THE ENDOWMENT PMF MASTER FUND, L.P. |
(A Limited Partnership) |
Schedule of Investments |
March 31, 2021 |
(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 (1.85% of Partners’ Capital) | ||||||||||||||||||
Sentient Global Resources Fund III, L.P. | July, 2008 | $ | 14,386,923 | $ | 4,586,091 | |||||||||||||
Sentient Global Resources Fund IV, L.P. (2) | June, 2011 | 11,691,258 | 4,387,067 | |||||||||||||||
Private Equity (31.07% of Partners’ Capital) | ||||||||||||||||||
ABRY Advanced Securities Fund, L.P. | August, 2008 | 66,444 | 260,344 | |||||||||||||||
CX Partners Fund Ltd. (2)(3) | April, 2009 | 15,915,528 | 5,675,000 | |||||||||||||||
Gavea Investment Fund II A, L.P. | May, 2007 | - | 27,338 | |||||||||||||||
Gavea Investment Fund III A, L.P. | September, 2008 | - | 223,677 | |||||||||||||||
India Asset Recovery Fund L.P. | October, 2006 | - | 3,354 | |||||||||||||||
J.C. Flowers III L.P. | October, 2009 | 7,897,834 | 2,130,844 | |||||||||||||||
LC Fund IV, L.P.(3) | May, 2008 | 8,135,153 | 1,059,247 | |||||||||||||||
New Horizon Capital III, L.P. (2) | March, 2009 | 6,449,510 | 7,990,323 | |||||||||||||||
Northstar Equity Partners III (2) | June, 2011 | 6,509,082 | 4,626,209 | |||||||||||||||
Orchid Asia IV, L.P. (2) | November, 2007 | 5,246,768 | 46,458,321 | |||||||||||||||
Reservoir Capital Partners (Cayman), L.P. | June, 2009 | 1,827,955 | 3,040,426 | |||||||||||||||
Tiger Global Private Investment Partners IV, L.P. | March, 2007 | 1,182,343 | 135,037 | |||||||||||||||
Tiger Global Private Investment Partners V, L.P. | January, 2008 | 6,176,631 | 4,839,796 | |||||||||||||||
Tiger Global Private Investment Partners VI, L.P. | November, 2010 | 2,672,187 | 7,847,279 | |||||||||||||||
Trustbridge Partners II, L.P. | December, 2007 | 5,317,548 | 7,109,895 | |||||||||||||||
Trustbridge Partners III, L.P. (3) | April, 2009 | 17,572,448 | 17,144,881 | |||||||||||||||
Trustbridge Partners IV, L.P.(2) | September, 2011 | 10,764,112 | 42,396,949 | |||||||||||||||
Real Estate (0.88% of Partners’ Capital) | ||||||||||||||||||
Forum European Realty Income III, L.P. | February, 2008 | 4,466,262 | 496,355 | |||||||||||||||
Phoenix Asia Real Estate Investments II, L.P. | September, 2007 | 3,875,899 | 3,801,324 | |||||||||||||||
Total Cayman Islands | 130,153,885 | 164,239,757 | ||||||||||||||||
Guernsey | ||||||||||||||||||
Private Equity (0.02% of Partners’ Capital) | ||||||||||||||||||
Mid Europa Fund III LP | November, 2007 | 3,836,887 | 98,130 | |||||||||||||||
Total Guernsey | 3,836,887 | 98,130 | ||||||||||||||||
United Kingdom | ||||||||||||||||||
Private Equity (0.19% of Partners’ Capital) | ||||||||||||||||||
Darwin Private Equity I L.P. | September, 2007 | 7,117,317 | 905,825 | |||||||||||||||
Real Estate (0.08% of Partners’ Capital) | ||||||||||||||||||
Benson Elliot Real Estate Partners II, L.P. | August, 2006 | 1,975,313 | 40,525 | |||||||||||||||
Patron Capital, L.P. II | February, 2005 | 734,703 | 63,819 | |||||||||||||||
Patron Capital, L.P. III | July, 2007 | 3,369,173 | 297,823 | |||||||||||||||
Total United Kingdom | 13,196,506 | 1,307,992 | ||||||||||||||||
United States | ||||||||||||||||||
Energy (12.20% of Partners’ Capital) | ||||||||||||||||||
ArcLight Energy Partners Fund V, L.P. | December, 2011 | 4,864,036 | 3,073,940 | |||||||||||||||
EnCap Energy Capital Fund VII-B LP (2) | October, 2007 | 7,837,626 | 370,978 | |||||||||||||||
EnCap Energy Infrastructure TE Feeder, L.P. (2)(3) | October, 2009 | 6,585,255 | 967,904 | |||||||||||||||
Energy & Minerals Group Fund II, L.P. (2) | November, 2011 | 11,052,203 | 13,401,184 | |||||||||||||||
Intervale Capital Fund, L.P. (2) | May, 2008 | 6,214,948 | 6,190,306 | |||||||||||||||
Merit Energy Partners G, L.P. | September, 2009 | 17,251,785 | 10,885,140 | |||||||||||||||
Midstream & Resources Follow-On Fund, L.P. (3) | March, 2010 | 3,459,071 | 2,938,731 | |||||||||||||||
NGP Energy Technology Partners II, L.P. (2) | July, 2009 | 4,232,992 | 2,012,439 | |||||||||||||||
NGP IX Offshore Fund, L.P. | March, 2008 | 4,664,972 | 971,014 |
NGP Midstream & Resources, L.P. (2) | October, 2007 | 5,412,496 | 579,275 | |||||||||||||||
Quantum Parallel Partners V, LP (3) | October, 2008 | 24,037,377 | 17,023,092 | |||||||||||||||
TPF II-A, L.P. (3) | October, 2008 | 7,547,610 | 862,883 | |||||||||||||||
Event-Driven (2.89% of Partners’ Capital) | ||||||||||||||||||
BDCM Partners I, L.P. (3)(6) | January, 2011 | 7,437,015 | 4,563,293 | |||||||||||||||
Credit Distressed Blue Line Fund, L.P. (4)(6) | April, 2010 | 20,968,888 | 4,151,861 | |||||||||||||||
Fortelus Special Situations Fund Ltd. (3)(6) | May, 2010 | 573,769 | 3,715,579 | |||||||||||||||
Harbinger Capital Partners Fund I, L.P. (3)(6) | November, 2006 | 39,076,697 | - | |||||||||||||||
Harbinger Capital Partners Special Situations Fund, L.P. (6) | December, 2006 | 5,080,165 | 68,726 | |||||||||||||||
Harbinger Class L Holdings (U.S.), LLC (6) | July, 2010 | 36,255 | 203,763 | |||||||||||||||
Harbinger Class LS Holdings (U.S.) Trust (6) | May, 2013 | 3,225 | 2,190,547 | - | ||||||||||||||
Harbinger Class PE Holdings (U.S.) Trust (6) | July, 2010 | 4 | 1,320,690 | 1,351,140 | ||||||||||||||
Private Equity (40.30% of Partners’ Capital) | ||||||||||||||||||
Advent Latin American Private Equity Fund IV-F L.P. | August, 2007 | 1,095,662 | 582,062 | |||||||||||||||
Advent Latin American Private Equity Fund V-F L.P. | May, 2010 | 7,568,311 | 6,697,589 | |||||||||||||||
BDCM Opportunity Fund II, L.P. (2) | March, 2006 | 2,800,084 | 762,273 | |||||||||||||||
Catterton Growth Partners, L.P. | March, 2008 | 10,859,721 | 3,080,685 | |||||||||||||||
Chrysalis Ventures III, L.P. | December, 2006 | 1,458,166 | 771,678 | |||||||||||||||
Crosslink Crossover Fund V, L.P. | May, 2007 | 1,723,593 | 512,144 | |||||||||||||||
Crosslink Crossover Fund VI, L.P. | March, 2007 | - | 10,177,535 | |||||||||||||||
Dace Ventures I, LP (3) | June, 2007 | 1,949,625 | 709,155 | |||||||||||||||
Fairhaven Capital Partners, L.P. | March, 2008 | 8,742,846 | 3,347,496 | |||||||||||||||
Founders Fund III, LP | May, 2010 | - | 35,982,855 | |||||||||||||||
Founders Fund IV, LP | January, 2012 | - | 50,810,326 | |||||||||||||||
Garrison Opportunity Fund LLC (3) | February, 2010 | - | 359,464 | |||||||||||||||
Garrison Opportunity Fund II A LLC | March, 2011 | - | 3,028,488 | |||||||||||||||
HealthCor Partners Fund, L.P. (2)(3) | August, 2007 | 1,566,357 | 3,955,202 | |||||||||||||||
MatlinPatterson Global Opportunities Partners III L.P. (2) | July, 2007 | 6,068,357 | 279,492 | |||||||||||||||
Middle East North Africa Opportunities Fund, L.P. (3)(6) | July, 2008 | 3,969 | 3,969,272 | 150,429 | ||||||||||||||
Monomoy Capital Partners, L.P. | November, 2006 | 4,462,243 | 2,420 | |||||||||||||||
Monomoy Capital Partners II, L.P. (2) | May, 2011 | 6,973,126 | 8,919,198 | |||||||||||||||
Pine Brook Capital Partners, L.P. | January, 2008 | 9,934,141 | 1,032,715 | |||||||||||||||
Pinto America Growth Fund, L.P. | July, 2006 | - | 1,139,392 | |||||||||||||||
Private Equity Investment Fund IV, L.P. (3) | July, 2005 | 3,362,317 | 439,661 | |||||||||||||||
Private Equity Investment Fund V, L.P. (3) | April, 2009 | 32,635,067 | 17,014,196 | |||||||||||||||
Saints Capital VI, L.P. (3) | April, 2008 | 9,187,957 | 1,788,170 | |||||||||||||||
Sanderling Venture Partners VI Co-Investment Fund, L.P. | June, 2005 | 1,222,531 | 667,406 | |||||||||||||||
Sanderling Venture Partners VI, L.P. | June, 2005 | 651,745 | 614,999 | |||||||||||||||
Sterling Capital Partners II, L.P. | August, 2005 | 1,039,496 | 111,451 | |||||||||||||||
Sterling Group Partners III, L.P. (2) | April, 2010 | 3,239,994 | 877,510 | |||||||||||||||
Strategic Value Global Opportunities Fund I-A, L.P. | December, 2006 | 157,773 | 1,513,505 | |||||||||||||||
TAEF Fund, LLC (6) | August, 2008 | 2,481,307 | 3,398,460 | |||||||||||||||
Tenaya Capital V, LP | November, 2007 | 816,096 | 1,246,352 | |||||||||||||||
Tenaya Capital VI, LP | July, 2012 | 4,516,706 | 7,085,289 | |||||||||||||||
The Column Group, LP | September, 2007 | 3,116,231 | 18,960,464 | |||||||||||||||
The Raptor Private Holdings L.P. (6) | January, 2009 | 1,025 | 698,804 | 117,562 | ||||||||||||||
Trivest Fund IV, L.P.(2)(3) | November, 2007 | 66,650 | 91,842 | |||||||||||||||
Tuckerbrook SB Global Distressed Fund I, L.P. (3) | July, 2007 | 434,042 | 1,151,045 | |||||||||||||||
Valiant Capital Partners LP (6) | July, 2009 | 2,717,898 | 3,250,673 | |||||||||||||||
VCFA Private Equity Partners IV, L.P. | March, 2005 | 1,895,552 | 209,937 | |||||||||||||||
VCFA Venture Partners V, L.P. | January, 2007 | 4,901,713 | 1,057,678 | |||||||||||||||
Voyager Capital Fund III, L.P. | May, 2007 | 1,606,277 | 709,737 | |||||||||||||||
WestView Capital Partners II, L.P. (3) | August, 2009 | 4,904,617 | 3,161,620 | |||||||||||||||
Real Estate (6.23% of Partners’ Capital) | ||||||||||||||||||
Cypress Realty VI Limited Partnership | June, 2007 | 1,543,876 | 441,911 | |||||||||||||||
Florida Real Estate Value Fund, L.P. (2)(3) | October, 2010 | - | 14,165 | |||||||||||||||
GTIS Brazil Real Estate Fund (Brazilian Real) LP (2)(3) | July, 2008 | 12,117,444 | 8,975,123 | |||||||||||||||
Lone Star Real Estate Fund II (U.S.), L.P. | June, 2011 | 2,389 | 124,650 | |||||||||||||||
Monsoon Infrastructure & Realty Co-Invest, L.P. (2)(3) | February, 2008 | 9,542,106 | 8,634,380 | |||||||||||||||
Northwood Real Estate Co-Investors LP (2) | April, 2008 | 2,318,096 | 2,746,399 | |||||||||||||||
Northwood Real Estate Partners LP (2) | April, 2008 | 6,384,331 | 7,139,135 | |||||||||||||||
SBC US Fund II, LP (3) | June, 2011 | 4,996,236 | 2,160,914 | |||||||||||||||
Square Mile Partners III LP | April, 2008 | 3,709,702 | 37,744 | |||||||||||||||
Relative Value (0.13% of Partners’ Capital) | ||||||||||||||||||
King Street Capital, L.P. (6) | November, 2009 | - | 292,223 | |||||||||||||||
Magnetar Capital Fund LP (3)(6) | February, 2009 | - | 257,622 | |||||||||||||||
Magnetar SPV LLC (3)(6) | May, 2008 | 179,228 | 3,007 |
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 | - | 67,026 | |||||||||||||||
Total United States | 402,808,281 | 299,993,702 | ||||||||||||||||
Total Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies | 549,995,559 | 465,639,581 | 95.84% | |||||||||||||||
Passive Foreign Investment Companies | ||||||||||||||||||
Cayman Companies Limited by Shares, Exempted Companies and Limited Liability Companies | ||||||||||||||||||
Relative Value (0.08% of Partners’ Capital) | ||||||||||||||||||
CRC Credit Fund Ltd. (6) | July, 2010 | 4,331 | 432,402 | 374,750 | ||||||||||||||
Total Cayman Companies Limited by Shares, Exempted Companies and Limited Liability Companies | 432,402 | 374,750 | ||||||||||||||||
Total Passive Foreign Investment Companies | 432,402 | 374,750 | 0.08% | |||||||||||||||
Total Investments in Investment Funds(7) | 550,427,961 | 466,014,331 | 95.92% | |||||||||||||||
Investments in Securities | ||||||||||||||||||
Common Stocks | ||||||||||||||||||
United States | ||||||||||||||||||
Other Technology (0.15% of Partners’ Capital) | ||||||||||||||||||
Eventbrite, Inc. | November, 2007 | 33,295 | 742,811 | 737,817 | ||||||||||||||
Total Common Stocks | 742,811 | 737,817 | ||||||||||||||||
Total Investments in Securities | 742,811 | 737,817 | 0.15% | |||||||||||||||
Total Investments | $ | 551,170,772 | $ | 466,752,148 | 96.07% |
The Master Fund’s total outstanding capital commitments to Investment Funds as of March 31, 2021 were $48,107,270. 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 March 31, 2021. 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 March 31, 2021 was $120,509,136 and $21,966,114, respectively. |
(7) | Restricted investments as to resale. |