Bow River Capital Evergreen Fund |
Schedule of Investments |
6/30/2021 (Unaudited) |
Fair Value | ||||
Private Investments - 79.4% | ||||
Co-Investments - 25.2% | ||||
BW Colson Co-Invest Feeder (Cayman), LP1,2 | $ | 3,000,000 | ||
Celery: FFP LLC1,3,4 | 932,840 | |||
CL Oliver Co-Invest I, LP1,4,5 | 129,449 | |||
Coyote 2021 LP1,2 | 2,606,229 | |||
ISH Co-investment Aggregator LP1,2 | 2,307,692 | |||
Onex OD Co-Invest, LP1,2,6 | 3,502,620 | |||
Polaris Newco1,4,7 | 1,940,000 | |||
SEP Hamilton III Aggregator, LP1,2,6 | 3,800,724 | |||
The Global Atlantic Financial Group, LLC1,2,4 | 3,327,100 | |||
US Hospitality Publishers, Inc.1,4,8 | 1,272,895 | |||
VCPF III Co-Invest 1-A LP1,4,9 | 2,408,986 | |||
Veregy Parent, LLC1,2,4 | 3,000,000 | |||
WestCap Cerebral Co-Invest 2021, LLC1,2 | 250,000 | |||
WestCap LoanPal Co-Invest 2020, LLC1,2,6 | 3,765,609 | |||
Total Co-Investments (Cost $29,957,782) | 32,244,144 | |||
Primary Funds - 18.6% | ||||
Avista Capital Partners V, LP1,2,6 | 1,982,633 | |||
EnCap Energy Transition Fund 1-A, L.P.1,2 | 2,190,866 | |||
Grain Spectrum Holdings II (Cayman), LP1,2,6 | 2,298,194 | |||
Lynx EBO Fund I (A), LLC1,2,6 | 2,682,272 | |||
Onex Structured Credit Opportunities Fund I, LP1,2 | 703,099 | |||
Overbay Fund XIV Offshore, LP1,2,6 | 2,819,738 | |||
Sumeru Equity Partners Fund III, LP1,2,6 | 1,519,014 | |||
WestCap Strategic Operator U.S. Feeder Fund, LP1,2,6 | 6,389,713 | |||
Whitehorse Liquidity Partners IV, LP1,2,6 | 3,182,105 | |||
Total Primary Funds (Cost $20,517,343) | 23,767,634 | |||
Private Investment Funds - 12.1% | ||||
PIMCO DSCO Fund II Offshore Feeder, LP1,2,6 | 4,585,589 | |||
Post Limited Term High Yield Fund, LP1,2,6 | 6,063,732 | |||
Voloridge Sustainability Fund, LP1,2,6 | 4,850,171 | |||
Total Private Investment Funds (Cost $15,205,485) | 15,499,492 |
Secondary Funds - 23.4% | ||||
BRCE SPV I, LLC1,2,4 | 703,438 | |||
Coller International Partners VI Feeder Fund, LP1,2,6 | 999,996 | |||
Coller International Partners VII Feeder Fund, LP1,2,6 | 2,641,211 | |||
Forrest Holdings I, LP - Class A1,2,6 | 3,122,951 | |||
Forrest Holdings I, LP - Class B1,2,6 | 3,752,229 | |||
Graphite Capital Partners VIII D, LP1,2,4 | 4,698,878 | |||
KH Aggregator, LP1,2,6 | 5,890,695 | |||
Overbay Fund XIV (AIV III), LP1,2,6 | 2,736,119 | |||
Overbay Fund XIV Offshore (AIV), LP1,2,6,10 | 5,379,691 | |||
Total Seconday Funds (Cost $18,151,013) | 29,925,208 | |||
Warrants - .1% | ||||
VCPF III Co-Invest 1-A LP1,2,4,11 | 91,014 | |||
Total Warrants (Cost $91,014) | 91,014 | |||
Total Private Investments (Cost $83,922,637) | 101,527,492 | |||
Exchange Traded Funds - 2.3% | ||||
Equity Funds - 2.3% | ||||
Core Alternative ETF | 2,938,460 | |||
Total Exchange Traded Funds (Cost $3,027,740) | 2,938,460 | |||
Short-Term Investments - 18.7% | ||||
Demand Deposits - 18.7% | ||||
UMB Money Market Market Fidicuary, 0.01%12 | 600,000 | |||
UMB Money Market Market Special, 0.01%12 | 23,247,919 | |||
Total Short-Term Investments (Cost $23,847,919) | 23,847,919 | |||
Total Investments (Cost $110,798,296) - 100.4% | $ | 128,313,871 | ||
Liabilities in excess of other assets - (0.4%) | (463,032 | ) | ||
Net Assets - 100% | $ | 127,850,839 |
LLC - Limited Liability Company
LP - Limited Partnership
LIBOR - London Interbank Offered Rate
1 | Restricted security. The total value of these securities is $101,527,492, which represents 79.4% of total net assets of the Fund. Please refer to Restricted Securities in the Notes to the Schedule of Investments. |
2 | Non-Income Producing |
3 | $992,500 Principal, 8.25% (LIBOR + 7.25%), 8/18/2025 |
4 | Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $18,504,600, which represents 14.47% of total net assets of the Fund. |
5 | 11.50%, 6/3/2024 |
6 | Investment is valued using net asset value per share (or its equivalent) as a practical expedient. |
7 | $2,000,000 Principal, 9.00% (LIBOR + 1.00%), 6/4/2028 |
8 | $2,000,000 Principal, 8.00% (6.00% Base Rate + 2.00%), 12/18/2025 |
9 | $2,409,216 Principal, 12.25%, 11/17/2025 |
10 | Affiliated investment for which ownership exceeds 10% of the investment's capital. Please refer to Affiliated Issuers, in the Notes to the Schedule of Investments. |
11 | 1,182 contracts, Exercise Price $77.02, Expiration Date 11/17/2025 |
12 | Rate disclosed represents the seven day yield as of the Fund's period end. The UMB Money Market Fidicuary and UMB Money Market Special accounts are interest-bearing money market deposit accounts maintained by UMB Bank, n.a. in its capacity as a custodian for various participating custody accounts. The Fund may redeem its investments in whole, or in part, on each business day. |
On June 30, 2021, the Bow River Capital Evergreen Fund had an outstanding forward foreign currency contract with terms as set forth below:
Contract Amount | ||||||||||||||||||||||
Settlement Date | | Counterparty | | Currency Purchased | | Currency Sold | | Buy | | | Sell | | | Value | | | Unrealized Depreciation | | ||||
September 30, 2021 | Bannockburn Global Forex, LLC | USD | GBP | $ | 4,150,200 | GBP | 3,000,000 | $ | 4,148,960 | 1,240 | ||||||||||||
1,240 |
Bow River Capital Evergreen Fund |
Summary of Investments |
6/30/2021 (Unaudited) |
Percent of Total | ||||
Security Type/Geographic Region | Net Assets | |||
Private Investments | ||||
North America | 61.5 | % | ||
Global | 14.2 | % | ||
Europe | 3.7 | % | ||
Total Private Investments | 79.4 | % | ||
Exchange Traded-Funds | ||||
North America | 2.3 | % | ||
Total Exchange Traded-Funds | 2.3 | % | ||
Short-Term Investments | 18.7 | % | ||
Total Investments | 100.4 | % | ||
Other assets in excess of liabilities | -0.4 | % | ||
Net Assets | 100.0 | % |
See accompanying notes to the Schedule of Investments.
Bow River Capital Evergreen Fund
Notes to the schedule of investments
JUNE 30, 2021 (unaudited)
Affiliated Investments
Issuers that are considered affiliates, as defined in Section 2(a)(3) of the 1940 Act, of the Fund at period-end are noted in the Fund’s Schedule of Investments. The table below reflects transactions during the period with entities that are affiliates as of June 30, 2021 and may include acquisitions of new investments, prior year holdings that become affiliated during the period, and prior period affiliated holdings that are no longer affiliated as of period-end.
Non-Controlled Affiliates | Beginning Fair Value April 1, 2021 | Purchases or Contributions | Sales or Distributions | Change in Unrealized Appreciation (Depreciation) | Net Realized Gain (Loss) | Ending Fair Value June 30, 2021 | Investment Income | |||||||||||||||||||||
Overbay Fund XIV Offshore (AIV), LP | $ | 5,757,998 | $ | — | $ | (378,307 | ) | $ | — | $ | — | $ | 5,379,691 | $ | — | |||||||||||||
Total Non-Controlled Affiliates | $ | 5,757,998 | $ | — | $ | (378,307 | ) | $ | — | $ | — | $ | 5,379,691 | $ | — |
Restricted Securities
Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees.
Additional information on each restricted investment held by the Fund at June 30, 2021 is as follows:
Initial | Fair | % of | ||||||||||||
Investments | Acquisition Date | Cost | Value | Net Assets | ||||||||||
Avista Capital Partners V, LP | March 16, 2021 | 1,748,926 | $ | 1,982,633 | 1.6% | |||||||||
BRCE SPV I, LLC | May 22, 2020 | 265,043 | 703,438 | 0.6% | ||||||||||
BW Colson Co-Invest Feeder (Cayman), LP | March 15, 2021 | 3,049,786 | 3,000,000 | 2.4% | ||||||||||
Celery: FFP LLC1 | August 17, 2020 | 925,426 | 932,840 | 0.7% | ||||||||||
CL Oliver Co-Invest I, LP | May 27, 2021 | 133,449 | 129,449 | 0.1% | ||||||||||
Coller International Partners VI Feed Fund, LP | October 1, 2020 | 613,325 | 999,996 | 0.8% | ||||||||||
Coller International Partners VII Feed Fund, LP | October 1, 2020 | 1,252,322 | 2,641,211 | 2.1% | ||||||||||
Coyote 2021 LP | March 29, 2021 | 2,610,229 | 2,606,229 | 2.0% | ||||||||||
EnCap Energy Transition Fund 1-A, L.P. | April 21, 2021 | 2,194,866 | 2,190,866 | 1.7% | ||||||||||
Forrest Holdings I, LP - Class A | March 17, 2021 | 2,803,237 | 3,122,951 | 2.4% | ||||||||||
Forrest Holdings I, LP - Class B | March 17, 2021 | 1,504,911 | 3,752,229 | 2.9% | ||||||||||
Grain Spectrum Holdings II (Cayman), LP | October 28, 2020 | 2,332,896 | 2,298,194 | 1.8% | ||||||||||
Graphite Capital Partners VIII D, LP | June 30, 2020 | 2,354,328 | 4,698,878 | 3.7% | ||||||||||
ISH Co-investment Aggregator LP | May 6, 2021 | 2,311,692 | 2,307,692 | 1.8% | ||||||||||
KH Aggregator, LP | November 30, 2020 | 4,663,475 | 5,890,695 | 4.6% | ||||||||||
Lynx EBO Fund I (A), LLC | December 18, 2020 | 2,504,000 | 2,682,272 | 2.1% | ||||||||||
Onex OD Co-Invest, LP | November 9, 2020 | 3,511,271 | 3,502,620 | 2.7% | ||||||||||
Onex Structured Credit Opportunities Fund I, LP | May 11, 2021 | 711,218 | 703,099 | 0.5% | ||||||||||
Overbay Fund XIV (AIV III), LP | March 26, 2021 | 1,857,383 | 2,736,119 | 2.1% | ||||||||||
Overbay Fund XIV Offshore (AIV), LP | January 5, 2021 | 2,836,989 | 5,379,691 | 4.2% | ||||||||||
Overbay Fund XIV Offshore, LP | January 22, 2021 | 2,229,011 | 2,819,738 | 2.2% | ||||||||||
PIMCO DSCO Fund II Offshore Feeder, LP | June 30, 2020 | 4,205,485 | 4,585,589 | 3.6% | ||||||||||
Polaris Newco | June 18, 2021 | 1,944,000 | 1,940,000 | 1.5% | ||||||||||
Post Limited Term High Yield Fund, LP | January 1, 2021 | 6,000,000 | 6,063,732 | 4.7% | ||||||||||
SEP Hamilton III Aggregator, LP | August 17, 2020 | 2,519,336 | 3,800,724 | 3.0% | ||||||||||
Sumeru Equity Partners Fund III, LP | December 8, 2020 | 1,408,942 | 1,519,014 | 1.2% | ||||||||||
The Global Atlantic Financial Group, LLC | January 1, 2021 | 3,506,644 | 3,327,100 | 2.6% | ||||||||||
US Hospitality Publishers, Inc. | January 11, 2021 | 1,272,895 | 1,272,895 | 1.0% | ||||||||||
VCPF III Co-Invest 1-A LP | May 13, 2021 | 2,412,986 | 2,408,986 | 1.9% | ||||||||||
VCPF III Co-Invest 1-A LP (Warrants) | May 13, 2021 | 91,014 | 91,014 | 0.1% | ||||||||||
Veregy Parent, LLC | November 3, 2020 | 3,005,300 | 3,000,000 | 2.4% | ||||||||||
Voloridge Sustainability Fund, LP | November 1, 2020 | 5,000,000 | 4,850,171 | 3.8% | ||||||||||
WestCap Cerebral Co-Invest 2021, LLC | June 17, 2021 | 253,036 | 250,000 | 0.2% | ||||||||||
Westcap LoanPal Co-Invest 2020, LLC | December 18, 2020 | 2,501,732 | 3,765,609 | 2.9% | ||||||||||
Westcap Strategic Operator U.S. Feeder Fund, LP | February 5, 2021 | 4,663,740 | 6,389,713 | 5.0% | ||||||||||
Whitehorse Liquidity Partners IV, LP | November 10, 2020 | 2,723,744 | 3,182,105 | 2.5% | ||||||||||
$ | 83,922,637 | $ | 101,527,492 | 79.4% |