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

Conversus StepStone Private Markets

Consolidated Schedule of Investments

June 30, 2021 (unaudited)

Investment Funds(a)(b)(c)(d) — 68.2%
Name	Acquisition   Date(e)	Asset Class		Geographic     Region(f)		Fair Value
Global Infrastructure Partners II-C, L.P. (g)	06/30/2021		Private Equity		North America	$	14,801,228
Audax Private Equity Fund IV CF, L.P. (g)	12/24/2020		Private Equity		North America		5,613,008
Kelso Breathe Investor (DE), L.P. (g)	02/11/2021		Private Equity		North America		5,101,246
Excellere Capital Fund II, L.P. (g)	04/01/2021		Private Equity		North America		4,116,637
TA Atlantic and Pacific VII-B (g)(i)	12/31/2020		Private Equity		North America		3,552,159
Harvest Partners VI, L.P. (g)(j)	03/31/2021		Private Equity		North America		3,543,453
Webster Equity Partners III-A, L.P. (g)	04/29/2021		Private Equity		North America		3,471,482
Valar Co-Invest 1 LP (g)	11/29/2020		Private Equity		North America		3,145,582
Apollo Overseas Partners (Delaware 892) VIII, L.P. (g)(i)	04/01/2021		Private Equity		North America		2,994,256
Pine Brook Capital Partners II, L.P. (g)(i)	12/31/2020		Private Equity		North America		2,885,780
AHP Fund 1 Feeder L.P. (g)	12/28/2020		Private Equity		North America		2,751,075
Ampersand CF Limited Partnership (g)	11/12/2020		Private Equity		North America		2,513,981
OCHP V GA COI, L.P. (g)	12/16/2020		Private Equity		North America		2,449,120
THL HT Parallel SPV, L.P. (g)	11/30/2020		Private Equity		North America		2,430,035
Patriot SPV, L.P. (g)	03/18/2021		Private Equity		North America		2,413,085
SPC Partners IV, L.P. (g)(k)	03/31/2021		Private Equity		North America		2,062,446
Tailwind Capital Partners II (g)	12/31/2020		Private Equity		North America		1,932,140
Blackstone Capital Partners VI L.P. (g)(i)	01/01/2021		Private Equity		North America		1,594,272
Gridiron Capital Fund II, L.P. (g)(k)	04/01/2021		Private Equity		North America		1,413,446
Sterling Investment Partners III, L.P. (g)(i)	01/01/2021		Private Equity		North America		1,370,674
FFL Parallel Fund IV, L.P. (g)(i)	01/01/2021		Private Equity		North America		1,334,032
Apollo Natural Resources Partners II, L.P. (g)(i)	04/01/2021		Private Equity		North America		1,054,660
Odyssey Investment Partners Fund IV, LP (g)	04/01/2021		Private Equity		North America		1,050,223
Water Street Healthcare Partners II, L.P. (g)	04/01/2021		Private Equity		North America		996,686
Oak Hill Capital Partners V, L.P. (g)	01/29/2021		Private Equity		North America		856,808
AHP Fund II PV Feeder L.P. (g)	12/28/2020		Private Equity		North America		665,828
Worldview Technology Partners IV, L.P. (g)(i)	04/01/2021		Private Equity		North America		619,725
Quintana Energy Partners II, L.P. (g)(j)	04/02/2021		Private Equity		North America		496,224
LLR Equity Partners III, L.P. (g)(k)	04/02/2021		Private Equity		North America		458,358
Apollo Overseas Partners (Delaware 892) VII, L.P. (g)(i)	04/01/2021		Private Equity		North America		415,992
Apollo Natural Resources Partners, L.P. (g)(i)	04/01/2021		Private Equity		North America		397,059
Gridiron Strategic Advisors Fund, L.P. (g)(k)	04/01/2021		Private Equity		North America		370,558
SPC Partners V, L.P. (g)(i)	12/31/2020		Private Equity		North America		323,551
TPG Growth II, L.P. (g)(k)	04/09/2021		Private Equity		North America		275,629
AEA Investors Fund V LP (g)(i)	12/31/2020		Private Equity		North America		224,225
Madison Dearborn Capital Partners VIII-C, L.P. (g)	03/12/2021		Private Equity		North America		222,671
Saw Mill Capital Investors, L.P. (g)(j)	04/09/2021		Private Equity		North America		190,515
ABRY Partners VI, L.P. (g)(k)	03/31/2021		Private Equity		North America		184,620
Littlejohn Fund IV - A L.P. (g)(i)	12/31/2020		Private Equity		North America		175,998
Clearview Capital Fund II, L.P. (g)(k)	03/31/2021		Private Equity		North America		134,685
Gores Capital Partners III, L.P. (g)(i)	01/01/2021		Private Equity		North America		97,712
ABRY Senior Equity III, L.P. (g)(k)	03/31/2021		Private Equity		North America		84,947
TowerBrook Investors III (Parallel), L.P. (g)	12/31/2020		Private Equity		North America		23,662
Riverside Fund IV, L.P. (g)(j)	04/09/2021		Private Equity		North America		17,687
Total North America — 58.6%							80,827,160
Sixth Cinven Fund (No. 3) Limited Partnership (g)(k)	10/30/2020		Private Equity		Europe		7,809,616
Fifth Cinven Fund (No. 1) Limited Partnership (g)(k)	10/30/2020		Private Equity		Europe		2,769,070
Astorg V (g)	01/01/2021		Private Equity		Europe		892,641
Equistone Partners Europe Fund IV (g)	12/31/2020		Private Equity		Europe		505,365
Terra Firma Capital Partners II (g)(i)	01/01/2021		Private Equity		Europe		18,233
Total Europe — 8.7%							11,994,925
Carlyle South America Buyout Fund, L.P. and Parallel Vehicles (g)(i)	01/01/2021		Private Equity		Latin America		800,557
Carlyle MENA Partners, L.P. and Parallel Vehicles (g)(i)	01/01/2021		Private Equity		Middle East		415,134
Total Rest of World — 0.9%							1,215,691
Total Investment Funds — 68.2% (Cost $73,925,398)						$	94,037,776

1

Conversus StepStone Private Markets

Consolidated Schedule of Investments

June 30, 2021 (unaudited)

Co-Investments — Private Equity — 10.8%
Name	Acquisition   Date(e)	Asset Class		Geographic     Region(f)		Shares		Fair Value
MH Fund II Co-Invest, LP (g)(h)(l)	03/23/2021		Real Estate		North America		(m)	$	5,681,106
Decisions, LLC (g)(j)(n)	12/28/2020		Private Equity		North America		1,718,769		4,824,445
THL Fund IX Investors, L.P. (g)	05/05/2021		Private Equity		North America		(o)		2,486,950
BPCP Speedstar Acquisition, LLC (g)(h)	01/01/2021		Private Equity		North America		1,900		1,849,492
Total Co-Investments — Private Equity — 10.8% (Cost $13,086,950)								$	14,841,993

Co-Investment — Direct Debt — 3.0%
Name	Rate	Acquisition   Date(e)	Maturity Date		Investment Type		Principal		Fair Value
Hao Tian Asia Investment Co Ltd. Facility A (g)(k)	10.65%	06/30/2021		10/11/2024		Mezzanine	$	4,096,895	$	4,090,205
Total Co-Investment — Direct Debt — 3.0% (Cost $4,157,788)									$	4,090,205

Cash Equivalent — 32.1%
Name	Asset Class		Geographic       Region(f)		Shares		Fair Value
First American Government Obligations Fund, Class X 0.03%(p)(q)		Cash Equivalent		North America		44,305,760	$	44,305,760
Total Cash Equivalent (Cost $44,305,760)							$	44,305,760
Total Investments — 114.1% (Cost $135,475,896)							$	157,275,734
Other Assets and Liabilities, Net — (14.1)%								(19,417,151	)
Net Assets — 100.0%							$	137,858,583

^(a)  Investment Funds include secondary fund investments.

^(b)  Investment does not issue shares.

^(c)  Non-income producing.

^(d)  Investment funds are not redeemable and the final distribution date is not known at this time.

^(e)  Private assets are generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date.

^(f)  Geographic region generally reflects the location of the Investment Manager.

^(g)  Level 3 security in accordance with fair value hierarchy.

^(h)  Security is held by CPRIM LLC — Series A.

⁽ⁱ⁾  Security is held by CPRIM Cayman II LLC.

^(j)  Security is held by CPRIM LLC — Series B.

^(k)  Security is held by CPRIM Cayman LLC.

^(l)  Represents investment in Strive Communities.

^(m)  As of June 30, 2021, CPRIM owns 2.18% of this limited partnership.

⁽ⁿ⁾  Represents investment in Decisions.

^(o)  As of June 30, 2021, CPRIM owns less than 1% of this limited partnership.

^(p)  The rate reported is the 7-day effective yield at the period end.

^(q)  The audited statements of the fund can be found at sec.gov.

2

Conversus StepStone Private Markets

Consolidated Schedule of Investments

June 30, 2021 (unaudited)

The following table summarizes the Fund’s investments classified in the fair value hierarchy as of June 30, 2021:

Investments in Securities	Level 1		Level 2		Level 3		Total
Investment Funds	$	—	$	—	$	94,037,776	$	94,037,776
Co-Investments — Private Equity		—		—		14,841,993		14,841,993
Co-Investment — Direct Debt		—		—		4,090,205		4,090,205
Cash Equivalent		44,305,760		—		—		44,305,760
Total Investments in Securities	$	44,305,760	$	—	$	112,969,974	$	157,275,734

The following table shows a reconciliation of the investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	Balance       as of April 1, 2021		Net     Transfers     In (Out) of Level 3		Purchases		Sales and   Distributions			Realized       Gain (Loss)		Net Change in Unrealized Appreciation   (Depreciation)			Balance       as of June 30, 2021
Investment Funds	$	59,057,130	$	—	$	30,638,551	$	(7,085,078	)	$	3,787,309	$	7,639,864		$	94,037,776
Co-Investments — Private Equity		12,962,500		—		2,486,950		—			—		(607,457	)		14,841,993
Co-Investment — Direct Debt		—		—		4,156,748		—			—		(66,543	)		4,090,205
	$	72,019,630	$	—	$	37,282,249	$	(7,085,078	)	$	3,787,309	$	6,965,864		$	112,969,974

3