avatar Voya Financial, Inc. Finance, Insurance, And Real Estate

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    Consolidated Financial Statements For the Year Ended March 31, 2020 Beginning on January 1, 2021, pursuant to regulations adopted by the Securities and Exchange Commission, paper copies of the Pomona Investment Fund’s shareholder reports, like this one, will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund. Instead, the reports will be made available on the Fund’s website and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive paper copies of shareholder reports and other communications from the Fund by requesting such information in writing to the Fund at 780 Third Avenue, 46th Floor, New York, NY 10017, or by calling toll-free at 1-(844)-2POMONA. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary. You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by contacting them directly. Your election to receive reports in paper will apply to the Fund and all funds held through your financial intermediary, as applicable.


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    Pomona Investment Fund Table of Contents For the Year Ended March 31, 2020 Report of Independent Registered Public Accounting Firm ......................................... 1 Consolidated Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-6 Consolidated Statement of Assets, Liabilities and Shareholders’ Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Consolidated Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Consolidated Statements of Changes in Shareholders’ Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-10 Consolidated Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Consolidated Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-14 Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-24 Other Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25-27 Fund Management (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28-30 Privacy Policy (Unaudited) ............................................................... 31-32 Supplemental State-Specific Privacy Notice (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33


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    Pomona Investment Fund Report of Independent Registered Public Accounting Firm March 31, 2020 The Board of Trustees and Shareholders Pomona Investment Fund: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated statement of assets, liabilities and shareholders’ capital of Pomona Investment Fund and its subsidiary (the Company), including the consolidated schedule of investments as of March 31, 2020, the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in shareholders’ capital for each of the years in the two year period then ended, and the related notes (collectively, the consolidated financial statements), and the consolidated financial highlights for each of the years or periods in the five year period then ended. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Company as of March 31, 2020, and the results of its operations and its cash flows for the year then ended, and the changes in its shareholders’ capital for each of the years in the two year period then ended, and financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles. Basis for Opinion These consolidated financial statements and consolidated financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights 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 Company 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 consolidated financial statements and consolidated financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, 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 consolidated financial statements. Our procedures included confirmation of investments owned as of March 31, 2020, by correspondence with fund managers or by other appropriate 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 consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion. We have served as the Company’s auditor since 2015. New York, New York June 1, 2020 1


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    Pomona Investment Fund Consolidated Schedule of Investments March 31, 2020 Original Private Equity Investments a, h (93.22%) Geographic Acquisition Fair Direct Investments/Co-Investments (7.40%) Shares Region b Date Value AAA Partners, Inc. c ................................................................. 744,628 North America 06/21/2019 $ 2,072,214 Investcorp Aspen Offshore Fund, L.P. ......................................... North America 07/01/2019 5,056,080 Roark Capital Partners II Sidecar, L.P. c ....................................... North America 10/18/2018 835,354 WP AUSA, L.P. c ....................................................................... North America 07/22/2019 5,087,854 Total Direct Investments/Co-Investments (7.40%) ..... 13,051,502 Primary Investments (0.93%) Aberdeen U.S. Private Equity VIII (Offshore), L.P. c ...................... Europe 04/11/2019 282,022 Hellman & Friedman Capital Partners IX (Parallel), L.P. c ............... North America 09/28/2018 (62,867) Roark Capital Partners V (TE) L.P. c ............................................ North America 04/30/2018 1,423,890 The Veritas Capital Fund VII, L.P. c ............................................. North America 10/10/2019 — Total Primary Investments (0.93%) .............................. 1,643,045 Seasoned Primary Investments (9.03%) Aerospace, Transportation and Logistics Fund II LP ..................... North America 03/31/2019 1,313,468 Avista Capital Partners (Offshore) IV, L.P. ................................... North America 12/01/2017 545,312 Gryphon Partners IV, L.P. .......................................................... North America 06/24/2016 7,479,521 Ironsides Direct Investment Fund V, L.P. c ................................... North America 12/31/2019 2,523,662 Merit Mezzanine Fund VI, L.P. ................................................... North America 03/02/2018 2,331,785 VSS Structured Capital Parallel III, L.P. ...................................... North America 01/26/2018 1,749,509 Total Seasoned Primary Investments (9.03%) ............. 15,943,257 Secondary Investments (75.86%) ABRY Partners V, L.P. ............................................................... North America 12/31/2018 62,962 Advent International GPE VII-B Limited Partnership .................... North America 06/30/2015 2,188,920 Advent International GPE VII-C Limited Partnership c ................... North America 12/31/2019 1,854,790 Altor 2003 Fund (No. 1) LP c ..................................................... Europe 12/31/2018 6,924 AP VIII Private Investors, LLC ................................................... Europe 06/28/2019 3,471,387 AP VIII Private Investors Offshore (USD), L.P. ............................. Europe 06/30/2017 172,999 Apax Europe VI - A, L.P. c ......................................................... Europe 12/30/2016 507,361 Apollo Investment Fund VI, L.P. c ............................................... North America 12/31/2018 71,077 Apollo Investment Fund VII, L.P. ............................................... North America 09/29/2017 134,735 Ares Corporate Opportunities Fund III, L.P. c ............................... North America 12/31/2019 559,993 Audax Mezzanine Fund III, L.P. ................................................. North America 09/30/2016 1,923,350 Audax Private Equity Fund, L.P. c ............................................... North America 12/31/2018 3,552 Audax Private Equity Fund II, L.P. c ............................................ North America 12/31/2018 30,199 Audax Private Equity Fund III, L.P. ............................................ North America 09/30/2015 261,488 Audax Private Equity Fund IV, L.P. ............................................. North America 09/29/2017 213,272 Audax Senior Loan Fund III, L.P. ............................................... North America 09/28/2018 482,227 Avista Capital Partners (Offshore) II, L.P. c .................................. North America 12/31/2019 325,495 Avista Capital Partners III, L.P. c ................................................ North America 12/31/2019 63,089 Avista Healthcare Partners, L.P. c ............................................... North America 12/31/2019 1,541,685 Bain Capital Asia Fund II, L.P. c .................................................. North America 12/31/2019 1,175,892 Bain Capital Distressed and Special Situations 2013 E, L.P. c ......... North America 06/30/2015 215,696 Bain Capital Europe Fund III, L.P. c ............................................ North America 12/30/2016 413,528 Bain Capital Fund VII, L.P. ........................................................ North America 12/29/2017 1,993,543 Bain Capital Fund VIII, L.P. c ..................................................... North America 12/30/2015 12,799 Bain Capital Fund VIII-E, L.P. c .................................................. North America 12/31/2018 4,696 Bain Capital Fund IX, L.P. c ........................................................ North America 12/31/2018 311,292 Bain Capital Fund X, L.P. .......................................................... North America 12/30/2015 1,677,972 Bain Capital VII Coinvestment Fund, L.P. .................................... North America 12/29/2017 28,134 The accompanying notes are an integral part of these Consolidated Financial Statements. 2


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    Pomona Investment Fund Consolidated Schedule of Investments March 31, 2020 (continued) Original Private Equity Investments a, h (93.22%) (continued) Geographic Acquisition Fair Secondary Investments (75.86%) (continued) Shares Region b Date Value Bain Capital VIII Coinvestment Fund, L.P. c ................................. North America 12/31/2018 $ 1,482 Bain Capital IX Coinvestment Fund, L.P. c ................................... North America 12/31/2018 25,667 BCP V-S L.P. c .......................................................................... North America 09/29/2017 28,244 Berkshire Fund VI, Limited Partnership c ..................................... North America 12/31/2018 3,552,230 Berkshire Fund VII, L.P. ........................................................... North America 12/31/2018 259,831 Blackstone Capital Partners V L.P. ............................................. North America 09/29/2017 325,351 Carlyle Partners V, L.P. c ............................................................ North America 12/31/2019 184,279 CDRF8 Private Investors, LLC c .................................................. North America 06/30/2017 165,220 Cerberus Institutional Partners, L.P. - Series Three ...................... North America 12/30/2016 6,105 Cerberus Institutional Partners, L.P. - Series Four ........................ North America 12/30/2016 602,297 CHP III, L.P. c .......................................................................... North America 09/29/2017 337,751 CI Capital Investors II, L.P. c ..................................................... North America 12/31/2019 324,665 CI Capital Investors III, L.P. c .................................................... North America 12/31/2019 1,016,042 Clearlake Capital Partners IV, L.P. .............................................. North America 12/31/2019 1,924,561 Clearlake Opportunities Partners (P-Offshore), L.P. ...................... North America 12/31/2019 484,868 Comvest Capital II International (Cayman), L.P. .......................... North America 06/29/2018 369,397 Comvest Capital III International (Cayman), L.P. ........................ North America 06/29/2018 1,956,073 DCM IV, L.P. c .......................................................................... North America 06/30/2015 376,830 DCM V, L.P. c ........................................................................... North America 06/30/2015 350,455 DCM VI, L.P. c .......................................................................... North America 06/30/2015 1,151,794 Francisco Partners II, L.P. c ....................................................... North America 12/31/2018 141,099 FSN Capital IV L.P. c ................................................................. Europe 12/31/2019 396,884 General Atlantic Investment Partners 2013, L.P. .......................... North America 12/31/2019 2,948,000 GESD Investors II, L.P. c ........................................................... North America 09/29/2017 883,184 Green Equity Investors V, L.P. ................................................... North America 09/29/2017 2,589,186 Gridiron Capital Fund II, L.P. c ................................................... North America 12/31/2019 1,593,939 Gridiron Energy Feeder I, L.P. c .................................................. North America 05/10/2017 2,410,106 GS Capital Partners VI Parallel, L.P. c .......................................... North America 12/31/2019 133,180 GSO Capital Opportunities Overseas Fund L.P. c .......................... North America 12/30/2015 44,153 GSO Private Investors Offshore II, L.P. ....................................... North America 06/30/2017 58,154 H.I.G. Bayside Debt & LBO Fund II, L.P. ..................................... North America 12/31/2018 421,883 H.I.G. Capital Partners IV, L.P. c ................................................. North America 12/31/2018 845,298 Harvest Partners V, L.P. ............................................................ North America 12/29/2017 1,967 Hellman & Friedman Capital Partners VI, L.P. .............................. North America 03/31/2019 286,946 Hellman & Friedman Capital Partners VII (Parallel), L.P. ............... North America 06/28/2019 8,680,345 HgCapital 5 L.P. c ..................................................................... Europe 12/31/2018 19,687 Insight Equity I LP c ................................................................. North America 12/31/2018 31,239 Insight Equity II LP c ................................................................ North America 12/31/2018 774,698 Insight Partners Continuation Fund, L.P. ..................................... North America 08/14/2019 6,575,898 Insight Venture Partners (Cayman) VIII, L.P. c ............................. North America 09/30/2019 1,939,756 Insight Venture Partners (Cayman) IX, L.P. c ............................... North America 09/30/2019 1,845,603 Insight Venture Partners Coinvestment Fund II, L.P. c .................. North America 06/30/2015 522,885 Insight Venture Partners Coinvestment Fund III, L.P. ................... North America 06/30/2015 202,912 Insight Venture Partners Coinvestment Fund (Delaware) III, L.P. c . North America 09/30/2019 412,059 Insight Venture Partners Growth-Buyout Coinvestment Fund (Cayman), L.P. c ................................................................... North America 09/30/2019 753,252 Insight Venture Partners Growth-Buyout Coinvestment Fund, L.P. c North America 09/30/2019 47,566 Insight Venture Partners VI, L.P. ............................................... North America 06/30/2015 22,802 Insight Venture Partners VII, L.P. c ............................................. North America 06/30/2015 1,942,827 Insight Venture Partners VIII (Co-Investors), L.P. c ...................... North America 12/31/2019 232,481 Insight Venture Partners VIII, L.P. ............................................. North America 06/30/2015 2,948,356 Insight Venture Partners IX, L.P. c .............................................. North America 09/30/2019 47,888 J.W. Childs Equity Partners III, L.P. c .......................................... North America 12/31/2018 7,180 The accompanying notes are an integral part of these Consolidated Financial Statements. 3


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    Pomona Investment Fund Consolidated Schedule of Investments March 31, 2020 (continued) Original Private Equity Investments a, h (93.22%) (continued) Geographic Acquisition Fair Secondary Investments (75.86%) (continued) Shares Region b Date Value JMI Equity Fund VI, L.P. c .......................................................... North America 09/29/2017 $ 19,364 Kelso Investment Associates VIII, L.P. ....................................... North America 09/29/2017 1,025,039 KKR 2006 Fund L.P. ................................................................. North America 09/29/2017 235,434 KKR 2006 Private Investors Offshore, L.P. .................................. North America 06/30/2017 431,081 KPS Special Situations Fund III, L.P. .......................................... North America 09/29/2017 13,875 KPS Special Situations Fund III, L.P. (Supplemental - Feeder), Ltd. .................................................................................... North America 12/29/2017 22,261 Littlejohn Fund III, L.P. c ........................................................... North America 12/31/2018 22,200 Littlejohn Fund IV, L.P. ............................................................. North America 12/30/2015 470,781 Madison Dearborn Capital Partners IV, L.P. c ................................ North America 12/31/2019 461,549 Madison International Real Estate Liquidity Fund V c .................... North America 06/30/2015 15,627 MDP Fund, L.P. c, d .................................................................... Europe 06/30/2015 172,791 Merchant Banking Partners IV, L.P. ............................................ North America 09/29/2017 19,387 Montreux Equity Partners IV, L.P. c ............................................. North America 09/29/2017 389,382 MPE Partners II, L.P. c .............................................................. North America 06/28/2019 1,668,572 MSouth Equity Partners II, L.P. c ................................................ North America 12/31/2019 1,398,386 Nautic Partners VI-A, L.P. c ........................................................ North America 12/31/2019 793,240 New Enterprise Associates 12, Limited Partnership c .................... North America 09/29/2017 58,574 New Mountain Partners III, L.P. c ............................................... North America 09/29/2017 663,565 NewView Capital Fund I, L.P. c ................................................... North America 10/31/2018 5,747,755 Oaktree Private Investment Fund 2010, L.P. ............................... North America 06/30/2015 62,300 Oak Investment Partners XII, Limited Partnership c ..................... North America 03/31/2019 342,359 Paladin III (HR), L.P. c .............................................................. North America 09/29/2017 844,982 Pamlico Capital III, L.P. c .......................................................... North America 12/31/2019 2,845,685 Parthenon Investors II, L.P. c ..................................................... North America 12/31/2018 134,786 Parthenon Investors III, L.P. ..................................................... North America 12/31/2018 1,349,907 Perry Partners International, Inc. c ............................................. North America 12/30/2015 7,211 Platinum Equity Capital Partners II, L.P. c .................................... North America 09/29/2017 76,946 Providence Equity Partners IV, L.P. c ........................................... North America 12/30/2016 11,714 Providence Equity Partners V, L.P. c ............................................ North America 12/30/2016 89,644 Providence Equity Partners VI, L.P. ............................................ North America 12/30/2016 4,278,786 Providence Equity Partners VII, L.P. ........................................... North America 09/29/2017 311,651 Providence TMT Special Situations Fund L.P. c ............................. North America 12/31/2018 10,306 Roark Capital Partners II, LP ..................................................... North America 06/29/2018 1,040,111 Roark Capital Partners III LP ..................................................... North America 06/29/2018 1,386,309 Roark Capital Partners IV LP ..................................................... North America 06/29/2018 851,436 Saw Mill Capital Partners, L.P. c .................................................. North America 09/29/2017 63,839 Silver Lake Partners II, L.P. ...................................................... North America 12/30/2016 11,574 Silver Lake Partners III, L.P. c .................................................... North America 12/31/2018 351,474 Sixth Cinven Fund (No. 4) Limited Partnership c .......................... Europe 06/28/2019 1,601,993 SL SPV-2 L.P. c ........................................................................ North America 02/14/2019 437,711 Summit Partners Private Equity Fund VII-A, L.P. c ........................ North America 12/31/2018 486,766 Summit Partners Venture Capital Fund II-A, L.P. c ........................ North America 12/31/2018 37,612 Summit Ventures VI-A, L.P. ...................................................... North America 12/31/2018 355,462 Sun Capital Partners IV, LP ....................................................... North America 12/31/2018 172,907 Sun Capital Partners V, L.P. ....................................................... North America 12/31/2018 297,165 SunTx Capital Partners II, L.P. c ................................................. North America 12/31/2019 1,338,897 TA X, L.P. ............................................................................... North America 12/31/2018 3,431 TCW/Crescent Mezzanine Partners VB, L.P. ................................. North America 12/30/2015 199,300 Tennenbaum Opportunities Fund V, LLC ..................................... North America 09/29/2017 180,895 The Veritas Capital Fund III, L.P. ............................................... North America 09/29/2017 90,278 The Veritas Capital Fund V, L.P. c, e, f ........................................... North America 06/28/2019 10,637,615 Thomas H. Lee Equity Fund VI, L.P. c ......................................... North America 12/29/2017 58,030 The accompanying notes are an integral part of these Consolidated Financial Statements. 4


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    Pomona Investment Fund Consolidated Schedule of Investments March 31, 2020 (continued) Original Private Equity Investments a, h (93.22%) (continued) Geographic Acquisition Fair Secondary Investments (75.86%) (continued) Shares Region b Date Value Thomas H. Lee Equity Fund VI (2019), L.P. ................................ North America 05/30/2019 $ 834,742 Thomas H. Lee Parallel (Cayman) Fund VII, L.P. c ........................ North America 06/29/2018 5,025,678 Thomas H. Lee Parallel Fund VI, L.P. c ........................................ North America 09/28/2018 303,022 TowerBrook Investors III, L.P. c ................................................. North America 12/31/2019 351,677 TPF II-A, L.P. c ......................................................................... North America 12/31/2019 75,988 TPG Growth III (A), L.P. ........................................................... North America 12/31/2019 2,344,289 TPG Opportunities Partners III (B), L.P. ...................................... North America 06/30/2015 55,062 TPG Partners V, L.P. ................................................................. North America 09/29/2017 50,983 TPG Partners VI, L.P. ................................................................ North America 09/29/2017 1,565,832 TPG STAR, L.P. c ...................................................................... North America 09/29/2017 227,048 Vista Equity Partners Fund V, L.P. c ............................................. North America 09/28/2018 4,729,392 Warburg Pincus Private Equity VIII, L.P. ..................................... North America 12/31/2018 1,260 Waud Capital Partners QP II, L.P. c ............................................. North America 12/31/2018 91,393 Weston Presidio V, L.P. c ............................................................ North America 12/31/2018 158,070 Westview Capital Partners II, L.P. c ............................................ North America 12/31/2019 723,127 Wicks Communications & Media Partners III, L.P. ........................ North America 12/31/2018 213,305 Wind Point Partners VII-B, L.P. c ................................................ North America 09/29/2017 657,920 Total Secondary Investments (75.86%) ........................ 133,920,345 Total Private Equity Investments (Cost $188,885,545) (93.22%) ................................................................................ $ 164,558,149 Short-Term Investments (8.65%) Fair Money Market Fund Value Fidelity Investments Money Market Government Portfolio - Class I, 0.27% g .................................................................... $ 13,527,620 JP Morgan U.S. Government Money Market Fund, 0.04% g ............................................................................................. 1,743,181 Total Money Market Fund (8.65%) ................................................................................................................... $ 15,270,801 Total Short-Term Investments (Cost $15,270,801) (8.65%) .................................................................................... $ 15,270,801 Total Investments (Cost $204,156,346) (101.87%) .................................................................................................. $ 179,828,950 Liabilities in Excess of Other Assets (-1.87%) ........................................................................................................... (3,301,821) Shareholders’ Capital (100.00%) ................................................................................................................................ $ 176,527,129 a Private Equity Investments are generally offered in private placement transactions and as such are illiquid and generally restricted as to resale. Total cost and fair value of illiquid and restricted securities as of March 31, 2020 was $188,885,545 and $164,558,149, respectively. b In the case of Private Equity Investments, geographic region generally refers to where the general partner is headquartered and may be different from where a Private Equity Investment invests or operates. c Non-income producing. d Formerly known as Clyde Blowers Capital Fund III, L.P. e This Private Equity Investment has no redemption provisions, was issued in a private placement transaction and is restricted to resale. f This Private Equity Investment invests primarily in middle-market companies in select target industries. g The rate quoted is the annualized seven-day yield of the Money Market Fund at the period end. h Pomona Investment Fund ordinarily acquires portfolios of investments that are comprised of interests in multiple private equity funds (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. As of March 31, 2020, the aggregate cost of each investment restricted to resale was: $2,445,599, $5,107,609, $610,540, $4,695,000, $294,745, $0, $1,145,582, $0, $1,202,857, $550,765, $5,096,929, $2,432,830, The accompanying notes are an integral part of these Consolidated Financial Statements. 5


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    Pomona Investment Fund Consolidated Schedule of Investments March 31, 2020 (continued) $2,065,611, $1,886,269, $49,595, $2,508,600, $1,926,199, $15,435, $2,689,146, $201,740, $583,257, $207,218, $357,782, $620,745, $2,607,301, $2,154, $3,942, $2,427,892, $244,719, $514,446, $202,529, $0, $1,363,930, $1,257,486, $56,735, $953,841, $5,901,668, $450,882, $10,142, $421,493, $4,134,802, $60,663, $4,423, $138,015, $61,997, $6,066,247, $1,011,242, $509,740, $223,793, $308,362, $60,632, $688,460, $368,499, $429,596, $1,192,614, $1,904,572, $486,800, $461,676, $3,401,809, $165,937, $1,309,767, $1,880,528, $175,594, $413,645, $2,837,607, $442,396, $4,399,910, $2,575,640, $1,824,521, $128,388, $261,086, $204,672, $496,662, $1,681,707, $72,969, $79,100, $389,489, $9,122,988, $157,636, $798,572, $6,896,293, $577,980, $218,454, $966,960, $1,731,163, $177,235, $2,263,121, $45,055, $1,438,864, $1,754,106, $510,364, $753,929, $46,802, $453, $4,482, $1,773,548, $323,607, $347,631, $486,438, $495,196, $10,272, $1,518,860, $514,227, $24,472, $1,856,106, $2,973, $352,649, $1,336,806, $1,911,918, $759,150, $134,074, $883,437, $4,394,345, $45,195, $247,421, $422,584, $2,754,865, $225,909, $1,028,812, $105,492, $319,961, $19,151, $436,235, $6,123,454, $274,350, $5,693, $842,961, $1,041,658, $840,626, $675,054, $1,415,896, $944,883, $1,601,629, $497,888, $740,922, $60,261, $444,480, $288,355, $481,254, $1,172,392, $1,414, $283,100, $293,899, $364,079, $7,899,664, $154,498, $678,551, $4,586,362, $379,623, $414,327, $19,744, $2,372,091, $44,513, $340,370, $2,235,211, $573,289, $5,213,106, $29,979, $45,465, $100,545, $669,260, $209,530, $362,605, respectively, totaling, $188,885,545. 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. The accompanying notes are an integral part of these Consolidated Financial Statements. 6


  • Page 9

    Pomona Investment Fund Consolidated Statement of Assets, Liabilities and Shareholders’ Capital March 31, 2020 Assets Private Equity Investments, at fair value (cost $188,885,545) ...................................................... $ 164,558,149 Short-term investments, at fair value (cost $15,270,801) ............................................................ 15,270,801 Expense waiver receivable ....................................................................................................... 269,061 Investments in Private Equity Investments paid in advance .......................................................... 223,773 Deferred financing costs .......................................................................................................... 120,710 Prepaid Insurance ................................................................................................................... 113,350 Deferred offering costs ............................................................................................................ 46,902 Other assets .......................................................................................................................... 18,812 Total Assets ......................................................................................................................... 180,621,558 Liabilities Payable for shares repurchased ................................................................................................ 2,616,673 Management fee payable ......................................................................................................... 738,566 Professional fees payable ......................................................................................................... 174,967 Distribution and servicing fee payable ....................................................................................... 133,546 Administration fee payable ....................................................................................................... 111,887 Finance costs payable ............................................................................................................. 71,166 Payable to Adviser .................................................................................................................. 2,115 Commitment and interest fees payable ...................................................................................... 1,889 Other accrued expenses .......................................................................................................... 243,620 Total Liabilities .................................................................................................................... 4,094,429 Commitments and contingencies (see Note 9 and 10) .................................................................. — Shareholders’ Capital ........................................................................................................... $ 176,527,129 Shareholders’ Capital Paid-in Capital ........................................................................................................................ $ 189,045,048 Total distributable earnings (loss) ............................................................................................. (12,517,919) Total Shareholders’ Capital .................................................................................................. $ 176,527,129 Shareholders’ Capital Attributable to: Class A Shares ....................................................................................................................... $ 96,479,424 Class M2 Shares ..................................................................................................................... 6,745,017 Class I Shares ........................................................................................................................ 73,302,688 $ 176,527,129 Shares Outstanding: Class A Shares ....................................................................................................................... 10,556,002 Class M2 Shares ..................................................................................................................... 720,645 Class I Shares ........................................................................................................................ 7,832,144 19,108,791 Net asset value per Share: Class A Shares ....................................................................................................................... $ 9.14 Class M2 Shares ..................................................................................................................... $ 9.36 Class I Shares ........................................................................................................................ $ 9.36 The accompanying notes are an integral part of these Consolidated Financial Statements. 7


  • Page 10

    Pomona Investment Fund Consolidated Statement of Operations For the Year Ended March 31, 2020 Income Dividend income ..................................................................................................................... $ 1,678,451 Interest income ...................................................................................................................... 1,208,872 Other income ......................................................................................................................... 470,085 Total Income ................................................................................................................. 3,357,408 Expenses Management fee ..................................................................................................................... 2,746,489 Professional fees .................................................................................................................... 698,088 Distribution and servicing fee ................................................................................................... 576,675 Administration fee .................................................................................................................. 416,157 Commitment and interest fees ................................................................................................. 415,160 Financing costs ...................................................................................................................... 338,649 Trustees fees and expenses ..................................................................................................... 161,445 Offering costs ........................................................................................................................ 124,452 Insurance fees ....................................................................................................................... 116,200 Other expenses ...................................................................................................................... 755,536 Total Expenses ............................................................................................................... 6,348,851 Less: Waivers and/or expense reimbursements .......................................................................... (822,399) Net Expenses ................................................................................................................. 5,526,452 Net Investment Loss ...................................................................................................... (2,169,044) Net Realized Gain and Change in Unrealized Depreciation on Private Equity Investments and Foreign Currency Translation Net realized gain from Private Equity Investments ....................................................................... 16,802,365 Total net realized gain from Private Equity Investments and foreign currency translation .. 16,802,365 Net change in unrealized depreciation on Private Equity Investments ............................................. (13,380,217) Net change in unrealized depreciation on foreign currency translation ............................................ (131,958) Total net change in unrealized depreciation on Private Equity Investments and foreign currency translation .......................................................................................... (13,512,175) Net Realized Gain and Change in Unrealized Depreciation on Private Equity Investments and Foreign Currency Translation .......................................... 3,290,190 Net increase in Shareholders’ Capital from operations ......................................................... $ 1,121,146 The accompanying notes are an integral part of these Consolidated Financial Statements. 8


  • Page 11

    Pomona Investment Fund Consolidated Statements of Changes in Shareholders’ Capital For the For the Year Ended Year Ended March 31, March 31, 2020 2019 Operations Net investment loss ................................................................................... $ (2,169,044) $ (1,553,319) Net realized gain from Private Equity Investments and foreign currency translation ..................................................................... 16,802,365 19,227,548 Net change in unrealized appreciation/(depreciation) on Private Equity Investments and foreign currency translation ............................................. (13,512,175) (8,361,230) Net increase in Shareholders’ Capital from operations ............................ 1,121,146 9,312,999 Distributions to Shareholders Class A Shares .......................................................................................... (12,997,192) (10,091,751) Class M2 Shares ........................................................................................ (387,905) (98,665) Class I Shares ........................................................................................... (5,986,838) (2,679,963) Decrease in Shareholders’ Capital from distributions to Shareholders .... (19,371,935) (12,870,379) Shareholders’ Capital Transactions Class A Shares Proceeds from sale of Shares ...................................................................... 13,099,655 8,184,080 Reinvestment of distributions ...................................................................... 12,106,306 9,685,993 Exchange of Shares ................................................................................... (11,782,702) (2,752,497) Repurchases of Shares ............................................................................... (648,659) (147,534) Total Class A Transactions ...................................................................... 12,774,600 14,970,042 Class M2 Shares Proceeds from sale of Shares ...................................................................... 6,117,250 — Reinvestment of distributions ...................................................................... 308,858 89,642 Exchange of Shares ................................................................................... — — Repurchases of Shares ............................................................................... (66,802) — Total Class M2 Transactions .................................................................... 6,359,306 89,642 Class I Shares Proceeds from sale of Shares ...................................................................... 35,381,430 28,277,226 Reinvestment of distributions ...................................................................... 4,720,482 2,619,842 Exchange of Shares ................................................................................... 11,782,702 2,752,497 Repurchases of Shares ............................................................................... (3,205,972) — Total Class I Transactions ....................................................................... 48,678,642 33,649,565 Increase in Shareholders’ Capital from capital transactions .................... 67,812,548 48,709,249 Shareholders’ Capital Beginning of year ...................................................................................... 126,965,370 81,813,501 End of year ............................................................................................... $ 176,527,129 $ 126,965,370 The accompanying notes are an integral part of these Consolidated Financial Statements. 9


  • Page 12

    Pomona Investment Fund Consolidated Statements of Changes in Shareholders’ Capital (continued) For the For the Year Ended Year Ended March 31, March 31, 2020 2019 Shareholder Activity Class A Shares outstanding at beginning of year ............................................ 9,228,343 7,754,845 Shares sold ............................................................................................... 1,293,309 768,533 Shares reinvested ...................................................................................... 1,275,718 962,067 Shares exchanged ..................................................................................... (1,175,848) (243,160) Shares repurchased ................................................................................... (65,520) (13,942) Class A Shares outstanding at end of year .................................................... 10,556,002 9,228,343 Class M2 Shares outstanding at beginning of year .......................................... 87,610 78,821 Shares sold ............................................................................................... 607,240 — Shares reinvested ...................................................................................... 31,868 8,789 Shares exchanged ..................................................................................... — — Shares redeemed ...................................................................................... (6,073) — Class M2 Shares outstanding at end of year .................................................. 720,645 87,610 Class I Shares outstanding at beginning of year ............................................. 3,083,926 — Shares sold ............................................................................................... 3,440,609 2,586,715 Shares reinvested ...................................................................................... 487,089 256,852 Shares exchanged ..................................................................................... 1,149,835 240,359 Shares redeemed ...................................................................................... (329,315) — Class I Shares outstanding at end of year ..................................................... 7,832,144 3,083,926 The accompanying notes are an integral part of these Consolidated Financial Statements. 10


  • Page 13

    Pomona Investment Fund Consolidated Statement of Cash Flows For the Year Ended March 31, 2020 Cash flows from operating activities Net increase in Shareholders’ Capital from operations .................................................................. $ 1,121,146 Adjustments to reconcile net increase in Shareholders’ Capital from operations to net cash used in operating activities: Purchases of Private Equity Investments .............................................................................. (86,153,080) Capital distributions received from Private Equity Investments ................................................ 32,054,333 Net sales of short-term investments .................................................................................... 4,554,427 Net realized gain from Private Equity Investments ................................................................. (16,802,365) Net change in unrealized appreciation on Private Equity Investments and foreign currency translation ............................................................................................. 13,512,175 Amortization of deferred offering costs ................................................................................ 124,452 Amortization of deferred financing costs ............................................................................... 338,649 Changes in operating assets and liabilities: Increase in investments in Investment Funds paid in advance .............................................. (223,773) Increase in expense waiver receivable .............................................................................. (139,735) Decrease in interest receivable ........................................................................................ 28,716 Increase in prepaid insurance .......................................................................................... (113,350) Decrease in other assets ................................................................................................. 337,740 Decrease in commitment and interest fees payable ............................................................ (100,094) Increase in payable to Adviser ......................................................................................... 1,783 Decrease in Payable for Investments purchased, not yet settled ........................................... (128,909) Increase in management fee payable ................................................................................ 214,460 Increase in administration fee payable .............................................................................. 32,468 Increase in distribution and servicing fee payable ............................................................... 3,552 Increase in professional fees payable ................................................................................ 80,595 Increase in finance costs payable ..................................................................................... 63,713 Increase in other accrued expenses .................................................................................. 128,051 Net cash used in operating activities ................................................................................... (51,065,046) Cash flows from financing activities Proceeds from sale of Shares ................................................................................................ 54,598,335 Distributions to investors, net of reinvestments of distributions .................................................. (2,236,289) Repurchases of Shares ......................................................................................................... (1,304,760) Additions to offering costs ..................................................................................................... (118,475) Additions to financing costs ................................................................................................... (256,400) Gross Borrowings ................................................................................................................ 2,500,000 Payments on Borrowings ...................................................................................................... (2,500,000) Net cash provided by financing activities ............................................................................. 50,682,411 Net change in cash ................................................................................................................. (382,635) Cash at beginning of year ........................................................................................................ 382,635 Cash at End of Year ............................................................................................................. $ — Supplemental disclosure of financing activity Supplemental disclosure of reinvested distributions .................................................................. $ 17,135,646 The accompanying notes are an integral part of these Consolidated Financial Statements. 11


  • Page 14

    Pomona Investment Fund Consolidated Financial Highlights Class A Shares For the Period May 7, 2015 For the For the For the For the (Commencement Year Ended Year Ended Year Ended Year Ended of Operations) to March 31, March 31, March 31, March 31, March 31, 2020 2019 2018 2017 2016 Net asset value per Share, beginning of period ........................................... $ 10.20 $ 10.44 $ 10.09 $ 10.20 $ 10.00(1) Net increase in Shareholders’ Capital from operations: Net investment loss ............................ (0.15) (0.15) (0.04) (0.09) (0.21)* Net realized gain and change in unrealized depreciation on Private Equity Investments and foreign currency translation ......................... 0.40 1.16 1.34 1.03 0.48 Net increase in Shareholders’ Capital from operations: 0.25 1.01 1.30 0.94 0.27 Distributions from net investment income .. — — — — — Distributions from capital gains ................ (1.31) (1.25) (0.95) (1.05) (0.07) Total distributions ................................... (1.31) (1.25) (0.95) (1.05) (0.07) Net asset value per Share, end of period .................................... $ 9.14 $ 10.20 $ 10.44 $ 10.09 $ 10.20 Total Return (2) .................................... 1.99% 9.79% 13.34% 9.71% 2.70%(3) Ratios/Supplemental Data: Shareholders’ Capital, end of period (in thousands) .................................... $ 96,479 $ 94,109 $ 80,983 $ 63,225 $ 54,340 Ratio of net investment loss to average Shareholders’ Capital ........................... (1.45)% (1.51)% (0.59)% (1.07)% (2.35)%(4) Ratio of gross expenses to average Shareholders’ Capital (5) ....................... 4.03% 4.19% 3.85% 4.05% 5.40%(4) Ratio of expense waiver to average Shareholders’ Capital (6) ....................... (0.48)% (0.50)% (0.71)% (0.87)% (2.31)%(4) Ratio of net expenses to average Shareholders’ Capital (6) (7) .................... 3.55% 3.69% 3.14% 3.18% 3.09%(4) Portfolio Turnover ................................... 0.07% 0.00% 0.00% 0.00% 0.00% * Per Share data of income/(loss) from investment operations is computed using the total income and expense for this period divided by end of period Shares. (1) The net asset value per Share as of the beginning of the period, May 7, 2015 (Commencement of Operations) represents the initial net asset value per Share of $10.00. (2) Total Return based on net asset value per Share is the combination of changes in net asset value per Share and reinvested dividend income at net asset value per Share, if any. (3) Not annualized. (4) Annualized. (5) Represents the ratio of expenses to average Shareholders’ Capital absent fee waivers and/or expense reimbursement by the Adviser. (6) The Adviser has entered into an Expense Limitation and Reimbursement Agreement with the Fund for a one-year term ending at the end of the Limitation Period to limit the amount of the Fund’s total annual ordinary operating expenses, excluding certain “Specified Expenses” as outlined in the Notes to Consolidated Financial Statements. (7) Includes expenses excluded from the expense limitation. In addition, the ratio is calculated based on net expenses and average net assets. If the net expense ratio calculation was calculated quarterly rather than annualized, as is done for expense waiver calculations which is not, however, calculated based on average net assets, the net expense ratio would be 2.95%. The accompanying notes are an integral part of these Consolidated Financial Statements. 12


  • Page 15

    Pomona Investment Fund Consolidated Financial Highlights Class M2 Shares For the Period October 1, 2016 For the For the For the (Commencement Year Ended Year Ended Year Ended of Operations) to March 31, March 31, March 31, March 31, 2020 2019 2018 2017 Net asset value per Share, beginning of period .............. $ 10.36 $ 10.54 $ 10.11 $ 10.65(1) Net increase in Shareholders’ Capital from operations: Net investment loss ....................................................... (0.26) (0.11) (0.02) (0.01)* Net realized gain and change in unrealized depreciation on Private Equity Investments and foreign currency translation ................................................................ 0.57 1.18 1.40 0.52 Net increase in Shareholders’ Capital from operations: .......... 0.31 1.07 1.38 0.51 Distributions from net investment income ............................ — — — — Distributions from capital gains .......................................... (1.31) (1.25) (0.95) (1.05) Total distributions ............................................................. (1.31) (1.25) (0.95) (1.05) Net asset value per Share, end of period ....................... $ 9.36 $ 10.36 $ 10.54 $ 10.11 Total Return (2) ............................................................... 2.54% 10.40% 13.97% 5.32%(3) Ratios/Supplemental Data:** Shareholders’ Capital, end of period (in thousands) ............... $ 6,745 $ 908 $ 830 $ 276 Ratio of net investment income/(loss) to average Shareholders’ Capital ..................................................... (1.19)% (0.94)% 0.01% (0.24)%(4) (5) Ratio of gross expenses to average Shareholders’ Capital ... 3.95% 4.30% 4.51% 5.18%(4) (6) Ratio of expense waiver to average Shareholders’ Capital ... (0.79)% (1.18)% (1.83)% (2.74)%(4) (6) (7) Ratio of net expenses to average Shareholders’ Capital .. 3.16% 3.12% 2.68% 2.44%(4) Portfolio Turnover ............................................................. 0.07% 0.00% 0.00% 0.00% * Per Share data of income/(loss) from investment operations is computed using the total income and expense for this period divided by end of period Shares. ** Class M2 Shares commenced operations on October 1, 2016. These ratios include certain expenses related to the offering of this share class and other expenses associated with the commencement of operations that are specific only to the M2 share class. (1) The net asset value per Share as of the beginning of the period, October 1, 2016 (Commencement of Operations) represents the initial net asset value per Share of $10.65. (2) Total Return based on net asset value per Share is the combination of changes in net asset value per Share and reinvested dividend income at net asset value per Share, if any. (3) Not annualized. (4) Annualized. (5) Represents the ratio of expenses to average Shareholders’ Capital absent fee waivers and/or expense reimbursement by the Adviser. (6) The Adviser has entered into an Expense Limitation and Reimbursement Agreement with the Fund for a one-year term ending at the end of the Limitation Period to limit the amount of the Fund’s total annual ordinary operating expenses, excluding certain “Specified Expenses” as outlined in the Notes to Consolidated Financial Statements. (7) Includes expenses excluded from the expense limitation. In addition, the ratio is calculated based on net expenses and average net assets. If the net expense ratio calculation was calculated quarterly rather than annualized, as is done for expense waiver calculations which is not, however, calculated based on average net assets, the net expense ratio would be 2.40%. The accompanying notes are an integral part of these Consolidated Financial Statements. 13


  • Page 16

    Pomona Investment Fund Consolidated Financial Highlights Class I Shares For the Period April 1, 2018 (Commencement For the of Operations) Year Ended to Year Ended March 31, March 31, 2020 2019 Net asset value per Share, beginning of period $ 10.36 $ 10.54(1) Net increase in Shareholders’ Capital from operations: Net investment loss ............................................................................................................ (0.08) (0.07)* Net realized gain and change in unrealized depreciation on Private Equity Investments and foreign currency translation .............................................................................................. 0.39 1.14 Net increase in Shareholders’ Capital from operations: ............................................................... 0.31 1.07 Distributions from net investment income ................................................................................. — — Distributions from capital gains ............................................................................................... (1.31) (1.25) Total distributions .................................................................................................................. (1.31) (1.25) Net asset value per Share, end of period ............................................................................ $ 9.36 $ 10.36 Total Return (2) .................................................................................................................... 2.54% 10.40%(3) Ratios/Supplemental Data:** Shareholders’ Capital, end of period (in thousands) .................................................................... $ 73,303 $ 31,948 Ratio of net investment income/(loss) to average Shareholders’ Capital ........................................ (1.10)% (1.24)%(4) (5) Ratio of gross expenses to average Shareholders’ Capital ........................................................ 3.62% 3.86%(4) (6) Ratio of expense waiver to average Shareholders’ Capital ........................................................ (0.53)% (0.66)%(4) (6) (7) Ratio of net expenses to average Shareholders’ Capital ........................................................ 3.09% 3.20%(4) Portfolio Turnover .................................................................................................................. 0.07% 0.00% * Per Share data of income/(loss) from investment operations is computed using the total income and expense for this period divided by end of period Shares. ** Class I Shares commenced operations on April 1, 2018. These ratios include certain expenses related to the offering of this share class and other expenses associated with the commencement of operations that are specific only to the I share class. (1) The net asset value per Share as of the beginning of the period, April 1, 2018 (Commencement of Operations) represents the initial net asset value per Share of $10.54. (2) Total Return based on net asset value per Share is the combination of changes in net asset value per Share and reinvested dividend income at net asset value per Share, if any. (3) Not annualized. (4) Annualized. (5) Represents the ratio of expenses to average Shareholders’ Capital absent fee waivers and/or expense reimbursement by the Adviser. (6) The Adviser has entered into an Expense Limitation and Reimbursement Agreement with the Fund for a one-year term ending at the end of the Limitation Period to limit the amount of the Fund’s total annual ordinary operating expenses, excluding certain “Specified Expenses” as outlined in the Notes to Consolidated Financial Statements. (7) Includes expenses excluded from the expense limitation. In addition, the ratio is calculated based on net expenses and average net assets. If the net expense ratio calculation was calculated quarterly rather than annualized, as is done for expense waiver calculations which is not, however, calculated based on average net assets, the net expense ratio would be 2.40%. The accompanying notes are an integral part of these Consolidated Financial Statements. 14


  • Page 17

    Pomona Investment Fund Notes to Consolidated Financial Statements March 31, 2020 1. Organization Pomona Investment Fund (the “Fund”) was organized as a Delaware statutory trust on August 12, 2014 and commenced operations on May 7, 2015. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, closed-end management investment company. The Fund is managed by Pomona Management LLC (the “Adviser” and the “Administrator”), an investment adviser registered under the Investment Advisers Act of 1940, as amended. The objective of the Fund is to seek long-term capital appreciation by investing principally in private equity investments (“Private Equity Investments”). On August 3, 2017, in connection with the Fund’s previous revolving credit facility, Pomona Investment Fund LLC was organized as a Delaware limited liability company and is a wholly owned subsidiary of the Fund. It is anticipated that the Fund’s Private Equity Investments will predominantly consist of secondary and primary investments in private equity funds (“Investment Funds”) and, to a lesser degree, direct investments in operating companies. Co-investments refer to direct investments in an operating company by the Fund alongside other investors, often one or more Investment Funds. Primary investments refer to investments in newly established private equity funds, typically sponsored by investment managers with an established investment track record. Seasoned primary investments, or seasoned primaries, refer to primary investments made after an Investment Fund has already invested a certain percentage of its capital commitments. Secondary investments refer to investments in existing Investment Funds that are typically acquired in privately negotiated transactions. A board of trustees (the “Board”) has overall responsibility for the management and supervision of the business operations of the Fund. As permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, or the Adviser. As of March 31, 2020, the Fund offered four classes of shares; Classes A, I, M1 and M2 shares. The M1 share class had not yet commenced operations as of March 31, 2020. All shares are continuously offered on a quarterly basis. Class A Shares are offered at the then-current net asset value plus an initial sales charge, if applicable, with a general minimum initial investment of $25,000. Class A Shareholders pay a fee for distribution and shareholder servicing. Class I Shares are offered to certain institutional investors, at the then-current net asset value without an initial sales charge and with a general minimum initial investment of $1,000,000. Class I Shareholders do not pay a fee for distribution or shareholder servicing. Classes M1 and M2 Shares are offered through intermediary wealth management platforms associated with private banks and trust companies, at the then-current net asset value without an initial sales charge. The general minimum initial investment is $5,000,000. Neither Class M1 nor M2 Shareholders pay a fee for distribution services; however, M1 Shareholders pay a fee for shareholder services or account maintenance services. Certain investors may purchase less than the minimum investment for Class I and Class M2 Shares (noted above) pursuant to a Letter of Intent, which is further described in the Fund’s prospectus. All share classes have the same rights and privileges. 2. Summary of Significant Accounting Policies The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Fund is considered an investment company and therefore applies the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services - Investment Companies”. The following is a summary of significant accounting policies used in preparing the consolidated financial statements. Consolidation of a Subsidiary The consolidated financial statements of the Fund include Pomona Investment Fund LLC, all inter-company accounts and transactions have been eliminated. 15


  • Page 18

    Pomona Investment Fund Notes to Consolidated Financial Statements March 31, 2020 (continued) 2. Summary of Significant Accounting Policies (continued) Valuation of Investments The Fund has formal valuation policies and procedures (the “Valuation Procedures”), which have been approved by the Board. The Board has delegated direct and oversight responsibilities for making valuation determinations for investments held by the Fund to a valuation committee (the “Valuation Committee”), which draws on the resources and personnel of the Administrator and the Adviser in carrying out its responsibilities. The Board receives valuation reports from the Valuation Committee on a quarterly basis and determines if the Valuation Procedures are operating as expected and the outcomes are reliable. All investments are recorded at “Fair Value” in good faith. Fair value is based on actual or estimated market value, with special provisions for assets not having readily available market quotations, and for situations in which market quotations are deemed unreliable. The Private Equity Investments that the Fund makes normally do not have readily available market prices. Determining the fair value of Private Equity Investments and other assets requires that judgment be applied to the specific facts and circumstances of each asset while seeking to employ a valuation process that is consistently followed. There is not necessarily a single standard for determining fair value of such assets, and determinations of fair value may involve subjective judgments and estimates. The fair values of the Fund’s Private Equity Investments are estimates and are determined by the Adviser in accordance with the Valuation Procedures. If applicable, these estimates are net of management and performance incentive fees or allocations payable pursuant to the respective organizational documents of each Private Equity Investment. Ordinarily, the fair value of a Private Equity Investment held by the Fund is based on the net asset value (“NAV”) of that Private Equity Investment reported by its investment manager. If the Adviser determines that the most recent NAV reported by the investment manager of a Private Equity Investment does not represent the fair value or if the investment manager of a Private Equity Investment fails to report a NAV to the Fund, a fair value determination is made by the Adviser in accordance with the Valuation Procedures. This includes adjusting the previous NAV provided by an investment manager with other relevant information available at the time the Fund values its portfolio, including capital activity and material events occurring between the reference dates of the investment manager’s valuation and the relevant valuation date. For investments that do not have readily determinable fair values and for which it is not possible to use NAV as a practical expedient, such as certain Direct Investments/Co-Investments, the Administrator will review and value such investments using one or more of the following types of analyses: • Market comparable statistics and public trading multiples discounted for illiquidity, minority ownership and/or other factors for investments with similar characteristics. • Discounted cash flow analysis, including a terminal value or exit multiple. • The cost of the investment, if the cost is determined to best approximate the fair value of the investment. • Valuations implied by third-party investment in similar assets or issuers. Cash and Short-term Investments The Fund holds cash and short-term interest bearing deposit accounts. At times, such deposits may be in excess of federally insured limits. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such accounts. There are no restrictions on the cash and short-term accounts held by the Fund. Realized Gain/ (Loss) on Investments The Fund accounts for realized gains and losses on distributions received from Private Equity Investments based on the nature of such distributions as determined by each underlying investment manager. Other Income from Private Equity Investments The Fund accounts for other income on distributions received from Private Equity Investments based on the nature of such distributions as determined by the underlying investment fund managers. For the year ended March 31, 2020, the Fund earned other income of $470,085. 16


  • Page 19

    Pomona Investment Fund Notes to Consolidated Financial Statements March 31, 2020 (continued) 2. Summary of Significant Accounting Policies (continued) Income Recognition and Expenses Income is recognized on an accrual basis as earned. Expenses are recognized on an accrual basis as incurred. The Fund bears all expenses incurred in the course of its operations, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Fund’s account; professional fees; costs of insurance; registration expenses; and expenses of meetings of the Board. Certain expenses of the Fund attributable to a particular share class will be allocated to the share class to which they are attributable. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Fund’s Administrator to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Changes in the economic environment, financial markets, and any other factors or parameters used in determining these estimates could cause actual results to differ materially. 3. Fair Value Disclosures In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based on unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurement). The guidance establishes three levels of fair value as listed below. - Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access at the measurement date - Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, including inputs in markets that are not considered to be active - Level 3 – Inputs that are unobservable The notion of unobservable inputs is intended to allow for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Under Level 3, the owner of an asset must determine fair value based on its own assumptions about what market participants would take into account in determining the fair value of the asset, using the best information available. The inputs or methodology for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Administrator. The Administrator considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The Fund’s Private Equity Investments are generally restricted securities that are subject to substantial holding periods and restrictions on resale and are not traded in public markets. Accordingly, the Fund may not be able to resell such investments for extended periods, if at all. 17


  • Page 20

    Pomona Investment Fund Notes to Consolidated Financial Statements March 31, 2020 (continued) 3. Fair Value Disclosures (continued) The following table is a summary of information about the levels within the fair value hierarchy at which the Fund’s investments are measured as of March 31, 2020: Investments Level 1 Level 2 Level 3 Total Direct Investments/Co-Investments ............... $ — $ — $ 2,072,214 $ 2,072,214 Short-Term Investments ............................... 15,270,801 — — 15,270,801 Total .......................................................... $ 15,270,801 $ — $ 2,072,214 $ 17,343,015 As the Fund uses the NAV as a practical expedient to determine the fair value of certain Private Equity Investments, these investments have not been classified in the U.S. GAAP fair value hierarchy. As of March 31, 2020, $162,485,935 was fair valued utilizing NAV as a practical expedient. During the year ended March 31, 2020, the Fund did not have any transfers between any of the levels of the fair value hierarchy. The Fund records all transfers at the end of each reporting period. The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value: Transfers Transfers Beginning into out of Total Balance balance Level 3 Level 3 unrealized as of March 31, during the during the Total realized appreciation / Net Net March 31, 2019 period period gain/(loss) (depreciation) purchases sales 2020 $ — $ — $ — $ — $ (373,385) $ 2,445,599 $ — $ 2,072,214 The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2020: Fair Value March 31, 2020 Valuation Methodologies Unobservable Input Input Range $ 2,072,214 Market comparable companies Enterprise value to EBITDA multiple 8.8x - 14.5x 18


  • Page 21

    Pomona Investment Fund Notes to Consolidated Financial Statements March 31, 2020 (continued) 3. Fair Value Disclosures (continued) A listing of the private equity investment types held by the Fund and the related attributes, as of March 31, 2020, are shown in the table below: Notice Redemption Investment Unfunded Redemption Period Restrictions Category Investment Strategy Fair Value Commitments Frequency* (In Days) Terms** Direct Liquidity in the form Investments/ Investments in an operating of distributions Co-Investments company alongside other from Private Equity investors $ 13,051,502 $ 706,861 None N/A Investments Primary Liquidity in the form of distributions Investments in newly from Private Equity established private equity funds $ 1,643,045 $ 11,818,660 None N/A Investments Seasoned Primary investments made Primary after an Investment Fund has Liquidity in the form already invested a certain of distributions percentage of its capital from Private Equity commitment $ 15,943,257 $ 5,288,648 None N/A Investments Secondary Investments in existing Private Liquidity in the form Equity Investments that are of distributions typically acquired in privately from Private Equity negotiated transactions $ 133,920,345 $ 36,564,844 None N/A Investments * The information summarized in the table above represents the general terms for the specified investment type. Individual Private Equity Investments may have terms that are more or less restrictive than those terms indicated for the investment type as a whole. In addition, most Private Equity Investments have the flexibility, as provided for in their constituent documents, to modify and waive such terms. ** Distributions from Private Equity Investments occur at irregular intervals, and the exact timing of distributions from Private Equity Investments cannot be determined. It is estimated that distributions will occur over the life of the Private Equity Investments. 4. Management Fee, Administration Fee, Related Party Transactions and Other The Adviser provides certain management and advisory services to the Fund, including allocating the Fund’s assets and monitoring each Private Equity Investment to determine whether its investment program is consistent with the Fund’s investment objective and whether its investment performance and other criteria are satisfactory. In consideration for these services, the Fund pays the Adviser a quarterly management fee of 0.4125% (1.65% on an annualized basis) of the Fund’s quarter-end Shareholders’ Capital (before any repurchases of Shares) (the “Management Fee”). For the year ended March 31, 2020, the Fund incurred a Management Fee of $2,746,489. The Administrator performs certain administrative, accounting and other services for the Fund, including (i) providing and/ or arranging and overseeing the provision of office space, adequate personnel, and communications and other facilities necessary for administration of the Fund, (ii) performing certain administrative functions to support the Fund and its service providers, (iii) supporting the Board and providing it with information, (iv) providing accounting and legal services in support of the Fund, (v) providing compliance testing services, (vi) analyzing the value of the Fund’s assets, and (vii) reviewing and arranging for payment of the Fund’s expenses and other support services. In consideration of these services, the Fund pays the Administrator a quarterly fee of 0.0625% (0.25% on an annualized basis) of the Fund’s quarter-end Shareholders’ Capital (before any repurchase of Shares) (the “Administration Fee”). For the year ended March 31, 2020, the Fund incurred an Administration Fee of $416,157. 19


  • Page 22

    Pomona Investment Fund Notes to Consolidated Financial Statements March 31, 2020 (continued) 4. Management Fee, Administration Fee, Related Party Transactions and Other (continued) The Adviser has entered into an expense limitation agreement (the “Expense Limitation and Reimbursement Agreement”) with the Fund that has been extended through September 30, 2021 (the “Limitation Period”) to limit the amount of the Fund’s aggregate quarterly ordinary operating expenses, excluding certain specified expenses listed below (“Specified Expenses”), borne by the Fund during the Limitation Period, to an amount not to exceed 0.50% on an annualized basis of the Fund’s quarter-end net assets (the “Expense Cap”). Specified Expenses include: (i) the Management Fee; (ii) all fees and expenses of Private Equity Investments and direct investments in which the Fund invests (including all acquired fund fees and expenses); (iii) transactional costs, including legal costs and brokerage commissions, associated with the acquisition and disposition of secondaries, primaries, direct investments, ETFs, and other investments; (iv) interest payments incurred on borrowing by the Fund; (v) fees and expenses incurred in connection with any credit facility, if any, obtained by the Fund; (vi) the administration fee; (vii) the distribution and servicing fee or shareholder servicing fee, as applicable; (viii) taxes; and (ix) extraordinary expenses (expenses resulting from events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence). To the extent that the Fund’s aggregate quarterly ordinary operating expenses, exclusive of the Specified Expenses for any quarter exceed the Expense Cap, the Adviser will waive its fees and/ or reimburse the Fund for expenses to the extent necessary to eliminate such excess. To the extent that the Adviser waives fees or reimburses expenses, it is permitted to recoup any amounts waived and expense amounts previously paid or borne by the Adviser, for a period not to exceed three years from the quarter in which such fees were waived or expenses were borne by the Adviser, even if such reimbursement occurs after the termination of the Limitation Period, provided that the Fund’s aggregate quarterly ordinary operating expenses for the quarter in which such reimbursement is sought, not including Specified Expenses, have fallen to a level below the Expense Cap that was in effect during the quarter in which the fees were waived or expenses were borne by the Adviser. For the year ended March 31, 2020, the Adviser waived fees in the amount of $822,399, which are subject for recoupment. At March 31, 2020, the amounts outlined below are available for recoupment: Quarter of Expiration: June 2020 ................................................................................................................................. $ 138,943 September 2020 ........................................................................................................................ $ 131,836 December 2020 .......................................................................................................................... $ 115,655 March 2021 ............................................................................................................................... $ 134,705 June 2021 ................................................................................................................................. $ 132,067 September 2021 ........................................................................................................................ $ 139,333 December 2021 .......................................................................................................................... $ 166,628 March 2022 ............................................................................................................................... $ 129,326 June 2022 ................................................................................................................................. $ 190,956 September 2022 ........................................................................................................................ $ 180,253 December 2022 .......................................................................................................................... $ 182,129 March 2023 ............................................................................................................................... $ 269,061 Voya Investments Distributor, LLC acts as the distributor of the Shares (the “Distributor”). The Distributor directly distributes Shares to investors and may also enter into selected dealer agreements with various brokers and dealers (“Selling Agents”) that have agreed to participate in the distribution of the Fund’s Shares. The Fund pays the Distributor a quarterly fee of 0.1375% (0.55% on an annualized basis) of the Fund’s Shareholders’ Capital attributable to Class A shares as of each quarter- end, determined as of the last day of each quarter (before any repurchases of Shares) (the “Distribution and Servicing Fee”), for distribution and investor services provided to Class A shareholders. The Distribution and Servicing Fee is charged on an aggregate class-wide basis, and shareholders are expected to be subject to the Distribution and Servicing Fee as long as they hold their Class A Shares. The Distributor may, in its sole discretion, pay various Selling Agents some or all of the Distribution and Servicing Fee to compensate such Selling Agents for distribution and servicing support. The Distributor, Adviser, and Administrator are subsidiaries of Voya Financial, Inc. (formerly, ING U.S., Inc.). For the year ended March 31, 2020, the Fund incurred a Distribution and Servicing Fee of $576,675. 20


  • Page 23

    Pomona Investment Fund Notes to Consolidated Financial Statements March 31, 2020 (continued) 4. Management Fee, Administration Fee, Related Party Transactions and Other (continued) UMB Fund Services, Inc. (“UMBFS”) provides certain sub-administration, sub-accounting, and tax services for the Fund. UMBFS charges fees to the Fund for these services based on the average Shareholders’ Capital of the Fund (before any repurchases of Shares), subject to minimum amounts. UMB Bank, N.A., an affiliate of UMBFS, serves as the custodian of the Fund’s assets (the “Custodian”) and primarily charges the Fund a fixed fee based on the its average Shareholders’ Capital (before any repurchases of Shares). Each member of the Board that is not an “interested person” (as defined in the 1940 Act) (an “Independent Trustee”) is paid an annual retainer of $35,000, a fee of $5,000 per year for serving on committees of the Board, and a fee per each in-person meeting of the Board of $2,500, plus reimbursement of reasonable out of pocket expenses. The Fund retained Alaric Compliance Services, LLC to provide compliance services to the Fund, including a Chief Compliance Officer. For the year ended March 31, 2020, the Fund incurred Chief Compliance Officer fees and expenses in the amount of $90,000. Prior to the commencement of operations, the Fund incurred organizational costs in order to establish the Fund and enable it to legally conduct business. All organizational expenses are expensed by the Fund as incurred. The Fund will continuously incur offering costs so long as it is accepting new investors. These costs enable the Fund to be offered to investors. These offering costs are treated as deferred charges and are amortized over the subsequent 12-month period using the straight-line method. For the year ended March 31, 2020, the Fund incurred $124,452 of offering costs. Certain shareholders of the Fund (“Affiliated Shareholders”) are affiliated with the Adviser. The aggregate value of the Affiliated Shareholders’ share of shareholders’ capital at March 31, 2020 is $77,650,642. 5. Revolving Credit Agreement Effective February 1, 2018, the Fund entered into a $25,000,000 revolving credit agreement with Credit Suisse AG that was scheduled to mature on December 31, 2020. The credit facility was obtained for working capital requirements, such as financing repurchases of shares, distributions to investors and investments. The facility bore interest at London Interbank Offered Rate (“LIBOR”) plus 3.25% per annum, and has a commitment fee of 1.60% per annum on the daily unused portion. For the year ended March 31, 2020, the Fund utilized the facility, borrowed $2,500,000 and paid $7,937 of interest on borrowings at a 5.20% weighted-average interest rate. The Fund terminated this agreement with Credit Suisse AG effective March 30, 2020. Effective March 30, 2020, the Fund entered into a $40,000,000 revolving credit agreement with Barclays Bank PLC (the “Barclays Facility”) that replaces the revolving credit agreement with Credit Suisse AG. The Barclays Facility has a five year term. The Fund entered into the Barclays Facility for working capital requirements, such as financing repurchases of shares, distributions to investors and investments. The Barclays Facility bears interest at London Interbank Offered Rate (“LIBOR”) plus 2.85% per annum, and has a commitment fee of 0.85% per annum on the daily unused portion. The Fund did not utilize the Barclays Facility during the year ended March 31, 2020. 6. Capital Share Transactions The Fund accepts initial and additional purchases of Shares as of the first business day of each calendar quarter at the Fund’s then-current Net asset value per Share of each respective share class (determined as of the close of business on the last business day of the immediately preceding quarter). To provide a limited degree of liquidity to Shareholders, the Fund may from time to time offer to repurchase Shares pursuant to written tenders by Shareholders. It is expected that the Adviser will normally recommend to the Board that the Fund conduct an offer to repurchase shares on a quarterly basis as of the end of each calendar quarter, so that each repurchase would occur as of each March 31, June 30, September 30 and December 31 of every year, although the Adviser may not recommend, and the Board may not authorize, a repurchase offer for any quarter in which the Adviser believes that it would be detrimental to the Fund for liquidity or other reasons. It is also expected that the Adviser will recommend to the Board that any such tender offer would be for an amount that is not more than 5% of the Fund’s Shareholders’ Capital. There can be no assurance that the Board will accept the Adviser’s recommendation. 21


  • Page 24

    Pomona Investment Fund Notes to Consolidated Financial Statements March 31, 2020 (continued) 7. Federal and Other Taxes It is the Fund’s intention to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), that are applicable to a regulated investment company (“RIC”). The Fund elected to be a RIC with the filing of its 2015 federal income tax return. The Fund intends to continue to operate so as to qualify to be taxed as a RIC under the Code and, as such, to not be subject to federal income tax on the portion of its taxable income and gains distributed to stockholders. To qualify for RIC tax treatment, among other requirements, the Fund is required to distribute at least 90% of its investment company taxable income, as defined by the Code. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. While the Fund intends to distribute substantially all of its taxable net investment income and capital gains, if any, in a manner necessary to minimize the imposition of a 4% excise tax, there can be no assurance that it will avoid any or all of the excise tax. In such event, the Fund will be liable only for the amount by which it does not meet the foregoing distribution requirements. The Fund has adopted October 31 as its tax year end. The Fund’s open tax years for which the applicable statutes of limitations have not expired are subject to examination by U.S. federal, state and local tax authorities. In accounting for income taxes, the Fund follows the guidance in FASB ASC Codification 740, as amended by ASU 2009-06, “Accounting for Uncertainty in Income Taxes” (“ASC 740”). ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the consolidated financial statements. Management has concluded, there were no uncertain tax positions as of March 31, 2020 for federal income tax purposes or in, the Fund’s major state and local tax jurisdictions; Delaware, New York State, and New York City. Because U.S. federal income tax regulations differ from U.S. GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect the applicable tax characterization. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets, Liabilities and Shareholders’ Capital due to temporary book/tax differences arising primarily from partnership investments. These amounts will be finalized before filing the Fund’s federal tax return. For the tax year ended October 31, 2019, permanent differences between book and tax basis are attributable to certain non- deductible expenses for tax purposes and net operating losses. These reclassifications have no effect on total Shareholders’ Capital or Net asset value per Share. For the tax year ended October 31, 2019, the following amounts were reclassified: Paid-in Capital ............................................................................................................................ $ (1,710,754) Total distributable earnings (or loss) ............................................................................................. 1,710,754 At March 31, 2020, the federal tax cost of investment securities and unrealized appreciation (depreciation) as of the year-end were as follows: Gross unrealized appreciation ....................................................................................................... $ 28,860,118 Gross unrealized depreciation ....................................................................................................... (23,500,561) Net unrealized appreciation .......................................................................................................... $ 5,359,557 Cost of investments .................................................................................................................... $ 174,469,393 The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences related to the timing of the recognition of income, gains and losses from the underlying investments for tax purposes. 22


  • Page 25

    Pomona Investment Fund Notes to Consolidated Financial Statements March 31, 2020 (continued) 7. Federal and Other Taxes (continued) As of October 31, 2019, the components of accumulated earnings on a tax basis were as follows: Undistributed ordinary income ...................................................................................................... $ — Undistributed long-term capital gains ............................................................................................ — Tax accumulated earnings ............................................................................................................ — Accumulated capital and other losses ............................................................................................ (3,141,861) Unrealized appreciation ............................................................................................................... 17,138,715 Other differences ........................................................................................................................ — Distributable net earnings ............................................................................................................ $ 13,996,854 As of October 31, 2019, the Fund had no capital loss carryforwards. As of October 31, 2019, the Fund had $3,141,861 of qualified late-year ordinary losses, which are deferred until the following tax year ended October 31, 2020. Net late-year losses incurred after December 31, and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. The tax character of distributions paid during the tax year ended October 31, 2019 and October 31, 2018 was as follows: Distribution paid from: 2019 2018 Ordinary income ............................................................................................... $ — $ — Long-term capital gains ..................................................................................... 12,870,379 6,420,727 Total distributions paid ...................................................................................... $ 12,870,379 $ 6,420,727 8. Investment Transactions Total contributions to and purchases of Private Equity Investments for the year ended March 31, 2020 amounted to $86,153,080. Total distribution proceeds from sale, redemption, or other disposition of investments in Private Equity Investments for the year ended March 31, 2020 amounted to $32,054,333. 9. Indemnification Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the ordinary course of business, the Fund may enter into contracts or agreements that contain indemnification or warranties. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote. 10. Commitments As of March 31, 2020, the Fund had outstanding investment commitments to Private Equity Investments totaling approximately $54,379,013. 23


  • Page 26

    Pomona Investment Fund Notes to Consolidated Financial Statements March 31, 2020 (continued) 11. Subsequent Events Effective April 1, 2020, there were subscriptions to the Fund in the amount of $4,030,815 for Class A and, $3,950,000 for Class I Shares. Through the date the consolidated financial statements were issued, there have not been any additional subscriptions to the Fund. On April 10, 2020, the Fund entered into an Agreement of Purchase and Sale to acquire a $3,000,000 commitment to BC XI Private Investors, L.P. and a $3,750,000 commitment to BC XII Private Investors, L.P. On April 23, 2020, the Fund committed $5,000,000 to an investment in Permira IV Feeder L.P. Effective April 17, 2020, DST Asset Manager Solutions, Inc. serves as the Fund’s transfer agent with respect to maintaining the registry of the Fund’s Shareholders and processing matters relating to subscriptions for, and repurchases of, Shares. The Fund has evaluated subsequent events through the date the consolidated financial statements were issued, and has determined that there were no other subsequent events that require disclosure in or adjustment to the consolidated financial statements. 12. COVID-19 Impact Since the beginning of 2020, global financial markets have been monitoring and reacting to the impact of the currently ongoing spread of COVID-19 (coronavirus) and the multidimensional response its spread has elicited. This has resulted in ongoing and widespread market volatility and, given changing market conditions on an almost daily basis, it cannot be determined what effect, if any, this will have on the Fund and the performance of its portfolio during this time period or over the next several months. Additionally, the Investment Manager is monitoring developments relating to coronavirus and is coordinating its operational response based on existing business continuity plans and on guidance from global health organizations, relevant governments, and general pandemic response best practices. 24


  • Page 27

    Pomona Investment Fund Other Information (Unaudited) March 31, 2020 Proxy Voting The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31. The Fund’s Form N-PX filing is available: (i) without charge, upon request, by calling the Fund at 1-844-2POMONA or (ii) by visiting the SEC’s website at www.sec.gov. Availability of Quarterly Portfolio Schedules The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q (or as an exhibit to its report on Form N-Q’s successor form, Form N-PORT). The Fund’s Form N-Q and N-PORT are available, without charge and upon request, on the SEC’s website at www.sec.gov or may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the Public Reference Room may be obtained by calling 1-800-SEC-0330. Tax Information For Federal income tax purposes, the Fund designated long-term capital gain dividends of $12,870,379 for the tax year ended October 31, 2019. Approval of Continuance of Investment Management Agreement This section describes some factors considered by the Board of Trustees (the “Trustees” or “Board”) of Pomona Investment Fund (the “Fund”) in the Board’s consideration and approval of the continuance of key agreements under which the Fund is managed. The Board is responsible for the oversight of the Fund. As a registered investment company, the Fund is subject to the Investment Company Act of 1940, as amended (the “1940 Act”) and the rules under the 1940 Act that have been adopted by the U.S. Securities and Exchange Commission (the “SEC”). Under the 1940 Act, the Board, including a majority of the Trustees who are not parties to the Fund’s contract for investment advisory services and who are independent from management under a statutory standard set forth in that Act (the “Independent Trustees”), must, to allow an investment adviser to manage the Fund, approve the Fund’s agreement for investment advisory services for an initial term of not greater than two years, and thereafter must annually review and approve the agreement. For the Fund, this agreement is called the Investment Management Agreement (the “Advisory Agreement”) and it appoints Pomona Management LLC (the “Adviser”) to serve as investment adviser. At a meeting held on February 26, 2020 (the “Meeting”), the Board, including all of the Independent Trustees, met in person, joined by, among others, representatives of the Adviser and counsel to the Fund and Adviser (“Fund Counsel”), to give consideration to information provided by the Adviser in seeking approval from the Board of the continuance of the Advisory Agreement. A description of certain of the factors the Board considered and its conclusions in approving the continuance of the Advisory Agreement for a one-year period (the “Renewal Period”) follows. In preparation for the Meeting, the Board was presented with information to assist in its deliberations. Those materials included information prepared by the Adviser comparing the Fund’s total contractual advisory fees, fees for administrative services, and total expense ratio, both gross and net of expense limitations, with those of peer funds with comparable investment and structural features selected by the Adviser (the “Selected Peer Group”). The Board also received information related to the methodology used by the Adviser in constructing the Selected Peer Group. The materials also included information about the Adviser, a copy of the Advisory Agreement, and a copy of the Adviser’s Form ADV filed with the SEC. The Trustees also received a memorandum from Fund Counsel describing the Board’s responsibilities with respect to the approval of the Advisory Agreement. In connection with the Meeting, the Board also reviewed information provided by the Adviser or others concerning the following: • the key terms of the Advisory Agreement, including the fees payable under the agreement; • the nature and extent of the services provided by the Adviser, including information about the investment objective, policies and strategies applicable to the Fund and the Adviser’s experience and capabilities in private equity investing; • the Adviser’s experience and capabilities in managing a fund that invests primarily in secondary investments in private equity funds; 25


  • Page 28

    Pomona Investment Fund Other Information (Unaudited) March 31, 2020 (continued) • the Adviser’s experience and capabilities in managing a fund that provides private equity exposure that is differentiated by type of private equity opportunity and geography; • the investment performance of the Fund and other accounts that are managed by the Adviser; • the current organization and personnel of the Adviser, including background information and their experience in private equity investing, changes in the Fund’s portfolio management team during the preceding year and information about expected changes to certain personnel of the Adviser; • a copy and a summary of the key terms of the Administration Agreement between the Fund and the Adviser (in its role as Administrator under the Administration Agreement), including the fees payable under the Administration Agreement and indemnification provisions in favor of the Adviser; and • a copy of the Distribution Agreement between the Fund and Voya Investments Distributor, LLC (the “Distributor”) and a description of the manner in which the Fund’s shares are distributed by its principal underwriter, and the payment by certain share classes of the Fund of a distribution and shareholder servicing fee to the Distributor. Nature, Extent and Quality of Services Provided Under the Advisory Agreement In addition to the items described above, the Board considered and reviewed information concerning (1) the services provided under the Advisory Agreement; (2) the nature and quality of services provided to the Fund by the Adviser; (3) the risk and reward characteristics of the Fund based on the Adviser’s strategies and management; (4) the access that the Fund provides to eligible investors to private equity investments that otherwise can be difficult to access; and (5) the value of making available in a registered fund strategies similar to those that the Adviser provides to privately offered funds. Based upon its review, the Board concluded that Adviser’s continued management likely would benefit the Fund and its shareholders. Fee Rates and Profitability The Board reviewed and considered the contractual fee for advisory services, as well as the contractual fee for administrative services, payable by the Fund to the Adviser. The Trustees also reviewed the comparative fee information from the analysis prepared by the Adviser. The Trustees noted the difficulty in identifying relevant comparative fee information due to the Fund’s unique structure and investment strategies and the limited universe of similar funds. The Board further noted that there are no known research firms that provide research coverage for unlisted closed-end funds, generally, or funds that focus on investing in private equity in particular. The Trustees considered the criteria the Adviser had used in selecting the Selected Peer Group and in determining which funds in the Selected Peer Group are relevant for the various comparisons of fee and expense information presented by the Adviser. In considering the fees payable under the Advisory Agreement, the Board considered the pricing structure, including the expense ratio borne by shareholders of the Fund, including that the advisory fee is higher than the median advisory fee of relevant funds in the Selected Peer Group, although some of those funds are subject to performance and/or incentive fees that can raise their effective fee levels. The Trustees also took into account the Adviser’s representations regarding the complexity associated with managing the Fund given its strategies and focus on private equity investing, including the emphasis on secondary investments in private equity funds and on private equity exposure that is differentiated by type of private equity opportunity and geography. The Board also considered that the net expense ratio of the Fund is higher than the median and mean net expense ratio of relevant funds in the Selected Peer Group. The Trustees took into account: (1) the Adviser’s agreement to subsidize the Fund’s expenses for a period of time through fee waivers, which lower the Fund’s net expenses, and (2) that the Selected Peer Group did not include any funds that focused primarily on secondary investments in underlying private equity funds in a manner similar to the Fund. The Board also considered the fees charged by the Adviser to private funds under its management with similar investment strategies to those of the Fund, and noted that although the advisory fee for the Fund is higher than the advisory fee charged to the Adviser’s most recent private fund, each of the private funds have performance and/or incentive fees that, depending on performance, may cause a private fund’s effective fees to be higher than its base fee. The Trustees also reviewed the contractual fee paid under the Administration Agreement and compared the Fund’s administration fee structure to that of a fund in the Selected Peer Group. The Board considered that the Selected Peer Group fund was subject to a higher administration fee than that of the Fund (though the Selected Peer Group fund’s administration 26


  • Page 29

    Pomona Investment Fund Other Information (Unaudited) March 31, 2020 (continued) fee has the potential to decrease in the future if the Fund’s assets were to grow significantly). The Trustees also noted that the Fund’s estimated “other expenses,” inclusive of the administration fee, is higher than the median and mean of “other expenses” among the Selected Peer Group funds. With respect to the profits realized by the Adviser, the Board considered the asset levels at which the Adviser expects to begin to attain a profit on managing the Fund. The Adviser reported that the Fund was expected to be profitable to the Adviser on an ongoing basis for the first time in 2019 and that the Adviser expects to continue to see increasing profits from the Fund in future projected years. Based on its review, the Board concluded, in light of the Fund’s investment objective and strategies and the services rendered by the Adviser, that the fee for the Advisory Agreement is reasonable and that the overall expenses borne by the Fund, including the fees paid under the Advisory and Administration Agreements, and the net expenses of the Fund after the expense limits that the Adviser bears are reasonable. Economies of Scale While it was noted that the Fund’s advisory and administration fees will not decrease as the Fund’s assets grow because these fees are not subject to fee breakpoints, the Board concluded that the Fund’s advisory and administration fees are appropriate in light of the projected size of the Fund and appropriately reflect the current economic and competitive environment for the Adviser. The Board further noted that the Adviser projects that the Fund will incur expenses in excess of the current expense limitation agreement until at least March 31,2021, during which time the Adviser will bear the expenses through a waiver of its management fee. They considered that, subsequent to March 31, 2021, the Adviser projects that the amount of expenses incurred by the Fund may fall below the expense limitation, and as a result, the Adviser could begin to recoup such waived fees. The Trustees observed that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale in the future as the Fund grows to determine if and how and how any such economies of scale could be shared with the Fund and its investors. Performance The Board concluded on the basis of information derived from a comparison of performance among funds in a peer group with the Fund that the Adviser had achieved investment performance that was competitive relative to comparable funds over longer-term trailing periods, and the Trustees took into consideration the fact that the Adviser focuses on long-term performance results with respect to its management of the Fund and that the Fund may have periods of under performance when measured on a more short-term basis. The Board considered the performance of the Fund relative to that of a peer group of funds selected by the Adviser with similar investment strategies and objectives to those of the Fund (the “Performance Peer Group”). The Board noted the difficulty in selecting a peer group for the Fund, based on factors similar to those discussed in the “Fee Rates and Profitability” section above and observed that no third-party research firms have identified relevant peer groups for purposes of comparing the Fund’s performance. The Trustees considered that the returns of the Fund’s Class A Shares outperformed the median returns of the Performance Peer Group for the three-year periods ended September 30, 2018 and September 30, 2019, and outperformed the median returns for the one-year periods ended March 31, 2016, March 31, 2018 and March 31, 2019. The Fund underperformed the median returns of the Performance Peer Group for the one-year period ended March 31, 2017. The Board concluded that the Adviser has the capabilities to generate a satisfactory long-term investment performance in managing the Fund that is appropriate in light of the Fund’s investment objective, policies and strategies. Other Benefits to the Adviser The Board also considered other ancillary benefits that have been realized by the Adviser from its relationship with the Fund. The Board noted that the Adviser also serves as Administrator to the Fund and is compensated for those services. The Board also noted that an affiliate of the Adviser serves as Distributor for the Fund and is compensated for those services. The Board did not identify any other ancillary benefits. The Trustees concluded that the other benefits derived by the Adviser and its affiliates from their relationship with the Fund are reasonable and fair and consistent with industry practice and the best interests of the Fund and its shareholders. Conclusion Based on consideration of all factors deemed relevant, the Board determined that approval of the continuance of the Advisory Agreement was in the best interests of the Fund. The Board did not identify any single factor or group of factors as all important or controlling and considered multiple factors. 27


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    Pomona Investment Fund Fund Management (Unaudited) March 31, 2020 Independent Trustees The Independent Trustees of the Fund, their ages, addresses, positions held, lengths of time served, their principal business occupations during the past five years, the number of portfolios in the Fund Complex (defined below) overseen by each Independent Trustee and other directorships, if any, held by the Trustees, are shown below. The Fund Complex includes any open-end and closed-end funds (including all of their portfolios) advised by the Adviser and any registered funds that have an adviser that is an affiliate of the Adviser. Other Number of Trusteeships/ Position(s) Length Portfolios Directorships Held with of Time Principal Occupation(s) Overseen in Held Outside the Name, Age and Address Registrant Served* During Past 5 Years Fund Complex Fund Complex** Independent Trustees Anthony Bowe (63) Trustee January Co-Head of The Credit 1 None 780 Third Avenue 2015 – Suisse Private Fund Group 46th Floor Present (1998 – 2014). New York, NY 10017 Richard D’Amore (66) Trustee January Co-Founder and General 1 Director, Veeco 780 Third Avenue 2015 – Partner of North Bridge Instruments, Inc. 46th Floor Present Venture Partners (1999 – New York, NY 10017 present). Edwin A. Goodman (80) Trustee January Co-Founder and General 1 None 780 Third Avenue 2015 – Partner of Milestone 46th Floor Present Venture Partners (1999 – New York, NY 10017 present). * Each Trustee serves an indefinite term, until his or her successor is elected. ** This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years. 28


  • Page 31

    Pomona Investment Fund Fund Management (Unaudited) March 31, 2020 (continued) Interested Trustees The Interested Trustees of the Fund, their ages, addresses, positions held, length of time served, principal business occupations during the past five years, the number of portfolios in the Fund Complex overseen by each Interested Trustee (as of March 31, 2020) and the other directorships, if any, held by the Interested Trustee, are shown below. Other Number of Trusteeships/ Position(s) Length Portfolios Directorships Held with of Time Principal Occupation(s) Overseen in Held Outside the Name, Age and Address Registrant Served* During Past 5 Years Fund Complex Fund Complex** Interested Trustees Michael D. Granoff (61) Trustee, August Chief Executive Officer of 1 None 780 Third Avenue President 2014 – Pomona Management LLC 46th Floor and Present (1994 – present). New York, NY 10017 Principal Executive Officer Michael J. Roland (62) Trustee January Managing Director and 1 None 7337 East Doubletree 2015 – Chief Operating Officer, Ranch Road, Present Voya Investments, LLC Suite 100 and Voya Funds Services, Scottsdale, AZ 85258 LLC (April 2012 – April 2018). Formerly, Chief Compliance Officer, Directed Services LLC and Voya Investments, LLC (March 2011 – December 2013), Executive Vice President and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (January 2007 – April 2012) and, Chief Compliance Officer, Voya Family of Funds (March 2011 – February 2012). * Each Trustee serves an indefinite term, until his or her successor is elected. ** This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years. 29


  • Page 32

    Pomona Investment Fund Fund Management (Unaudited) March 31, 2020 (continued) Officers The executive officers of the Fund, their ages, addresses, positions held, lengths of time served and principal business occupations during the past five years are shown below. Position(s) Held Length of Principal Occupation(s) Name, Age and Address with Registrant Time Served* During Past 5 Years Officers Michael D. Granoff (61) President and August 2014 Chief Executive Officer of Pomona Management 780 Third Avenue Principal Executive – Present LLC (1994 – present). 46th Floor Officer New York, NY 10017 Joel Kress (47) Treasurer and May 2015 Chief Operating Officer, Pomona Investment 780 Third Avenue Principal Financial – Present Fund (April 2015 – Present); Managing 46th Floor Officer Member, Z to A Ventures, LLC (2013 – March New York, NY 10017 2015); Partner and Senior Managing Director, ICON Investments (2005 – 2012). Frances Janis (61) Secretary August 2014 Senior Partner, Pomona Management LLC 780 Third Avenue – Present (1994 – present). 46th Floor New York, NY 10017 * Each officer serves an indefinite term, until his or her successor is elected. 30


  • Page 33

    Pomona Investment Fund Privacy Policy (Unaudited) FACTS WHAT DOES POMONA INVESTMENT FUND (“POMONA”) DO WITH YOUR PERSONAL INFORMATION? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, Why? share and protect your personal information. Please read this notice carefully to understand what we do. The types of personal information we collect and share depend on the product or service you have with us. This information can include: Your name, address, phone number, e-mail address, social What? security number and your transactions with us. When you are no longer our customer, we may continue to share your information as described in this notice. All financial companies need to share personal information to run their everyday business. In the How? section below, we list the reasons financial companies can share their personal information; the reasons we choose to share; and whether you can limit this sharing. Does Pomona Can you limit Reasons we can share your personal information share? this sharing? For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or Yes No report to credit bureaus For our marketing purposes — to offer our products and services to you Yes No For joint marketing with other financial companies No We don’t share For our affiliates’ everyday business purposes — information about your No We don’t share transactions and experiences For our affiliates’ everyday business purposes — information about your No We don’t share creditworthiness For non-affiliates to market to you No We don’t share Questions? Call 1-844-2POMONA or go to pomonainvestmentfund.com. 31


  • Page 34

    Pomona Investment Fund Privacy Policy (Unaudited) (continued) Who We Are Who is providing this notice? POMONA INVESTMENT FUND (“POMONA”) What We Do To protect your personal information from unauthorized access and use, we How does Pomona protect my use security measures that comply with federal law. These measures include personal information? computer safeguards and secured files and buildings. We collect your personal information, for example, when you • open an account • provide account information How does Pomona collect my • seek information about your investments personal information? • make investments or withdrawals from your account • tell us where to send the money We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. Federal law gives you the right to limit only • sharing for affiliates’ everyday business purposes — information about your creditworthiness Why can’t I limit all sharing? • affiliates from using your information to market to you • sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. Definitions Companies related by common ownership or control. They can be financial and Affiliates nonfinancial companies. Companies not related by common ownership or control. They can be financial Non-affiliates and nonfinancial companies. A formal agreement between nonaffiliated financial companies that together Joint marketing market financial products or services to you. For Other Important Information See our Supplemental State-Specific Privacy Notice, attached as Appendix A, for additional information about the categories of personal information that we collect and share, the individual rights granted under certain state laws, and how to exercise those rights. Pomona does not sell personal information. If you live in a state such as California or Vermont where the laws further restrict the sharing of your personal information, we will not share information we collect about you with nonaffiliates, unless the law allows, and we will limit sharing among our affiliates to the extent required by state law. Questions? Call 1-844-2POMONA or go to pomonainvestmentfund.com. 32


  • Page 35

    Pomona Investment Fund Supplemental State-Specific Privacy Notice (Unaudited) This notice applies to individuals only as and to the extent required by state law. You may live in a state that does not have an applicable law, or the law may contain exemptions that make this notice inapplicable to you. DO NOT SELL POMONA DOES NOT SELL PERSONAL INFORMATION Categories The categories of personal information we collect depend on the product or service you have with of personal us and may include your name, postal address, email address, Social Security number, driver’s information we license number, passport number, professional or employment-related information and other financial collect information. If you visit our website, we may collect your Internet Protocol (IP) address, browsing history, search history and information regarding your interaction with our web sites, applications and advertisements. Purposes for The business purposes for which we collect personal information include the provision of financial which we products and services (e.g. maintaining accounts, processing payments, servicing customers), collect personal auditing consumer interactions and transactions, detecting security incidents and preventing fraud, information identifying and repairing errors that impair functionality, activities to verify or enhance the quality of services, and other internal uses permitted under applicable laws. Third parties All financial companies need to share personal information to run their everyday business. The with which categories of third parties with which Pomona shares personal information include service providers, personal third party administrators, brokers, banks, custodians, financial advisors, and affiliates. information is shared Individual Rights Description Right to deletion Your right to request that Pomona delete your personal information, unless it is necessary for us to retain it for a purpose permitted by law. Right to disclosure Your right to request that Pomona disclose to you the following: (1) the categories of personal information we have collected about you, (2) the categories of sources from which the personal information is collected, (3) the business or commercial purpose for collecting the personal information, (4) the categories of third parties with which we share the personal information, and (5) the specific pieces of personal information we have collected about you. Right to information Your right to request that Pomona disclose to you the following: (1) the fact that we do not about onward sell your personal information, and (2) the categories of your personal information that we disclosures have disclosed for a business purpose. Right to prohibit sales Your right to direct a business that sells personal information to third parties not to sell your personal information. Pomona does not sell personal information. Right to fair treatment We may not discriminate against you for exercising any of your individual rights, such as by denying you products or services, charging you different prices or rates, or providing a different level or quality of products and services. To Exercise Your Contact us to submit a personal data request at Individual Rights 1-844-2POMONA or pomonainvestmentfund.com. Voya Investments Distributor, LLC, Member FINRA/SIPC, serves as distributor for Pomona Investment Fund. Page 3 Our office is located at 780 Third Avenue, 46th Floor, New York, NY 10017. (1/1/2020) 33


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