# EDGAR Filing Document

**Accession Number:** 0001606789
**File Stem:** 0001752724-25-137780
**Filing Date:** 2025-6
**Character Count:** 18682
**Document Hash:** 1d82bb719df23d1ad2557bdf078b3ed4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-137780.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001752724-25-137780

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**EFFECTIVENESS DATE**: 20250613

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iDirect Private Markets Fund
- **CENTRAL INDEX KEY:** 0001606789

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22963
- **FILM NUMBER:** 251045092

**BUSINESS ADDRESS:**
- **STREET 1:** ONE GRAND CENTRAL PLACE
- **STREET 2:** 60 EAST 42ND STREET, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10165
- **BUSINESS PHONE:** (888) 524-9441

**MAIL ADDRESS:**
- **STREET 1:** ONE GRAND CENTRAL PLACE
- **STREET 2:** 60 EAST 42ND STREET, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10165

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** iCapital KKR Private Markets Fund
- **DATE OF NAME CHANGE:** 20210216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Altegris KKR Commitments Master Fund
- **DATE OF NAME CHANGE:** 20150318

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Altegris KKR Private Equity Master Fund
- **DATE OF NAME CHANGE:** 20140429

## Internal

```

REPORT OF
INDEPENDENT
REGISTERED PUBLIC
ACCOUNTING FIRM

To the Shareholders and
Board of the Trustees of
iDirect Private Markets
Fund:

In planning and
performing our audit of
the consolidated financial
statements of iDirect
Private Markets Fund (the
Fund), as of and for the
year ended March 31,
2025, in accordance with
the standards of the Public
Company Accounting
Oversight Board (United
States) (PCAOB), we
considered the Funds
internal control over
financial reporting,
including controls over
safeguarding securities, as
a basis for designing our
auditing procedures for
the purpose of expressing
our opinion on the
consolidated financial
statements and to comply
with the requirements of
Form N-CEN, but not for
the purpose of expressing
an opinion on the
effectiveness of the Funds
internal control over
financial reporting.
Accordingly, we express
no such opinion.

The management of the
Fund is responsible for
establishing and
maintaining effective
internal control over
financial reporting. In
fulfilling this responsibility,
estimates and judgments
by management are
required to assess the
expected benefits and
related costs of controls. A
funds internal control over
financial reporting is a
process designed to
provide reasonable
assurance regarding the
reliability of financial
reporting and the
preparation of
consolidated financial
statements for external
purposes in accordance
with generally accepted
accounting principles. A
funds internal control over
financial reporting
includes those policies and
procedures that (1)
pertain to the
maintenance of records
that, in reasonable detail,
accurately and fairly
reflect the transactions
and dispositions of the
assets of the fund; (2)
provide reasonable
assurance that
transactions are recorded
as necessary to permit
preparation of
consolidated financial
statements in accordance
with generally accepted
accounting principles, and
that receipts and
expenditures of the fund
are being made only in
accordance with
authorizations of
management and trustees
of the fund; and (3)
provide reasonable
assurance regarding
prevention or timely
detection of unauthorized
acquisition, use, or
disposition of a funds
assets that could have a
material effect on the
consolidated financial
statements.

Because of its inherent
limitations, internal
control over financial
reporting may not prevent
or detect misstatements.
Also, projections of any
evaluation of effectiveness
to future periods are
subject to the risk that
controls may become
inadequate because of
changes in conditions or
that the degree of
compliance with the
policies or procedures
may deteriorate.

A deficiency in internal
control over financial
reporting exists when the
design or operation of a
control does not allow
management or
employees, in the normal
course of performing their
assigned functions, to
prevent or detect
misstatements on a timely
basis. A material
weakness is a deficiency,
or a combination of
deficiencies, in internal
control over financial
reporting, such that there
is a reasonable possibility
that a material
misstatement of the funds
annual or interim
consolidated financial
statements will not be
prevented or detected on
a timely basis.

Our consideration of the
Funds internal control
over financial reporting
was for the limited
purpose described in the
first paragraph and would
not necessarily disclose all
deficiencies in internal
control that might be
material weaknesses
under standards
established by the PCAOB.
However, we noted no
deficiencies in the Funds
internal control over
financial reporting and its
operation, including
controls for safeguarding
securities, that we
consider to be a material
weakness, as defined
above, as of March 31,
2025.

This report is intended
solely for the information
and use of management
and the Board of Trustees
of the Fund and the
Securities and Exchange
Commission and is not
intended to be and should
not be used by anyone
other than these specified
parties.

/s/ Deloitte & Touche LLP
May 30, 2025

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001606789

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-03-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** iDirect Private Markets Fund

- **Item B.1.b - Investment Company Act file number:** 811-22963

- **Item B.1.c - CIK:** 0001606789

- **Item B.1.d - LEI:** 549300ROP5KICGIV3S29

- **Item B.2.a - Street 1:** 60 East 42nd Street 26th Floor

- **Item B.2.b - City:** New York

- **Item B.2.c - State:** NY

- **Item B.2.e - Zip Code:** 10165

- **Item B.2.f - Telephone:** 212-634-7089

- **Item B.2.g - Public Website:** www.idirectpmfund.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Ultimus Fund Solutions

- **b. Street 1:** 225 Pictoria Drive, Suite 450

- **c. City:** Cincinnati

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 45246

- **g. Telephone number:** 631-470-2600

- **h. Briefly describe the books and records kept at this location:** Fund Accounting and Transfer Agent Records

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [x] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name            | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Anita K. Krug   | No                      | 811-22718, 811-23128                    |
| Nick Veronis    | Yes                     | N/A                                     |
| Mark D. Gersten | No                      | 811-21720, 811-05010, 811-22718         |
| Chris Russell   | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Dan Ellenwood

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 4221 North 203rd St Suite 100

- **   Street Address 2:** N/A

- **d. City:** Elkhorn

- **e. State, if applicable:** NE

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 68022

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** Yes

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-31944
  - IC-35497
  - IC-31955

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** iCapital Markets LLC

- **ii. SEC file number:** 8-53640

- **iii. CRD number:** 000118219

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Deloitte and Touche LLP

- **b. PCAOB Number:** 34

- **c. LEI, if any:** N/A

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - iDirect Private Markets Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** iDirect Private Markets Fund

- **c. LEI:** 549300ROP5KICGIV3S29

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 0

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4(e) (17 CFR 270.18f-4(e))

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** iCapital Registered Fund Adviser LLC

- **ii. SEC file number:** 801-119679

- **iii. CRD number:** 000310587

- **iv. LEI, if any:** 2549004EXL52YK5BAY86

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions

- **ii. SEC file number:** 84-06083

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** NE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

No Pricing Services reported.

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB Bank NA

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions

- **ii. LEI, if any:** 84-06083

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions

- **ii. LEI, if any, or other identifying number:** 84-06083

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** UMB Financials Services Inc

- **ii. SEC file number:** 8-34999

- **iii. CRD number:** 000017073

- **iv. LEI, if any:** 254900GFVO9NGQ21JC37

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $39.21

**Aggregate Commission:** $39.21

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $865,781,526.91

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** iDirect Private Markets Fund

**Date:** 2025-06-09

**Signature:** Kyle Hartley

**Title:** Treasurer