Liquidation: NB Private Markets Fund III (Master) LLC

Form Type: N-CSR

Filing Date: 2025-05-23

Corporate Action: Liquidation

Type: Update

Accession Number: 000110465925052321

Filing Summary: NB Private Markets Fund III (Master) LLC has filed a report for fiscal year ending March 31, 2025, including significant updates on its operations, investment performance, and a strategic pivot towards liquidation. The report highlights the decision to sell all underlying portfolio interests to institutional investors in secondary transactions, marking the commencement of the winding down of the fund. The fund generated a total return of -27.8%, with heavy depreciation primarily due to the timing and pricing of these secondary transactions. The document mentions ongoing market conditions with mixed economic growth and private equity activities, notably in deal investment and exit strategies, with significant performance implications. The winding down process will include the distribution of proceeds to investors and is expected to conclude in the second half of 2025, as determined by the investment committee's assessments of market conditions and fund maturity. The report also provides insights into the financial status of the fund, with net asset value per unit at $1,435.99 and a decline in total member equity down to $36,281,097 as of the reporting period.