Bow River Capital Evergreen Fund
Schedule of Investments
December 31, 2021 (Unaudited)
Fair Value | ||||
Private Investments - 80.4% | ||||
Co-Investments - 31.4% | ||||
AP DSB Co-Invest II, LP1,2,4 | $ | 3,232,135 | ||
Ashgrove Speciality Lending Investments I, 8.75% (LIBOR + 8.25%), 4/9/2026, principal GBP 1,000,0001,3 | 1,341,248 | |||
Biloxi Co-Investment Partners, LP1,2 | 1,453,642 | |||
BW Colson Co-Invest Feeder (Cayman), LP1,2,4 | 3,769,563 | |||
CL Oliver Co-Invest I, LP1,2,4 | 452,621 | |||
Coyote 2021, LP1,2,4 | 4,753,097 | |||
ISH Co-Investment Aggregator, LP1,2,4 | 2,405,586 | |||
OceanSound Partners Co-Invest II, LP - Series B1,2 | 2,437,500 | |||
Onex OD Co-Invest, LP1,2,4 | 3,952,941 | |||
Palmer Square Loan Funding 2021-3, Ltd.1,2 | 2,000,000 | |||
Polaris Newco, 9.00% (LIBOR +1.00%), 6/4/2028, principal $2,000,0001,3 | 1,940,000 | |||
Project Stream Co-Invest Fund, LP1,2 | 2,231,250 | |||
Sand Trust Series 21-1A - Class SUB1,2 | 1,000,000 | |||
SEP Hamilton III Aggregator, LP1,2,4 | 6,364,888 | |||
SEP Skyhawk Fund III Aggregator, LP1,2,4 | 529,898 | |||
The Global Atlantic Financial Group, LLC1,2,3 | 3,710,000 | |||
US Hospitality Publishers, Inc., 8.00% (6.00% Base Rate + 2.00%), 12/18/2025, principal $2,000,0001,3 | 1,541,237 | |||
VCPF III Co-Invest 1-A, LP1,2,4 | 2,541,077 | |||
Veregy Parent, LLC1,2,3 | 3,000,000 | |||
WestCap Cerebral Co-Invest 2021, LLC1,2,4 | 313,948 | |||
WestCap LoanPal Co-Invest 2020, LLC1,2,4 | 5,750,722 | |||
Wildcat 21 Co-Invest Fund, LP1,2,4 | 2,250,161 | |||
Total Co-Investments (Cost $45,990,361) | 56,971,514 | |||
Primary Funds - 20.5% | ||||
Ashgrove Speciality Lending Fund I SCSp RAIF1,2 | 421,597 | |||
Avista Capital Partners V, LP1,2,4 | 2,737,157 | |||
EnCap Energy Transition Fund 1-A, LP1,2,4 | 1,903,107 | |||
Grain Spectrum Holdings III (Cayman), LP1,2,4 | 2,296,273 | |||
Lynx EBO Fund I (A), LLC1,2,4 | 2,959,898 | |||
OceanSound Partners Fund, LP1,2,3 | 4,214,977 | |||
Onex Structured Credit Opportunities International Fund I, LLC1,2,4 | 1,206,580 | |||
Overbay Fund XIV Offshore, LP1,2,4 | 2,921,989 | |||
Sumeru Equity Partners Fund III, LP1,2,4 | 2,373,481 | |||
WestCap Strategic Operator Fund II, LP1,2,4 | 1,022,477 | |||
WestCap Strategic Operator U.S. Feeder Fund, LP1,2,4 | 11,113,991 | |||
Whitehorse Liquidity Partners IV, LP1,2,4 | 3,980,918 | |||
Total Primary Funds (Cost $26,395,270) | 37,152,445 | |||
Private Investment Funds - 8.8% | ||||
PIMCO DSCO Fund II Offshore Feeder, LP1,2,4 | 4,711,643 | |||
Post Limited Term High Yield Fund, LP1,2,4 | 6,150,575 | |||
Voloridge Sustainability Fund, LP1,2,4 | 5,102,338 | |||
Total Private Investment Funds (Cost $15,205,485) | 15,964,556 |
Secondary Funds - 19.7% | ||||
BRCE SPV I, LLC1,2,3 | 236,041 | |||
Coller Credit Opportunities I - Annex I, SLP1,2 | 3,239,986 | |||
Coller International Partners VI Feeder Fund, LP - Class A1,2,4 | 971,877 | |||
Coller International Partners VII Feeder Fund, LP - Series B1,2,4 | 2,826,732 | |||
Forrest Holdings I, LP - Class A1,2,4 | 1,400,911 | |||
Forrest Holdings I, LP - Class B1,2,3 | 3,150,000 | |||
Graphite Capital Partners VIII D, LP1,2,3 | 4,416,622 | |||
KH Aggregator, LP1,2,4 | 5,338,425 | |||
Overbay Fund XIV (AIV III), LP1,2,4 | 3,063,796 | |||
Overbay Fund XIV Offshore (AIV), LP1,2,4,5 | 6,145,367 | |||
Porcupine Holdings, LP - Class A1,2 | 2,799,787 | |||
Porcupine Holdings, LP - Class B1,2 | 2,008,512 | |||
Total Secondary Funds (Cost $19,749,868) | 35,598,056 | |||
Total Private Investments (Cost $107,340,984) | 145,686,571 | |||
Exchange Traded Funds - 1.7% | ||||
Equity Funds - 1.7% | ||||
Core Alternative ETF | 3,116,000 | |||
Total Exchange Traded Funds (Cost $3,047,500) | 3,116,000 | |||
Short-Term Investments - 23.8% | ||||
Demand Deposits - 23.8% | ||||
UMB Money Market Fidicuary, 0.01%6 | 10,336,000 | |||
UMB Money Market Special, 0.01%6 | 32,833,699 | |||
Total Short-Term Investments (Cost $43,169,699) | 43,169,699 | |||
Total Investments (Cost $153,558,183) - 105.9% | $ | 191,972,270 | ||
Liabilities in excess of other assets - (5.9%) | (10,788,070 | ) | ||
Net Assets - 100% | $ | 181,184,200 |
RAIF - Reserved Alternative Investment Fund
LLC - Limited Liability Company
LP - Limited Partnership
LIBOR - London Interbank Offered Rate
SCSP - Special Limited Partnership
SLP - Special Limited Partnership
1 | Restricted security. The total value of these securities is $145,686,571, which represents 80.4% 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 | Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $23,550,125, which represents 13% of total net assets of the Fund. |
4 | Investment is valued using net asset value per share (or its equivalent) as a practical expedient. |
5 | Affiliated investment for which ownership exceeds 10% of the investment's capital. Please refer to Affiliated Investments, in the Notes to the Schedule of Investments. |
6 | 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 December 31, 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 | |||||||||||||||
March 31, 2022 | Bannockburn Global Forex, LLC | USD | GBP | $ | 4,039,500 | GBP | 3,000,000 | $ | 4,056,789 | (17,289 | ) | |||||||||||
(17,289 | ) |
Bow River Capital Evergreen Fund
Summary of Investments
December 31, 2021 (Unaudited)
Percent of Total | ||
Security Type/Geographic Region | Net Assets | |
Private Investments | ||
North America | 64.6% | |
Global | 12.4% | |
Europe | 3.4% | |
Total Private Investments | 80.4% | |
Exchange Traded-Funds | ||
North America | 1.7% | |
Total Exchange Traded-Funds | 1.7% | |
Short-Term Investments | 23.8% | |
Total Investments | 105.9% | |
Liabilities in excess of other assets | -5.9% | |
Net Assets | 100.0% |
See accompanying notes to the Schedule of Investments.
Bow River Capital Evergreen Fund
Notes to the schedule of investments
December 31, 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 December 31, 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 2021 | Purchases or Contributions | Sales or Distributions | Change in Unrealized Appreciation (Depreciation) | Net Realized Gain (Loss) | Ending Fair Value December 31, 2021 | Investment Income | |||||||||||||||||||||
Overbay Fund XIV Offshore (AIV), LP | $ | 5,757,998 | $ | — | $ | (1,621,145 | ) | $ | 2,008,514 | $ | — | $ | 6,145,367 | $ | — | |||||||||||||
Total Non-Controlled Affiliates | $ | 5,757,998 | $ | — | $ | (1,621,145 | ) | $ | 2,008,514 | $ | — | $ | 6,145,367 | $ | — |
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 December 31, 2021 is as follows:
Investments | Initial Acquisition Date | Cost | Fair Value | % of Net Assets | ||||||||||
AP DSB Co-Invest II, LP | July 30, 2021 | $ | 3,014,243 | $ | 3,232,135 | 1.8 | % | |||||||
Ashgrove Speciality Lending Fund I SCSp RAIF | December 17, 2021 | 422,878 | 421,597 | 0.2 | % | |||||||||
Ashgrove Speciality Lending Investments I | July 8, 2021 | 1,370,160 | 1,341,248 | 0.8 | % | |||||||||
Avista Capital Partners V, LP | March 16, 2021 | 2,311,793 | 2,737,157 | 1.5 | % | |||||||||
Biloxi Co-Investment Partners, LP | August 13, 2021 | 1,458,481 | 1,453,642 | 0.8 | % | |||||||||
BRCE SPV I, LLC | May 22, 2020 | 60,658 | 236,041 | 0.1 | % | |||||||||
BW Colson Co-Invest Feeder (Cayman), LP | March 15, 2021 | 3,049,786 | 3,769,563 | 2.1 | % | |||||||||
CL Oliver Co-Invest I, LP | May 27, 2021 | 442,240 | 452,621 | 0.3 | % | |||||||||
Coller Credit Opportunities I - Annex I, SLP | July 29, 2021 | 2,877,867 | 3,239,986 | 1.8 | % | |||||||||
Coller International Partners VI Feeder Fund, LP - Class A | October 1, 2020 | 220,339 | 971,877 | 0.5 | % | |||||||||
Coller International Partners VII Feeder Fund, LP - Series B | October 1, 2020 | 894,122 | 2,826,732 | 1.6 | % | |||||||||
Coyote 2021, LP | March 29, 2021 | 2,613,058 | 4,753,097 | 2.6 | % | |||||||||
EnCap Energy Transition Fund 1-A, LP | April 21, 2021 | 1,691,953 | 1,903,107 | 1.1 | % | |||||||||
Forrest Holdings I, LP - Class A | March 17, 2021 | 865,533 | 1,400,911 | 0.8 | % | |||||||||
Forrest Holdings I, LP - Class B | March 17, 2021 | 1,504,911 | 3,150,000 | 1.7 | % | |||||||||
Grain Spectrum Holdings III (Cayman), LP | October 28, 2020 | 2,413,780 | 2,296,273 | 1.3 | % | |||||||||
Graphite Capital Partners VIII D, LP | June 30, 2020 | 1,848,183 | 4,416,622 | 2.4 | % | |||||||||
ISH Co-Investment Aggregator, LP | May 6, 2021 | 2,311,692 | 2,405,586 | 1.3 | % | |||||||||
KH Aggregator, LP | November 30, 2020 | 3,695,556 | 5,338,425 | 2.9 | % | |||||||||
Lynx EBO Fund I (A), LLC | December 18, 2020 | 2,504,000 | 2,959,898 | 1.6 | % | |||||||||
OceanSound Partners Co-Invest II, LP - Series B | November 5, 2021 | 2,519,844 | 2,437,500 | 1.3 | % | |||||||||
OceanSound Partners Fund, LP | December 27, 2021 | 3,246,290 | 4,214,977 | 2.3 | % | |||||||||
Onex OD Co-Invest, LP | November 9, 2020 | 3,511,271 | 3,952,941 | 2.2 | % | |||||||||
Onex Structured Credit Opportunities International Fund I, LLC | May 11, 2021 | 1,031,218 | 1,206,580 | 0.7 | % | |||||||||
Overbay Fund XIV (AIV III), LP | March 26, 2021 | 1,376,249 | 3,063,796 | 1.7 | % | |||||||||
Overbay Fund XIV Offshore (AIV), LP | January 5, 2021 | 1,594,151 | 6,145,367 | 3.4 | % | |||||||||
Overbay Fund XIV Offshore, LP | January 22, 2021 | 1,656,169 | 2,921,989 | 1.6 | % | |||||||||
PIMCO DSCO Fund II Offshore Feeder, LP | June 30, 2020 | 4,205,485 | 4,711,643 | 2.6 | % | |||||||||
Palmer Square Loan Funding 2021-3, Ltd. | July 9, 2021 | 2,004,000 | 2,000,000 | 1.1 | % | |||||||||
Polaris Newco | June 18, 2021 | 1,944,555 | 1,940,000 | 1.1 | % | |||||||||
Project Stream Co-Invest Fund, LP | October 1, 2021 | 2,237,313 | 2,231,250 | 1.2 | % | |||||||||
Porcupine Holdings, LP - Class A | December 29, 2021 | 2,801,787 | 2,799,787 | 1.5 | % | |||||||||
Porcupine Holdings, LP - Class B | December 29, 2021 | 2,010,512 | 2,008,512 | 1.1 | % | |||||||||
Post Limited Term High Yield Fund, LP | January 1, 2021 | 6,000,000 | 6,150,575 | 3.4 | % | |||||||||
Sand Trust Series 21-1A - Class SUB | November 6, 2021 | 1,004,000 | 1,000,000 | 0.6 | % | |||||||||
SEP Hamilton III Aggregator, LP | August 17, 2020 | 2,519,336 | 6,364,888 | 3.5 | % | |||||||||
SEP Skyhawk Fund III Aggregator, LP | August 24, 2021 | 510,356 | 529,898 | 0.3 | % | |||||||||
Sumeru Equity Partners Fund III, LP | December 8, 2020 | 1,956,286 | 2,373,481 | 1.3 | % | |||||||||
The Global Atlantic Financial Group, LLC | January 1, 2021 | 3,506,645 | 3,710,000 | 2.0 | % | |||||||||
US Hospitality Publishers, Inc. | January 11, 2021 | 1,541,237 | 1,541,237 | 0.9 | % | |||||||||
VCPF III Co-Invest 1-A, LP | May 13, 2021 | 2,439,020 | 2,541,077 | 1.4 | % | |||||||||
Veregy Parent, LLC | November 3, 2020 | 3,005,300 | 3,000,000 | 1.7 | % | |||||||||
Voloridge Sustainability Fund, LP | November 1, 2020 | 5,000,000 | 5,102,338 | 2.8 | % | |||||||||
WestCap Cerebral Co-Invest 2021, LLC | June 17, 2021 | 254,286 | 313,948 | 0.2 | % | |||||||||
Westcap LoanPal Co-Invest 2020, LLC | December 18, 2020 | 2,478,277 | 5,750,722 | 3.2 | % | |||||||||
WestCap Strategic Operator Fund II, LP | July 31, 2021 | 926,023 | 1,022,477 | 0.6 | % | |||||||||
Westcap Strategic Operator U.S. Feeder Fund, LP | February 5, 2021 | 5,450,286 | 11,113,991 | 6.1 | % | |||||||||
Whitehorse Liquidity Partners IV, LP | November 10, 2020 | 2,784,594 | 3,980,918 | 2.2 | % | |||||||||
Wildcat 21 Co-Invest Fund, LP | August 13, 2021 | 2,255,261 | 2,250,161 | 1.2 | % | |||||||||
$ | 107,340,984 | $ | 145,686,571 | 80.4 | % |