NB Crossroads Private Markets Fund IV NPORT-P NB Crossroads Private Markets Fund IV (TI) - Client LLC (Dec 2022 report)

NB Crossroads Private Markets Fund IV (TE) - Client LLC (the “Fund”) invests substantially all of its assets in NB Crossroads Private Markets Fund IV Holdings LLC (the “Company”) through its consolidated subsidiary, NB Crossroads Private Markets Fund IV (Offshore), Client Ltd. The percentage of the Company’s members’ equity owned by the Fund at December 31, 2022, was 34.26%. The Fund has included the Company’s schedule of investments as of December 31, 2022, below. The Company’s schedule of investments was also filed on Form NPORT-EX with the Securities and Exchange Commission on March 1, 2023.

NB Crossroads Private Markets Fund IV Holdings LLC

Schedule of Investments

December 31, 2022 (Unaudited)

Investments / Co-investments (A),(B),(D)	Acquisition Type	Acquisition Dates (C)	Geographic Region (E)	Cost		Fair Value
Large-cap Buyout (21.70%)
BC European Capital X - Betty Co-Investment (1) LP	Co-investment	01/2019-07/2020	North America	$	596,524	$	1,839,006
BC European Capital X - Hulk Co-Investment (1) LP	Co-investment	07/2018-07/2018	North America		1,320,038		4,158,644
Carlyle Partners VII, L.P.	Primary	12/2018-09/2022	North America		11,536,181		13,708,704
Clayton, Dubilier & Rice Fund X, L.P.	Primary	03/2018-11/2022	North America		6,442,199		10,170,898
Cortefiel Co-Invest SCSp	Co-investment	10/2017-10/2017	Europe		1,308,759		2,222,358
CVC Capital Partners VII, L.P.	Primary	12/2018-10/2022	Europe		9,464,335		16,510,854
Gorilla Aggregator L.P. (F)	Co-investment	10/2017	North America		1,583,511		4,289,511
KKR Byzantium Infrastructure Co-Invest L.P.	Co-investment	10/2017	Europe		2,123,701		2,075,153
KKR Taurus Co-Invest II L.P.	Co-investment	10/2017-11/2017	North America		964,771		1,542,923
SLP Blue Co-Invest, L.P.	Co-investment	06/2018	North America		1,804,069		2,984,374
THL Equity Fund VIII Investors (Agiliti), L.P.	Co-investment	01/2019-07/2021	North America		2,975,044		8,154,316
TPG Healthcare Partners, L.P.	Primary	12/2019-12/2022	North America		1,368,161		1,788,202
TPG Partners VIII, L.P.	Primary	12/2019-10/2022	North America		6,201,484		9,291,266
Uno Co-Invest L.P.	Co-investment	06/2017-06/2020	North America		3,599,359		8,728,975
					51,288,136		87,465,184
Small and Mid-cap Buyout (43.42%)
BC Holdco, LLC	Co-investment	11/2017	North America		2,325,157		3,905,063
ByLight InvestCo LP	Co-investment	05/2017-07/2022	North America		53,884		8,801,399
Charlesbank Equity Fund IX, L.P.	Primary	07/2018-06/2022	North America		9,677,333		13,442,084
CHG PPC Investor LLC	Co-investment	03/2018	North America		570,715		2,735,093
CI Capital Investors II, L.P.	Secondary	06/2017-09/2020	North America		24,407		11,472
CI Capital Investors II Follow-On Partners, L.P.	Co-investment	05/2018-07/2021	North America		618,263		181,813
EQT Mid Market Europe, L.P.	Primary	08/2017-06/2022	Europe		7,429,928		9,608,383
EXC Holdings LP	Co-investment	11/2017	North America		626,548		1,903,387
Fortress Vietnam Investment Holdings PTE. LTD.	Co-investment	06/2017-07/2019	Asia		1,301,945		2,702,716
Further Global Capital Partners, L.P.	Primary	03/2018-11/2022	North America		9,736,371		11,423,840
JLL MedPlast Topco, L.P.	Co-investment	06/2018	North America		1,640,000		3,000,000
KKR Global Infrastructure Investors III L.P.	Primary	12/2018-11/2022	North America		8,972,095		9,643,157
MCH Iberian Capital Fund IV, F.C.R.	Secondary	05/2017-07/2022	Europe		4,002,889		6,315,950
MHS Acquisition Holdings, LLC (F)	Co-investment	03/2017-12/2019	North America		1,046,584		1,988,509
Milani Aggregator LLC (F)	Co-investment	06/2018-08/2021	North America		1,699,440		1,507,900
MND Holdings I Corp (F)	Co-investment	07/2017	North America		1,757,165		3,937,500
NB Soho LP (TRG Growth Fund II)	Secondary	06/2017-04/2022	North America		1,878,081		1,308,437
NB Verrocchio LP	Co-investment	06/2018	South America		3,357,522		2,939,969
Oak Hill Capital Partners IV, L.P.	Primary	05/2017-05/2022	North America		3,050,072		5,146,762
OHCP IV SF COI, L.P.	Co-investment	01/2018-11/2018	North America		683,026		1,386,530
PPC Fund II, L.P.	Primary	04/2018-08/2022	North America		7,692,388		10,923,143
Rockbridge Portfolio Fund I L.P.	Secondary	12/2018-06/2021	North America		1,189,708		3,152,565
Silver Creek Midstream Coinvest LP	Co-investment	06/2018-11/2019	North America		2,823,458		3,783,721
THL Equity Fund VII Investors (MHS), L.P.	Co-investment	04/2017-07/2018	North America		1,119,575		5,960,172
The Veritas Capital Fund VI, L.P.	Primary	06/2017-08/2022	North America		3,693,014		23,928,930
VSC RST Holdco, L.P. (F)	Co-investment	08/2017-08/2021	North America		3,382,965		10,013,769
Webster Capital IV, L.P.	Primary	07/2018-12/2022	North America		8,679,177		18,124,923
Wind Point Partners CV1, L.P.	Secondary	09/2018-12/2020	North America		10,140		13,453
WR Environmental Aggregator LLC (F)	Co-investment	04/2017-02/2022	North America		1,148,240		1,389,370
Wrigley Co-Invest, L.P.	Co-investment	06/2018-10/2018	North America		2,350,120		5,869,655
					92,540,210		175,049,665

NB Crossroads Private Markets Fund IV Holdings LLC

Schedule of Investments

December 31, 2022 (Unaudited)

Investments / Co-investments (A),(B),(D)	Acquisition Type	Acquisition Dates (C)	Geographic Region (E)	Cost		Fair Value
Special Situations (14.72%)
Apollo Investment Fund IX, L.P.	Primary	03/2019-12/2022	North America		2,659,044		4,143,482
Cerberus Institutional Partners VI, L.P.	Primary	04/2017-12/2019	North America		9,268,482		13,057,565
Diligere Co-Investment Partners, LLC	Co-investment	02/2018-07/2021	North America		1,304,925		3,588,256
Epiris Fund II L.P.	Primary	05/2018-11/2022	Europe		6,959,872		13,237,604
Lantern Capital Partners Fund I (A), L.P	Primary	04/2018-02/2021	North America		3,836,535		2,752,806
NB Arch LP	Co-investment	09/2017	North America		830,000		2,994,275
NB WM Co-Invest LP	Co-investment	09/2017	North America		-		605,164
Runner Topco L.P.	Co-investment	04/2018	North America		132,049		790,101
Sycamore Partners III, L.P.	Primary	01/2018-09/2022	North America		7,254,144		9,522,247
Verscend Intermediate Holding Corp. (F)	Co-investment	08/2018	North America		8,305,031		8,633,000
					40,550,082		59,324,500
Venture Capital (17.33%)
Alsop Louie Capital IV L.P.	Primary	11/2017-09/2022	North America		5,546,167		6,919,552
Battery Ventures XII, L.P.	Primary	03/2018-08/2021	North America		1,975,887		7,241,893
Battery XII Side Fund, L.P.	Primary	03/2018-08/2021	North America		1,214,195		3,675,059
Canaan XI L.P.	Primary	01/2018-09/2022	North America		4,293,992		11,015,750
DFJ Growth III, L.P.	Primary	05/2017-12/2022	North America		3,309,634		7,752,147
Hosen Capital Fund III, L.P.	Primary	04/2017-05/2021	Asia		2,149,521		3,867,358
Menlo Ventures XIV, L.P.	Primary	10/2017-06/2022	North America		2,521,288		7,194,396
New Clearent Holdings, LLC (F)	Co-investment	06/2018-10/2021	North America		2,026,027		6,078,082
Summit Partners Europe Growth Equity Fund II, SCSp	Primary	01/2018-12/2022	Europe		2,589,014		8,027,180
TPG Drake Co-Invest, L.P.	Co-investment	07/2018	North America		1,719,117		1,244,154
TPG Tech Adjacencies, L.P.	Primary	06/2019-12/2022	North America		4,261,473		6,830,936
					31,606,315		69,846,507

Short Term Investments	Cost		Fair Value
Money Market Fund (2.99%)
Morgan Stanley Institutional Liquidity Fund Government Portfolio		12,058,798		12,058,798
		12,058,798		12,058,798
Total Investments in Portfolio Funds (cost $228,043,541) (100.16%)				403,744,654
Other Assets & Liabilities (Net) (-0.16%)				(619,773	)
Members' Equity - Net Assets (100.00%)			$	403,124,881

(A)	Non-income producing securities, which are restricted as to public resale and illiquid.
(B)	Total cost of illiquid and restricted securities at December 31, 2022 aggregated $215,984,743. Total fair value of illiquid and restricted securities at December 31, 2022 was $391,685,856 or 97.17% of net assets.
(C)	Acquisition Dates cover from original investment date to the last acquisition date and is required disclosure for restricted securities only.
(D)	All percentages are calculated as fair value divided by the Company's Members' Equity - Net Assets.
(E)	Geographic Region is based on where a Portfolio Fund is headquartered and may be different from where the Portfolio Fund invests.
(F)	The fair value of the investment was determined using a significant unobservable input.

Valuation of Investments

The Company computes its net asset value (“NAV”) as of the last business day of each fiscal quarter and at such other times as deemed appropriate by the Registered Investment Adviser and the Sub-Adviser in accordance with valuation principles set forth below, or as may be determined from time to time, pursuant to the valuation procedures (the “Procedures”) established by the Board.

The Board has approved the Procedures pursuant to which the Company values its interests in the Portfolio Funds and other investments. The Board has delegated to the Sub-Adviser general responsibility for determining the value of the assets held by the Company. The value of the Company’s interests is based on information reasonably available at the time the valuation is made and the Sub-Adviser believes to be reliable.

It is expected that most of the Portfolio Funds in which the Company invests will meet the criteria set forth under the Financial Accounting Standards Board (“FASB”) ASC Topic 820, Fair Value Measurement (“ASC 820”) permitting the use of the practical expedient to determine the fair value of the Portfolio Fund investments. ASC 820 provides that, in valuing alternative investments that do not have quoted market prices but calculate NAV per share or equivalent, an investor may determine fair value by using the NAV reported to the investor by the underlying investment. To the extent ASC 820 is applicable to a Portfolio Fund, the Sub-Adviser generally will value the Company’s investment in the Portfolio Fund based primarily upon the value reported to the Company by the Portfolio Fund or the lead investor of a direct co-investment as of each quarter-end, determined by the Portfolio Fund in accordance with its own valuation policies.

FASB ASC 820-10, “Fair Value Measurements” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). FASB ASC 820 provides three levels of the fair value hierarchy as follows:

Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access;
Level 2	Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data;
Level 3	Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Company’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

Most Portfolio Funds are structured as closed-end, commitment-based private investment funds to which the Company commits a specified amount of capital upon inception of the Portfolio Fund (i.e., committed capital) which is then drawn down over a specified period of the Portfolio Fund's life. Such Portfolio Funds generally do not provide redemption options for investors and, subsequent to final closing, do not permit subscriptions by new or existing investors. Accordingly, the Company generally holds interests in Portfolio Funds for which there is no active market, although, in some situations, a transaction may occur in the "secondary market" where an investor purchases a limited partner’s existing interest and remaining commitment.

Assumptions used by the Sub-Adviser due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Company's results of operations and financial condition.

The following table presents the investments carried on the Statement of Assets, Liabilities and Members’ Equity - Net Assets by level within the valuation hierarchy as of December 31, 2022.

	Level 1		Level 2		Level 3		Net Asset Value		Total
Assets:
Large-cap Buyout	$	-	$	-	$	4,289,511	$	83,175,673	$	87,465,184
Small and Mid-cap Buyout		-		-		18,837,048		156,212,617		175,049,665
Special Situations		-		-		9,423,101		49,901,399		59,324,500
Venture		-		-		6,078,082		63,768,425		69,846,507
Money Market Fund		12,058,798		-		-		-		12,058,798
Total	$	12,058,798	$	-	$	38,627,742	$	353,058,114	$	403,744,654

Significant Unobservable Inputs

As of December 31, 2022, the Company had investments valued at $403,744,654. The fair value of investments valued at $353,058,114 in the Company's Schedule of Investments have been valued at the unadjusted NAV reported by the managers of the investments.

The classification of an investment within Level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement. The following table summarizes the valuation methodologies and inputs used for investments categorized in Level 3 as of December 31, 2022:

				Unobservable Inputs
Investments	Fair Value 12/31/2022		Valuation Methodologies	Variable	Value/Range		Weighted Average1
Large-cap Buyout	$	4,289,511	Market Approach	LTM EBITDA		12.5x		N/A
Small and Mid-cap Buyout		17,329,148	Market Approach	LTM EBITDA		14.0x-16.5x		15.6x
Small and Mid-cap Buyout		1,507,900	Market Approach	LTM Net Revenue		3.9x		N/A
Special Situations		9,423,101	Market Approach	LTM EBITDA		10.7x-18.4x		17.8x
Venture		6,078,082	Recent Transaction Value	Recent Transaction Value		N/A		N/A
Total	$	38,627,742

¹ Inputs weighted based on fair value of investments in range. 

During the period ended December 31, 2022 purchases and sales from Level 3 investments were as follows:

Purchases		Sales
$	-	$	(89,135	)

During the period ended December 31, 2022 unrealized appreciation and realized gains from Level 3 investments were $992,676 and $132,049, respectively.

The Company recognizes transfers into and out of the levels indicated above at the end of the reporting period. There were no transfers into or out of Level 3 during the period ended December 31, 2022.

The estimated remaining life of the Company’s Portfolio Funds as of December 31, 2022 is one to six years, with the possibility of extensions by each of the Portfolio Funds.