CPG Focused Access Fund NPORT-P CPG Focused Access Fund, LLC (Jan 2023 report)

CPG Focused Access Fund, LLC

Schedule of Investments (Unaudited)

January 31, 2023

Investment Funds - 99.78%^	First Acquisition Date	Cost		Fair Value		Percent of Net Assets			Next Available Redemption Date	Liquidity Frequency1
Coatue Qualified Partners, L.P.2,3,4	11/1/2018	$	138,820,000	$	146,679,513		13.61	%	3/31/2023	Quarterly
Hedge Premier/Millennium International Ltd.2,3,5,6	1/1/2019		35,975,818		44,801,264		4.16		6/30/2023	Quarterly
Hedge Premier/Millennium USA LP2,3,4,6	11/1/2018		29,508,216		37,112,466		3.45		6/30/2023	Quarterly
Renaissance Institutional Equities Fund LLC2,3,4	11/1/2018		100,252,150		110,128,969		10.22		3/31/2023	Monthly
Schonfeld Strategic Partners Fund LLC, Class B2,3,4,6	3/1/2022		28,500,000		28,574,815		2.65		3/31/2023	Monthly
Schonfeld Strategic Partners Fund LLC, Class F2,3,4,7	11/1/2022		85,500,000		85,681,809		7.95		3/31/2023	Monthly
SEG Partners II, LP2,3,4	3/1/2020		154,808,759		162,742,565		15.11		3/31/2023	Quarterly
SoMa Partners LP2,3,4,8	11/1/2018		38,756,653		29,242,528		2.72		3/31/2023	Quarterly
Starboard Value and Opportunity Fund LP2,3,4	11/1/2018		130,227,075		146,443,564		13.59		6/30/2023	Quarterly
Third Point Partners Qualified L.P.2,3,4,9	11/1/2018		139,803,225		138,256,136		12.83		3/31/2023	Quarterly
WMQS Global Equity Active Extension Onshore Fund LP2,3,4	11/1/2018		121,797,290		145,361,455		13.49		3/31/2023	Monthly
Total Investment Funds		$	1,003,949,186	$	1,075,025,084
Total Investments - 99.78%				$	1,075,025,084
Other assets in excess of liabilities - 0.22%					2,409,130
Net Assets - 100%				$	1,077,434,214

^ Percentages are based on net assets as of January 31, 2023.

¹ Available frequency of redemptions without a redemption fee after initial lock-up period, if any.  Different tranches may have different liquidity terms.  Redemption notice periods range from 45 to 90 days. Lock-up periods range from 3 to 12 months.  Central Park Advisers, LLC cannot estimate when restrictions will lapse for any fund level gates, suspensions, or side pockets.

² Restricted security. Total fair value of restricted securities amounts to $1,075,025,084, which represents approximately 99.78% of net assets as of January 31, 2023.

³ Non-income producing security.

⁴ Investment fund is domiciled in the United States.

⁵ Investment fund is domiciled in the Cayman Islands.

⁶ Subject to a 1-year soft lock and 15% fund level gate.

⁷ Subject to a 15% fund level gate and 12.5% individual gate.

⁸ Subject to a 25% quarterly investor level gate.

⁹ Subject to a 20% quarterly fund level gate.

See accompanying notes to schedule of investments.

The CPG Focused Access Fund, LLC (the “Fund”) meets the definition of an investment company and follows the accounting and reporting guidance as issued through Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its Schedule of Investments. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The Fund values its investments in investment funds at fair value in accordance with FASB ASC 820, Fair Value Measurement (“ASC 820”).

ASC 820 defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes 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 Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in valuing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observation of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below:

• Level 1 — unadjusted quoted prices in active markets for identical financial instruments that the reporting entity has the ability to access at the measurement date.

• Level 2 — inputs other than quoted prices included within Level 1 that are observable for the financial instrument, either directly or indirectly. Level 2 inputs also include quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active.

 • Level 3 — significant unobservable inputs for the financial instrument (including Management’s own assumptions in determining the fair value of investments).

Investments in Investment Funds are recorded at fair value, using the Investment Funds’ net asset value (“NAV”) as a “practical expedient,” in accordance with ASC 820.

The Investment Funds may have the ability to restrict redemptions from the Fund. Suspensions are generally imposed to prevent the liquidation of the underlying Investment Funds as well as to prevent circumstances where an Investment Fund’s underlying investments become so illiquid that there would be serious concern that redeeming investors would be advantaged at the disadvantage of remaining investors. Investments in Investment Funds subject to suspension of redemptions are classified as Level 3 assets.

The NAV of the Fund is determined by, or at the direction of, the Adviser as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below and as may be determined, from time to time, pursuant to policies established by the Board. The Fund’s investments are subject to the terms and conditions of the respective operating agreements and offering memorandums, as appropriate. The Fund’s Valuation Committee (the “Committee”) oversees the valuation process of the Fund’s investments. The Committee meets on a monthly basis and reports to the Board on a quarterly basis. The Fund’s investments in Investment Funds are carried at fair value which generally represents the Fund’s pro-rata interest in the net assets of each Investment Fund as reported by the administrators and/or investment managers of the underlying Investment Funds. All valuations utilize financial information supplied by each Investment Fund and are net of management and incentive fees or allocations payable to the Investment Funds’ managers or pursuant to the Investment Funds’ agreements. The Fund’s valuation procedures require the Adviser to consider all relevant information available at the time the Fund values its portfolio. The Adviser has assessed factors including, but not limited to, the individual Investment Funds' compliance with fair value measurements, price transparency and valuation procedures in place. The Adviser and/or the Board will consider such information and consider whether it is appropriate, in light of all relevant circumstances, to value such a position at its NAV as reported or whether to adjust such value. The underlying investments of each Investment Fund are accounted for at fair value as described in each Investment Fund’s financial statements.

The fair value relating to certain underlying investments of these Investment Funds, for which there is no ready market, has been estimated by the respective Investment Funds’ management and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a ready market for the investments existed. These differences could be material.

The Fund held Investment Funds with a fair value of $1,075,025,084 that in accordance with ASU 2015-07, are excluded from the fair value hierarchy as of January 31, 2023, as investments in Investment Funds valued at NAV, as a “practical expedient”, are not required to be included in the fair value hierarchy.