CPG CARLYLE COMMITMENTS MASTER FUND LLC
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2025 (UNAUDITED)
| Investment Funds - (89.86%) | Geographic Region | Financing Stage | Acquisition Date | Cost | Fair Value | Percentage of Net Assets | ||||||||||||
| Co-Investments - (11.75%) | ||||||||||||||||||
| Access Holdings (FPG II) L.P.(a)(b)(f) | North America | Buyout | 5/24/2024 | $ | 1,842,964 | $ | 2,775 | 0.00 | %(c) | |||||||||
| Carlyle Beacon Partners, L.P.(a)(b) | Asia/Pacific | Growth | 9/28/2018 | 10,346,726 | 15,640,922 | 2.00 | % | |||||||||||
| Carlyle Eagle Coinvestment, L.P.(a)(b)(g) | North America | Buyout | 2/15/2018 | 2,175,056 | 14,302,624 | 1.82 | % | |||||||||||
| Carlyle Encore Coinvestment II, L.P.(a)(b) | North America | Buyout | 10/22/2024 | 15,037,500 | 16,355,299 | 2.09 | % | |||||||||||
| Carlyle Fourmi Coinvestment, L.P.(a)(b) | Asia/Pacific | Growth | 6/29/2018 | 15,593,415 | 10,697,419 | 1.37 | % | |||||||||||
| Carlyle Jumper Coinvestment, L.P.(a) | North America | Buyout | 12/12/2023 | 15,395,326 | 18,658,786 | 2.38 | % | |||||||||||
| Carlyle Mars Partners, L.P.(a)(b) | Asia/Pacific | Buyout | 11/11/2016 | 143,119 | 271,662 | 0.03 | % | |||||||||||
| Carlyle RDSL Coinvestment, L.P.(a)(b)(d) | South America | Growth | 9/30/2015 | 505,124 | 0 | 0.00 | %(c) | |||||||||||
| Carlyle Sapphire Partners, L.P.(a)(b) | Asia/Pacific | Growth | 9/30/2015 | 9,565,027 | 8,306,904 | 1.06 | % | |||||||||||
| Matador Coinvestment, SCSp(a)(b)(d) | Europe | Special Situations | 9/30/2019 | 5,342,677 | 6,191,272 | 0.79 | % | |||||||||||
| Nash Coinvestment, L.P.(a)(b)(d) | Africa | Buyout | 10/10/2017 | 83,677 | 343,384 | 0.04 | % | |||||||||||
| Neptune Coinvestment, L.P.(a)(b)(d) | Europe | Buyout | 6/23/2017 | 228,652 | 1,319,295 | 0.17 | % | |||||||||||
| Total Co-Investments | 76,259,263 | 92,090,342 | ||||||||||||||||
| Primary Investments - (36.89%) | ||||||||||||||||||
| Carlyle Asia Partners Growth I, L.P.(a)(b)(d) | Asia/Pacific | Growth | 5/23/2016 | 9,999,676 | 3,375,149 | 0.43 | % | |||||||||||
| Carlyle Asia Partners IV, L.P.(a)(d) | Asia/Pacific | Buyout | 5/25/2014 | 23,665,117 | 3,742,924 | 0.48 | % | |||||||||||
| Carlyle Asia Partners V, L.P.(a)(b)(d) | Asia/Pacific | Buyout | 10/30/2017 | 63,500,056 | 70,642,910 | 9.01 | % | |||||||||||
| Carlyle Asia Partners VI, L.P.(a)(b)(d) | Asia/Pacific | Buyout | 3/6/2023 | 0 | (1,494,185 | ) | -0.19 | % | ||||||||||
| Carlyle Europe Technology Partners III, L.P.(a)(b)(d) | Europe | Growth | 3/28/2015 | 4,579,532 | 4,856,393 | 0.62 | % | |||||||||||
| Carlyle Europe Technology Partners IV, L.P.(a)(b)(d) | Europe | Growth | 11/30/2018 | 9,149,674 | 10,916,942 | 1.39 | % | |||||||||||
| Carlyle Europe Technology Partners V, SCSp(a)(b)(d) | Europe | Growth | 3/11/2022 | 16,624,545 | 16,027,237 | 2.04 | % | |||||||||||
| Carlyle Global Financial Services Partners II, L.P.(a)(b)(d) | Global | Buyout | 6/30/2014 | 3,078,229 | 5,695,236 | 0.73 | % | |||||||||||
| Carlyle Global Financial Services Partners III, L.P.(a)(b)(j) | Global | Buyout | 6/30/2017 | 11,721,480 | 16,344,894 | 2.08 | % | |||||||||||
| Carlyle International Energy Partners II, SCSp(a)(b)(d) | Global | Special Situations | 11/30/2018 | 10,026,421 | 8,116,624 | 1.04 | % | |||||||||||
| Carlyle International Energy Partners, L.P.(a)(b)(d) | Global | Special Situations | 3/12/2014 | 19,033,084 | 15,751,758 | 2.01 | % | |||||||||||
| Carlyle Japan Partners V, L.P.(a)(d) | 6/30/2025 | 0 | (218,828 | ) | -0.03 | % | ||||||||||||
| Carlyle Partners VI, L.P.(a)(b)(d) | North America | Buyout | 9/20/2013 | 6,123,871 | 4,165,726 | 0.53 | % | |||||||||||
| Carlyle Partners VII, L.P.(a)(h) | North America | Buyout | 11/29/2017 | 22,737,112 | 27,818,219 | 3.55 | % | |||||||||||
| Carlyle Partners VIII, L.P.(a)(i) | North America | Buyout | 9/10/2021 | 18,087,454 | 20,524,632 | 2.62 | % | |||||||||||
| Coatue Growth Fund V-B, L.P.(a)(b)(d) | North America | Growth | 3/31/2024 | 550,418 | 680,118 | 0.09 | % | |||||||||||
| CVC Credit Partners Global Special Situations Fund II, SCSp(a)(d) | Europe | Special Situations | 6/6/2019 | 7,734,420 | 11,111,492 | 1.42 | % | |||||||||||
| Hunter Point Capital Structured Notes Issuer, LLC(a)(b)(d) | North America | Special Situations | 12/30/2022 | 3,311,272 | 3,311,270 | 0.42 | % | |||||||||||
| Jll Partners Fund VII, L.P.(a)(d) | North America | Buyout | 3/31/2016 | 5,091,848 | 4,970,278 | 0.63 | % | |||||||||||
| Riverside Capital Appreciation Fund VII, L.P.(a)(b)(d) | North America | Buyout | 9/16/2019 | 3,251,855 | 3,043,336 | 0.39 | % | |||||||||||
| Riverside Micro-Cap Fund VI, L.P.(a)(b)(d) | North America | Buyout | 8/26/2021 | 8,180,394 | 11,266,749 | 1.44 | % | |||||||||||
| Spring Bridge Partners, L.P.(a)(b)(d) | North America | Buyout | 9/17/2019 | 5,541,341 | 6,420,459 | 0.82 | % | |||||||||||
| Tiger Global Private Investment Partners XV, L.P.(a)(b)(d) | North America | Growth | 3/18/2022 | 9,583,794 | 6,980,613 | 0.89 | % | |||||||||||
| Vitruvian Investment Partnership IV(a)(b)(d) | Europe | Growth | 8/31/2020 | 10,262,162 | 13,961,557 | 1.78 | % | |||||||||||
| Warburg Pincus Financial Sector II, L.P.(a)(b)(d) | North America | Growth | 6/9/2022 | 11,746,101 | 21,176,768 | 2.70 | % | |||||||||||
| Total Primary Investments | 283,579,856 | 289,188,271 | ||||||||||||||||
| Investment Funds - (89.86%) (continued) | Geographic Region | Financing Stage | Acquisition Date | Cost | Fair Value | Percentage of Net Assets | ||||||||||||
| Secondary Investments - (41.22%) | ||||||||||||||||||
| Access Holdings (FPG) L.P.(a)(b)(f) | North America | Buyout | 7/22/2021 | 8,376,341 | 43,905 | 0.01 | % | |||||||||||
| AE Industrial Partners Extended Value Fund, L.P.(a)(b) | North America | Buyout | 6/2/2021 | 978,619 | 513,587 | 0.07 | % | |||||||||||
| ASP Helios III, L.P.(a)(b)(d) | Europe | Buyout | 4/29/2022 | 13,814,082 | 24,372,148 | 3.11 | % | |||||||||||
| ASP Jordan, L.P.(a)(b)(d) | Europe | Buyout | 4/21/2023 | 18,285,271 | 30,416,421 | 3.88 | % | |||||||||||
| ASP Oyster, L.P.(a)(b)(d) | Europe | Buyout | 4/21/2023 | 15,521,131 | 19,887,654 | 2.54 | % | |||||||||||
| Audax Private Equity Fund, L.P.(a)(b) | North America | Buyout | 9/30/2016 | 0 | 3,015 | 0.00 | %(c) | |||||||||||
| Blue Point Capital Partners II, L.P.(a)(b) | North America | Growth | 10/23/2020 | 0 | 126,749 | 0.02 | % | |||||||||||
| Brazil Buyout Coinvestment, L.P.(a)(b) | South America | Buyout | 4/2/2014 | 82,978 | 7,859 | 0.00 | %(c) | |||||||||||
| Brentwood Associates Opportunities Fund, L.P.(a)(b)(d) | North America | Growth | 4/1/2021 | 2,537,838 | 2,604,329 | 0.33 | % | |||||||||||
| Carlyle Asia Partners IV Access Fund, LLC(a)(b)(d) | Asia/Pacific | Buyout | 12/31/2018 | 20,777 | 394,244 | 0.05 | % | |||||||||||
| Carlyle Asia Partners IV, L.P.(a)(d) | Asia/Pacific | Buyout | 5/24/2017 | 705,173 | 10,012,955 | 1.28 | % | |||||||||||
| Carlyle Cardinal Ireland Fund, L.P.(a)(b)(d) | Europe | Growth | 10/31/2017 | 139,816 | 31,228 | 0.00 | %(c) | |||||||||||
| Carlyle Europe Partners II Coinvestment, L.P.(a)(b) | Europe | Buyout | 4/2/2014 | 790 | 0 | 0.00 | %(c) | |||||||||||
| Carlyle Europe Partners II, L.P.(a)(b)(d) | Europe | Buyout | 7/1/2013 | 0 | 251,941 | 0.03 | % | |||||||||||
| Carlyle Europe Partners III Investment Holdings, L.P.(a)(b) | Europe | Buyout | 4/2/2014 | 2,342,910 | 28,038 | 0.00 | %(c) | |||||||||||
| Carlyle Europe Technology Partners III, L.P.(a)(b)(d) | Europe | Growth | 1/24/2022 | 7,915,592 | 5,396,014 | 0.69 | % | |||||||||||
| Carlyle Europe Technology Partners IV, L.P.(a)(b)(d) | Europe | Growth | 1/24/2022 | 3,815,532 | 3,272,537 | 0.42 | % | |||||||||||
| Carlyle Fourmi Coinvestment, L.P.(a)(b) | North America | Growth | 1/18/2024 | 18,433,236 | 14,858,155 | 1.90 | % | |||||||||||
| Carlyle Global Financial Services Partners II L.P.(a)(b)(d) | Global | Buyout | 12/31/2017 | 720,172 | 2,570,588 | 0.33 | % | |||||||||||
| Carlyle Global Financial Services Partners, L.P.(a)(b)(d) | Global | Buyout | 6/30/2014 | 0 | 195,198 | 0.02 | % | |||||||||||
| Carlyle Infrastructure Partners, L.P.(a)(b)(d)(f) | North America | Buyout | 8/29/2014 | 1,418,216 | 450,059 | 0.06 | % | |||||||||||
| Carlyle International Energy Partners, L.P.(a)(b)(d) | Global | Special Situations | 12/29/2017 | 4,695,640 | 3,675,410 | 0.47 | % | |||||||||||
| Carlyle Mena Partners, L.P.(a)(b)(d) | Middle East/North Africa | Buyout | 9/28/2018 | 0 | 37,046 | 0.00 | %(c) | |||||||||||
| Carlyle Mezzanine Partners II, L.P.(a)(b) | North America | Credit | 12/30/2015 | 7,568,929 | 2,711,172 | 0.35 | % | |||||||||||
| Carlyle Partners V Coinvestment, L.P.(a) | North America | Buyout | 4/2/2014 | 431,763 | 355,043 | 0.05 | % | |||||||||||
| Carlyle Partners V, L.P.(a)(b)(d) | North America | Buyout | 6/28/2013 | 0 | 3,410,897 | 0.44 | % | |||||||||||
| Carlyle Partners VI Coinvestment A (Cayman), L.P.(a)(b) | North America | Buyout | 8/31/2014 | 144,583 | 0 | 0.00 | %(c) | |||||||||||
| Carlyle Partners VI, L.P.(a)(b)(d) | North America | Buyout | 7/6/2016 | 0 | 1,800,747 | 0.23 | % | |||||||||||
| Carlyle Realty Partners VI, L.P.(a)(b)(d) | North America | Buyout | 4/25/2018 | 98,083 | 66,719 | 0.01 | % | |||||||||||
| Carlyle South America Buyout Fund, L.P.(a)(b) | South America | Buyout | 10/31/2017 | 0 | 18,486 | 0.00 | %(c) | |||||||||||
| Carlyle Strategic Partners III Coinvestment, L.P.(a)(b) | North America | Special Situations | 4/2/2014 | 406 | 113,358 | 0.01 | % | |||||||||||
| Carlyle U.S. Equity Opportunity Fund II, L.P.(a)(b)(d) | North America | Growth | 3/20/2018 | 269,204 | 4,070,123 | 0.52 | % | |||||||||||
| Carlyle U.S. Growth Fund III, L.P.(a)(b)(d) | North America | Growth | 12/31/2018 | 0 | 97,812 | 0.01 | % | |||||||||||
| Cerberus Institutional Overseas IV, Ltd.(a)(b)(d) | North America | Special Situations | 7/1/2018 | 0 | 120,087 | 0.02 | % | |||||||||||
| Cerberus Institutional Partners, L.P. - Series 4(a)(b)(d) | North America | Special Situations | 10/17/2019 | 0 | 6,004 | 0.00 | %(c) | |||||||||||
| Investment Funds - (89.86%) (continued) | Geographic Region | Financing Stage | Acquisition Date | Cost | Fair Value | Percentage of Net Assets | ||||||||||||
| Secondary Investments - (41.22%) (continued) | ||||||||||||||||||
| Cerberus International Spv, Ltd. Class A(a)(b) | North America | Special Situations | 7/1/2018 | 0 | 314,571 | 0.04 | % | |||||||||||
| Cerberus International Spv, Ltd. Class B-8(a)(b) | North America | Special Situations | 6/13/2016 | 0 | 171,791 | 0.02 | % | |||||||||||
| Cerberus International, Ltd. Class A(a)(b) | North America | Special Situations | 7/1/2018 | 0 | 153,774 | 0.02 | % | |||||||||||
| Coatue Growth Fund V(a)(b)(d) | North America | Growth | 7/14/2023 | 1,590,930 | 2,417,532 | 0.31 | % | |||||||||||
| Delta-v CI, L.P.(a)(b)(d) | North America | Growth | 10/8/2024 | 3,030,000 | 4,122,798 | 0.53 | % | |||||||||||
| DELTA-V PS, L.P.(a)(b) | Israel | Growth | 5/1/2023 | 5,185,000 | 12,104,678 | 1.54 | % | |||||||||||
| ECP R&T Feeder Fund, L.P.(a)(b)(d) | 3/19/2025 | 7,005,164 | 7,404,066 | 0.94 | % | |||||||||||||
| Euro Wagon II, L.P.(a)(b) | North America | Special Situations | 7/1/2016 | 0 | 103,781 | 0.01 | % | |||||||||||
| FB HA Holdings, L.P.(a)(b)(f) | North America | Growth | 8/30/2021 | 5,145,673 | 8,645,806 | 1.10 | % | |||||||||||
| Icon Software Partners, L.P. Class B(a)(b)(d) | North America | Growth | 9/1/2020 | 173,759 | 9,495,594 | 1.21 | % | |||||||||||
| Jll Partners Fund V, L.P.(a)(b)(d) | North America | Buyout | 12/30/2015 | 1,842,391 | 1,611,229 | 0.21 | % | |||||||||||
| Laverne Buyer Holdings I, LLC(a)(b) | North America | Growth | 4/10/2018 | 0 | 550,166 | 0.07 | % | |||||||||||
| Laverne Buyer Holdings II, LLC(a)(b) | North America | Growth | 4/10/2018 | 0 | 277,181 | 0.04 | % | |||||||||||
| Laverne Buyer Holdings III, LLC(a)(b) | North America | Growth | 4/10/2018 | 4,812,405 | 3,925,233 | 0.50 | % | |||||||||||
| Laverne Buyer Holdings V, LLC(a)(b) | North America | Growth | 4/10/2018 | 1,350,510 | 1,573,791 | 0.20 | % | |||||||||||
| LEP Opportunities II, L.P.(a)(b)(d) | North America | Buyout | 7/6/2022 | 14,385,128 | 17,661,333 | 2.25 | % | |||||||||||
| Mena Coinvestment, L.P.(a)(b) | Middle East/North Africa | Buyout | 4/2/2014 | 11,861 | 139,445 | 0.02 | % | |||||||||||
| Neoma Private Equity Fund IV, L.P.(a)(b)(d) | Middle East/North Africa | Buyout | 12/31/2017 | 5,842,428 | 2,667,871 | 0.34 | % | |||||||||||
| New Enterprise Associates 10, L.P.(a)(b) | North America | Growth | 4/5/2017 | 0 | 96,884 | 0.01 | % | |||||||||||
| Newport Global Opportunities Fund, L.P.(a)(b)(f) | North America | Buyout | 12/29/2014 | 8,158,631 | 3,559,571 | 0.45 | % | |||||||||||
| Passero 18, L.P.(a)(b) | North America | Buyout | 6/22/2018 | 442,503 | 12,591,058 | 1.61 | % | |||||||||||
| Pegasus WSJLL Fund, L.P.(a)(b)(d) | North America | Buyout | 12/15/2021 | 13,163,785 | 15,243,749 | 1.95 | % | |||||||||||
| Presidio Investors Elv Continuation Fund, L.P.(a)(b)(d) | North America | Buyout | 12/16/2022 | 9,678,746 | 13,839,069 | 1.77 | % | |||||||||||
| Revelstoke EPIC Fund I, L.P.(a)(b)(d) | North America | Growth | 8/26/2019 | 14,138,968 | 21,187,262 | 2.70 | % | |||||||||||
| Riverside Micro-cap Fund III, L.P.(a)(b)(d) | North America | Buyout | 5/1/2019 | 0 | 4,800,435 | 0.61 | % | |||||||||||
| Riverstone Global Energy & Power Fund V, L.P.(a)(b)(d)(f) | North America | Buyout | 9/30/2014 | 10,295,021 | 481,615 | 0.06 | % | |||||||||||
| Riverstone/Carlyle Renewable & Alternate Energy Fund II, L.P.(a)(b)(d)(f) | North America | Buyout | 11/12/2014 | 725,760 | 36,364 | 0.00 | %(c) | |||||||||||
| Strategic Value Global Opportunities Feeder Fund 1-A, L.P.(a)(b) | North America | Special Situations | 12/31/2016 | 1,832,025 | 2,502,799 | 0.32 | % | |||||||||||
| Strategic Value Global Opportunities Fund 1-A, L.P.(a)(b) | North America | Special Situations | 12/31/2016 | 122,510 | 164,298 | 0.02 | % | |||||||||||
| Strategic Value Special Situations Feeder Fund, L.P.(a)(b) | North America | Special Situations | 12/31/2016 | 1,917,818 | 11,513,533 | 1.47 | % | |||||||||||
| Strategic Value Special Situations Fund, L.P.(a)(b) | North America | Special Situations | 12/31/2016 | 168,691 | 970,458 | 0.12 | % | |||||||||||
| Styx International, Ltd. Series 1(a)(b) | North America | Credit | 7/1/2018 | 96,923 | 83,779 | 0.01 | % | |||||||||||
| Styx International, Ltd. Series 4(a)(b) | North America | Credit | 7/1/2018 | 45,700 | 39,502 | 0.01 | % | |||||||||||
| Styx International, Ltd. Series 5(a)(b) | North America | Credit | 7/1/2018 | 21,165 | 18,295 | 0.00 | %(c) | |||||||||||
| Tiger Global XV(a)(b)(d) | North America | Growth | 7/14/2023 | 2,388,760 | 3,490,306 | 0.45 | % | |||||||||||
| TPG AAF Partners N-A, L.P.(a)(b)(d) | North America | Buyout | 6/22/2021 | 0 | 18,541 | 0.00 | %(c) | |||||||||||
| Vitruvian Investment Partnership I Continuation Fund(a)(b)(d) | Europe | Growth | 8/7/2019 | 4,568,681 | 10,058,125 | 1.28 | % | |||||||||||
| Warburg Pincus Energy, L.P.(a)(d) | North America | Buyout | 9/28/2018 | 511,136 | 1,588,610 | 0.20 | % | |||||||||||
| Warburg Pincus Xi (Asia), L.P.(a)(b) | Asia/Pacific | Growth | 9/29/2017 | 13,723,871 | 6,689,656 | 0.85 | % | |||||||||||
| Warrior Buyer Holdings, LLC(a)(b) | North America | Special Situations | 10/2/2018 | 16,017,900 | 8,841,725 | 1.13 | % | |||||||||||
| Total Secondary Investments | 256,710,925 | 323,075,802 | ||||||||||||||||
| Total Investment Funds | 616,550,044 | 704,354,415 | ||||||||||||||||
| Short-Term Investments - (2.21%) | Cost | Fair Value | ||||||
| Money Market Funds - (2.21%) | ||||||||
| Fidelity Treasury Only Money Market Fund, 3.91%(e) | 2,345,317 | 2,345,317 | ||||||
| Goldman Sachs Financial Square Treasury Instruments Fund, Class Institutional, 4.78%(e) | 2,349,617 | 2,349,617 | ||||||
| JP Morgan 100% U.S. Treasury Securities Money Market Fund, Class I, 4.09%(e) | 2,350,424 | 2,350,424 | ||||||
| Morgan Stanley Institutional Liquidity Fund, Class I, 4.12%(e) | 10,238,953 | 10,238,953 | ||||||
| Total Money Market Funds | $ | 17,284,311 | $ | 17,284,311 | ||||
| Total Short-Term Investments | 17,284,311 | 17,284,311 | ||||||
| Total Investments - 92.07% | $ | 633,834,355 | $ | 721,638,726 | ||||
| Other Asset in Excess of Liabilities - 7.93% | 62,116,415 | |||||||
| Net Assets - 100.00% | $ | 783,755,141 | ||||||
| (a) | Investments have no redemption provisions, are issued in private placement transactions and are restricted as to resale. For investments that were acquired through multiple transactions, the acquisition date represents the initial acquisition date of the Fund’s investment in the position. Total fair value of restricted securities amounts to $704,354,414, which represents 81.42% of net assets as of June 30, 2025. |
| (b) | Non-income producing security. |
| (c) | Rounds to less than 0.005%. |
| (d) | The Fund held unfunded commitments in the investment as of June 30, 2025. Total unfunded commitments amount to $310,932,023 as of June 30, 2025. |
| (e) | The rate shown is the annualized 7-day yield as of June 30, 2025. |
| (f) | Security is held by, in its entirety or partially, CPG TCG Acquisition Fund, LLC. |
| (g) | Security is held by MCC Eagle Holdco, LLC. |
| (h) | Security is held by MCC Splitter No. 1, LLC. |
| (i) | Security is held by MCC Splitter No. 2, LLC. |
| (j) | Security is held by MCC Splitter No. 3, LLC. |
Investments as of June 30, 2025
| Private Equity Type | Percent of Total Net Assets | |||
| Investment Funds | ||||
| Co-Investments | 11.76 | % | ||
| Primary Investments | 36.90 | % | ||
| Secondary Investments | 41.22 | % | ||
| Total Investment Funds | 89.86 | % | ||
| Short-Term Investments | ||||
| Money Market Funds | 2.21 | % | ||
| Total Investments | 92.07 | % | ||
| Other assets in excess of liabilities | 7.93 | % | ||
| Total Net Assets | 100.00 | % | ||
See accompanying Notes to Consolidated Schedule of Investments
CPG CARLYLE COMMITMENTS MASTER FUND LLC
Notes to Consolidated Schedule of Investments
June 30, 2025 (Unaudited)
SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the Master Fund in the preparation of its Consolidated Schedules of Investments. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Master Fund meets the definition of an investment company and follows the accounting and reporting guidance as issued through Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies.
Fair value is defined as the value that the Master Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, a three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Master Fund. Unobservable inputs reflect the Master Fund’s own assumptions about the assumptions that market participants would use in valuing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observation of the inputs which are significant to the overall valuation.
The three-tier hierarchy of inputs is summarized below:
● Level 1 — unadjusted quoted prices in active markets for identical financial instruments that the reporting entity has the ability to access at the measurement date.
● Level 2 — inputs other than quoted prices included within Level 1 that are observable for the financial instrument, either directly or indirectly. Level 2 inputs also include quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active.
● Level 3 — significant unobservable inputs for the financial instrument (including the Master Fund’s own assumptions in determining the fair value of investments). For investments measured at NAV as of the measurement date, included in this category are investments for which the Master Fund does not have the ability to redeem at NAV as of the measurement date due to holding periods greater than one year from the measurement date.
Investments in Portfolio Funds are recorded at fair value, using the Portfolio Funds’ net asset value as a practical expedient.
The private equity Investment Funds are generally restricted securities that are subject to substantial holding periods and are not traded in public markets, so that the Master Fund may not be able to resell some of its investments for extended periods, which may be several years. The types of private equity Investment Funds that the Master Fund may make include primary, secondary and co-investments. Co-investments (the “Co-investments”) represent opportunities to invest in specific portfolio companies that are typically made alongside an Investment Fund. Primary investments (the “Primary Investments”) are investments in newly established private equity funds. Secondary investments (the “Secondary Investments”) are investments in existing private equity funds that are acquired in privately negotiated transactions.
The NAV of the Master Fund is determined by, or at the direction of, Central Park Advisers, LLC (the “Adviser”) as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below or as may be determined from, time to time, pursuant to policies established by the Master Fund’s Board of Directors (the “Board”). The Master Fund’s investments in Investment Funds are subject to the terms and conditions of the respective Investment Funds’ operating agreements and offering memorandums, as appropriate. The Master Fund’s Valuation Committee (the “Committee”) oversees the valuation process of the Master Fund’s investments. The Committee meets on a monthly basis and reports to the Board on a quarterly basis. The Master Fund’s investments in Investment Funds are carried at fair value which generally represents the Master Fund’s pro-rata interest in the net assets of each Investment Fund as reported by the administrators and/or investment managers of the underlying Investment Funds. All valuations utilize financial information supplied by each Investment Fund and are net of management and incentive fees or allocations payable to the Investment Funds’ managers or pursuant to the Investment Funds’ agreements. The Master Fund’s valuation procedures require the Adviser to consider all relevant information available at the time the Master Fund values its portfolio. The Adviser has assessed factors including, but not limited to, the individual Investment Funds’ compliance with fair value measurements, price transparency and valuation procedures in place and subscription and redemption activity. The Adviser and/or the Board will consider such information and consider whether it is appropriate, in light of all relevant circumstances, to value such a position at its NAV as reported or whether to adjust such value. The underlying investments of each Investment Fund are accounted for at fair value as described in each Investment Fund’s financial statements.
The fair value relating to certain underlying investments of these Investment Funds, for which there is no ready market, has been estimated by the respective Investment Funds’ management and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a ready market for the investments existed. These differences could be material.
The Master Fund may also make Direct Investments, which are interests in securities issued by operating companies and are typically made as investments alongside a private equity fund. With respect to valuation of Direct Investments, they are fair valued typically by reference to the valuation utilized by the corresponding private equity fund or with a third party valuation agent.
The following table sets forth information about the levels within the fair value hierarchy at which the Master Fund’s investments are measured as of June 30, 2025:
| Level 1 | Level 2* | Level 3* | Investments Measured at Net Asset Value(1) | Total | ||||||||||||||||
| Investments | ||||||||||||||||||||
| Investments in Private Investment Funds | $ | - | $ | - | $ | - | $ | 704,354,415 | $ | 704,354,415 | ||||||||||
| Short-Term Investments | 17,284,311 | - | - | - | 17,284,311 | |||||||||||||||
| Total Investments | $ | 17,284,311 | $ | - | $ | - | $ | 704,354,415 | $ | 721,638,726 | ||||||||||
| * | The Fund did not hold level 2 or level 3 securities at period end. |
| (1) | These investements are presented for reconsilition purposes and are not required to be categorized in the fair value hierarchy since they are measured at net asset value, without adjustment, as permitted as a practical expedient. |
The Master Fund held Investment Funds with a fair value of $704,354,415, that, in accordance with ASU 2015-07, are excluded from the fair value hierarchy as of June 30, 2025.