UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23591
NB Crossroads Private Markets Access Fund LLC
(Exact name of registrant as specified in charter)
1290 Avenue of the Americas
New York, NY 10104
(Address of principal executive offices) (Zip code)
James Bowden, Chief Executive Officer and President
Neuberger Berman Investment Advisers LLC
53 State Street
Boston, MA 02109
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-212-476-8800
Date of fiscal year end: March 31
Date of reporting period: September 30, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a)
As of September 30, 2022 (Unaudited)
Index | | | Page No. | | |||
FINANCIAL INFORMATION (Unaudited) | | | | | | | |
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 8 | | | |
| | | | 9 | | | |
| | | | 10 | | | |
| | | | 11 | | | |
| | | | 14 | | | |
ADDITIONAL INFORMATION (Unaudited) | | | | | | | |
| | | | 25 | | | |
| | | | 26 | | |
Consolidated Statement of Assets and Liabilities
As of September 30, 2022 (Unaudited)
| Assets | | | | | | | |
| Investments, at fair value (cost of $354,280,610) | | | | $ | 385,296,940 | | |
| Cash and cash equivalents | | | | | 117,533 | | |
| Receivable for investments sold | | | | | 13,769,725 | | |
| Interest receivable | | | | | 542,048 | | |
| Other assets | | | | | 49,552 | | |
| Total Assets | | | | $ | 399,775,798 | | |
| Liabilities | | | | | | | |
| Contributions received in advance | | | | $ | 1,585,000 | | |
| Incentive fee payable | | | | | 1,364,705 | | |
| Investment securities purchased | | | | | 1,271,272 | | |
| Due to Affiliate | | | | | 505,784 | | |
| Advisory fee payable | | | | | 239,807 | | |
| Accounting and administration service fees payable | | | | | 193,547 | | |
| Professional fees payable | | | | | 164,616 | | |
| Due to Investor | | | | | 6,000 | | |
| Other payables | | | | | 148,921 | | |
| Total Liabilities | | | | $ | 5,479,652 | | |
| Commitments and contingencies (See Note 5) | | | | | | | |
| Net Assets at Value | | | | $ | 394,296,146 | | |
| Net Assets Consist of: | | | | | | | |
| Paid-in capital | | | | | 360,504,783 | | |
| Total distributable earnings | | | | | 33,791,363 | | |
| Net Assets at Value | | | | $ | 394,296,146 | | |
| Net Assets: | | | | | | | |
| Institutional Class Shares | | | | $ | 379,700,101 | | |
| Class A-1 Shares | | | | | 105,419 | | |
| Class A-2 Shares | | | | | 14,490,626 | | |
| Shares outstanding: | | | | | | | |
| Institutional Class Shares | | | | | 33,945,170 | | |
| Class A-1 Shares | | | | | 9,463 | | |
| Class A-2 Shares | | | | | 1,300,759 | | |
| Net asset value per share: | | | | | | | |
| Institutional Class Shares | | | | $ | 11.19 | | |
| Class A-1 Shares | | | | | 11.14 | | |
| Maximum offering price per share* | | | | | 11.54 | | |
| Class A-2 Shares | | | | | 11.14 | | |
Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited)
Description | | | Interest | | | Maturity Date | | | Shares or Principal Amount | | | Cost | | | Value | | |||||||||
BANK LOANS – 1.29% | | | | | | | | | | | | | | | | | | | | | | | | | |
Asurion, LLC | | | 8.37% (1-Month USD Libor + 5.25)% | | | 01/31/2028 | | | | | 1,060,000 | | | | | $ | 1,068,112 | | | | | $ | 795,000 | | |
Aveanna Healthcare, LLC(A)(B) | | | 8.68% (1-Month USD Libor + 3.75)% | | | 06/30/2028 | | | | | 1,274,393 | | | | | | 1,099,086 | | | | | | 843,425 | | |
Bella Holding Co., LLC | | | 12.28% (1-Month USD Libor + 3.75)% | | | 04/01/2028 | | | | | 1,252,350 | | | | | | 1,242,342 | | | | | | 1,165,725 | | |
Consolidated Communications, Inc. | | | 11.81% (1-Month USD Libor + 3.50)% | | | 10/02/2027 | | | | | 1,265,000 | | | | | | 1,265,000 | | | | | | 1,089,481 | | |
Crosby US Acquisition Corp. | | | 7.83% (3-Month USD Libor + 4.75)% | | | 06/26/2026 | | | | | 1,257,259 | | | | | | 1,251,810 | | | | | | 1,180,252 | | |
TOTAL BANK LOANS | | | | | | | | | | | | | | | | | 5,926,350 | | | | | | 5,073,883 | | |
CORPORATE BONDS(C) – 6.72% | | | | | | | | | | | | | | | | | | | | | | | | | |
Acorn Re Ltd. | | | 4.83% (3-Month Treasury Bill + 2.50)% | | | 11/07/2024 | | | | | 2,500,000 | | | | | | 2,500,000 | | | | | | 2,379,500 | | |
Alamo Re Ltd. | | | 6.12% (3-Month Treasury Bill + 4.09)% | | | 06/07/2024 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 944,500 | | |
Atlas Capital Reinsurance 2022 Designated Activity Co. | | | 11.79% (SOFR + 9.50)% | | | 06/06/2028 | | | | | 500,000 | | | | | | 500,000 | | | | | | 489,000 | | |
Blue Halo Ltd. | | | 11.06% (3-Month Treasury Bill + 9.75)% | | | 02/24/2025 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 970,000 | | |
Cape Lookout Re Ltd. | | | 5.46% (1-Month Treasury Bill + 3.22)% | | | 03/22/2024 | | | | | 425,000 | | | | | | 425,000 | | | | | | 411,400 | | |
Cape Lookout Re Ltd. | | | 7.24% (3-Month Treasury Bill + 5.00)% | | | 03/28/2025 | | | | | 350,000 | | | | | | 350,000 | | | | | | 335,300 | | |
Cosaint Re Pte Ltd. | | | 11.10% (1-Month Treasury Bill + 9.51)% | | | 04/03/2024 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 50,000 | | |
Everglades Re II Ltd. | | | 7.81% (1-Month Treasury Bill + 5.75)% | | | 05/14/2024 | | | | | 925,000 | | | | | | 925,000 | | | | | | 786,250 | | |
Finca RE Ltd. | | | 8.19% (3-Month Treasury Bill + 7.75)% | | | 06/06/2025 | | | | | 1,250,000 | | | | | | 1,250,000 | | | | | | 1,237,500 | | |
First Coast Re III Pte Ltd. | | | 7.00% (3-Month Treasury Bill + 6.18)% | | | 04/07/2025 | | | | | 750,000 | | | | | | 750,000 | | | | | | 525,000 | | |
FloodSmart Re Ltd. | | | 15.74% (3-Month Treasury Bill + 13.58)% | | | 03/01/2024 | | | | | 1,250,000 | | | | | | 1,250,000 | | | | | | 250,000 | | |
Herbie Re Ltd. | | | 18.99% (3-Month Treasury Bill + 17.25)% | | | 06/06/2025 | | | | | 500,000 | | | | | | 500,000 | | | | | | 250,000 | | |
Hestia Re Ltd. | | | 11.67% (1-Month Treasury Bill + 9.50)% | | | 04/22/2025 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 50,000 | | |
Hypatia Ltd. | | | 8.62% (3-Month Treasury Bill + 7.33)% | | | 06/07/2023 | | | | | 750,000 | | | | | | 746,910 | | | | | | 735,000 | | |
Kendall Re Ltd. | | | 4.88% (3-Month Treasury Bill + 4.00)% | | | 05/02/2024 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 928,000 | | |
Kilimanjaro III Re Ltd. | | | 6.14% (3-Month Treasury Bill + 5.25)% | | | 06/25/2025 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 990,000 | | |
Kilimanjaro III Re Ltd. | | | 14.22% (3-Month Treasury Bill + 11.25)% | | | 04/20/2026 | | | | | 750,000 | | | | | | 750,000 | | | | | | 637,500 | | |
Matterhorn Re Ltd. | | | 7.65% (SOFR + 5.75)% | | | 12/07/2028 | | | | | 600,000 | | | | | | 600,000 | | | | | | 579,000 | | |
Matterhorn Re Ltd. | | | 7.25% (SOFR + 5.32)% | | | 03/24/2025 | | | | | 750,000 | | | | | | 750,000 | | | | | | 720,000 | | |
Mona Lisa Re Ltd. | | | 8.31% (3-Month Treasury Bill + 7.00)% | | | 07/08/2025 | | | | | 750,000 | | | | | | 750,000 | | | | | | 738,000 | | |
Montoya Re Ltd. | | | 8.78% (1-Month Treasury Bill + 6.75)% | | | 04/07/2025 | | | | | 750,000 | | | | | | 750,000 | | | | | | 738,000 | | |
Mystic Re IV Ltd. | | | 7.12% (3-Month Treasury Bill + 5.81)% | | | 01/08/2025 | | | | | 750,000 | | | | | | 750,000 | | | | | | 723,750 | | |
Pelican IV Re Ltd. | | | 8.05% (1-Month Treasury Bill + 5.36)% | | | 05/07/2024 | | | | | 725,000 | | | | | | 725,000 | | | | | | 73 | | |
Putnam RE PTE Ltd. | | | 9.56% (1-Month Treasury Bill + 5.50)% | | | 06/07/2024 | | | | | 6,250 | | | | | | 6,250 | | | | | | 1 | | |
Residential Reinsurance 2021 Ltd. | | | 11.23% (3-Month Treasury Bill + 9.91)% | | | 06/06/2025 | | | | | 500,000 | | | | | | 500,000 | | | | | | 465,000 | | |
Residential Reinsurance 2021 Ltd. | | | 5.25% (3-Month Treasury Bill + 5.22)% | | | 06/06/2025 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 943,000 | | |
Residential Reinsurance 2021 Ltd. | | | 4.99% (3-Month Treasury Bill + 3.59)% | | | 06/06/2025 | | | | | 975,000 | | | | | | 975,000 | | | | | | 922,350 | | |
Residential Reinsurance 2021 Ltd. | | | 3.91% (3-Month Treasury Bill + 2.50)% | | | 06/06/2025 | | | | | 500,000 | | | | | | 500,000 | | | | | | 475,000 | | |
Residential Reinsurance 2021 Ltd. | | | 13.26% (3-Month Treasury Bill + 11.88)% | | | 12/06/2025 | | | | | 800,000 | | | | | | 800,000 | | | | | | 752,000 | | |
Residential Reinsurance 2021 Ltd. | | | 6.55% (3-Month Treasury Bill + 5.18)% | | | 12/06/2025 | | | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,417,500 | | |
Sanders RE II Ltd. | | | 13.08% (3-Month Treasury Bill + 11.77)% | | | 04/07/2025 | | | | | 750,000 | | | | | | 750,000 | | | | | | 718,500 | | |
Sanders RE II Ltd. | | | 4.40% (3-Month Treasury Bill + 3.09)% | | | 04/07/2025 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 958,000 | | |
Tailwind RE Ltd. | | | 10.03% (3-Month Treasury Bill + 8.75)% | | | 01/08/2025 | | | | | 1,500,000 | | | | | | 1,500,000 | | | | | | 1,425,000 | | |
Consolidated Schedule of Investments (continued)
As of September 30, 2022 (Unaudited)
Description | | | Interest | | | Maturity Date | | | Shares or Principal Amount | | | Cost | | | Value | | |||||||||
Titania RE Ltd. | | | 7.25% (1-Month Treasury Bill + 5.03)% | | | 06/21/2024 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 965,000 | | |
Topanga Re Ltd. | | | 16.28% (3-Month Treasury Bill + 15.00)% | | | 01/08/2024 | | | | | 300,000 | | | | | | 300,000 | | | | | | 290,700 | | |
Topanga Re Ltd. | | | 6.17% (3-Month Treasury Bill + 4.75)% | | | 01/08/2026 | | | | | 750,000 | | | | | | 750,000 | | | | | | 715,500 | | |
Vista RE Ltd. | | | 7.14% (3-Month Treasury Bill + 6.36)% | | | 05/21/2024 | | | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 970,000 | | |
TOTAL CORPORATE BONDS | | | | | | | | | | | | | | | | | 31,853,160 | | | | | | 26,485,324 | | |
SHORT-TERM INVESTMENTS – 19.21% | | | | | | | | | | | | | | | | | | | | | | | | | |
MONEY MARKET FUND – 19.21% | | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley Institutional Liquidity Fund Government Portfolio | | | 2.80%(H) | | | | | | | | 75,726,729 | | | | | | 75,726,729 | | | | | | 75,726,729 | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | | | | | | | 75,726,729 | | | | | | 75,726,729 | | |
COMMON STOCKS – 2.34% | | | | | | | | | | | | | | | | | | | | | | | | | |
IronSource Ltd. | | | | | | | | | | | 800,000 | | | | | | 8,005,334 | | | | | | 2,752,000 | | |
KKR & Co Inc. | | | | | | | | | | | 50,837 | | | | | | 2,080,987 | | | | | | 2,185,991 | | |
The Blackstone Group Inc. | | | | | | | | | | | 32,327 | | | | | | 2,080,582 | | | | | | 2,705,770 | | |
The Carlyle Group Inc. | | | | | | | | | | | 60,734 | | | | | | 2,081,214 | | | | | | 1,569,367 | | |
TOTAL COMMON STOCKS | | | | | | | | | | | | | | | | | 14,248,117 | | | | | | 9,213,128 | | |
|
Consolidated Schedule of Investments (continued)
As of September 30, 2022 (Unaudited)
| | | Acquisition Type | | | Acquisition Dates(E) | | | Geographic Region(F) | | | Cost | | | Fair Value | | ||||||
PRIVATE FUNDS(D) – 68.17% | | | | | | | ||||||||||||||||
ACON Strategic Partners II-B, L.P. | | | Co-Investment | | | 08/2022 | | | North America | | | | | 11,510,394 | | | | | | 20,623,000 | | |
AFC Acquisitions, Inc.(G) | | | Co-Investment | | | 04/2021 – 06/2022 | | | North America | | | | | 5,636,949 | | | | | | 6,565,267 | | |
AP Safety Co-Invest, L.P. | | | Co-Investment | | | 03/2022 | | | North America | | | | | 3,167,842 | | | | | | 3,132,738 | | |
Austin Co-Investment, L.P.2 | | | Co-Investment | | | 03/2021 | | | North America | | | | | 845,047 | | | | | | 9,547,765 | | |
BC Partners Galileo (1) L.P. | | | Secondary | | | 07/2021 – 07/2022 | | | Europe | | | | | 8,802,521 | | | | | | 9,722,762 | | |
Blackstone Growth Beverly Co-Invest L.P. | | | Co-Investment | | | 02/2022 | | | North America | | | | | 4,468,071 | | | | | | 4,645,687 | | |
Breakaway Co-investment Holding LP | | | Co-Investment | | | 10/2021 | | | Europe | | | | | 3,204,082 | | | | | | 1,336,275 | | |
CB Catalyst Co-Invest, L.P. | | | Co-Investment | | | — | | | North America | | | | | — | | | | | | — | | |
CB Starfish TopCo, L.P. | | | Co-Investment | | | 08/2021 | | | North America | | | | | 888,737 | | | | | | 2,397,742 | | |
CD&R Value Building Partners I, L.P. | | | Co-Investment | | | 12/2021 | | | North America | | | | | 12,022,290 | | | | | | 10,788,365 | | |
Centerbridge Seaport Acquisition Fund, L.P. | | | Co-Investment | | | 05/2022 | | | North America | | | | | 7,056,687 | | | | | | 6,300,000 | | |
CGI Acquisitions, Inc.(G) | | | Co-Investment | | | 02/2022 | | | North America | | | | | 3,100,000 | | | | | | 5,352,662 | | |
Compass Syndication L.P. | | | Co-Investment | | | 10/2021 | | | North America | | | | | 1,613,648 | | | | | | 1,792,000 | | |
DGS Group Holdings, L.P.(G) | | | Co-Investment | | | 09/2022 | | | North America | | | | | 5,782,333 | | | | | | 5,782,333 | | |
FitzWalter Capital Partners Coinvest I, L.P.(G) | | | Co-Investment | | | 04/2022 – 08/2022 | | | North America | | | | | 9,750,831 | | | | | | 13,723,888 | | |
Five Arrows Galliera Co-Invest SCSp | | | Co-Investment | | | 08/2022 | | | Europe | | | | | 8,914,841 | | | | | | 8,575,752 | | |
Follett Acquisition LP(G) | | | Co-Investment | | | 01/2022 | | | North America | | | | | 4,060,000 | | | | | | 4,060,000 | | |
Horizon Co-Investment, L.P. | | | Co-Investment | | | 06/2022 | | | North America | | | | | 6,308,656 | | | | | | 6,300,000 | | |
Itelyum Co-Investment L.P. | | | Co-Investment | | | 09/2021 | | | Europe | | | | | 7,857,760 | | | | | | 8,602,965 | | |
KKR Leo Co-Invest L.P. | | | Co-Investment | | | 06/2021 | | | North America | | | | | 2,570,118 | | | | | | 4,692,401 | | |
L Catterton Growth IV, L.P. | | | Primary | | | 03/2021 – 08/2022 | | | North America | | | | | 10,031,490 | | | | | | 11,694,429 | | |
Magenta Blocker Aggregator L.P.(G) | | | Co-Investment | | | 07/2021 – 10/2021 | | | North America | | | | | 3,506,100 | | | | | | 4,809,570 | | |
Material Co-Invest, L.P. | | | Co-Investment | | | — | | | North America | | | | | — | | | | | | — | | |
NB Credit Opps Co-Investment (Vetcor) LP | | | Co-Investment | | | 08/2022 | | | North America | | | | | 4,343,350 | | | | | | 4,395,210 | | |
NB Lowcode Private Equity(G) | | | Co-Investment | | | 04/2021 | | | North America | | | | | 2,910,548 | | | | | | 3,576,882 | | |
Olympus FG Holdco, L.P. | | | Co-Investment | | | 08/2022 | | | North America | | | | | 5,056,682 | | | | | | 5,056,166 | | |
Pilot Holdings, LLC | | | Co-Investment | | | 12/2021 | | | North America | | | | | 7,200,000 | | | | | | 9,658,026 | | |
Project Alpine Co-Invest Fund, L.P. | | | Co-Investment | | | 06/2022 | | | North America | | | | | 10,005,681 | | | | | | 10,001,071 | | |
Project Metal Co-Invest Fund, L.P. | | | Co-Investment | | | 10/2021 | | | North America | | | | | 8,004,266 | | | | | | 5,220,273 | | |
Project Stream Co-Invest Fund, L.P. | | | Co-Investment | | | 10/2021 – 12/2021 | | | North America | | | | | 8,933,250 | | | | | | 6,999,437 | | |
RealPage Property Parent, L.P.(G) | | | Co-Investment | | | 04/2021 | | | North America | | | | | 6,500,000 | | | | | | 6,565,000 | | |
RL Co-Investor Aggregator, L. P. | | | Co-Investment | | | 05/2022 | | | North America | | | | | 4,317,497 | | | | | | 4,409,749 | | |
RL Co-Investor Aggregator II L. P. | | | Co-Investment | | | 03/2022 | | | North America | | | | | 3,810,854 | | | | | | 3,900,066 | | |
Rothwell Ventures Ultimate Feeder I (Cayman) L.P. | | | Secondary | | | 09/2021 | | | North America | | | | | 6,826,409 | | | | | | 12,418,000 | | |
SPI Parent Holding Company, LLC(G)(I) | | | Co-Investment | | | 12/2021 – 04/2022 | | | North America | | | | | 5,789,976 | | | | | | 10,136,926 | | |
Summit Partners Co-Invest (Optmo) SCSp | | | Co-Investment | | | 10/2021 | | | Europe | | | | | 2,516,524 | | | | | | 2,504,386 | | |
THL Automation Fund Investors (4K), L.P. | | | Co-Investment | | | 03/2021 – 09/2022 | | | North America | | | | | 4,012,571 | | | | | | 5,680,000 | | |
Consolidated Schedule of Investments (continued)
As of September 30, 2022 (Unaudited)
| | | Acquisition Type | | | Acquisition Dates(E) | | | Geographic Region(F) | | | Cost | | | Fair Value | | ||||||
THL Fund Investors (Altar), L.P. | | | Co-Investment | | | 01/2022 | | | North America | | | | | 4,949,731 | | | | | | 6,187,074 | | |
THL Fund Investors (Iconic), L.P. | | | Co-Investment | | | 05/2022 | | | North America | | | | | 10,000,000 | | | | | | 9,999,685 | | |
WP Irving Co-Invest, L.P. | | | Co-Investment | | | 04/2022 | | | North America | | | | | 5,718,518 | | | | | | 5,718,518 | | |
ZM Parent Holding LLC | | | Co-Investment | | | 03/2022 | | | North America | | | | | 4,532,000 | | | | | | 5,925,806 | | |
TOTAL PRIVATE FUNDS | | | | | | | | | | | | | | 226,526,254 | | | | | | 268,797,876 | | |
TOTAL INVESTMENTS (Cost $354,280,610) – 97.73% | | | | | | | | | | | | | | | | | | | | 385,296,940 | | |
Other Assets & Liabilities (Net) – 2.27% | | | | | | | | | | | | | | | | | | | | 8,999,206 | | |
TOTAL NET ASSETS – 100.00% | | | | | | | | | | | | | | | | | | | $ | 394,296,146 | | |
|
Summary of Investments
As of September 30, 2022 (Unaudited)
Summary by Investment Type | | | Fair Value | | | % of Net Assets | | ||||||
Bank Loans | | | | $ | 5,073,883 | | | | | | 1.29% | | |
Corporate Bonds | | | | | 26,485,324 | | | | | | 6.72% | | |
Short-Term Investments | | | | | 75,726,729 | | | | | | 19.21% | | |
Common Stocks | | | | | 9,213,128 | | | | | | 2.34% | | |
Private Funds | | | | | 268,797,876 | | | | | | 68.17% | | |
Total Investments | | | | | 385,296,940 | | | | | | 97.73% | | |
Other Assets & Liabilities (Net) | | | | | 8,999,206 | | | | | | 2.27% | | |
Total Net Assets | | | | $ | 394,296,146 | | | | | | 100.00% | | |
Consolidated Statement of Operations
For The Six Months Ended September 30, 2022 (Unaudited)
| Investment Income: | | | | | | | |
| Interest income | | | | $ | 3,194,772 | | |
| Dividend income | | | | | 138,964 | | |
| Other income | | | | | 73,847 | | |
| Total Investment Income | | | | | 3,407,583 | | |
| Operating Expenses: | | | | | | | |
| Advisory fees (see Note 3) | | | | | 463,971 | | |
| Professional fees | | | | | 312,789 | | |
| Accounting and administration service fees | | | | | 188,351 | | |
| Independent Managers’ fees | | | | | 78,125 | | |
| Distribution and servicing fees Class A-1 (see Note 3) | | | | | 359 | | |
| Distribution and servicing fees Class A-2 (see Note 3) | | | | | 31,821 | | |
| Incentive fees | | | | | 1,390,928 | | |
| Insurance expense | | | | | 15,497 | | |
| Other expenses | | | | | 113,796 | | |
| Total Operating Expenses | | | | | 2,595,637 | | |
| Expenses waived by Adviser | | | | | (150,260) | | |
| Net Operating Expenses | | | | | 2,445,377 | | |
| Net investment income | | | | | 962,206 | | |
| Net Realized and Change in Unrealized Gain (Loss) on Investments | | | | | | | |
| Net realized gain on investments | | | | | 1,884,750 | | |
| Net change in unrealized appreciation on investments | | | | | 9,821,656 | | |
| Net Realized and Change in Unrealized Gain (Loss) on Investments | | | | | 11,706,406 | | |
| Net Increase in Net Assets Resulting from Operations | | | | $ | 12,668,612 | | |
Consolidated Statement of Changes in Net Assets
| | | Six Months Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | ||||||
Change in Net Assets from Operations: | | | | | | | | | | | | | |
Net investment income | | | | $ | 962,206 | | | | | $ | 3,683,862 | | |
Net realized gain(loss) on investments | | | | | 1,884,750 | | | | | | 473,573 | | |
Net change in unrealized appreciation(depreciation) on investments | | | | | 9,821,656 | | | | | | 17,224,632 | | |
Net Increase(Decrease) in Net Assets from Operations | | | | | 12,668,612 | | | | | | 21,382,067 | | |
Distributions to Shareholders: | | | | | | | | | | | | | |
Institutional Class Shares | | | | | — | | | | | | (4,172,794) | | |
Total Distributions to Shareholders | | | | | — | | | | | | (4,172,794) | | |
Change in Net Assets Resulting from Capital Transactions: | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | | | | | | | | | |
Institutional Class Shares | | | | | 17,085,450 | | | | | | 117,208,000 | | |
Class A-1 Shares | | | | | — | | | | | | 100,000 | | |
Class A-2 Shares | | | | | 12,370,000 | | | | | | 1,575,000 | | |
Reinvestments of distributions | | | | | | | | | | | | | |
Institutional Class Shares | | | | | — | | | | | | 4,123,693 | | |
Withdrawals | | | | | | | | | | | | | |
Institutional Class Shares | | | | | (6,000) | | | | | | (51,360) | | |
Change in Net Assets Resulting from Capital Transactions | | | | | 29,449,450 | | | | | | 122,955,333 | | |
Net Change in Net Assets | | | | | 42,118,062 | | | | | | 140,164,606 | | |
Net Assets: | | | | | | | | | | | | | |
Beginning of period | | | | | 352,178,084 | | | | | | 212,013,478 | | |
End of period | | | | $ | 394,296,146 | | | | | $ | 352,178,084 | | |
Transactions in Shares: | | | | | | | | | | | | | |
Shares sold | | | | | | | | | | | | | |
Institutional Class Shares | | | | | 1,581,325 | | | | | | 11,167,006 | | |
Class A-1 Shares | | | | | — | | | | | | 9,463 | | |
Class A-2 Shares | | | | | 1,151,716 | | | | | | 149,043 | | |
Shares reinvested | | | | | | | | | | | | | |
Institutional Class Shares | | | | | — | | | | | | 392,225 | | |
Shares redeemed | | | | | | | | | | | | | |
Institutional Class Shares | | | | | (536) | | | | | | (4,850) | | |
Net Increase in Shares | | | | | 2,732,505 | | | | | | 11,712,887 | | |
Consolidated Statement of Cash Flows
For The Six Months Ended September 30, 2022 (Unaudited)
| Cash Flows from Operating Activities | | | | | | | |
| Net Change in net assets resulting from operations | | | | $ | 12,668,612 | | |
| Adjustments to reconcile net change in net assets resulting from operations to net cash provided by operating activities: | | | | | | | |
| Purchases of investments | | | | | (257,004,948) | | |
| Proceeds from disposition of investments | | | | | 227,941,124 | | |
| Net realized gain on investments | | | | | (1,884,750) | | |
| Net change in unrealized (appreciation) depreciation on investments | | | | | (9,821,656) | | |
| Changes in assets and liabilities related to operations | | | | | | | |
| (Increase) decrease in interest receivable | | | | | (102,755) | | |
| (Increase) decrease in other assets | | | | | (38,952) | | |
| Increase (decrease) due to Affiliate | | | | | 467,511 | | |
| Increase (decrease) advisory fee payable | | | | | 25,442 | | |
| Increase (decrease) accounting and administration service fees payable | | | | | 24,219 | | |
| Increase (decrease) professional fees payable | | | | | (3,835) | | |
| Increase (decrease) due to investor | | | | | 6,000 | | |
| Increase (decrease) incentive fee payable | | | | | 511,059 | | |
| Increase (decrease) in other payables | | | | | 13,583 | | |
| Net Cash Provided by (used in) Operating Activities | | | | | (27,199,346) | | |
| Cash Flows from Financing Activities | | | | | | | |
| Contributions received in advance | | | | | (3,018,000) | | |
| Proceeds from shares sold | | | | | 29,455,450 | | |
| Withdrawals | | | | | (6,000) | | |
| Net Cash Provided by (used in) Financing Activities | | | | | 26,431,450 | | |
| Net Change in Cash and Cash Equivalents | | | | | (767,896) | | |
| Cash and Cash Equivalents at Beginning of the Period | | | | | 885,429 | | |
| Cash and Cash Equivalents at End of Period | | | | $ | 117,533 | | |
Consolidated Financial Highlights — Institutional Class
| | | Six Months Ended September 30, 2022 (Unaudited) | | | Year Ended March 31, 2022 | | | Period from January 19, 2021 (Commencement of Operations) through March 31, 2021* | | |||||||||
Per Share Operating Performance(1) | | | | | | | | | | | | | | | | | | | |
NET ASSET VALUE, BEGINNING OF PERIOD | | | | $ | 10.83 | | | | | $ | 10.19 | | | | | $ | 10.00 | | |
INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | 0.03 | | | | | | 0.13 | | | | | | — | | |
Net realized and unrealized gain(loss) on investments | | | | | 0.33 | | | | | | 0.64 | | | | | | 0.19 | | |
Net increase(decrease) in net assets resulting from operations | | | | | 0.36 | | | | | | 0.77 | | | | | | 0.19 | | |
DISTRIBUTIONS | | | | | | | | | | | | | | | | | | | |
Net change in capital due to distributions | | | | | — | | | | | | (0.13) | | | | | | — | | |
NET ASSET VALUE, END OF PERIOD | | | | | 11.19 | | | | | | 10.83 | | | | | | 10.19 | | |
TOTAL NET ASSET VALUE RETURN(2)(3) | | | | | 3.30% | | | | | | 7.64% | | | | | | 1.90% | | |
RATIOS AND SUPPLEMENTAL DATA: | | | | | | | | | | | | | | | | | | | |
Net assets, end of period(in thousands) | | | | | 379,700 | | | | | | 350,463 | | | | | | 212,013 | | |
Ratios to average net assets(4)(5)(6) | | | | | | | | | | | | | | | | | | | |
Total expenses before expense waiver | | | | | 1.00% | | | | | | 1.50% | | | | | | 1.16% | | |
Total expenses after expense waiver | | | | | 0.92% | | | | | | 1.33% | | | | | | 0.76% | | |
Net investment income | | | | | 0.91% | | | | | | 1.24% | | | | | | 0.86% | | |
Portfolio Turnover Rate(3) | | | | | 42.26% | | | | | | 57.13% | | | | | | 12.50% | | |
Consolidated Financial Highlights — Class A-1
| | | Six Months Ended September 30, 2022 (Unaudited) | | | Period from March 1, 2022 (Commencement of Operations) through March 31, 2022 | | ||||||
Per Share Operating Performance(1) | | | | | | | | | | | | | |
NET ASSET VALUE, BEGINNING OF PERIOD | | | | $ | 10.82 | | | | | $ | 10.57 | | |
INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | |
Net investment income(loss) | | | | | (0.01) | | | | | | (0.02)* | | |
Net realized and unrealized gain(loss) on investments | | | | | 0.33 | | | | | | 0.27* | | |
Net increase(decrease) in net assets resulting from operations | | | | | 0.32 | | | | | | 0.25 | | |
DISTRIBUTIONS | | | | | | | | | | | | | |
Net change in capital due to distributions | | | | | — | | | | | | — | | |
NET ASSET VALUE, END OF PERIOD | | | | | 11.14 | | | | | | 10.82 | | |
TOTAL NET ASSET VALUE RETURN(2)(3) | | | | | 2.94% | | | | | | 2.37% | | |
RATIOS AND SUPPLEMENTAL DATA: | | | | | | | | | | | | | |
Net assets, end of period(in thousands) | | | | | 105 | | | | | | 102 | | |
Ratios to average net assets(4)(5)(6) | | | | | | | | | | | | | |
Total expenses before expense waiver | | | | | 1.70% | | | | | | 1.54% | | |
Total expenses after expense waiver | | | | | 1.62% | | | | | | 1.49% | | |
Net investment income | | | | | 0.21% | | | | | | 0.35% | | |
Portfolio Turnover Rate(3) | | | | | 42.26% | | | | | | 57.13% | | |
Consolidated Financial Highlights — Class A-2
| | | Six Months Ended September 30, 2022 (Unaudited) | | | Period from March 1, 2022 (Commencement of Operations) through March 31, 2022 | | ||||||
Per Share Operating Performance(1) | | | | | | | | | | | | | |
NET ASSET VALUE, BEGINNING OF PERIOD | | | | $ | 10.82 | | | | | $ | 10.57 | | |
INCOME FROM INVESTMENT OPERATIONS: | | | | | | | | | | | | | |
Net investment income(loss) | | | | | (0.01) | | | | | | (0.04)* | | |
Net realized and unrealized gain(loss) on investments | | | | | 0.33 | | | | | | 0.29* | | |
Net increase(decrease) in net assets resulting from operations | | | | | 0.32 | | | | | | 0.25 | | |
DISTRIBUTIONS | | | | | | | | | | | | | |
Net change in capital due to distributions | | | | | — | | | | | | — | | |
NET ASSET VALUE, END OF PERIOD | | | | | 11.14 | | | | | | 10.82 | | |
TOTAL NET ASSET VALUE RETURN(2)(3) | | | | | 2.94% | | | | | | 2.37% | | |
RATIOS AND SUPPLEMENTAL DATA: | | | | | | | | | | | | | |
Net assets, end of period(in thousands) | | | | | 14,491 | | | | | | 1,613 | | |
Ratios to average net assets(4)(5)(6) | | | | | | | | | | | | | |
Total expenses before expense waiver | | | | | 1.70% | | | | | | 1.54% | | |
Total expenses after expense waiver | | | | | 1.62% | | | | | | 1.49% | | |
Net investment income | | | | | 0.21% | | | | | | 0.36% | | |
Portfolio Turnover Rate(3) | | | | | 42.26% | | | | | | 57.13% | | |
Notes to the Financial Statements
September 30, 2022 (Unaudited)
Notes to the Financial Statements (continued)
September 30, 2022 (Unaudited)
Notes to the Financial Statements (continued)
September 30, 2022 (Unaudited)
Notes to the Financial Statements (continued)
September 30, 2022 (Unaudited)
Investments | | | Level 1 | | | Level 2 | | | Level 3 | | | Net Asset Value | | | Total | | |||||||||||||||
Bank Loans | | | $— | | | | $ | 5,073,883 | | | | $— | | | $— | | | | $ | 5,073,883 | | | |||||||||
Common Stocks | | | | | 9,213,128 | | | | — | | | — | | | — | | | | | 9,213,128 | | | |||||||||
Corporate Bonds | | | — | | | | | 26,485,324 | | | | — | | | — | | | | | 26,485,324 | | | |||||||||
Private Funds | | | — | | | — | | | | | 60,572,528 | | | | | | 208,225,348 | | | | | | 268,797,876 | | | ||||||
Short-Term Investments | | | | | 75,726,729 | | | | — | | | — | | | — | | | | | 75,726,729 | | | |||||||||
Total Investments | | | | $ | 84,939,857 | | | | | $ | 31,559,207 | | | | | $ | 60,572,528 | | | | | $ | 208,225,348 | | | | | $ | 385,296,940 | | |
| | | Fair Value as of September 30, 2022 | | | Valuation Methodologies | | | Unobservable Inputs | | ||||||||||||||||||
Investments | | | Variable | | | Value/Range | | | Weighted Average | | ||||||||||||||||||
Private Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Co-Investment | | | | $ | 49,197,691 | | | | Recent Transaction Value | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Co-Investment | | | | | 11,374,837 | | | | LTM EBITDA | | | | | N/A | | | | | | 8.7X | | | | | | N/A | | |
Total Investments | | | | $ | 60,572,528 | | | | | | | | | | | | | | | | | | | | | | | |
| Purchases | | | Sales | | |||
| $16,205,647 | | | | $ | — | | |
Notes to the Financial Statements (continued)
September 30, 2022 (Unaudited)
Notes to the Financial Statements (continued)
September 30, 2022 (Unaudited)
Notes to the Financial Statements (continued)
September 30, 2022 (Unaudited)
Notes to the Financial Statements (continued)
September 30, 2022 (Unaudited)
Notes to the Financial Statements (continued)
September 30, 2022 (Unaudited)
| November 25, 2023 | | | March 31, 2024 | | | March 31, 2025 | | | March 31, 2026 | | ||||||
| $24,823 | | | $264,983 | | | | $ | 513,637 | | | | | $ | 150,260 | | |
Investment: | | | Unfunded Commitment | | |||
Private Funds | | | | $ | 31,393,938 | | |
Total | | | | $ | 31,393,938 | | |
Notes to the Financial Statements (continued)
September 30, 2022 (Unaudited)
Notes to the Financial Statements (continued)
September 30, 2022 (Unaudited)
Proxy Voting and Portfolio Holdings (Unaudited)
September 30, 2022
Advisory and Sub-Advisory Agreement Approval (Unaudited)
September 30, 2022
Advisory and Sub-Advisory Agreement Approval (Unaudited) (continued)
September 30, 2022
Item 1. Reports to Stockholders Continued.
(b) not applicable to the Registrant.
Item 2. Code of Ethics.
Not applicable to semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable to semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable to semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to semi-annual reports.
Item 6. Schedule of Investments.
(a) The Schedule of Investments is included as part of the report to members filed under Item 1 of this form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
(a) Not applicable to semi-annual reports.
(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.
Item 9. Purchase of Equity Securities By Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which members may recommend nominees to the Board.
Item 11. Controls and Procedures.
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) were effective as of a date within 90 days prior to the filing date of this report, based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures, as required by Rule 30a-3(b) of the 1940 Act.
(b) There were no changes in the Registrant's internal control over financial reporting that occurred during the Registrant's fiscal half-year covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) The Fund did not engage in any securities lending activity during the six months ended September 30, 2022.
(b) The Fund did not engage in any securities lending activity and did not engage a securities lending agent during the six months ended September 30, 2022.
Item 13. Exhibits.
(a)(1) | Not applicable to semi-annual reports. |
(b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act is furnished herewith. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NB Crossroads Private Markets Access Fund LLC
By: | /s/ James Bowden | |
James Bowden | ||
Chief Executive Officer and President |
Date: December 9, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James Bowden | |
James Bowden | ||
Chief Executive Officer and President | ||
(Principal Executive Officer) |
Date: December 9, 2022
By: | /s/ Mark Bonner | |
Mark Bonner | ||
Treasurer | ||
(Principal Financial Officer) |
Date: December 9, 2022