# EDGAR Filing Document

**Accession Number:** 0001957121
**File Stem:** 0001193125-26-246440
**Filing Date:** 2026-5
**Character Count:** 53863
**Document Hash:** 9fe322a57c64fc3d87a2193d364c5be5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-246440.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-246440

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Felicitas Private Markets Fund
- **CENTRAL INDEX KEY:** 0001957121

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23842
- **FILM NUMBER:** 261039407

**BUSINESS ADDRESS:**
- **STREET 1:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2200

**MAIL ADDRESS:**
- **STREET 1:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Nport-Ex

---

| |
|:---|
| **Felicitas Private Markets Fund** |
| **Consolidated Schedule of Investments** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments at Fair Value** | **Principal<br> Balance $ /Shares** | **Initial<br> Acquisition<br> Date** | **Amortized<br> Cost** | **Fair Value** |
| **Debt Instruments <sup>(a)</sup>- 18.5%** | |  | | |
| &nbsp;&nbsp;&nbsp;**United States - 18.5%** | |  | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Credit - 18.5% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALP CFO 2024, LP Class C Notes 12.88% 10/15/2036<sup>(e)</sup> | $2000000 | 10/22/2024 | $2000000 | $2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antares Loan Funding I Ltd. Subordinated Note 0% 3/27/2035<sup>(c)(i)</sup> | $5000000 | 3/27/2025 | 5003298 | 5334145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer 2023 Finance Co. LLC (Class B) - Loan, 12.00% + 4% PIK 12/28/2035<sup>(e)(f)(h)</sup> | $5474132 | 3/27/2024 | 6049465 | 6105629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Global Direct Lending Fund (U) II RN, L.P - Class C 10.93% (SOFR + 7.25%) 6/20/2036<sup>(e)(f)</sup> | $1237500 | 6/24/2025 | 1631250 | 1631250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Global Direct Lending Fund (U) II RN, L.P - Class D 11.68% (SOFR + 8.00%) 6/20/2036<sup>(e)(f)</sup> | $1375000 | 6/24/2025 | 1808125 | 1812500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCM Grosvenor Credit Secondaries Structured Note 2025 - Class C 11.68% (SOFR + 8.00%) 09/30/2037<sup>(b)(c)(f)</sup> | $- | 2/11/2026 | 1834933 | 1750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Credit Partners Fund IV-B, L.P. - Class B-2 10.81% (SOFR 3M + 7.16%) 6/1/2036<sup>(e)(f)</sup> | $1500000 | 12/5/2024 | 1500000 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Private Credit |  |  | 19827071 | 20133524 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Investment Funds<sup>(a)</sup> - 82.6%** | |  | **Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;**United States - 54.0%** | |  | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Credit - 14.2% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Ridge DSCO Fund I, LP\*<sup>(b)(c)(d)(f)</sup> |  | 1/8/2021 | 1432493 | 3038264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crestline Portfolio Financing Fund (US), L.L.C.\*<sup>(b)(c)(f)</sup> |  | 4/30/2018 | 126804 | 223806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crestline Portfolio Financing Fund II (US), L.P\*<sup>(b)(c)(f)</sup> |  | 8/27/2021 | 824705 | 1135460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Churchill Private Capital Income Fund<sup>(c)</sup> | 81268 | 9/28/2023 | 2000000 | 1994311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pathlight Capital Fund I LP<sup>(b)(c)(f)</sup> |  | 3/1/2019 |  | 56365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StepStone Private Equity Strategies Fund<sup>(c)</sup> | 300000 | 9/10/2025 | 3000000 | 3447000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TerraCotta Credit Fund L.P.<sup>(b)(c)</sup> |  | 1/31/2019 | 2000290 | 2203909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thorofare Asset Based Lending Fund V, L.P.\*<sup>(b)(c)</sup> |  | 3/24/2020 | 3001412 | 3003848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WhiteHawk III Onshore Fund, L.P.\*<sup>(b)(c)</sup> |  | 12/15/2021 | 179698 | 260037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Private Credit |  |  | 12565402 | 15363000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Equity - 26.4% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awz Pentera II LLC\*<sup>(b)(c)</sup> |  | 7/15/2022 | 1023663 | 1876774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CapitalSpring Investment Partners VI Parallel II, LP\*<sup>(b)(c)(f)</sup> |  | 4/1/2022 | 2421605 | 2689488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coller Secondaries Private Equity Opportunities Fund\*<sup>(c)</sup> | 1184929 | 3/22/2024 | 4908085 | 6849956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KA Credit Advisors Holdco Blocker, LLC\*<sup>(b)(e)</sup> |  | 4/22/2021 | 1 | 30952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LBR Co-Invest Equityco, LLC\*<sup>(b)(c)</sup> |  | 9/10/2018 | 191021 | 272960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Levine Leichtman Capital Partners VI, L.P. (Series A)<sup>(b)(c)(f)</sup> |  | 2/20/2018 | 6428359 | 9076737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Levine Leichtman Capital Partners VI, L.P. (Series B)<sup>(b)(c)(f)</sup> |  | 2/20/2018 | 706878 | 1009697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NPC KeepTruckin, LLC\*<sup>(b)(c)</sup> |  | 4/29/2021 | 262500 | 242812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NPC Opportunity Fund, L.P.\*<sup>(b)(c)(f)</sup> |  | 10/28/2020 | 915900 | 637172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peregrine Select Fund II, L.P.\*<sup>(b)(c)</sup> |  | 6/21/2021 | 1501741 | 2081594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StepStone Private Venture and Growth Fund\*<sup>(b)(c)</sup> | 61031 | 9/28/2023 | 1995612 | 3782728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSC Co-Invest L.P.\*<sup>(b)(c)</sup> |  | 9/3/2020 | 65 | 9254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Private Equity |  |  | 20355430 | 28560124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate - 4.0% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EGH Investors LLC (Series A)\*<sup>(b)(d)(e)</sup> |  | 12/19/2019 | 1372925 | 2154743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EGH Investors LLC (Series B)\*<sup>(b)(e)</sup> |  | 12/19/2019 | 230491 | 301075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LL-MS City Place Blocker, LLC\*<sup>(b)(c)</sup> |  | 3/11/2021 | 667293 | 909367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LL-MS City Place 2 Blocker, LLC\*<sup>(b)(c)</sup> |  | 3/11/2021 | 690846 | 909593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LL-MS Fabian Way Blocker, LLC\*<sup>(b)(c)(f)</sup> |  | 11/6/2020 | 682021 | 77558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LL-MS Troy Court Blocker, LLC\*<sup>(b)(c)</sup> |  | 11/23/2020 | - | 18596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate |  |  | 3643576 | 4370932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secondary Funds - 9.4% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Ridge Secondary Fund III Co, LP\*<sup>(b)(c)(d)(f)</sup> |  | 1/13/2020 | 980735 | 1250357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Ridge Secondary Fund III (T), LP\*<sup>(b)(c)(d)(f)</sup> |  | 9/27/2019 | 696361 | 1240453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Ridge Secondary Fund IV (T), LP\*<sup>(b)(c)(d)(f)</sup> |  | 6/16/2021 | 46 | 3914862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspiration Ventures Secondary Fund I, L.P.\*<sup>(b)(c)(f)</sup> |  | 6/21/2019 |  | 292739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP Chimera LP\*<sup>(b)(c)(f)</sup> |  | 6/26/2019 |  | 288070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Alpha Partners IV, L.P.\*<sup>(b)(c)(f)</sup> |  | 7/1/2018 | 662824 | 1224145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Alpha Partners V, L.P.\*<sup>(b)(c)(f)</sup> |  | 9/28/2021 | 920127 | 1039121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VCFA Venture Partners VI, L.P.\*<sup>(b)(c)(f)</sup> |  | 7/9/2019 | 357181 | 875019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Secondary Funds |  |  | 3617274 | 10124766 |
| &nbsp;&nbsp;&nbsp;**Total United States** |  |  | 40181682 | 58418822 |
| &nbsp;&nbsp;&nbsp;**Cayman Islands - 10.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Credit- 4.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Ridge DSCO Fund I (Offshore), LP\*<sup>(b)(c)(f)</sup> |  | 1/8/2021 | 362938 | 726725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Ridge DSCO Fund II (Offshore), LP\*<sup>(b)(f)</sup> |  | 7/29/2022 | 3118820 | 4158081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crestline Portfolio Financing Fund Offshore B, L.P.\*<sup>(b)(c)(f)</sup> |  | 4/30/2018 | 15482 | 22256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crestline Portfolio Financing Fund II (TE/FNT), L.P.\*<sup>(b)(c)(f)</sup> |  | 8/27/2021 | 201811 | 279777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Private Credit |  |  | 3699051 | 5186839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Equity - 1.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jupiter SPV LP\*<sup>(b)(e)</sup> |  | 1/21/2022 | 850988 | 1156752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Private Equity |  |  | 850988 | 1156752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secondary Funds - 4.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Ridge Secondary Fund III (Offshore), LP\*<sup>(b)(c)(f)</sup> |  | 9/27/2019 | 109691 | 216035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Ridge Secondary Fund IV (Offshore), LP\*<sup>(b)(c)(f)</sup> |  | 6/30/2021 | 12 | 948255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Ridge Secondary Fund V (Offshore), LP\*<sup>(b)(c)(f)</sup> |  | 9/28/2023 | 2378232 | 4061588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Secondary Funds |  |  | 2487935 | 5225878 |
| &nbsp;&nbsp;&nbsp;**Total Cayman Islands** |  |  | 7037974 | 11569469 |
| &nbsp;&nbsp;&nbsp;**Luxembourg - 13.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Credit - 1.0% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17Capital Strategic Lending Fund 6 Partners Fund Feeder II SCSP\*<sup>(b)(c)(f)</sup> |  | 9/2/2025 | 1038507 | 1113715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Equity - 12.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACE Buyout IV (Lux) SCSp SICAV-RAIF\*<sup>(b)(c)(f)</sup> |  | 12/16/2021 | 5481920 | 7899422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NE Fund II SCSp\*<sup>(b)(c)(f)</sup> |  | 1/28/2022 | 1585025 | 1552594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NE Pulse SCSp\*<sup>(b)(c)</sup> |  | 10/19/2022 | 1001106 | 1353309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Evolution Technology Fund II SCSp<sup>(b)(c)(f)</sup> |  | 9/29/2021 | 1648617 | 3015851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Private Equity |  |  | 9716668 | 13821176 |
| &nbsp;&nbsp;&nbsp;**Total Luxembourg** |  |  | 10755175 | 14934891 |
| &nbsp;&nbsp;&nbsp;**United Kingdom - 4.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Equity - 4.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Growth Opportunities LP\*<sup>(e)</sup> | 2276 | 7/6/2021 | 1194561 | 1759822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Liquidity Solutions III Limited Partnership\*<sup>(b)(c)(f)</sup> |  | 10/6/2021 | 2746611 | 2654971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Private Equity |  |  | 3941172 | 4414793 |
| **Total Private Investment Funds** |  |  | 61916003 | 89337975 |
| **Private Operating Companies<sup>(a)(e)</sup>- 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Israel - 0.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Equity - 0.0% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.G.M.R Research Ltd. – Preferred B Shares\* |  | 9/30/2022 | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.G.M.R Research Ltd. – Preferred B-1 Shares\* |  | 9/30/2022 | 1074 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.G.M.R Research Ltd. – Preferred Ordinary A-1 Shares\* |  | 9/30/2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.G.M.R Research Ltd. – Preferred Ordinary A-3 Shares\* |  | 9/30/2022 | 194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.G.M.R Research Ltd. – Preferred Ordinary A-4 Shares\* |  | 9/30/2022 | 11 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Private Equity |  |  | 1299 | - |
| &nbsp;&nbsp;&nbsp;**United States - 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate- 0.1% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LL-MS Carry Co, LLC\*<sup>(b)</sup> |  | 7/25/2023 |  | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LL-MS Management Blocker, LLC\*<sup>(b)</sup> |  | 11/20/2020 | 36211 | 74215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate |  |  | 36211 | 76188 |
| **Total Private Operating Companies** |  |  | 37510 | 76188 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Loans<sup>(a)(e)</sup> - 13.5%** | |  | **Amortized<br> Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;**United States - 13.5%** | |  | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans - 13.5% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CXI Valley I LLC - Promissory Note, 0%, 11/15/2025\*<sup>(k)</sup> | $754107 | 5/15/2023 | 353734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEI Warehouse Facility - NADA, 11.50% (Term SOFR 1M + 6.5%) 12/12/2026 | $3000000 | 12/30/2024 | 2780400 | 2774676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kensington Private Equity Fund 12.70% (Term SOFR 3M + 7%) 3/29/2026 | $7000000 | 12/16/2024 | 6972665 | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TerraCotta Credit REIT, LLC. Loan 12.5%, 7/15/2026<sup>(f)</sup> | $3125000 | 9/8/2025 | 3065453 | 3090278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venerable Loan 12% PIK, 6/30/2026<sup>(h)</sup> | $1730833 | 10/12/2021 | 2824498 | 1752525 |
| **Total Loans** |  |  | 15996750 | 14617479 |
| **Short-Term Investments - 2.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**United States - 2.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Treasury Portfolio - Class I 3.55%<sup>(d)(g)</sup> | $2244769 |  | 2244769 | 2244769 |
| **Total Short-Term Investments** |  |  | 2244769 | 2244769 |
| **Total Investments at Fair Value<sup>(j)</sup> - 116.8%** |  |  | $100022103 | $126409935 |
| **Other Liablities in Excess of Assets - (16.8%)** |  |  |  | (18208391) |
| **Total Net Assets - 100%** |  |  |  | $108201544 |

---

SOFR — Secured Overnight Financing Rate

CME Term SOFR - Chicago Mercantile Exchange forward-looking measure of SOFR

3M - Three months

PIK — Paid-in-Kind Interest

\* Investment is non-income producing.

<sup>(a)</sup> Investment restricted for resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date. Total fair value of restricted investments as of March 31, 2026, was $124,165,166 or 114.7% of net assets.

<sup>(b)</sup> Private investment fund does not issue shares or units.

<sup>(c)</sup> Investment valued using net asset value per share (or its equivalent) as a practical expedient.

<sup>(d)</sup> All or a portion of this security is held through Felicitas Private Markets Fund Blocker, LLC.

<sup>(e)</sup> Value was determined using significant unobservable inputs.

<sup>(f)</sup> A portion of this holding is subject to unfunded commitments. The stated interest reflects the reference rate and spread for the funded portion.

<sup>(g)</sup> The rate is the annualized seven-day yield at period end.

<sup>(h)</sup> Principal includes PIK Interest and is net of repayments, if any.

**<sup>(i)</sup>** Subordinated note position. Rate shown is effective yields as of period end.

**<sup>(j)</sup>** All investments and other assets are segregated as collateral for the line of credit.

**<sup>(k)</sup>** Security is in default

See accompanying notes to consolidated schedule of investments.

**Felicitas Private Markets Fund**

**Notes to Consolidated Schedule of Investments**

**March 31, 2026 (Unaudited)**

**1. Fair Value — Definition and Hierarchy**

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date.

All investments in securities are recorded at fair value. The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, defined in FASB ASC 820, *Fair Value Measurements*. 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). The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 — Inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly. These inputs may include: (a) quoted prices for similar assets in active markets; (b) quoted prices for identical or similar assets in markets that are not active; (c) inputs other than quoted prices that are observable for the asset; or (d) inputs derived principally from or corroborated by observable market data by correlation or other means.

Level 3 — Inputs that are unobservable and significant to the entire fair value measurement.

Investments in private investment funds measured using net asset value as practical expedient are not categorized within the fair value hierarchy.

Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy in 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.

**2. Fair Value — Valuation Techniques and Inputs**

The Fund calculates its NAV as of the close of business on the last day of each quarter and at such other times as the Board may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated the Investment Adviser as the valuation designee (in such capacity, the "Valuation Designee") for the Fund to perform in good faith the fair value determination relating to all Fund investments, under the Board's oversight. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

The Fund values its investments in private Investment Funds (generally private funds that are excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act). In accordance with the Fund's valuation procedures (the "Valuation Procedures"), fair value as of each quarter-end or other applicable accounting periods, as applicable, ordinarily will be the value determined as of such date by each private Investment Fund in accordance with the private Investment Fund's valuation policies and reported at the time of the Fund's valuation. As a general matter, the fair value of the Fund's interest in a private Investment Fund will represent the amount that the Fund could reasonably expect to receive from the private Investment Fund if the Fund's interest was redeemed at the time of valuation, based on information reasonably available at the time the valuation is made and that the Fund believes to be reliable. The Fund will determine the fair value of such private Investment Fund based on the most recent final or estimated value reported by the private Investment Fund, as well as any other relevant information available at the time the Fund values its portfolio.

The Valuation Procedures require the Valuation Designee to take reasonable steps in light of all relevant circumstances to value the Fund's portfolio. The Valuation Designee will consider such information and may conclude in certain circumstances that the information provided by an Underlying Manager does not represent the fair value of the Fund's interests in the Investment Fund. The Investment Adviser will consider whether it is appropriate, in light of all relevant circumstances, to value such interests at the NAV as reported by the Underlying Manager at the time of valuation, or whether to adjust such value to reflect a premium or discount to NAV. In accordance with U.S. GAAP and industry practice, the Fund may not always apply a discount in cases where there is no contemporaneous redemption activity in a particular Investment Fund. In other cases, as when an Investment Fund imposes extraordinary restrictions on redemptions, when other extraordinary circumstances exist, or when there have been no recent transactions in Investment Fund interests, the Fund may determine that it is appropriate to apply a discount to the NAV of the Investment Fund. Any such decision will be made in good faith, and subject to the review and supervision of the Board.

The Valuation Procedures provide that, where deemed appropriate by the Valuation Designee and consistent with the 1940 Act, investments in Investment Funds may be valued at cost. Cost will be used only when cost is determined to best approximate the fair value of the particular security under consideration. For example, cost may not be appropriate when the Fund is aware of sales of similar securities to third parties at materially different prices or in other circumstances where cost may not approximate fair value (which could include situations where there are no sales to third parties). In such a situation, the Fund's investment will be revalued in a manner that the Valuation Designee, in accordance with the Valuation Procedures, determines in good faith best reflects approximate market value.

Debt securities and loans will be valued in accordance with the Valuation Procedures, which generally provide for using a third-party pricing system, agent, or dealer selected by the Valuation Designee, which may include the use of valuations furnished by a pricing service that employs a matrix to determine valuations for normal institutional size trading units. The Valuation Designee will monitor periodically the reasonableness of valuations provided by any such pricing service. Debt securities and loans with remaining maturities of 60 days or less, absent unusual circumstances, will be valued at amortized cost, so long as such valuations are determined by the Valuation Designee to represent fair value.

Securities for which the primary market is a national securities exchange are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the mean between the most recent bid and asked prices. Securities traded on the over-the-counter market are valued at their closing bid prices.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars using foreign exchange rates provided by a pricing service. Trading in foreign securities generally is completed, and the values of such securities are determined, prior to the close of securities markets in the United States. Foreign exchange rates are also determined prior to such close. On occasion, the values of securities and exchange rates may be affected by events occurring between the time as of which determination of such values or exchange rates are made and the time as of which the NAV of the Fund is determined. When such events materially affect the values of securities held by the Fund or its liabilities, such securities and liabilities may be valued at fair value as determined in good faith in accordance with procedures approved by the Board.

**3. Fair value measurements**

The Fund's assets recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund's significant accounting policies in Note 2. The following table presents information about the Fund's assets measured at fair value as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Assets (at fair value)** |<br><br>**Level 1** |<br><br>**Level 2** |<br><br>**Level 3** | **Investments**<br>**Measured**<br>**at Net Asset**<br>**Value<sup>(1)</sup>** |<br><br>**Total** |
| Debt Instruments | $— | $— | $13049379 | $7084145 | $20133524 |
| Private Investment Funds |  |  | 5403344 | 83934631 | 89337975 |
| Private Operating Companies |  |  | 76188 |  | 76188 |
| Loans |  |  | 14617479 |  | 14617479 |
| Short-Term Investments | 2244769 |  |  |  | 2244769 |
| **Total Investments** | $2244769 | $— | $33146390 | $91018776 | $126409935 |

---

(1) These investments are presented for reconciliation purposes and are not required to be categorized in
the fair value hierarchy since they are measured at net asset value, without adjustment, as permitted as a practical expedient.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Felicitas Private Markets Fund

- **b. Investment Company Act file number:** 811-23842

- **c. CIK number of Registrant:** 0001957121

- **d. LEI of Registrant:** 5493000GSCJHKI5KEM96

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 West Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 414-299-2270

**Item A.2. Information about the Series.**

- **a. Name of Series:** Felicitas Private Markets Fund

- **c. LEI of Series:** 5493000GSCJHKI5KEM96

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $127920037.76

**Total Liabilities:** $17402684.49

**Net Assets:** $110517353.27

**Cash Not Reported:** $11907.57

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 0.00%                | 1.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $185798.96               | $436736.84                                 |

### Schedule of Portfolio Investments

| Name                                                             | Title                                                            | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Crestline Portfolio Financing Fund, LP                           | Crestline Portfolio Financing Fund, LP                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    223806 | OU      | $223805.83    | 0.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CXI Valley I LLC - Promissory Note, 0%, November 15, 2025        | CXI Valley I LLC - Promissory Note, 0%, November 15, 2025        | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | PF                | US        |    754107 | PA      | $0.01         | 0.00%             | 2025-11-15      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| EGH Investors LLC (Series A) (FPMF Blocker)                      | EGH Investors LLC (Series A) (FPMF Blocker)                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2154743 | OU      | $2154743.00   | 1.95%             |  |  |  | Yes           | 3                  | On Loan: No      |
| NPC Keep Truckin, LLC                                            | NPC Keep Truckin, LLC                                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    242812 | OU      | $242812.15    | 0.22%             |  |  |  | Yes           | N/A                | On Loan: No      |
| NPC Opportunity Fund, L.P.                                       | NPC Opportunity Fund, L.P.                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    637172 | OU      | $637172.05    | 0.58%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Nuveen Churchill Private Capital Income Fund                     | Nuveen Churchill Private Capital Income Fund                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     81268 | NS      | $1994311.25   | 1.80%             |  |  |  | Yes           | N/A                | On Loan: No      |
| OCP Chimera LP                                                   | OCP Chimera LP                                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    288070 | OU      | $288070.00    | 0.26%             |  |  |  | Yes           | N/A                | On Loan: No      |
| 17Capital Strategic Lending Fund 6 Partners Fund Feeder II SCSP  | 17Capital Strategic Lending Fund 6 Partners Fund Feeder II SCSP  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |   1113715 | OU      | $1113715.00   | 1.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ACE Buyout IV (Lux) SCSp SICAV-RAIF                              | ACE Buyout IV (Lux) SCSp SICAV-RAIF                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |   7899422 | OU      | $7899422.04   | 7.15%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Albion Growth Opportunities Fund LP                              | Albion Growth Opportunities Fund LP                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GB        |      2276 | NS      | $1759822.00   | 1.59%             |  |  |  | Yes           | 3                  | On Loan: No      |
| EGH Investors LLC (Series B)                                     | EGH Investors LLC (Series B)                                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    301075 | OU      | $301075.00    | 0.27%             |  |  |  | Yes           | 3                  | On Loan: No      |
| European Liquidity SolutionsIII Limited Partnership              | European Liquidity SolutionsIII Limited Partnership              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GB        |   2717920 | OU      | $2654971.10   | 2.40%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fidelity US Government Fund #695                                 | Fidelity US Government Fund #695                                 | CUSIP: 316175504<br>LEI: N/A | Long             | STIV             | RF                | US        |   2244769 | PA      | $2244768.76   | 2.03%             |  |  |  | No            | 1                  | On Loan: No      |
| GCM Grosvenor Credit Secondaries Structured Note 2025            | GCM Grosvenor Credit Secondaries Structured Note 2025            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | PF                | US        |   1750000 | OU      | $1750000.00   | 1.58%             | 2027-09-30      | Variable      | 11.68%                | Yes           | N/A                | On Loan: No      |
| HEI Warehouse Facility - Nada                                    | HEI Warehouse Facility - Nada                                    | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | PF                | US        |   3000000 | PA      | $2774676.00   | 2.51%             | 2026-12-12      | Variable      | 11.50%                | Yes           | 3                  | On Loan: No      |
| Inspiration Ventures Secondary Fund I, L.P.                      | Inspiration Ventures Secondary Fund I, L.P.                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    292739 | OU      | $292739.00    | 0.26%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Jupiter SPV LP                                                   | Jupiter SPV LP                                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   1156752 | OU      | $1156752.00   | 1.05%             |  |  |  | Yes           | 3                  | On Loan: No      |
| KA Credit Advisors Holdco LLC                                    | KA Credit Advisors Holdco LLC                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     30952 | OU      | $30952.00     | 0.03%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Kensington Private Equity Fund                                   | Kensington Private Equity Fund                                   | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | PF                | US        |   7000000 | PA      | $7000000.00   | 6.33%             | 2026-03-29      | Variable      | 12.70%                | Yes           | 3                  | On Loan: No      |
| LBR Co-Invest Equityco LLC                                       | LBR Co-Invest Equityco LLC                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    272960 | OU      | $272960.00    | 0.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Levine Leichtman Capital Partners VI, L.P. (Series A)            | Levine Leichtman Capital Partners VI, L.P. (Series A)            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   9076737 | OU      | $9076737.14   | 8.21%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Levine Leichtman Capital Partners VI, L.P. (Series B)            | Levine Leichtman Capital Partners VI, L.P. (Series B)            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1009697 | OU      | $1009697.07   | 0.91%             |  |  |  | Yes           | N/A                | On Loan: No      |
| LL-MS Carry Co, LLC                                              | LL-MS Carry Co, LLC                                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |      1973 | OU      | $1972.80      | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| LL-MS City Place 2 Blocker, LLC                                  | LL-MS City Place 2 Blocker, LLC                                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    909593 | OU      | $909592.92    | 0.82%             |  |  |  | Yes           | N/A                | On Loan: No      |
| LL-MS City Place, LLC Blocker                                    | LL-MS City Place, LLC Blocker                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    909367 | OU      | $909366.82    | 0.82%             |  |  |  | Yes           | N/A                | On Loan: No      |
| LL-MS Fabian Way Blocker, LLC                                    | LL-MS Fabian Way Blocker, LLC                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     77558 | OU      | $77558.00     | 0.07%             |  |  |  | Yes           | N/A                | On Loan: No      |
| LL-MS Management Blocker, LLC                                    | LL-MS Management Blocker, LLC                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     74215 | OU      | $74215.22     | 0.07%             |  |  |  | Yes           | 3                  | On Loan: No      |
| LL-MS Troy Court Blocker, LLC                                    | LL-MS Troy Court Blocker, LLC                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     18596 | OU      | $18595.60     | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| NE II Fund SCSp                                                  | NE II Fund SCSp                                                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |   1552594 | OU      | $1552594.30   | 1.40%             |  |  |  | Yes           | N/A                | On Loan: No      |
| NE Pulse SCSp                                                    | NE Pulse SCSp                                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |   1353309 | OU      | $1353309.03   | 1.22%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ALP CFO 2024 LP                                                  | ALP CFO 2024 LP                                                  | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | PF                | US        |   2000000 | PA      | $2000000.00   | 1.81%             | 2036-10-15      | Fixed         | 12.88%                | Yes           | 3                  | On Loan: No      |
| Antares Loan Funding I Ltd.                                      | Antares Loan Funding I Ltd.                                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | PF                | US        |   5000000 | PA      | $5334145.00   | 4.83%             | 2035-03-27      | Variable      | 0.00%                 | Yes           | N/A                | On Loan: No      |
| Archer 2023 Finance Co. LLC                                      | Archer 2023 Finance Co. LLC                                      | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | PF                | US        |   5474132 | PA      | $6105629.00   | 5.52%             | 2035-12-28      | Variable      | 16.00%                | Yes           | 3                  | On Loan: No      |
| Awz Pentera II LLC                                               | Awz Pentera II LLC                                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1876774 | OU      | $1876774.00   | 1.70%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Bain Capital Global Direct Lending Fund (U) II RN, L.P - Class C | Bain Capital Global Direct Lending Fund (U) II RN, L.P - Class C | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | PF                | US        |   1237500 | PA      | $1631250.00   | 1.48%             | 2036-06-20      | Variable      | 10.93%                | Yes           | 3                  | On Loan: No      |
| Bain Capital Global Direct Lending Fund (U) II RN, L.P - Class D | Bain Capital Global Direct Lending Fund (U) II RN, L.P - Class D | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | PF                | US        |   1375000 | PA      | $1812500.00   | 1.64%             | 2036-06-20      | Variable      | 11.68%                | Yes           | 3                  | On Loan: No      |
| Banner Ridge DSCO Fund I (Offshore), LP                          | Banner Ridge DSCO Fund I (Offshore), LP                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |    726725 | OU      | $726725.00    | 0.66%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Banner Ridge DSCO Fund I, LP (FPMF Blocker)                      | Banner Ridge DSCO Fund I, LP (FPMF Blocker)                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3038264 | OU      | $3038264.00   | 2.75%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Banner Ridge DSCO Fund II (Offshore), LP                         | Banner Ridge DSCO Fund II (Offshore), LP                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   4158081 | OU      | $4158081.00   | 3.76%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Banner Ridge Secondary Fund III (Offshore), LP                   | Banner Ridge Secondary Fund III (Offshore), LP                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |    216035 | OU      | $216035.00    | 0.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Banner Ridge Secondary Fund III (T), LP (FPMF Blocker)           | Banner Ridge Secondary Fund III (T), LP (FPMF Blocker)           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1240453 | OU      | $1240453.00   | 1.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Banner Ridge Secondary Fund III Co, LP (FPMF Blocker)            | Banner Ridge Secondary Fund III Co, LP (FPMF Blocker)            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1250357 | OU      | $1250357.00   | 1.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Banner Ridge Secondary Fund IV (Offshore), LP                    | Banner Ridge Secondary Fund IV (Offshore), LP                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |    948255 | OU      | $948255.00    | 0.86%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Banner Ridge Secondary Fund IV (T), LP (FPMF Blocker)            | Banner Ridge Secondary Fund IV (T), LP (FPMF Blocker)            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3914862 | OU      | $3914862.00   | 3.54%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Banner Ridge Secondary Fund V (Offshore), LP                     | Banner Ridge Secondary Fund V (Offshore), LP                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   4061588 | OU      | $4061588.00   | 3.68%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CapitalSpring Investment Partners VI Parallel II, LP             | CapitalSpring Investment Partners VI Parallel II, LP             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2689488 | OU      | $2689487.75   | 2.43%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coller Secondaries Private Equity Opportunities Fund             | Coller Secondaries Private Equity Opportunities Fund             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1184929 | NS      | $6849955.59   | 6.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Crestline Portfolio Financing Fund II (TE/FNT), L.P.             | Crestline Portfolio Financing Fund II (TE/FNT), L.P.             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |    279777 | OU      | $279777.02    | 0.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Crestline Portfolio Financing Fund II (US), L.P.                 | Crestline Portfolio Financing Fund II (US), L.P.                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1135460 | OU      | $1135460.24   | 1.03%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Crestline Portfolio Financing Fund Offshore B, L.P.              | Crestline Portfolio Financing Fund Offshore B, L.P.              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |     22256 | OU      | $22256.00     | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Pathlight Capital Fund I LP                                      | Pathlight Capital Fund I LP                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     56365 | OU      | $56365.00     | 0.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Peregrine Select Fund II, L.P.                                   | Peregrine Select Fund II, L.P.                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2081594 | OU      | $2081594.00   | 1.88%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Second Alpha Partners IV, L.P.                                   | Second Alpha Partners IV, L.P.                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1224145 | OU      | $1224145.00   | 1.11%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Second Alpha Partners V, L.P.                                    | Second Alpha Partners V, L.P.                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1039121 | OU      | $1039121.00   | 0.94%             |  |  |  | Yes           | N/A                | On Loan: No      |
| StepStone Private Equity Strategies Fund                         | StepStone Private Equity Strategies Fund                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3447000 | OU      | $3447000.00   | 3.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| StepStone Private Venture and Growth Fund                        | StepStone Private Venture and Growth Fund                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3782728 | OU      | $3782728.09   | 3.42%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TerraCotta Credit Fund, LP                                       | TerraCotta Credit Fund, LP                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2203909 | OU      | $2203908.64   | 1.99%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TerraCotta Credit REIT LLC                                       | TerraCotta Credit REIT LLC                                       | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | PF                | US        |   3090278 | PA      | $3090277.78   | 2.80%             | 2026-07-15      | Fixed         | 12.50%                | Yes           | 3                  | On Loan: No      |
| The Evolution Technology FundII SCSp                             | The Evolution Technology FundII SCSp                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |   3015851 | OU      | $3015851.00   | 2.73%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Thorofare Asset Based Lending Fund V, LP                         | Thorofare Asset Based Lending Fund V, LP                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3003848 | OU      | $3003848.00   | 2.72%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TSC Co-Invest LP                                                 | TSC Co-Invest LP                                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |      9254 | OU      | $9254.00      | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| VCFA Venture Partners VI, L.P.                                   | VCFA Venture Partners VI, L.P.                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    875019 | OU      | $875019.00    | 0.79%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Venerable Loan 12% PIK, October 27, 2024                         | Venerable Loan 12% PIK, October 27, 2024                         | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | PF                | US        |   1730833 | PA      | $1752525.00   | 1.59%             | 2026-06-30      | Fixed         | 12.00%                | Yes           | 3                  | On Loan: No      |
| Vista Credit Partners Fund IV-A, L.P.                            | Vista Credit Partners Fund IV-A, L.P.                            | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              | PF                | US        |   1500000 | PA      | $1500000.00   | 1.36%             | 2036-06-01      | Variable      | 10.81%                | Yes           | 3                  | On Loan: No      |
| WhiteHawk III Onshore Fund, L.P.                                 | WhiteHawk III Onshore Fund, L.P.                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    260036 | OU      | $260035.85    | 0.24%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-05-22

**Name of Applicant:** Felicitas Private Markets Fund

**Signature:** /s/ Brian Smith

**Name of Signer:** Brian Smith

**Title:** President