NPORT-EX 2 pmfviih_nportex.htm SOI

 

NB Crossroads Private Markets Fund VII Holdings LP

Consolidated Schedule of Investments

As of June 30, 2024 (Unaudited)

 

Investments / Co-investments (A),(B),(D)  Acquisition Type  Acquisition Dates (C)  Geographic Region (E)  Cost   Fair Value 
Large-cap Buyout (37.90%)                   
AI Co-Investment I-A SCSp  Co-Investment  04/2023  North America  $5,359,114   $6,089,413 
CB Catalyst Co-Invest, L.P.  Co-Investment  11/2022  North America   2,376,133    3,900,000 
CD&R Ferdinand Co-Investor, L.P.  Co-Investment  08/2023  North America   7,687,258    10,744,839 
CIHMH Holdings L.P.  Co-Investment  05/2022  North America   1,403,974    2,823,536 
CIHMH Holdings II L.P.  Co-Investment  03/2023  North America   1,600,000    2,600,613 
Eighth Cinven Fund (No.2) Limited Partnership  Primary  06/2024  Europe   648,173    437,360 
KKR Quartz Co-Invest L.P.  Co-Investment  03/2023  North America   8,250,000    8,316,940 
KMNOCH Investor, L.P. (F)  Co-Investment  11/2022  North America   5,989,740    6,000,000 
Knockout Co-Invest L.P.  Co-Investment  06/2022  North America   3,831,993    6,590,785 
NB Franklin LP  Co-Investment  05/2024  North America   6,010,000    6,010,000 
NB Mavis Aggregator, L.P.  Co-Investment  05/2023  North America   8,251,085    8,787,994 
Planet Co-Investor Holdings, L.P.  Co-Investment  02/2023  Europe   2,497,424    3,366,100 
Project Alpine Co-Invest Fund, L.P.  Co-Investment  06/2022  North America   3,001,705    3,170,860 
Project CS Co-Invest Fund L.P.  Co-Investment  02/2023  North America   4,133,381    5,096,719 
Project Hotel California Co-Invest Fund, L.P.  Co-Investment  07/2022  North America   4,503,649    6,503,471 
The Veritas Capital Fund VIII, L.P.  Primary  12/2022-04/2024  North America   8,426,421    9,191,798 
TPG IX Evergreen CI II, L.P.  Co-Investment  09/2023  North America   3,558,100    4,681,820 
Veritas Star Co-Investor Holdings L.P.  Co-Investment  11/2023  North America   4,418,848    4,365,991 
Warburg Pincus Global Growth 14, L.P.  Primary  05/2022-06/2024  North America   6,838,337    7,579,578 
WP Irving Co-Invest L.P.  Co-Investment  04/2022  North America   959,698    1,376,341 
             89,745,033    107,634,158 
Small and Mid-cap Buyout (55.08%)                   
Audax Private Equity Fund VII-B, L.P.  Primary  08/2023-04/2024  North America   5,796,694    5,654,419 
BP-Miratech Holdings LLC  Co-Investment  04/2022-02/2023  North America   1,909,437    7,291,842 
Bregal Unternehmerkapital IV-A SCSp  Primary  -  Europe   300,743    - 
CB Offshore Technology Opportunities Fund II, Limited Partnership  Primary  02/2024-05/2024  North America   1,053,550    714,166 
Centerbridge Seaport Acquisition Fund, L.P.  Co-Investment  05/2022  North America   1,245,734    1,400,000 
CMP Ascent Partners LP  Co-Investment  04/2023  North America   1,874,667    2,241,691 
DGS Group Holdings, L.P. (F)  Co-Investment  09/2022  North America   2,276,579    3,412,948 
EDR Co-Invest Aggregator, L.P.  Co-Investment  02/2024  North America   2,544,000    3,162,866 
Five Arrows Galliera Co-Invest SCSp  Co-Investment  08/2022  Europe   3,156,632    3,527,448 
Francisco Partners VII-A, L.P.  Primary  -  North America   183,994    - 
Harvest Partners IX (Parallel), L.P.  Primary  09/2022-12/2023  North America   3,900,873    3,471,946 
KKR Malaga Co-Invest L.P.  Co-Investment  07/2023  Europe   3,995,541    4,258,104 
KSL Capital Partners CV II 2, L.P.  Secondary  03/2023  North America   6,478,918    7,454,771 
Lightning Holding 2 SARL  Co-Investment  03/2024  Europe   2,016,603    1,984,920 
Lightyear AMP CV Holding, L.P  Secondary  04/2024  North America   7,464,845    7,395,432 
Material Co-Invest LP  Co-Investment  10/2022  Europe   4,838,137    4,083,389 
MDCP Insurance SPV, L.P.  Secondary  05/2023  North America   6,275,615    9,628,338 
NB Convert Elevate Aggregator LP  Co-Investment  11/2023  North America   5,090,000    5,700,800 
NB Convert Harp Aggregator LP  Co-Investment  11/2023  North America   2,538,285    2,863,823 
NB Electron Aggregator, L.P.  Co-Investment  08/2023  North America   8,251,208    9,487,500 
NB Pref Harp Aggregator LP  Co-Investment  11/2023  North America   3,071,315    3,435,060 
NM Polaris Co-Invest, L.P.  Co-Investment  03/2023  North America   3,347,823    5,753,482 
NSH Verisma Holdco II, L.P.  Co-Investment  10/2023  North America   2,752,624    4,540,147 
Olympus FG Holdco, L.P.  Co-Investment  08/2022  North America   1,782,355    1,424,000 
Providence Equity Partners (Unity) S.C.Sp  Secondary  05/2024  Europe   6,551,655    6,440,521 
Searchlight Capital CF SPK, L.P.  Secondary  11/2023  North America   4,225,311    5,488,407 
Searchlight Capital III CVL Co-Invest Partners II, L.P.  Co-Investment  -  North America   -    - 
TA Spartan Parent, LLC (F)  Co-Investment  07/2023  North America   4,180,000    4,180,000 
TA XV-B, L.P.  Primary  -  North America   -    - 
THL Fund Investors (Iconic), L.P.  Co-Investment  05/2022-06/2023  North America   3,076,500    3,521,848 
THL Fund IX Investors (Plymouth II), L.P.  Co-Investment  08/2023-10/2023  North America   2,574,927    2,896,515 
Thoma Bravo Discover Fund IV-A, L.P.  Primary  12/2022-12/2023  North America   5,567,730    6,464,397 
Trilantic Capital Partners VII Parallel L.P.  Primary  10/2023-06/2024  North America   7,722,612    8,138,084 
True Wind Capital Continuation, L.P.  Secondary  03/2023-05/2023  North America   4,924,168    5,248,206 
V-Co-Invest I, L.P. (G)  Co-Investment  09/2022  North America   5,044,208    6,048,668 
WCAS XIV, L.P.  Primary  12/2022-03/2024  North America   6,172,961    5,340,563 
WWEC Holdings LP  Co-Investment  10/2022  North America   2,510,000    3,765,000 
             134,696,244    156,419,301 

 

 

 

 

NB Crossroads Private Markets Fund VII Holdings LP

Consolidated Schedule of Investments

As of June 30, 2024 (Unaudited)

 

Investments / Co-investments (A),(B),(D)  Acquisition Type  Acquisition Dates (C)   Geographic Region (E)  Cost   Fair Value 
Special Situations (4.80%)                   
DIG Holdings, LLC (F)  Co-Investment  11/2022  North America   4,006,700    4,877,532 
Epiris Fund III L.P.  Primary  10/2023-03/2024  Europe   2,068,669    5,352,334 
Truelink-Vista A L.P.  Co-Investment  10/2022  North America   1,201,555    3,404,901 
             7,276,924    13,634,767 
Venture Capital (1.69%)                   
Accel Leaders 4 L.P.  Primary  06/2023-06/2024  North America   2,625,000    2,690,967 
Battery Ventures XIV, L.P.  Primary  07/2022-04/2024  North America   2,072,000    1,830,099 
Foundation Capital Leadership Fund IV, L.P. (G)  Primary  -  North America   -    - 
Foundation Capital XI, L.P. (G)  Primary  05/2024  North America   303,360    275,808 
Meritech Capital Partners VIII L.P.  Primary  -  North America   -    - 
Meritech Capital Sidecar III L.P.  Primary  -  North America   -    - 
Spark Capital Growth Fund V, L.P.  Primary  -  North America   -    - 
Spark Capital VIII, L.P.  Primary  -  North America   -    - 
             5,000,360    4,796,874 
Money Market Fund (3.60%)                   
Morgan Stanley Institutional Liquidity Fund Government Portfolio (H)            10,232,888    10,232,888 
             10,232,888    10,232,888 
                    
Total Investments (cost $246,951,449) (103.08%)                 292,717,988 
Other Assets & Liabilities (Net) (-3.08%)                 (8,727,977)
Partners' Capital - Net Assets (100.00%)                $283,990,011 

 

  (A)  Non-income producing securities, which are restricted as to public resale and illiquid.
  (B)  Total cost of illiquid and restricted securities at June 30, 2024 aggregated $236,718,561. Total fair value of illiquid and restricted securities at June 30, 2024 was $282,485,100 or 99.47% of net assets.
  (C)  Acquisition Dates cover from original investment date to the last acquisition date and is required disclosure for restricted securities only.
  (D)  All percentages are calculated as fair value divided by the Master Fund's Partners' Capital - Net Assets.
  (E)  Geographic Region is based on where a Portfolio Fund is headquartered and may be different from where the Portfolio Fund invests.
  (F)  The fair value of the investment was determined using a significant unobservable input.
  (G)  This investment is made through the Master Fund's wholly owned subsidiary, NB CPMF VII B LLC.
  (H)  The rate is 5.09%, the annualized seven-day yield as of June 30, 2024.

 

 

 

 

Valuation of Investments

 

NB Crossroads Private Markets Fund VII Holdings LP the (“Master Fund”) computes its net asset value (“NAV”) as of the last business day of each fiscal quarter and at such other times as deemed appropriate by Neuberger Berman Investment Advisers LLC (“NBIA” or the “Registered Investment Adviser”) and NB Alternatives Advisers LLC (“NBAA” or the “Sub-Adviser” and together with NBIA, the “Adviser”) in accordance with valuation principles set forth below, or may be determined from time to time, pursuant to the valuation procedures (the “Procedures”) established by the Board of Directors of the Master Fund (the “Board”).

 

The Board has approved valuation procedures pursuant to which the Master Fund values its investments. In accordance with Rule 2a-5 under the Investment Company Act, the Board has designated NBIA as its Valuation Designee (the “Valuation Designee”). The Valuation Designee, with assistance from NBAA, is responsible for determining fair value in good faith for the Master Fund’s investments without readily available market quotations, subject to oversight by the Board.

 

It is expected that most of the Underlying Investments in which the Master Fund invests will meet the criteria set forth under the Financial Accounting Standards Board (“FASB”) ASC Topic 820, Fair Value Measurement (“ASC 820”) permitting the use of the practical expedient to determine the fair value of the Underlying Investments. ASC 820 provides that, in valuing alternative investments that do not have quoted market prices but calculate NAV per share or equivalent, an investor may determine fair value by using the NAV reported to the investor by the Underlying Investment. To the extent ASC 820 is applicable to an Underlying Investment, the Adviser generally will value the Master Fund’s investment based primarily upon the value reported to the Master Fund by the Portfolio Fund or the lead investor of a Co-Investment as of each quarter-end, determined by the Underlying Investment in accordance with its own valuation policies.

 

FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). FASB ASC 820 provides three levels of the fair value hierarchy as follows:

 

Level 1Unadjusted quoted prices in active markets for identical assets or liabilities that the Master Fund has the ability to access;
   
 Level 2Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data;
   
 Level 3Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Master Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

 

 

 

 

Most Portfolio Funds are structured as closed-end, commitment-based private investment funds to which the Master Fund commits a specified amount of capital upon inception of the Portfolio Fund (i.e., committed capital) which is then drawn down over a specified period of the Portfolio Fund’s life. Such Portfolio Funds generally do not provide redemption options for investors and, subsequent to final closing, do not permit subscriptions by new or existing investors. Accordingly, the Master Fund generally holds interests in Portfolio Funds for which there is no active market, although, in some situations, a transaction may occur in the “secondary market” where an investor purchases a limited partner’s existing interest and remaining commitment.

 

Assumptions used by the Adviser due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Master Fund’s results of operations and financial condition.

 

The following table presents the investments carried on the Consolidated Statement of Assets, Liabilities and Partners’ Capital – Net Assets by level within the valuation hierarchy as of June 30, 2024:

 

   Level 1   Level 2   Level 3   Net Asset Value   Total 
Assets:                         
Large-cap Buyout  $-   $-   $6,000,000   $101,634,158   $107,634,158 
Small and Mid-cap Buyout   -    -    7,592,948    148,826,353    156,419,301 
Special Situations   -    -    4,877,532    8,757,235    13,634,767 
Venture Capital   -    -    -    4,796,874    4,796,874 
Money Market Fund   10,232,888    -    -    -    10,232,888 
Total  $10,232,888   $-   $18,470,480   $264,014,620   $292,717,988 

 

Significant Unobservable Inputs

 

As of June 30, 2024, the Master Fund had investments valued at $292,717,988. The fair value of investments valued at $264,014,620 in the Master Fund's Consolidated Schedule of Investments have been valued at the unadjusted NAV reported by the managers of the investments.

 

The classification of an investment within Level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement. The following table summarizes the valuation methodologies and inputs used for investments categorized in Level 3 as of June 30, 2024.

 

          Unobservable Inputs
Investments  Fair Value
06/30/2024		   Valuation
Methodologies		  Variable  Value/Range  Weighted
Average1
Large-cap Buyout  $6,000,000   Discounted Cashflows,
Market Comparables		  Discount Rate,
LTM EBITDA		  9.8%,
16.0x		  N/A
                  
Small and Mid-cap Buyout   4,180,000   Recent Transaction Value  Recent Transaction Value  N/A  N/A
                  
Small and Mid-cap Buyout   3,412,948   Market Comparables  LTM EBITDA  11.0x  N/A
                  
Special Situations   4,877,532   Market Comparables  LTM EBITDA  11.2x  N/A
                  
Total  $18,470,480             

 

1 Inputs weighted based on fair value of investments in range.

 

 

 

 

During the period ended June 30, 2024, purchases of and sales from Level 3 investments were as follows:

 

Purchases   Sales 
$130   $16,069 

 

During the period ended June 30, 2024, unrealized appreciation (depreciation) and realized gains from Level 3 investments were ($33,276) and $16,069, respectively.

 

The Master Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period. There were no transfers into or out of Level 3 during the period ended June 30, 2024.

 

The estimated remaining life of the Master Fund’s Portfolio Funds as of June 30, 2024 is one to ten years, with the possibility of extensions by each of the Underlying Investments.