FlowStone Opportunity Fund
Schedule of Investments
December 31, 2022 (Unaudited)
Investment Funds* | Geographic Region** | Investment Strategy | Shares | Cost | Fair Value | % of Shareholders' Capital | Original Acquisition Date | |||||||||||||||
Primary Investments | ||||||||||||||||||||||
Apax X USD, L.P.(a)(b) | Guernsey | Leveraged Buyout | $ | 1,965,136 | $ | 2,156,120 | 0.41 | % | 3/3/2020 | |||||||||||||
Apax XI USD, L.P.(a)(b)(c) | Guernsey | Leveraged Buyout | - | (56,256 | ) | -0.01 | % | 6/30/2022 | ||||||||||||||
Clearlake Capital Partners VII (USTE), L.P.(b) | North America | Leveraged Buyout | 4,033,729 | 3,935,690 | 0.76 | % | 10/29/2021 | |||||||||||||||
Fin VC Flagship II, LP(a)(b) | North America | Venture | 1,691,697 | 1,794,841 | 0.34 | % | 5/6/2021 | |||||||||||||||
Great Hill Equity Partners VIII, L.P.(a)(b) | North America | Leveraged Buyout | 271,976 | (50,260 | ) | -0.01 | % | 1/31/2022 | ||||||||||||||
Liquid Stock I, L.P.(a)(b) | North America | Private Equity Fund | 3,889,802 | 4,890,583 | 0.95 | % | 8/30/2019 | |||||||||||||||
Madison Dearborn Capital Partners VIII-A, L.P.(b) | North America | Leveraged Buyout | 2,787,649 | 2,726,826 | 0.53 | % | 6/21/2021 | |||||||||||||||
New Mountain Partners VI, L.P.(a)(b) | North America | Leveraged Buyout | 1,263,883 | 1,300,000 | 0.25 | % | 4/8/2020 | |||||||||||||||
Sun Capital Partners VIII-A, L.P.(a)(b) | North America | Leveraged Buyout | 2,013,255 | 1,876,006 | 0.36 | % | 6/30/2022 | |||||||||||||||
The Veritas Capital Fund VIII, LP(a)(b)(d) | North America | Leveraged Buyout | 2,605,222 | 2,456,494 | 0.47 | % | 3/16/2022 | |||||||||||||||
Trident Capital IX, L.P.(a)(b) | North America | Leveraged Buyout | 1,027,108 | 922,655 | 0.18 | % | 9/17/2021 | |||||||||||||||
Vista Equity Partners Fund VIII-A, L.P.(a)(b)(d) | North America | Leveraged Buyout | 31,606 | (35,715 | ) | -0.01 | % | 8/24/2022 | ||||||||||||||
Warburg Pincus Global Growth 14, L.P.(a)(b) | North America | Leveraged Buyout | 2,012,660 | 1,951,141 | 0.37 | % | 1/31/2022 | |||||||||||||||
Total Primary Investments (Cost $23,593,723) (4.59%)*** | 23,868,125 | |||||||||||||||||||||
Secondary Investments | ||||||||||||||||||||||
AEA Investors Fund V LP (a)(b) | North America | Leveraged Buyout | $ | 495,492 | $ | 867,287 | 0.17 | % | 1/1/2022 | |||||||||||||
AEA-SEI Holding II (Delta Rigging) (a)(b) | North America | Leveraged Buyout | 1,007,860 | 1,092,247 | 0.21 | % | 3/31/2022 | |||||||||||||||
AIC Credit Opportunities Partners Fund II, L.P.(b) | North America | Private Credit | 4,795,321 | 4,231,481 | 0.81 | % | 10/31/2019 | |||||||||||||||
American Securities Partners VI, L.P.(b)(d) | North America | Leveraged Buyout | 2,922,345 | 3,089,775 | 0.59 | % | 12/31/2021 | |||||||||||||||
Ampersand CF Limited Partnership - Class A(a)(b) | North America | Leveraged Buyout | 169,072 | 1,200,000 | 0.23 | % | 10/29/2020 | |||||||||||||||
Ampersand CF Limited Partnership - Class B(a)(b) | North America | Leveraged Buyout | 302,221 | 2,000,000 | 0.38 | % | 10/29/2020 | |||||||||||||||
Ampersand 2006, L.P.(a)(b)(e) | North America | Venture | - | 18,000 | 0.00 | % | 12/31/2019 | |||||||||||||||
Arsenal Capital Partners III-B LP.(a)(b) | North America | Leveraged Buyout | 2,034,163 | 1,423,173 | 0.27 | % | 1/1/2022 | |||||||||||||||
Audax Mezzanine Fund III, L.P.(b)(d) | North America | Private Credit | 351,978 | 566,906 | 0.11 | % | 6/30/2021 | |||||||||||||||
August Capital V, L.P.(a)(b) | North America | Venture | 10,066,877 | 12,963,898 | 2.49 | % | 6/30/2022 | |||||||||||||||
August Capital V Special Opportunities, L.P.(a)(b) | North America | Venture | 11,460 | 1,112,687 | 0.21 | % | 6/30/2022 | |||||||||||||||
Awz Pentera II, LLC(a)(b) | North America | Venture | 10,197,898 | 17,215,000 | 3.31 | % | 8/24/2022 | |||||||||||||||
Bain Capital Empire Holdings, L.P. - Class C(a)(b)(d) | North America | Leveraged Buyout | 6,548,736 | 6,521,104 | 1.25 | % | 10/5/2022 | |||||||||||||||
Bain Capital Europe III, L.P.(a)(b)(d) | North America | Leveraged Buyout | 190,183 | 109,010 | 0.02 | % | 12/31/2021 | |||||||||||||||
Bain Capital Venture Fund 2009, L.P.(a)(b)(d) | North America | Venture | 6,649,539 | 5,262,418 | 1.01 | % | 6/30/2022 | |||||||||||||||
BC European Capital IX, L.P.(a)(b) | Guernsey | Leveraged Buyout | 8,737,248 | 6,769,981 | 1.30 | % | 12/31/2020 | |||||||||||||||
BC Partners Galileo (2) L.P.(a)(b) | Guernsey | Leveraged Buyout | 2,187,016 | 2,791,445 | 0.54 | % | 6/10/2021 | |||||||||||||||
Caltius Partners IV, L.P.(b) | North America | Private Credit | 4,136,905 | 4,008,806 | 0.77 | % | 6/30/2021 | |||||||||||||||
Canaan VII, L.P.(a)(b) | North America | Venture | 432,808 | 925,938 | 0.18 | % | 12/31/2019 | |||||||||||||||
Carlyle Europe Partners IV, L.P.(a)(b)(d) | United Kingdom | Leveraged Buyout | 1,485,687 | 1,153,103 | 0.22 | % | 12/31/2021 | |||||||||||||||
Carlyle Partners VI, L.P.(b) | North America | Leveraged Buyout | 2,487,381 | 1,483,632 | 0.29 | % | 12/31/2021 | |||||||||||||||
Castle Harlan Partners V & AIV(a)(b)(d)(e) | North America | Leveraged Buyout | 737,815 | 185,653 | 0.04 | % | 9/30/2021 | |||||||||||||||
Catterton Partners VI, L.P.(a)(b) | North America | Leveraged Buyout | 546,441 | 1,019,220 | 0.20 | % | 12/31/2019 | |||||||||||||||
Centerbridge Special Credit Partners, L.P.(a)(b) | North America | Private Credit | 71,891 | 10,936 | 0.00 | % | 12/31/2021 | |||||||||||||||
Cerberus Institutional Partners VI, L.P.(a)(b) | North America | Leveraged Buyout | 1,210,697 | 1,748,715 | 0.34 | % | 7/30/2021 | |||||||||||||||
Charles River Partnership XIV, LP(a)(b)(d) | North America | Venture | 1,094,080 | 1,960,673 | 0.38 | % | 6/30/2022 | |||||||||||||||
Clarus Lifesciences II, L.P.(a)(b) | North America | Venture | 5,565 | 716,607 | 0.14 | % | 6/30/2022 | |||||||||||||||
Clayton, Dubilier & Rice Fund IX, L.P.(b) | North America | Leveraged Buyout | 7,059,797 | 5,326,350 | 1.02 | % | 12/31/2021 | |||||||||||||||
Columbia Capital Equity Partners V (QP), L.P.(a)(b) | North America | Venture | 4,933,543 | 8,770,420 | 1.69 | % | 6/30/2022 | |||||||||||||||
Court Square Capital Partners (Offshore) III, L.P.(b) | North America | Leveraged Buyout | 4,781,863 | 3,753,032 | 0.72 | % | 12/31/2021 | |||||||||||||||
CRG Partners III (Holdings I) L.P.(b)(d) | North America | Private Credit | 402,758 | 371,793 | 0.07 | % | 6/30/2021 | |||||||||||||||
Crosslink Ventures V, L.P.(a)(b)(e) | North America | Venture | 468,540 | 500,165 | 0.10 | % | 1/1/2020 | |||||||||||||||
CVC Capital Partners VI (A) L.P.(b) | Jersey | Leveraged Buyout | 5,429,727 | 4,748,548 | 0.91 | % | 1/1/2022 | |||||||||||||||
Dace Ventures I, L.P.(a)(b) | North America | Venture | 294,908 | 300,000 | 0.06 | % | 12/31/2019 | |||||||||||||||
DBAG Fund VI (Guernsey) L.P.(a)(b) | Guernsey | Leveraged Buyout | 1,454,279 | 1,393,240 | 0.27 | % | 12/31/2021 | |||||||||||||||
DFJ Growth 2006 Continuation, L.P.(a)(b) | North America | Leveraged Buyout | 1,497,477 | 6,005,863 | 1.15 | % | 12/31/2019 | |||||||||||||||
EagleTree Partners IV, LP(a)(b) | North America | Leveraged Buyout | 1,205,189 | 1,621,112 | 0.31 | % | 6/30/2021 | |||||||||||||||
EnerTech Capital Partners III, L.P.(a)(b) | North America | Venture | 149,040 | 25,819 | 0.00 | % | 12/31/2019 | |||||||||||||||
Falcon Strategic Partners III, L.P.(b)(d) | North America | Private Credit | 1,849,215 | 2,874,393 | 0.55 | % | 6/30/2021 | |||||||||||||||
Fin Venture Capital I, L.P.(a)(b) | North America | Venture | 3,620,010 | 8,303,679 | 1.60 | % | 6/30/2020 | |||||||||||||||
Flexpoint Fund II (Cayman), L.P.(a)(b)(d) | North America | Venture | 1,900,626 | 3,093,968 | 0.59 | % | 6/30/2022 | |||||||||||||||
Flexpoint Fund II, L.P.(a)(b)(d) | North America | Venture | 1,801,552 | 3,033,800 | 0.58 | % | 6/30/2022 | |||||||||||||||
Flybridge Capital Partners III, LP(a)(b)(d) | North America | Venture | 10,939,815 | 9,349,232 | 1.80 | % | 6/30/2022 | |||||||||||||||
Francisco Partners III (Cayman), L.P.(a)(b) | Cayman | Leveraged Buyout | - | 624,183 | 0.12 | % | 12/31/2020 | |||||||||||||||
Francisco Partners III (Domestic AIV), L.P.(a)(b) | North America | Leveraged Buyout | - | 228,086 | 0.04 | % | 12/31/2020 | |||||||||||||||
Francisco Partners III, L.P.(a)(b) | North America | Leveraged Buyout | - | 876,745 | 0.17 | % | 12/31/2020 | |||||||||||||||
GF Capital Private Equity Fund II-B, L.P.(a)(b)(d) | North America | Leveraged Buyout | 5,786,761 | 5,175,485 | 0.99 | % | 12/31/2021 | |||||||||||||||
Hony Capital Fund V, L.P.(a)(b) | North America | Leveraged Buyout | 1,942,502 | 1,517,395 | 0.29 | % | 1/31/2022 | |||||||||||||||
ICG Ludgate Hill IB SCSp(a)(b)(d) | Luxembourg | Leveraged Buyout | 8,054,301 | 21,072,596 | 4.05 | % | 6/22/2021 | |||||||||||||||
ICG Ludgate Hill IIIA Porsche LP(b)(d) | Luxembourg | Leveraged Buyout | 33,124,263 | 39,766,507 | 7.64 | % | 9/26/2022 | |||||||||||||||
Icon Partners IV, L.P.(a)(b) | North America | Leveraged Buyout | 8,349,670 | 9,584,828 | 1.84 | % | 5/21/2021 | |||||||||||||||
Icon Partners V, L.P.(a)(b) | North America | Leveraged Buyout | 7,418,042 | 7,592,185 | 1.46 | % | 8/27/2021 | |||||||||||||||
IK VII Fund(a)(b) | Jersey | Leveraged Buyout | 516,357 | 605,522 | 0.12 | % | 12/31/2021 | |||||||||||||||
Institutional Venture Partners XII, L.P.(a)(b)(d)(e) | North America | Venture | 333,256 | 20,809 | 0.00 | % | 12/31/2019 | |||||||||||||||
Institutional Venture Partners XIV, L.P.(a)(b)(d) | North America | Venture | 2,673,071 | 1,381,176 | 0.27 | % | 12/31/2021 | |||||||||||||||
Intermediate Capital Asia Pacific Fund 2008, L.P.(a)(b) | Jersey | Private Credit | 245,618 | 756,185 | 0.15 | % | 6/30/2021 | |||||||||||||||
JFL-NG Continuation Fund, L.P.(a)(b) | North America | Leveraged Buyout | 2,775,678 | 4,921,962 | 0.95 | % | 10/27/2021 | |||||||||||||||
JK&B Capital V, L.P.(a)(b)(e) | North America | Venture | 148,521 | 145,449 | 0.03 | % | 12/31/2019 | |||||||||||||||
Kohlberg TE Investors VIII-B, L.P.(a)(b) | North America | Leveraged Buyout | 26,634,186 | 31,856,069 | 6.12 | % | 12/30/2022 | |||||||||||||||
LEP Opportunities II, L.P.(a)(b) | North America | Leveraged Buyout | 8,223,899 | 8,128,242 | 1.56 | % | 6/27/2022 | |||||||||||||||
Lincolnshire Equity Fund IV-A, L.P.(b) | North America | Leveraged Buyout | 1,606,812 | 2,794,609 | 0.54 | % | 12/31/2020 | |||||||||||||||
Littlejohn Fund IV, LP(a)(b)(d) | North America | Leveraged Buyout | 268,332 | 798,901 | 0.15 | % | 9/30/2021 | |||||||||||||||
Lord Investment S.a r.l. (Valextra SpA)(a)(b)(d) | Western Europe | Leveraged Buyout | 1,867,892 | 1,785,594 | 0.34 | % | 3/31/2022 | |||||||||||||||
MDV IX, L.P.(a)(b) | North America | Venture | 6,134,654 | 8,536,196 | 1.64 | % | 12/31/2020 | |||||||||||||||
Milestone Partners FS LP(a)(b)(d) | North America | Leveraged Buyout | 1,537,850 | 1,280,122 | 0.25 | % | 12/31/2021 | |||||||||||||||
Milestone Partners IV, L.P.(a)(b)(d) | North America | Leveraged Buyout | 1,610,840 | 1,391,869 | 0.27 | % | 12/31/2021 | |||||||||||||||
Morgenthaler Venture Partners IX, LP(a)(b) | North America | Venture | 480,634 | 717,038 | 0.14 | % | 12/31/2020 | |||||||||||||||
NEO Capital Private Equity Fund II L.P.(a)(b) | Western Europe | Fund of Funds | 1,607,411 | 1,628,360 | 0.31 | % | 1/18/2022 | |||||||||||||||
Northstar Mezzanine Partners V, L.P.(b) | North America | Private Credit | 939,194 | 425,000 | 0.08 | % | 6/30/2021 | |||||||||||||||
NYLCAP Mezzanine Offshore Partners III, L.P.(b) | North America | Private Credit | 656,104 | 428,001 | 0.08 | % | 6/30/2021 | |||||||||||||||
Oaktree European Principal Fund III (U.S.), L.P.(a)(b) | North America | Private Credit | 1,149,338 | 1,172,327 | 0.23 | % | 11/1/2021 | |||||||||||||||
Onex Partners III LP(a)(b) | North America | Leveraged Buyout | 473,895 | 665,000 | 0.13 | % | 10/1/2021 | |||||||||||||||
Onset VI, L.P.(a)(b) | North America | Venture | 3,212,435 | 5,121,122 | 0.98 | % | 6/30/2022 | |||||||||||||||
Park Square Capital Partners II, L.P.(b) | Guernsey | Private Credit | 1,680,967 | 2,039,984 | 0.39 | % | 6/30/2021 | |||||||||||||||
Parthenon Investors III, L.P.(b) | North America | Leveraged Buyout | 431,547 | 774,818 | 0.15 | % | 12/31/2019 | |||||||||||||||
Peepul Capital Fund II LLC(a)(b)(d) | Rest of World | Venture | 1,012,484 | 2,421,104 | 0.47 | % | 6/30/2022 | |||||||||||||||
Pegasus WSJLL Fund, L.P.(a)(b) | North America | Leveraged Buyout | 8,586,099 | 9,700,000 | 1.86 | % | 12/14/2021 | |||||||||||||||
Permira V(a)(b)(d) | Guernsey | Leveraged Buyout | 6,050,072 | 3,238,826 | 0.62 | % | 2/1/2022 | |||||||||||||||
Platinum Equity Capital Partners III, L.P.(b)(d) | North America | Leveraged Buyout | 1,248,161 | 1,216,258 | 0.23 | % | 3/31/2022 | |||||||||||||||
Point 406 Ventures I, L.P.(a)(b) | North America | Venture | 1,865,426 | 657,783 | 0.13 | % | 12/31/2019 | |||||||||||||||
Pro SPV, LP(a)(b) | North America | Leveraged Buyout | 8,345,445 | 12,319,762 | 2.37 | % | 8/27/2021 | |||||||||||||||
PT2-A, L.P.(a)(b) | North America | Leveraged Buyout | 6,454,213 | 7,041,948 | 1.35 | % | 12/15/2021 | |||||||||||||||
Quad-C Partners VIII, LP(a)(b) | North America | Leveraged Buyout | 678,626 | 8,832 | 0.00 | % | 9/30/2021 | |||||||||||||||
Redpoint Ventures IV, L.P.(a)(b)(d) | North America | Venture | 3,020,976 | 1,504,193 | 0.29 | % | 12/31/2020 | |||||||||||||||
Rembrandt Venture Partners Fund Two, L.P.(a)(b) | North America | Venture | 922,119 | 916,507 | 0.18 | % | 12/31/2019 | |||||||||||||||
Reverence Capital Partners Opportunities Fund I, L.P.(b)(d) | North America | Leveraged Buyout | 1,493,696 | 1,814,114 | 0.35 | % | 12/31/2020 | |||||||||||||||
Riverstone Global Energy and Power Fund VI, LP(b) | North America | Leveraged Buyout | 317,082 | 694,763 | 0.13 | % | 6/30/2021 | |||||||||||||||
Roark Capital Partners CF LP(a)(b) | North America | Leveraged Buyout | 12,070,648 | 14,940,952 | 2.87 | % | 8/19/2022 | |||||||||||||||
Savant Growth Fund I, LP(a)(b) | North America | Leveraged Buyout | 1,941,327 | 1,279,881 | 0.25 | % | 12/8/2020 | |||||||||||||||
StepStone Real Estate Partners III, L.P.(b)(d) | North America | Fund of Funds | 67,825 | 137,607 | 0.03 | % | 6/30/2021 | |||||||||||||||
Summit Partners Growth Equity Fund IX-A, L.P.(a)(b) | North America | Leveraged Buyout | 2,858,840 | 2,950,668 | 0.57 | % | 6/30/2021 | |||||||||||||||
Summit Partners Subordinated Debt IV-B, L.P.(a)(b) | North America | Private Credit | 737,351 | 633,662 | 0.12 | % | 6/30/2021 | |||||||||||||||
TA Subordinated Debt Fund III, L.P.(a)(b) | North America | Private Credit | 669,849 | 553,889 | 0.11 | % | 7/30/2021 | |||||||||||||||
TCW/Crescent Mezzanine Partners VB, L.P.(a)(b) | North America | Private Credit | 26,042 | 349,254 | 0.07 | % | 6/30/2021 | |||||||||||||||
The Peninsula Fund V, L.P.(b) | North America | Private Credit | 8,856,221 | 11,124,598 | 2.14 | % | 7/1/2021 | |||||||||||||||
The Resolute Fund III, L.P.(a)(b) | North America | Leveraged Buyout | 1,651,848 | 2,338,068 | 0.45 | % | 12/31/2021 | |||||||||||||||
The Veritas Capital Partners IV, LP(a)(b)(d) | North America | Leveraged Buyout | 28,583 | 85,480 | 0.02 | % | 1/1/2022 | |||||||||||||||
TowerBrook Investors IV (OS), L.P.(b) | North America | Leveraged Buyout | 4,442,557 | 3,034,531 | 0.58 | % | 12/31/2021 | |||||||||||||||
TZP Capital Partners I (PIV), LP(a)(b) | North America | Leveraged Buyout | 79,463 | 65,501 | 0.01 | % | 4/7/2021 | |||||||||||||||
TZP Capital Partners II-A (Blocker), LP(b) | North America | Leveraged Buyout | 601,334 | 955,344 | 0.18 | % | 4/7/2021 | |||||||||||||||
TZP Small Cap Partners I-A (Blocker), LP(b) | North America | Leveraged Buyout | 278,721 | 235,980 | 0.05 | % | 4/7/2021 | |||||||||||||||
Versant Venture Capital IV, L.P.(a)(b) | North America | Venture | 6,545,505 | 1,060,602 | 0.20 | % | 12/31/2020 | |||||||||||||||
Warburg Pincus Financial Sector, L.P.(a)(b) | North America | Leveraged Buyout | 19,885,218 | 19,196,773 | 3.69 | % | 6/30/2022 | |||||||||||||||
Warburg Pincus Global Growth L.P.(a)(b) | North America | Leveraged Buyout | 16,890,390 | 23,312,760 | 4.48 | % | 6/30/2022 | |||||||||||||||
Warburg Pincus Private Equity XII, L.P.(b) | North America | Leveraged Buyout | 20,662,142 | 21,137,043 | 4.06 | % | 6/30/2022 | |||||||||||||||
Total Secondary Investments (Cost $384,837,311) (86.22%)*** | 448,658,157 | |||||||||||||||||||||
Total Investment Funds (Cost $408,431,034) (90.81%)*** | $ | 472,526,282 |
Short-Term Investment (9.71%)*** | ||||||||||
Money Market Fund | ||||||||||
Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 4.10% (f) | 50,526,149 | $ | 50,526,149 | |||||||
Total Money Market Fund (Cost $50,526,149) (9.71%)*** | $ | 50,526,149 | ||||||||
Total Investments (Cost $458,957,183) (100.52%)*** | $ | 523,052,431 | ||||||||
Liabilities less other assets (-0.52%)*** | (2,704,600 | ) | ||||||||
Shareholders' Capital - 100.00%*** | $ | 520,347,831 |
Primary Investments are investments in newly established private equity partnerships where underlying portfolio companies are not known as of the time of investment.
Secondary Investments are Private Equity Fund Investments generally acquired in the secondary market.
* | Restricted investments as to resale. Certain Investment Funds will distribute proceeds upon realization events and such proceeds are distributed at the discretion of the Investment Manager, as they become available. |
** | The geographic region disclosed is based on where each Investment Fund is domiciled. |
*** | As a percentage of total shareholders' capital. |
(a) | Non-income producing. |
(b) | Investment Funds are issued in private placement transactions and as such are restricted as to resale per Rule 12-12-8 of Regulation S-X. |
(c) | As of December 31, 2022, no capital has been contributed to this Investment Fund and the fair value represents a liability of a commitment to the Investment Fund. |
(d) | Fair valued by the Fair Value Committee based on policies and procedures established by the Board of Trustees and considered a Level 3 investment. |
(e) | The Investment Fund is liquidating its assets and is in the process of returning capital to its limited partners in a reasonable manner. |
(f) | The rate quoted is the annualized seven-day yield of the fund at the period end. |