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

Conversus StepStone Private Markets

Consolidated Schedule of Investments

December 31, 2021 (unaudited)

    Investment Funds^(a)(b)(c)(d) — 55.0%

	Acquisition		Geographic
Name	Date(e)	Asset Class	Region(f)	Fair Value
Riverside Micro-Cap Fund IV-A, L.P. (g)	12/31/2021	Private Equity	North America	$	12,444,597
Global Infrastructure Partners II-C, L.P. (g)	06/30/2021	Infrastructure	North America		8,887,246
CD&R Value Building Partners I, L.P. (g)	12/17/2021	Private Equity	North America		8,471,870
Kelso Breathe Investor (DE), L.P. (g)	02/11/2021	Private Equity	North America		7,557,713
Valar Co-Invest 1 LP (g)(h)	12/29/2020	Private Equity	North America		7,012,079
Pegasus WSJLL Fund, L.P. (g)	12/14/2021	Private Equity	North America		5,919,638
Audax Private Equity Fund IV CF, L.P. (g)	12/24/2020	Private Equity	North America		5,804,917
Vector Capital V, L.P. (g)	12/31/2021	Private Equity	North America		5,716,266
HPH II International FF, LP (g)	07/12/2021	Private Equity	North America		5,306,983
West Street Real Estate Secondary Partners B, L.P. (g)(i)	12/10/2021	Real Estate	North America		5,245,279
Webster Equity Partners III-A, L.P. (g)	04/29/2021	Private Equity	North America		5,198,345
Trive Capital Fund III LP (g)(k)	12/31/2021	Private Equity	North America		4,596,520
Catterton Partners VII, LP (g)	12/31/2021	Private Equity	North America		4,560,960
Westview Capital Partners III, L.P. (g)(j)	12/31/2021	Private Equity	North America		4,093,292
Excellere Capital Fund II, L.P. (g)	04/01/2021	Private Equity	North America		4,085,749
Clayton, Dubilier & Rice Fund X, L.P. (g)(j)	12/31/2021	Private Equity	North America		3,949,551
H.I.G. Realty Credit SRE Non-REIT L.P. (g)	10/01/2021	Real Estate	North America		3,816,677
Harvest Partners VI, L.P. (g)(k)	03/31/2021	Private Equity	North America		3,618,145
THL HT Parallel SPV, L.P. (g)	11/30/2020	Private Equity	North America		3,606,902
Berkshire Fund IX, L.P. (g)(i)	09/04/2021	Private Equity	North America		3,411,140
TA Atlantic and Pacific VII-B L.P. (g)(j)	12/31/2020	Private Equity	North America		3,008,646
Stripes Continuation Feeder Fund, LP (g)	10/29/2021	Private Equity	North America		2,861,417
Patriot SPV, L.P. (g)	03/18/2021	Private Equity	North America		2,790,923
Pine Brook Capital Partners II, L.P. (g)(j)	12/31/2020	Private Equity	North America		2,773,148
AHP Fund I PV Feeder L.P. (g)	12/28/2020	Private Equity	North America		2,760,200
OHCP V GA COI, L.P. (g)	12/16/2020	Private Equity	North America		2,694,369
Berkshire Fund VIII, L.P. (g)(i)	09/04/2021	Private Equity	North America		2,592,348
Riverside Capital Appreciation Fund VI, L.P. (g)	12/31/2021	Private Equity	North America		2,567,210
Apollo Overseas Partners (Delaware 892) VIII, L.P. (g)(j)	04/01/2021	Private Equity	North America		2,481,595
Ampersand CF Limited Partnership (g)	11/12/2020	Private Equity	North America		2,411,744
JFL-NG Continuation Fund, L.P. (g)	10/27/2021	Private Equity	North America		2,351,047
Riverside Micro-Cap Fund IV B A, L.P. (g)	12/31/2021	Private Equity	North America		2,304,606
Fulcrum Capital Partners V, LP(g)	12/31/2021	Private Equity	North America		2,249,827
SPC Partners IV, L.P. (g)(l)	03/31/2021	Private Equity	North America		2,046,875
Gryphon Partners IV, L.P. (g)	12/31/2021	Private Equity	North America		2,026,212
Oak Hill Capital Partners V, L.P. (g)	01/29/2021	Private Equity	North America		1,943,842
Tailwind Capital Partners II (Cayman) L.P. (g)	12/31/2020	Private Equity	North America		1,565,012
PTEV, L.P. (g)(i)	12/30/2021	Private Equity	North America		1,501,291
Trive Capital Fund III-A, LP (g)	12/31/2021	Private Equity	North America		1,370,951
Sterling Investment Partners III, L.P. (g)(j)	01/01/2021	Private Equity	North America		1,283,745
FFL Parallel Fund IV, L.P. (g)(j)	01/01/2021	Private Equity	North America		1,203,145
Blackstone Capital Partners VI L.P. (g)(j)	01/01/2021	Private Equity	North America		1,092,527
AHP Fund II PV Feeder L.P. (g)	12/28/2020	Private Equity	North America		1,001,020
Trive Capital Fund II (Offshore) LP (g)	12/31/2021	Private Equity	North America		989,841
L Catterton VIII Offshore, LP (g)	12/31/2021	Private Equity	North America		922,036
Apollo Natural Resources Partners II, L.P. (g)(j)	04/01/2021	Private Equity	North America		904,740
Worldview Technology Partners IV, L.P. (g)(j)	04/01/2021	Private Equity	North America		619,720
Water Street Healthcare Partners II, L.P. (g)	04/01/2021	Private Equity	North America		614,992
Gridiron Capital Fund II, L.P. (g)(l)	04/01/2021	Private Equity	North America		502,090
Madison Dearborn Capital Partners VIII-C, L.P. (g)	03/12/2021	Private Equity	North America		416,237
SPC Partners V, L.P. (g)(j)	12/31/2020	Private Equity	North America		375,537
LLR Equity Partners III, L.P. (g)(l)	04/02/2021	Private Equity	North America		369,528
AEA Investors Fund V LP (g)(j)	12/31/2020	Private Equity	North America		280,617
Berkshire Fund X, L.P. (g)(i)	09/04/2021	Private Equity	North America		275,995
Quintana Energy Partners II, L.P. (g)(k)	04/02/2021	Private Equity	North America		256,507
TPG Growth II, L.P. (g)(l)	04/09/2021	Private Equity	North America		236,511
Apollo Natural Resources Partners, L.P. (g)(j)	04/01/2021	Private Equity	North America		222,077
Saw Mill Capital Investors, L.P. (g)(k)	04/09/2021	Private Equity	North America		191,988
Littlejohn Fund IV-A, L.P. (g)(j)	12/31/2020	Private Equity	North America		183,814
ABRY Partners VI, L.P. (g)(l)	03/31/2021	Private Equity	North America		142,685
Trive Capital Fund I (Offshore) LP (g)	12/31/2021	Private Equity	North America		136,904
Gores Capital Partners III, L.P. (g)(j)	01/01/2021	Private Equity	North America		124,446
Apollo Overseas Partners (Delaware 892) VII, L.P. (g)(j)	04/01/2021	Private Equity	North America		115,838

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Conversus StepStone Private Markets

Consolidated Schedule of Investments

December 31, 2021 (unaudited)

    Investment Funds^(a)(b)(c)(d) — 63.6%

	Acquisition		Geographic
Name	Date(e)	Asset Class	Region(f)	Fair Value
Gridiron Strategic Advisors Fund, L.P. (g)(l)	04/01/2021	Private Equity	North America	$	72,839
ABRY Senior Equity III, L.P. (g)(l)	03/31/2021	Private Equity	North America		54,012
Clearview Capital Fund II, L.P. (g)(l)	03/31/2021	Private Equity	North America		53,844
Odyssey Investment Partners Fund IV, LP (g)	04/01/2021	Private Equity	North America		38,037
TowerBrook Investors III (Parallel), L.P. (g)	12/31/2020	Private Equity	North America		25,023
Riverside Fund IV, L.P. (g)(k)	04/09/2021	Private Equity	North America		17,542
Total North America — 56.4%					170,328,969
Sixth Cinven Fund (No. 3) Limited Partnership (g)(l)	10/30/2020	Private Equity	Europe		7,109,205
Fifth Cinven Fund (No. 1) Limited Partnership (g)(l)	10/30/2020	Private Equity	Europe		2,652,511
Advent International GPE VIII-H Limited Partnership (g)(j)	12/31/2021	Private Equity	Europe		4,942,736
LQG JV Landmark Portfolio GmbH & Co KG (g)(l)	07/12/2021	Real Estate	Europe		1,251,002
Advent International GPE VII-E Limited Partnership (g)(j)	12/31/2021	Private Equity	Europe		1,056,391
Astorg V (g)	01/01/2021	Private Equity	Europe		851,175
WREP#2 Luxco S.à r.l. (g)(l)	07/12/2021	Real Estate	Europe		639,466
Kitty Hawk Capital Partners IV (Euro Feeder I) L.P. (g)(l)	07/12/2021	Real Estate	Europe		624,320
Astorg IQ-EQ Fund (g)	12/31/2021	Private Equity	Europe		475,382
DFI European Value-Add Fund II (g)(l)	07/12/2021	Real Estate	Europe		452,156
Equistone Partners Europe Fund IV (g)	12/31/2020	Private Equity	Europe		400,679
Harbert European Real Estate Fund III, L.P. (g)(l)	07/12/2021	Real Estate	Europe		82,695
Eurostone SRIO II S.C.A (g)(l)	07/12/2021	Real Estate	Europe		71,453
Total Europe — 6.8%					20,609,171
Carlyle MENA Partners, L.P. and Parallel Vehicles (g)(j)	01/01/2021	Private Equity	Middle East		671,973
Carlyle South America Buyout Fund, L.P. and Parallel Vehicles (g)(j)	01/01/2021	Private Equity	Latin America		611,631
Total Rest of World — 0.4%					1,283,604
Total Investment Funds — 63.6% (Cost $161,642,463)				$	192,221,744

    Co-Investments — Private Equity — 13.4%

	Acquisition		Geographic
Name	Date(e)	Asset Class	Region(f)	Shares	Fair Value
MH Fund II Co-Invest, LP (g)(i)	03/23/2021	Real Estate	North America	(m)	$	6,056,860
Apple Co-Invest L.P. (g)	09/20/2021	Infrastructure	North America	(n)		5,173,770
Decisions, LLC (g)(k)	12/28/2020	Private Equity	North America	1,718,769		5,131,199
Pegasus Coinvestors LP (g)(k)	10/05/2021	Real Estate	North America	(n)		3,455,422
MPP KKC Holdings, LLC (g)(i)	11/10/2021	Private Equity	North America	3,000,000		3,000,000
THL Fund IX Investors (Beacon), L.P. (g)	05/05/2021	Private Equity	North America	(n)		2,486,638
BPCP Speedstart Acquisition, LLC (g)(i)	01/20/2021	Private Equity	North America	1,900		2,163,905
TPG VIII Merlin CI II, L.P. (g)	07/30/2021	Private Equity	North America	(n)		938,939
Total North America — 9.4%						28,406,733
Palace Co-Invest, SLP (g)	08/07/2021	Infrastructure	Europe	(o)		9,054,895
BC Partners Defender Co-Investment L.P. (g)	09/10/2021	Private Equity	Europe	(p)		2,974,381
Total Europe — 4.0%						12,029,276
Total Co-Investments — Private Equity — 13.4% (Cost $37,083,111)					$	40,436,009

2

Conversus StepStone Private Markets

Consolidated Schedule of Investments

December 31, 2021 (unaudited)

    Co-Investments — Direct Debt — 1.4%

		Acquisition
Name	Rate	Date	Maturity Date	Investment Type	Principal		Fair Value
Hao Tian Asia Investment Co Ltd. Facility A (g)(l)	10.65%	06/04/2021	10/11/2024	Mezzanine	$	4,012,321	$	3,967,209
Hao Tian Asia Investment Co Ltd. Facility B (g)(l)	10.65%	06/04/2021	10/11/2024	Mezzanine		162,710		162,710
Total Europe — 1.4%								4,129,919
Total Co-Investments — Direct Debt — 1.4% (Cost $4,323,878)							$	4,129,919

    Common Stock — 0.1%

	Acquisition		Geographic
Name	Date	Asset Class	Region	Shares		Fair Value
Corsa Coal Corp. (c)(k)	12/29/2021	Common Stock	North America		491,308	$	245,163
Total North America — 0.1%							245,163
Total Common Stock — 0.1% (Cost $—)						$	245,163

    Cash Equivalent — 19.5%

		Geographic
Name	Asset Class	Region(f)	Shares		Fair Value
First American Government Obligations Fund, Class X 0.03%(q)(r)	Cash Equivalent	North America		58,920,650	$	58,920,650
Total Cash Equivalent — 19.5% (Cost $58,920,650)						58,920,650
Total Investments — 98.0% (Cost $261,970,102)					$	295,953,485
Other Assets and Liabilities, Net — 2.0%						6,189,513
Net Assets — 100.0%					$	302,142,998

^(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)  Partnership is invested in Wise plc listed on the London Stock Exchange effective July 7, 2021.

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

^(j)  Security is held by CPRIM Cayman II LLC.

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

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

^(m)  As of December 31, 2021, CPRIM LLC - Series A owns 2.17% of this limited partnership.

⁽ⁿ⁾  As of December 31, 2021, CPRIM owns less than 1% of this limited partnership.

^(o)  As of December 31, 2021, CPRIM owns 1.78% of this limited partnership.

3

Conversus StepStone Private Markets

Consolidated Schedule of Investments

December 31, 2021 (unaudited)

^(p)  As of December 31, 2021, CPRIM owns 1.47% of this limited partnership.

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

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

The following table summarizes the Fund’s investments classified in the fair value hierarchy as of December 31, 2021:

Investments in Securities	Level 1		Level 2		Level 3		Total
Investment Funds	$	—	$	—	$	192,221,744	$	192,221,744
Co-Investments		—		—		44,565,928		44,565,928
Common Stock		245,163		—		—		245,163
Cash Equivalent		58,920,650		—		—		58,920,650
Total Investments in Securities	$	59,165,813	$	—	$	236,787,672	$	295,953,485

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     December 31,     2021
Investment Funds	$	59,057,130	$	—	$	129,970,820	$	(32,329,291)	$	17,386,713	$	18,136,372	$	192,221,744
Co-Investments		12,962,500		—		32,992,074		(2,232,240)		47,154		796,440		44,565,928
	$	72,019,630	$	—	$	162,962,894	$	(34,561,531)	$	17,433,867	$	18,932,812	$	236,787,672

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