SEC Info℠

Home

Search

My Interests

Help

Sign In

Please Sign In

Pomona Investment Fund – ‘N-CSR’ for 3/31/23

On:  Thursday, 6/8/23, at 3:00pm ET   ·   Effective:  6/8/23   ·   For:  3/31/23   ·   Accession #:  1398344-23-11783   ·   File #:  811-22990

Previous ‘N-CSR’:  ‘N-CSR/A’ on 11/4/22 for 3/31/22   ·   Next & Latest:  ‘N-CSR/A’ on 4/24/24 for 3/31/23   ·   3 References:   By:  Pomona Investment Fund – Next & Latest ‘N-CSR/A’ on 4/24/24 for 3/31/23 By:  Pomona Investment Fund – ‘CORRESP’ on 3/29/24 By:  Pomona Investment Fund – ‘486BPOS’ on 7/28/23 

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

 Text Wildcards:  ? (any letter/digit),  * (many).  Search Logic:  for Documents:  & (and),  | (or);  for Text:  | (anywhere),  "(&)" (near).  Details... 

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 6/08/23  Pomona Investment Fund            N-CSR       3/31/23    4:1.5M                                   FilePoint/FA

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSR       Annual Certified Shareholder Report by an           HTML    631K 
                Investment Company                                               
 4: EX-99.906 CERT  Certification -- §906 - SOA'02                  HTML      7K 
 3: EX-99.CERT  Certification -- §302 - SOA'02                      HTML     16K 
 2: EX-99.CODE ETH  Code of Ethics                                  HTML     46K 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22990

————————

Pomona Investment Fund

—————————————————————

(Exact name of registrant as specified in charter)

780 Third Avenue, 46^th Floor

New York, NY 10017

—————————————————————

(Address of principal executive offices) (Zip code)

Michael D. Granoff

Pomona Management LLC

780 Third Avenue, 46^th Floor

New York, NY 10017

—————————————————————

(Name and address of agent for service)

registrant's telephone number, including area code: (212) 593-3639

—————

Date of fiscal year end: March 31

———

Date of reporting period: March 31, 2023

—————

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

Annual Report

March 31, 2023

Table of Contents

The Board of Trustees and Shareholders of Pomona Investment Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Pomona Investment Fund (the “Fund”), including the consolidated schedule of investments, as of March 31, 2023, and the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets and the consolidated financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund at March 31, 2023, the consolidated results of its operations and its cash flows for the year then ended, the consolidated changes in its net assets and its consolidated financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The consolidated financial highlights for the three years ended March 31, 2021, were audited by another independent registered public accounting firm whose report, dated June 1, 2021, expressed an unqualified opinion on those consolidated financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the underlying investees and others; when replies were not received from underlying investees, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Pomona investment companies since 2021.

Boston, Massachusetts

May 30, 2023

Performance Overview

For the fiscal year ended March 31, 2023, Pomona Investment Fund (“PIF” or the “Fund”) generated a net total return of -0.74%¹, which brings the Fund’s trailing net annualized return over the preceding 5-year period to 17.56%¹. PIF has outperformed the MSCI World Index over both of these time horizons by 580 basis points and 899 basis points, respectively.

The overall performance of the Fund’s portfolio throughout the previous one-year period was mainly driven by the appreciation in value of its Secondary, Primary and Seasoned Primary investments. These gains were offset by a reduction in value in the Fund’s Co-Investment holdings.

Market Conditions

Throughout the majority of 2022 and the early stages of 2023, the global economy has experienced a variety of pressure points ranging from price inflation and rising interest rates to geopolitical conflict to disruption in the regional banking sector. Each of these events has had an impact on broader global markets and has led to declines in both public equities and bonds. As we have seen in previous times of macro-economic distress, Private Equity valuations were more resilient and have provided investors with downside protection.

While the secondary market is not immune or uncorrelated to these market dynamics, this level of volatility can provide opportunity. It has been estimated that total secondary transaction volume exceeded $100b for the second consecutive year in 2022, and average secondary pricing has decreased to levels not seen since 2012². This combination of factors provides an opportunity for secondary investors to acquire high-quality assets at discounted prices which provides a margin of safety that can be critical when investing in times of macro-economic stress.

Investment Program

As of the end of the fiscal year, the Fund’s portfolio was comprised of 290 underlying holdings, via relationships with 126 private equity sponsors, and had exposure to approximately 2,000 portfolio companies. We believe that the Fund continues to provide its investor base with a highly diversified portfolio of mature private equity assets with exposure to a variety of investment strategies, vintages, and geographies.

Throughout the twelve months ended March 31, 2023, the Fund committed more than $350m and acquired interests in 48 underlying funds via both Secondary transactions and Primary commitments. The Fund was able to source and close on a wide array of investment opportunities and continues to add what the Adviser believes to be best in class private equity assets to its portfolio.

Performance of $25,000 Initial Investment (as of 3/31/2023)

The graph shown above represents historical performance of a hypothetical investment of $25,000 in the Fund since inception. Past performance does not guarantee future results. All returns reflect reinvested distributions, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Average Annual Total Returns (as of 3/31/2023)

MSCI World Index. The “MSCI World Index” is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. (https://www.msci.com/world) The MSCI World Index has not been selected to represent an appropriate benchmark to compare an investor’s performance, but rather is shown as a comparison to that of a well-known and widely recognized index. The MSCI World Index is not subject to any of the fees and expenses to which any Pomona fund would be subject and no fund sponsored by Pomona Capital will attempt to replicate the performance of the MSCI World Index.

The performance data quoted above represents past performance. Past performance is not a guarantee of future results. Investment return and value of the Fund shares will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance and dollar amounts quoted above do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund shares. Fund performance current to the most recent month-end is available by calling 1-(844)-2POMONA or by visiting www.pomonainvestmentfund.com.

(rather than single interests in such funds) and pays a single purchase price for each such portfolio. As a result, the specific acquisition cost allocated to each Private Equity Investment does not necessarily reflect the actual cost of each such investment. The information regarding the Private Equity Investments, as listed in the Consolidated Schedule of Investments above, has not been prepared, reviewed or approved by any such Private Equity Fund or any general partner, manager or sponsor of such Private Equity Investments or any of their respective affiliates. As of March 31, 2023, the aggregate cost of each investment restricted to resale was: $6,544,844, $2,587,369, $3,576,419, $4,414,568, $919,594, $2,039,985, $–, $623,594, $3,868,915, $1,746,320, $2,568,672, $2,068,335, $2,838,092, $–, $1,940,495, $3,598,539, $–, $3,793,760, $1,450,488, $2,900,000, $2,828,815, $3,236,874, $–, $2,563,705, $438,782, $1,889,859, $390,084, $3,568,010, $6,292,110, $3,175,000, $2,458,321, $5,690,665, $2,093,508, $5,961,996, $3,874,700, $2,726,076, $28,494, $3,815,184, $11,589, $41,815, $1,784,694, $2,920,982, $1,647,972, $11,204,532, $4,125, $1,825,493, $31,903,796, $161,383, $1,882,323, $406,876, $20,004, $207,218, $297,374, $585,763, $547,290, $3,873,937, $6,339,524, $1,211,082, $1,433,742, $7,370,000, $2,308,026, $2,154, $467,780, $7,041, $370,995, $2,211,922, $–, $16,967,972, $962,325, $5,516,370, $4,222,683, $49,683, $479,733, $815,423, $1,487,440, $456,611, $1,148,658, $2,613,879, $47,747, $9,082,199, $6,040,488, $992,633, $6,497,467, $444,287, $130,322, $53,331, $1,701,814, $209,397, $15,545,080, $10,018,575, $292,336, $8,959,290, $688,460, $2,578,624, $973,020, $–, $219,093, $4,816, $11,849,496, $4,977,640, $1,768,270, $8,160, $4,086, $2,477,154, $493,058, $22,485,653, $2,141,126, $686,487, $318,119, $151,461, $1,611,792, $754,319, $12,100,084, $2,729,514, $216,805, $240,918, $133,659, $1,192,677, $1,765,509, $1,419,937, $–, $893,664, $1,145,325, $496,737, $2,327,963, $8,227,875, $112,127, $127,519, $2,078,946, $212,384, $1,309,870, $785,985, $6,130,551, $1,615,073, $1,172,698, $13,778, $1,185,423, $–, $4,622,463, $6,470,732, $3,564,207, $1,884,241, $1,741,331, $343,019, $14,522,053, $3,729,884, $163,282, $2,022,755, $2,156,452, $16,951, $261,086, $208,497, $–, $1,233,452, $2,343,393, $1,650,176, $614,120, $–, $1,701,939, $5,715,430, $13,123,094, $5,744,263, $18,853,951, $9,328,221, $13,292,359, $7,824,423, $656,860, $951,764, $46,154, $1,200,464, $3,303,171, $184,439, $3,844,385, $157,636, $822,646, $4,834,186, $1,655,465, $1,348,501, $371,249, $577,528, $150,922, $715,644, $44,571, $42,103, $1,655,999, $168,947, $2,126,070, $2,477, $1,285,943, $800,503, $177,890, $6,030, $2,955,558, $226,349, $3,110,105, $496,027, $487,454, $2,076,806, $2,827,341, $10,272, $2,009,981, $773,985, $203,731, $6,919,517, $29,533, $233,687, $1,890,887, $705, $6,689,162, $352,649, $125,230, $1,351,268, $175,792, $239,608, $5,000,000, $122,223, $1,026,469, $1,248,635, $4,867,600, $3,684,654, $9,266,378, $166,027, $814,410, $837, $45,196, $10,226, $7,173,868, $1,504,205, $229,506, $510,507, $8,564,953, $4,040,346, $301,898, $5,553,019, $19,151, $367,900, $3,473,779, $235,776, $6,414,863, $4,285,377, $6,023, $14,852, $256,800, $551,372, $6,034,145, $783,059, $4,473,092, $5,917,999, $896,105, $903,850, $4,008,487, $675,116, $2,036,010, $890,518, $1,913,514, $1,375,230, $1,498,965, $20,961, $495,437, $12,158,471, $956,950, $898,296, $532,783, $243,191, $495,481, $1,097,436, $20,352, $223,457, $113,418, $17,368,314, $14,589,173, $2,100,840, $267,492, $21,751, $2,082,909, $325,255, $1,479,726, $495,028, $276,706, $12,232,649, $4,312,665, $2,988,658, $3,611,204, $4,626,615, $5,777,926, $9,343,471, $3,997, $66,690, $930,423, $469,002 and $4,927,500, respectively, totaling, $766,289,335.

The information regarding the Private Equity Investments, as presented above, has not been prepared, reviewed or approved by any such Private Equity Fund or any general partner, manager or sponsor of such Private Equity Investments or any of their respective affiliates.

(Commencement of Operations) represents the initial net asset value per Share of $10.54.