THE ENDOWMENT PMF MASTER FUND, L.P.
(A Limited Partnership)
Schedule of Investments
December 31, 2023
(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 (1.02% of Partners’ Capital) | |||||||||||||||||
Sentient Global Resources Fund III, L.P. | 2009 | $ | 9,758,274 | $ | 1,013,398 | ||||||||||||
Sentient Global Resources Fund IV, L.P. (2) | 2011 | 8,579,690 | 1,230,147 | ||||||||||||||
Private Equity (17.73% of Partners’ Capital) | |||||||||||||||||
ABRY Advanced Securities Fund, L.P. | 2008 | - | 23,958 | ||||||||||||||
Gavea Investment Fund II A, L.P. | 2007 | - | 39,829 | ||||||||||||||
Gavea Investment Fund III A, L.P. | 2008 | - | 177,221 | ||||||||||||||
India Asset Recovery Fund L.P. | 2006 | - | 1,180 | ||||||||||||||
J.C. Flowers III L.P. (2) | 2009 | 6,870,830 | 857,264 | ||||||||||||||
New Horizon Capital III, L.P. | 2008 | - | 95,181 | ||||||||||||||
Northstar Equity Partners III (2) | 2011 | 2,924,413 | 1,492,954 | ||||||||||||||
Orchid Asia IV, L.P. (2) | 2007 | 4,777,774 | 107,975 | ||||||||||||||
Reservoir Capital Partners (Cayman), L.P. (2) | 2006 | 118,622 | 354,766 | ||||||||||||||
Tiger Global Private Investment Partners V, L.P. (2) | 2008 | 6,571,472 | 3,921,010 | ||||||||||||||
Tiger Global Private Investment Partners VI, L.P. (2) | 2010 | - | 2,160,240 | ||||||||||||||
Trustbridge Partners II, L.P. (2) | 2007 | 4,794,738 | 2,884,044 | ||||||||||||||
Trustbridge Partners III, L.P. (2)(3) | 2008 | 17,688,343 | 11,055,382 | ||||||||||||||
Trustbridge Partners IV, L.P.(2) | 2011 | 3,403 | 15,910,898 | ||||||||||||||
Real Estate (1.78% of Partners’ Capital) | |||||||||||||||||
Forum European Realty Income III, L.P. | 2007 | �� | 4,466,262 | 251,962 | |||||||||||||
Phoenix Asia Real Estate Investments II, L.P. | 2006 | 3,650,617 | 3,678,697 | ||||||||||||||
Total Cayman Islands | 70,204,438 | 45,256,106 | |||||||||||||||
United Kingdom | |||||||||||||||||
Private Equity (0.04% of Partners’ Capital) | |||||||||||||||||
Darwin Private Equity I L.P. | 2007 | 6,816,923 | 98,750 | ||||||||||||||
Real Estate (0.09% of Partners’ Capital) | |||||||||||||||||
Benson Elliot Real Estate Partners II, L.P. | 2006 | 1,975,313 | 35,129 | ||||||||||||||
Patron Capital, L.P. II | 2005 | 674,771 | 2,122 | ||||||||||||||
Patron Capital, L.P. III | 2007 | 3,254,500 | 164,553 | ||||||||||||||
Total United Kingdom | 12,721,507 | 300,554 | |||||||||||||||
United States | |||||||||||||||||
Energy (13.29% of Partners’ Capital) | |||||||||||||||||
Energy & Minerals Group Fund II, L.P. (2) | 2011 | 11,423,305 | 13,484,039 | ||||||||||||||
Intervale Capital Fund, L.P. (2) | 2007 | 2,305,488 | - | ||||||||||||||
Merit Energy Partners G, L.P. (2) | 2008 | 15,309,024 | 7,379,107 | ||||||||||||||
Midstream & Resources Follow-On Fund, L.P. (3) | 2009 | 3,459,071 | 2,418,559 | ||||||||||||||
NGP Energy Technology Partners II, L.P. (2) | 2008 | 3,355,864 | 2,945,586 | ||||||||||||||
NGP IX Offshore Fund, L.P. (2) | 2007 | 4,181,800 | 80,523 | ||||||||||||||
NGP Midstream & Resources, L.P. | 2007 | 5,412,496 | 574,901 | ||||||||||||||
Quantum Parallel Partners V, LP (3) | 2008 | 15,291,693 | 2,300,550 | ||||||||||||||
TPF II-A, L.P. (3) | 2008 | 6,612,057 | 98,634 | ||||||||||||||
Event-Driven (2.41% of Partners’ Capital) | |||||||||||||||||
BDCM Partners I, L.P. (2)(6) | 2019 | 7,437,015 | 5,295,441 | ||||||||||||||
Fortelus Special Situations Fund Ltd. (6) | 2019 | - | 11,169 | ||||||||||||||
Private Equity (50.80% of Partners’ Capital) | |||||||||||||||||
Advent Latin American Private Equity Fund IV-F L.P. | 2007 | 1,095,662 | 530,020 | ||||||||||||||
Advent Latin American Private Equity Fund V-F L.P. | 2010 | 6,023,757 | 2,724,321 | ||||||||||||||
BDCM Opportunity Fund II, L.P. | 2006 | 2,734,372 | 582,223 | ||||||||||||||
Catterton Growth Partners, L.P. (2) | 2007 | 9,034,358 | - | ||||||||||||||
Chrysalis Ventures III, L.P. | 2006 | 1,136,664 | 408,219 | ||||||||||||||
Crosslink Crossover Fund V, L.P. | 2007 | 1,723,592 | 700,656 | ||||||||||||||
Crosslink Crossover Fund VI, L.P. | 2011 | - | 13,029,003 | ||||||||||||||
Dace Ventures I, LP (3) | 2007 | 1,894,196 | 750,163 | ||||||||||||||
Fairhaven Capital Partners, L.P. | 2007 | 8,481,555 | 1,544,304 | ||||||||||||||
Founders Fund III, LP | 2010 | - | 23,280,777 | ||||||||||||||
Founders Fund IV, LP | 2012 | - | 30,744,649 | ||||||||||||||
Garrison Opportunity Fund II A LLC | 2010 | - | 7,936 | ||||||||||||||
HealthCor Partners Fund, L.P. (3) | 2007 | 1,594,814 | 2,347,561 | ||||||||||||||
MatlinPatterson Global Opportunities Partners III L.P. | 2007 | 4,685,977 | - | ||||||||||||||
Middle East North Africa Opportunities Fund, L.P. (6) | 2019 | 3,969 | 3,969,272 | 36,724 | |||||||||||||
Monomoy Capital Partners II, L.P. | 2011 | 5,221,973 | 942,282 | ||||||||||||||
Pine Brook Capital Partners, L.P. | 2007 | 9,523,957 | 1,262,858 | ||||||||||||||
Pinto America Growth Fund, L.P. | 2005 | - | 38,330 | ||||||||||||||
Private Equity Investment Fund IV, L.P. (3) | 2005 | 3,221,616 | 420,833 | ||||||||||||||
Private Equity Investment Fund V, L.P. (3) | 2009 | 32,635,067 | 16,964,660 | ||||||||||||||
Saints Capital VI, L.P. (3) | 2008 | 9,042,256 | 1,572,962 | ||||||||||||||
Sanderling Venture Partners VI Co-Investment Fund, L.P. | 2004 | 1,146,840 | 316,719 | ||||||||||||||
Sanderling Venture Partners VI, L.P. | 2004 | 517,676 | 74,629 | ||||||||||||||
Sterling Capital Partners II, L.P. | 2005 | 1,039,496 | 57,217 | ||||||||||||||
Strategic Value Global Opportunities Fund I-A, L.P. (3) | 2006 | 157,773 | 711,037 | ||||||||||||||
Tenaya Capital V, LP | 2007 | 286,205 | 447,583 | ||||||||||||||
Tenaya Capital VI, LP | 2012 | 4,142,490 | 4,875,407 | ||||||||||||||
The Column Group, LP | 2007 | - | 4,087,718 | ||||||||||||||
Trivest Fund IV, L.P.(3) | 2007 | 14,000 | - | ||||||||||||||
Tuckerbrook SB Global Distressed Fund I, L.P. (3) | 2006 | 434,042 | 1,561,792 | ||||||||||||||
Valiant Capital Partners LP (6) | 2019 | 1,998,043 | 1,724,413 | ||||||||||||||
Voyager Capital Fund III, L.P. | 2006 | 1,532,853 | 224,880 | ||||||||||||||
Real Estate (7.21% of Partners’ Capital) | |||||||||||||||||
GTIS Brazil Real Estate Fund (Brazilian Real) LP (3) | 2008 | 6,582,606 | 3,438,424 | ||||||||||||||
Lone Star Real Estate Fund II (U.S.), L.P. | 2009 | - | 9,268 | ||||||||||||||
Monsoon Infrastructure & Realty Co-Invest, L.P. (3) | 2008 | 6,167,911 | 3,677,847 | ||||||||||||||
Northwood Real Estate Co-Investors LP (2) | 2007 | 1,878,208 | 2,164,595 | ||||||||||||||
Northwood Real Estate Partners LP (2) | 2007 | 6,010,827 | 6,453,822 | ||||||||||||||
SBC US Fund II, LP (3) | 2011 | 4,302,697 | 151,081 | ||||||||||||||
Relative Value (0.25% of Partners’ Capital) | |||||||||||||||||
King Street Capital, L.P. (2)(6) | 2019 | 10,016 | 231,331 | ||||||||||||||
Magnetar Capital Fund LP (6) | 2020 | - | 256,763 | ||||||||||||||
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 | - | 57,048 | ||||||||||||||
Total United States | 246,374,783 | 162,998,564 | |||||||||||||||
Total Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies | 329,300,728 | 208,555,224 | 94.62 | % | |||||||||||||
Total Investments in Investment Funds(7) | 329,300,728 | 208,555,224 | 94.62 | % | |||||||||||||
Total Investments | $ | 329,300,728 | $ | 208,555,224 | 94.62 | % |
The Master Fund’s total outstanding capital commitments to Investment Funds as of December 31, 2023 were $31,356,607. 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 December 31, 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 December 31, 2023 was $46,760,545 and $7,612,889, respectively. |
(7) | Restricted investments as to resale. |