7,469,808 | - | |||||||||||||||
EnCap Energy Infrastructure TE Feeder, L.P. (2)(3) | October, 2009 | 5,535,027 | 373,859 | |||||||||||||||
Energy & Minerals Group Fund II, L.P. (2) | November, 2011 | 11,275,863 | 13,486,560 | |||||||||||||||
Intervale Capital Fund, L.P. | May, 2008 | 2,305,488 | 177,383 | |||||||||||||||
Merit Energy Partners G, L.P. (2) | September, 2009 | 15,973,266 | 7,809,283 | |||||||||||||||
Midstream & Resources Follow-On Fund, L.P. (2)(3) | March, 2010 | 3,459,071 | 3,145,216 | |||||||||||||||
NGP Energy Technology Partners II, L.P. (2) | July, 2009 | 4,017,505 | 1,832,474 | |||||||||||||||
NGP IX Offshore Fund, L.P. | March, 2008 | 4,181,522 | 193,482 | |||||||||||||||
NGP Midstream & Resources, L.P. | October, 2007 | 5,412,496 | 644,419 | |||||||||||||||
Quantum Parallel Partners V, LP (3) | October, 2008 | 20,217,115 | 20,621,465 |
TPF II-A, L.P. (3) | October, 2008 | 6,612,057 | 102,507 | |||||||||||||||
Event-Driven (1.91% of Partners’ Capital) | ||||||||||||||||||
BDCM Partners I, L.P. (3)(6) | January, 2011 | 7,437,015 | 5,312,593 | |||||||||||||||
Fortelus Special Situations Fund Ltd. (6) | May, 2010 | - | 9,944 | |||||||||||||||
Private Equity (48.83% of Partners’ Capital) | ||||||||||||||||||
Advent Latin American Private Equity Fund IV-F L.P. | August, 2007 | 1,095,662 | 572,271 | |||||||||||||||
Advent Latin American Private Equity Fund V-F L.P. | May, 2010 | 7,188,081 | 5,878,990 | |||||||||||||||
BDCM Opportunity Fund II, L.P. (2) | March, 2006 | 2,732,651 | 589,988 | |||||||||||||||
Catterton Growth Partners, L.P. | March, 2008 | 10,514,354 | 3,243,200 | |||||||||||||||
Chrysalis Ventures III, L.P. | December, 2006 | 1,136,664 | 522,111 | |||||||||||||||
Crosslink Crossover Fund V, L.P. | May, 2007 | 1,723,592 | 547,133 | |||||||||||||||
Crosslink Crossover Fund VI, L.P. | March, 2007 | - | 17,941,158 | |||||||||||||||
Dace Ventures I, LP (3) | June, 2007 | 1,894,196 | 813,594 | |||||||||||||||
Fairhaven Capital Partners, L.P. | March, 2008 | 8,481,555 | 1,899,724 | |||||||||||||||
Founders Fund III, LP | May, 2010 | - | 24,165,620 | |||||||||||||||
Founders Fund IV, LP | January, 2012 | - | 32,361,525 | |||||||||||||||
Garrison Opportunity Fund LLC (3) | February, 2010 | - | 56,282 | |||||||||||||||
Garrison Opportunity Fund II A LLC | March, 2011 | - | 58,786 | |||||||||||||||
HealthCor Partners Fund, L.P. (3) | August, 2007 | 1,583,797 | 2,608,164 | |||||||||||||||
MatlinPatterson Global Opportunities Partners III L.P. | July, 2007 | 4,715,825 | 29,561 | |||||||||||||||
Middle East North Africa Opportunities Fund, L.P. (6) | July, 2008 | 3,969 | 3,969,272 | 21,806 | ||||||||||||||
Monomoy Capital Partners II, L.P. | May, 2011 | 5,137,020 | 3,438,749 | |||||||||||||||
Pine Brook Capital Partners, L.P. (2) | January, 2008 | 9,532,892 | 1,435,872 | |||||||||||||||
Pinto America Growth Fund, L.P. | July, 2006 | - | 104,377 | |||||||||||||||
Private Equity Investment Fund IV, L.P. (3) | July, 2005 | 3,221,616 | 390,293 | |||||||||||||||
Private Equity Investment Fund V, L.P. (3) | April, 2009 | 32,635,067 | 17,486,119 | |||||||||||||||
Saints Capital VI, L.P. (3) | April, 2008 | 9,042,256 | 2,257,009 | |||||||||||||||
Sanderling Venture Partners VI Co-Investment Fund, L.P. | June, 2005 | 1,146,840 | 491,573 | |||||||||||||||
Sanderling Venture Partners VI, L.P. | June, 2005 | 517,676 | 380,019 | |||||||||||||||
Sterling Capital Partners II, L.P. (2) | August, 2005 | 1,039,496 | 60,093 | |||||||||||||||
Sterling Group Partners III, L.P. (2) | April, 2010 | 3,242,169 | 8 | |||||||||||||||
Strategic Value Global Opportunities Fund I-A, L.P. | December, 2006 | 157,773 | 792,694 | |||||||||||||||
Tenaya Capital V, LP (2) | November, 2007 | 286,205 | 465,935 | |||||||||||||||
Tenaya Capital VI, LP | July, 2012 | 4,516,706 | 5,527,807 | |||||||||||||||
The Column Group, LP | September, 2007 | - | 7,976,959 | |||||||||||||||
Trivest Fund IV, L.P.(3) | November, 2007 | 66,650 | 39,316 | |||||||||||||||
Tuckerbrook SB Global Distressed Fund I, L.P. (3) | July, 2007 | 434,042 | 1,612,002 | |||||||||||||||
Valiant Capital Partners LP (6) | July, 2009 | 2,690,540 | 1,862,474 | |||||||||||||||
Voyager Capital Fund III, L.P. | May, 2007 | 1,532,853 | 410,799 | |||||||||||||||
Real Estate (7.37% of Partners’ Capital) | ||||||||||||||||||
GTIS Brazil Real Estate Fund (Brazilian Real) LP (3) | July, 2008 | 6,635,634 | 3,464,074 | |||||||||||||||
Lone Star Real Estate Fund II (U.S.), L.P. | June, 2011 | - | 21,871 | |||||||||||||||
Monsoon Infrastructure & Realty Co-Invest, L.P. (3) | February, 2008 | 9,542,106 | 6,555,898 | |||||||||||||||
Northwood Real Estate Co-Investors LP (2) | April, 2008 | 1,818,939 | 2,573,154 | |||||||||||||||
Northwood Real Estate Partners LP (2) | April, 2008 | 6,302,730 | 7,554,022 | |||||||||||||||
SBC US Fund II, LP (3) | June, 2011 | 4,302,697 | 325,600 | |||||||||||||||
Relative Value (0.18% of Partners’ Capital) | ||||||||||||||||||
King Street Capital, L.P. (2)(6) | November, 2009 | 14,723 | 198,060 | |||||||||||||||
Magnetar Capital Fund LP (3)(6) | February, 2009 | - | 246,893 | |||||||||||||||
PIPE Equity Partners, LLC (4)(5)(6) | August, 2008 | 17,723,154 | - | |||||||||||||||
PIPE Select Fund, LLC (4)(5)(6) | September, 2008 | 15,623,045 | - | |||||||||||||||
Stark Select Asset Fund, LLC (6) | July, 2010 | - | 60,794 | |||||||||||||||
Total United States | 276,094,711 | 210,751,562 | ||||||||||||||||
Total Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies | 389,813,101 | 269,693,082 | 96.80 | % | ||||||||||||||
Total Investments in Investment Funds(7) | 389,813,101 | 269,693,082 | 96.80 | % | ||||||||||||||
Total Investments | $ | 389,813,101 | $ | 269,693,082 | 96.80 | % |
The Master Fund’s total outstanding capital commitments to Investment Funds as of December 31, 2022 were $39,674,369. For certain Investment Funds for which the Master Fund has a capital commitment, the Master Fund may be allocated its pro-rata share of expenses prior to having to fund a capital call for such expenses.
All investments are non-income producing unless noted otherwise.
(1) | All Investment Funds were received in an in-kind transfer of a portfolio of Investment Funds on March 31, 2014. |
(2) | Income producing investment. |
(3) | Affiliated investments for which ownership exceeds 5% of the Investment Fund's capital. |
(4) | Affiliated investments for which ownership exceeds 25% of the Investment Fund’s capital. |
(5) | Investment was valued in good faith pursuant to procedures approved by the Board of Directors as of December 31, 2022. The total of all such investments represents 0.00% of partners’ capital. |
(6) | Investment Funds classified as "Hedge Funds" in the Master Fund's limited partnership agreement. The cost and fair value of these Investment Funds as of December 31, 2022 was $47,457,749 and $7,712,564, respectively. |
(7) | Restricted investments as to resale. |