(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, 2025

bowriverevergreen.com • 1-888-330-3350

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

Bow River Capital Evergreen Fund

TABLE OF CONTENTS
MARCH 31, 2025

Manager’s Discussion of Fund Performance		1
Consolidated Schedule of Investments		6
Consolidated Statement of Assets and Liabilities		13
Consolidated Statement of Operations		14
Consolidated Statement of Changes in Net Assets		15
Consolidated Statement of Cash Flows		16
Consolidated Financial Highlights		17
Notes to Consolidated Financial Statements		19
Report of Independent Registered Public Accounting Firm		43
Trustees and Officers (Unaudited)		44
Additional Information (Unaudited)		47
Privacy Notice		49

Bow River Capital Evergreen Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE
MARCH 31, 2025

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 private equity investments with broader investment exposure and greater flexibility than traditional private investment funds1. 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 institution2 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, 2025 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, 2025 (the “fiscal year”) include the following:

• The Fund returned 13.11% for the fiscal year, bringing the Fund’s annualized inception-to-date (5/22/2020) return to 13.74% and cumulative total return to 72.78%.

• The Fund deployed a total of $133 million into 30 transactions during the fiscal year across the co-investment, secondary and primary fund market, bringing total private market investments in the Fund to 126.

• The Fund’s net assets increased from $492 million in March 2024 to $760 million at the end of March 2025.

Performance data quoted represents past performance and is no guarantee of future results.

Market Update

The Fund’s most recent fiscal year marked a third straight challenging year for private equity, with deal volume, deal count, and distributions falling well below their 2021 peak. Performance for most private equity assets remains at the low end of historical averages3, hindered by a difficult exit environment and continued indigestion from the substantial amount of capital deployed at higher entry multiples and in a different interest rate environment. The 2020 and 2021 vintages in particular may take some time to resolve.

Despite the challenges of the previous three years, private market participants entered 2025 with extreme optimism, hoping that the years of slow fundraising, lack of exits, and modest performance would finally give way to a new boom for the asset class. The conclusion of a fiercely contested presidential election, the reopening of debt markets and the expectation of a much more benign regulatory regime, all contributed to a favorable outlook for the industry as we started the new calendar year. Sadly, this period of euphoria was short-lived, as the new administration sought to upend an 80-year world economic order through the imposition of the highest tariffs in over a century4. The market response was historic in its speed and magnitude — the S&P 500 lost $6.6 trillion in value in just two days after the tariffs were announced, the steepest two-day loss since the index was created5. The NASDAQ and Russell 2000 each descended into bear markets6 as investors braced for uncertainty around growth, inflation, profit margins and the appropriate risk premium given a potential new world order.

Concerning signals from the bond market, a rapid decline in the dollar and an increasingly loud chorus of discontent from the corporate sector ultimately contributed to a 90-day pause for most trading partners and the exemption of many critical assets. While this pause may provide a brief respite, a number of challenges remain for risk assets of all types. The indirect effects of tariffs — particularly their impact on valuations, M&A activity, and the availability and pricing of credit — are key areas of focus for our investment team and, candidly, are the most challenging to forecast accurately.

(1) Traditional private investment funds refers to private equity drawdown vehicles that generally have high investment minimums and long-dated timelines for returning capital to investors.

(2) Large institutional pricing power refers to Bow River Evergreen’s partnerships with New York Life and Aksia for deal sourcing.

(3) McKinsey & Company’s Global Private Markets Review.

(4) Wall Street Journal.

(5) Wall Street Journal.

(6) A bear market is a financial market experiencing prolonged price declines, generally of 20% or more from its peak.

Bow River Capital Evergreen Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
MARCH 31, 2025

Fortunately for the Fund, we believe that the combination of more attractive valuations, a highly diversified portfolio and our overweight to smaller, domestically focused businesses will help provide investors with a margin of safety7 against some of the current macroeconomic risks. The following chart shows the entry multiple, peak multiple and current multiple of the Fund since inception compared with various public market benchmarks. Unlike the public markets, which have seen significant multiple expansion and contraction, the multiples for the Fund have been remarkably consistent.

Perhaps most importantly, the Fund’s flexible and unconstrained investment mandate, combined with conservative portfolio management, positions us to deploy opportunistically during periods of upheaval. If markets remain challenged there could be opportunities across credit and secondary markets — two areas that provided strong risk-adjusted returns during periods of stress. Strong liquidity positioning, operational excellence, and our consistent emphasis on high-quality lower-middle-market businesses remain core strengths and will continue to define our strategy moving forward.

Asset Allocation

During the fiscal year, the portfolio management team continued to add exposure to smaller companies, reinforcing our belief in the ability of middle market companies to outperform their larger peers. As of the end of the fiscal year, middle market companies represent more than 70% of the entire portfolio, an increase from 55% three years ago. The investment team continues to focus on cash flowing buyout businesses in lieu of higher risk growth equity and venture capital investments. Buyout transactions now represent over 90% of the private equity portfolio, up from 73% in 2022.

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

(7) A margin of safety cannot protect investors from volatility, incorrect assumptions or estimations on our part, declining fundamentals or external forces.

(8) The “Magnificent 7” refers to a group of seven large-cap U.S. technology and tech-adjacent companies that have driven a substantial portion of stock market gains in recent years.

Bow River Capital Evergreen Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
MARCH 31, 2025

Performance

The Fund returned 13.11% for the fiscal year, bringing the Fund’s annualized inception-to-date (5/22/2020) return to 13.74% and cumulative total return to 72.78%. Fund performance during the fiscal year was driven largely by valuation uplift in several of the Fund’s 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.

Average Annual Total Return Information

Share Class	1-Year	2-Year	3-Year	Since Inception	Inception Date
Class I	13.11%	12.94%	9.59%	13.74%	12/31/2020
Class II	12.83%	12.67%	9.32%	10.22%	1/3/2022
Fund Benchmark
MSCI World Index(1)	7.04%	15.72%	7.58%	8.94%(2)

(1) Primary benchmark

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

Performance data quoted represents past performance and is no guarantee of future results.

Bow River Capital Evergreen Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
MARCH 31, 2025

Outlook

As we look forward, we see plenty of obstacles but also plenty of opportunity. Despite the headwinds, we believe opportunities will exist for disciplined, yet flexible pools of capital with dry powder9. In fact, we have already witnessed some market participants responding with disproportionate extremes similar to what we observed in 2020 and 2022. Seasoned primaries and select GP-led transactions should continue to be viable deployment options as the two key drivers (lack of distributions and long fundraising periods) look set to continue. The macro uncertainty and volatility also introduce additional deployment angles for sectors that have been unattractive in recent years but may now offer significant value if market conditions continue to deteriorate, specifically in the area of LP secondary and private credit.

If history serves as a reliable guide, we believe U.S. private equity — and specifically our flexible mandate and direct co-investment strategy targeting lower-middle market companies — should offer insulation from current market volatility and uncertainty. Historically, the Fund’s adaptable approach has enhanced both portfolio performance and deployment effectiveness during market disruptions and we look forward to maintaining our discipline and capitalizing on current market conditions to benefit our investors.

Sincerely,

The Bow River Capital Evergreen Fund Team


Jeremy Held		Michael Trihy		Richard Wham		Joe Stork

The Bow River Capital Evergreen Fund Team

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

(9) Dry powder refers to cash and cash equivalents that could be invested.

Bow River Capital Evergreen Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (CONTINUED)
MARCH 31, 2025

will be achieved. The Fund is speculative and involves a substantial degree of risk. The Fund is a closed-end, 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

Bow River Capital Evergreen Fund

Consolidated SCHEDULE OF INVESTMENTS
MARCH 31, 2025

	Value
Private Investments — 85.6%
Direct Investments — 43.2%
Credit — 5.3%
Opportunistic — 1.6%
CL-EA Co-Investment Opportunities I, LP, 10.83% (SOFR1M + 6.50%), 12/31/2029, principal $3,000,000(1),(2)	$	6,058,143
Digital Alpha Solutions Fund, LP, 14.86% (SOFR3M + 9.50% PIK + CSA)(1),(2)		4,344,978
Palmer Square Loan Funding 2021-3, Ltd.(1)		1,236,606
Sand Trust Series 21-1A – Class SUB, 10/15/2034(1)		626,600
		12,266,327

Senior Credit — 1.9%
AP DSB Co-Invest II, LP(1),(2),(4)		3,082
BSPT Acquisition, Inc. T/L, 10.06% (SOFR1M + 5.50%), 1/4/2027, principal $3,355,244(1),(3)		3,351,889
ClearScale, LLC T/L A, 13.21% (SOFR1M + 8.40%), 11/19/2025, principal $981,679(1),(3)		978,733
Corsair Blade IV (Luxembourg) S.a.r.l., 8.09% (EurlBOR3M + 5.75%, principal EUR 1,558,844) and 10.21% (SONIA + 5.75%, principal GBP 2,171,024), 1/5/2031(1),(3)		4,381,611
Pathstone Family Office, LLC, 9.43% (SOFR1M +6.75% + CSA), 5/19/2029, principal $2,953,575(1),(3)		2,905,727
VCPF III Co-Invest 1-A, LP(1),(2)		2,712,662
		14,333,704

Subordinated Credit — 1.8%
Eagle Point SRT Co-Invest I, LP, 10.34% (EurlBOR3M + 8.00%), 9/26/2031, principal EUR 6,250,000(1),(3),(5)		5,074,687
PARIOU SLP, 8.00% PIK, 10/31/2030, principal EUR 6,404,071(1),(2)		6,739,555
Polaris Newco, 13.45% (SOFR3M + 9.00% + CSA, 1.00% Floor), 6/3/2029, principal $2,150,195(1),(3)		2,091,065
		13,905,307
		40,505,338
Equity — 37.9%
Buyout — 37.6%
ACP Hyperdrive Co-Invest, LLC(1),(2),(4)		2,422,074
AE Co-Investment Partners Fund III-R, LP(1),(3),(4)		12,034,124
Alpine Investors Iceman CV[-A], LP(1),(2),(4)		9,725,254
AP DSB Co-Invest II, LP(1),(2),(4)		4,187,860
AP Goat Co-Invest, LP(1),(2),(4)		4,946,212
Biloxi Co-Investment Partners, LP(1),(2),(4)		2,530,457
Butterfly Nourish Co-Invest, LP(1),(2),(4)		8,733,827
BW Colson Co-Invest Feeder (Cayman), LP(1),(2),(4)		5,841,431
BW Phoenix Co-Invest, LP(1),(2),(4)		8,656,790
Carlyle Riser Co-Investment, LP(1),(2),(4)		5,278,961
Constellation 2022, LP(1),(2),(4)		3,613,867
Corsair Amore Investors, LP(1),(3),(4)		1,566,253
Corsair Riva Munich Co-Investment, LP(1),(2),(4)		8,271,887
Coyote 2021, LP(1),(2),(4)		7,768,381
DSG Group Holdings, LP(1),(3),(4)		8,426,004
Enak Aggregator, LP(1),(2),(4)		3,660,626
Falcon Co-Investment Partners, LP(1),(2),(4)		3,045,385

See accompanying Notes to the Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2025

	Value
Private Investments — 85.6% (continued)
Direct Investments — 43.2% (continued)
Equity — 37.9% (continued)
Buyout — 37.6% (continued)
Hg Vega Co-Invest, LP(1),(2),(4)	$	8,787,835
ISH Co-Investment Aggregator, LP(1),(2),(4)		2,487,976
IvyRehab Holdings, LLC(1),(3),(4),(6)		9,629,021
KKR Game Changer Co-Invest, LP(1),(3),(4)		8,400,000
OceanSound Partners Co-Invest II, LP – Series B(1),(2),(4)		11,552,928
OceanSound Partners Co-Invest II, LP – Series E(1),(2),(4)		12,497,735
OceanSound SMX Continuation Fund, LP(1),(2),(4)		9,873,910
Onex OD Co-Invest, LP(1),(2),(4)		7,320,327
OSP Co-Invest II, LP(1),(2),(4)		9,261,502
Palms Co-Investment Partners, LP(1),(2),(4)		4,310,460
Project Stream Co-Invest Fund, LP(1),(2),(4)		2,162,696
PSC Tiger, LP(1),(2),(4)		6,355,234
SANCY SLP(1),(2),(4)		1,663,841
SCPCV-A, LP(1),(2),(4)		6,146,494
SEP Hamilton III Aggregator, LP(1),(2),(4)		5,230,881
SEP Skyhawk Fund III Aggregator, LP(1),(2),(4)		425,538
Silver Lake Strategic Investors VI, LP(1),(2),(4)		7,238,151
Sprinkler 2024 Co-Investment I (Feeder) SCSp(1),(3),(4)		9,942,043
TCV Beat Co., LP(1),(2),(4)		6,707,586
TPG IX Evergreen Cl 1, LP(1),(2),(4)		11,044,760
Truelink Alpine, LP(1),(2),(4)		7,633,548
VCF Compass Co-Investor Holdings, LP(1),(2),(4)		7,174,105
VCF Compass Co-Investor Holdings II, LP(1),(2),(4)		860,665
Veregy Parent, LLC(1),(3),(4)		5,106,745
Vistage Equity Investors, LP(1),(2),(4)		9,530,391
Wildcat 21 Co-Invest Fund, LP(1),(2),(4)		3,600,122
WP Gateway Co-Invest, LP(1),(2),(4)		44,322
Yorkville Partners, LP(1),(2),(4)		9,984,062
		285,682,271

Growth Equity — 0.3%
WestCap Cerebral Co-Invest 2021, LLC(1),(2),(4)		25,814
WestCap LoanPal Co-Invest 2020, LLC(1),(3),(4)		2,500,500
		2,526,314
		288,208,585
Total Direct Investments (Cost $231,975,420)		328,713,923

Primary Funds — 14.8%
Credit — 1.3%
Opportunistic — 0.0%
Lynx EBO Fund I (A), LLC(1),(2),(4)		48,413

See accompanying Notes to the Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2025

	Value
Private Investments — 85.6% (continued)
Primary Funds — 14.8% (continued)
Credit — 1.3% (continued)
Senior Credit — 1.3%
Ashgrove Specialty Lending Fund I SCSp RAIF(1),(2),(4)	$	1,170,248
Ashgrove Specialty Lending Fund II(1),(2),(4)		386,773
Coller Credit Opportunities I – B, LP(1),(2)		4,207,784
Onex Structured Credit Opportunities International Fund I, LLC(1),(2)		1,375,102
TKO Fund(1),(2),(4)		2,633,455
		9,773,362
		9,821,775

Equity — 13.5%
Buyout — 10.6%
Avista Capital Partners V, LP(1),(2),(4)		4,993,483
Capital Dynamics Global Secondaries VI, LP(1),(2),(4)		524,013
Dawson Portfolio Finance 4, LP(1),(2),(4)		3,590,162
Dawson Portfolio Finance 5, LP(1),(2),(4)		4,538,778
Ethos Capital Investments, LP(1),(2),(4)		3,958,892
FFL Capital Partners V, LP(1),(2),(4)		7,149,704
Gridiron Capital Fund V, LP(1),(2),(4)		3,314,803
ICG LP Secondaries Fund I, LP(1),(2),(4)		2,239,219
OceanSound Partners Fund, LP(1),(2),(4)		5,591,824
OceanSound Partners Fund II, LP(1),(2),(4)		6,590,939
Overbay Fund XIV Offshore, LP(1),(2),(4)		1,490,803
Sheridan Capital Partners Fund III, LP(1),(2),(4)		3,726,827
SK Capital Partners VI-A, LP(1),(2),(4)		8,482,306
Sumeru Equity Partners Fund III, LP(1),(2),(4)		2,761,557
Sumeru Equity Partners Fund IV, LP(1),(2),(4)		2,076,574
Truelink Capital Fund I-A, LP(1),(2),(4)		8,120,636
Valeas Capital Partners Fund I, LP(1),(2),(4)		11,761,232
		80,911,752

Growth Equity — 2.2%
New Vintage Partners Fund I, LP(1),(3),(4)		2,934,968
WestCap Strategic Operator Fund II, LP(1),(2),(4)		6,023,474
WestCap Strategic Operator U.S. Feeder Fund, LP(1),(3),(4)		7,685,423
		16,643,865

Opportunistic — 0.5%
Grain Spectrum Holdings III (Cayman), LP(1),(2),(4)		3,859,281

Real Assets — 0.2%
EnCap Energy Transition Fund 1-A, LP(1),(2),(4)		1,312,975
		102,727,873
Total Primary Funds (Cost $73,284,337)		112,549,648

See accompanying Notes to the Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2025

	Value
Private Investments — 85.6% (continued)
Private Investment Funds — 5.6%
Liquid — 4.8%
Ruffer Absolute Institutional, Ltd.(1),(2),(4)	$	7,026,250
Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd.(1),(2),(4)		10,834,428
Voleon Composition International Fund(1),(2),(4)		12,175,456
Voloridge Fund, LP(1),(2),(4)		6,710,330
		36,746,464

Senior Credit — 0.8%
PIMCO DSCO Fund II Offshore Feeder, LP(1),(2),(4)		5,815,145
Total Private Investment Funds (Cost $37,887,485)		42,561,609

Secondary Funds — 22.0%
Credit — 5.0%
Senior Credit — 2.1%
AG DLI IV (Unlevered), LP(1),(2),(4)		11,426,954
BRCE SPV I, LLC(1),(3),(4)		171,415
Brightwood U.S. Credit Fund, LP(1),(2)		1,131,548
Coller Credit Opportunities I – Annex I, SLP(1),(2)		2,815,550
PGC U.S. Middle Market Direct Lending Offshore Fund I, LP(1),(2),(4)		286,334
		15,831,801

Subordinated Credit — 2.9%
CCS Co-Investment Vehicle I, LP(1),(2),(4)		4,848,993
CCS Co-Investment Vehicle 2 (Feeder), LP(1),(2),(4)		12,875,542
Coller Capital CBL Fund II(1),(2),(4)		2,281,638
CRG Partners III – Parallel Fund (A), LP(1),(2),(4)		2,229,480
		22,235,653
		38,067,454

Equity — 17.0%
Buyout — 15.1%
Adams Street 2009 Direct Fund, LP(1),(2),(4)		16,157
Adams Street 2010 Direct Fund, LP(1),(2),(4)		27,618
Adams Street 2011 Direct Fund, LP(1),(2),(4)		37,591
Adams Street 2011 Non-U.S. Developed Markets Fund, LP(1),(2),(4)		109,381
Adams Street 2011 U.S. Fund, LP(1),(2),(4)		217,591
Adams Street 2013 Global Fund, LP(1),(2),(4)		1,492,155
Adams Street 2014 Global Fund, LP(1),(2),(4)		855,399
Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP(1),(2),(4)		59,601
Adams Street Partnership Fund 2009 U.S. Fund, LP(1),(2),(4)		156,794
Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP(1),(2),(4)		81,797
Adams Street Partnership Fund 2010 U.S. Fund, LP(1),(2),(4)		197,806
Alchemy Special Opportunities Fund II, LP(1),(2),(4)		978,870
Altor Fund IV (No. 1) AB(1),(2),(4)		5,170,851

See accompanying Notes to the Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2025

	Value
Private Investments — 85.6% (continued)
Secondary Funds — 22.0% (continued)
Equity — 17.0% (continued)
Buyout — 15.1% (continued)
ASP (Feeder) 2017 Global Fund, LP(1),(2),(4)	$	1,055,743
Blue Wolf Capital Fund IV, LP(1),(2),(4)		4,078,146
Brentwood Associates Private Equity VI, LP(1),(2),(4)		3,713,881
Coller International Partners VI Feeder Fund, LP – Class A(1),(2),(4)		359,501
Coller International Partners VII Feeder Fund, LP – Series B(1),(2),(4)		1,073,372
Crown Secondaries Special Opportunities II, S.C.S.(1),(2),(4)		8,166,442
Crown Secondaries Special Opportunities II B, S.C.S.(1),(2),(4)		3,365,968
Forrest Holdings I, LP – Class A(1),(2),(4)		783
Forrest Holdings I, LP – Class B(1),(2),(4)		10,964
Gasherbrum Fund II, LP(1),(2),(4)		8,298,521
Graphite Capital Partners VIII D, LP(1),(3),(4)		3,370,602
ICG Europe Fund V Investor Feeder Limited Partnership(1),(3),(4)		632,012
ICG Europe Fund VII Feeder SCSp(1),(2),(4)		9,407,896
ICG Ludgate Hill IV-A Leopard, LP(1),(2),(4)		5,400,842
KH Aggregator, LP(1),(2),(4)		3,831,503
Leeds Equity Partners VI, LP(1),(2),(4)		3,379,061
Leeds Equity Partners VII-A, LP(1),(2),(4)		4,895,054
Onex Fund V, LP(1),(2),(4)		8,131,034
Overbay Capital Partners 2023 Fund Aggregator, LP(1),(2),(4)		11,995,948
Overbay Fund XIV (AIV III), LP(1),(2),(4)		980,013
Overbay Fund XIV Offshore (AIV), LP(1),(2),(4)		2,567,078
Porcupine Holdings, LP – Class A(1),(2),(4)		2,708,254
Porcupine Holdings, LP – Class B(1),(2),(4)		1,568,712
Resolute Fund IV, LP(1),(2),(4)		6,152,148
Resolute III Continuation Fund, LP(1),(2),(4)		8,676,295
SEP Hamilton, LP(1),(3),(4),(6)		1,224,065
		114,445,449

Growth Equity — 1.8%
NVP Monogram Co-Invest, LP(1),(3),(4)		13,928,169

Real Assets — 0.1%
Global Infrastructure Partners II-C, LP(1),(2),(4)		414,419
		128,788,037
Total Secondary Funds (Cost $122,383,158)		166,855,491

Total Private Investments (Cost $465,530,400)		650,680,671

U.S. Treasury Bills — 7.8%
United States Treasury Bill, 4.20% OID, 7/1/2025, principal $60,000,000(7)		59,192,700
Total U.S. Treasury Bills (Cost $59,192,700)		59,192,700

See accompanying Notes to the Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2025

	Value
Short-Term Investments — 9.2%
UMB Money Market Fiduciary, 0.01%, shares 35,097,485(8),(9)	$	35,097,485
UMB Money Market Special, 4.19%, shares 35,120,395(8),(9)		35,120,395
Total Short-Term Investments (Cost $70,217,880)		70,217,880

Total Investments (Cost $594,940,980) — 102.6%	$	780,091,251
Other liabilities in excess of assets — (2.6)%		(19,961,984	)
Net Assets — 100%	$	760,129,267

CSA — Credit Spread Adjustment

EUR — European Union Currency (Euro)

EurlBOR3M — Three Month Euribor Rate

GBP — Great Britain Pound

LLC — Limited Liability Company

LP — Limited Partnership

PIK — Payment In Kind

RAIF — Reserved Alternative Investment Fund

SCSp — Special Limited Partnership

SLP — Special Limited Partnership

SOFR1M — One Month Average Secured Overnight Financing Rate

SOFR3M — Three Month Average Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

(1) Restricted security. The total value of these securities is $650,680,671, which represents 85.6% of total net assets of the Fund. Please refer to Note 7 in the Notes to Consolidated Financial Statements.

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

(3) Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $106,335,056, which represents 14.0% of total net assets of the Fund.

(4) Non-income producing.

(5) All or a portion of this security is held through a wholly-owned consolidated Subsidiary, Reverb, Ltd.

(6) All or a portion of this security is held through a wholly-owned consolidated Subsidiary, Spartan I, LLC.

(7) All or a portion of this security is held through a wholly-owned consolidated Subsidiary, BRC UMB, LLC.

(8) Rate disclosed represents the seven day yield as of the Fund’s period end.

(9) The 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, 2025, the Bow River Capital Evergreen Fund had an outstanding forward foreign currency contract with terms as set forth below:

Settlement Date

Counterparty

Currency
Purchased

Currency
Sold

Contract Amount

Value

Unrealized
Depreciation

Buy

Sell

June 30, 2025

Bannockburn Global
Forex, LLC

USD

EUR

27,040,000

EUR

25,000,000

27,180,070

(140,070

)

(140,070

)

See accompanying Notes to the Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated Summary OF INVESTMENTS
MARCH 31, 2025

Security Type/Geographic Region	Percent of Total Net Assets
Private Investments
North America	61.3	%
Global	8.8	%
Europe	15.5	%
Total Private Investments	85.6	%
U.S. Treasury Bills	7.8	%
Short-Term Investments	9.2	%
Total Investments	102.6	%
Liabilities in excess of other assets	(2.6	)%
Net Assets	100.0	%

See accompanying Notes to the Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2025

Assets:
Unaffiliated investments, at fair value (cost $465,530,400)	$	650,680,671
Short-term investments, at fair value (cost $129,410,580)		129,410,580
Cash		20,356,611
Investments paid in advance		9,819,847
Investment proceeds receivable		6,854,396
Interest receivable		479,242
Prepaid expenses		195,277
Total Assets		817,796,624

Liabilities:
Unrealized depreciation on forward foreign currency contracts		140,070
Payables
Shareholder subscriptions received in advance		35,097,486
Shareholder redemptions		11,038,624
Income tax payable		9,387,633
Investment management fee		1,134,454
Deferred tax liability		415,146
Professional fees		360,000
Other accrued liabilities		75,847
Distribution and service fees		8,839
Accounting and administration fees		9,258
Total Liabilities		57,667,357
Commitments and contingencies (Note 9)

Net Assets	$	760,129,267

Composition of Net Assets:
Paid-in capital	$	605,397,262
Total distributable earnings		154,732,005
Net Assets	$	760,129,267

Net Assets Attributable to:
Class I Shares	$	720,099,344
Class II Shares		40,029,923
	$	760,129,267

Shares of Beneficial Interest Outstanding (Unlimited Number of Shares Authorized, 100,000 shares registered; par value of $0.001):
Class I Shares		14,550,293
Class II Shares		815,665
		15,365,958

Net Asset Value per Share1:
Class I Shares	$	49.49
Class II Shares		49.08

1 Each 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 the Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated STATEMENT OF OPERATIONS
For the YEAR Ended March 31, 2025

Investment Income:
Interest income from unaffiliated investments	$	6,604,011	(1)
Dividend income from unaffiliated investments		1,629,811
Total Investment Income		8,233,822

Expenses:
Investment management fee (Note 5)		10,915,195
Legal fees		419,329
Audit and tax fees		411,100
Accounting and administration fees		407,408
Other fees		244,269
Transfer agent fees		180,000
Trustee fees (Note 5)		150,521
Chief Compliance Officer and Chief Financial Officer fees (Note 5)		120,181
Interest expense		117,561
Distribution and Service fees (Class II)		87,849
Custody fees		66,250
Pricing fees		40,498
Total Expenses Before Income Tax		13,160,161
Income Tax Expense		9,387,633
Total Expenses After Income Tax		22,547,794
Net Investment Loss		(14,313,972	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Unaffiliated investments		14,722,506
Foreign currency transactions		(18,788	)
Forward foreign currency contracts		341,815
Total net realized gain		15,045,533
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		89,231,644
Affiliated investments		(10,362,531	)
Deferred tax liability		(415,146	)
Foreign currency translations		750
Forward foreign currency contracts		(140,070	)
Total net change in unrealized appreciation		78,314,647

Net Realized and Unrealized Gain		93,360,180

Net Increase in Net Assets from Operations	$	79,046,208

1 Includes paid-in kind interest of $1,105,461.

See accompanying Notes to the Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated STATEMENTS OF CHANGES IN NET ASSETS*

	For the year ended March 31, 2025			For the year ended March 31, 2024
Net Increase in Net Assets from:
Operations:
Net investment loss	$	(14,313,972	)	$	(1,727,971	)
Net realized gain		15,045,533			8,458,321
Net change in unrealized appreciation, net of deferred tax		78,314,647			44,820,642
Net Increase in Net Assets Resulting from Operations		79,046,208			51,550,992

Distributions to Shareholders:
Distributions:
Class I		(14,914,526	)		(6,688,367	)
Class II		(865,073	)		(453,008	)
Net Decrease in Net Assets from Distributions to Shareholders		(15,779,599	)		(7,141,375	)

Capital Transactions:
Proceeds from shares sold:
Class I		212,164,676			121,554,391
Class II		13,294,108			8,585,645
Reinvestment of distributions:
Class I		9,519,417			4,096,717
Class II		459,014			193,368
Cost of shares repurchased:
Class I1		(23,858,409	)		(20,141,902	)
Class II2		(6,959,756	)		(6,074,160	)
Net Increase in Net Assets from Capital Transactions		204,619,050			108,214,059

Total Net Increase in Net Assets		267,885,659			152,623,676

Net Assets
Beginning of period		492,243,608			339,619,932
End of period	$	760,129,267		$	492,243,608

Capital Share Transactions:
Shares sold:
Class I		4,518,977			2,882,350
Class II		283,378			200,139
Shares issued in reinvestment of distributions:
Class I		201,399			94,462
Class II		9,787			4,481
Shares redeemed:
Class I		(497,405	)		(466,871	)
Class II		(145,250	)		(140,830	)
Net Increase in Capital Shares Outstanding		4,370,886			2,573,731

* Consolidated for the year ended March 31, 2025 only.

1 Net of allocated repurchase fees of $33,296 and $22,170, respectively.

2 Net of allocated repurchase fees of $1,987 and $1,533, respectively.

See accompanying Notes to the Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated STATEMENT OF CASH FLOWS
For the YEAR Ended March 31, 2025

Cash Flows from Operating Activities
Net increase in net assets from operations		79,046,208
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Net realized gain from investments		(14,722,506	)
Net realized loss from foreign currency transactions		18,788
Net realized gain from foreign currency contracts		(341,815	)
Net change in unrealized appreciation from investments		(78,869,113	)
Net change in unrealized depreciation from deferred tax liability		415,146
Net change in unrealized appreciation from foreign currency translations		(750	)
Net change in unrealized depreciation from foreign currency contracts		140,070
Purchases of investments		(227,706,425	)
PIK interest income added to principal amount of investment		(1,105,461	)
Sales of investments		73,160,354
Purchases of short term investments, net		(50,123,598	)
(Increase)/Decrease in Assets:
Interest receivable		533,995
Prepaid expenses		(34,975	)
Distribution receivable		486,808
Investment proceeds receivable		(6,830,869	)
Investments paid in advance		(9,819,847	)
Increase/(Decrease) in Liabilities:
Unrealized depreciation on forward foreign currency contracts		140,070
Income tax payable		9,387,633
Investment management fee		400,733
Distribution and service fees		2,061
Professional fees		12,026
Accounting and administration fees		5,846
Other accrued liabilities		39,440
Net Cash Used in Operating Activities		(225,766,181	)

Cash Flows from Financing Activities
Proceeds from shares sold and payable for shareholder subscriptions received in advance		245,491,469
Distributions paid to shareholders, net of reinvestments		(5,801,168	)
Payments for shares repurchased, net of repurchase fees		(31,265,385	)
Net Cash Provided by Financing Activities		208,424,916

Effects of foreign currency exchange rate changes in cash		183,707

Net decrease in cash		(17,157,558	)

Cash at beginning of period		37,514,169
Cash denominated in foreign currencies at beginning of period		—
Total cash and cash equivalents at beginning of period		37,514,169

Cash at end of period		20,356,611
Cash denominated in foreign currencies at end of period		—
Total cash at end of period		20,356,611

Supplemental disclosure of non-cash activity
Reinvestment of distributions from underlying investments	$	3,265,454
Reinvestment of distributions to shareholders		9,978,431

See accompanying Notes to the Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated Financial Highlights*
CLASS I SHARES

Per share operating performance.
For a capital share outstanding throughout each period.

	For the year ended March 31, 20251			For the year ended March 31, 20241			For the year ended March 31, 20231			For the year ended March 31, 20221			For the period ended March 31, 20211,2
Net Asset Value, beginning of period	$	44.78		$	40.34		$	40.23		$	33.42		$	30.86
Income from Investment Operations:
Net investment loss3		(1.07	)		(0.17	)		(0.52	)		(0.63	)		(0.13	)
Net realized and unrealized gain on investments		6.92			5.31			1.76			7.71			2.69
Total from investment operations		5.85			5.14			1.24			7.08			2.56

Distributions to investors:
From net realized gain		(1.14	)		(0.70	)		(1.14	)		(0.27	)		—
Total distributions to investors		(1.14	)		(0.70	)		(1.14	)		(0.27	)		—
Redemption Fees3:		0.004			0.004			0.01			—			—
Net Asset Value, end of period	$	49.49		$	44.78		$	40.34		$	40.23		$	33.42

Total Return5		13.11	%		12.77	%		3.17	%		21.23	%		8.30	%6

Ratios and Supplemental Data:
Net Assets, end of period (in thousands)	$	720,099		$	462,506		$	315,333		$	214,878		$	95,904

Net investment loss7		(2.28	)%		(0.40	)%		(1.31	)%		(1.73	)%		(1.71	)%8

Gross expenses inclusive of interest and tax expenses7,9		3.60	%		2.13	%		2.20	%		2.42	%		3.06	%10
Net expenses inclusive of interest and tax expenses7,11		3.60	%		2.22	%		2.27	%		2.26	%		2.25	%8

Income Tax Expense:		1.50	%		—			—			—			—
Gross expenses exclusive of interest and tax expenses7,9		2.08	%		2.11	%		2.18	%		2.41	%		3.06	%10
Net expenses exclusive of interest and tax expenses7,11		2.08	%		2.20	%		2.25	%		2.25	%		2.25	%8

Portfolio Turnover Rate		14	%		15	%		13	%		19	%		21	%6

Borrowings – Revolving Credit Facility	$	—		$	—		$	—		$	—		$	—
Assets Coverage per $1,000 of Borrowings12		—			—			—			—			—
Revolving Credit Facility		Not Applicable			Not Applicable			Not Applicable			Not Applicable			Not Applicable

*		Consolidated for the year ended March 31, 2025 only.
1		Includes adjustments in accordance with accounting principles generally accepted in the United States of America, and consequently, the net asset value for financial reporting purposes and returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
2		Reflects operations for the period January 1, 2021 (commencement of operations) through March 31, 2021. Prior to the commencement of operations date, the Fund had been inactive except for matters related to the Fund’s establishment, designation and planned registration.
3		Per share data is computed using the average shares method.
4		Redemption fees consisted of per share amounts of less than $0.01.
5		Total returns are a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends and capital gain distributions are reinvested in shares of the Fund. Returns shown do not include payment of a 2.00% early repurchase fee for shares redeemed within 365 days of purchase. If the early repurchase fee was included, total returns would have been lower. Returns would have been lower if certain expenses had not been waived or reimbursed by the Adviser.
6		Not annualized for periods less than one year.
7		The ratios of expenses and net investment income to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests, including management and performance fees. As of March 31, 2025, the Fund’s underlying investment companies included a range of management fees from 0.00% to 2.25% (unaudited) and performance fees from 0% to 20% (unaudited).
8		Annualized.
9		Represents the ratio of expenses to average net assets absent of fee waivers, expense reimbursements, and/or expense recoupments.
10		Annualized, with the exception of non-recurring organizational costs.
11		Represents the ratio of expenses to average net assets inclusive of fee waivers, expense reimbursements, and/or expense recoupments by Bow River Advisers, LLC (the “Adviser”) (Note 5).
12		Calculated by subtracting the Fund’s total liabilities (excluding the debt balance) from the Fund’s total assets and dividing by the outstanding debt balance.

See accompanying Notes to the Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated Financial Highlights*
CLASS II SHARES

Per share operating performance.
For a capital share outstanding throughout each period.

	For the year ended March 31, 20251			For the year ended March 31, 20241			For the year ended March 31, 20231			For the period ended March 31, 20221,2
Net Asset Value, beginning of period	$	44.53		$	40.21		$	40.20		$	38.33
Income from Investment Operations:
Net investment loss3		(1.18	)		(0.27	)		(0.62	)		(0.14	)
Net realized and unrealized gain on investments		6.87			5.29			1.76			2.01
Total from investment operations		5.69			5.02			1.14			1.87

Distributions to investors:
From net realized gain		(1.14	)		(0.70	)		(1.14	)		—
Total distributions to investors		(1.14	)		(0.70	)		(1.14	)		—
Redemption Fees3:		0.004			0.004			0.01			—
Net Asset Value, end of period	$	49.08		$	44.53		$	40.21		$	40.20

Total Return5		12.83	%		12.51	%		2.92	%		4.88	%6

Ratios and Supplemental Data:
Net Assets, end of period (in thousands)	$	40,030		$	29,737		$	24,287		$	6,409

Net investment loss7		(2.53	)%		(0.65	)%		(1.56	)%		(1.71	)%

Gross expenses inclusive of interest and tax expenses7,9		3.85	%		2.38	%		2.45	%		2.67	%8
Net expenses inclusive of interest and tax expenses7,10		3.85	%		2.47	%		2.52	%		2.51	%8

Income Tax Expense:		1.50	%		—			—			—
Gross expenses exclusive of interest and tax expenses7,9		2.33	%		2.36	%		2.43	%		2.66	%8
Net expenses exclusive of interest and tax expenses7,10		2.33	%		2.45	%		2.50	%		2.50	%8

Portfolio Turnover Rate		14	%		15	%		13	%		19	%11

Borrowings – Revolving Credit Facility	$	—		$	—		$	—		$	—
Assets Coverage per $1,000 of Borrowings12		—			—			—			—
Revolving Credit Facility		Not Applicable			Not Applicable			Not Applicable			Not Applicable

*		Consolidated for the year ended March 31, 2025 only.
1		Includes adjustments in accordance with accounting principles generally accepted in the United States of America, and consequently, the net asset value for financial reporting purposes and returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
2		Reflects operations for the period January 3, 2022 (commencement of operations) through March 31, 2022.
3		Per share data is computed using the average shares method.
4		Redemption fees consisted of per share amounts of less than $0.01.
5		Total returns are a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends and capital gain distributions are reinvested in shares of the Fund. Returns shown do not include payment of a 2.00% early repurchase fee for shares redeemed within 365 days of purchase. If the early repurchase fee was included, total returns would have been lower. Returns would have been lower if certain expenses had not been waived or reimbursed by the Adviser.
6		Not annualized for periods less than one year.
7		The ratios of expenses and net investment income to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests, including management and performance fees. As of March 31, 2025, the Fund’s underlying investment companies included a range of management fees from 0.00% to 2.25% (unaudited) and performance fees from 0% to 20% (unaudited).
8		Annualized.
9		Represents the ratio of expenses to average net assets absent of fee waivers, expense reimbursements, and/or expense recoupments.
10		Represents the ratio of expenses to average net assets inclusive of fee waivers, expense reimbursements, and/or expense recoupments by the Adviser (Note 5).
11		The portfolio turnover rate is calculated at the Fund level. The percentage listed was calculated for the year ended March 31, 2022.
12		Calculated by subtracting the Fund’s total liabilities (excluding the debt balance) from the Fund’s total assets and dividing by the outstanding debt balance.

See accompanying Notes to the Consolidated Financial Statements.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2025

1. Organization

Bow River Capital Evergreen Fund (the “Fund”) was organized as a Delaware statutory trust on April 21, 2020 and commenced operations on January 1, 2021 following the reorganization of the Bow River Capital Evergreen Private Equity Fund, LP (the “Predecessor Fund”) with and into Class I shares of the Fund, which was effective as of the close of business on December 31, 2020. The Fund currently offers two classes of shares: Class I Shares and Class II Shares (“Shares”). Class II Shares commenced operations on January 3, 2022. The Fund is a diversified, closed-end management investment company that operates as an interval fund pursuant to Rule 23c-3 of the Investment Company Act of 1940 (the “1940 Act”), as amended. The Fund is available to “accredited investors” within the meaning of Rule 501 under the Security Act of 1933, as amended.

The Fund’s investment objective is to generate long-term capital appreciation. The Fund invests in a broad portfolio of private equity investments that provide attractive risk-adjusted return potential. The Fund will seek to achieve its investment objective through broad exposure to private equity, private credit, and semi-liquid or listed investments, that may include: (i) direct investments; (ii) secondary investments; (iii) primary fund commitments; (iv) direct or secondary purchases of liquid credit instruments; (v) other liquid investments; and (vi) short-term investments.

Bow River Advisers, LLC, an investment adviser under the Investment Advisers Act of 1940 (the “Advisers Act”), as amended, serves as the Fund’s investment adviser (the “Adviser”). Bow River Asset Management, LLC owns a majority, controlling interest in the Adviser, and New York Life Investment Management Holdings, LLC owns a minority but controlling (as defined by the 1940 Act) stake in the Adviser. Aksia CA, LLC and Apogem Capital, LLC, each an investment adviser registered under the Advisers Act, each serves as a non-discretionary investment consultant to the Adviser with respect to the Fund. The Fund’s Board of Trustees (the “Board”) has the overall responsibility for the management and supervision of the business operations of the Fund. The Board may delegate any of its rights, powers, and authority to, among others, the officers of the Fund, any committee of the Board, or the Adviser.

Consolidation of Subsidiaries — The Fund may make investments through wholly-owned subsidiaries. Subsidiaries will not be registered under the 1940 Act; however, the Fund will wholly own and control any Subsidiaries. The Board has oversight responsibility for the investment activities of the Fund, including its investment in any Subsidiary, and the Fund’s role as sole direct or indirect shareholder of any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund would “look through” any such Subsidiary to determine compliance with its investment policies. Furthermore, the Fund complies with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with the Subsidiaries. The Subsidiaries also comply with Section 17 of the 1940 Act relating to affiliated transactions and custody. In addition, the Fund does not intend to create or acquire primary control of any entity which primarily engages in investment activities in securities or other assets, other than entities wholly-owned by the Fund.

Each investment adviser to any such Subsidiary will comply with Section 15 of the 1940 Act with respect to advisory contract approval, including that (i) material amendments to any such Subsidiary’s advisory contract must be approved by the Fund’s shareholders or the Board in the manner and to the extent that the Fund’s advisory agreement must be approved by the Fund’s shareholders or the Board; and (ii) the Fund’s shareholders will have the ability to vote to terminate the Subsidiary’s advisory agreements to the extent that they can vote to terminate the Fund’s advisory agreement.

As of March 31, 2025, there were four wholly-owned subsidiaries: Spartan I, LLC, Thunder I, LLC, and BRC UMB, LLC, each formed as a Delaware limited liability company, on June 12, 2024, June 26, 2024, and June 26, 2024, respectively. Reverb, Ltd. was formed under the laws of the Cayman Islands on September 18, 2024. The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statement of Cash Flows, and Consolidated Financial Highlights of the Fund include the accounts of the Spartan I, LLC (“Spartan Subsidiary”). All inter-company accounts and transactions have been eliminated in consolidation for the Fund, and as of March 31, 2025, Spartan I, LLC, Thunder I, LLC, BRC UMB, LLC, and Reverb, Ltd. had net assets of $10,277,233, $20,277,461, $59,180,673, and $5,112,286, respectively, which equals 1.4%, 2.7%, 7.8%, and 0.7%, respectively, of the Fund’s net assets.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

2. Significant Accounting Policies

Basis of Presentation and Use of Estimates — The Fund is an investment company and as a result, maintains its accounting records and has presented these financial statements in accordance with the reporting requirements under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies (“ASC 946”). The presentation of the financial statements are in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

Income Recognition and Expenses — Interest income is recognized on an accrual basis as earned. Dividend income is recorded on the ex-dividend date. Distributions received from investments in securities and private funds that represent a return of capital or capital gains are recorded as a reduction of cost of investment or as a realized gain, respectively. Expenses are recognized on an accrual basis as incurred. The Fund bears all expenses incurred in the course of its operations, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Fund’s account; professional fees; costs of insurance; registration expenses; and expenses of meetings of the Board. Expenses are subject to the Fund’s Expense Limitation Agreement (see Note 5).

Investment Transactions — Investment transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the identified cost basis for publicly traded investments and average cost for the Fund’s private investments for both financial statement and federal income tax purposes.

Distributions to Shareholders — Distributions to shareholders arising from net investment income and net realized capital gains, if any, are declared and paid annually. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. Distributions to shareholders are recorded on the ex-dividend date.

Recent Accounting Pronouncement — In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (“Topic 280”) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund’s Adviser acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Consolidated Statement of Operations. The Fund’s class level total returns and expense ratios are disclosed in the Consolidated Financial Highlights.

Valuation — The Fund will calculate its net asset value (“NAV”) as of the close of regular trading on the New York Stock Exchange on the last business day of each calendar week, each business day for the five business days preceding a repurchase request deadline (at such specific time set by the Board), each date that a Share is offered or repurchased, as of the date of any distribution and at such other times as the Board shall determine (each, a “Determination Date”). In determining its NAV, the Fund will value its investments as of the relevant Determination Date. The NAV of the Fund will equal, unless otherwise noted, the value of the total assets of the Fund, less all liabilities, including accrued fees and expenses, each determined as of the relevant Determination Date.

The Board has approved valuation procedures (“Valuation Procedures”) for the Fund and has approved the delegation of the day-to-day work of determining fair values and pricing responsibility for the Fund to the Adviser (“Valuation Designee”), subject to the oversight of the Board. The valuation of the Fund’s investments is performed in accordance with FASB’s ASC Topic 820 — Fair Value Measurements and Disclosures.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

Securities that are publicly traded on a U.S. national securities exchange or any foreign stock exchange and for which a quoted market exists will be valued at the closing price of such securities based on their respective market. The money market demand accounts are priced at cost and are generally classified as Level 1 investments.

Debt instruments for which market quotations are readily available are typically valued based on such market quotations. In validating market quotations, the Valuation Designee considers different factors such as the source and the nature of the quotation in order to determine whether the quotation represents fair value. The Valuation Designee makes use of reputable financial information providers in order to obtain the relevant quotations.

For debt and equity securities which are not publicly traded or for which market prices are not readily available (unquoted investments) the fair value is determined in good faith by the Valuation Designee. In determining the fair values of these investments, the Valuation Designee will typically apply widely recognized valuation methodologies including, but not limited to, income approach, market approach, cost approach, discounted cash flow methods and third-party valuations. In order to determine a fair value, these methods are applied to the latest information as of the Determination Date provided by the underlying portfolio companies or other business counterparties, to the extent that such information is available and deemed reliable.

Due to the inherent uncertainty in determining the fair value of investments for which market values are not readily available the fair values of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. Dollars using foreign exchange rates provided by a recognized pricing service.

Primary and Secondary Fund Investments

Primary investments are commitments to new private equity, private credit, or other private funds. Secondary investments are purchases of existing interests that are acquired on the secondary market. Primary or secondary investments in private funds are generally valued based on the latest NAV reported by the third-party fund manager or General Partner. This is commonly referred to as using NAV as a practical expedient which allows for estimation of the fair value of an investment in a private fund based on NAV or its equivalent if the NAV of the private fund is calculated in a manner consistent with ASC 946. Because of the inherent uncertainty of valuations of the investments in private funds, their estimated values may differ significantly from the values that would have been used had a ready market for the private funds existed, and the differences could be material. New purchases of primary or secondary investments in private funds will be valued at acquisition cost initially until a NAV is provided by the third-party fund manager or General Partner. The Fund will review any cash flows since the reference date of the last NAV for a private fund received by the Fund from a third-party manager (“Portfolio Fund Manager”) until the Determination Date are recognized by (i) adding the nominal amount of the investment related capital calls and (ii) deducting the nominal amount of investment related distributions from the NAV as reported by the Portfolio Fund Manager.

In addition to tracking the NAV plus related cash flows of such secondary purchases of interests in closed-end private funds (“Portfolio Funds”), the Valuation Designee may also track relevant broad-based and issuer (or fund) specific valuation information relating to the assets held by each private fund which is reasonably available at the time the Fund values its investments. Portfolio Funds’ Managers only provide determinations of the net asset values of the Portfolio Funds on a monthly or quarterly basis, in which event it will not be possible to determine the net asset value of the Fund more frequently. The Valuation Designee will consider such information and may conclude in certain circumstances that the information provided by the Portfolio Fund Manager does not represent the fair value of a particular asset held by a Portfolio Fund. If the Valuation Designee concludes in good faith that the latest NAV reported by a Portfolio Fund Manager does not represent fair value (e.g., there is more current information regarding a portfolio asset which significantly changes its fair value) the Valuation Designee will make a corresponding adjustment to reflect the current fair value of such asset within such Portfolio Fund. In determining the fair value of assets held by Portfolio Funds, the Valuation Designee applies valuation methodologies as outlined above.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

Direct Investments

Direct investments are minority investments in a company made by investors alongside a private equity fund manager or venture capital firm. Direct investments in private equity funds may be valued based on the latest NAV reported by the third-party fund manager or General Partner. In assessing the fair value of the Fund’s direct investments in accordance with the Valuation Procedures, the Adviser uses a variety of methods such as earnings and multiple analysis, discounted cash flow and market data from third party pricing services and makes assumptions that are based on market conditions existing at the end of each reporting period. Because of the inherent uncertainty of estimates, fair value determinations based on estimates may differ from the values that would have been used had a ready market for the securities existed, and the differences could be material.

Foreign Currency Exchange Contracts — The Fund may enter into foreign currency exchange contracts. The Fund may enter into these contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date to hedge various investments, for risk management (i.e. hedging purposes). All foreign currency exchange contracts are market-to-market at the applicable translation rates resulting in unrealized gains or losses. Realized gains or losses are recorded at the time the foreign currency exchange contract is offset by entering into a closing transaction, or by the delivery, or receipt, of the currency. Risk may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Federal Income Taxes — The Fund intends to continue to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund utilizes a tax-year end of September 30 and the Fund’s income and federal excise tax returns and all financial records supporting the prior year returns are subject to examination by the federal and Delaware revenue authorities. If so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. The Fund’s policy is to classify any interest or penalties associated with underpayment of federal and state income taxes as an income tax expense on the Consolidated Statement of Operations.

The Fund did not meet the qualified income test under Subchapter M of the Internal Code of 1986 for the tax year ended September 30, 2024 because it did not generate 90% of its gross income from qualifying sources. Furthermore, the Fund is not expected to meet such test for the tax year ended September 30, 2025. However, the Fund intends to utilize the provisions under Section 851(i) to cure such failures of the gross income test and satisfy this test. Accordingly, the Fund has recorded an estimated tax liability pursuant to this provision in the amount of $9,387,633.

Domestic Blocker Income Tax — Spartan Subsidiary is a wholly-owned subsidiary of the Fund and is a domestic limited liability company that has elected to be treated as a C Corporation for federal income tax purposes and as such is obligated to pay federal and state income tax on its taxable income. State tax returns are filed in various states in which an economic presence exists. Income taxes are charged based on apportioned income for each state.

The amount of taxes paid by the Spartan Subsidiary will vary depending on the amount of capital appreciation of its investments and such taxes will reduce a Fund shareholder’s return from an investment in the Fund. Since the Spartan Subsidiary will be subject to taxation on the capital appreciation of its investment, the NAV of the Fund’s shares will also be reduced by the accrual of any deferred tax liability. As a result, the Fund’s after-tax performance will be impacted.

Spartan Subsidiary accrues deferred income taxes for any future liability associated with capital appreciation of its investments. Upon the sale of an investment, the Spartan Subsidiary may be liable for previously deferred taxes. The Spartan Subsidiary will rely to some extent on information, which is not necessarily timely, to estimate the deferred tax liability for purposes of financial statement reporting and determining the Fund’s NAV. From time to time, the Adviser may modify the estimates or assumptions related to the Subsidiary’s deferred tax liability as new information becomes available. Deferred tax assets are reduced by a valuation allowance when, based on the weight of available evidence, it its more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and the relates on the date of enactment.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

The current taxes reflect the estimated tax liability of the Fund as of March 31, 2025, based on taxable income of the Spartan Subsidiary. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities of the Spartan Subsidiary for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of the available evidence, it is more likely than not that all of the deferred income tax asset will not be realized.

Currently the federal income tax rate for a corporation is 21% and blended state tax rate net of Federal benefit is 2.77%. As of March 31, 2025, the Fund recorded a net deferred tax liability for the investments of the Spartan Subsidiary. Should a net deferred tax asset exist in the future, the Fund will assess whether a valuation allowance should be booked to reserve against that asset.

The Fund’s current and deferred tax (expense)/benefit as of March 31, 2025 consist of the following:

Deferred tax (expense) benefit
Federal	$	(354,005	)
State		(61,141	)
Total deferred tax (expense) benefit		(415,146	)
Total income tax (expense) benefit	$	(415,146	)

Components of the Fund’s deferred tax assets and liabilities are as follows:

Deferred tax assets:
Excess business interest	$	140,659

Deferred tax liability
Net unrealized gain on investments	$	(555,805	)
Net deferred tax asset/(liability)	$	(415,146	)

Total income tax (expense)/benefit (current and deferred) differs from the amount computed by applying the federal and state statutory income tax rates to net investment income and realized and unrealized gain/(losses) on investment before taxes as follows:

Federal income tax expense at statutory rate	$	(366,645	)
State income taxes (net of federal benefit)		(48,275	)
Permanent income differences		(226	)
Net income tax expense	$	(415,146	)

Reverb, Ltd., Thunder I, LLC, and BRC UMB, LLC are disregarded entities for income tax purposes.

Shareholder Subscriptions — Shareholder subscriptions received in advance are comprised of cash received on or prior to March 31, 2025 for which shares are issued on April 1, 2025. Shareholder subscriptions received in advance do not participate in the earnings of the Fund until shares are issued.

3. Fair Value Disclosures

GAAP defines fair value, establishes a three-tier framework for measuring fair value based on a hierarchy of inputs, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly and how that information must be incorporated into a fair value measurement. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc. and quoted prices for identical or similar assets in markets that are not active.) Inputs that are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.

• Level 3 — significant unobservable inputs, including inputs that are not derived from market data or cannot be corroborated by market data and when the investment is not redeemable in the near term.

Private investments that are reported on the Fund’s schedule of investments as being measured at fair value using the Fund’s pro rata NAV (or its equivalent) without further adjustment, as a practical expedient of fair value and therefore these investments are excluded from the fair value hierarchy. Generally, the fair value of the Fund’s investment in a private investment represents the amount that the Fund could reasonably expect to receive from the investment fund if the Fund’s investment is withdrawn at the measurement date based on NAV.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs used to value the Fund’s assets and liabilities as of March 31, 2025:

			Fair Value Measurements at the End of the Reporting Period Using
Investments	Practical Expedient*		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Security Type
Private Investments**	$	542,482,409	$	—	$	1,863,206	$	106,335,056	$	650,680,671
U.S. Treasury Bills		—		—		59,192,700		—		59,192,700
Short-Term Investments		—		70,217,880		—		—		70,217,880
Total	$	542,482,409	$	70,217,880	$	61,055,906	$	106,335,056	$	780,091,251

* Certain investments that are measured at fair value using the Fund’s pro rata NAV (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Schedule of Investments.

** All sub-categories within the security type represent their respective evaluation status. For a detailed breakout, please refer to the Consolidated Schedule of Investments.

The following is a roll-forward of the activity in investments in which significant unobservable inputs (Level 3) were used in determining fair value on a recurring basis:

		Beginning balance April 1, 2024			Transfers into Level 3 during the period			Transfers out of Level 3 during the period			Purchases or Contributions			Sales or Distributions			Net realized gain			Change in net unrealized appreciation			Ending balance March 31, 2025
Private Investments		$	77,605,844		$	5,896,875		$	(36,117,126)		$	54,242,966		$	(11,160,872)		$	2,131,806		$	13,735,563		$	106,335,056

The change in net unrealized appreciation (depreciation) included in the Consolidated Statement of Operations attributable to Level 3 investments that were held as of March 31, 2025 is $10,328,148.

Transfers into Level 3 during the period represent investments being valued by management using unobservable inputs as an adjustment to reported fair values. Transfers out of Level 3 during the period represent investments that are being measured at fair value using the Fund’s pro rata NAV (or its equivalent) as a practical expedient and/or being valued using observable market data.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of March 31, 2025:

Level 3 Investments	Fair Value as of March 31, 2025		Valuation Technique	Unobservable Inputs	Range of Inputs/Discount Rate/Price/Simple Average	Impact to Valuation from an Increase in Input
Direct Investments
Credit
Senior Credit
BSPT Acquisition, Inc. T/L	$	3,351,889	Market Approach	Adjusted EBITDA Multiple	9.21x – 12.61x/10.9x	Increase
ClearScale, LLC T/L A	$	978,733	Market Approach	Adjusted EBITDA Multiple	2.7x – 106.8x/25.4x	Increase
Corsair Blade IV (Luxembourg) S.a.r.l.	$	4,381,611	Income Approach	Discount rate	8.64% – 11.27%/10.45%	Decrease
Pathstone Family Office, LLC	$	2,905,727	Income Approach	Discount rate	8.74% – 9.74%/9.36%	Decrease

Subordinated Credit
Eagle Point SRT Co-Invest I, LP	$	5,074,687	Income Approach	Discount rate	9.5% – 10.25%/10.34%	Decrease
Polaris Newco	$	2,091,065	Income Approach	Discount rate	13.24% – 13.99%/13.45%	Decrease

Equity
Buyout
AE Co-Investment Partners Fund III-R, LP	$	12,034,124	Market Approach	Liquidation Preference	1.5x	Increase
Corsair Amore Investors, LP*	$	1,566,253	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
			Market Approach	Adjusted EBITDA Multiple	16.5x – 17.21x/17.21x	Increase
DSG Group Holdings, LP	$	8,426,004	Market Approach	Adjusted EBITDA Multiple	11.0x	Increase
IvyRehab Holdings, LLC	$	9,629,021	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
KKR Game Changer Co-Invest, LP	$	8,400,000	Market Approach	Liquidation Preference	1.4x	Increase
Sprinkler 2024 Co-Investment I (Feeder) SCSp	$	9,942,043	Market Approach	Transaction Price	Not Applicable	Increase
Veregy Parent, LLC	$	5,106,745	Market Approach	Adjusted EBITDA multiple	10.50x	Increase

Growth Equity
Westcap Loanpal Co-invest 2020, LLC***	$	2,500,500	Market Approach	General Partner Net Asset Value	8,000,000	Increase
			Market Approach	Adjusted EBITDA Multiple	5.05x – 12.18x	Increase
			Income Approach	Discount Rate	26.50%	Decrease
Primary Funds
Growth Equity
New Vintage Partners Fund I, LP	$	2,934,968	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
Westcap Strategic Operator US Feeder Fund, LP	$	7,685,423	Market Approach	General Partner Net Asset Value	Not Applicable	Increase

Secondary Funds
Credit
Senior Credit
BRCE SPV I, LLC	$	171,415	Market Approach	General Partner Net Asset Value	Not Applicable	Increase

Equity
Buyout
Graphite Capital Partners VIII D, LP	$	3,370,602	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
ICG Europe Fund V Investor Feeder Limited Partnership	$	632,012	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
SEP Hamilton, LP	$	1,224,065	Market Approach	Fair Value of Underlying Asset	$2.29 per share	Increase

Growth Equity
NVP monogram Co-Invest, LP	$	13,928,169	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
Total Level 3 Investments	$	106,335,056

* Weighted allocations of General Partner Net Asset Value and Adjusted EBITDA Multiple were 10% and 90%, respectively.

** Weighted allocations of Adjusted General Partner Net Asset Value, Adjusted EBITDA Multiple, and Discount Rate were 40%, 30%, and 30%, respectively.

*** Weighted allocations of General Partner Net Asset Value, Adjusted EBITDA Multiple, and Discount Rate were 40%, 20%, and 40%, respectively.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

The following is the fair value measurement of investments that are measured at the Fund’s pro rata NAV (or its equivalent) as a practical expedient:

Private Investments*

Investment Style

Fair Value

Unfunded
Commitments

Redemption
Frequency

Redemption
Notice Period

Lock Up
Period

ACP Hyperdrive Co-Invest, LLC

Buyout

2,422,074

—

Subject to GP Consent

N/A

Adams Street 2009 Direct Fund, LP

Buyout

16,157

1,762

Subject to GP Consent

N/A

Adams Street 2010 Direct Fund, LP

Buyout

27,618

3,471

Subject to GP Consent

N/A

Adams Street 2011 Direct Fund, LP

Buyout

37,591

6,666

Subject to GP Consent

N/A

Adams Street 2011 Non-U.S. Developed Markets Fund, LP

Buyout

109,381

42,587

Subject to GP Consent

N/A

Adams Street 2011 U.S. Fund, LP

Buyout

217,591

58,073

Subject to GP Consent

N/A

Adams Street 2013 Global Fund, LP

Buyout

1,492,155

130,224

Subject to GP Consent

N/A

Adams Street 2014 Global Fund, LP

Buyout

855,399

67,754

Subject to GP Consent

N/A

Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP

Buyout

59,601

29,504

Subject to GP Consent

N/A

Adams Street Partnership Fund 2009 U.S. Fund, LP

Buyout

156,794

36,490

Subject to GP Consent

N/A

Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP

Buyout

81,797

26,567

Subject to GP Consent

N/A

Adams Street Partnership Fund 2010 U.S. Fund, LP

Buyout

197,806

52,955

Subject to GP Consent

N/A

AG DLI IV (Unlevered), LP

Senior Credit

11,426,954

—

Subject to GP Consent

N/A

Alchemy Special Opportunities Fund II, LP

Buyout

978,870

557,617

Subject to GP Consent

N/A

Alpine Investors Iceman CV[-A], LP

Buyout

9,725,254

762,626

Subject to GP Consent

N/A

Altor Fund IV (No. 1) AB

Buyout

5,170,851

1,352,890

Subject to GP Consent

N/A

AP DSB Co-Invest II, LP

Buyout

3,082

—

Subject to GP Consent

N/A

AP DSB Co-Invest II, LP

Buyout

4,187,860

34,482

Subject to GP Consent

N/A

AP Goat Co-Invest, LP

Buyout

4,946,212

53,966

Subject to GP Consent

N/A

Ashgrove Specialty Lending Fund I SCSp RAIF

Senior Credit

1,170,248

938,102

Subject to GP Consent

N/A

Ashgrove Specialty Lending Fund II

Senior Credit

386,773

2,550,000

Subject to GP Consent

N/A

ASP (Feeder) 2017 Global Fund, LP

Buyout

1,055,743

101,245

Subject to GP Consent

N/A

Avista Capital Partners V, LP

Buyout

4,993,483

594,080

Subject to GP Consent

N/A

Biloxi Co-Investment Partners, LP

Buyout

2,530,457

543,278

Subject to GP Consent

N/A

Blue Wolf Capital Fund IV, LP

Buyout

4,078,146

642,421

Subject to GP Consent

N/A

Brentwood Associates Private Equity VI, LP

Buyout

3,713,881

625,203

Subject to GP Consent

N/A

Brightwood U.S. Credit Fund, LP

Senior Credit

1,131,548

2,193,203

Subject to GP Consent

N/A

Butterfly Nourish Co-Invest, LP

Buyout

8,733,827

—

Subject to GP Consent

N/A

BW Colson Co-Invest Feeder (Cayman), LP

Buyout

5,841,431

—

Subject to GP Consent

N/A

BW Phoenix Co-Invest, LP

Buyout

8,656,790

—

Subject to GP Consent

N/A

Capital Dynamics Global Secondaries VI, LP

Buyout

524,013

585,000

Subject to GP Consent

N/A

Carlyle Riser Co-Investment, LP

Buyout

5,278,961

36,473

Subject to GP Consent

N/A

CCS Co-Investment Vehicle 2 (Feeder), LP

Subordinated Credit

12,875,542

4,716,644

Subject to GP Consent

N/A

CCS Co-Investment Vehicle I, LP

Subordinated Credit

4,848,993

2,889,525

Subject to GP Consent

N/A

CL-EA Co-Investment Opportunities I, LP

Opportunistic

6,058,143

—

Subject to GP Consent

N/A

Coller Capital CBL Fund II

Subordinated Credit

2,281,638

4,286,476

Subject to GP Consent

N/A

Coller Credit Opportunities I – Annex I, SLP

Senior Credit

2,815,550

1,126,133

Subject to GP Consent

N/A

Coller Credit Opportunities I – B, LP

Senior Credit

4,207,784

1,447,594

Subject to GP Consent

N/A

Coller International Partners VI Feeder Fund, LP – Class A

Buyout

359,501

327,000

Subject to GP Consent

N/A

Coller International Partners VII Feeder Fund, LP – Series B

Buyout

1,073,372

1,244,188

Subject to GP Consent

N/A

Constellation 2022, LP

Buyout

3,613,867

—

Subject to GP Consent

N/A

Corsair Riva Munich Co-Investment, LP

Buyout

8,271,887

—

Subject to GP Consent

N/A

Coyote 2021, LP

Buyout

7,768,381

393,776

Subject to GP Consent

N/A

CRG Partners III – Parallel Fund (A), LP

Subordinated Credit

2,229,480

3,513,487

Subject to GP Consent

N/A

Crown Secondaries Special Opportunities II B, S.C.S.

Buyout

3,365,968

520,171

Subject to GP Consent

N/A

Crown Secondaries Special Opportunities II, S.C.S.

Buyout

8,166,442

1,193,901

Subject to GP Consent

N/A

Dawson Portfolio Finance 4, LP

Buyout

3,590,162

1,057,265

Subject to GP Consent

N/A

Dawson Portfolio Finance 5, LP

Buyout

4,538,778

3,198,725

Subject to GP Consent

N/A

Digital Alpha Solutions Fund, LP

Senior Credit

4,344,978

—

Subject to GP Consent

N/A

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

Private Investments*

Investment Style

Fair Value

Unfunded
Commitments

Redemption
Frequency

Redemption
Notice Period

Lock Up
Period

Enak Aggregator, LP

Buyout

3,660,626

—

Subject to GP Consent

N/A

EnCap Energy Transition Fund 1-A, LP

Real Assets

1,312,975

2,370,417

Subject to GP Consent

N/A

Ethos Capital Investments, LP

Buyout

3,958,892

2,274,377

Subject to GP Consent

N/A

Falcon Co-Investment Partners, LP

Buyout

3,045,385

985,886

Subject to GP Consent

N/A

FFL Capital Partners V, LP

Buyout

7,149,704

1,823,569

Subject to GP Consent

N/A

Forrest Holdings I, LP – Class A

Buyout

783

1,263,959

Subject to GP Consent

N/A

Forrest Holdings I, LP – Class B

Buyout

10,964

—

Subject to GP Consent

N/A

Gasherbrum Fund II, LP

Buyout

8,298,521

644,297

Subject to GP Consent

N/A

Global Infrastructure Partners II-C, LP

Real Assets

414,419

229,867

Subject to GP Consent

N/A

Grain Spectrum Holdings III (Cayman), LP

Opportunistic

3,859,281

293,689

Subject to GP Consent

N/A

Gridiron Capital Fund V, LP

Buyout

3,314,803

2,038,644

Subject to GP Consent

N/A

Hg Vega Co-Invest, LP

Buyout

8,787,835

—

Subject to GP Consent

N/A

ICG Europe Fund VII Feeder SCSp

Buyout

9,407,896

1,957,953

Subject to GP Consent

N/A

ICG LP Secondaries Fund I, LP

Buyout

2,239,219

4,367,625

Subject to GP Consent

N/A

ICG Ludgate Hill IV-A Leopard, LP

Buyout

5,400,842

2,380,766

Subject to GP Consent

N/A

ISH Co-Investment Aggregator, LP

Buyout

2,487,976

692,308

Subject to GP Consent

N/A

KH Aggregator, LP

Buyout

3,831,503

—

Subject to GP Consent

N/A

Leeds Equity Partners VI, LP

Buyout

3,379,061

310,513

Subject to GP Consent

N/A

Leeds Equity Partners VII-A, LP

Buyout

4,895,054

289,234

Subject to GP Consent

N/A

Lynx EBO Fund I (A), LLC

Opportunistic

48,413

—

Subject to GP Consent

N/A

OceanSound Partners Co-Invest II, LP – Series B

Buyout

11,552,928

—

Subject to GP Consent

N/A

OceanSound Partners Co-Invest II, LP – Series E

Buyout

12,497,735

—

Subject to GP Consent

N/A

OceanSound Partners Fund II, LP

Buyout

6,590,939

2,944,952

Subject to GP Consent

N/A

OceanSound Partners Fund, LP

Buyout

5,591,824

181,891

Subject to GP Consent

N/A

OceanSound SMX Continuation Fund, LP

Buyout

9,873,910

58,548

Subject to GP Consent

N/A

Onex Fund V, LP

Buyout

8,131,034

888,887

Subject to GP Consent

N/A

Onex OD Co-Invest, LP

Buyout

7,320,327

—

Subject to GP Consent

N/A

Onex Structured Credit Opportunities International Fund I, LLC

Senior Credit

1,375,102

—

Subject to GP Consent

N/A

OSP Co-Invest II, LP

Buyout

9,261,502

—

Subject to GP Consent

N/A

Overbay Capital Partners 2023 Fund Aggregator, LP

Buyout

11,995,948

1,350,000

Subject to GP Consent

N/A

Overbay Fund XIV (AIV III), LP

Buyout

980,013

170,407

Subject to GP Consent

N/A

Overbay Fund XIV Offshore (AIV), LP

Buyout

2,567,078

579,387

Subject to GP Consent

N/A

Overbay Fund XIV Offshore, LP

Buyout

1,490,803

16,715

Subject to GP Consent

N/A

Palms Co-Investment Partners, LP

Buyout

4,310,460

189,142

Subject to GP Consent

N/A

PARIOU SLP

Subordinated Credit

6,739,555

22,319

Subject to GP Consent

N/A

PGC U.S. Middle Market Direct Lending Offshore Fund I, LP

Senior Credit

286,334

—

Subject to GP Consent

N/A

PIMCO DSCO Fund II Offshore Feeder, LP

Senior Credit

5,815,145

—

Quarterly

60 days

One Year

Porcupine Holdings, LP – Class A

Buyout

2,708,254

2,075,472

Subject to GP Consent

N/A

Porcupine Holdings, LP – Class B

Buyout

1,568,712

—

Subject to GP Consent

N/A

Project Stream Co-Invest Fund, LP

Buyout

2,162,696

—

Subject to GP Consent

N/A

PSC Tiger, LP

Buyout

6,355,234

2,748,737

Subject to GP Consent

N/A

Resolute Fund IV, LP

Buyout

6,152,148

232,706

Subject to GP Consent

N/A

Resolute III Continuation Fund, LP

Buyout

8,676,295

732,223

Subject to GP Consent

N/A

Ruffer Absolute Institutional, Ltd.

Liquid

7,026,250

—

Subject to GP Consent

N/A

Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd.

Liquid

10,834,428

—

Monthly

35 days

6 months

SANCY SLP

Buyout

1,663,841

22,319

Subject to GP Consent

N/A

SCPCV-A, LP

Buyout

6,146,494

1,414,692

Subject to GP Consent

N/A

SEP Hamilton III Aggregator, LP

Buyout

5,230,881

—

Subject to GP Consent

N/A

SEP Skyhawk Fund III Aggregator, LP

Buyout

425,538

—

Subject to GP Consent

N/A

Sheridan Capital Partners Fund III, LP

Buyout

3,726,827

2,693,429

Subject to GP Consent

N/A

Silver Lake Strategic Investors VI, LP

Buyout

7,238,151

—

Subject to GP Consent

N/A

SK Capital Partners VI-A, LP

Buyout

8,482,306

7,226,001

Subject to GP Consent

N/A

Sumeru Equity Partners Fund III, LP

Buyout

2,761,557

120,382

Subject to GP Consent

N/A

Sumeru Equity Partners Fund IV, LP

Buyout

2,076,574

1,974,497

Subject to GP Consent

N/A

TCV Beat Co., LP

Buyout

6,707,586

—

Subject to GP Consent

N/A

TKO Fund

Senior Credit

2,633,455

285,000

Subject to GP Consent

N/A

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

Private Investments*

Investment Style

Fair Value

Unfunded
Commitments

Redemption
Frequency

Redemption
Notice Period

Lock Up
Period

TPG IX Evergreen Cl 1, LP

Buyout

11,044,760

640,323

Subject to GP Consent

N/A

Truelink Alpine, LP

Buyout

7,633,548

843,333

Subject to GP Consent

N/A

Truelink Capital Fund I-A, LP

Buyout

8,120,636

3,993,029

Subject to GP Consent

N/A

Valeas Capital Partners Fund I, LP

Buyout

11,761,232

3,685,581

Subject to GP Consent

N/A

VCF Compass Co-Investor Holdings, LP

Buyout

7,174,105

—

Subject to GP Consent

N/A

VCF Compass Co-Investor Holdings II, LP

Buyout

860,665

—

Subject to GP Consent

N/A

VCPF III Co-Invest 1-A, LP

Senior Credit

2,712,662

—

Subject to GP Consent

N/A

Vistage Equity Investors, LP

Buyout

9,530,391

—

Subject to GP Consent

N/A

Voleon Composition International Fund

Liquid

12,175,456

—

Monthly

30 days

None

Voloridge Fund, LP

Liquid

6,710,330

—

Monthly

90 days

N/A

WestCap Cerebral Co-Invest 2021, LLC

Growth Equity

25,814

—

Subject to GP Consent

N/A

WestCap Strategic Operator Fund II, LP

Growth Equity

6,023,474

530,910

Subject to GP Consent

N/A

Wildcat 21 Co-Invest Fund, LP

Buyout

3,600,122

—

Subject to GP Consent

N/A

WP Gateway Co-Invest, LP

Buyout

44,322

—

Subject to GP Consent

N/A

Yorkville Partners, LP

Buyout

9,984,062

—

Subject to GP Consent

N/A

542,482,409

95,485,510

* Refer to the Consolidated Schedule of Investments for industry classification of individual securities.

4. Investment Transactions

Purchases and sales of investments, excluding short-term investments, for the year ended March 31, 2025 were $227,706,425 and $73,160,354, respectively.

5. Investment Management and Other Agreements

Pursuant to an Investment Management Agreement, the Fund will pay the Adviser a monthly investment management fee (the “Investment Management Fee”) in consideration of the advisory services provided by the Adviser to the Fund. The Investment Management Fee is equal to 1.75% on an annualized basis of the Fund’s average daily Managed Assets during such period. “Managed Assets” means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes). The Investment Management Fee is paid to the Adviser out of the Fund’s assets and decreases the net profits or increases the net losses of the Fund. The Investment Management Fee will be computed as of the last day of each month. During the year ended March 31, 2025, the Fund incurred $10,915,195 in investment management fees.

The Adviser has entered into investment consultant agreements with Aksia CA, LLC and Apogem Capital, LLC (each an “Investment Consultant,” and together, the “Investment Consultants”) to assist the Adviser with sourcing, evaluating, and selecting investments for the Fund’s portfolio. As the Investment Consultants, Aksia CA, LLC and Apogem Capital, LLC only recommend investments to the Adviser and have no involvement in investment decisions, any related negotiations, or the finalization of any investment. Currently, a high concentration of the Fund’s investments are sourced by the Investment Consultants. In consideration for services provided by Aksia CA, LLC, the Adviser pays an investment consultant fee equal to 0.375%, on an annualized basis, of the net asset value of Fund’s investments (less cash and cash equivalents) existing as of December 31, 2024, with a minimum of $2 million, plus 0.375%, on an annualized basis, of the net asset value of all investments sourced by Aksia CA, LLC and invested by the Fund on and after January 1, 2025. In consideration for services provided by Apogem Capital, LLC, the Adviser pays an investment consultant fee equal to 0.375%, on an annualized basis, based on the Fund’s average daily Managed Assets attributable to investments sourced by Apogem Capital, LLC and invested by the Fund.

The Adviser has entered into an expense limitation and reimbursement agreement (the “Expense Limitation Agreement”) with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a “Waiver”), if required to ensure the Fund’s aggregate monthly ordinary operating expenses, excluding certain “Specified Expenses” listed below, borne by the Fund in respect of each Class of Shares to an amount not to exceed 0.50%, on an annualized basis, of the Fund’s month-end net assets (the “Expense Cap”).

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

If the Fund’s aggregate monthly ordinary operating expenses, exclusive of the Specified Expenses in respect of any Class of Shares for any month, exceed the Expense Cap applicable to that Class of Shares, the Adviser will waive its Management Fee and/or reimburse the Fund for expenses to the extent necessary to eliminate such excess. The Adviser may also directly pay expenses on behalf of the Fund and waive reimbursement under the Expense Limitation Agreement. To the extent that the Adviser waives its Management Fee and/or reimburses expenses, the Adviser may, for a period not to exceed three years from the date on which a Waiver is made, recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund’s expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment.

Specified Expenses that are not covered by the Expense Limitation Agreement and are therefore borne by shareholders of the Fund include: (i) the Management Fee; (ii) all fees and expenses of Fund Investments (including any underlying fees of the Fund Investments (the “Acquired Fund Fees and Expenses”)); (iii) transactional costs, including legal costs and brokerage commissions, associated with the acquisition and disposition of Private Market Assets and other investments; (iv) interest payments incurred on borrowing by the Fund; (v) fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund; (vi) distribution and shareholder servicing fees, as applicable; (vii) taxes; and (viii) extraordinary expenses resulting from events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding, indemnification expenses, and expenses in connection with holding and/or soliciting proxies for all annual and other meetings of common shareholders.

The Expense Limitation Agreement is in effect until December 29, 2025, and will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Board. The Expense Limitation Agreement may be terminated by the Board upon thirty days’ written notice to the Adviser. As of March 31, 2025, there are no amounts recoupable by the Adviser.

Effective September 6, 2024, the Fund pays each Independent Trustee a retainer of $55,000 per year in consideration of the services rendered by the Independent Trustees. Prior to September 6, 2024, the Fund paid each Independent Trustee a retainer of $40,000 per year. In addition, the Fund pays an additional retainer of $2,500 per year to the Chairman of the Audit Committee and to the Chairman of the Nominating Committee. Trustees that are interested persons will not be compensated by the Fund. The Trustees do not receive any pension or retirement benefits.

Employees of PINE Advisors LLC (“PINE”) serve as officers of the Fund. PINE receives a monthly fee for the services provided to the Fund. The Fund also reimburses PINE for certain out-of-pocket expenses incurred on the Fund’s behalf.

The Fund has adopted a Distribution and Service Plan with respect to Class II Shares in compliance with Rule 12b-1 under the 1940 Act. The Distribution and Service Plan allows the Fund to pay distribution and servicing fees for the sale and servicing of its Class II Shares. Under the Distribution and Service Plan, the Fund may pay as compensation up to 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Class II Shares (the “Distribution and Servicing Fee”) to Foreside Financial Services, LLC (the “Distributor”) and/or other qualified recipients. Class I Shares are not subject to the Distribution and Servicing Fee. Foreside Financial Services, LLC acts as Distributor to the Fund on a best-efforts basis, subject to various conditions, pursuant to a Distribution Agreement (the “Distribution Agreement”) between the Fund and the Distributor. The Distributor may enter into agreements with selected broker-dealers, banks or other financial intermediaries for distribution of Class II Shares of the Fund. For the year ended March 31, 2025, distribution and service fees incurred are disclosed on the Consolidated Statement of Operations.

The Adviser may make payments from its resources, which include a portion of the Investment Management Fee, to brokers or dealers that assist in the distribution of Shares, including brokers or dealers that may be affiliated with the Adviser.

UMB Fund Services, Inc. serves as the Fund’s Administrator, Accounting Agent, and Transfer Agent. UMB Bank, N.A. serves as the Fund’s Custodian.

Certain officers and trustees of the Fund are also officers of the Adviser.

6. Affiliated Investments

Issuers that are considered affiliates, as defined in Section 2(a)(3) of the 1940 Act, of the Fund at period-end are noted in the Fund’s Schedule of Investments. Prior to the period ending March 31, 2025, affiliated investments were reported if the Fund held five percent

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

or greater of the overall investment. Beginning with the period ending March 31, 2025, affiliated investments are reported if the Fund holds five percent or greater of the overall investment and this ownership includes voting rights, and/or control, of such investment. As of March 31, 2025, the were no holdings that are affiliated.

7. Restricted Securities

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board.

Additional information on each restricted investment held by the Fund on March 31, 2025 is as follows:

Investments	Initial Acquisition Date	Cost		Fair Value		% of Net Assets
ACP Hyperdrive Co-Invest, LLC	March 7, 2022	$	2,594,796	$	2,422,074	0.3	%
Adams Street 2009 Direct Fund, LP	April 1, 2022		17,881		16,157	0.0	%
Adams Street 2010 Direct Fund, LP	April 1, 2022		19,579		27,618	0.0	%
Adams Street 2011 Direct Fund, LP	April 1, 2022		35,423		37,591	0.0	%
Adams Street 2011 Non-U.S. Developed Markets Fund, LP	April 1, 2022		71,991		109,381	0.0	%
Adams Street 2011 U.S. Fund, LP	April 1, 2022		137,052		217,591	0.0	%
Adams Street 2013 Global Fund, LP	April 1, 2022		1,158,078		1,492,155	0.2	%
Adams Street 2014 Global Fund, LP	April 1, 2022		616,055		855,399	0.1	%
Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP	April 1, 2022		46,037		59,601	0.0	%
Adams Street Partnership Fund 2009 U.S. Fund, LP	April 1, 2022		139,192		156,794	0.0	%
Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP	April 1, 2022		60,262		81,797	0.0	%
Adams Street Partnership Fund 2010 U.S. Fund, LP	April 1, 2022		142,812		197,806	0.0	%
AE Co-Investment Partners Fund III-R, LP	February 21, 2025		8,038,124		12,034,124	1.6	%
AG DLI IV (Unlevered), LP	April 28, 2023		8,176,122		11,426,954	1.5	%
Alchemy Special Opportunities Fund II, LP	April 4, 2024		701,979		978,870	0.1	%
Alpine Investors Iceman CV[-A], LP	October 20, 2023		7,241,374		9,725,254	1.3	%
Altor Fund IV (No. 1) AB	August 12, 2022		5,635,996		5,170,851	0.7	%
AP DSB Co-Invest II, LP	July 30, 2021		4,001		3,082	0.0	%
AP DSB Co-Invest II, LP	July 30, 2021		1,800,339		4,187,860	0.6	%
AP Goat Co-Invest, LP	January 24, 2025		4,950,034		4,946,212	0.7	%
Ashgrove Specialty Lending Fund I SCSp RAIF	December 17, 2021		845,637		1,170,248	0.2	%
Ashgrove Specialty Lending Fund II	August 30, 2024		453,367		386,773	0.1	%
ASP (Feeder) 2017 Global Fund, LP	April 1, 2022		695,982		1,055,743	0.1	%
Avista Capital Partners V, LP	March 16, 2021		3,409,920		4,993,483	0.7	%
Biloxi Co-Investment Partners, LP	August 13, 2021		1,460,680		2,530,457	0.3	%
Blue Wolf Capital Fund IV, LP	December 31, 2024		2,699,746		4,078,146	0.5	%
BRCE SPV I, LLC	May 22, 2020		—		171,415	0.0	%
Brentwood Associates Private Equity VI, LP	December 31, 2024		2,492,014		3,713,881	0.5	%
Brightwood U.S. Credit Fund, LP	September 13, 2024		259,688		1,131,548	0.1	%
BSPT Acquisition, Inc. T/L	February 19, 2025		1,898,339		3,351,889	0.4	%
Butterfly Nourish Co-Invest, LP	February 3, 2023		3,434,753		8,733,827	1.1	%
BW Colson Co-Invest Feeder (Cayman), LP	March 15, 2021		3,062,822		5,841,431	0.8	%

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

Investments	Initial Acquisition Date	Cost		Fair Value		% of Net Assets
BW Phoenix Co-Invest, LP	February 9, 2024	$	7,059,621	$	8,656,790	1.1	%
Capital Dynamics Global Secondaries VI, LP	December 27, 2024		446,730		524,013	0.1	%
Carlyle Riser Co-Investment, LP	November 11, 2022		2,492,048		5,278,961	0.7	%
CCS Co-Investment Vehicle 2 (Feeder), LP	December 20, 2024		10,384,879		12,875,542	1.7	%
CCS Co-Investment Vehicle I, LP	March 29, 2024		3,386,923		4,848,993	0.6	%
CL-EA Co-Investment Opportunities I, LP	June 14, 2024		4,940,652		6,058,143	0.8	%
ClearScale LLC T/L A	February 15, 2025		555,417		978,733	0.1	%
Coller Capital CBL Fund II	October 11, 2024		1,717,524		2,281,638	0.3	%
Coller Credit Opportunities I – Annex I, SLP	July 29, 2021		1,730,267		2,815,550	0.4	%
Coller Credit Opportunities I – B, LP	January 5, 2022		3,221,088		4,207,784	0.6	%
Coller International Partners VI Feeder Fund, LP – Class A	October 1, 2020		2,148		359,501	0.0	%
Coller International Partners VII Feeder Fund, LP – Series B	October 1, 2020		—		1,073,372	0.1	%
Constellation 2022, LP	August 12, 2022		1,318,780		3,613,867	0.5	%
Corsair Amore Investors, LP	May 27, 2022		5,833,426		1,566,253	0.2	%
Corsair Blade IV (Luxembourg) S.a.r.l.	April 12, 2024		4,341,275		4,381,611	0.6	%
Corsair Riva Munich Co-Investment, LP	March 28, 2025		5,165,183		8,271,887	1.1	%
Coyote 2021, LP	March 29, 2021		2,615,483		7,768,381	1.0	%
CRG Partners III – Parallel Fund (A), LP	December 31, 2022		1,876,669		2,229,480	0.3	%
Crown Secondaries Special Opportunities II B, S.C.S.	September 26, 2024		7,027,091		8,166,442	1.1	%
Crown Secondaries Special Opportunities II, S.C.S.	September 26, 2024		2,784,178		3,365,968	0.4	%
Dawson Portfolio Finance 4, LP	November 10, 2020		2,272,023		3,590,162	0.5	%
Dawson Portfolio Finance 5, LP	February 24, 2022		3,722,055		4,538,778	0.6	%
Digital Alpha Solutions Fund, LP	October 28, 2022		2,538,109		4,344,978	0.6	%
DSG Group Holdings, LP	September 9, 2022		5,585,674		8,426,004	1.1	%
Eagle Point SRT Co-Invest I, LP	October 18, 2024		5,143,359		5,074,687	0.7	%
Enak Aggregator, LP	January 18, 2022		2,861,507		3,660,626	0.5	%
EnCap Energy Transition Fund 1-A, LP	April 21, 2021		11,474		1,312,975	0.2	%
Ethos Capital Investments, LP	August 16, 2023		2,224,249		3,958,892	0.5	%
Falcon Co-Investment Partners, LP	January 26, 2022		3,013,126		3,045,385	0.4	%
FFL Capital Partners V, LP	June 16, 2022		5,142,603		7,149,704	0.9	%
Forrest Holdings I, LP – Class A	March 17, 2021		—		783	0.0	%
Forrest Holdings I, LP – Class B	March 17, 2021		—		10,964	0.0	%
Gasherbrum Fund II, LP	May 30, 2024		6,359,703		8,298,521	1.1	%
Global Infrastructure Partners II-C, LP	January 14, 2022		—		414,419	0.1	%
Grain Spectrum Holdings III (Cayman), LP	October 28, 2020		2,714,622		3,859,281	0.5	%
Graphite Capital Partners VIII D, LP	June 30, 2020		—		3,370,602	0.4	%
Gridiron Capital Fund V, LP	November 27, 2023		3,002,776		3,314,803	0.4	%
Hg Vega Co-Invest, LP	May 10, 2024		7,016,708		8,787,835	1.2	%
ICG Europe Fund V Investor Feeder Limited Partnership	April 4, 2024		454,501		632,012	0.1	%
ICG Europe Fund VII Feeder SCSp	April 4, 2024		5,807,206		9,407,896	1.2	%
ICG LP Secondaries Fund I, LP	July 31, 2023		1,742,287		2,239,219	0.3	%
ICG Ludgate Hill IV-A Leopard, LP	July 31, 2023		3,592,175		5,400,842	0.7	%

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

Investments	Initial Acquisition Date	Cost		Fair Value		% of Net Assets
ISH Co-Investment Aggregator, LP	May 6, 2021	$	2,311,692	$	2,487,976	0.3	%
IvyRehab Holdings, LLC	August 25, 2023		8,004,000		9,629,021	1.3	%
KH Aggregator, LP	November 30, 2020		1,601,993		3,831,503	0.5	%
KKR Game Changer Co-Invest, LP	May 30, 2024		6,004,000		8,400,000	1.1	%
Leeds Equity Partners VI, LP	December 31, 2024		3,110,584		3,379,061	0.4	%
Leeds Equity Partners VII-A, LP	December 31, 2024		4,617,133		4,895,054	0.6	%
Lynx EBO Fund I (A), LLC	December 18, 2020		—		48,413	0.0	%
New Vintage Partners Fund I, LP	March 28, 2025		2,275,335		2,934,968	0.4	%
NVP monogram Co-Invest, LP	March 28, 2025		11,000,629		13,928,169	1.8	%
OceanSound Partners Co-Invest II, LP – Series B	November 5, 2021		3,897,268		11,552,928	1.5	%
OceanSound Partners Co-Invest II, LP – Series E	December 16, 2022		73,529		12,497,735	1.6	%
OceanSound Partners Fund II, LP	January 12, 2024		5,011,709		6,590,939	0.9	%
OceanSound Partners Fund, LP	December 27, 2021		1,965,036		5,591,824	0.7	%
OceanSound SMX Continuation Fund, LP	March 29, 2024		6,682,296		9,873,910	1.3	%
Onex Fund V, LP	September 30, 2022		5,908,945		8,131,034	1.1	%
Onex OD Co-Invest, LP	November 9, 2020		3,511,271		7,320,327	1.0	%
Onex Structured Credit Opportunities International Fund I, LLC	May 11, 2021		608,643		1,375,102	0.2	%
OSP Co-Invest II, LP	January 5, 2024		5,952,971		9,261,502	1.2	%
Overbay Capital Partners 2023 Fund Aggregator, LP	September 30, 2024		9,538,740		11,995,948	1.6	%
Overbay Fund XIV (AIV III), LP	March 26, 2021		213,949		980,013	0.1	%
Overbay Fund XIV Offshore (AIV), LP	January 5, 2021		—		2,567,078	0.3	%
Overbay Fund XIV Offshore, LP	January 22, 2021		470,832		1,490,803	0.2	%
Palmer Square Loan Funding 2021-3, Ltd.	July 9, 2021		1,377,428		1,236,606	0.2	%
Palms Co-Investment Partners, LP	June 3, 2022		3,814,858		4,310,460	0.6	%
PARIOU SLP	October 14, 2022		6,169,432		6,739,555	0.9	%
Pathstone Family Office, LLC	May 16, 2023		2,953,270		2,905,727	0.4	%
PGC U.S. Middle Market Direct Lending Offshore Fund I, LP	July 24, 2023		—		286,334	0.0	%
PIMCO DSCO Fund II Offshore Feeder, LP	June 30, 2020		4,205,485		5,815,145	0.8	%
Polaris Newco	June 18, 2021		1,944,555		2,091,065	0.3	%
Porcupine Holdings, LP – Class A	December 29, 2021		1,769,109		2,708,254	0.4	%
Porcupine Holdings, LP – Class B	December 29, 2021		2,010,512		1,568,712	0.2	%
Project Stream Co-Invest Fund, LP	October 1, 2021		2,237,751		2,162,696	0.3	%
PSC Tiger, LP	September 6, 2024		5,622,313		6,355,234	0.8	%
Resolute Fund IV, LP	December 31, 2024		5,421,740		6,152,148	0.8	%
Resolute III Continuation Fund, LP	September 27, 2024		8,019,171		8,676,295	1.1	%
Ruffer Absolute Institutional, Ltd.	April 1, 2022		7,004,000		7,026,250	0.9	%
Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd.	January 28, 2022		11,004,000		10,834,428	1.4	%
SANCY SLP	October 14, 2022		1,706,492		1,663,841	0.2	%
Sand Trust Series 21-1A – Class SUB	November 6, 2021		916,162		626,600	0.1	%
SCPCV-A, LP	March 29, 2024		5,797,711		6,146,494	0.8	%
SEP Hamilton III Aggregator, LP	August 17, 2020		2,519,336		5,230,881	0.7	%
SEP Hamilton, LP	June 30, 2023		941,500		1,224,065	0.2	%
SEP Skyhawk Fund III Aggregator, LP	July 9, 2021		510,356		425,538	0.1	%

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2025

Investments	Initial Acquisition Date	Cost		Fair Value		% of Net Assets
Sheridan Capital Partners Fund III, LP	March 31, 2023	$	2,314,134	$	3,726,827	0.5	%
Silver Lake Strategic Investors VI, LP	June 2, 2023		5,009,232		7,238,151	1.0	%
SK Capital Partners VI-A, LP	April 26, 2024		5,059,782		8,482,306	1.1	%
Sprinkler 2024 Co-Investment I (Feeder) SCSp	March 14, 2025		9,981,285		9,942,043	1.3	%
Sumeru Equity Partners Fund III, LP	December 8, 2020		2,306,707		2,761,557	0.4	%
Sumeru Equity Partners Fund IV, LP	September 2, 2022		2,029,463		2,076,574	0.3	%
TCV Beat Co., LP	September 27, 2024		7,068,051		6,707,586	0.9	%
TKO Fund	November 4, 2022		1,563,754		2,633,455	0.3	%
TPG IX Evergreen Cl 1, LP	November 22, 2023		7,363,677		11,044,760	1.5	%
Truelink Alpine, LP	July 31, 2024		4,160,667		7,633,548	1.0	%
Truelink Capital Fund I-A, LP	July 31, 2024		5,985,278		8,120,636	1.1	%
Valeas Capital Partners Fund I, LP	October 31, 2024		6,777,219		11,761,232	1.5	%
VCF Compass Co-Investor Holdings, LP	April 25, 2024		6,000,000		7,174,105	0.9	%
VCF Compass Co-Investor Holdings II, LP	March 21, 2025		794,253		860,665	0.1	%
VCPF III Co-Invest 1-A, LP	May 13, 2021		1,971,114		2,712,662	0.4	%
Veregy Parent, LLC	November 3, 2020		3,005,300