UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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FORM N-CSR

CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act File Number 811-23566

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Bow River Capital Evergreen Fund
(Exact name of registrant as specified in charter)

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205 Detroit Street, Suite 800
Denver, Colorado 80206
(Address of principal executive offices) (Zip code)

Jeremy Held
Bow River Advisers, LLC
205 Detroit Street, Suite 800
Denver, Colorado 80206
(Name and address of agent for service)

COPIES TO:

Joshua B. Deringer, Esq.
Faegre Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, PA 19103-6996
215-988-2700

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Registrant’s telephone number, including area code: (303) 861-8466

Date of fiscal year end: March 31

Date of reporting period: March31, 2023

Item 1.  Reports to Stockholders.

(a)The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)

Bow River Capital Evergreen Fund

Annual Report

March 31, 2023

bowriverevergreen.com • 1-888-330-3350

• DISTRIBUTED BY FORESIDE FINANCIAL SERVICES, LLC (MEMBER OF FINRA)

Bow River Capital Evergreen Fund

TABLE OF CONTENTS
MARCH31, 2023

Manager’s Discussion of Fund Performance	1
Schedule of Investments	6
Statement of Assets and Liabilities	10
Statement of Operations	11
Statements of Changes in Net Assets	12
Statement of Cash Flows	13
Financial Highlights	14
Notes to the Financial Statements	16
Report of Independent Registered Public Accounting Firm	37
Trustees and Officers	38
Additional Information	40
Privacy Notice	41

Bow River Capital Evergreen Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE
MARCH31, 2023 (Unaudited)

Dear Bow River Capital Evergreen Fund Investor:

We are pleased to present our annual report for the Bow River Capital Evergreen Fund.

The Bow River Capital Evergreen Fund (the “Fund”) was launched in May of 2020 to provide investors with access to institutional quality private equity investments with broader investment exposure and greater flexibility than traditional private investment funds. By providing access to private equity in an investor-friendly registered fund we believe the Fund will transform the way investors approach the asset class and provide them with an important tool to build better portfolios.

The Fund seeks to capture the best practices of private equity investing by combining the access, scale and pricing power of a large institution with the specialization and agility of a middle-market boutique. The Fund’s investment objective is to generate long-term capital appreciation by investing in a broad portfolio of private equity investments that provide attractive risk-adjusted return potential.

Since its launch in 2020 the Fund has been well received by investors as both a private markets access vehicle and as a portfolio customization tool. As of March 31, 2023, the Fund has a diverse investor base including individuals, wealth management firms, family offices and institutional investors.

Highlights for the fiscal year-ended March 31, 2023, include the following:

•Class I of the Fund returned 3.17% for the 1-year ended March31, 2023.

•The Fund deployed a total of $77million into 18 transactions during the fiscal year across the co-investment, secondary and primary fund market, bringing total private market investments in the Fund to 75.

•The Fund’s net assets increased from $217 million in March 2022 to $340million at the end of March 2023.

Market Update

The 12-month period ended March 31, 2023, represented one of the most challenging periods for global markets since the great financial crisis. While it appears that inflation has finally started to moderate, it is still too early to tell what the long-term effects of a step change in interest rates will ultimately have on the broader economy. Expensive assets, both public and private, suffered mightily in this environment as calendar year 2022 was the worst year for a 60/40 stock/bond portfolio in nearly a century. For venture capital (“VC”), the most expensive segment of the private markets, the situation is likely to go from bad to worse. With the spectacular collapse of Silicon Valley Bank, startup firms that were already strapped for cash and feeling the weight of lofty valuations in previous funding rounds are now losing one of the most significant providers of capital and liquidity in their ecosystem. This lack of liquidity comes at a time when many VC-backed companies are likely running out of cash runway from capital raises executed around the 2021 peak. This could force firms to raise money sooner than expected in the teeth of a brutal funding market. Venture startup funding dropped more than 55% in the first quarter of 2023 year-over-year while late-stage valuations dropped approximately 17% in the same period. By contrast, privately held cash-flowing buyout businesses have remained quite resilient, benefiting in many cases from more moderate valuations and lower debt burdens, particularly in the middle and lower middle market.

Rising debt costs are not just a headwind, however; they also have the potential to create opportunities in previously expensive sectors of the market. The secondary market, in our view, was highly unattractive for several quarters due to high prices and an imbalance of supply and demand. Low interest rates created an artificial bid for secondary assets, allowing large sponsors to submit overpriced bids for mediocre assets by using significant amounts of deal or fund-level leverage to achieve their return targets. Now that the cost of these credit lines has increased, secondary pricing has rapidly reset to more rational levels. This dynamic, combined with a significant increase in volume of LP interest sales (and limited secondary-dedicated dry powder) has made secondary purchases much more attractive on a relative value basis in late 2022 and into 2023. Pricing in certain segments of the secondary market has already started to approach COVID-crisis levels, however we expect the buying window to be longer this time given the sustained sale volume coming from institutional investors.

1

Bow River Capital Evergreen Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
MARCH31, 2023 (Unaudited)

We also believe that the banking crisis has exacerbated trends in lending that were already shifting the balance of power from banks to private lenders. This will likely result in an overall reduction in deal flow, longer hold periods and more muted valuation multiples. However, we believe the impact will not be felt in a uniform fashion across the market. Highly levered, larger companies that have relied upon financial engineering and debt-funded inorganic growth, in our view, should be most acutely impacted. By contrast, companies with multiple organic growth levers alongside barriers to entry and pricing power, in our view, should not only do well, they may actually trade at higher multiples given scarcity value in the market based on a similar number of buyers and fewer high quality companies for sale.

As a result, we believe this environment has strengthened our conviction of investing in cash-flow generative middle market businesses while also creating interesting opportunities in both the private credit and secondary markets, two of the Fund’s most significant current overweights. As we approach our 3-year track record in May 2023, we continue to be comforted by the strong fundamentals in our current portfolio as well as the Fund’s current level of diversification, with no single company representing more than 3% of Fund assets and no single investment representing more than 5% as of March 31, 2023.

Asset Allocation

During the fiscal year ended March31, 2023, the portfolio management team made a concerted effort to increase Fund exposure to Industrial Services and Financials, while reducing the Fund’s overall exposure to Technology. In addition, we meaningfully increased Fund exposure to lower middle market companies from 18% to 26% while large-cap exposure was reduced from 45% to 35%. The middle market continues to be the Fund’s largest overweight, with exposure increasing modestly from 37% to 39% in the most recent fiscal year ended March31, 2023. The positive performance from our co-investment portfolio was partially offset by modest reductions in our secondaries portfolio, which was negatively impacted by multiple compression in older vintage exposures.

*Company size is based on enterprise value at investment entry. Large companies have an enterprise value of greater than $2billion, middle market companies have an enterprise value of greater than $500million, and lower middle market companies have an enterprise value of $500million or lower.

2

Bow River Capital Evergreen Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
MARCH31, 2023 (Unaudited)

Performance

Class I of the Fund returned 3.17% for the 1-year ending March31, 2023. Fund performance during the year was driven largely by valuation uplift in several of the Fund’s early direct co-investments, particularly in middle and lower middle market companies.

*This graph compares a hypothetical $250,000 investment in the Fund’s Class I Shares with a similar investment in the MSCI World Index. Results include the reinvestment of all dividends and capital gains, and do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. The index does not reflect expenses or fees, which would lower performance.

**The MSCI World Index is a stock market index made up of approximately 1,600 global stocks. It is used as a common benchmark for ‘world’ or ‘global’ stock funds. The index comprises a collection of stocks of all the developed markets in the world, as defined by MSCI and includes stocks from 23 countries but excludes stocks from emerging and frontier economies. The index is used herein for illustrative purposes only. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. Index results assume the re-investment of all dividends and capital gains. The index is not a projection, prediction or guarantee of performance. Investments cannot be made directly into an index. The performance of the index shown represents unmanaged, passive buy-and-hold strategies, investment characteristics and risk/return profiles that differ materially from the Fund, and an investment in the Fund is not comparable to an investment in such index or in the securities that comprise the index.

3

Bow River Capital Evergreen Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
MARCH31, 2023 (Unaudited)

Average Annual Total Return Information
Share Class	1-Year	2-Year	Since Inception	Inception Date
Class I	3.17%	11.84%	14.46%	12/31/2020
Class II	2.92%	—%	6.37%	1/3/2022
Fund Benchmark
MSCI World Index(1)	(7.02)%	1.19%	3.24%(2)

​(1)             Primary benchmark

​(2)             Benchmark since inception returns reflect Class I inception date

Outlook

Despite the resiliency in the Fund’s portfolio, on a go-forward basis we remain cautious with respect to the looming impact of higher borrowing costs, thinning margins and the potential for slower growth in a recession. While we believe labor costs will ultimately moderate in a slowing economy, easing margin pressure on many businesses, the short-term impact will be very difficult for companies that cannot pass through higher costs as the impact of higher rates will be felt before margins expand. A weak exit environment should also result in longer hold periods and an increased reliance on bolt-on or tuck-in acquisitions to bolster growth, further highlighting the importance of free cash flow and a manageable debt load. As a result of these changing market dynamics, the Fund has recently shifted from an underweight to an overweight in private credit. Private equity remains the Fund’s dominant asset class, and we firmly believe that high quality businesses, as they have done in the past, can thrive in a higher interest rate environment. Consequently, we are continuing to deploy capital in the private equity sector, maintaining our underweight to growth and venture, and doubling down on our overweight to middle market cash flowing businesses. We are particularly focused on businesses that can support higher borrowing costs, have high barriers to entry and can pass through higher inflation costs. Recent equity co-investments in the consumer staples and healthcare space are indicative of this approach. Lastly, the middle market will continue to be our dominant area of emphasis, as we believe these businesses have more levers for value creation alongside more reasonable entry prices.

In light of the market’s current challenges, we are comforted by the number of risk mitigants in the Fund’s portfolio that should allow it to continue to weather a difficult investing environment. In addition to the Fund’s underweight to growth equity and venture capital, we have increased our liquidity sleeve slightly above target. This enhanced liquidity serves two purposes — first, it provides an extra cash flow cushion given that we expect a decrease in the value of distributions in the coming quarters alongside an increase in capital calls as sponsors wind down expensive lines of credit. Secondly, it allows us ample dry powder to deploy in an environment that we believe will be increasingly attractive in coming quarters. The general trend in our portfolio has been one of positive revenue and EBITDA growth partially offset by a reduction in multiples. Preserving a larger amount of dry powder will allow us to be opportunistic as high-quality assets become available at attractive entry points across all asset types. We remain overweight in secondaries and while bid/ask spreads remain wide, we expect continual decay in prices in the coming quarters.

4

Bow River Capital Evergreen Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
MARCH31, 2023 (Unaudited)

As always, the investment team is available to answer any questions about the Fund and we look forward to speaking with you in the future.

Sincerely,

The Bow River Capital Evergreen Fund Team

Jeremy Held	Michael Trihy	Richard Wham	Joe Stork

An offer can only be made by the prospectus and only in jurisdictions in which such an offer would be lawful. The prospectus contains important information concerning risk factors and other material aspects of the Fund to carefully consider and must be read carefully before a decision to invest is made. Please visit www.bowriverevergreen.com or contact your Financial Advisor to obtain a copy of the prospectus.

The Fund commenced investment operations on December 31, 2020, after the conversion of a limited partnership Account, Bow River Capital Evergreen Private Equity Fund LP, which commenced operations on May 22, 2020, (the “Predecessor Account”), into shares of the Fund’s Class I Shares. Information portrayed prior to December 31, 2020 is for the Predecessor Account. The Fund’s objectives, policies, guidelines and restrictions are in all material respects equivalent to those of the Predecessor Account. The Predecessor Account was not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and therefore was not subject to certain restrictions imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986, as amended, on regulated investment companies. If the Predecessor Account had been registered under the 1940 Act, the Predecessor Account’s performance may have been adversely affected.

Performance data quoted represents past performance and is no guarantee of future results. Total return figures include the reinvestment of dividends and capital gains. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month end performance, please call (888)-330-3350.

Any person subscribing for an investment must be able to bear the risks involved and must meet the suitability requirements of the Fund. Investors could lose all or a substantial amount of their investment. No assurance can be given that the Fund’s investment objectives will be achieved. The Fund is speculative and involves a substantial degree of risk. The Fund is a closed-end, non-diversified management investment company that will make periodic repurchase offers for its securities and is highly illiquid. There is no secondary market for investors’ interests, and none is expected to develop. There are certain restrictions on transferring interests. Fees and expenses will offset the Fund’s trading profits. The Fund is subject to conflicts of interest. Other risks include those related to equity securities, fixed income securities, high-yield/high risk bonds, listed private equity, listed infrastructure securities, foreign securities, derivative instruments, leverage, capital calls, investment manager risk, as well as those related to general economic and market conditions, all of which may present significant risks. Please see the prospectus for more information on these and other risks.

Bow River Advisers, LLC (“Bow River Capital”) is the management company for the Bow River Capital Evergreen Fund.

All statements made herein are opinions of Bow River Capital and should not be construed as investment advice and recommendations.

Fund Distributor: Foreside Financial Services, LLC

5

Bow River Capital Evergreen Fund

SCHEDULE OF INVESTMENTS
MARCH31, 2023

	Value
Private Investments — 78.1%
Credit Co-Investments — 7.5%
Ashgrove Specialty Lending Investments I, 12.07% (SONIA+CSA+7.75%, 0.50% Floor), 4/9/2026, principal GBP 718,1471,2	$	861,613
Ashgrove Specialty Lending Investments I, DAC, 12.80%(SONIA+CSA+8.50%, 0.25% Floor), 6/1/2026, principal GBP 2,500,0001,2		2,210,576
Digital Alpha Solutions Fund, LP, 14.27%(SOFR3M+CSA+9.50% PIK)1,3		3,829,410
Ecoville Investments Limited, 9.50%, 1/11/24, principal $2,000,0001,2		1,980,000
Palmer Square Loan Funding 2021-3, Ltd.1		1,320,900
PARIOUS LP, 8.00% PIK, 10/31/2030, principal EUR 5,208,7201,3		5,842,948
Planet US Buyer, LLC, 11.26% (SOFR3M+6.75%), 1/31/2030, principal $3,000,0001,2		2,711,806
Polaris Newco, 12.84% (LIBOR + 8.00%, 1.00% Floor), 6/3/2029, principal $2,000,0001,2		1,705,000
Sand Trust Series 21-1A – Class SUB, 10/15/20341		651,415
US Hospitality Publishers, Inc., 11.84% (LIBOR + 7.00%, 1.00% Floor), 12/18/2025, principal $2,000,0001,2		1,823,562
VCPF III Co-Invest 1-A, LP1,3		2,623,806
Total Credit Co-Investments (Cost $24,692,171)		25,561,036
Equity Co-Investments — 31.4%
ACP Hyperdrive Co-Invest, LLC1,3,4		2,620,000
AP DSB Co-Invest II, LP1,3,4		3,561,985
Ashgrove Specialty Lending Investments I, DAC1,2,4		722,592
Biloxi Co-Investment Partners, LP1,3,4		1,681,794
Butterfly Nourish Co-Invest, LP1,2,4		4,999,848
BW Colson Co-Invest Feeder (Cayman), LP1,3,4		3,822,242
Carlyle Riser Co-Investment, LP1,3,4		4,635,058
Constellation 2022, LP1,3,4		4,998,967
Corsair Amore Investors, LP1,3,4		4,994,829
Coyote 2021, LP1,3,4		7,652,220
DSG Group Holdings, LP1,2,4		6,715,991
Enak Aggregator, LP1,3,4		3,185,673
Falcon Co-Investment Partners, LP1,3,4		2,895,574
ISH Co-Investment Aggregator, LP1,3,4		2,573,735
OceanSound Partners Co-Invest II, LP – Series B1,3,4,5		5,464,518
OceanSound Partners Co-Invest II, LP – Series E1,3,4		7,569,913

	Value
Private Investments — 78.1% (continued)
Equity Co-Investments — 31.4% (continued)
Onex OD Co-Invest, LP1,3,4	$	5,292,788
Palms Co-Investment Partners, LP1,3,4		3,807,958
Project Stream Co-Invest Fund, LP1,3,4		1,666,765
SANCY SLP1,3,4		1,624,496
SEP Hamilton III Aggregator, LP1,3,4		6,585,374
SEP Skyhawk Fund III Aggregator, LP1,3,4		545,487
The Global Atlantic Financial Group, LLC1,2,4		4,380,373
Veregy Parent, LLC1,2,4		3,182,840
Vistage Equity Investors, LP1,3,4		4,999,608
WestCap Cerebral Co-Invest 2021, LLC1,3,4		139,525
WestCap LoanPal Co-Invest 2020, LLC1,2,4		3,799,773
Wildcat 21 Co-Invest Fund, LP1,3,4		2,592,890
Total Equity Co-Investments (Cost $84,792,444)		106,712,816
Primary Funds — 16.3%
Ashgrove Specialty Lending Fund I SCSp RAIF1,3,4		1,289,558
Avista Capital Partners V, LP1,3,4		4,690,650
Coller Credit Opportunities I – B, LP1,3		2,074,985
EnCap Energy Transition Fund 1-A, LP1,3,4		3,043,313
FFL Capital Partners V, LP1,3,4		5,651,328
Grain Spectrum Holdings III (Cayman), LP1,3,4		3,310,155
Lynx EBO Fund I (A), LLC1,3,4		447,112
OceanSound Partners Fund, LP1,3,4		4,583,838
Onex Structured Credit Opportunities International Fund I, LLC1,3		1,629,394
Overbay Fund XIV Offshore, LP1,3,4		2,411,632
Sheridan Capital Partners Fund III, LP1,2,4		984,347
Sumeru Equity Partners Fund III, LP1,3,4		2,460,102
Sumeru Equity Partners Fund IV, LP1,3,4		398,869
TKO Fund1,3,4		3,411,419
WestCap Strategic Operator Fund II, LP1,3,4		3,480,643
WestCap Strategic Operator U.S. Feeder Fund, LP1,2,4		8,652,438
Whitehorse Liquidity Partners IV, LP1,3,4		3,647,076
Whitehorse Liquidity Partners V, LP1,3,4		3,159,709
Total Primary Funds (Cost $38,064,575)		55,326,568
Private Investment Funds — 7.9%
PIMCO DSCO Fund II Offshore Feeder, LP1,3,4		4,799,094
Post Limited Term High Yield Fund, LP1,3,4		6,042,865
Ruffer Absolute Institutional, Ltd.1,3,4		5,091,501
Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd.1,3,4		5,475,615
Voloridge Fund, LP1,3,4		5,293,489
Total Private Investment Funds (Cost $25,883,485)		26,702,564

See accompanying Notes to Financial Statements.

6

Bow River Capital Evergreen Fund

SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH31, 2023

	Value
Private Investments — 78.1% (continued)
Secondary Funds — 15.0%
Adams Street 2009 Direct Fund, LP1,3,4	$	24,107
Adams Street 2010 Direct Fund, LP1,3,4		29,343
Adams Street 2011 Direct Fund, LP1,3,4		41,638
Adams Street 2011 Non-U.S. Developed Markets Fund, LP1,3,4		140,953
Adams Street 2011 U.S. Fund, LP1,3,4		318,549
Adams Street 2013 Global Fund, LP1,3,4		1,907,607
Adams Street 2014 Global Fund, LP1,3,4		1,055,592
Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP1,3,4		115,939
Adams Street Partnership Fund 2009 U.S. Fund, LP1,3,4		260,310
Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP1,3,4		111,342
Adams Street Partnership Fund 2010 U.S. Fund, LP1,3,4		291,712
Altor Fund IV (No. 1) AB1,3,4		6,208,258
ASP (Feeder) 2017 Global Fund, LP1,3,4		1,160,633
BRCE SPV I, LLC1,2		254,491
Coller Credit Opportunities I – Annex I, SLP1,3		3,136,179
Coller International Partners VI Feeder Fund, LP – Class A1,3,4		990,109
Coller International Partners VII Feeder Fund, LP – Series B1,3,4		1,805,561
CRG Partners III – Parallel Fund (A), LP1,3,4		3,615,488
Forrest Holdings I, LP – Class A1,2,4		13,634
Forrest Holdings I, LP – Class B1,2,4		190,808
Global Infrastructure Partners II-C, LP1,3,4		1,215,146
Graphite Capital Partners VIII D, LP1,2,4		4,841,715
KH Aggregator, LP1,3,4		4,824,252
Onex Fund V, LP1,3,4		6,516,342
Overbay Fund XIV (AIV III), LP1,3,4		2,443,436
Overbay Fund XIV Offshore (AIV), LP1,3,4,5		4,121,372
Porcupine Holdings, LP – Class A1,3,4		2,895,534
Porcupine Holdings, LP – Class B1,3,4		2,543,439
Total Secondary Funds (Cost $30,385,723)		51,073,489
Total Private Investments (Cost $203,818,398)		265,376,473
Exchange Traded Funds — 0.9%
Equity Funds — 0.9%
Core Alternative ETF, shares 100,000		2,983,000
Total Exchange Traded Funds (Cost $3,047,500)		2,983,000

	Value
U.S. Treasury Bills — 8.8%
United States Treasury Bill, 0.00%, 04/13/2023, principal $20,227,000	$	19,999,321
United States Treasury Bill, 4.57% OID, 05/09/2023, principal $10,149,000		9,954,208
Total U.S. Treasury Bills (Cost $29,999,108)		29,953,529
Short-Term Investments — 16.2%
UMB Money Market Fiduciary, 0.01%, shares 9,556,0676,7		9,556,067
UMB Money Market Special, 4.68%, shares 20,000,0006,7		20,000,000
Goldman Sachs Financial Square Government Fund – Institutional Class, 4.73%, shares 25,462,6296		25,462,629
Total Short-Term Investments (Cost $55,018,696)		55,018,696
Total Investments (Cost $291,883,702) — 104.0%	$	353,331,698
Liabilities in excess of other assets — (4.0%)		(13,711,766	)
Net Assets — 100%	$	339,619,932

CSA — Credit Spread Adjustment

DAC — Designated Activity Company

LLC — Limited Liability Company

LP — Limited Partnership

LIBOR — London Interbank Offered Rate

OID — Original Issue Discount

PIK — Payment In Kind

RAIF — Reserved Alternative Investment Fund

SCSp — Special Limited Partnership

SLP — Special Limited Partnership

SONIA — Sterling Overnight Index Average

SOFR3M — Three month average Secured Overnight Financing Rate

See accompanying Notes to Financial Statements.

7

Bow River Capital Evergreen Fund

SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH31, 2023

1Restricted security. The total value of these securities is $265,376,473, which represents 78.1% of total net assets of the Fund. Please refer to Note 7 in the Notes to the Financial Statements.

2Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $50,031,407, which represents 14.7% of total net assets of the Fund.

3Investment is valued using the Fund’s pro rata net asset value (or its equivalent) as a practical expedient. Please see Note 3 in the Notes to the Financial Statements for respective investment strategies, unfunded commitments, and redemptive restrictions.

4Non-income producing.

5Affiliated investment for which ownership exceeds 5% of the investment’s capital. Please refer to Note 6 in the Notes to the Financial Statements.

6Rate disclosed represents the seven day yield as of the Fund’s period end.

7The account is an interest-bearing money market deposit account 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 March 31, 2023, the Bow River Capital Evergreen Fund had outstanding forward foreign currency contracts with terms as set forth below:

Settlement Date	Counterparty	Currency Purchased	Currency Sold	Contract Amount			Value		Unrealized Appreciation
				Buy		Sell
June 30, 2023	Bannockburn Global Forex, LLC	USD	EUR	$	2,185,000	EUR 2,000,000	$	2,178,249	$	6,751
June 30, 2023	Bannockburn Global Forex, LLC	USD	GBP	$	1,858,500	GBP 1,500,000	$	1,852,731	$	5,769
									$	12,520

See accompanying Notes to Financial Statements.

8

Bow River Capital Evergreen Fund

SUMMARY OF INVESTMENTS
MARCH31, 2023

Security Type/Geographic Region	Percent of Total Net Assets
Private Investments
North America	58.1	%
Global	10.5	%
Europe	8.9	%
Asia	0.6	%
Total Private Investments	78.1	%
Exchange Traded-Funds
North America	0.9	%
Total Exchange Traded-Funds	0.9	%
U.S. Treasury Bills	8.8	%
Short-Term Investments	16.2	%
Total Investments	104.0	%
Liabilities in excess of other assets	-4.0	%
Net Assets	100.0	%

See accompanying Notes to Financial Statements.

9

Bow River Capital Evergreen Fund

STATEMENT OF ASSETS AND LIABILITIES
MARCH31, 2023

Assets:
Unaffiliated investments, at fair value (cost $202,911,293)	$	258,773,583
Affiliated investments, at fair value (cost $3,954,605)		9,585,890
Short-term investments, at fair value (cost $85,017,804)		84,972,225
Cash		35,589
Interest receivable		315,084
Prepaid expenses		114,339
Unrealized appreciation on forward foreign currency contracts		12,520
Total Assets		353,809,230
Liabilities:
Payables
Shareholder subscriptions received in advance		9,556,067
Shareholder redemptions		3,819,112
Net Investment management fee and expense recoupment		526,712
Distribution and service fees		5,161
Professional fees		248,728
Accounting and administration fees		33,518
Total Liabilities		14,189,298
Commitments and contingencies (Note 9)
Net Assets	$	339,619,932
Composition of Net Assets:
Paid-in capital	$	292,584,976
Total distributable earnings		47,034,956
Net Assets	$	339,619,932
Net Assets Attributable to:
Class I Shares	$	315,332,694
Class II Shares		24,287,238
	$	339,619,932
Shares of Beneficial Interest Outstanding (Unlimited Number of Shares Authorized, 100,000 shares registered; par value of $0.001):
Class I Shares		7,817,381
Class II Shares		603,960
		8,421,341
Net Asset Value per Share1:
Class I Shares	$	40.34
Class II Shares		40.21

1Each share class is subject to an early repurchase fee of 2.00% on any shares sold within 365 days of purchase.

See accompanying Notes to Financial Statements.

10

Bow River Capital Evergreen Fund

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH31, 2023

Investment Income:
Interest income from unaffiliated investments	$	2,626,044
Other Income		34,367
Dividend income from unaffiliated investments		33,433
Total Investment Income		2,693,844
Expenses:
Investment management fee (Note 5)		4,916,262
Audit and tax fees		244,536
Accounting and administration fees		302,654
Legal fees		161,000
Trustee fees (Note 5)		102,500
Interest Expense		60,000
Pricing Fees		57,206
Distribution and service fees (Class II)		48,649
Transfer agent fees		92,000
Chief Compliance Officer and Chief Financial Officer fees (Note 5)		90,533
Other fees		137,975
Custody fees		32,200
Total Expenses Before Recoupment		6,245,515
Fund expenses recouped by the Adviser (Note 5)		192,185
Net Expenses		6,437,700
Net Investment Loss		(3,743,856	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Unaffiliated investments		2,565,408
Foreign currency transactions		9,214
Forward foreign currency contracts		10,126
Total net realized gain		2,584,748
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		11,365,193
Affiliated investments		1,367,299
Investments paid in advance		(841,033	)
Forward foreign currency contracts		12,520
Total net change in unrealized appreciation		11,903,979
Net Realized and Unrealized Gain		14,488,727
Net Increase in Net Assets from Operations	$	10,744,871

See accompanying Notes to Financial Statements.

11

Bow River Capital Evergreen Fund

STATEMENT OF CHANGES IN NET ASSETS

	For the year ended March 31, 2023			For the year ended March 31, 2022
Net Increase in Net Assets from:
Operations:
Net investment loss	$	(3,743,856	)	$	(2,712,270	)
Net realized gain		2,584,748			595,511
Net change in unrealized appreciation		11,903,979			35,286,186
Net Increase in Net Assets Resulting from Operations		10,744,871			33,169,427
Distributions to Shareholders:
Distributions:
Class I		(7,818,326	)		(1,278,522	)
Class II		(647,048	)		—3
Decrease in Net Assets from Distributions to Shareholders		(8,465,374	)		(1,278,522	)
Capital Transactions:
Proceeds from shares sold:
Class I		101,446,819			88,816,420
Class II		18,222,387			6,091,3283
Reinvestment of distributions:
Class I		6,076,353			1,077,120
Class II		207,174			—
Cost of shares repurchased:
Class I		(9,170,783	)1		(2,492,250	)
Class II		(728,873	)2		—3
Net Increase in Net Assets from Capital Transactions		116,053,077			93,492,618
Total Net Increase in Net Assets		118,332,574			125,383,523
Net Assets
Beginning of period		221,287,358			95,903,835
End of period	$	339,619,932		$	221,287,358
Capital Share Transactions: