Conversus StepStone Private Markets NPORT-P Conversus StepStone Private Markets (Jun 2021 report)

Consolidated Schedule of Investments (unaudited) Conversus StepStone Private Markets (CPRIM)	December 31, 2020
Secondary Investments(a) — 69.8%

Name	Acquisition Date	Asset Class	Geographic Region(b)	Fair Value
AEA Investors Fund V L.P. (c)(d)	12/31/2020	Private Equity	North America	$	457,223
AHP Fund I L.P. (c)	12/28/2020	Private Equity	North America		2,743,119
AHP Fund II L.P. (c)	12/28/2020	Private Equity	North America		640,443
Ampersand CF L.P. (c)	11/12/2020	Private Equity	North America		2,260,657
Audax IV CF L.P. (c)	12/24/2020	Private Equity	North America		5,306,239
Littlejohn Fund IV-A L.P. (c)(d)	12/31/2020	Private Equity	North America		116,276
OCHP V GA COI L.P. (c)	12/16/2020	Private Equity	North America		2,450,000
Pine Brook Capital Partners II L.P. (c)(d)	12/31/2020	Private Equity	North America		2,361,596
SPC Partners V L.P. (c)(d)	12/31/2020	Private Equity	North America		386,434
TA Atlantic and Pacific VII-B L.P. (c)(d)	12/31/2020	Private Equity	North America		3,494,431
Tailwind Capital Partners II (Cayman) L.P. (c)	12/31/2020	Private Equity	North America		1,716,025
THL HT Parallel SPV L.P. (c)	11/30/2020	Private Equity	North America		1,838,382
TowerBrook Investors III (Parallel) L.P. (c)	12/31/2020	Private Equity	North America		42,708
Valar Co-Invest 1 L.P. (c)	12/29/2020	Private Equity	North America		2,995,730
Total North America					26,809,264
Equistone Partners Europe Fund IV “E” L.P. (c)	12/31/2020	Private Equity	Europe		436,597
Fifth Cinven Fund (No. 1) L.P. (c)(e)	10/30/2020	Private Equity	Europe		2,377,162
Sixth Cinven Fund (No. 3) L.P. (c)(e)	10/30/2020	Private Equity	Europe		8,476,533
Total Europe					11,290,291
Total Secondary Investments				$	38,099,555

    Co-Investment — 7.4%

Name	Acquisition Date	Asset Class	Geographic Region(b)	Shares		Fair Value
Decisions LLC (c)(d)	12/28/2020	Private Equity	North America		1,718,769	$	4,050,000
Total Co-Investment						$	4,050,000
Total Private Equity — 77.2% (Cost $31,472,399)						$	42,149,555

    Cash Equivalent — 47.8%

Name	Asset Class	Geographic Region(b)	Shares		Fair Value
First American Government Obligations Fund, Class X 0.04%**	Cash Equivalent	North America		26,093,310	$	26,093,310
Total Cash Equivalent (Cost $26,093,310)					$	26,093,310

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Consolidated Schedule of Investments (unaudited) Conversus StepStone Private Markets (CPRIM)	December 31, 2020
Total Investments — 125.0% (Cost $57,565,710)	$	68,242,865
Other Assets and Liabilities, Net — (25.0)%		(13,665,382)
Net Assets — 100.0%	$	54,577,483

(a)	Investment does not issue shares.
(b)	Geographic region generally reflects the geographic location of the Investment Manager.
(c)	Level 3 security in accordance with fair value hierarchy.
(d)	Security is held by CPRIM Cayman II LLC as of December 31, 2020.
(e)	Security is held by CPRIM Cayman LLC as of December 31, 2020.
**	The rate reported is the 7-day effective yield as of December 31, 2020.

The following is a summary of the inputs used as of December 31, 2020 when valuing the CPRIM’s investments:

Investments in Securities	Level 1		Level 2		Level 3		Total
Secondary Investments	$	—	$	—	$	38,099,555	$	38,099,555
Co-Investment		—		—		4,050,000		4,050,000
Cash Equivalent		26,093,310		—		—		26,093,310
Total Investments in Securities	$	26,093,310	$	—	$	42,149,555	$	68,242,865

The table below sets forth a summary of changes in the CPRIM’s assets measured at fair value using significant unobservable inputs (Level 3) for the period October 1, 2020 (inception) through December 31, 2020.

	Balance															Change in		Balance
	as of		Transfers		Transfers						Return			Realized		Unrealized		as of
	October 1,		into		out of		Net		Net		of			Gain		Appreciation		December 31,
	2020		Level 3		Level 3		Purchases		Sales		Capital			(Loss)		(Depreciation)		2020
Secondary Investments		$            -		$            -		$            -		$29,494,935		$        -		$  (722,536	)		$        -		$   9,327,156		$  38,099,555
Co-Investment		-		-		-		2,700,000		-		-			-		1,350,000		4,050,000
		$            -		$            -		$            -		$32,194,935		$        -		$ (722,536	)		$        -		$ 10,677,156		$  42,149,555

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