THE ENDOWMENT PMF MASTER FUND, L.P.
(A Limited Partnership)
Schedule of Investments
June 30, 2023
(Unaudited)
Initial Investment Date (1) | Shares | Cost | Fair Value | % of Capital | ||||||||||||||||
Investments in Investment Funds | ||||||||||||||||||||
Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies | ||||||||||||||||||||
Cayman Islands | ||||||||||||||||||||
Energy (2.75% of Partners’ Capital) | ||||||||||||||||||||
Sentient Global Resources Fund III, L.P. | 2009 | $ | 12,387,341 | $ | 3,603,662 | |||||||||||||||
Sentient Global Resources Fund IV, L.P. | 2011 | 9,916,684 | 2,703,922 | |||||||||||||||||
Private Equity (19.86% of Partners’ Capital) | ||||||||||||||||||||
ABRY Advanced Securities Fund, L.P. | 2008 | - | 22,211 | |||||||||||||||||
Gavea Investment Fund II A, L.P. | 2007 | - | 40,876 | |||||||||||||||||
Gavea Investment Fund III A, L.P. | 2008 | - | 181,287 | |||||||||||||||||
India Asset Recovery Fund L.P. | 2006 | - | 1,511 | |||||||||||||||||
J.C. Flowers III L.P. (2) | 2009 | 6,870,830 | 992,456 | |||||||||||||||||
New Horizon Capital III, L.P. (2) | 2008 | - | 65,605 | |||||||||||||||||
Northstar Equity Partners III (2) | 2011 | 2,919,261 | 1,693,702 | |||||||||||||||||
Orchid Asia IV, L.P. (2) | 2007 | 4,834,761 | 1,704,288 | |||||||||||||||||
Reservoir Capital Partners (Cayman), L.P. (2) | 2006 | 169,958 | 386,855 | |||||||||||||||||
Tiger Global Private Investment Partners V, L.P. | 2008 | 6,176,631 | 6,056,253 | |||||||||||||||||
Tiger Global Private Investment Partners VI, L.P. | 2010 | - | 2,791,249 | |||||||||||||||||
Trustbridge Partners II, L.P. (2) | 2007 | 4,802,160 | 3,777,962 | |||||||||||||||||
Trustbridge Partners III, L.P. (3) | 2008 | 17,692,549 | 12,158,122 | |||||||||||||||||
Trustbridge Partners IV, L.P.(2) | 2011 | 3,403 | 15,718,590 | |||||||||||||||||
Real Estate (1.84% of Partners’ Capital) | ||||||||||||||||||||
Forum European Realty Income III, L.P. | 2007 | 4,466,262 | 351,340 | |||||||||||||||||
Phoenix Asia Real Estate Investments II, L.P. | 2006 | 3,650,617 | 3,879,143 | |||||||||||||||||
Total Cayman Islands | 73,890,457 | 56,129,034 | ||||||||||||||||||
United Kingdom | ||||||||||||||||||||
Private Equity (0.06% of Partners’ Capital) | ||||||||||||||||||||
Darwin Private Equity I L.P. | 2007 | 6,816,923 | 142,787 | |||||||||||||||||
Real Estate (0.09% of Partners’ Capital) | ||||||||||||||||||||
Benson Elliot Real Estate Partners II, L.P. | 2006 | 1,975,313 | 36,048 | |||||||||||||||||
Patron Capital, L.P. II | 2005 | 674,772 | 7,005 | |||||||||||||||||
Patron Capital, L.P. III | 2007 | 3,254,500 | 153,884 | |||||||||||||||||
Total United Kingdom | 12,721,508 | 339,724 | ||||||||||||||||||
United States | ||||||||||||||||||||
Energy (12.47% of Partners’ Capital) | ||||||||||||||||||||
Energy & Minerals Group Fund II, L.P. (2) | 2011 | 11,275,863 | 13,431,220 | |||||||||||||||||
Intervale Capital Fund, L.P. | 2007 | 2,305,488 | 10,640 | |||||||||||||||||
Merit Energy Partners G, L.P. (2) | 2008 | 15,554,441 | 7,555,659 | |||||||||||||||||
Midstream & Resources Follow-On Fund, L.P. (3) | 2009 | 3,459,071 | 2,419,703 | |||||||||||||||||
NGP Energy Technology Partners II, L.P. (2) | 2008 | 3,862,717 | 1,719,259 | |||||||||||||||||
NGP IX Offshore Fund, L.P. (2) | 2007 | 4,181,800 | 114,839 | |||||||||||||||||
NGP Midstream & Resources, L.P. | 2007 | 5,412,496 | 573,609 | |||||||||||||||||
Quantum Parallel Partners V, LP (3) | 2008 | 15,291,693 | 2,696,648 | |||||||||||||||||
TPF II-A, L.P. (3) | 2008 | 6,612,057 | 100,922 | |||||||||||||||||
Event-Driven (2.32% of Partners’ Capital) | ||||||||||||||||||||
BDCM Partners I, L.P. (6) | 2019 | 7,437,015 | 5,308,937 | |||||||||||||||||
Fortelus Special Situations Fund Ltd. (6) | 2019 | - | 11,169 | |||||||||||||||||
Private Equity (49.39% of Partners’ Capital) | ||||||||||||||||||||
Advent Latin American Private Equity Fund IV-F L.P. | 2007 | 1,095,662 | 553,971 | |||||||||||||||||
Advent Latin American Private Equity Fund V-F L.P. | 2010 | 6,023,757 | 2,694,016 | |||||||||||||||||
BDCM Opportunity Fund II, L.P. (2) | 2006 | 2,732,651 | 599,314 | |||||||||||||||||
Catterton Growth Partners, L.P. | 2007 | 10,514,354 | 3,421,250 |
Chrysalis Ventures III, L.P. | 2006 | 1,136,664 | 412,696 | |||||||||||||||||
Crosslink Crossover Fund V, L.P. | 2007 | 1,723,592 | 546,559 | |||||||||||||||||
Crosslink Crossover Fund VI, L.P. | 2011 | - | 17,735,612 | |||||||||||||||||
Dace Ventures I, LP (3) | 2007 | 1,894,196 | 749,130 | |||||||||||||||||
Fairhaven Capital Partners, L.P. | 2007 | 8,481,555 | 1,720,803 | |||||||||||||||||
Founders Fund III, LP | 2010 | - | 18,982,346 | |||||||||||||||||
Founders Fund IV, LP | 2012 | - | 25,891,797 | |||||||||||||||||
Garrison Opportunity Fund LLC (3) | 2009 | - | 9,781 | |||||||||||||||||
Garrison Opportunity Fund II A LLC | 2010 | - | 9,002 | |||||||||||||||||
HealthCor Partners Fund, L.P. (3) | 2007 | 1,591,100 | 2,207,400 | |||||||||||||||||
MatlinPatterson Global Opportunities Partners III L.P. | 2007 | 4,688,891 | 2,627 | |||||||||||||||||
Middle East North Africa Opportunities Fund, L.P. (6) | 2019 | 3,969 | 3,969,272 | 36,724 | ||||||||||||||||
Monomoy Capital Partners II, L.P. | 2011 | 5,460,564 | 1,684,573 | |||||||||||||||||
Pine Brook Capital Partners, L.P. | 2007 | 9,523,957 | 1,272,027 | |||||||||||||||||
Pinto America Growth Fund, L.P. | 2005 | - | 71,561 | |||||||||||||||||
Private Equity Investment Fund IV, L.P. (3) | 2005 | 3,221,616 | 468,523 | |||||||||||||||||
Private Equity Investment Fund V, L.P. (3) | 2009 | 32,635,067 | 17,414,657 | |||||||||||||||||
Saints Capital VI, L.P. (3) | 2008 | 9,042,256 | 2,074,265 | |||||||||||||||||
Sanderling Venture Partners VI Co-Investment Fund, L.P. | 2004 | 1,146,840 | 326,633 | |||||||||||||||||
Sanderling Venture Partners VI, L.P. | 2004 | 517,676 | 78,553 | |||||||||||||||||
Sterling Capital Partners II, L.P. (2) | 2005 | 1,039,496 | 62,509 | |||||||||||||||||
Strategic Value Global Opportunities Fund I-A, L.P. (3) | 2006 | 157,773 | 749,135 | |||||||||||||||||
Tenaya Capital V, LP (2) | 2007 | 286,205 | 431,020 | |||||||||||||||||
Tenaya Capital VI, LP | 2012 | 4,142,490 | 4,770,764 | |||||||||||||||||
The Column Group, LP | 2007 | - | 4,714,845 | |||||||||||||||||
Trivest Fund IV, L.P.(3) | 2007 | 66,650 | 39,316 | |||||||||||||||||
Tuckerbrook SB Global Distressed Fund I, L.P. (3) | 2006 | 434,042 | 1,577,365 | |||||||||||||||||
Valiant Capital Partners LP (6) | 2019 | 2,690,540 | 1,747,456 | |||||||||||||||||
Voyager Capital Fund III, L.P. | 2006 | 1,532,853 | 320,989 | |||||||||||||||||
Real Estate (7.04% of Partners’ Capital) | ||||||||||||||||||||
GTIS Brazil Real Estate Fund (Brazilian Real) LP (3) | 2008 | 6,582,606 | 3,534,152 | |||||||||||||||||
Lone Star Real Estate Fund II (U.S.), L.P. | 2009 | - | 20,671 | |||||||||||||||||
Monsoon Infrastructure & Realty Co-Invest, L.P. (3) | 2008 | 6,167,911 | 3,124,740 | |||||||||||||||||
Northwood Real Estate Co-Investors LP (2) | 2007 | 1,828,054 | 2,211,705 | |||||||||||||||||
Northwood Real Estate Partners LP (2) | 2007 | 5,941,402 | 7,055,431 | |||||||||||||||||
SBC US Fund II, LP (3) | 2011 | 4,302,697 | 215,404 | |||||||||||||||||
Relative Value (0.24% of Partners’ Capital) | ||||||||||||||||||||
King Street Capital, L.P. (2)(6) | 2019 | 10,016 | 242,070 | |||||||||||||||||
Magnetar Capital Fund LP (6) | 2020 | - | 247,647 | |||||||||||||||||
PIPE Equity Partners, LLC (4)(5)(6) | 2003 | 17,723,154 | - | |||||||||||||||||
PIPE Select Fund, LLC (4)(5)(6) | 2009 | 15,623,045 | - | |||||||||||||||||
Stark Select Asset Fund, LLC (6) | 2018 | - | 55,175 | |||||||||||||||||
Total United States | 249,321,245 | 164,026,819 | ||||||||||||||||||
Total Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies | 335,933,210 | 220,495,577 | 96.06 | % | ||||||||||||||||
Total Investments in Investment Funds(7) | 335,933,210 | 220,495,577 | 96.06 | % | ||||||||||||||||
Total Investments | $ | 335,933,210 | $ | 220,495,577 | 96.06 | % |
The Master Fund’s total outstanding capital commitments to Investment Funds as of June 30, 2023 were $34,823,585. 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 June 30, 2023. 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 June 30, 2023 was $47,453,042 and $7,649,178, respectively. |
(7) | Restricted investments as to resale. |