THE ENDOWMENT PMF MASTER FUND, L.P.
(A Limited Partnership)
Schedule of Investments
June 30, 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 | ||||||||||||||||
| Energy (0.31% of Partners’ Capital) | ||||||||||||||||
| Sentient Global Resources Fund III, L.P.(3) | 2009 | $ | 9,758,274 | $ | 90,193 | |||||||||||
| Sentient Global Resources Fund IV, L.P. (2)(3) | 2011 | 8,579,690 | 361,049 | |||||||||||||
| Real Estate (2.68% of Partners’ Capital) | ||||||||||||||||
| Forum European Realty Income III, L.P. | 2007 | 4,466,262 | 194,741 | |||||||||||||
| Phoenix Asia Real Estate Investments II, L.P. | 2006 | 3,650,617 | 3,657,965 | |||||||||||||
| Total Cayman Islands | 26,454,843 | 4,303,948 | ||||||||||||||
| United Kingdom | ||||||||||||||||
| Real Estate (0.15% of Partners’ Capital) | ||||||||||||||||
| Benson Elliot Real Estate Partners II, L.P. | 2006 | 1,975,313 | 33,485 | |||||||||||||
| Patron Capital, L.P. II | 2005 | 674,772 | 2,142 | |||||||||||||
| Patron Capital, L.P. III | 2007 | 3,254,500 | 177,311 | |||||||||||||
| Total United Kingdom | 5,904,585 | 212,938 | ||||||||||||||
| United States | ||||||||||||||||
| Energy (16.76% of Partners’ Capital) | ||||||||||||||||
| Energy & Minerals Group Fund II, L.P. (2) | 2011 | 11,423,305 | 13,161,778 | |||||||||||||
| Merit Energy Partners G, L.P. | 2008 | 15,044,503 | 7,152,578 | |||||||||||||
| Midstream & Resources Follow-On Fund, L.P. (4) | 2009 | 3,459,071 | 461,729 | |||||||||||||
| NGP Energy Technology Partners II, L.P. | 2008 | 2,581,929 | 276,964 | |||||||||||||
| NGP IX Offshore Fund, L.P. | 2007 | 4,181,800 | 44,867 | |||||||||||||
| NGP Midstream & Resources, L.P. (2) | 2007 | 5,414,998 | 267,779 | |||||||||||||
| Quantum Parallel Partners V, LP (4) | 2008 | 15,291,693 | 2,617,892 | |||||||||||||
| TPF II-A, L.P. (4) | 2008 | 6,612,057 | 122,825 | |||||||||||||
| Event-Driven (2.52% of Partners’ Capital) | ||||||||||||||||
| BDCM Partners I, L.P. (5) | 2019 | 7,437,015 | 3,611,476 | |||||||||||||
| Fortelus Special Situations Fund Ltd. (5) | 2019 | - | 8,459 | |||||||||||||
| Private Equity (2.80% of Partners’ Capital) | ||||||||||||||||
| Garrison Opportunity Fund II A LLC | 2010 | - | 7,936 | |||||||||||||
| Middle East North Africa Opportunities Fund, L.P. (5) | 2019 | 3,969 | 3,969,272 | 36,724 | ||||||||||||
| Pinto America Growth Fund, L.P. | 2005 | - | 27,952 | |||||||||||||
| Sterling Capital Partners II, L.P. | 2005 | 1,039,496 | 52,235 | |||||||||||||
| The Column Group, LP | 2007 | 30,741 | 2,262,604 | |||||||||||||
| Valiant Capital Partners LP (5) | 2019 | 1,998,043 | 1,641,308 | |||||||||||||
| Real Estate (3.58% of Partners’ Capital) | ||||||||||||||||
| GTIS Brazil Real Estate Fund (Brazilian Real) LP (4) | 2008 | 6,582,606 | 3,336,153 | |||||||||||||
| Lone Star Real Estate Fund II (U.S.), L.P. | 2009 | - | 10,023 | |||||||||||||
| Monsoon Infrastructure & Realty Co-Invest, L.P. (4) | 2008 | 6,167,911 | 1,786,026 | |||||||||||||
| SBC US Fund II, LP (4) | 2011 | 4,017,947 | 18,689 | |||||||||||||
| Relative Value (0.40% of Partners’ Capital) | ||||||||||||||||
| King Street Capital, L.P.(5) | 2019 | 10,016 | 263,887 | |||||||||||||
| Magnetar Capital Fund LP (5) | 2020 | - | 256,795 | |||||||||||||
| PIPE Equity Partners, LLC (3)(5)(6) | 2003 | 17,723,154 | - | |||||||||||||
| PIPE Select Fund, LLC (3)(5)(6) | 2009 | 15,623,045 | - | |||||||||||||
| Stark Select Asset Fund, LLC (5) | 2018 | - | 51,776 | |||||||||||||
| Total United States | 128,608,602 | 37,478,455 | ||||||||||||||
| Total Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies | 160,968,030 | 41,995,341 | 29.20% | |||||||||||||
| Total Investments in Investment Funds(7) | 160,968,030 | 41,995,341 | 29.20% | |||||||||||||
| Total Investments | $ | 160,968,030 | $ | 41,995,341 | 29.20% | |||||||||||
The Master Fund’s total outstanding capital commitments to Investment Funds as of June 30, 2024 were $14,128,053. 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) Investment was valued in good faith pursuant to procedures approved by the Board of Directors as of June 30, 2024. The total of all such investments represents 0.31% of partners’ capital.
(4) Affiliated investments for which ownership exceeds 5% of the Investment Fund's capital.
(5) 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, 2024 was $46,760,545 and $5,870,425, respectively.
(6) Affiliated investments for which ownership exceeds 25% of the Investment Fund’s capital.
(7) Restricted investments as to resale.
