NPORT-EX 2 Conversus_Schedule_F.htm SCHEDULE F FOR VALIDATION PURPOSES ONLY - [295628.TX]

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  

 

1

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      
 

 

 

  

 

4