AMG Pantheon Master Fund NPORTP (Jun 2023 report)

AMG Pantheon Master Fund, LLC

Consolidated Schedule of Investments

June 30, 2023 (unaudited)

Initial
Acquisition
Date

Shares

Value

Co-Investments - 37.3%

ACP Accelerant Co-Invest, LLC (Financials)^(a),(b),*

01/31/2022

^(c)

21,164,743

AIX Pride Syndication L.P. (Information Technology)^(a),*

11/16/2018

^(c)

9,028,588

AP VIII Prime Security Services Holdings, L.P. (Industrials)^*

04/26/2016

^(c)

1,151,856

APH CUBS Co-invest LP (Financials)^(a),*

11/16/2018

^(c)

7,600,413

APIA BIM FPCI (Information Technology) (France)^(a),*

02/25/2020

^(c)

6,299,885

APIA DINO FPCI (Information Technology) (Netherlands)^(a),(b),*

03/11/2022

^(c)

11,456,369

APIA OPUS FPCI (Information Technology) (France)^(a),*

12/22/2020

^(c)

4,349,599

APIA TRILOGY FPCI (Information Technology) (Belgium)^(a),(b),*

09/16/2021

^(c)

15,874,375

Apollo DSB Co-Invest, L.P (Healthcare)^(a),*

11/14/2018

^(c)

9,614,431

Aquarian Insurance Holdings (Financials)^(a),(b),*

09/29/2022

^(c)

30,092,600

Armis Investors Holdings, L.P. (Information Technology)^(a),*

02/03/2020

^(c)

5,249,481

Base10 Advancement Initiative IH I, L.P. (Healthcare)^{(a),(b),(d),*}

05/13/2022

^(c)

4,556,157

BC Partners Aqua Co-Investment LP (Industrials) (Germany)^(a),(b),*

01/11/2022

^(c)

8,512,113

BC Partners Clay Co-Investment LP (Materials) (Germany)^(a),(b),*

03/30/2022

^(c)

24,374,709

CB Ignite Holdings, LLC (Consumer Discretionary)^(a),(d),*

08/12/2016

^(c)

4,400,189

Coronet Cyber Security Ltd. (Information Technology) (Israel)^(a),(d),*

02/03/2023

^(c)

3,952,000

DETZ Co-Investment Aggregator, L.P. (Financials)^(a),*

12/08/2021

^(c)

14,690,182

Diamond LS I LP (Financials)^(a),*

12/28/2016

^(c)

2,411,706

Digital Bridge Small Cell Holdings, LLC (Information Technology)^(a),(d),*

11/06/2015

600,602

Eagle Investment Trust (Industrials) (Australia)^(a),*

08/12/2021

^(c⁾

21,253,571

AMG Pantheon Master Fund, LLC

Consolidated Schedule of Investments (continued)

Initial
Acquisition
Date

Shares

Value

Co-Investments - 37.3% (continued)

ECI 11 FP Limited (Information Technology) (United Kingdom)^(a),*

06/07/2021

^(c)

7,196,406

Epsilon Topco Limited (Information Technology)^(a),(d),*

10/03/2018

^(c)

2,353,642

ESCP PPG Holdings, LLC (Industrials)^(a),(d),*

12/14/2016

2,171.429

Fintech Collective PA1 LLC (Information Technology)^(a),(b),*

12/23/2022

^(c)

5,152,609

Five Arrows Galliera Co-Invest Fund SCSp (Consumer Discretionary) (France)^(a),(b),*

08/04/2022

^(c)

21,847,796

GGV (ET) LLC (Information Technology)^{(a),(b),(d),*}

08/08/2022

^(c)

4,916,000

Golden Aggregator, L.P. (Information Technology)^*

06/28/2021

^(c)

23,940,469

H&F Flashdance Partners I, L.P. (Financials)^(a),*

07/16/2018

^(c)

1,231,000

H.I.G. Pixelle Specialty Solutions Co-Investment, L.P. (Materials)^(a),(b),*

07/15/2022

^(c)

8,441,033

H.I.G. TMC Co-Investors, L.P. (Industrials)^(a),(b),*

02/21/2023

^(c)

13,587,413

Help HP SCF Investor, LP (Information Technology)^(a),*

05/12/2021

^(c)

9,939,600

Hg Athena Co-Invest L.P. (Information Technology) (United Kingdom)^(a),*

03/18/2020

^(c)

6,126,423

Hg Riley Co-Invest L.P. (Information Technology)^(a),(b),*

09/30/2021

^(c)

10,716,808

Hg Secular Co-Invest L.P. (Information Technology)^(a),*

09/16/2020

^(c)

3,450,113

Hg Vibranium Co-Invest L.P. (Information Technology) (Sweden)^(a),(b),*

06/29/2022

^(c)

27,701,918

Hg Vivaldi 2 Co-Invest L.P. (Information Technology) (Norway)^(a),*

06/10/2019

^(c)

5,287,816

Hygee International SARL (Materials) (France)^(a),(d),*

12/17/2020

^(c)

5,795,472

Incline A Aviation Co-Investment Fund (Industrials)^(d),*

05/15/2020

^(c)

2,204,874

Incline B Aviation Aladdin Co-Investment Limited Partnership (Industrials)^(a),(d),*

06/26/2018

^(c)

2,713,000

Insight RF Holdings, LLC (Information Technology)^(a),*

07/03/2019

^(c)

13,616,433

ISH Co-Invest Aggregator, L.P. (Information Technology)^(a),*

05/06/2021

^(c)

6,710,728

AMG Pantheon Master Fund, LLC

Consolidated Schedule of Investments (continued)

Initial
Acquisition
Date

Shares

Value

Co-Investments - 37.3% (continued)

IVP XI Celestial Co-Invest LP (Industrials)^(a),*

06/04/2021

^(c)

6,579,002

IVP XII DK (BLOCKED) Co-Invest, L.P. (Communication Services)^{(a),(b),(d),*}

10/01/2021

^(c)

10,197,889

JP Co-Invest, LLC (Consumer Staples)^(a),*

11/13/2018

^(c)

1,305,637

KKR Cavalry Co-Invest L.P. (Information Technology)^(a),(b),*

03/22/2022

^(c)

7,337,233

LEP Prelude Co-Invest, L.P. (Healthcare)^(a),*

07/05/2017

^(c)

4,558,586

Logan Co-Invest, L.P. (Information Technology)^(a),*

08/27/2020

^(c)

3,374,482

N2Y (Consumer Discretionary)^(a),(b),*

05/03/2023

^(c)

29,459,571

NetSPI (Information Technology)^(a),(b),*

11/01/2022

^(c)

19,997,086

Ocean Alliance III, L.P. (Communication Services) (People’s Republic of China)^(a),*

09/04/2020

^(c)

5,656,835

Olive Investments Limited (Information Technology)^(a),(b),*

09/01/2021

^(c)

13,518,238

Onex ISO Co-Invest LP (Financials)^(a),(b),*

10/29/2021

^(c)

18,354,493

Project Alpine Co-Invest Fund, L.P. (Information Technology)^(a),(b),*

06/13/2022

^(c)

40,567,464

Project Hotel California Co-Invest Fund, L.P. (Information Technology)^(a),(b),*

07/29/2022

^(c)

36,686,504

PSG Government Brands II Co-Invest L.P. (Information Technology)^(a),(b),*

07/30/2021

^(c)

12,279,287

PSG LM Co-Investors L.P. (Information Technology)^(a),*

05/24/2016

^(c)

11,842,500

Quantum Parallel Partners VI-C(A), LP (Energy)^(a),*

10/16/2015

^(c)

536,703

Quantum QEP VII Co-Investment Fund, L.P. (Energy)^(a),*

08/30/2018

^(c)

1,621,504

RCP Artemis Co-Invest LP (Financials)^(a),*

08/01/2019

^(c)

14,480,821

RL Co-investor Aggregator II L.P. (Communication Services)^(a),(b),*

03/04/2022

^(c)

27,925,079

Roark Capital Partners II Sidecar LP (Consumer Discretionary)^(a),*

11/26/2018

^(c)

8,275,511

SDA Investors Group, LLC - Class A (Healthcare)^(a),(d),*

08/03/2017

^(c)

2,472,793

AMG Pantheon Master Fund, LLC

Consolidated Schedule of Investments (continued)

Initial
Acquisition
Date

Shares

Value

Co-Investments - 37.3% (continued)

SDA Investors Group, LLC - Series A Pref (Healthcare)^(a),(d),*

03/26/2019

^(c)

1,560,129

Sequoia Financial Group (Financials)^(a),(b),*

10/28/2022

^(c)

20,244,700

SignalFire Opportunities Fund, L.P. (Healthcare)^(a),(b),*

04/08/2022

^(c)

4,935,999

SignalFire Opportunities Fund, L.P. – Series 11 (Financials)^(a),(b),*

12/10/2021

^(c)

5,046,920

SKCP V Sirona Co-Invest, L.P. (Healthcare) (France)^(a),(b),*

12/16/2021

^(c)

21,360,225

SYFS Co-INVEST, LLC (Healthcare)^(a),*

09/01/2017

^(c)

867,660

T-VI Co-Invest-A (Financials)^(a),*

08/12/2015

^(c)

2,356,770

T-VII Mitchell/Genex Co-Invest, L.P. (Healthcare)^(a),*

06/28/2018

^(c)

4,527,051

TCP DJR Co-Invest, L.P (Energy)^(a),*

11/20/2018

^(c)

3,873,401

TKC Investment Holdings, LLC (Consumer Discretionary)^(a),*

10/12/2016

^(c)

2,521,739

TPG Clarinet Co-Invest, LP (Consumer Discretionary) (Australia)^(a),*

02/26/2019

^(c)

7,823,761

TPG Growth V Amplifier CI, L.P. (Healthcare)^(a),(b),*

02/10/2022

^(c)

16,792,614

TPG Growth V Melody CI, Limited Partnership (Communication Services) (Italy)^(a),(b),*

07/18/2022

^(c)

26,497,914

TPG VII Renown Co-Invest I, L.P. (Consumer Stationary)^(a),*

05/09/2018

^(c)

407,902

TVG-I-E-AEG Holdings (Consumer Discretionary)^(a),*

01/27/2017

^(c)

2,060,757

Verdane Co-Invest Papirfly AB (Information Technology) (Norway)^(a),(b),*

03/30/2022

^(c)

5,183,612

Vistria AP Investment LLC (Consumer Discretionary)^(a),(d),*

12/12/2019

^(c)

5,270,471

WP Triton Investment, L.P. (Communication Services) (United Kingdom)^(a),*

12/10/2019

^(c)

2,150,753

WP-LH Co-Invest, L.P. (Consumer Discretionary)^(a),*

06/25/2015

^(c)

524,412

Total Co-Investments

800,597,130

Primary Private Investment Funds - 5.2%

Abry Advanced Securities Fund IV, L.P.^(a),*

02/19/2019

^(c⁾

2,860,482

AMG Pantheon Master Fund, LLC

Consolidated Schedule of Investments (continued)

Initial
Acquisition
Date

Shares

Value

Primary Private Investment Funds - 5.2% (continued)

Accel Leaders Fund IV, L.P.^(a),(b),*

06/05/2023

^(c)

1,575,000

Banc Fund IX L.P.^(a),*

01/19/2016

^(c)

111,633

Base10 Advancement Initiative II^(a),(b),*

01/06/2023

^(c)

1,545,680

Battery Ventures Select Fund II, L.P.^(a),(b),*

03/09/2022

^(c)

1,433,505

Battery Ventures XIV, L.P.^(a),(b),*

07/20/2022

^(c)

2,443,810

BC European Capital XI (United Kingdom)^(a),(b),*

02/25/2022

^(c)

11,560,473

BroadRiver III, L.P.^(a),*

03/27/2018

^(c)

2,912,628

Calera Capital Partners V L.P.^*

04/25/2016

^(c)

76,250

Carlyle Renewable and Sustainable Energy Fund II^(a),(b),*

11/29/2022

^(c)

402,659

Craft Ventures Growth II^(a),(b),*

05/31/2023

^(c)

389,400

Five Arrows Principal Investments IV SCSp (United Kingdom)^(a),(b),*

06/17/2022

^(c)

6,333,233

Forbion Capital Fund VI (Netherlands)^(a),(b),*

03/01/2023

^(c)

551,281

GSO Capital Opportunities Fund III, L.P.^*

09/22/2016

^(c)

445,697

HGGC Fund IV^(a),(b),*

12/03/2021

^(c)

15,191,318

HIG Middle Market LBO Fund IV^(a),(b),*

05/11/2023

^(c)

Incline Aviation Fund II^(a),(d),*

05/07/2021

^(c)

5,611,000

Incline Aviation I^(d),*

03/09/2017

^(c)

1,387,659

NEA 18 Venture Growth Equity, L.P.^(a),(b),*

02/08/2023

^(c)

2,599,458

New Enterprise Associates 18, L.P.^(a),(b),*

02/08/2023

^(c)

2,058,597

Norvestor IX (Norway)^(a),(b),*

04/20/2023

^(c)

PSG Encore-A L.P.^(a),(b),*

03/23/2022

^(c)

8,025,812

Redpoint IX^(a),(b),*

10/03/2022

^(c)

887,147

SignalFire Breakout Fund III, L.P.^(a),(b),*

01/31/2022

^(c)

2,983,028

SignalFire Fund IV, L.P.^(a),(b),*

01/31/2022

^(c)

1,625,122

SignalFire XIR Fund, L.P.^(a),(b),*

01/31/2022

^(c)

3,290,493

TPG Growth V, L.P.^(b),*

09/17/2021

^(c)

20,783,487

Valeas Capital Partners Fund I^(a),(b),*

02/27/2023

^(c⁾

14,426,623

AMG Pantheon Master Fund, LLC

Consolidated Schedule of Investments (continued)

Initial
Acquisition
Date

Shares

Value

Primary Private Investment Funds - 5.2% (continued)

West Street Infrastructure Partners IV (GSIP)^(a),(e),*

09/08/2022

^(c)

431,863

Total Primary Private Investment Funds

111,943,338

Secondary Private Investment Funds - 50.4%

1901 Partners LP^(a),*

07/16/2015

^(c)

49,638

3i Venice SCSp (United Kingdom)^(a),*

01/15/2020

^(c)

14,411,172

Abry Advanced Securities Fund III, L.P.^(a),*

03/31/2021

^(c)

4,661,606

ABRY Heritage Partners, L.P.^(e),*

03/31/2021

^(c)

341,277

ABRY Partners IX, L.P.^(e),*

03/31/2021

^(c)

2,131,737

ABRY Partners VI, L.P.^(a),(e),*

03/31/2021

^(c)

11,388

ABRY Partners VII, L.P.^(a),(e),*

03/31/2021

^(c)

296,995

ABRY Partners VIII, L.P.^(a),(e),*

03/31/2021

^(c)

334,959

ABRY Senior Equity III, L.P.^(a),(e),*

03/31/2021

^(c)

7,499

ABRY Senior Equity IV, L.P.^(e),*

03/31/2021

^(c)

214,572

ABRY Senior Equity V, L.P.^(a),(e),*

03/31/2021

^(c)

1,867,420

ACON Equity Partners 3.5, L.P.^(a),(e),*

01/12/2022

^(c)

2,666,794

ACON Equity Partners IV, L.P.^(a),(e),*

01/04/2022

^(c)

5,783,697

ACP Investment Fund II, L.P.^(a),(e),*

06/30/2023

^(c)

12,505,995

Allegro Private Equity Fund II, L.P. (Australia)^(a),*

03/04/2020

^(c)

1,843,907

Alpine Investors TEAM CV Feeder, LLC^(a),*

12/17/2020

^(c)

6,884,439

Altamont Capital Partners III, L.P.^(a),(e),*

06/30/2023

^(c)

64,692,584

Altor Fund III Ltd. Partnership (Sweden)^(e),*

04/07/2022

^(c)

1,023,327

Altor Fund IV AB (Sweden)^(a),(b),*

04/08/2022

^(c)

3,102,427

Altor Fund V AB (Sweden)^(b),*

04/08/2022

^(c)

4,758,109

Antin Infrastructure Partners III-B SCSp (Spain)^(a),*

11/04/2020

^(c)

3,719,488

Apax France VIII-A FCPR (France)^(a),*

01/22/2019

^(c)

913,138

Archer Capital GF Trust 2B (Australia)^(a),*

03/04/2020

^(c)

1,347,146

Archer Capital Trust 5B (Australia)^(a),*

03/04/2020

^(c)

537,791

Ares Corporate Opportunities Fund IV, L.P.^(a),*

04/13/2017

^(c⁾

629,523

AMG Pantheon Master Fund, LLC

Consolidated Schedule of Investments (continued)

Initial
Acquisition
Date

Shares

Value

Secondary Private Investment Funds - 50.4% (continued)

Avenue Pantheon Broadway Fund, L.P. (United Kingdom)^(a),*

03/07/2019

^(c)

462,718

Aztiq Fund I^(a),*

05/13/2019

^(c)

9,365,023

Base10 Partners I, L.P.^(a),(b),*

08/03/2022

^(c)

6,318,419

Berkshire Fund IX Coinvestment Fund L.P.^(a),(e),*

04/08/2022

^(c)

1,490,937

Berkshire Fund IX, L.P.^(a),(e),*

09/03/2021

^(c)

5,967,263

Berkshire Fund VI L.P.^(a),(b),*

04/08/2022

^(c)

1,181,347

Berkshire Fund VII, L.P.^(a),(b),*

04/08/2022

^(c)

170,498

Berkshire Fund VIII L.P.^(a),(b),*

04/08/2022

^(c)

2,242,063

Berkshire Fund X-A, L.P.^(b),*

11/16/2021

^(c)

982,621

Blackstone Capital Partners VI^(e),*

04/07/2022

^(c)

255,897

CapVest Strategic Opportunities 2 SCSp (United Kingdom)^(a),*

12/01/2020

^(c)

6,157,305

Carlyle Global Infrastructure Opportunity Fund, L.P.^(a),(e),*

04/21/2022

^(c)

11,939,339

CBPE Capital Fund IX B, L.P. (United Kingdom)^(a),*

12/31/2020

^(c)

3,456,770

CD&R Value Building Partners I, L.P.^(b),*

12/17/2021

^(c)

43,490,372

CIVC SIB CF, L.P. (Canada)^(a),(b),*

05/03/2023

^(c)

15,031,455

Clearview Capital Fund III, L.P.^(a),(b),*

04/07/2022

^(c)

1,210,688

Clearview Capital Fund IV, L.P.^(b),*

04/08/2022

^(c)

6,862,037

Clearview Capital Mezzanine Fund I, L.P.^(b),*

04/08/2022

^(c)

778,719

Clearview Capital V^(a),(b),*

05/19/2023

^(c)

160,467

DPE Continuation Fund I (Germany)^(a),(b),*

10/12/2022

^(c)

42,384,259

ECP Calpine Continuation Fund, LP^(a),(b),*

07/05/2022

^(c)

28,101,900

Ergon svt Long Term Value Fund SCSp (Germany)^(a),*

02/24/2021

^(c)

4,455,303

ESO Fund VII SCSp SICAV-RAIF (United Kingdom)^(a),(b),*

09/01/2021

^(c)

6,673,877

Francisco Partners III, L.P.^(a),*

01/05/2015

^(c)

84,575

GHO Capital Vanquish LP (United Kingdom)^(a),(b),*

05/22/2023

^(c⁾

38,831,317

AMG Pantheon Master Fund, LLC

Consolidated Schedule of Investments (continued)

Initial
Acquisition
Date

Shares

Value

Secondary Private Investment Funds - 50.4% (continued)

GIP Aquarius Fund, SCSp (Brazil)^(a),(b),*

10/19/2021

⁽^c)

12,685,812

Global Infrastructure Partners II (United Kingdom)^(b),*

12/30/2022

^(c)

9,191,223

Global Infrastructure Partners III^(b),*

12/30/2022

^(c)

1,994,232

Graham Partners OptConnect Continuation Fund Parallel^(a),(b),*

12/20/2022

^(c)

38,209,000

Greenbriar Equity Fund III, L.P.^(a),(e),*

03/31/2021

^(c)

459,702

H&F Arrow 2, L.P.^(a),*

08/28/2020

^(c)

281,426

Hellman & Friedman Capital Partners VII, L.P.^*

10/01/2019

^(c)

146,922

Hosen FCV I, L.P. (Australia)^(a),(b),*

04/13/2022

^(c)

28,017,183

Housatonic Equity Investors V, L.P.^(e),*

04/07/2022

^(c)

1,490,211

Housatonic Equity Investors VI, L.P.^(a),(e),*

04/07/2022

^(c)

9,886,790

Icon Partners III, L.P.^(a),*

05/10/2021

^(c)

6,289,562

Icon Partners IV, L.P.^*

05/24/2021

^(c)

17,421,198

Idinvest Growth Secondary SLP (France)^(a),*

05/21/2020

^(c)

5,977,969

Industrial Opportunity Partners II^(a),(b),*

04/01/2022

^(c)

175,250

Industrial Opportunity Partners III^(a),(b),*

04/01/2022

^(c)

6,834,358

Industrial Opportunity Partners IV, L.P.^(a),(b),*

05/06/2022

^(c)

992,640

Insight Venture Partners Growth-Buyout Coinvestment Fund, L.P.^(a),(e),*

03/31/2023

^(c)

34,940,786

Insight Venture Partners IX, L.P.^(a),*

01/02/2020

^(c)

6,559,484

Insight Venture Partners IX, L.P.^(a),(e),*

03/31/2023

^(c)

38,225,220

Insight Venture Partners X, L.P.^(b),*

03/31/2023

^(c)

43,531,898

Insight Venture Partners XI, L.P.^(a),(e),*

03/31/2023

^(c)

25,385,859

Insight Ventures Partners (Cayman) X, L.P.^(b),*

01/04/2022

^(c)

13,642,906

KKR Mezzanine Partners I L.P.^(a),(b),*

04/07/2022

^(c)

510,605

LEP Opportunities I, L.P.^(a),*

06/30/2021

^(c)

16,427,878

Linden Opportunities Fund, L.P.^(a),(b),*

09/01/2022

^(c)

13,122,940

Marwyn Value Investors II Co-Invest (Spain)^(a),(b),*

04/01/2022

^(c)

184,236

Marwyn Value Investors II L.P. (Spain)^(a),(b),*

04/01/2022

^(c⁾

490,194

AMG Pantheon Master Fund, LLC

Consolidated Schedule of Investments (continued)

Initial
Acquisition
Date

Shares

Value

Secondary Private Investment Funds - 50.4% (continued)

MC Private Equity Partners I-A LP^(a),(e),*

03/31/2021

^(c)

5,187,645

Medicxi Secondary I, L.P. (United Kingdom)^(a),*

09/21/2020

^(c)

3,436,660

MIC Capital Partners III Parallel (Cayman) LP^(a),*

04/14/2021

^(c)

4,481,862

Nordic Capital CF1 Alpha, L.P. (Norway)^(a),*

03/11/2022

^(c)

18,635,847

North Haven Capital Partners CV-A LP^(a),(b),*

11/15/2021

^(c)

19,932,668

Oakley Capital Guinness B1 SCSp (Germany)^(a),(b),*

06/09/2023

^(c)

39,168,078

Oaktree Special Situations Fund, L.P.^(a),(e),*

04/07/2022

^(c)

1,672,573

One Equity Partners VI, L.P.^(a),(b),*

04/08/2022

^(c)

1,144,176

PAI Strategic Partnerships SCSp (United Kingdom)^(a),*

12/10/2019

^(c)

7,134,270

Pegasus WSJLL Fund, L.P.^(a),(b),*

12/14/2021

^(c)

21,622,261

Pennantpark Senior Credit Fund Cayman Levered Feeder, LP^*

06/29/2021

^(c)

9,176,978

Providence Equity Partners VI, L.P.^(a),*

12/12/2014

^(c)

13,808

PSC III G, L.P. (United Kingdom)^(a),(b),*

04/04/2022

^(c)

5,389,497

RL Co-investor Aggregator L.P.^(a),(b),*

05/16/2022

^(c)

13,437,991

Roark Capital Partners CF LP^(a),(b),*

08/26/2022

^(c)

26,324,287

RREF I SPV, L.P.^(b),*

05/13/2022

^(c)

8,441,229

Samson Brunello 2, L.P.^(a),*

02/19/2021

^(c)

236,457

Samson Hockey 2, L.P.^(a),*

12/23/2020

^(c)

243,286

Samson Shield 2, L.P.^(a),*

12/23/2020

^(c)

486,109

SGP II CF Feeder, L.P.^(a),(b),*

08/12/2022

^(c)

23,073,321

ShiftKey^(a),(b),*

11/25/2022

^(c)

26,472,317

Silver Lake Partners V, L.P.^(b),*

01/04/2022

^(c)

14,126,360

Silver Oak Services Fund IV, L.P.^(a),(e),*

04/07/2022

^(c)

4,405,463

Siris Partners II, L.P.^(a),(b),*

04/01/2022

^(c)

316,836

Siris Partners III, L.P.^(b),*

04/01/2022

^(c)

2,226,176

Siris Partners III, L.P.^(b),*

04/01/2022

^(c)

5,936,728

Siris Partners IV, L.P.^(b),*

04/01/2022

^(c⁾

3,013,570

AMG Pantheon Master Fund, LLC

Consolidated Schedule of Investments (continued)

Initial
Acquisition
Date

Shares

Value

Secondary Private Investment Funds - 50.4% (continued)

Solace Capital Special Situations Fund, L.P.^(a),(b),*

08/06/2021

^(c)

14,697,605

Tene GPL Limited Partnership (Israel)^(a),*

06/23/2021

^(c)

25,804,900

Thomas H. Lee Equity Fund VIII, L.P.^(a),(e),*

04/01/2022

^(c)

143,025

TiaraMed LP (Romania)^(a),(b),*

10/15/2021

^(c)

14,194,367

TPG Asia V, L.P.^(b),*

01/12/2022

^(c)

336,087

TPG Asia VI, L.P.^(a),(b),*

01/12/2022

^(c)

5,727,868

TPG Growth Gator GenPar II, L.P.^(a),*

12/23/2019

^(c)

3,621,387

TPG Partners V, L.P.^(a),*

10/31/2015

^(c)

TPG Partners VI, L.P.^(e),*

01/12/2022

^(c)

187,103

TPG Partners VI, L.P.^*

10/31/2015

^(c)

18,467

TPG Partners VII, L.P.^(e),*

01/12/2022

^(c)

2,118,250

TPG Partners VIII, L.P^(e),*

01/12/2022

^(c)

5,910,313

Warburg Pincus Private Equity XII, L.P.^(a),(b),*

09/30/2021

^(c)

4,734,545

Warburg Pincus Private Equity XII, L.P.^(a),(e),*

01/12/2022

^(c)

4,026,990

Water Street Orion Fund, L.P.^(a),(b),*

10/13/2021

^(c)

19,684,632

West Street Global Infrastructure Partners III, L.P.^(a),(e),*

04/21/2022

^(c)

8,821,120

Total Secondary Private Investment Funds

1,081,630,482

Common Stock - 0.1%

Monday.com Ltd ^(f)

7,578

1,297,505

Short-Term Investments - 10.3%

Other Investment Companies - 10.3%

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class, 5.07%⁽¹⁾

222,206,789

Total Investments - 103.3% (cost $1,870,771,747)

2,217,675,244

Other Assets, less Liabilities - (3.3%)

(71,039,133

)

Net Assets - 100.0%

2,146,636,111

AMG Pantheon Master Fund, LLC

Consolidated Schedule of Investments (continued)

Cost of Investments by asset type is as follows:


Co-Investments	$	632,975,204
Primary Private Investment Funds		111,411,491
Secondary Private Investment Funds		902,796,342
Common Stock		1,381,921
Short-Term Investments		222,206,789

Total	$	1,870,771,747

(a)	Non-income producing.

(b)	Investment is held by AMG Pantheon Lead Fund, LLC, a wholly-owned subsidiary of AMG Pantheon Master Fund, LLC (the “Master Fund”).

(c)	Investment does not issue shares.

(d)	The investment’s value was determined using significant unobservable inputs.

(e)	Investment is held by AMG Pantheon Subsidiary Fund, LLC (the “Corporate Subsidiary”), a wholly-owned subsidiary of the Master Fund.

(f)	At June 30, 2023, this common stock was held by AMG Pantheon Master Fund, LLC, AMG Pantheon Lead Fund, LLC and AMG Pantheon Subsidiary Fund, LLC.

(1)	Yield shown represents the June 30, 2023, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

Investment is issued in a private placement offering and is restricted to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Initial Acquisition Date as shown in the Consolidated Schedule of Investments. As of June 30, 2023, the aggregate cost of each investment restricted to resale was $23,706,092, $200,093, $1,204,726, $4,059,584, $3,335,836, $10,829,540, $3,924,009, $11,466,453, $2,141,549, $25,049,556, $4,245,077, $5,159,391, $15,022,158, $16,379,406, $1,295,640, $3,999,981, $14,061,119, $974,500, $212,427, $7,206,199, $7,411,756, $1,783,591, $2,174,345, $5,100,000, $17,662,814, $5,072,978, $15,000,000, $636,693, $8,090,514, $14,265,651, $7,799,538, $3,320,212, $7,857,364, $3,033,908, $20,041,949, $1,931,802, $4,760,163, $1,154,552, $2,276,020, $3,376,573, $5,588,918, $8,429,116, $14,975,392, $2,188,775, $7,337,233, $1,849,814, $3,767,531, $29,622,335, $18,819,714, $3,520,819, $9,698,069, $19,692,078, $38,899,491, $34,534,744, $12,465,086, $1,177,003, $211,943, $1,353,781, $3,892,609, $26,189,931, $4,652,874, $3,730,626, $1,139,648, $20,454,713, $4,977,228, $5,109,869, $15,545,559, $2,972,962, $196,441, $2,312,991, $3,393,333, $1,551, $0, $10,122,166, $15,031,794, $1,434,023, $434,236, $5,709,265, $1,881,126, $2,239,616, $197,042, $3,070,843, $1,575,000, $118,737, $1,785,335, $1,425,000, $2,673,300, $10,603,532, $2,735,375, $57,699, $447,561, $632,026, $6,430,692, $700,919, $548,087, $15,514,560, $463,988, $5,730,019, $1,219,541, $3,727,379, $2,043,490, $229,086, $8,231,790, $1,003,285, $3,327,206, $1,765,323, $3,375,000, $17,020,153, $14,528,340, $428,225, $416,343, $4,406,034, $4,050,241, $219,973, $1,489,425, $21,716, $367,433, $580,050, $33,618, $215,762, $1,348,371, $1,897,741, $4,075,482, $11,578,802, $2,401,192, $3,833,877, $60,445,536, $1,136,733, $2,933,765, $5,126,556, $3,086,665, $624,025, $832,708, $894,423, $1,262,289, $433,399, $3,893,964, $4,679,179, $3,088,206, $6,334,821, $1,072,944, $184,445, $1,855,324, $1,017,427, $320,624, $3,637,885, $9,237,083, $3,682,898, $34,825,725, $15,031,455, $1,311,583, $6,804,610, $776,756, $177,770, $29,062,673, $4,190,961, $3,700,411, $89,384, $38,831,317, $11,155,577, $7,027,833, $1,795,684, $31,442,448, $1,279,407, $138,779, $801,824, $22,495,567, $1,395,488, $8,959,190, $8,609,405, $15,405,111, $2,224,943, $158,838, $6,315,909, $926,985, $24,809,261, $26,021,456, $4,790,271, $27,666,299, $18,334,479, $15,308,600, $346,079, $12,890,166, $13,381,022, $176,882, $379,007, $3,194,449, $3,784,826, $4,501,889, $21,161,693, $10,700,185, $39,027,636, $1,330,896, $1,165,998, $4,830,691, $18,944,266, $9,444,860, $94,966, $5,275,699, $12,466,581, $21,392,352, $5,398,898, $99,631, $100,417, $445,831, $22,227,356, $20,151,943, $16,611,630, $4,129,353, $442,218, $2,063,653, $5,596,439, $2,607,120, $8,901,966, $8,649,185, $129,870, $10,020,501, $469,369, $4,843,853, $2,493,713, $34,262, $59,782, $349,945, $3,062,324, $5,063,613, $5,019,985, $4,044,633, $17,869,394 and $10,100,241, respectively, totaling $1,647,183,037.

AMG Pantheon Master Fund, LLC

Consolidated Schedule of Investments (continued)

The country allocation in the Consolidated Schedule of Investments at June 30, 2023, was as follows:


Country	% of Total Investments
Australia		2.7
Belgium		0.7
Brazil		0.6
France		3.0
Germany		3.6
Israel		1.3
Italy		1.2
Netherlands		0.5
Norway		1.3
People’s Republic of China		0.3
Romania		0.6
Spain		0.2
Sweden		1.6
United Kingdom		4.0
United States		78.4

		100.0

AMG Pantheon Master Fund, LLC

Notes to Consolidated Schedule of Investments

June 30, 2023 (unaudited)

The following table summarizes the inputs used to value the Master Fund’s investments by the fair value hierarchy levels as of June 30, 2023:


	Level 1		Level 2		Level 3		Investments Valued at NAV		Total
Investments
Co-Investments		—		—	$	50,993,218	$	749,603,912	$	800,597,130
Primary Private Investment Funds		—		—		6,998,659		104,944,679		111,943,338
Secondary Private Investment Funds		—		—		—		1,081,630,482		1,081,630,482
Common Stock	$	1,297,505		—		—		—		1,297,505
Short-Term Investments
Other Investment Companies		222,206,789		—		—		—		222,206,789

Total Investments	$	223,504,294		—	$	57,991,877	$	1,936,179,073	$	2,217,675,244

The reconciliation of Level 3 investments is presented when the Master Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:


	Co-Investments			Primary Private Investment Funds			Secondary Private Investment Funds		Total
Balance as of March 31, 2023	$	68,996,289		$	6,952,000		$	—	$	75,948,289
Purchases		2,335,441			—			—		2,335,441
Sales & Distributions		—			(2,340	)		—		(2,340	)
Transfers into Level 3		—			—			—		—
Transfers out of Level 3		(22,510,000	)		—			—		(22,510,000	)
Net realized gain		—			—			—		—
Net change in unrealized appreciation/depreciation		2,171,488			48,999			—		2,220,487

Balance as of June 30, 2023	$	50,993,218		$	6,998,659		$	—	$	57,991,877

Net change in unrealized appreciation/depreciation on investments held at June 30, 2023	$	2,171,488		$	48,999		$	—	$	2,220,487

AMG Pantheon Master Fund, LLC

Notes to Consolidated Schedule of Investments (continued)

For the period ended June 30, 2023, transfers out of Level 3 were due to increased price transparency.

The following table summarizes the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of June 30, 2023. The table below is not intended to be all inclusive, but rather provides information on the significant Level 3 inputs as they relate to the Master Fund’s fair value measurements:

Quantitative Information about Level 3 Fair Value Measurements

Impact to
Valuation
from an
Increase
in Input ^(a)

Fair Value as of
June 30, 2023

Valuation
Technique(s)

Unobservable
Input(s)

Range

Average

Co-Investments

13,424,157

Recent Round of
Financing

Recent round of
financing/
expected sale

N/A

Increase

Co-Investments

Market
Comparables

Public Company
Multiples:

5,098,944

Revenue

10.00x-10.00x

10.00x

Increase

16,723,022

EBITDA

8.10x-24.70x

13.70x

Increase

Co-Investments

3,952,853

Guideline
Transaction
Multiples

EBITDA

15.00x-15.00x

15.00x

Increase

Co-Investments

11,794,242

Discounted Cash
Flows

Discount Rate
Terminal Value

8.0%-20.0%
15.50x-28.10x

13.8%
17.03x

Decrease
Increase

Terminal Growth
Rate

10.1%-10.8%

10.2%

Increase

Primary Private Investment Funds

6,998,659

Discounted Cash
Flows

Discount Rate

8.5%-9.5%

8.7%

Decrease

Total

57,991,877

^(a)

Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

EBITDA Earnings before interest, taxes, depreciation and amortization

AMG Pantheon Master Fund, LLC

Notes to Consolidated Schedule of Investments (continued)

FAIR VALUE MEASUREMENTS

Equity securities traded on a domestic or international securities exchange are valued at the last quoted sale price, or, lacking any sales, at the last quoted bid price. Equity securities traded on an international securities exchange and equity securities traded on NASDAQ or in a U.S. or non-U.S. over-the-counter market are valued at the market’s official closing price, or, if there are no trades on the applicable date, at the last quoted bid price. In addition, if the applicable market does not offer an official closing price or if the official closing price is not representative of the overall market, equity securities traded on an international securities exchange and equity securities traded in a non-U.S. over-the counter market are valued at the last quoted sales price. The Master Fund’s listed equity investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third-party pricing services.

Short-term debt obligations (debt obligations with maturities of one year or less at the time of issuance) that have 60 days or less remaining until maturity will be valued at amortized cost, provided that the amortized cost value is approximately the same as the fair value of the security valued without the use of amortized cost. Investments in other open-end registered investment companies are valued at their end of day net asset value per share.

For direct investments and certain co-investments in portfolio companies, the Master Fund primarily uses the market or income approach to estimate the fair value of private investments. The market approach utilizes prices and other relevant information generated by market transactions, type of security, size of the position, degree of liquidity, restrictions on the disposition, latest round of financing data, current financial position and operating results, among other factors.

Private equity investments, including primary and secondary investments in private equity, infrastructure and other private asset funds (“Investment Funds”) and certain co-investments are generally based on the valuations provided by the general partners or managers of underlying fund investments as of the date investments are valued. If a valuation provided by general partners or managers of the underlying fund investments is not available as of the date investments are valued, the Master Fund will value the Investment Fund or co-investment using the latest valuation provided by the general partners or managers of the underlying fund investments adjusted for transaction and market activity, if applicable. Additionally, the Master Fund may utilize independent valuation firms to provide third-party valuation consulting services. The valuations provided by the general partners or managers typically reflect the fair value of the Master Fund’s capital account balance of each Investment Fund, including unrealized gains and losses, as reported in the financial reports or statements of the respective Investment Fund. The Valuation Committee of the Investment Manager, reviews the capital account balances and may adjust the value of each Master Fund investment.

The values assigned to investments that are fair valued are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such

AMG Pantheon Master Fund, LLC

Notes to Consolidated Schedule of Investments (continued)

amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board is presented with monthly reports summarizing fair value activity and quarterly reports summarizing fair value activity, material fair value matters that occurred during the quarter and outstanding securities fair valued by the Master Fund. Additionally, the Board is presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager’s process for determining the fair value of the Master Fund’s investments.

Accounting principles generally accepted in the United States of America (“U.S. GAAP”) defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Master Fund. Unobservable inputs reflect the Master Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., listed equity securities, open-end investment companies)

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Master Fund’s own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing

AMG Pantheon Master Fund, LLC

Notes to Consolidated Schedule of Investments (continued)

investments may not necessarily be an indication of the risk associated with investing in those investments.

INVESTMENTS IN PRIVATE EQUITY AND INVESTMENT FUNDS

Private equity investments are typically made in non-public companies through privately negotiated transactions. Private equity investments may be structured using a range of financial instruments, including common and preferred equity, convertible securities, subordinated debt and warrants or other derivatives.

Investment Funds, often organized as limited partnerships, are the most common vehicles for making private equity investments. In such Investment Funds, investors usually commit to provide up to a certain amount of capital when requested by the Investment Fund’s manager or general partner. The general partner then makes private equity investments on behalf of the Investment Fund. The Investment Fund’s investments are usually realized, or “exited”, after a three- to seven-year holding period through a private sale, an initial public offering (IPO) or a recapitalization. Proceeds of such exits are then distributed to the Investment Fund’s investors. The Investment Funds themselves typically have a term of ten to twelve years. The Investment Funds in which the Master Fund invests may charge a management fee of 1.00% - 2.00% and approximately 20% of net profits as a carried interest allocation, subject to a preferred return and a claw back. Detailed information about the Investment Funds’ portfolios is not publicly available.

Some of the investments that the Investment Manager will consider with respect to the Master Fund include:

•

Primary Private Investment Funds: Primary investments (primaries) are interests or investments in newly established Investment Funds that are typically acquired by way of subscription during their fundraising period. Primary investors subscribe for interests during an initial fundraising period, and their capital commitments are then used to fund investments in a number of individual operating companies during a defined investment period. The investments of the fund are usually unknown at the time of commitment, and investors typically have little or no ability to influence the investments that are made during the fund’s life.

•

Secondary Private Investment Funds: Secondary investments (secondaries) are interests in existing private equity funds that are typically acquired from existing investors in such Investment Funds in privately negotiated transactions, typically after the end of the private equity fund’s fundraising period.

•

Direct Investments/Co-Investments: Direct investments involve acquiring (directly or indirectly) an interest in securities issued by an operating company. Co-investments represent opportunities to separately invest in specific portfolio

AMG Pantheon Master Fund, LLC

Notes to Consolidated Schedule of Investments (continued)

companies that are otherwise represented in an Investment Fund. Such investments are typically made as co-investments alongside Investment Funds, and are usually structured such that the lead investor holds a controlling interest. Co-investments are typically offered to Investment Fund investors when the Investment Fund manager believes that there is an attractive investment for the Investment Fund but the total size of the potential holding exceeds the targeted size for the Investment Fund. Direct investments and co-investments, unlike investments in Investment Funds, generally do not bear an additional layer of fees and bear significantly reduced fees.

A listing of the Co-Investments, Primary Private Investment Funds and Secondary Private Investment Funds held by the Master Fund and their attributes, as of June 30, 2023, is shown in the table below.

Investment Category

Fair Value

Unfunded
Commitments

Remaining
life*

Redemption
frequency

Notice
(In days)

Redemption
Restrictions

Buyout ^(a)

1,498,065,519

282,539,128

1-10 years

Not Redeemable

N/A

Growth Equity ^(b)

276,739,912

40,323,955

1-10 years

Not Redeemable

N/A

Infrastructure ^(c)

85,225,471

12,921,814

4-13 years

Not Redeemable

N/A

Private Debt ^(d)

38,893,290

9,361,729

1-9 years

Not Redeemable

N/A

Real Assets ^(e)

11,916,533

6,355,797

4-8 years

Not Redeemable

N/A

Special Situations ^(f)

29,513,410

6,721,294

1-7 years

Not Redeemable

N/A

Venture ^(g)

53,816,815

79,541,780

4-12 years

Not Redeemable

N/A

Total

1,994,170,950

437,765,497

^(a)	Funds that acquire controlling interests in companies with a view towards later selling those companies or taking them public.

^(b)	Funds that invest in later-stage, pre-IPO companies.

^(c)	Funds that generally invest in long-term assets that provide stable cash flows with growth initiatives.

^(d)	Funds that invest in senior secured lending, mezzanine financing, as well as more opportunistic debt strategies such as distressed for control.

^(e)	Private equity funds that invest in target investments in infrastructure, renewables & energy infrastructure, natural resources, and asset-backed strategies.

^(f)	Particular circumstances that influence investment based on the situation, rather than its underlying fundamentals.

^(g)	Investments in new and emerging companies are usually classified as venture capital.

^*	Co-Investments do not have contractual lives and generally terminate after the underlying investment is sold. Years shown above are reflective of the remaining lives of Primary Private Investment Funds and Secondary Private Investment Funds.

AMG Pantheon Master Fund NPORT-PAMG Pantheon Master Fund, LLC (Jun 2023 report)