iDirect Private Markets Fund | ||||||||||||
CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) | ||||||||||||
June 30, 2023 | ||||||||||||
Investment Style | Geographic Region | Cost | Fair Value | % of Net Assets | Initial Acquisition Date | |||||||
INVESTMENT INTERESTS - 90.21 % | ||||||||||||
CO-INVESTMENTS (a) - 31.37 % | ||||||||||||
Durational Consumer SPV IV GP, L.P.(c) * | Buyout | Americas | $ 2,247,955 | $ 2,271,469 | 0.38% | 2/8/2022 | ||||||
Independence Energy Co-Invest L.P. (b) * | Buyout | Americas | 9,070,548 | 3,836,594 | 0.64% | 2/26/2018 | ||||||
KKR Atlantic Co-Invest L.P. * | Buyout | Americas | 10,000,000 | 10,010,435 | 1.67% | 7/22/2022 | ||||||
KKR Banff Co-Invest L.P. * | Buyout | Americas | 10,000,000 | 20,000,004 | 3.33% | 9/28/2018 | ||||||
KKR Byzantium Infrastructure Co-Invest L.P. * | Infrastructure | Europe | 6,435,450 | 7,399,996 | 1.23% | 10/3/2017 | ||||||
KKR Cape Co-Invest L.P. * | Growth | Americas | 5,000,000 | 5,000,000 | 0.83% | 11/12/2021 | ||||||
KKR Enterprise Co-Invest AIV B L.P. * | Buyout | Americas | 2,294,701 | 1,214,368 | 0.20% | 7/14/2020 | ||||||
KKR Enterprise Co-Invest L.P. * | Buyout | Americas | 20,000,000 | - | 0.00% | ** | 9/6/2018 | |||||
KKR Gamma Co-Invest L.P. * | Growth | Americas | 3,000,000 | 3,001,290 | 0.50% | 8/29/2022 | ||||||
KKR Inception Co-Invest, L.P. * | Growth | Europe | 10,932,650 | 11,181,725 | 1.86% | 11/28/2022 | ||||||
KKR Olympus Co-Invest, L.P. * | Buyout | Europe | 5,000,000 | 5,000,290 | 0.83% | 3/21/2022 | ||||||
KKR Pegasus Co-Invest L.P. * | Buyout | Europe | 5,098,500 | 5,781,863 | 0.96% | 7/7/2022 | ||||||
KKR Prosvasi 2022 L.P. * | Buyout | Global | 45,450,347 | 47,874,559 | 7.98% | 10/26/2022 | ||||||
KKR Renovate Co-Invest L.P. * | Buyout | Asia | 5,000,000 | 5,001,885 | 0.83% | 3/21/2022 | ||||||
KKR Sigma Co-Invest L.P. * | Buyout | Europe | 7,500,000 | 11,802,826 | 1.97% | 6/11/2018 | ||||||
KKR Sprint Co-Invest L.P. | Buyout | Europe | 3,153,447 | 3,197,369 | 0.53% | 9/27/2022 | ||||||
LC Sports Pte. Ltd. (c) * | Buyout | Asia | 2,282,797 | 1,867,244 | 0.31% | 11/2/2018 | ||||||
Nutraceutical Investco LP (c) * | Buyout | Americas | 1,496,555 | 1,488,467 | 0.25% | 7/15/2019 | ||||||
Uno Co-Invest L.P. * | Buyout | Americas | 15,000,000 | 40,500,000 | 6.75% | 6/7/2017 | ||||||
WestCap Hopper 2021 Co-Invest, LLC * (c) | Growth | Americas | 1,543,826 | 1,918,454 | 0.32% | 9/23/2021 | ||||||
TOTAL CO-INVESTMENTS | $ 170,506,776 | $ 188,348,838 | 31.37% | |||||||||
INVESTMENT FUNDS (a) - 58.33 % | ||||||||||||
PRIMARY INVESTMENTS - 36.43 % | ||||||||||||
Bridge Growth Partners (Parallel), L.P. (c) * | Growth | Americas | $ 890,891 | $ 1,383,442 | 0.23% | 2/23/2016 | ||||||
KKR Americas Fund XII L.P. | Buyout | Americas | 60,328,206 | 87,412,680 | 14.56% | 3/31/2017 | ||||||
KKR Asian Fund III L.P. | Buyout | Asia | 49,247,914 | 70,526,572 | 11.75% | 3/31/2017 | ||||||
KKR European Fund IV, L.P. * | Buyout | Europe | 3,230,124 | 4,107,873 | 0.69% | 12/17/2015 | ||||||
KKR European Fund V (USD) SCSp | Buyout | Europe | 25,543,512 | 27,688,520 | 4.61% | 11/5/2018 | ||||||
KKR Health Care Strategic Growth Fund L.P. * | Growth | Americas | 12,416,059 | 15,080,769 | 2.51% | 8/4/2017 | ||||||
KKR Next Generation Technology Growth Fund II SCSp (b) | Growth | Americas | 4,742,717 | 5,848,410 | 0.97% | 7/11/2019 | ||||||
L Catterton Asia 3 LP (c) * | Buyout | Asia | 1,963,092 | 1,333,128 | 0.23% | 12/4/2018 | ||||||
Oak Hill Capital Partners IV, L.P. (c) * | Buyout | Americas | 583,582 | 625,019 | 0.10% | 3/31/2017 | ||||||
Providence Strategic Growth Europe L.P. (b)(c) | Growth | Europe | 949,057 | 1,257,964 | 0.21% | 11/11/2019 | ||||||
RB Equity Fund II-A, L.P. (c) * | Growth | Americas | 933,945 | 1,340,870 | 0.22% | 12/3/2018 | ||||||
The Resolute Fund IV, L.P. (c) | Buyout | Americas | 805,356 | 2,095,931 | 0.35% | 9/28/2018 | ||||||
TOTAL PRIMARY INVESTMENTS | 161,634,455 | 218,701,178 | 36.43% | |||||||||
SECONDARY INVESTMENTS - 21.90 % | ||||||||||||
AEA EXC CF L.P. (c) * | Buyout | Americas | $ 4,481,813 | $ 4,539,873 | 0.76% | 8/11/2022 | ||||||
Artisan Partners Asset Management, Inc. TRA (c,d) | Credit | Americas | 2,506,703 | 2,970,040 | 0.49% | 10/12/2018 | ||||||
Bain Capital Empire Holdings, L.P. (c) * | Buyout | Americas | 4,377,604 | 4,422,639 | 0.74% | 6/29/2018 | ||||||
Charles River Partnership XIII, L.P. * | Growth | Americas | 29,180 | 200,982 | 0.03% | 6/29/2018 | ||||||
Eurazeo Capital IV A SCSp | Buyout | Europe | 2,411,794 | 2,922,375 | 0.49% | 1/28/2019 | ||||||
Eurazeo Capital IV D SCSp | Buyout | Europe | 923,029 | 493,533 | 0.08% | 1/28/2019 | ||||||
Foundation Capital V, L.P. (c) * | Growth | Americas | 3,410 | 156,112 | 0.03% | 6/29/2018 | ||||||
Foundation Capital VI, L.P. (c) * | Growth | Americas | 161,147 | 232,073 | 0.04% | 6/29/2018 | ||||||
Foundation Capital VII, L.P. (c) * | Growth | Americas | 585,577 | 1,026,613 | 0.17% | 6/29/2018 | ||||||
Foundation Capital VIII, L.P. (c) * | Growth | Americas | 717,767 | 2,219,492 | 0.37% | 6/29/2018 | ||||||
GA Continuity Fund I, L.P. | Buyout | Americas | 4,054,120 | 5,239,000 | 0.87% | 6/22/2021 | ||||||
Icon Partners V, L.P. (c) * | Buyout | Americas | 4,474,173 | 4,836,876 | 0.81% | 12/22/2021 | ||||||
KKR 2006 Fund L.P . | Buyout | Americas | 8,695,589 | 2,034 | 0.00% | ** | 12/31/2015 | |||||
KKR 2006 Fund (Overseas) L.P. | Buyout | Americas | 7,718,334 | 24,348 | 0.00% | ** | 12/31/2015 | |||||
KKR Asian Fund L.P. * | Buyout | Asia | 1,757,641 | (254,285) | -0.04% | 12/29/2016 | ||||||
KKR Asian Fund (Ireland III MIT) I L.P. * | Buyout | Asia | 1,088,708 | 249,125 | 0.04% | 12/29/2016 | ||||||
KKR Asian Fund II Private Investors Offshore, L.P. (c) | Buyout | Asia | 3,316,127 | 1,504,702 | 0.25% | 9/30/2017 | ||||||
KKR China Growth Fund, L.P. * | Growth | Asia | 12,533,193 | 4,801,726 | 0.80% | 6/29/2018 | ||||||
KKR European Fund III, L.P. * | Buyout | Europe | 1,623,115 | 883,258 | 0.15% | 12/31/2015 | ||||||
KKR Gaudi Investors L.P. | Buyout | Europe | 8,626,190 | 11,077,215 | 1.85% | 5/4/2017 | ||||||
KKR Indigo Equity Partners A L.P. (b) | Buyout | Americas | 15,198,047 | 15,090,689 | 2.51% | 6/8/2022 | ||||||
KKR Lending Partners II L.P. (b) | Credit | Americas | 1,778,762 | 659,539 | 0.11% | 3/31/2017 | ||||||
KKR North America Fund XI L.P. (b) | Buyout | Americas | 14,699,915 | 9,229,831 | 1.54% | 10/29/2015 | ||||||
KKR North America Fund XI (Wave) L.P. (b) * | Buyout | Americas | 1,158,120 | 122,348 | 0.02% | 10/29/2015 | ||||||
KKR Real Estate Partners Americas II L.P. | Real Estate | Americas | 16,221,029 | 11,942,741 | 1.99% | 5/31/2018 | ||||||
L Catterton VIII Offshore, L.P. (b)(c) * | Buyout | Americas | 2,717,985 | 2,723,094 | 0.45% | 9/27/2019 | ||||||
Lime Rock Partners IV AF, L.P. (c) | Buyout | Americas | 4,836,789 | 8,123,757 | 1.35% | 6/21/2018 | ||||||
Menlo Ventures IX LP * | Growth | Americas | 38,532 | 66,580 | 0.01% | 12/31/2017 | ||||||
Menlo Ventures X LP * | Growth | Americas | 2,493,985 | 150,203 | 0.03% | 12/31/2017 |
iDirect Private Markets Fund | ||||||||||||||
CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||||||||||
June 30, 2023 | ||||||||||||||
Investment Style | Geographic Region | Cost | Fair Value | % of Net Assets | Initial Acquisition Date | |||||||||
SECONDARY INVESTMENTS (Continued) - 21.90 % | ||||||||||||||
Menlo Ventures XI LP * | Growth | Americas | $ 5,016,768 | $ 1,056,463 | 0.18% | 12/31/2017 | ||||||||
Orchid Asia III, L.P. (c) | Buyout | Asia | 772,348 | 232,029 | 0.04% | 8/15/2016 | ||||||||
Pegasus WSJLL Fund, L.P. (c) * | Buyout | Americas | 5,164,335 | 5,992,740 | 1.00% | 12/14/2021 | ||||||||
Pueblo Co-Invest-A LP (c) | Growth | Americas | 3,082,667 | 6,465,042 | 1.08% | 6/25/2019 | ||||||||
RB Equity Fund I-A LP (c) * | Growth | Americas | 3,357,498 | 8,774,188 | 1.46% | 12/31/2018 | ||||||||
The Resolute Fund II Continuation Fund, L.P. (c) | Buyout | Americas | 3,211,760 | 5,454,945 | 0.91% | 8/31/2018 | ||||||||
Warburg Pincus XI (Asia), L.P. (c) * | Growth | Asia | 6,782,588 | 4,876,456 | 0.81% | 9/30/2017 | ||||||||
WP DVT, L.P. (c) * | Buyout | Americas | 2,076,750 | 2,215,628 | 0.37% | 3/11/2022 | ||||||||
Yorktown Energy Partners IX, L.P. (b) | Buyout | Americas | 285,333 | 178,155 | 0.03% | 9/30/2018 | ||||||||
Yorktown Energy Partners VIII, L.P. (b) | Buyout | Americas | 503,973 | 188,232 | 0.03% | 9/30/2018 | ||||||||
Yorktown Energy Partners X, L.P. (b) | Buyout | Americas | 453,853 | 314,574 | 0.05% | 9/30/2018 | ||||||||
TOTAL SECONDARY INVESTMENTS | 159,936,251 | 131,404,965 | 21.90% | |||||||||||
TOTAL INVESTMENT FUNDS | $ 321,570,706 | $ 350,106,143 | 58.33% | |||||||||||
EQUITY INVESTMENTS - 0.51 % | Shares | |||||||||||||
PREFERRED STOCKS (a) - 0.51 % | ||||||||||||||
FINANCIAL - 0.33 % | ||||||||||||||
New York Digital Investment Group, LLC (b,c) * | 74 | Americas | $ 2,000,000 | $ 2,000,000 | 0.33% | 2/25/2022 | ||||||||
INFORMATION TECHNOLOGY - 0.18 % | ||||||||||||||
InvestX DSF Holdings XXIII LLC (c) * | 2,000,000 | Americas | 2,081,171 | 1,099,342 | 0.18% | 2/16/2022 | ||||||||
TOTAL PREFERRED STOCKS | $ 4,081,171 | $ 3,099,342 | 0.51% | |||||||||||
TOTAL INVESTMENT INTERESTS | $ 496,158,653 | $ 541,554,323 | 90.21% | |||||||||||
SHORT-TERM INVESTMENT - 10.72 % | Principal | |||||||||||||
MONEY MARKET FUND - 10.72 % | Amount | |||||||||||||
Fidelity Treasury Portfolio - Class I 4.98%^^ (b) | $ 64,336,945 | $ 64,336,945 | $ 64,336,945 | 10.72% | 8/24/2022 | |||||||||
TOTAL SHORT-TERM INVESTMENTS | $ 64,336,945 | $ 64,336,945 | 10.72% | |||||||||||
TOTAL INVESTMENTS - 100.93 % (Cost - $ 561,750,206) (e) | $ 605,891,268 | |||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.93 %) | (5,594,776) | |||||||||||||
NET ASSETS - 100.00 % | $ 600,296,492 | |||||||||||||
* Non-income producing. | ||||||||||||||
** Rounds to less than 0.005% | ||||||||||||||
^^ Yield disclosed is the seven day effective yield as of June 30, 2023. | ||||||||||||||
(a) Securities restricted to resale represents $541,554,323 or 90.21% of net assets. | ||||||||||||||
(b) All or part of these investments are holdings of iDPE Subsidiary, LLC, a wholly-owned subsidiary of the Fund. | ||||||||||||||
(c) The fair value of this investment is determined using significant unobservable inputs and is classified as level 3 on the GAAP hierarchy. | ||||||||||||||
(d) Artisan Partners Asset Management TRA - A tax receivable agreement (“TRA”) with Artisan Partners Asset Management (NYSE: APAM) was acquired from a private equity fund in a secondary | ||||||||||||||
transaction | ||||||||||||||
(e) The fair value of total investments consists of the following regions (excluding short-term investments): | ||||||||||||||
Cost | Fair Value | % of Net Assets | ||||||||||||
Americas | $ 284,537,030 | $ 310,746,375 | 51.77% | |||||||||||
Asia | 84,744,408 | 90,138,582 | 15.01% | |||||||||||
Global | 45,450,347 | 47,874,559 | 7.98% | |||||||||||
Europe | 81,426,868 | 92,794,807 | 15.45% | |||||||||||
Total Investments | $ 496,158,653 | $ 541,554,323 | 90.21% |