THE ENDOWMENT PMF MASTER FUND, L.P.
(A Limited Partnership)
Schedule of Investments
December 31, 2024
(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 | ||||||||||||||||||
| Private Equity (17.61% of Partners’ Capital) | ||||||||||||||||||
| Trustbridge Partners IV, L.P. (2) | 2011 | $ | - | $ | 4,793,164 | |||||||||||||
| Total Cayman Islands | - | 4,793,164 | ||||||||||||||||
| United States | ||||||||||||||||||
| Energy (10.53% of Partners’ Capital) | ||||||||||||||||||
| NGP Energy Technology Partners II, L.P. | 2008 | 2,475,703 | 159,489 | |||||||||||||||
| Quantum Parallel Partners V, LP (3) | 2008 | 15,291,692 | 2,585,384 | |||||||||||||||
| TPF II-A, L.P. (3) | 2008 | 6,612,057 | 121,407 | |||||||||||||||
| Private Equity (0.29% of Partners’ Capital) | ||||||||||||||||||
| Middle East North Africa Opportunities Fund, L.P. (4) | 2019 | 3,969 | 3,969,272 | 36,723 | ||||||||||||||
| Sterling Capital Partners II, L.P. | 2005 | 1,028,608 | 41,591 | |||||||||||||||
| Total United States | 29,377,332 | 2,944,594 | ||||||||||||||||
| Total Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies | 29,377,332 | 7,737,758 | 28.43 | % | ||||||||||||||
| Total Investments in Investment Funds(5) | 29,377,332 | 7,737,758 | 28.43 | % | ||||||||||||||
| Total Investments | $ | 29,377,332 | $ | 7,737,758 | 28.43 | % | ||||||||||||
The Master Fund’s total outstanding capital commitments to Investment Funds as of December 31, 2024 were $9,976,564. 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 September 30, 2014. |
| (2) | Income producing investment. |
| (3) | Affiliated investments for which ownership exceeds 5% of the Investment Fund's capital. |
| (4) | 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, 2024 was $3,969,272 and $36,723, respectively. |
| (5) | Restricted investments as to resale. |
