THE ENDOWMENT PMF MASTER FUND, L.P.
(A Limited Partnership)
Schedule of Investments
June 30, 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 (2.02% of Partners’ Capital) | |||||||||||||||
| Sentient Global Resources Fund III, L.P. | July, 2008 | $ | 12,387,341 | $ | 3,575,202 | ||||||||||
| Sentient Global Resources Fund IV, L.P. (2) | June, 2011 | 9,916,684 | 3,353,900 | ||||||||||||
| Private Equity (18.58% of Partners’ Capital) | |||||||||||||||
| ABRY Advanced Securities Fund, L.P. | August, 2008 | - | 101,436 | ||||||||||||
| CX Partners Fund Ltd. (2)(3) | April, 2009 | 10,512,845 | 225,493 | ||||||||||||
| Gavea Investment Fund II A, L.P. | May, 2007 | - | 40,410 | ||||||||||||
| Gavea Investment Fund III A, L.P. | September, 2008 | - | 200,996 | ||||||||||||
| India Asset Recovery Fund L.P. | October, 2006 | - | 1,963 | ||||||||||||
| J.C. Flowers III L.P. | October, 2009 | 7,020,538 | 1,378,897 | ||||||||||||
| LC Fund IV, L.P.(2)(3) | May, 2008 | 7,542,408 | 416,866 | ||||||||||||
| New Horizon Capital III, L.P. (2) | March, 2009 | 3,617,394 | 1,477,904 | ||||||||||||
| Northstar Equity Partners III (2) | June, 2011 | 3,729,447 | 3,495,925 | ||||||||||||
| Orchid Asia IV, L.P. (2) | November, 2007 | 4,866,142 | 6,658,103 | ||||||||||||
| Reservoir Capital Partners (Cayman), L.P. | June, 2009 | 1,663,592 | 2,813,523 | ||||||||||||
| Tiger Global Private Investment Partners V, L.P. | January, 2008 | 6,176,631 | 6,047,471 | ||||||||||||
| Tiger Global Private Investment Partners VI, L.P. | November, 2010 | - | 3,812,997 | ||||||||||||
| Trustbridge Partners II, L.P. (2) | December, 2007 | 5,272,760 | 7,329,457 | ||||||||||||
| Trustbridge Partners III, L.P. (2)(3) | April, 2009 | 17,692,549 | 12,135,158 | ||||||||||||
| Trustbridge Partners IV, L.P.(2) | September, 2011 | - | 17,451,786 | ||||||||||||
| Real Estate (1.19% of Partners’ Capital) | |||||||||||||||
| Forum European Realty Income III, L.P. | February, 2008 | 4,466,262 | 359,754 | ||||||||||||
| Phoenix Asia Real Estate Investments II, L.P. | September, 2007 | 3,650,617 | 3,711,519 | ||||||||||||
| Total Cayman Islands | 98,515,210 | 74,588,760 | |||||||||||||
| Guernsey | |||||||||||||||
| Private Equity (0.00% of Partners’ Capital) | |||||||||||||||
| Mid Europa Fund III LP | November, 2007 | 3,749,029 | 5,045 | ||||||||||||
| Total Guernsey | 3,749,029 | 5,045 | |||||||||||||
| United Kingdom | |||||||||||||||
| Private Equity (0.06% of Partners’ Capital) | |||||||||||||||
| Darwin Private Equity I L.P. | September, 2007 | 6,816,923 | 181,732 | ||||||||||||
| Real Estate (0.07% of Partners’ Capital) | |||||||||||||||
| Benson Elliot Real Estate Partners II, L.P. | August, 2006 | 1,975,313 | 28,253 | ||||||||||||
| Patron Capital, L.P. II | February, 2005 | 674,772 | 11,461 | ||||||||||||
| Patron Capital, L.P. III | July, 2007 | 3,296,972 | 212,376 | ||||||||||||
| Total United Kingdom | 12,763,980 | 433,822 | |||||||||||||
| United States | |||||||||||||||
| Energy (16.57% of Partners’ Capital) | |||||||||||||||
| ArcLight Energy Partners Fund V, L.P. (2) | December, 2011 | 2,947,164 | 831,543 | ||||||||||||
| EnCap Energy Capital Fund VII-B LP (2) | October, 2007 | 7,469,822 | 63,835 | ||||||||||||
| EnCap Energy Infrastructure TE Feeder, L.P. (2)(3) | October, 2009 | 5,561,140 | 439,873 | ||||||||||||
| Energy & Minerals Group Fund II, L.P. (2) | November, 2011 | 11,275,863 | 13,617,518 | ||||||||||||
| Intervale Capital Fund, L.P. | May, 2008 | 6,281,571 | 6,393,093 | ||||||||||||
| Merit Energy Partners G, L.P. | September, 2009 | 16,325,961 | 8,012,324 | ||||||||||||
| Midstream & Resources Follow-On Fund, L.P. (2)(3) | March, 2010 | 3,459,071 | 3,585,286 | ||||||||||||
| NGP Energy Technology Partners II, L.P. (2) | July, 2009 | 4,154,081 | 2,092,677 | ||||||||||||
| NGP IX Offshore Fund, L.P. (2) | March, 2008 | 4,181,522 | 248,966 | ||||||||||||
| NGP Midstream & Resources, L.P. | October, 2007 | 5,412,496 | 707,142 | ||||||||||||
| Quantum Parallel Partners V, LP (3) | October, 2008 | 20,843,172 | 20,613,049 | ||||||||||||
| TPF II-A, L.P. (3) | October, 2008 | 6,612,057 | 104,856 | ||||||||||||
| Event-Driven (1.74% of Partners’ Capital) | |||||||||||||||
| BDCM Partners I, L.P. (3)(6) | January, 2011 | 7,437,015 | 5,317,646 | ||||||||||||
| Fortelus Special Situations Fund Ltd. (2)(3)(6) | May, 2010 | - | 9,944 | ||||||||||||
| Harbinger Capital Partners Special Situations Fund, L.P. (6) | December, 2006 | 5,080,165 | 67,702 | ||||||||||||
| Harbinger Streamline Onshore Fund, L.P. (6) | September, 2021 | 581,264 | 552,938 | ||||||||||||
| Private Equity (49.16% of Partners’ Capital) | |||||||||||||||
| Advent Latin American Private Equity Fund IV-F L.P. | August, 2007 | 1,095,663 | 583,580 | ||||||||||||
| Advent Latin American Private Equity Fund V-F L.P. | May, 2010 | 7,188,082 | 7,366,842 | ||||||||||||
| BDCM Opportunity Fund II, L.P. | March, 2006 | 2,800,084 | 779,601 | ||||||||||||
| Catterton Growth Partners, L.P. | March, 2008 | 10,514,354 | 3,091,622 | ||||||||||||
| Chrysalis Ventures III, L.P. | December, 2006 | 1,136,664 | 510,244 | ||||||||||||
| Crosslink Crossover Fund V, L.P. | May, 2007 | 1,723,592 | 547,113 | ||||||||||||
| Crosslink Crossover Fund VI, L.P. | March, 2007 | - | 18,399,170 | ||||||||||||
| Dace Ventures I, LP (3) | June, 2007 | 1,971,639 | 901,155 | ||||||||||||
| Fairhaven Capital Partners, L.P. | March, 2008 | 8,412,789 | 1,962,319 | ||||||||||||
| Founders Fund III, LP | May, 2010 | - | 29,669,430 | ||||||||||||
| Founders Fund IV, LP | January, 2012 | - | 40,375,287 | ||||||||||||
| Garrison Opportunity Fund LLC (3) | February, 2010 | - | 76,566 | ||||||||||||
| Garrison Opportunity Fund II A LLC | March, 2011 | - | 4,537,377 | ||||||||||||
| HealthCor Partners Fund, L.P. (3) | August, 2007 | 1,579,075 | 3,966,310 | ||||||||||||
| MatlinPatterson Global Opportunities Partners III L.P. | July, 2007 | 4,715,825 | 31,131 | ||||||||||||
| Middle East North Africa Opportunities Fund, L.P. (3)(6) | July, 2008 | 3,969 | 3,969,272 | 59,259 | |||||||||||
| Monomoy Capital Partners II, L.P. (2) | May, 2011 | 5,718,363 | 9,232,290 | ||||||||||||
| Pine Brook Capital Partners, L.P. (2) | January, 2008 | 9,532,892 | 1,414,399 | ||||||||||||
| Pinto America Growth Fund, L.P. | July, 2006 | - | 1,261,969 | ||||||||||||
| Private Equity Investment Fund IV, L.P. (3) | July, 2005 | 3,268,516 | 540,229 | ||||||||||||
| Private Equity Investment Fund V, L.P. (3) | April, 2009 | 32,635,067 | 18,497,486 | ||||||||||||
| Saints Capital VI, L.P. (3) | April, 2008 | 9,096,894 | 2,207,064 | ||||||||||||
| 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. | August, 2005 | 1,039,496 | 108,685 | ||||||||||||
| Sterling Group Partners III, L.P. | April, 2010 | 3,243,621 | 63,942 | ||||||||||||
| Strategic Value Global Opportunities Fund I-A, L.P. | December, 2006 | 157,773 | 1,182,148 | ||||||||||||
| Tenaya Capital V, LP | November, 2007 | 346,739 | 623,377 | ||||||||||||
| Tenaya Capital VI, LP | July, 2012 | 4,516,706 | 7,467,994 | ||||||||||||
| The Column Group, LP | September, 2007 | - | 8,232,281 | ||||||||||||
| Trivest Fund IV, L.P.(3) | November, 2007 | 66,650 | 40,601 | ||||||||||||
| Tuckerbrook SB Global Distressed Fund I, L.P. (3) | July, 2007 | 434,042 | 1,619,723 | ||||||||||||
| Valiant Capital Partners LP (6) | July, 2009 | 2,690,540 | 1,566,198 | ||||||||||||
| Voyager Capital Fund III, L.P. | May, 2007 | 1,532,853 | 434,875 | ||||||||||||
| Real Estate (7.30% of Partners’ Capital) | |||||||||||||||
| Cypress Realty VI Limited Partnership | June, 2007 | 829,119 | 61,624 | ||||||||||||
| GTIS Brazil Real Estate Fund (Brazilian Real) LP (3) | July, 2008 | 9,573,524 | 7,169,096 |
| Lone Star Real Estate Fund II (U.S.), L.P. | June, 2011 | - | 14,143 | ||||||||||||
| Monsoon Infrastructure & Realty Co-Invest, L.P. (3) | February, 2008 | 9,542,106 | 7,163,827 | ||||||||||||
| Northwood Real Estate Co-Investors LP (2) | April, 2008 | 1,824,572 | 2,610,786 | ||||||||||||
| Northwood Real Estate Partners LP (2) | April, 2008 | 6,039,807 | 7,474,973 | ||||||||||||
| SBC US Fund II, LP (3) | June, 2011 | 4,302,697 | 366,249 | ||||||||||||
| Square Mile Partners III LP | April, 2008 | 3,709,702 | 117,188 | ||||||||||||
| Relative Value (0.16% of Partners’ Capital) | |||||||||||||||
| King Street Capital, L.P. (2)(6) | November, 2009 | 29,198 | 254,496 | ||||||||||||
| Magnetar Capital Fund LP (3)(6) | February, 2009 | - | 244,713 | ||||||||||||
| 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 (2)(6) | July, 2010 | - | 60,391 | ||||||||||||
| Total United States | 297,870,995 | 256,417,737 | |||||||||||||
| Total Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies | 412,899,214 | 331,445,364 | 96.85% | ||||||||||||
| Total Investments in Investment Funds(7) | 412,899,214 | 331,445,364 | 96.85% | ||||||||||||
| Total Investments | $ | 412,899,214 | $ | 331,445,364 | 96.85% |
The Master Fund’s total outstanding capital commitments to Investment Funds as of June 30, 2022 were $41,136,033. 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, 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 June 30, 2022 was $53,133,653 and $8,133,287, respectively. |
| (7) | Restricted investments as to resale. |
