What companies do CD2 LP Funds own as of Mar 2023?

 Summary: E&P argue the massive NAV discounts in CD1/2/3 in the current structure are unresolvable despites its best efforts, hence its Merger Proposal. Yet, as I have shown, the extent of the discounts are due to E&P's lack of effort and competence in managing such a fund. I do more to provide meaningful insights, unpaid, with a few hours of my free time, than E&P has done in several years. Instead, they waste millions in investor funds working on proposals that benefit them but are not desired by investors and will be voted down once again.

In this post, I will provide some insight into the specific companies that CD2 owns via the U.S. LP Funds.

If E&P was doing its job, I wouldn't need to turn super sleuth!

Details:

1. The CD Funds website has very little info on what each fund currently owns

Each CD Fund page has barely changed over several years. They list the Underlying U.S. Fund Managers and each of the Fund Manager pages lists a selection (i.e. not all) of the companies owned in the LP. Why they don't list all companies, I do not know.

Occasionally, asterisks get put against companies that have been sold but this is always out-of-date. For example, RFE Investment Partners III has been fully exited but only one of the nine companies is asterisked:

In this post, I'm going to show investors how to identify current companies held as accurately as possible so they can do their own research. And then, make informed decisions on buying, selling or holding the different funds (CD1, CD2, CD3, CD4) and the type and level of exposure they are seeking or comfortable with - especially given CD1/2/3 trade at big discounts.

Note:

CD1 was previously listed as USF (US Select Private Opportunities Fund I)
CD2 was previously listed as USG (US Select Private Opportunities Fund II)
CD3 was previously listed as USP (US Select Private Opportunities Fund III)

2. First, identify the actual LP Fund the Underlying Fund Manager is using for your CD Fund

E&P typically refers to the Underlying Fund Manager name but doesn't consistently use the actual LP Fund names in its Fund Updates. On its website, it should explain there are multiple LP funds for each Underlying Fund Manager. For example, on its CD Funds page it refers to the Chicago Pacific Founders Fund when there are actually three funds so far from Chicago Pacific with this name: Chicago Pacific Founders I, Chicago Pacific Founders II and Chicago Pacific Founders III. Which one are CD2 investors in? E&P doesn't make it clear. E&P should consistently publish the LP Fund name and all companies it's invested in through it. (The Dec 2018 Quarterly Update was an exception and referred to Chicago Pacific Founders I).

Below are all of the LP Fund names for CD2, in order of current holding value (as of Sep 2023 Quarterly; previously annual report 31 Mar 2023). I'll do separate posts for CD1 and CD3.

1. $30.79m (Mar23: $24.19m). Chicago Pacific Founders. Portfolio/Company page
> Chicago Pacific Founders Fund I LP. CD Fund site lists 8 companies. Pitchbook notes 12. The number with P3, Sight MD and Northgate Park (via Pitchbook) is 11.
- Pitchbook Last Deal Date: 30-Oct-2018

2. $11.2m (Mar23: $11.2m). US Select Direct I. Portfolio/Company page
> US Select Direct Private Equity (US) LP. CD Fund site lists 11. Aug 2022 PE Series lists 15. 

3. $9.95m (Mar23: $9.72m). Main Post Growth Capital. Portfolio/Company page
> Main Post Growth Capital LP. 9 investments (Pitchbook). CD Fund site lists 9.
- Pitchbook Last Deal Date: 05-Jun-2018
- News page. Raising Complete Nov2018

4. $5.91m (Mar23: $7.57m). Staple Street Capital. Portfolio/Company page
> Staple Street Capital II LP. 9 investments (Pitchbook). CD Fund site lists 5.
- Pitchbook Last Deal Date:
- News page

5. $5.75m (Mar23: $4.79m). High Road Capital Partners. Portfolio/Company page
> High Road Capital Partners Fund II LP. 10 investments (Pitchbook). CD Fund site lists 9.
- Pitchbook Last Deal Date: 24-May-2019
- News page

6. $4.67m (Mar23: $4.43m). New Mainstream Capital. Portfolio/Company page
> NMS Fund II LP. 9 investments (Pitchbook). CD Fund site lists 5. 
- Pitchbook Last Deal Date: 17-Jul-2021
- News page

7. $4.2m (Mar23: $4.38m). Tengram Capital Partners. Portfolio/Company page
> Tengram Capital Partners Gen 2 Fund. 10 investments (Pitchbook). CD Fund site lists 9.
- Pitchbook Last Deal Date: 06-May-2015
- News page

8. $3.11 (Mar23: $2.94m). Blue Point Capital Partners. Portfolio/Company page
> Blue Point Capital Partners III LP. 13 investments (Pitchbook). CD Fund site lists 12. 
- Pitchbook Last Deal Date: 06-Aug-2020
- News page

9. $2.33m (Mar23: $2.37m). Tower Arch Partners. Portfolio/Company page
> Tower Arch Partners I LP. 9 investments (Pitchbook). CD Fund site lists 10.
- Pitchbook Last Deal Date: 08-Aug-2018
- News page

10. $0.93m (Mar23: $0.86m) Trive Capital. Portfolio/Companies page
> Trive Capital Fund I LP.  CD Fund site lists 10.
- Pitchbook Last Deal Date: 

11. Exited. RFE Investment Partners VIII LP. 11 investments (Pitchbook). CD Fund site lists 9.

12. Exited. DFW Capital Partners IV LP. 8 investments (Pitchbook). CD Fund site lists 8.

Sep 2023 PE Series lists 107 in Underlying Funds. 15 in US Select Direct I. 122 Total. 79 Exits. 43 Remaining.

Note: Mar 2017 Qtr Update was the last time a table showing LP Commitments to Drawdown was released.

3. Use PitchBook to identify the exact number of companies in the LP Fund and the Last Deal Date

For example take: Main Post Growth Capital LP. Go to Pitchbook Profiles and search for each LP Fund name and write down the number of companies in it.

Pitchbook says it has 11 investments. The CD Fund page lists 9. So there are two missing. (This assumes follow-on investments aren't counted separately). I've added the counts for all LP Funds in the list in Section 2.

Note: Pitchbook (or other such sources) are most accurate when they have company counts for all LP Funds from a Fund Manager. Otherwise they sometimes combine them.

4. Write down the names of all companies in each LP Fund and gather essential details on whether exited, LP Fund page, Company website

Chicago Pacific Founders Fund I - 9 bought, 3 exited

> Pitchbook Profile for Chicago Pacific Founders Fund I
> Pitchbook Profile for Chicago Pacific Founders (recent exit dates for any fund, etc)
> Growjo

a. Pinnacle Dermatology
- Exited
- Sale confirmed first Dec 2021 Qtr Update. "Chicago Pacific distributed proceeds related to the partial sale of Pinnacle, resulting in a distribution of US$3.9 million to the LP." <Mar 2022 AR>

b. iN2L (It's Never Too Late)
- Mostly Exited: News1
- Company website

c. Sage Veterinary Centres (noted in Aug 2022 PE Series)
- Company website
- Mostly Exited: News1
- Confirmed as investment in Sept 2018 Quarterly Update

d. Florida Elite Medical Group (now MyCare Medical) ; CDweb: Oct2023
- Company website
- News1

e. Marquee Dental Partners ; CDweb: Oct2023
- Company website

f. CPF Living Communities
- Company website

g. Recovery Ways ; CDweb: Oct2023
- Company website

h. P3 Health Partners ; CDweb: Oct2023
- Company website
- NASADQ:PIII
- Confirmed as investment in 30 Sept 2018 Quarterly Update

i. Sight MD (now SightGrowth Partners) ; CDweb: Oct2023
- Company website
- Confirmed as investment in Sept 2018 Quarterly Update

j. NorthGate Park (part of CPF)
- Company website
- Listed on Pitchbook

j. WellBe Senior Medical?
- Company website
- No, Pitchbook says founded 2019

k. Impact Advisors?
- Company website
- No, CPF invested Dec 2019

5. US Select Direct I Companies

a. Sebela Pharmaceuticals*
- Exited

b. ettain group*
- Exited

c. HomePolish*
- Exited

d. Paint Nite*
- Exited

e. AFC Holdings*
- Exited

f. J. America
- Written off. "In 2017, J. America purchased Top of the World and rebranded as Vetta Brands... USD1’s investment was fully written off at 31/12/20." June 2021 Series Update.

g. Transpro Burgener
- Co-investment led by Linx Partners.
- Exited (Linx Partners)

h. Cyara
- K1 Investment Management invested and appears to have exited CD1/2 but not fully CD3 (PeakSpan Capital Fund I); see Mar 2022 Qtr Update

i. EagleRider ; CDweb: Oct2023
- Co-investment led by Main Post Partners.

j. Recovery Ways ; CDweb: Oct2023
- Co-investment led by Chicago Pacific Founders

k. CPF Living Communities
- Co-investment led by Chicago Pacific Founders

l. Omni Eye Services (OMNI Ophthalmic Management Consultants) ; CDweb: Oct2023
- Co-investment led by New Mainstream Capital
- Omni Eye Services (Omni Opthalmic) confirmed Dec 2017 Qtr Update.
- Company website

Cordish Equity Partners
- Direct Investments: (22/11/2022) Advanced Fastener (AFC Industries), Capp, CPF Living Communities, Cyara, EagleRider, ettain Group, KnowBe4, La Colombe, Omaze, ReSourcePro, Top Golf, Van Pool Transportation

6. Main Post Growth Capital LP Companies

> Pitchbook Profile for Main Post Growth Capital LP

a. Nulo Inc*
- Exited. Listed as Realized on Main Post Partners - Companies

b. Fortis Solutions*
-  Infinite Packaging Group added to Fortis. Confirmed Mar 2019 Qtr Update.
- Exited

c. Arch Global Precision*
- Exited

d. Milk Makeup ; CDweb: Oct2023
- SPAC listing as Waldencast. NASDAQ:WALD. News1
- Listed as Current on Main Post Partners - Companies

e. The Happy Planner
- Company website

f. Viva Chicken ; CDweb: Oct2023
- Company website

g. KUIU ; CDweb: Oct2023
- Company website

h. Chuze Fitness ; CDweb: Oct2023
- Company website

i. EagleRider ; CDweb: Oct2023
- Company website

j. Not Your Mother's ; CDweb: Oct2023
- Company website

7. Staple Street Capital Partners II Companies

> Incomplete profile on Pitchbook

a. ABC Group
- Exited. Confirmed in Mar 2022 AR.

b. Precise Metal Products ; CDweb: Oct2023
- Confirmed in Mar 2021 AR.
- Company website

c. Cyberlink ASP Technology ; CDweb: Oct2023
- Company website
- Exited (Sep 2023 Update). Listed as Exited on Staple Street - Portfolio

d. InfoSync ; CDweb: Oct2023
- Company website

e. Dominion Voting Systems Corporation ; CDweb: Oct2023
- Company website

f. Mid-States Supply Company
- Company website
- Exited. Listed as Exited on Staple Street - Portfolio

g. Ironline Compression^
- Exited. Listed as Exited on Staple Street - Portfolio

h. Six Flags Entertainment Corporation^
- Exited. Listed as Exited on Staple Street - Portfolio

i. Aaroma Holdings^
- Exited. Listed as Exited on Staple Street - Portfolio

j. Larkspur Storage ; CDweb: Oct2023
- Confirmed in 30 Sept 2019 Half-year report.
- No website. Listing Site1

k. Ivy Technology ; CDweb: Oct2023
- Confirmed in 30 Sept 2019 Half-year report.
- Company website
- Sep 2023 Quarterly reports "investment proceeds" but exit not confirmed

l. Eastern Dental Management ; CDweb: Oct2023
- Company website

^Hauser Private Equity was investment partner in this fund and lists Staple Street companies here

Sources:
- Tracxn

8. High Road Capital Partners Companies

a. The Crown Group*
- Exited

b. General Tools*
- Exited

c. Cali Bamboo*
- Exited

d. York Wallcoverings
- Exited. Confirmed in Mar 2022 AR.

e. Mid-West Wholesale Hardware (Banner Solutions)
- Exited. Confirmed in Mar 2021 AR.

f. Radix
- Exited (27Sept22). Listed as Realized in High Road Capital Partners - Portfolio

g. John Henry Foster Minnesota ; CDweb: Oct2023
- Confirmed in Mar 2021 AR and listed as Current in High Road Capital Partners - Portfolio
- Company website

h. Storage Battery Systems (now Exponential Power) ; CDweb: Oct2023
- Listed as Current in High Road Capital Partners - Portfolio
- Nolan Power acquired and combined
- Company website

i. SMB Machinery Systems ; CDweb: Oct2023
- Listed as Current in High Road Capital Partners - Portfolio
- Company website

j. U-C Coatings ; CDweb: Oct2023
- Listed as Current in High Road Capital Partners - Portfolio
- Company website

9. NMS Fund II Companies

> No fund profile on Pitchbook

a. Anne Arundel Dermatology Management*
- Exited. Listed as Prior on NMS Capital - Portfolio

b. ettain group*
- Exited. Listed as Prior on NMS Capital - Portfolio

c. Constellation Behavioral Health
- Exited. Listed as Prior on NMS Capital - Portfolio

d. Avaap ; CDweb: Oct2023
-  "Avaap sold its Infor business unit to NYSE listed ASGN Incorporated and received proceeds from the sale of Constellation Behavioural Health, resulting in an aggregate distribution of US$1.3 million to the LP" Confirmed in Mar 2022 AR.
- Listed as Current on NMS Capital - Portfolio
- Company website

e. Omni Eye Services (OMNI Ophthalmic Management Consultants) ; CDweb: Oct2023
- Co-investment led by New Mainstream Capital
- Omni Eye Services confirmed June 2017 Qtr Update.
- Listed as Current on NMS Capital - Portfolio
- Company website

f. CorDental Group ; CDweb: Oct2023
- Listed as Current on NMS Capital - Portfolio
- Company website

Note: NMS Capital - Portfolio provides specific fund info.

10. Tengram Companies

a. TWP UK Holdings Limited (ThisWorks)
- Exited. Confirmed in Mar 2021 AR. Listed as Prior on Tengram Capital - Portfolio

b. Devacurl*
- Exited. Listed as Prior on Tengram Capital - Portfolio

c. NEST Fragrances*
- Exited. Listed as Prior on Tengram Capital - Portfolio

d. Active Ride Shop*
- Exited. Listed as Prior on Tengram Capital - Portfolio

e. Luciano Barbera*
- Exited. Listed as Prior on Tengram Capital - Portfolio

f. Sequential Brands Group
- Exited. Listed as Prior on Tengram Capital - Portfolio

g. Differential Brands Group (now Centric Brands)
- Exited. Listed as Prior on Tengram Capital - Portfolio

h. Tommie Copper ; CDweb: Oct2023
- Listed as Current on Tengram Capital - Portfolio
- Company website
- News: Initial investment

i. Zanella?
- Listed as Current on Tengram Capital - Portfolio.
- Company website
- News: Acquisition

11. Blue Point Capital Partners Companies

a. Italian Rose Gourmet Products*
- Exited

b. Vetta
- Written off. Confirmed exit June 2021 Qtr Update.

c. OrthoLite*
- Exited. Listed as Former in partial list on Blue Point Capital - Portfolio

d. AWP, Inc.*
- Exited

e. Fire & Life Safety America
- Exited. Confirmed in Mar 2022 AR.

f. Perimeter Brands
- Exited. Confirmed in Mar 2022 AR.

g. Hilsinger Company (Hilco Vision)
- Exited. Confirmed in Mar 2021 AR.

h. SASE ; CDweb: Oct2023
- Exited. Confirmed in Mar 2024 Qtr Update (3 May 2024)
- Listed as Former on Blue Point Capital - Portfolio

i. Next Level Apparel ; CDweb: Oct2023
- Listed as Current on Blue Point Capital - Portfolio
- Company website

j. Sylvan Group (FM Sylvan); CDweb: Oct2023
- Listed as Current on Blue Point Capital - Portfolio
- Company website
- News: Great Lakes Mechanical addition

k. Spector & Co ; CDweb: Oct2023
- Listed as Current on Blue Point Capital - Portfolio
- Company website

l. Premier Needle Arts (formerly Handi Quilter); CDweb: Oct2023
- Premier Needle Arts confirmed in Mar 2017 Qtr Update.
- Listed as Current on Blue Point Capital - Portfolio
- Company website

m. Russell Hendrix Foodservice Equipment ; CDweb: Oct2023
- Listed as Current on Blue Point Capital - Portfolio
- Company website

12. Tower Arch Partners I Companies

a. Enertech Resources*
- Exited

b. Corbett Technology Services*
- Exited

c. Future Telecom* (Future Infrastructure)
- Exited

d. KNS Brands
- Exited. Confirmed in Mar 2022 AR.

e. CCI Network Services
- Confirmed in Dec 2019 Qtr Update and in Tower Arch news
- Company website

f. Kiinde Holdings ; CDweb: Oct2023
- Exited. Confirmed Jan 2024 presentation

g. Panoramic Doors Holdings ; CDweb: Oct2023

h. Nexeo Staffing ; CDweb: Oct2023

i. Hard Rock Directional Drilling ; CDweb: Oct2023

j. SPI Group

k. Histopathology Services (HPS)

13. Trive Capital Fund I Companies

a. AEVEX Aerospace*
- Exited

b. Valence Surface Technologies*
- Exited

c. Madison-Kipp Corporation*
- Exited

d. Architectural Granite & Marble*
- Exited

e. Amteck of Kentucky*
- Exited

f. ParFab Industries*
- Exited

g. American Veterinary Group
- Exited. Confirmed in March 2021 AR

h. AGM Automotive
- Confirmed in June 2017 Qtr Update.
- Exited. Listed as Realised on Trive Capital - Portfolio

i. L.A.R.K Industries (Residential Design Services)
- Confirmed Dec 2017 Qtr Update.
- Exited. Listed as Realised on Trive Capital - Portfolio.
- Distribution news on Trive Capital - News

j. NCSG Crane & Heavy Haul Services ; CDweb: Oct2023
- Listed as Current on Trive Capital - Portfolio

14. Quarterly Updates: Top 10 Companies

As of Sep 2023, CD Funds now publish the Top 10 holdings but without the company names.

For CD2 this was: