# EDGAR Filing Document

**Accession Number:** 0001616203
**File Stem:** 0001398344-26-010628
**Filing Date:** 2026-6
**Character Count:** 223302
**Document Hash:** ee00f33dc5da5a664158fc5a32b185bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010628.hdr.sgml**: 20260609

**ACCESSION NUMBER**: 0001398344-26-010628

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260609

**DATE AS OF CHANGE**: 20260609

**EFFECTIVENESS DATE**: 20260609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pomona Investment Fund
- **CENTRAL INDEX KEY:** 0001616203

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22990
- **FILM NUMBER:** 261075867

**BUSINESS ADDRESS:**
- **STREET 1:** 780 THIRD AVENUE, 46TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (212) 593-3639

**MAIL ADDRESS:**
- **STREET 1:** 780 THIRD AVENUE, 46TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pomona Private Equity Fund
- **DATE OF NAME CHANGE:** 20140807

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22990

Pomona Investment Fund

(Exact name of registrant as specified in charter)

780 Third Avenue, 46<sup>th</sup> Floor

New York, NY 10017

(Address of principal executive offices) (Zip code)

Michael D. Granoff

Pomona Management LLC

780 Third Avenue, 46<sup>th</sup> Floor

New York, NY 10017

(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2026

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

(a) ![](fp0098286-1_01.jpg)

**Table of Contents**

---

| | |
|:---|:---|
|  | PAGE |
| Management's Discussion of Fund Performance (Unaudited) | 1 |
| Performance Update (Unaudited) | 2 |
| Consolidated Schedule of Investments | 3 |
| Consolidated Statement of Assets and Liabilities | 10 |
| Consolidated Statement of Operations | 11 |
| Consolidated Statements of Changes in Net Assets | 12 |
| Consolidated Statement of Cash Flows | 14 |
| Consolidated Financial Highlights | 15 |
| Notes to Consolidated Financial Statements | 17 |
| Report of Independent Registered Public Accounting Firm | 28 |
| Additional Information (Unaudited) | 29 |
| Approval of Continuance of Investment Management Agreement (Unaudited) | 30 |
| Fund Management (Unaudited) | 33 |
| Privacy Policy (Unaudited) | 36 |

---

Management's Discussion of <br> Pomona Investment Fund Fund Performance (Unaudited)

March 31, 2026

**Performance Overview**

For the fiscal year ending on March 31, 2026, Pomona Investment Fund ("PIF" or the "Fund") generated a net total return of 2.45%<sup>1</sup>. While this result modestly lagged the MSCI World Index (the "Index") over the same period, the Fund has continued to deliver strong long-term performance relative to public market benchmarks. Over the past ten years, the Fund has delivered a net annualized return of 12.64%, outperforming the Index by 28 basis points. Since inception on May 7, 2015, PIF has compounded at a net annualized 11.82%, outperforming the Index by 103 basis points and returning 237.86% on a cumulative basis compared to 205.49% for the Index. Across this period, the Fund has delivered these results with materially lower volatility (annualized standard deviation of 8.44% versus 15.55% for the Index)<sup>1</sup>.

**Market Conditions**

In 2025, private equity showed signs of recovery, though gains were uneven. Policy uncertainty and tariff-driven market turbulence in the spring weighed on activity in the first half of the year, while a stronger second half helped offset those headwinds. Global buyout deal value rose 44% year over year and exit value increased 47%, though both were driven largely by a small number of very large transactions, and overall deal count declined<sup>2</sup>.

Private equity fundraising remained challenged, with global buyout fundraising declining 16% as limited partners continued to face constraints from low distributions and extended holding periods. Distributions as a percentage of net asset value held below 15% for the fourth consecutive year, a level not seen since the global financial crisis<sup>3</sup>.

The secondary market reached a record high in 2025, surpassing $200 billion in annual transaction volume for the first time<sup>4</sup>. Continued liquidity needs among institutional investors and the growing use of GP-led continuation vehicles drove volume across both the LP-led and GP-led segments of the market. These dynamics continued to create selective opportunities for secondary buyers to acquire high-quality assets at favorable pricing in an active and well-supplied market.

**Investment Program**

During the fiscal year ended March 31, 2026, Pomona Investment Fund completed investments that brought the portfolio to 339 underlying private equity funds, representing relationships with 155 managers and exposure to approximately 2,300 portfolio companies. The Fund continued to pursue its longstanding strategy of maintaining a highly diversified portfolio, focused on mature private equity assets across a range of strategies, vintages, and regions.

Over the year, the Fund committed approximately $221 million, acquiring interests in 21 funds through secondary transactions and making three additional primary commitments. Pomona Management LLC, the Fund's adviser, remained focused on identifying investments it considers to be strong, long-term opportunities.

See below for a chart depicting the allocation of PIF's portfolio by investment type as of March 31, 2026:

![](fp0098286-1_02.jpg)

<sup>1</sup> Represents performance for PIF's Class A shares.

<sup>2</sup> Bain & Company Global Private Equity Report – March 2026

<sup>3</sup> Lazard Secondary Market Report 2025 – February 2026

4 Jefferies Global Secondary Market Review – January 2026

<sup>5</sup> Calculated as a percent of the total fair value of the Fund's investments as of March 31, 2026. See Note 3 in the Notes to Consolidated Financial Statements for definitions of each investment category. May not foot due to rounding.

Annual Report \| March 31, 2026 1

Pomona Investment Fund Performance Update (Unaudited)

March 31, 2026

**Performance of $25,000 Initial Investment** *(as of 3/31/2026)*

![](fp0098286-1_03.jpg)

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

**Average Annual Total Returns** *(as of 3/31/2026)*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Since Inception** | **Inception Date** |
| Pomona Investment Fund Class A | 2.45% | 6.59% | 8.58% | 12.64% | 11.82% | 5/7/2015 |
| Pomona Investment Fund Class A (w/Load) | -0.62% | 5.51% | 7.92% | 12.30% | 11.50% | 5/7/2015 |
| Pomona Investment Fund Class I | 3.03% | 7.20% | 9.20% | N/A | 13.56% | 4/1/2018 |
| MSCI World Index | 19.39% | 17.29% | 10.77% | 12.36% | 10.78% | 5/7/2015 *<sup>(a)</sup>* |

---

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

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

*<sup>(a)</sup>* *May 7, 2015 is not the inception date of the MSCI World Index.*

2 www.pomonainvestmentfund.com

Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Private Equity Investments (99.17%)⁽ᵅ⁾** | **Geographic**<br>**Region<sup>(b)</sup>** | **Acquisition**<br>**Date** | <br>**Cost<sup>(c)</sup>** | <br>**Fair Value** |
| &nbsp;&nbsp;&nbsp;***Direct Investments/Co-Investments (1.67%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl GP Stakes Nimbus Cayman (B) LP⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/10/2021 | $3987899 | $7195976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl GP Stakes Nimbus U.S. (A) LLC⁽ᵍ⁾ | North America | 09/10/2021 | 4846992 | 3269449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSV Opportunities B, FCRE⁽ᵈ⁾⁽ᶠ⁾ | Europe | 12/16/2021 | 9070149 | 6013367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investcorp Aspen Offshore Fund, L.P.⁽ᵈ⁾ | Rest of World | 07/01/2019 | 3990814 | 10761832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roark Capital Partners II Sidecar LP⁽ᵈ⁾⁽ᶠ⁾ | North America | 10/18/2018 | 934681 | 1898094 |
| &nbsp;&nbsp;&nbsp;***Total Direct Investments/Co-Investments*** |  |  | 22830535 | 29138718 |
| &nbsp;&nbsp;&nbsp;***Primary Investments (5.81%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABS Capital Partners IX, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/25/2024 | 1335119 | 1422856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accel-KKR Capital Partners VII LP⁽ᵈ⁾⁽ᶠ⁾ | North America | 12/16/2022 | 1584875 | 1098958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accel-KKR Growth Capital Partners IV LP⁽ᵈ⁾⁽ᶠ⁾ | North America | 12/17/2021 | 1403029 | 1472874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax XI USD L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 10/19/2023 | 3447004 | 3805734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC Partners XII GE-1 LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 10/10/2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl GP Stakes V Offshore Investors LP⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/20/2021 | 6395343 | 4601066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPEA EQT Mid-Market Growth Partnership, SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Rest of World | 06/07/2023 | 650572 | 716596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners VII (USTE), L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 09/17/2021 | 3961426 | 4188955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners XI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 04/26/2023 | 1065860 | 1227975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Gate Fund VII-A, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2025 | 860409 | 1664360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors Side IX, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/01/2022 | 3286828 | 3866104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halifax Capital Partners V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2023 | 699848 | 1190615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners IX (Parallel), L.P.⁽ᶠ⁾ | North America | 09/28/2018 | 1831379 | 3189071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners X (Parallel), L.P.⁽ᶠ⁾ | North America | 05/10/2021 | 4411234 | 5498863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners XI (Parallel), L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 12/16/2022 |  | (22558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HighVista Private Equity VIII (Offshore), L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 04/11/2019 | 2270158 | 3148324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwest Mezzanine Partners V-A, LP⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2023 | 6118174 | 5789205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roark Capital Partners V (TE) LP⁽ᶠ⁾ | North America | 04/30/2018 | 4499436 | 7489593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roark Capital Partners VI (TE) LP⁽ᶠ⁾⁽ᵍ⁾ | North America | 01/28/2022 | 3423680 | 5638215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solamere Capital AF V, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2024 | 854369 | 770702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solamere Series IV Leaders Fund, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 11/29/2024 | 2155885 | 2217119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sorenson Capital Partners IV-B, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 01/11/2022 | 6451046 | 8203736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA XIV-B, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 05/27/2021 | 4237200 | 4705931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA XV-B, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 04/27/2023 | 2400000 | 2169867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Veritas Capital Fund VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 10/10/2019 | 2921282 | 3880787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Veritas Capital Fund VIII, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/16/2022 | 6984316 | 8831379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thoma Bravo Explore Fund II-A, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 02/03/2022 | 1973666 | 1789316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thoma Bravo Fund XV-A, L.P.⁽ᶠ⁾ | North America | 02/03/2022 | 4761738 | 5950755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Lee Fund X, L.P⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 10/06/2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triton Fund 6 SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 10/11/2024 | 65720 | 566114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vector Capital VI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 02/26/2025 | 4318362 | 3978457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VIII-A, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 04/27/2022 | 2095586 | 2531747 |
| &nbsp;&nbsp;&nbsp;***Total Primary Investments*** |  |  | 86463544 | 101582716 |
| &nbsp;&nbsp;&nbsp;***Early Secondary Investments (5.72%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerospace, Transportation and Logistics Fund II LP⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2019 | 1599605 | 2360837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Healthcare Partners (Offshore) I, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 12/01/2017 | 311266 | 135042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Odin CV-A, L.P.⁽ᶠ⁾ | North America | 09/05/2024 | 1153363 | 3149413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners IV, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 06/08/2016 | 2509776 | 3905201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners VI-A, L.P.⁽ᶠ⁾ | North America | 12/17/2021 | 8766625 | 8673812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Partners (Cayman) XII Buyout Annex Fund, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 10/26/2021 | 4690000 | 5867932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironsides Offshore Direct Investment Fund V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2019 | 2125306 | 3300865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L Catterton IX, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 03/09/2021 | 6707106 | 6749647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Mezzanine Fund VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/02/2018 | 1737132 | 1537554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NB Credit Opportunities II Cayman Feeder LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2023 | 11558769 | 14107992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanSound Partners Fund, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 01/31/2022 | 6473677 | 9929822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanSound SMX Rollover AIV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/26/2024 | 2662172 | 3169673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners IX-A S.C.Sp.⁽ᶠ⁾⁽ᵍ⁾ | North America | 10/05/2023 | 5663288 | 6330425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valeas Capital Partners Fund I-A LP⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2024 | 17290949 | 28116353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSS Structured Capital Parallel III, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 01/26/2018 | 3009047 | 2701120 |
| &nbsp;&nbsp;&nbsp;***Total Early Secondary Investments*** |  |  | 76258081 | 100035688 |
| &nbsp;&nbsp;&nbsp;***Secondary Investments (85.98%)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A10 USD (Feeder) L.P.⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/28/2024 | 667773 | 1133495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A9 EUR (Feeder) L.P.⁽ᶠ⁾⁽ᵍ⁾ | Europe | 10/19/2023 | 8378244 | 6325330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A9 USD (Feeder) L.P.⁽ᶠ⁾⁽ᵍ⁾ | Europe | 10/19/2023 | 2964117 | 2189234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABRY Partners IX, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 1602375 | 1909462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABRY Senior Equity V, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 1263427 | 1282279 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

Annual Report \| March 31, 2026 3

Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Private Equity Investments (99.17%)⁽ᵅ⁾ (Continued)** | **Geographic**<br>**Region<sup>(b)</sup>** | **Acquisition**<br>**Date** | <br>**Cost<sup>(c)</sup>** | <br>**Fair Value** |
| &nbsp;&nbsp;&nbsp;***Secondary Investments (85.98%) (Continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABS Capital Partners VII Offshore, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 10/01/2023 | $2133217 | $3609554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABS Capital Partners VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 10/01/2023 | 5477962 | 9287428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accel-KKR Capital Partners CV III, LP⁽ᵈ⁾⁽ᶠ⁾ | North America | 06/30/2021 | 3546039 | 1109026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actis Energy 5 LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 06/30/2023 | 573011 | 712312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent Global Technology II Limited Partnership⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2025 | 577220 | 1003205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VI-A Limited Partnership⁽ᵈ⁾⁽ᵍ⁾ | Europe | 03/31/2021 | 41815 | 119488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VII-B Limited Partnership⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2015 | 1576936 | 242136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VIII-B-2 Limited Partnership⁽ᵈ⁾⁽ᵍ⁾ | North America | 03/31/2022 | 2218461 | 1380853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VIII-C Limited Partnership⁽ᵈ⁾⁽ᵍ⁾ | Europe | 12/31/2019 | 1131941 | 1029684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEA EXC CF LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 08/12/2022 | 12247040 | 15390647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Private Equity Fund 7 (SCA) SICAR⁽ᵈ⁾⁽ᵍ⁾ | Europe | 06/28/2024 | 21809070 | 22607307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Industrial Partners Fund IV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/28/2024 | 15680 | 179152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Securities Partners VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2022 | 3788023 | 2698910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Securities Partners VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/30/2022 | 26370091 | 15737409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AP VIII Private Investors Offshore (USD), L.P.⁽ᵈ⁾⁽ᶠ⁾ | Europe | 06/30/2017 | 155766 | 12296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AP VIII Private Investors, LLC⁽ᵈ⁾⁽ᶠ⁾ | Europe | 06/28/2019 | 1764225 | 244963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax Europe VI - A, L.P.⁽ᵈ⁾⁽ᶠ⁾ | Europe | 12/30/2016 | 418681 | 118120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax Europe VII - B, L.P.⁽ᵈ⁾⁽ᶠ⁾ | Europe | 03/31/2021 | 20004 | 24278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax IX USD L.P.⁽ᶠ⁾⁽ᵍ⁾ | Europe | 10/19/2023 | 12913267 | 9526288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund VI, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 12/31/2018 | 207218 | 63511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Capital Trust 5B⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Rest of World | 03/28/2024 | 654329 | 228457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artiman Ventures III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2021 | 547290 | 295995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg Normec Fund⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 09/24/2024 | 583596 | 950500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VI SLP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/31/2022 | 3206778 | 1821186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VII SLP⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/31/2022 | 3047878 | 6886224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Capital Resources LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2021 | 1197510 | 224239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audax Mezzanine Fund III, L.P. | North America | 09/30/2016 | 1134916 | 112361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audax Private Equity Aspen CF, L.P.⁽ᵈ⁾ | North America | 03/24/2022 | 7370000 | 9880354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audax Private Equity Fund III, L.P. | North America | 09/30/2015 | 2299732 | 95145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audax Private Equity Fund, L.P. | North America | 12/31/2018 | 2095 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurora Equity Partners V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2024 | 1466372 | 1223306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Asia Fund II, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Rest of World | 12/31/2019 | 1427220 | 389688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Asia Fund III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Rest of World | 06/30/2023 | 1843662 | 3524444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Distressed and Special Situations 2013 (E), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2015 |  | 14364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Empire Holdings, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/21/2022 | 17103635 | 18312206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Europe Fund III, L.P.⁽ᵍ⁾ | Europe | 12/30/2016 | 963168 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Europe Fund V, SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 06/28/2024 | 1462694 | 2447005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund VII, L.P.⁽ᵍ⁾ | North America | 12/29/2017 | 5467258 | 2807535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund X, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/30/2015 | 6079283 | 2203099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2024 | 1622172 | 1138662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 674784 | 1097826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital VII Coinvestment Fund, L.P.⁽ᶠ⁾ | North America | 12/29/2017 | 49218 | 36387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barley (No.1) Limited Partnership⁽ᵈ⁾⁽ᶠ⁾ | Europe | 04/25/2024 | 651442 | 410953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC Asia III Private Investors, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Rest of World | 06/30/2020 |  | 1816349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC Europe IV Private Investors, L.P.⁽ᶠ⁾⁽ᵍ⁾ | Europe | 06/30/2020 | 455132 | 463524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC European Capital IX-8 LP⁽ᶠ⁾ | Europe | 12/31/2020 | 1369226 | 479937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC European Capital X-10 LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 09/03/2025 | 13689208 | 13824419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC European Capital X-2 LP⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/28/2024 | 12788675 | 10949750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC European Capital X-7 LP⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/28/2024 | 984267 | 839431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC Life Sciences Private Investors, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 06/30/2020 | 166905 | 778973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC Partners XI GD - 2 LP⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/28/2024 | 13807316 | 17066321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC XI Private Investor, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 04/10/2020 | 801363 | 683188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC XII Private Investors, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 04/10/2020 | 972916 | 3477045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCP V-S L.P.⁽ᵈ⁾ | North America | 09/29/2017 | 47673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund VI, Limited Partnership⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2018 | 4895898 | 317095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2018 | 1177910 | 11347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund VIII (IND), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/03/2021 | 5911408 | 865837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Capital Partners V L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 09/29/2017 | 443653 | 4207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Capital Partners VII, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 380352 | 478271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Capital Partners VIII (Lux), SCSp⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 402037 | 516702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl GP Stakes US Investors LP⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2022 | 1286780 | 1500773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bowmark Capital Partners V, L.P.⁽ᵈ⁾⁽ᵍ⁾ | Europe | 06/30/2023 | 347940 | 60088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP ACE EV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/12/2025 | 1757299 | 2368446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPEA Private Equity Fund VI, L.P.1⁽ᶠ⁾⁽ᵍ⁾ | Rest of World | 06/30/2023 | 3649677 | 879857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brentwood Associates Private Equity V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/29/2023 | 4844032 | 4799516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgepoint Europe IV 'A' L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/28/2024 | 547430 | 410676 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

Annual Report \| March 31, 2026 4

Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Private Equity Investments (99.17%)⁽ᵅ⁾ (Continued)** | **Geographic**<br>**Region<sup>(b)</sup>** | **Acquisition**<br>**Date** | <br>**Cost<sup>(c)</sup>** | <br>**Fair Value** |
| &nbsp;&nbsp;&nbsp;***Secondary Investments (85.98%) (Continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgepoint Europe IV 'E' L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/31/2021 | $54141 | $95145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgepoint Europe Portfolio IV LP⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/28/2024 | 303260 | 523728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Partners Strategic Fund VI, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 12/31/2024 | 1109364 | 3240208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capiton VI GmbH & Co. Beteiligungs KG⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 09/30/2025 | 622348 | 734641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capvis Equity IV L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 06/28/2024 | 4767901 | 3039551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capvis Equity V L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 06/28/2024 | 17767892 | 20730362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Credit Opportunities Fund (Parallel), L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/29/2023 | 948078 | 1323219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners IV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/31/2025 | 11650977 | 12932989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners V - EU, S.C.Sp.⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/28/2024 | 21557752 | 18058388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners V, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 12/31/2019 | 53331 | 29292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners VII, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 45109451 | 48471764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners VIII, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2024 | 5577942 | 6420015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US Equity Opportunity Fund II, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2022 | 1294729 | 1272216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CB Offshore CF I, Limited Partnership⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/11/2024 | 2830057 | 6119283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCP Climb LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 05/03/2023 | 17693434 | 26824012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCP Strider LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 10/10/2022 | 15545080 | 26883146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Value Building Partners I, L.P.⁽ᵍ⁾ | Europe | 12/02/2021 | 9664748 | 13855655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDRF8 Private Investors, LLC⁽ᵈ⁾⁽ᶠ⁾ | North America | 06/30/2017 | 229064 | 5221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerbridge Seaport Acquisition Fund, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 04/27/2022 | 10373954 | 12944388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerberus Institutional Partners, L.P. - Series Four⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/30/2016 | 705459 | 37603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charlesbank Equity Fund VIII, Limited Partnership⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2022 | 3457338 | 3657120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charterhouse Capital Partners IX⁽ᵈ⁾⁽ᵍ⁾ | Europe | 12/31/2021 |  | 22118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHP III, L.P.⁽ᵈ⁾ | North America | 09/29/2017 | 215716 | 20006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CI Capital Investors III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2019 | 21071420 | 10894838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund IX, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2022 | 4142507 | 2000391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund X, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 608904 | 762971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners III, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2022 | 126092 | 132293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners IV, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2019 | 2362246 | 1404697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2022 | 2093257 | 1954715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Opportunities Partners (P-Offshore), L.P.⁽ᶠ⁾ | North America | 12/31/2019 | 654760 | 721125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coller International Partners VI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2021 | 318530 | 15348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comvest Capital III International (Cayman), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/29/2018 | 1611792 | 174721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corsair IV Financial Services Capital Partners, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2024 | 258088 | 1298743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corsair V Financial Services Capital Partners, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2024 | 2117378 | 2687597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Court Square Capital Partners (Offshore) III, L.P.⁽ᶠ⁾ | North America | 12/31/2020 | 649641 | 472472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CP VII Investors, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2025 | 5603257 | 5964625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crestview Partners II, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2024 | 746542 | 629821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VI (A) L.P.⁽ᶠ⁾⁽ᵍ⁾ | Europe | 12/29/2023 | 2979407 | 2468954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VI (B) L.P.⁽ᶠ⁾⁽ᵍ⁾ | Europe | 12/30/2022 | 11328647 | 8305201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VII (A) L.P.⁽ᶠ⁾⁽ᵍ⁾ | Europe | 08/18/2022 | 2158246 | 2869960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC European Equity Partners V (A) L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 12/30/2022 | 212127 | 288674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC European Equity Partners V (C) L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/31/2023 | 235566 | 321217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCM V, L.P.⁽ᵈ⁾ | Rest of World | 06/30/2015 | 1151030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCM VI, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 06/30/2015 | 1582190 | 227570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endless Fund IV A LP⁽ᶠ⁾⁽ᵍ⁾ | Europe | 06/28/2024 | 4082254 | 1758874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT IX (No.2) EUR SCSp⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/28/2024 | 1136503 | 1700683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT VII (No.1) Limited Partnership⁽ᵈ⁾⁽ᶠ⁾ | Europe | 12/31/2020 | 780770 | 362405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT VIII (No.1) SCSp⁽ᶠ⁾ | Europe | 12/31/2020 | 824173 | 656674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT VIII (No.2) SCSp⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/28/2024 | 609609 | 627935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equistone Partners Europe Fund IV "E" L.P.⁽ᶠ⁾⁽ᵍ⁾ | Europe | 12/31/2021 | 443182 | 103097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurazeo Capital Secondary Fund 2025 SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 05/02/2025 | 75564251 | 102079668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Cinven Fund (No.3) Limited Partnership | Europe | 12/31/2021 | 2025627 | 1563280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Arrows Florence Continuation Fund SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 05/05/2022 | 8412875 | 10955905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Francisco Partners II, L.P.⁽ᵈ⁾ | North America | 12/31/2018 | 106495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontenac XI Private Capital (M) Limited Partnership⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 07/24/2023 | 4342764 | 6491160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Equity Partners CV1, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 04/03/2025 | 15484919 | 19294662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSN Capital IV L.P.⁽ᵈ⁾⁽ᶠ⁾ | Europe | 12/31/2019 | 127408 | 26259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Atlantic Investment Partners 2013, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2019 | 1801643 | 1615807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners VIII BL (EU), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2020 | 1515217 | 2398980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar VIII Opportunities Fund I (EU), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2020 | 1045124 | 1487102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GESD Investors II Liquidating Trust⁽ᵈ⁾ | North America | 09/29/2017 |  | 4472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Gate Capital Opportunity Fund, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2025 | 1801450 | 2505798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Gate Capital Opportunity Fund-A, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2025 | 3929202 | 5495360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Hill Equity Partners IV, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 06/28/2024 | 1440901 | 1319357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors CF II, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 11/30/2021 | 1185423 | 1909480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors CF IV J, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 04/17/2025 | 2089279 | 1890763 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

Annual Report \| March 31, 2026 5

Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Private Equity Investments (99.17%)⁽ᵅ⁾ (Continued)** | **Geographic**<br>**Region<sup>(b)</sup>** | **Acquisition**<br>**Date** | <br>**Cost<sup>(c)</sup>** | <br>**Fair Value** |
| &nbsp;&nbsp;&nbsp;***Secondary Investments (85.98%) (Continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors CF IV-A, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 04/17/2025 | $2808180 | $2848128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors CF, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 04/26/2021 | 3369690 | 2616211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors Side VI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2021 | 2357922 | 1510494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/29/2017 | 3144333 | 12264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2022 | 1751245 | 1195899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 702568 | 703646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors VIII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 745670 | 1211180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gridiron Capital Fund II, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2019 | 1889628 | 120409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gridiron Energy Feeder I, L.P. | North America | 05/10/2017 | 54303 | 1010818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Co-Invest Fund IV, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 12/31/2020 | 294786 | 194997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Heritage Partners, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 6563507 | 7571848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Mezzanine Partners II, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/30/2022 | 9676739 | 9028466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Mezzanine Partners, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/30/2022 | 1506034 | 1778004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Odin CV, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/05/2024 | 2657232 | 7313727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners 3.5, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 12/31/2020 | 163282 | 15878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners IV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2020 | 9800185 | 11213934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 15337696 | 18537846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners V-A, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 12/31/2020 | 1769913 | 2123594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 19051478 | 20411868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSO Capital Opportunities Overseas Fund L.P.⁽ᶠ⁾ | North America | 12/31/2015 | 234409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSO Private Investors Offshore II, L.P.⁽ᶠ⁾ | North America | 06/30/2017 | 197243 | 35688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&F Arrow 2, L.P.⁽ᵈ⁾ | North America | 08/28/2020 | 1234810 | 2967486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&F Clyde 2, L.P.⁽ᵈ⁾ | North America | 02/16/2024 | 1736074 | 1995106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&F Executives IX, L.P.⁽ᶠ⁾ | North America | 09/30/2020 | 2211213 | 4017114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&F Executives VIII, L.P.⁽ᶠ⁾ | North America | 09/30/2020 | 1338852 | 2240101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.I.G. Advantage Buyout Fund, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/28/2024 | 16679912 | 15513551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.I.G. Bayside Debt & LBO Fund II, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2018 | 592614 | 677422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.I.G. Capital Partners IV, L.P.⁽ᵈ⁾ | North America | 12/31/2018 | 1701384 | 114352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.I.G. Capital Partners V, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2023 | 5151792 | 2963282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.I.G. Growth Buyouts & Equity Fund II, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 06/28/2024 | 1921678 | 1263271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halifax Capital Partners IV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2022 | 7823708 | 11612541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane-Carpenters Partnership Fund IV L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2022 | 12193794 | 11129463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane-Carpenters Partnership Fund V L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2022 | 7818504 | 9796978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners Structured Capital Fund II, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/30/2022 | 21371973 | 25823367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners Structured Capital Fund III, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/30/2022 | 16876032 | 20218677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners Structured Capital Fund, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/30/2022 | 9305303 | 5331319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCI Equity Partners EV I, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/09/2024 | 1189928 | 1646489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCI Equity Partners IV, L.P.⁽ᵍ⁾ | North America | 03/28/2024 | 1625901 | 517789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartwood Partners II, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2024 | 2176061 | 729157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners VII (Parallel), L.P.⁽ᶠ⁾ | North America | 06/28/2019 | 7713928 | 288741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners VII, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2021 | 763530 | 385485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HFCP VII (Parallel-A), L.P.⁽ᶠ⁾ | North America | 09/30/2021 | 913751 | 102847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Genesis 7 C L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/31/2023 | 475927 | 547242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Genesis 7 E L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 06/30/2023 | 791017 | 811007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hildred Perennial Partners I, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 11/22/2023 | 22833984 | 35076509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPE Continuation Fund I C.V.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 05/27/2021 | 3486120 | 4080278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Partners II, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 03/27/2021 | 184439 | 218678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Partners III, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/19/2021 | 3915482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Equity I LP⁽ᵈ⁾⁽ᶠ⁾ | North America | 12/31/2018 | 157636 | 48941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Equity II LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2018 | 1993952 | 1061874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Partners Continuation Fund (Cayman), L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2024 | 5217223 | 5723582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Partners Continuation Fund, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 08/14/2019 | 5951343 | 9407129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners (Cayman) IX, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2019 | 1277611 | 1587592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners (Cayman) VIII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2019 | 1281697 | 1907216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners (Cayman) X, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 2785161 | 4209159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners Coinvestment Fund (Delaware) III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2019 | 293756 | 252365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners Coinvestment Fund II, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 06/30/2015 | 560617 | 892817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners Coinvestment Fund III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2015 | 118917 | 130636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners Growth-Buyout Coinvestment Fund (Cayman), L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2019 | 581554 | 286595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners Growth-Buyout Coinvestment Fund, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2019 | 36679 | 17256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners IX, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2019 | 32557 | 35759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2015 | 1612660 | 1486036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners VIII (Co-Investors), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2019 | 161077 | 230123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners VIII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2015 | 2024605 | 2914664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investindustrial VII L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 09/30/2025 | 1308187 | 1717363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JLL Partners Fund VII Secondary (A), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 04/15/2025 | 17615962 | 19758613 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

Annual Report \| March 31, 2026 6

Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Private Equity Investments (99.17%)⁽ᵅ⁾ (Continued)** | **Geographic**<br>**Region<sup>(b)</sup>** | **Acquisition**<br>**Date** | <br>**Cost<sup>(c)</sup>** | <br>**Fair Value** |
| &nbsp;&nbsp;&nbsp;***Secondary Investments (85.98%) (Continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Investment Associates IX, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2022 | $1111909 | $1186695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelso Investment Associates VIII, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/29/2017 | 627868 | 36747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Americas Fund XII L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2021 | 3361837 | 4199366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Asian Fund II TE Blocker L.P.⁽ᵍ⁾ | Rest of World | 12/31/2024 | 1357142 | 637850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund V (USD) SCSp⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/28/2024 | 877046 | 1041973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR North America Fund XI L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2021 | 2263751 | 2224634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee Equity Partners Fund II, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 7850908 | 3624615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightspeed Venture Partners IX, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 12/31/2020 | 2034645 | 2280668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lion/Simba Investors, L.P.⁽ᶠ⁾ | Europe | 12/22/2020 | 934367 | 2213218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littlejohn Fund IV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2015 | 1732114 | 85274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littlejohn Fund V, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/29/2023 | 5169901 | 6493333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lovell Minnick Equity Partners III LP⁽ᵈ⁾⁽ᶠ⁾ | North America | 06/30/2021 | 777423 | 181873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Dearborn Capital Partners VII⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2022 | 5370393 | 5574681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Dearborn Capital Partners VIII-A, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 1594746 | 2070139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlin Equity III, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 06/30/2021 | 29533 | 34938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDCP Insurance SPV, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 05/09/2023 | 1798176 | 2827279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Europa Fund V LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/28/2024 | 397500 | 536010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montagu+ SCSp⁽ᶠ⁾⁽ᵍ⁾ | Europe | 11/10/2021 | 2253508 | 2885267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPE Partners II, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/28/2019 |  | 863705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NB SPV, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 08/27/2021 | 5000000 | 5256678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Capital Partners Private Equity Fund II, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2024 | 948558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 12, Limited Partnership⁽ᵈ⁾⁽ᶠ⁾ | North America | 09/29/2017 | 88504 | 14156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain Partners III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/29/2017 | 1040174 | 89739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain Partners IV, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2023 | 907837 | 538338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain Partners V, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2023 | 2149332 | 2272148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain SRC Rollover Fund, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 04/07/2025 | 1547561 | 1650779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NewView Capital Fund I, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 10/31/2018 | 3361688 | 4412138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Njord SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/05/2025 |  | 1061703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Bridge Growth Equity II, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 12/31/2020 | 7253497 | 4998299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwest Mezzanine Partners III, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/29/2023 | 1590607 | 1165485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwest Mezzanine Partners IV⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/29/2023 | 24913717 | 37875325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Investment Partners XII, Limited Partnership⁽ᵈ⁾ | North America | 03/29/2019 | 166027 | 38924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree Opportunities Fund IX (Cayman), L.P.⁽ᵍ⁾ | North America | 12/31/2021 | 431988 | 1145816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree Opportunities Fund VIII (Cayman) Ltd.⁽ᵍ⁾ | North America | 12/31/2021 | 1436 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree Private Investment Fund 2010, L.P.⁽ᶠ⁾ | North America | 06/30/2015 | 45196 | 7808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Odyssey Investment Partners Fund V, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2023 | 3905285 | 1665216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OEP VI Feeder (Cayman), L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2024 | 3587457 | 1096745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Equity Partners VIII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2025 | 1071828 | 1564082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Partners IV LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 2140364 | 1547834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PA Middle Market Fund, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2024 | 46559416 | 47407854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Mid-Market Fund SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 09/30/2025 | 761680 | 868283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Strategic Partnerships SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 03/28/2024 | 10735526 | 41120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paladin III (HR), L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 09/29/2017 | 15536 | 89669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pamlico Capital III Continuation Fund, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 01/27/2023 | 7695962 | 12002107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parthenon Investors III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2018 | 512940 | 544492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasus WSJLL Fund, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/13/2021 | 8821466 | 9990505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEP VIII Antares Co-Investment L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 9157861 | 9429863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira IV Feeder L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 04/23/2020 | 3367755 | 6693257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platinum Equity Capital Partners II⁽ᶠ⁾ | North America | 09/29/2017 | 269249 | 36096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRO SPV, LP⁽ᵍ⁾ | North America | 08/27/2021 | 6481062 | 2266682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners (Unity) S.C.SP.⁽ᶠ⁾⁽ᵍ⁾ | Europe | 05/31/2024 | 61846 | 2349168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners VI L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/30/2016 | 3459611 | 30449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners VII L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/29/2017 | 5156636 | 2733311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners VII-A L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/29/2023 | 10560306 | 4490992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners VIII L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 23211391 | 27736070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT2-A, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/16/2021 | 6475969 | 8847153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTEV-A, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/30/2021 | 4285377 | 4910537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RC III CKE LLC⁽ᵈ⁾⁽ᵍ⁾ | North America | 06/30/2023 | 3260872 | 5242446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCF V Annex Fund L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2021 | 2137 | (722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resource Capital Fund V L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 06/30/2021 | 14852 | 62699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roark Capital Partners CF LP⁽ᶠ⁾⁽ᵍ⁾ | North America | 05/11/2022 | 5549014 | 9779884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roark Capital Partners CF RI LP⁽ᶠ⁾ | North America | 08/26/2022 | 478726 | 1091042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roark Capital Partners II LP⁽ᶠ⁾ | North America | 06/29/2018 | 783059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roark Capital Partners III LP⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/29/2018 | 12139198 | 11637058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roark Capital Partners IV LP⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/29/2018 | 24136791 | 33515306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roark Capital Partners V (T) LP⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/29/2023 | 4080575 | 4940339 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

Annual Report \| March 31, 2026 7

Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Private Equity Investments (99.17%)⁽ᵅ⁾ (Continued)** | **Geographic**<br>**Region<sup>(b)</sup>** | **Acquisition**<br>**Date** | <br>**Cost<sup>(c)</sup>** | <br>**Fair Value** |
| &nbsp;&nbsp;&nbsp;***Secondary Investments (85.98%) (Continued)*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samson Brunello 1, L.P.⁽ᵍ⁾ | North America | 06/28/2024 | $542879 | $799960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samson Brunello 2, L.P. | Europe | 02/19/2021 | 865735 | 2256503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samson Hockey 2, L.P.⁽ᵈ⁾ | North America | 12/23/2020 | 904969 | 1836901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samson Shield 1, L.P.⁽ᵍ⁾ | North America | 06/28/2024 | 606941 | 698285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samson Shield 2, L.P. | Europe | 12/23/2020 | 4010416 | 2192246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saw Mill Capital Partners, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 09/29/2017 | 558675 | 8229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seidler Equity Partners IV, L.P.⁽ᶠ⁾ | North America | 06/30/2021 | 2036010 | 945958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners III, L.P.⁽ᶠ⁾ | North America | 12/31/2018 | 847701 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners V, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2020 | 1678794 | 2077948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Cinven Fund (No. 2) Limited Partnership⁽ᵈ⁾⁽ᶠ⁾ | Europe | 12/30/2022 | 896971 | 760127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Cinven Fund (No. 4) Limited Partnership⁽ᵈ⁾⁽ᶠ⁾ | Europe | 06/28/2019 | 806633 | 1002027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Street Opportunities Partners III (B), L.P.⁽ᶠ⁾ | North America | 06/30/2015 | 17466 | 13085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SL SPV-2, L.P. | North America | 02/14/2019 | 313822 | 789891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sorenson Capital Partners III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2021 | 14159029 | 14334869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Capital Partners IV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2021 | 983201 | 668651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Point Fund VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2023 | 4093664 | 3145575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Point Fund VIII L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2025 | 970912 | 1246678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund VIII-B, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2021 | 797205 | 280361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Private Equity Fund VII-A, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 12/31/2018 | 495237 | 82418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Capital Partners IV, LP⁽ᵈ⁾ | North America | 12/31/2018 | 243191 | 63219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Capital Partners V, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 12/31/2018 | 467090 | 66424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunTx Capital Partners II, L.P.⁽ᵈ⁾ | North America | 12/31/2019 | 939635 | 6338896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA Atlantic and Pacific VI L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 03/31/2021 | 20352 | 29083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA Select Opportunities Fund II-A, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2025 | 999519 | 1142670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA Select Opportunities Fund-A, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2025 | 2639448 | 2918922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA XI, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2024 | 43429 | 205044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA XII-A, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2024 | 8651257 | 10124225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennenbaum Opportunities Fund V, LLC⁽ᵈ⁾ | North America | 09/29/2017 | 86179 | 21358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Resolute III Continuation Fund, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/20/2024 | 23351962 | 24946937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Veritas Capital Fund V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2019 | 15648066 | 5113845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Veritas Capital Fund VI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/31/2022 | 13353626 | 3653401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thoma Bravo Fund XII, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2024 | 4155654 | 2758549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Lee Equity Fund VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 199802 | 254005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Lee Equity Fund VIII, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 423384 | 561047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Lee Parallel (Cayman) Fund VII, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 06/29/2018 | 2121499 | 1292211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Lee Parallel Fund VIII, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2025 | 4275189 | 5472500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TowerBrook Investors III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 12/31/2019 | 267492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPF II-A, LP⁽ᵈ⁾⁽ᶠ⁾ | North America | 12/31/2019 | 14855 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Asia VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ | Rest of World | 03/28/2024 | 3801708 | 3055584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Growth III (A), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/31/2019 | 1934520 | 1560237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/29/2017 | 1451036 | 78253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 616173 | 607819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VIII, L.P.⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 1629433 | 3154467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Ventures 2024, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 12/20/2024 | 4629552 | 4295965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triton Fund IV L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | Europe | 06/30/2023 | 8939621 | 14479396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vector Capital V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 02/25/2025 | 24399258 | 22963641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verdane Capital IX AB⁽ᶠ⁾⁽ᵍ⁾ | Europe | 12/31/2024 | 1393779 | 1149025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2018 | 10533348 | 6422697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 647203 | 872248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 435073 | 890660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Hubble, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 02/13/2025 | 30316510 | 51212165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Global Growth, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/30/2022 | 5872179 | 9473963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Private Equity XI, L.P.⁽ᵍ⁾ | North America | 12/31/2021 | 3447871 | 2806826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Private Equity XI-B, L.P.⁽ᵍ⁾ | North America | 03/31/2022 | 2567190 | 1614106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Private Equity XII, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 06/30/2022 | 5886583 | 5310800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Private Equity XII-B, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 03/31/2022 | 5018676 | 3057343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCAS XIII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 03/28/2024 | 339738 | 565853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCAS XIV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2025 | 432890 | 690848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Equity Partners Bristol CF, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 10/15/2021 | 6956619 | 16943436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wind Point Partners AAV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 06/29/2021 | 1002136 | 438366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wind Point Partners VII-B, L.P.⁽ᵈ⁾⁽ᶠ⁾ | North America | 09/29/2017 | 473866 | 8612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP AUSA, L.P.⁽ᵈ⁾⁽ᵍ⁾ | North America | 07/22/2019 | 5000000 | 10780374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZMC II, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ | North America | 09/30/2024 | 1037868 | 13727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Secondary Investments*** |  |  | 1424830747 | 1503590716 |
| &nbsp;&nbsp;&nbsp;**Total Private Equity Investments** |  |  | $1610382907 | $1734347838 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

Annual Report \| March 31, 2026 8

Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

---

| | |
|:---|:---|
| **Short-Term Investments (6.18%)** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;***Money Market Funds (6.18%)*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Government Portfolio, Class I, 3.49%<sup>(e)</sup> | 107266531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan US Government Money Market Fund, 3.35%<sup>(e)</sup> | 732976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Money Market Funds*** | 107999507 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $107,999,507)** | $**107999507** |
| &nbsp;&nbsp;&nbsp;**Total Investments (105.35%) (Cost $1,718,382,414)** | $**1842347345** |
| &nbsp;&nbsp;&nbsp;**Liabilities in Excess of Other Assets (-5.35%)** | **(93564534)** |
| &nbsp;&nbsp;&nbsp;**Net Assets (100.00%)** | $**1748782811** |

---

**Open Foreign Currency Forward Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Settlement Date** | **Counterparty** | **Buy** | **Sell** | **Sell** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| &nbsp;&nbsp;&nbsp;06/30/2026 | Lloyds Bank plc. | $309650488 | € | 266066186 | $1813610 |
| **Total Foreign Currency Forward Contracts** |  |  |  |  | $**1813610** |

---

**Open Equity Forward Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Settlement Date\*** | **Counterparty** | **Notional Amount** | **Exercise Price** | **Unrealized Appreciation**<br> **(Depreciation)** |
| 8/18/2026 | Nomura Global Financial Products Inc. | $595882 | $49.40 | $(494021) |
| 8/18/2027 | Nomura Global Financial Products Inc. | $816294 | $49.40 | $(643045) |
| 8/18/2028 | Nomura Global Financial Products Inc. | $816294 | $49.40 | $(610471) |
| 1/22/2027 | Nomura Global Financial Products Inc. | $480912 | $5.90 | $(333426) |
| 1/24/2028 | Nomura Global Financial Products Inc. | $1202279 | $5.90 | $(798841) |
| 1/22/2029 | Nomura Global Financial Products Inc. | $1202279 | $5.90 | $(765860) |
|  |  |  |  | $**(3645664)** |

---

\* Nomura Global Financial Products Inc. has entered into two contracts with the Fund.

*<sup>(a)</sup>* *The Private Equity Investments above pursue strategies including buyout, growth equity, mezzanine, and other private market strategies. 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, 2026 was $1,610,382,907 and $1,734,347,838, respectively. The total fair value as a percentage of net assets of Private Equity investments that are restricted securities is 99.17%.*

*<sup>(b)</sup>* *In the case of Private Equity Investments, geographic region generally refers to the location of the principal operations of the underlying investment.*

*<sup>(c)</sup>* *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. The information regarding the Private Equity Investments, as listed in the Consolidated Schedule of Investments above, has not been prepared, reviewed or approved by any such Private Equity Fund or any general partner, manager or sponsor of such Private Equity Investments or any of their respective affiliates.*

*<sup>(d)</sup>* *Non-income producing security.*

*<sup>(e)</sup>* *The rate shown is the annualized 7-day yield as of March 31, 2026.*

*<sup>(f)</sup>* *For the identified investments, the Fund has committed capital but the investment has not been fully funded as of March 31, 2026. See Note 3 for total unfunded investment commitments.*

*<sup>(g)</sup>* *All or a portion of these assets are held by Pomona Investment Fund LLC, a wholly-owned subsidiary of the Fund, and are indirectly pledged as collateral in connection with the Fund's revolving credit agreement.*

 

*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.*

Annual Report \| March 31, 2026 9

Pomona Investment Fund Consolidated Statement of Assets and Liabilities

March 31, 2026

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Private Equity Investments, at fair value (Cost, $1,610,382,907) | $1734347838 |
| Short-term investments, at fair value (Cost, $107,999,507) | 107999507 |
| Cash | 125681 |
| Cash held in foreign currency denominations (Cost, $22,295,940) | 22394559 |
| Unrealized appreciation on foreign currency forward contract | 1813610 |
| Distributions from Private Equity Investments receivable | 542393 |
| Interest receivable | 265754 |
| Prepaid expenses | 138199 |
| Private Equity Investments paid in advance | 34391 |
| Other assets | 90035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 1867751967 |
| **LIABILITIES:** |  |
| Payable for shares repurchased | 104913817 |
| Management fees payable | 7810130 |
| Equity forward contracts, at fair value | 3645664 |
| Administration fees payable | 1183353 |
| Professional fees payable | 532622 |
| Commitment and interest fee payable | 371875 |
| Distribution and servicing fees payable | 341638 |
| Payable for investments purchased, not yet settled | 59872 |
| Other accounts payable and accrued expenses | 110185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 118969156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contingencies and commitments (see Notes 10 and 11)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $1748782811 |
| **Net Assets** |  |
| Paid-in capital | $1380551885 |
| Total distributable earnings | 368230926 |
| **Net Assets** | $1748782811 |
| **Net Assets Attributable to:** |  |
| Class A Shares | $669715467 |
| Class I Shares | 1079067344 |
|  | 1748782811 |
| **Shares Outstanding:** |  |
| Class A Shares | 44480519 |
| Class I Shares | 66644687 |
|  | 111125206 |
| **Net asset value per share:** |  |
| Class A Shares | $15.06 |
| Class I Shares | $16.19 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

10 www.pomonainvestmentfund.com

Pomona Investment Fund Consolidated Statement of Operations

For the Year Ended March 31, 2026

---

| | |
|:---|:---|
| **Income** |  |
| Dividend income | $12855637 |
| Interest income | 8981451 |
| Other income | 702821 |
| **Total Income** | 22539909 |
| **Expenses** |  |
| Management fees | 32452022 |
| Administration fees | 4916973 |
| Distribution and servicing fees | 4327969 |
| Sub-administration fees | 1692708 |
| Professional fees | 1682848 |
| Commitment fees and interest expense | 1508160 |
| Offering fees | 449028 |
| Transfer agent fees | 431227 |
| Other expenses | 1148802 |
| **Total Expenses** | 48609737 |
| **Net Investment Loss** | (26069828) |
| **Net Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Private Equity Investments, Foreign Currency Transactions, Equity Forward Contracts and Foreign Currency Forward Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from private equity investments | 151492630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (1994) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from foreign currency forward contracts | (11281551) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from equity forward contracts | 28482 |
| **Total net realized gain from Private Equity Investments, Foreign Currency Translation, Equity Forward Contracts and Foreign Currency Forward Contracts** | 140237567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on private equity investments | (61951877) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on foreign currency translation | 834261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on foreign currency forward contracts | 2270007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on equity forward contracts | 1073496 |
| Total net change in unrealized appreciation/(depreciation) on Private Equity Investments, Foreign <br>Currency Translation, Equity Forward Contracts and Foreign Currency Forward Contracts | (57774113) |
| **Net Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Private Equity Investments,**<br> **Foreign Currency Transactions, Equity Forward Contracts and Foreign Currency Forward Contracts** | 82463454 |
| **Net Increase in Net Assets from operations** | $56393626 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

Annual Report \| March 31, 2026 11

Pomona Investment Fund Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the**<br> **Year Ended**<br> **March 31, 2026** | **For the**<br> **Year Ended**<br> **March 31, 2025** |
| **Operations** |  |  |
| Net investment loss | $(26069828) | $(7427109) |
| Net realized gain from Private Equity Investments, Foreign Currency Transactions, Equity Forward Contracts and Foreign Currency Forward Contracts | 140237567 | 107750730 |
| Net change in unrealized appreciation/(depreciation) from Private Equity Investments, Foreign Currency Translation, Equity Forward Contracts and Foreign Currency Forward Contracts | (57774113) | 7801857 |
| Net increase in Net Assets from operations | 56393626 | 108125478 |
| **Distributions to Shareholders** |  |  |
| Capital gains: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (21407078) | (38542436) |
| &nbsp;&nbsp;&nbsp;Class M2 Shares |  | - <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Class I Shares | (29863580) | (47543150) |
| Decrease in Net Assets from distributions to Shareholders | (51270658) | (86085586) |
| **Net Assets Transactions** |  |  |
| **Class A Shares** |  |  |
| Proceeds from sale of shares | 4574958 | 165464617 |
| Reinvestment of distributions | 17852997 | 31529028 |
| Exchange of shares | (708354) | (16710679) |
| Repurchase of shares | (151617821) | (45513985) |
| **Total Class A Transactions** | (129898220) | 134768981 |
| **Class M2 Shares** |  |  |
| Proceeds from sale of shares |  |  |
| Reinvestment of distributions |  |  |
| Exchange of shares |  | (1233807)<sup>(a)</sup> |
| Repurchase of shares | - | - |
| **Total Class M2 Transactions** | - | (1233807) |
| **Class I Shares** |  |  |
| Proceeds from sale of shares | 110531275 | 248333501 |
| Reinvestment of distributions | 21887302 | 34321786 |
| Exchange of shares | 708354 | 17944486 |
| Repurchase of shares | (159880333) | (86430149) |
| **Total Class I Transactions** | (26753402) | 214169624 |
| **Increase/(Decrease) in Net Assets from capital transactions** | (156651622) | 347704798 |
| **Net Assets** |  |  |
| Beginning of year | 1900311465 | 1530566775 |
| End of year | $1748782811 | $1900311465 |

---

<sup>(a)</sup> For the period from April 1, 2024 to July 1, 2024 (Class M2 liquidation date).

 

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

12 www.pomonainvestmentfund.com

Pomona Investment Fund Consolidated Statements of Changes in Net Assets (Continued)

---

| | | |
|:---|:---|:---|
| | **For the**<br> **Year Ended**<br> **March 31, 2026** | **For the**<br> **Year Ended**<br> **March 31, 2025** |
| **Fund Share Transaction** |  |  |
| Shares sold | 294434 | 11036343 |
| Shares reinvested | 1170404 | 2137170 |
| Shares exchanged | (46206) | (1121826) |
| Shares redeemed | (9862651) | (3008664) |
| Net increase/(decrease) in Class A Shares outstanding | (8444019) | 9043023 |
| Shares sold |  |  |
| Shares reinvested |  |  |
| Shares exchanged |  | (77627)<sup>(a)</sup> |
| Shares redeemed | - | - |
| Net increase/(decrease) in Class M2 Shares outstanding | - | (77627) |
| Shares sold | 6690607 | 15621237 |
| Shares reinvested | 1336882 | 2185837 |
| Shares exchanged | 43095 | 1134444 |
| Shares redeemed | (9653118) | (5356608) |
| Net increase/(decrease) in Class I Shares outstanding | (1582534) | 13584910 |

---

<sup>(a)</sup> For the period from April 1, 2024 to July 1, 2024 (Class M2 liquidation date).

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

Annual Report \| March 31, 2026 13

Pomona Investment Fund Consolidated Statement of Cash Flows

For the Year Ended March 31, 2026

---

| | |
|:---|:---|
| **Cash Flows From Operating Activities:** |  |
| Net increase in Net Assets resulting from operations | $56393626 |
| Adjustments to reconcile net increase in Net Assets from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of Private Equity Investments | (272286068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital distributions received from Private Equity Investments | 282004357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of Private Equity Investments | 91072118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from equity forward contracts | 4724069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales of short-term investments | 129195845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net payments for foreign currency forward contracts | (11281551) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain from Private Equity Investments, foreign currency transactions, equity forward contracts and foreign currency forward contracts | (140237567) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on Private Equity Investments and foreign currency translation | 61117616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on forward foreign currency contracts | (2270007) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on equity forward contracts | (1073496) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of equity forward discount | 96249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 25616 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in distribution from Private Equity Investments receivable | 4554742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in interest receivable | 694497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in prepaid expenses | 10944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in Private Equity Investments paid in advance | 17476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets | (32480) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in payable for investments purchased, not yet settled | (71988453) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in management fees payable | (296083) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in administration fees payable | (44861) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in professional fees payable | 18144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in distribution and servicing fees payable | (795344) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in sub-administration fees payable | (3889) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in other accounts payable and accrued expenses | (8030) |
| **Net cash provided by operating activities** | **129607470** |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 115106233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares repurchased | (263988100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for distribution to shareholders, net of reinvestment of distributions | (11530359) |
| **Net cash used in financing activities** | **(160412226)** |
| **Net change in cash** | (30804756) |
| Cash and cash equivalents at beginning of year | 53324996 |
| **Cash and cash equivalents at end of year** | $22520240 |
| **Supplemental disclosure of financing activity** |  |
| Reinvested distributions | $39740299 |
| **Supplemental disclosure of cash and cash equivalents** |  |
| **Cash and cash equivalents at beginning of year** |  |
| Cash | 1441431 |
| Cash held in foreign currency | 51883565 |
| Total cash and foreign currencies shown on the Consolidated Statement of Cash Flows | $53324996 |
| **Cash and cash equivalents at end of year** |  |
| Cash | 125681 |
| Cash held in foreign currency | 22394559 |
| Total cash and foreign currencies shown on the Consolidated Statement of Cash Flows | $22520240 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

14 www.pomonainvestmentfund.com

Pomona Investment Fund Consolidated Financial Highlights

For a Share Outstanding Throughout the Periods Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **For the**<br> **Year Ended**<br> **March 31, 2026** | **For the**<br> **Year Ended**<br> **March 31, 2025** | **For the**<br> **Year Ended**<br> **March 31, 2024** | **For the**<br> **Year Ended**<br> **March 31, 2023** | **For the**<br> **Year Ended**<br> **March 31, 2022** |
| **Net asset value - beginning of year** | $15.11 | $15.04 | $14.03 | $14.79 | $13.34 |
| Net increase/(decrease) in Net Assets from investment operations: |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.26) | (0.11) | (0.15) | (0.32) | (0.32) |
| Net realized and unrealized gain/(loss) on investments | 0.64 | 0.95 | 1.77 | 0.11 | 3.71 |
| Total income/(loss) from investment operations: | 0.38 | 0.84 | 1.62 | (0.21) | 3.39 |
| Distributions from capital gains | (0.43) | (0.77) | (0.61) | (0.55) | (1.94) |
| Distributions from return of capital | – | – | – | – | – |
| Total distributions: | (0.43) | (0.77) | (0.61) | (0.55) | (1.94) |
| **Net asset value per Share, end of year** | $15.06 <sup>(g)</sup> | $15.11 | $15.04 | $14.03 | $14.79 |
| **Total Return<sup>(b)</sup>** | 2.45 %<sup>(g)</sup> | 5.74% | 11.77% | (1.28%) | 26.25% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets, end of year (in thousands) | $669715 | $799797 | $659830 | $440313 | $273039 |
| Ratio of net investment loss to average Net Assets<sup>(c)</sup> | (1.70 %) | (0.74%) | (0.98%) | (2.30%) | (2.32 %) |
| Ratio of gross expenses to average Net Assets<sup>(c)(d)</sup> | 2.88% | 3.04% | 3.53% | 3.61% | 3.59% |
| Ratio of expense waiver to average Net Assets<sup>(f)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00 %<sup>(e)</sup> |
| Ratio of net expenses to average Net Assets<sup>(f)</sup> | 2.88% | 3.04% | 3.53% | 3.61% | 3.59% |
| Portfolio turnover rate<sup>(h)</sup> | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;–% | &nbsp;&nbsp;&nbsp;&nbsp;–% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–% | 1.23% |
| **Senior Securities** |  |  |  |  |  |
| Total borrowings (000s) | $– | $– | $93226 | $77576 | $47991 |
| Asset coverage per $1,000 unit of senior indebtedness<sup>(i)</sup> | $– | $– | $17418 | $13079 | $12376 |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the year.*

*<sup>(b)</sup>* *Total Return based on net asset value per share.*

*<sup>(c)</sup>* *The ratios do not include investment income or expenses of the Private Equity Investments in which the Fund invests.*

*<sup>(d)</sup>* *Represents the ratio of expenses to average Net Assets absent fee waivers and/or expense reimbursement by the Adviser.*

*<sup>(e)</sup>* *Amount is less than 0.005%.*

*<sup>(f)</sup>* *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. This amount includes expenses incurred by the Fund for recoupment to the Adviser for expenses previously waived. Had the Fund not incurred such expenses, the annualized ratio of net expenses to average net assets would have been 2.88% for the year ended March 31, 2026, and the annualized ratio of net expenses to average net assets would have been, 3.04%, 3.45%, 3.47%, and 3.53% for the years ended March 31, 2025, 2024, 2023, and 2022, respectively.*

*<sup>(g)</sup>* *The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at year end for financial reporting purposes and may differ from returns based on net asset values calculated for shareholder transactions during the year.*

*<sup>(h)</sup>* *Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the period divided by the average monthly fair value of the Fund's investments during the year.*

*<sup>(i)</sup>* *Calculated by subtracting the Fund's total liabilities (excluding borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.*

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

Annual Report \| March 31, 2026 15

Pomona Investment Fund Consolidated Financial Highlights

For a Share Outstanding Throughout the Periods Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** |
|  | **For the**<br> **Year Ended**<br> **March 31, 2026** | **For the**<br> **Year Ended**<br> **March 31, 2025** | **For the**<br> **Year Ended**<br> **March 31, 2024** | **For the**<br> **Year Ended**<br> **March 31, 2023** | **For the**<br> **Year Ended**<br> **March 31, 2022** |
| **Net asset value - beginning of year** | $16.13 | $15.91 | $14.72 | $15.41 | $13.76 |
| Net increase/(decrease) in Net Assets from investment operations: |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.18) | (0.03) | (0.06) | (0.26) | (0.24) |
| Net realized and unrealized gain/(loss) on investments | 0.67 | 1.02 | 1.86 | 0.12 | 3.83 |
| Total income/(loss) from investment operations: | 0.49 | 0.99 | 1.80 | (0.14) | 3.59 |
| Distributions from capital gains | (0.43) | (0.77) | (0.61) | (0.55) | (1.94) |
| Distributions from return of capital | – | – | – | – | – |
| Total distributions: | (0.43) | (0.77) | (0.61) | (0.55) | (1.94) |
| **Net asset value per Share, end of year** | $16.19 <sup>(g)</sup> | $16.13 | $15.91 | $14.72 | $15.41 |
| **Total Return<sup>(b)</sup>** | 3.03 %<sup>(g)</sup> | 6.33% | 12.46% | (0.74%) | 26.95% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets, end of year (in thousands) | $1079067 | $1100514 | $869503 | $495638 | $271743 |
| Ratio of net investment loss to average Net Assets<sup>(c)</sup> | (1.14 %) | (0.18%) | (0.34%) | (1.76%) | (1.86 %) |
| Ratio of gross expenses to average Net Assets<sup>(c)(d)</sup> | 2.32% | 2.49% | 2.98% | 3.07% | 3.05% |
| Ratio of expense waiver to average Net Assets<sup>(f)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00 %<sup>(e)</sup> |
| Ratio of net expenses to average Net Assets<sup>(f)</sup> | 2.32% | 2.49% | 2.98% | 3.07% | 3.05% |
| Portfolio turnover rate<sup>(h)</sup> | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–% | 1.23% |
| **Senior Securities** |  |  |  |  |  |
| Total borrowings (000s) | $– | $– | $93226 | $77576 | $47991 |
| Asset coverage per $1,000 unit of senior indebtedness<sup>(i)</sup> | $– | $– | $17418 | $13079 | $12376 |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the year.*

*<sup>(b)</sup>* *Total Return based on net asset value per share.*

*<sup>(c)</sup>* *The ratios do not include investment income or expenses of the Private Equity Investments in which the Fund invests.*

*<sup>(d)</sup>* *Represents the ratio of expenses to average Net Assets absent fee waivers and/or expense reimbursement by the Adviser.*

*<sup>(e)</sup>* *Amount is less than 0.005%.*

*<sup>(f)</sup>* *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. This amount includes expenses incurred by the Fund for recoupment to the Adviser for expenses previously waived. Had the Fund not incurred such expenses, the annualized ratio of net expenses to average net assets would have been 2.32% for the year ended March 31, 2026, and the annualized ratio of net expenses to average net assets would have been, 2.49%, 2.96%, 2.93%, and 2.99% for the years ended March 31, 2025, 2024, 2023, and 2022, respectively.*

*<sup>(g)</sup>* *The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at year end for financial reporting purposes and may differ from returns based on net asset values calculated for shareholder transactions during the year.*

*<sup>(h)</sup>* *Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the period divided by the average monthly fair value of the Fund's investments during the year.*

*<sup>(i)</sup>* *Calculated by subtracting the Fund's total liabilities (excluding borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.*

 

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

16 www.pomonainvestmentfund.com

Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

**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 Fund seeks long-term capital appreciation by investing principally in private equity investments ("Private Equity Investments"). On August 3, 2017, in connection with the Fund's revolving credit agreement, Pomona Investment Fund LLC was organized as a Delaware limited liability company and is a wholly owned subsidiary of the Fund.

The Fund's Private Equity Investments will predominantly consist of secondary and primary investments in private equity and other private asset 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. Early secondary investments, or early secondaries, refer to secondary 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, 2026, the Fund offered two classes of shares; Classes A and I shares. All shares are continuously offered on a quarterly basis.

Class A Shares are offered at the then-current net asset value ("NAV") 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 NAV without an initial sales charge and with a general minimum initial investment of $25,000. Class I Shareholders do not pay a fee for distribution or shareholder servicing.

All share classes have the same rights and privileges, and have ownership in the same underlying investment portfolio.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The 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, a wholly owned-subsidiary of the Fund. All inter-company accounts and transactions have been eliminated in consolidation.

As of March 31, 2026 the total value of Private Equity Investments held by the subsidiary is $1,584,835,839 or approximately 91% of the Fund's net assets.

Annual Report \| March 31, 2026 17

Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

**Valuation of Investments**

The Fund values its investments monthly and follows the provisions of Fair Value Measurement set forth in ASC 820-10, "Fair Value Measurements and Disclosures" ("ASC 820-10"). The Fund has formal valuation policies and procedures (the "Valuation Procedures"), which have been approved by the Board. The Adviser is designated as the Valuation Designee (the "Valuation Designee") for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities.

The Board receives valuation reports from the Valuation Designee quarterly, annually and promptly (as necessary in accordance with Rule 2a-5) 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 Fund uses the net asset value ("NAV") reported by the investment manager of a Private Equity Investment as a practical expedient to determine fair value. If the Valuation Designee determines that the most recent NAV does not represent fair value, if no NAV is reported, or if the NAV is not provided as of the relevant valuation date, a fair value determination is made in accordance with the Valuation Procedures. This may include adjusting the previous NAV with other relevant information available at the time, such as capital activity, market conditions, the application of a Market Adjustment Factor ("MAF"), and events occurring between the investment manager's valuation date and the Fund's 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 Valuation Designee 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**

The Fund holds cash at UMB Bank N.A. (the "Custodian") and JPMorgan Chase Bank, N.A. 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 held by the Fund.

**Short-term Investments**

Short-term investments represent investments in money market instruments and money market mutual funds, and are recorded at NAV per share which approximates fair value. Money market instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include U.S. Government securities, commercial paper, certificates of deposit and bankers acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements. There are no restrictions on the short-term investments held by the Fund.

**Realized Gain/(Loss) on Investments, Interest Income, and Dividend Income**

The Fund accounts for realized gains and losses, interest income, and dividend income 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, 2026, the Fund earned other income of $702,821 which is reflected in Other income on the Consolidated Statement of Operations.

18 www.pomonainvestmentfund.com

Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

**Income Recognition and Expenses**

Income is recognized on an accrual basis as earned. Expenses are recognized on an accrual basis as incurred. The Fund's primary sources of income are investment income and gains recognized upon distributions from Private Equity Investments and unrealized appreciation/depreciation in the fair value of its Private Equity Investments. The Fund generally recognizes investment income and realized gains/losses based on the characterization of distributions provided by the underlying investment manager of the Private Equity Investment on the date received. Distributions occur at irregular intervals, and the exact timing of distributions from the Private Equity Investment has not been communicated to the Fund. It is estimated that distributions will occur over the life of the Private Equity Investments.

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.

**Foreign Currency** 

Assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of investments and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations.

**Income and Expense Allocation**

The Fund allocates income and expenses to each class of shares based on net assets at the end of the prior quarter plus capital transactions effective as of the beginning of the current quarter. However, certain expenses are applicable to a specific share class in which case they are allocated 100% to that respective share class.

**Foreign Currency Forward Contracts**

The Fund may enter into foreign currency forward contracts to manage foreign exchange rate risk. These contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date may be entered into as a hedge against either specific transactions or portfolio positions. The objective of the Fund's foreign currency hedging transactions is to reduce the risk that the U.S. Dollar value of the Fund's foreign currency denominated investments will decline due to changes in foreign currency exchange rates. All foreign currency forward contracts are "marked-to-market" daily at the applicable translation rates resulting in unrealized gains or losses. Realized gains or losses are recorded at the time the foreign currency forward contract is offset by entering into a closing transaction or by the delivery or receipt of the currency. The inherent risks associated with foreign currency forward contracts are the potential inability of counterparties to meet the terms of their contracts and unanticipated movements in the value of a foreign currency relative to the U.S. Dollar.

During the year ended March 31, 2026, the Fund entered into six short foreign currency forward contracts. As disclosed in the Consolidated Statement of Assets and Liabilities, the Fund had $1,813,610 in unrealized appreciation on foreign currency forward contracts. As disclosed in the Consolidated Statement of Operations, the Fund had $(11,281,551) in net realized losses and $2,270,007 change in net unrealized appreciation on foreign currency forward contracts. The foreign currency forward contracts are subject to an enforceable master netting agreement, such as an ISDA Master Agreement. For financial reporting purposes, none of the foreign currency forward contracts have been offset. The outstanding foreign currency forward contract amounts at March 31, 2026, listed in the Consolidated Schedule of Investments, are representative of contract amounts during the year.

Annual Report \| March 31, 2026 19

Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

**Equity Forward Contracts**

The Fund may enter into equity forward contracts to manage exposure to changes in the market value of certain equity securities held or expected to be acquired by the Fund. These contracts obligate the Fund and its counterparty to exchange payments based on the future market price of an underlying equity security at a fixed valuation date. The objective of the Fund's equity forward transactions is to reduce the risk that the value of specific equity investments will fluctuate due to movements in the underlying market price. All equity forward contracts are marked-to-market daily at current market prices of the underlying securities, resulting in unrealized gains or losses. Realized gains or losses are recorded at the time the equity forward contract is terminated, closed, or settled. The inherent risks associated with equity forward contracts include the potential inability of the counterparty to meet the terms of the contract and unanticipated movements in the market value of the underlying security.

During the year ended March 31, 2026, the Fund entered into two prepaid equity forward contracts with Nomura Global Financial Products Inc. As disclosed in the Consolidated Statement of Assets and Liabilities, the Fund had a $3,645,664 liability on the equity forward contracts. As disclosed in the Consolidated Statement of Operations, the Fund had $28,482 in net realized gains and $1,073,496 change in net unrealized appreciation during the year. For financial reporting purposes, the contracts have not been offset with any other derivative positions. The outstanding notional amount of the equity forward contracts at March 31, 2026, listed in the Consolidated Schedule of Investments, are representative of contracts amount during the year.

**Operating Segment Reporting**

Since its commencement, the Fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the Fund's prospectus. The accounting policies of the Fund are consistent with those described in these Consolidated Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by the Fund's Officers, consisting of the Fund's President and Principal Executive Officer, the Principal Financial Officer and Treasurer as well as the Fund's Secretary. The CODM considers the Fund's change in assets from operations when deciding whether to buy more investments. Distributions to shareholders are based on realized gains, in line with RIC requirements. Detailed financial information for the Fund is disclosed within these financial statements with total assets and liabilities disclosed on the Consolidated Statement of Assets and Liabilities, investments held on the Consolidated Schedule of Investments, results of operations and significant segment expenses on the Consolidated Statement of Operations and other information about the Fund's performance, including total return, portfolio turnover and ratios within the Consolidated Financial Highlights.

**Recent Accounting Pronouncements**

During the year ended March 31, 2026, the Fund adopted FASB Accounting Standards Update 2023-09, "Income Taxes" (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"), which is intended to improve the transparency of income tax disclosures, and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

**3. FAIR VALUE DISCLOSURES**

In accordance with ASC 820, 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 – Unadjusted quoted prices in active markets for identical investments that the Fund has the ability to access at the<br> 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 – Significant unobservable inputs

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.

20 www.pomonainvestmentfund.com

Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

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.

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, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| Money Market Funds | $107999507 | $– | $– | $107999507 |
| Total Investments in Securities | $107999507 | $– | $– | $107999507 |
| **Other Investments – Assets** |  |  |  |  |
| Foreign Currency Forward Contract\* | $– | $1813610 | $– | $1813610 |
| **Other Investments – Liabilities** |  |  |  |  |
| Equity Forward Contracts\*\* | – | $(3645664) | $– | $(3645664) |
| Total Other Investments | $– | $(1832054) | $– | $(1832054) |
| **Total** | $**107999507** | $**(1832054)** | $**–** | $**106167453** |

---

\* Foreign currency forward contracts are valued at unrealized appreciation/(depreciation)

\*\* Equity forward contracts are valued at cost plus unrealized appreciation/(depreciation)

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, 2026, $1,734,347,838 was fair valued utilizing NAV as a practical expedient.

A listing of the Private Equity Investment types held by the Fund and the related attributes, as of March 31, 2026, are shown in the table below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Category** | **Investment Strategy** | **Fair Value** | **Unfunded Commitments** | **Redemption Frequency\*** | **Notice Period (In Days)** | **Redemption <br> Restrictions Terms\*\*** |
| Direct Investments/<br> Co-Investments | Investments in an operating company alongside <br> other investors | $29138718 | $735722 |  | N/A | Liquidity in the form of distributions from Private <br> Equity Investments |
| Primary | Investments in newly established private equity funds | $101582716 | $87238671 |  | N/A | Liquidity in the form of distributions from Private <br> Equity Investments |
| Early Secondary | Secondary investments made after an Investment Fund has already invested a certain percentage of its capital commitment | $100035688 | $18131557 |  | N/A | Liquidity in the form of distributions from Private <br> Equity Investments |
| Secondary | Investments in existing Private Equity Investments that <br> are typically <br> acquired in privately <br> negotiated transactions | $1503590716 | $221856316 |  | N/A | Liquidity in the form of distributions from Private <br> Equity 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.*

 

Annual Report \| March 31, 2026 21

Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

 

The fair value relating to certain underlying investments of these Private Equity Investments, for which there is no readily available market, has been estimated by the respective Private Equity Investment's manager and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a readily available market for the investments existed. These differences could be material.

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 accrues the fee monthly and pays the Adviser a quarterly management fee of 0.4125% (1.65% on an annualized basis) of the Fund's quarter-end NAV (before any repurchases of Shares) (the "Management Fee"). For the year ended March 31, 2026, the Fund incurred a Management Fee of $32,452,022, of which $7,810,130 was payable at year end.

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 accrues the fee monthly and pays the Administrator a quarterly administration fee of 0.0625% (0.25% on an annualized basis) of the Fund's quarter-end NAV (before any repurchase of Shares) (the "Administration Fee"). For the year ended March 31, 2026, the Fund incurred an Administration Fee of $4,916,973, of which $1,183,353 was payable at year end.

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, 2027 (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 NAV (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.

As of March 31, 2024, all eligible expenses have been recouped by the Adviser.

22 www.pomonainvestmentfund.com

Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

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 monthly fee of 0.04583% (0.55% on an annualized basis) of the Fund's NAV attributable to Class A shares as of each month-end, determined as of the last day of each month (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. For the year ended March 31, 2026, the Fund incurred a Distribution and Servicing Fee of $4,327,969, of which $341,638 was payable at year end.

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 $45,000, a fee of $5,000 per year for serving on committees of the Board, and a fee per each regular quarterly meeting of the Board of $2,500, plus reimbursement of reasonable out of pocket expenses. Additionally, the Audit Committee Chair is paid an annual fee of $5,000. For the year ended March 31, 2026, the Fund incurred Trustee fees and expenses in the amount of $185,000 which is reflected in Other Expenses on the Consolidated Statement of Operations.

The Fund retained Kroll Associates, Inc. to provide compliance services to the Fund, including a Chief Compliance Officer. For the year ended March 31, 2026, the Fund incurred Chief Compliance Officer fees and expenses in the amount of $104,325 which is reflected in Other Expenses on the Consolidated Statement of Operations.

The Fund will continuously incur offering fees so long as it is accepting new investors. These costs enable the Fund to be offered to investors. These offering fees are expensed by the Fund as incurred. For the year ended March 31, 2026, the Fund incurred $449,028 of offering fees.

Certain shareholders of the Fund ("Affiliated Shareholders") are affiliated with the Adviser. The aggregate value of the Affiliated Shareholders' share of NAV at March 31, 2026 is $105,689,561.

Colmore, Inc. provides certain sub-administrative, sub-accounting, and administration services to the Fund based on the Fund's service agreement. For these services, the Fund pays a quarterly fee to Colmore based on ending quarterly net assets.

Ultimus Fund Solutions, LLC 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.

**5. REVOLVING CREDIT AGREEMENT**

Effective March 30, 2020, the Fund entered into a $40,000,000 revolving credit agreement with Barclays Bank PLC (the "Barclays Facility"). Effective June 3, 2021, July 8, 2022, and March 12, 2026, the Fund amended its agreement with Barclays Bank PLC to increase the size of the Barclays Facility to $80,000,000, $175,000,000, and $200,000,000, respectively. Borrowings under the July 8, 2022 Barclays Facility bore interest at Secured Overnight Financing Rate ("SOFR"), Sterling Overnight Index Average ("SONIA"), or Euro Interbank Offer Rate ("EURIBOR") plus 2.85% per annum, and had a commitment fee of 0.85% per annum on the daily unused portion. Effective March 12, 2026 the EURIBOR margin was increased to 2.95% and the commitment fee was increased to 0.95% per annum. The Barclays Facility will mature on March 12, 2031. The Fund entered into the Barclays Facility for working capital requirements, such as financing repurchases of shares, distributions to investors, and investments. As of March 31, 2026, the Fund had no outstanding borrowings on the Barclays Facility. For the year ended March 31, 2026, the Fund incurred $1,508,160 in commitment fees and no interest expense.

Annual Report \| March 31, 2026 23

Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

**6. CAPITAL SHARE TRANSACTIONS**

The Fund accepts initial and additional purchases of Shares as of the first business day of each calendar month at the Fund's then-current NAV per Share of each respective share class (determined as of the close of business on the last business day of the immediately preceding month). 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 (in the aggregate) would be for an amount that is not more than 5% of the Fund's NAV. There can be no assurance that the Board will accept the Adviser's recommendation. For the year ended March 31, 2026 the Fund made four repurchase offers, which resulted in 19,515,769 shares being repurchased for a total of $311,498,154.

An investor may be permitted to exchange Shares between classes of Shares of the Fund, provided that, among other things: (1) the investor's aggregate investment would have met the minimum initial investment requirements in the applicable Class at the time of purchase and continues to meet those requirements; (2) the Shares are otherwise available for offer and sale; and (3) the investment meets all other requirements for investing in the applicable class.

**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. Accordingly, tax basis distributions made during the 12 months ended March 31, 2026, but after the Tax Year ended October 31, 2025, will be reflected in the notes to the Fund's financial statements for the fiscal year ending March 31, 2027. The Fund's open tax years are generally the three prior taxable 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, 2026 for federal income tax purposes or in, the Fund's major state and local tax jurisdictions; Delaware, New York State, and New York City. Management evaluates the tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions will "more-likely-than-not" be sustained upon examination by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold that would result in a tax benefit or expense to the Fund would be recorded as a tax benefit or expense in the current year. The Fund has not recognized any tax liability for unrecognized tax benefits or expenses. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the year ended March 31, 2026, the Fund did not incur any interest or penalties.

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 Consolidated Statement of Assets and Liabilities and Net Assets due to temporary book/tax differences arising primarily from partnership investments. These amounts will be finalized before filing the Fund's federal tax return.

24 www.pomonainvestmentfund.com

Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

For the tax year ended October 31, 2025, permanent differences between book and tax basis are attributable to certain non-deductible expenses for tax purposes, net operating losses and investments in partnerships. These reclassifications have no effect on total NAV or NAV per Share. For the tax year ended October 31, 2025, the following amounts were reclassified:

---

| | |
|:---|:---|
| Paid-in Capital | $(64821597) |
| Total distributable earnings (or loss) | 64821597 |

---

At March 31, 2026, the federal tax cost of investments and unrealized appreciation (depreciation) as of the year ended are as follows:

---

| | |
|:---|:---|
| Cost of investments for tax purposes | $1497694129 |
| Gross tax unrealized appreciation | $577399565 |
| Gross tax unrealized depreciation | $(234479884) |
| Net tax unrealized appreciation (depreciation) on investments | $342919681 |

---

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.

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Undistributed long-term capital gains |  |
| Tax accumulated earnings |  |
| Accumulated capital and other losses |  |
| Unrealized appreciation | 467217017 |
| Other timing differences |  |
| Distributable net earnings | $467217017 |

---

As of October 31, 2025, the Fund had no capital loss carryforwards.

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, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
| **Distribution paid from:** | **2025** | **2024** |
| Ordinary income | $— | $— |
| Long-term capital gains | 86085586 | 49570474 |
| Return of Capital |  |  |
| Total distributions paid | $86085586 | $49570474 |

---

Annual Report \| March 31, 2026 25

Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

**8. AUTOMATIC DIVIDEND REINVESTMENT PLAN**

Pursuant to the dividend reinvestment plan established by the Fund (the "DRIP"), each Shareholder whose Shares are registered in its own name will automatically be a participant in the DRIP and have all income dividends and/or capital gains distributions automatically reinvested in additional Shares unless such Shareholder specifically elects to receive all income, dividends and/or capital gain distributions in cash. A Shareholder is free to change this election at any time. If, however, a Shareholder requests to change its election within 90 days prior to the record date for a distribution, the request will be effective only with respect to distributions after the 90 day period. A Shareholder whose Shares are registered in the name of a nominee must contact the nominee regarding its status under the DRIP, including whether such nominee will participate on such Shareholder's behalf.

A Shareholder may elect to:

● reinvest both dividends and capital gain distributions;

● receive dividends in cash and reinvest capital gain distributions; or

● receive both dividends and capital gain distributions in cash.

Generally, for U.S. federal, state and local income tax purposes, Shareholders receiving Shares pursuant to the DRIP will be treated as having received a taxable distribution equal to the amount payable to them in cash.

Shares will be issued pursuant to the DRIP at the net asset value determined on the next Valuation Date following the ex-dividend date (the last date of a dividend period on which an investor can purchase Shares and still be entitled to receive the dividend). There is no sales load or other charge for reinvestment. A request must be received by the Fund before the record date to be effective for that dividend or capital gain distribution. The Fund may terminate or amend the DRIP at any time. All expenses related to the DRIP will be borne by the Fund. The reinvestment of dividends and distributions pursuant to the DRIP will increase the Fund's net assets on which the Management Fee and the Administration Fee are payable to the Adviser and the Administrator, respectively.

**9. INVESTMENT TRANSACTIONS**

Total contributions to and purchases of Investments (excluding short-term investments) for the year ended March 31, 2026 amounted to $272,286,068. Total distributions received from Private Equity Investments, proceeds from actual sales, redemption, or other disposition of Investments (excluding short-term investments) for the year ended March 31, 2026 amounted to $373,076,475.

**10. 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.

**11. COMMITMENTS**

As of March 31, 2026, the Fund had outstanding investment commitments to Private Equity Investments totaling $327,962,266.

26 www.pomonainvestmentfund.com

Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

12. MACROECONOMIC RISKS

Geopolitical concerns and other global events, including, without limitation, trade conflict, national and international political circumstances, armed conflict (including wars, terrorist acts or security operations), natural disasters, pandemics or other severe public health events and other significant events, may adversely affect the United States and/or other nations, financial markets and global economies and could affect the Fund's ability to meet its investment objectives and other obligations. The potential for such events has created economic and political uncertainty in the past and may do so in the future. Such uncertainty may adversely affect the United States and/or other nations, financial markets and global economies and the Fund for the short or long-term in ways that cannot presently be predicted or predicted on an accurate basis. The outbreak of armed conflict in jurisdictions in which the Partnership invests or otherwise could have a negative impact on economic and market conditions and trigger a period of global economic slowdown. Similarly, a significant outbreak of infectious disease or any other serious public health concern, together with any resulting restrictions on travel or quarantines imposed, could have a negative impact on economic and market conditions and trigger a period of global economic slowdown. Such events have the potential to severely disrupt or suspend certain cross-border trade, supply chains and tourism and to create humanitarian crises and the economic impacts of such events could adversely affect the performance of the Fund's investments and of the Fund's overall performance and financial results.

**13. SUBSEQUENT EVENTS**

Since April 1, 2026, there were subscriptions to the Fund in the amount of $86,330 for Class A and, $11,098,411 for Class I Shares. Through the date the consolidated financial statements were issued, there have not been any additional subscriptions to the Fund.

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.

Annual Report \| March 31, 2026 27

Report of Independent Registered <br> Pomona Investment Fund Public Accounting Firm

March 31, 2026

The Board of Trustees and Shareholders of Pomona Investment Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Pomona Investment Fund (the "Fund"), including the consolidated schedule of investments, as of March 31, 2026, and the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund at March 31, 2026, the consolidated results of its operations and its cash flows for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the underlying investees, custodians, brokers, and others; when replies were not received from underlying investees or custodians, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](fp0098286-1_04.jpg)

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

Boston, Massachusetts

May 29, 2026

28 www.pomonainvestmentfund.com

Pomona Investment Fund Additional Information (Unaudited)

March 31, 2026

**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-PORT Part F. The Fund's Form N-PORT Part F 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 $86,085,586 for the tax year ended October 31, 2025.

Annual Report \| March 31, 2026 29

Approval of Continuance of Investment <br> Pomona Investment Fund Management Agreement (Unaudited)

March 31, 2026

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 April 28, 2026 (the "Meeting"), the Board, including a majority of the Independent Trustees, met, 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, a copy of the Fund's Administration 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;

● 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.

30 www.pomonainvestmentfund.com

Approval of Continuance of Investment <br> Pomona Investment Fund Management Agreement (Unaudited)

March 31, 2026

**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 relatively limited universe of similar funds. 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. In this regard, they noted the amounts of performance and/or incentive fees that a number of the funds in the Selected Peer Group paid in 2025. 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 lower than the median net expense ratio, but within the range, of relevant funds in the Selected Peer Group. They also considered the incentive fees to which some of the funds in the Selected Peer Group are subject and noted the impact of the incentive fees paid by relevant funds in the Selected Peer Group in 2025 on the effective net expense ratios of these funds. The Trustees took into account that, with the exception of a small subset, the Selected Peer Group did not include funds that focused principally 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 funds, each of the private funds has a performance and/or incentive fee that, depending on performance, may cause the private fund's effective fee to be higher than its base fee. In addition, each private fund's fee is assessed on the basis of its committed capital, while the Fund's management fee is calculated based on its net assets.

The Trustees also reviewed the contractual fee paid under the Administration Agreement, and compared the Fund's administration fee structure to that of certain funds in the Selected Peer Group. The Board considered that the relevant Selected Peer Group funds were subject to a lower administration fee than that of the Fund. The Trustees also noted that the Fund's estimated "other expenses," inclusive of the administration fee, is slightly higher than the median of "other expenses" (but within the range) of the Selected Peer Group funds.

With respect to the profits realized by the Adviser, the Board considered: (i) the Adviser's projected profit margins relating to its management of the Fund; (ii) the Adviser's expectation that the Fund would continue to be profitable in 2026; and (iii) that the Adviser expects to continue to realize 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 for the period ended September 30, 2025, the Class A and Class I shares of the Fund had not incurred expenses in excess of the current expense limitation agreement. The Trustees also 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 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 underperformance when measured on a more short-term basis.

Annual Report \| March 31, 2026 31

Approval of Continuance of Investment <br> Pomona Investment Fund Management Agreement (Unaudited)

March 31, 2026

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. The Trustees considered that the returns of the Fund's Class A Shares was in line with the median returns of the funds in the Performance Peer Group for the ten-year period ended September 30, 2025, underperformed the median returns for the three-year, five-year and six-month periods ended September 30, 2025, and underperformed the median return for the one-year period ended March 31, 2025. 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.

32 www.pomonainvestmentfund.com

Pomona Investment Fund Fund Management (Unaudited)

March 31, 2026

**Independent Trustees**

The Independent Trustees of the Fund, addresses, their birth year, 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.

**INDEPENDENT TRUSTEES**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Birth year** | **Position(s) Held with Registrant** | **Length of Time Served\*** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios Overseen in Fund Complex** | **Other Trusteeships/**<br> **Directorships Held Outside the Fund Complex\*\*** |
| Anthony Bowe<br> 780 Third Avenue<br> 46<sup>th</sup> Floor<br> New York, NY 10017<br> (1957) | Trustee | January 2015 – Present | Retired, former Co-Head of the Credit Suisse Private Fund Group (private investment placement agent and advisor)<br> (1998 – 2014) | 1 |  |
| Richard D'Amore<br> 780 Third Avenue<br> 46<sup>th</sup> Floor<br> New York, NY 10017<br> (1953) | Trustee | January 2015 – Present | Co-Founder and General Partner of North Bridge Venture Partners<br> (venture capital firm) (1999 – present) | 1 | Director, Veeco Instruments, Inc., Everbridge, Inc. |
| Edwin A. Goodman<br> 780 Third Avenue<br> 46<sup>th</sup> Floor<br> New York, NY 10017<br> (1939)<br>| Trustee | January 2015 – Present | General Partner of Activate Venture Partners and Co-Founder and General Partner of Milestone Venture Partners<br> (predecessor of Active Venture Partners) (venture capital firms) (1999 – present) | 1 |  |

---

*\** *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.*

 

Annual Report \| March 31, 2026 33

Pomona Investment Fund Fund Management (Unaudited)

March 31, 2026

 

**Interested Trustees**

The Interested Trustees of the Fund, addresses, their birth year, 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, 2026) and the other directorships, if any, held by the Interested Trustee, are shown below.

**INTERESTED TRUSTEES**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Birth year** | **Position(s) Held with Registrant** | **Length of Time Served\*** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of Portfolios Overseen in Fund Complex** | **Other Trusteeships/**<br> **Directorships Held Outside the Fund Complex\*\*** |
| Michael D. Granoff<br> 780 Third Avenue<br> 46<sup>th</sup> Floor<br> New York, NY 10017<br> (1958)<br>| Trustee, President and Principal Executive Officer | August 2014 – Present | Chief Executive Officer of Pomona Management LLC (1994 – present) | 1 |  |
| Michael J. Roland<br> 7337 East Doubletree<br> Ranch Road, Suite 100<br> Scottsdale, AZ 85258<br> (1958)<br>| Trustee | January 2015 – Present | Retired, former Managing Director and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (April 2012 – March 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). | 1 |  |

---

*\** *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.*

 

34 www.pomonainvestmentfund.com

Pomona Investment Fund Fund Management (Unaudited)

March 31, 2026

 

**Officers**

The executive officers of the Fund, addresses, their birth year, positions held, lengths of time served and principal business occupations during the past five years are shown below.

---

| | | | |
|:---|:---|:---|:---|
| **OFFICERS** | | | |
| **Name, Address and Birth year** | **Position(s) Held with Registrant** | **Length of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Michael D. Granoff<br> 780 Third Avenue<br> 46<sup>th</sup> Floor<br> New York, NY 10017<br> (1958) | Trustee, President and Principal Executive Officer | August 2014 – Present | Chief Executive Officer of Pomona Management LLC (1994 – present) |
| Frances Janis<br> 780 Third Avenue<br> 46<sup>th</sup> Floor<br> New York, NY 10017<br> (1959) | Treasurer and Principal Financial Officer | May 2022 – Present | Secretary, Pomona Investment Fund (August 2014 – May 2022); Senior Partner, Pomona Management LLC (1994 – present) |
| John Stephens<br> 780 Third Avenue<br> 46<sup>th</sup> Floor<br> New York, NY 10017<br> (1968) | Secretary | May 2022 – Present | Partner and Chief Financial Officer, Pomona Management LLC (2018 – Present); Chief Financial Officer, Pomona Management LLC (2015 – 2018) |

---

 

*The Statement of Additional Information includes additional information about the Fund's Trustees and is available, without charge, upon request by calling 1-844-2POMONA.*

 

Annual Report \| March 31, 2026 35

Pomona Investment Fund Privacy Policy (Unaudited)

March 31, 2026

 

---

| | |
|:---|:---|
| **FACTS** | **WHAT DOES POMONA INVESTMENT FUND ("POMONA") DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | 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, share and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | The types of personal information we collect and share depend on the product or service you have with us.<br> This information can include: Your name, address, phone number, e-mail address, social 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. |
| **How?** | All financial companies need to share personal information to run their everyday business. In the 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. |

---

 

---

| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does Pomona share?** | **Can you limit 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 report to credit bureaus | Yes | No |
| **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 transactions and experiences | No | We don't share |
| **For our affiliates' everyday business purposes** — information about your creditworthiness | No | We don't share |
| **For nonaffiliates to market to you** | No | We don't share |

---

 

**Questions?**

Call 1-844-2POMONA or go to pomonainvestmentfund.com.

 

36 www.pomonainvestmentfund.com

Pomona Investment Fund Privacy Policy (Unaudited)

March 31, 2026

 

---

| | |
|:---|:---|
| **Who We Are** | |
| **Who is providing this notice?** | POMONA INVESTMENT FUND ("POMONA") |
| **What We Do** |  |
| **How does Pomona protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| **How does Pomona collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We collect your personal information, for example, when you:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• open an account<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide account information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek information about your investments<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make investments or withdrawals from your account<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tell us where to send the money<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal law gives you the right to limit only:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sharing for affiliates' everyday business purposes—information about your creditworthiness<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• affiliates from using your information to market to you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sharing for non-affiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| **Definitions** |  |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| **Non-affiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
| **Joint marketing** | A formal agreement between nonaffiliated financial companies that together 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

Annual Report \| March 31, 2026 37

Pomona Investment Fund Privacy Policy (Unaudited)

March 31, 2026

 

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 of personal information we collect** | The categories of personal information we collect depend on the product or service you have with us and may include your name, postal address, email address, Social Security number, driver's license number, passport number, professional or employment-related information and other financial 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 which we collect personal information** | The business purposes for which we collect personal information include the provision of financial products and services (e.g. maintaining accounts, processing payments, servicing customers), auditing consumer interactions and transactions, detecting security incidents and preventing fraud, 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 with which personal information is shared** | The categories of personal information we collect depend on the product or service you have with us and may include your name, postal address, email address, Social Security number, driver's license number, passport number, professional or employment-related information and other financial 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. |

---

---

| | |
|:---|:---|
| **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 about onward disclosures** | Your right to request that Pomona disclose to you the following: (1) the fact that we do not sell your personal information, and (2) the categories of your personal information that we 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 Individual Rights** | Contact us to submit a personal data request at **1-844-2POMONA** or **pomonainvestmentfund.com**. |

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Voya Investments Distributor, LLC, Member FINRA/SIPC, serves as distributor for Pomona Investment Fund. Our office is located at 780 Third Avenue, 46<sup>th</sup> Floor, New York, NY 10017.

38 www.pomonainvestmentfund.com

*Intentionally Left Blank*

 

Annual Report \| March 31, 2026 39

![](fp0098286-1_05.jpg)

40 www.pomonainvestmentfund.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by the report, the registrant's board of trustees has determined that Mr. Richard D'Amore is qualified to serve as the audit committee financial expert serving on its audit committee and that Mr. D'Amore is "independent," as defined by Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal periods are $285,000 for the fiscal year ended March 31, 2025 and $315,000 for the fiscal year ended March 31, 2026.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed for each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were $5,000 for the fiscal year ended March 31, 2025 and $5,000 for the fiscal year ended March 31, 2026. The fees listed in Item 4(b) are related to out-of-pocket expenses in relation to the annual audit of the registrant.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $218,445 for the fiscal year ended March 31, 2025 and $238,245 for the fiscal year ended March 31, 2026.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed for each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended March 31, 2025 and $0 for the fiscal year ended March 31, 2026.

(e)(1) The audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X are as follows:

The Registrant's Audit Committee must pre-approve the audit and non-audit services of the Auditors prior to the Auditor's engagement.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the last two fiscal years for the registrant was $223,445 for the fiscal year ended March 31, 2025 and $226,250 for the fiscal year ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

A statement regarding basis for approval of the Advisory Agreement is included in the Registrant's Report to Shareholders under Item 1 herein.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

**Proxy Voting Policies and Procedures Summary**

Investments in the Investment Funds do not typically convey traditional voting rights, and the occurrence of corporate governance or other consent or voting matters for this type of investment is substantially less than that encountered in connection with registered equity securities. However, Pomona Investment Fund (the "Fund") may occasionally receive notices or proposals from its Investment Funds seeking the consent of or voting by holders ("proxies"). The Fund has delegated any voting of proxies in respect of portfolio holdings to Pomona Management LLC (the "Adviser") to vote the proxies in accordance with the Adviser's proxy voting policies and procedures. In general, the Adviser believes that voting proxies in accordance with the policies described below will be in the best interests of the Fund.

When exercising its voting authority over client securities, the Adviser considers all relevant information, evaluates other issues that could have an impact on the value of the security and votes with a view toward maximizing overall value. The Adviser votes all proxies in a prudent manner, considering the prevailing circumstances at such time, and in a manner consistent with its proxy voting policies and procedures and the Adviser's fiduciary duties to the Fund.

The Adviser will generally vote to support management recommendations relating to routine matters, such as the election of board members (where no corporate governance issues are implicated) or the selection of independent auditors. The Adviser will generally vote in favor of management or investor proposals that the Adviser believes will maintain or strengthen the shared interests of investors and management, increase value for investors and maintain or increase the rights of investors. On non-routine matters, the Adviser will generally vote in favor of management proposals for mergers or reorganizations and investor rights plans, so long as it believes such proposals are in the best economic interests of the Fund. In exercising its voting discretion, the Adviser will seek to avoid any direct or indirect conflict of interest presented by the voting decision. If any substantive aspect or foreseeable result of the matter to be voted on presents an actual or potential conflict of interest involving the Adviser, the Adviser will make written disclosure of the conflict to the Independent Trustees indicating how the Adviser proposes to vote on the matter and its reasons for doing so.

The Fund intends to hold its interests in the Investment Funds in non-voting form. Where only voting securities are available for purchase by the Fund, in all, or substantially all, instances, the Fund will seek to create by contract the same result as owning a non-voting security by entering into a contract, typically before the initial purchase, to relinquish the right to vote in respect of its investment.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)(1) Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members

The following table provides biographical information about the members of the Adviser who are primarily responsible for the day-to-day portfolio management of the Fund as of May 19, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Name and Title** | **Fund Responsibility** | **Years Primarily Responsible** | **Five Year Employment History** |
| Michael Granoff, Chief Executive Officer | Portfolio Manager | March 2018 to Present | Chief Executive Officer, Pomona Management LLC |
| Frances Janis, Senior Partner | Portfolio Manager | Since Inception | Senior Partner, Pomona Management LLC |
| Jim Rorer, Partner | Portfolio Manager | May 2022 to Present | Partner, Pomona Management LLC |

---

(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest

The following table shows information regarding accounts (other than the Fund) managed by Mr. Granoff, Ms. Janis and Mr. Rorer as of March 31, 2026:

---

| | | |
|:---|:---|:---|
| | Number of Accounts\* | Total Assets in Accounts\*<br> ($ Million) |
| Registered Investment Companies | 0 | $0 |
| Other Pooled Investment Vehicles | 19 | $10994 |
| Other Accounts | 4 | $2223 |

---

\* as of September 30, 2025, the most recent available financial information

**Conflicts of Interest**

The Adviser may, from time to time, be presented with investment opportunities that fall within the investment objective of the Fund and other investment funds and/or accounts managed by the Adviser, and in such circumstances the Adviser will allocate such opportunities among the Fund and such other funds and/or accounts under procedures intended to result in allocations that are fair and equitable taking into account the sourcing of the transaction, the nature of the investment focus of each fund, including the Fund, and/or account, the relative amounts of capital available for investment, and other considerations deemed relevant by the Adviser in good faith. Where there is an insufficient amount of an investment opportunity to satisfy the Fund and other investment funds and/or accounts managed by the Adviser, the allocation policy provides that allocations between the Fund and other investment funds and/or accounts will generally be made *pro rata* based on the amount that each such party would have invested if sufficient amounts of an investment opportunity were available. The Adviser's allocation policy provides that in circumstances where *pro rata* allocation is not practicable or possible, investment opportunities will be allocated on a random or rotational basis that is fair and equitable over time. In addition, the Adviser's Investment Committee will review allocations. Not all other investment funds and/or accounts managed by the Adviser have the same fees and certain other investment funds and/or accounts managed by the Adviser may have a higher management fee than the Fund or a performance-based fee. If the fee structure of another investment fund and/or account is more advantageous to the Adviser than the fee structure of the Fund, the Adviser could have an incentive to favor the other fund and/or account over the Fund.

(a)(3) **Compensation of the Portfolio Management Team & Portfolio Manager Compensation Structure**

The compensation of each portfolio manager is typically comprised of a fixed annual salary, a discretionary annual bonus, which may include cash or other non-cash long-term incentive compensation, determined by the Adviser. In addition, each portfolio manager may be eligible to receive a share of any fees or carried interest earned by the Adviser in any given year. Such amounts are payable by the Adviser and not by the Fund.

(a)(4) Disclosure of Securities Ownership

**Portfolio Management Team's Ownership of Shares**

The following table sets forth the dollar range of equity securities beneficially owned by each Portfolio Manager in the Fund as of March 31, 2026:

 

---

| | |
|:---|:---|
| **<u>Portfolio Manager</u>** | **<u>Dollar Range of Fund</u>** <br> **<u>Shares Beneficially Owned</u>** |
| Michael Granoff |  |
| Frances Janis | $100001-$500000 |
| Jim Rorer | $50001-$100000 |

---

(b) Not Applicable

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The registrant's nominating and governance committee accepts and reviews shareholder nominations for trustees. A shareholder nomination for trustee may be submitted to the registrant by sending the nomination to the nominating and governance committee. The nominating and governance committee will evaluate candidates recommended by management of the registrant and by shareholders in a similar manner, as long as the recommendation submitted by a shareholder includes at a minimum: the name, address and telephone number of the recommending shareholder and information concerning the shareholder's interests in the registrant in sufficient detail to establish that the shareholder held shares on the relevant record date; and the name, address and telephone number of the recommended nominee and information concerning the recommended nominee's education, professional experience, and other information that might assist the nominating and governance committee in evaluating the recommended nominee's qualifications to serve as a trustee. During the reporting period there were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) [Code of ethics or any amendments thereto, that is subject to disclosure required by Item 2 is attached hereto.](fp0098286-1_ex99code.htm)

(a)(2) Not applicable.

(a)(3)[Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0098286-1_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0098286-1_ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (registrant) | Pomona Investment Fund |
| By (Signature and Title)\* | /s/ Michael Granoff |
|  | Michael Granoff, President & Principal Executive Officer |
|  | (Principal Executive Officer) |
| Date | June 9, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Michael Granoff |
|  | Michael Granoff, President & Principal Executive Officer |
|  | (Principal Executive Officer) |
| Date | June 9, 2026 |
| By (Signature and Title)\* | /s/ Frances Janis |
|  | Frances Janis, Treasurer and Principal Financial Officer |
|  | (Principal Financial Officer) |
| Date | June 9, 2026 |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**POMONA INVESTMENT FUND**

**CODE OF ETHICS**

**FOR PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICER**

**Adopted pursuant to Section 406 of the Sarbanes-Oxley Act**

**I. Covered Officers/Purpose of the Code**

This code of ethics (this "Code") for Pomona Investment Fund (the "Fund") applies to the Fund's Principal Executive Officer, and Principal Financial Officer (the "Covered Officers") each of whom are set forth in Exhibit A for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and
documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public
communications made by the Fund;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate
person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships improperly to influence
investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund <sup>1</sup> ;;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Fund to take action, or fail to take action, for the individual
personal benefit of the Covered Officer rather than the benefit the Fund;

<sup>1</sup> With regard to a Covered Officer, the term "benefit personally" means the direct or indirect receipt by the Covered Officer, by a member of the Covered Officer's immediate family, or by any entity (other than a Fund's Adviser or any affiliate thereof) of which the Covered Officer or any member of the Covered Officer's immediate family owns 5% or more of the beneficial ownership interest or by which the Covered Officer or any member of the Covered Officer's immediate family is employed, or from which the Covered Officer or any member of the Covered Officer's immediate family receives any compensation or other benefit, of any compensation or other personal benefit. For the purposes of this Code, the term "member of the immediate family" means a Covered Officer's parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, and includes step and adoptive relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions made or contemplated
for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not receive any gifts in excess of $500 in any calendar year from any entity
or person that directly or indirectly currently or prospectively does or will do business with or receives compensation or other benefits
from a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a direct or indirect financial interest, such as compensation or
equity ownership, in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling
or redeeming shares other than an interest arising from the Covered Officer's employment with the Fund's Adviser, administrator,
principal underwriter, or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in a transaction directly as a principal with a Fund, except that
this prohibition shall not apply to the purchase or redemption of the shares of any Fund on the same terms and conditions as all other
shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any other activity that would cause them to benefit personally
at the expense of a Fund.

There are some conflict of interest situations that should always be discussed with the General Counsel of the Adviser if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;· Service as a director, partner, officer, manager or managing member on the
board of any public or private company other than a Fund's Adviser, administrator, principal underwriter, or an affiliate of any
of the foregoing, if such company has current or prospective business dealings with a Fund or if any Fund may invest in securities issued
by such company <sup>2</sup> ; ;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company with which the Fund has
current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and
place, and not so frequent as to raise any question of impropriety <sup>3</sup> ;

&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with,
any of the Fund's service providers, other than its Adviser, principal underwriter, administrator or any affiliated person there
of;

<sup>2</sup> For the purposes of this Code, "company" includes any legal or business entity such as a corporation, limited liability company, partnership, limited partnership, trust, association, sole proprietorship, etc.

<sup>3</sup> For the purposes of this Code, "entertainment" means activities or events, such as golfing, theater, sporting events, etc., at which a representative of the entertaining company is present along with the Covered Officer or his or her immediate family member. If a representative of the entertaining company is not present, such activities or events shall be treated as gifts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges
or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from
the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself with the disclosure requirements
generally applicable to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to
misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors and auditors,
and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his area of
responsibility, consult with other officers of the Fund and officers and employees of the Adviser with the goal of promoting full, fair,
accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public
communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with
the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

For purposes of this Code, the "Designated Individual" shall be the Chief Compliance Officer ("CCO") of the Fund's Adviser. The identity and contact information of the current Designated Individual shall be set forth in Exhibit A to this Code. In the event that a report or potential violation involves the Designated Individual, such report shall be made directly to the Chair of the Audit Committee of the Board of Trustees.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable, upon becoming a Covered
Officer), affirm in writing to the Board that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he has complied with the requirements
of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually any legal proceedings initiated against him or herself
or any bankruptcy or similar filing made; and report at least annually for him or herself or immediate family; any direct or material
indirect business relationship with the Fund's Auditor; any professional position, material interest in any business transaction
or any business relationship concerning property or services with an Affiliate or Service Provider to the Fund; any legal representation
provided to an Affiliate or the Fund; or any other designation as a director or trustee or other material compensation arrangement with
an Affiliate or Service Provider that may give rise to a conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;· report known of or suspected illegal or unethical conduct, or any other violation
of this Code of Ethics, they should promptly report this to the Designated Individual.

&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any employee of the Fund
or its affiliated persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;· notify Designated Individual promptly if he knows of any violation of this
Code. Failure to do so is itself a violation of this Code. The Designated Individual is responsible for applying this Code to specific
situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However,
any approvals or waivers sought by the Principal Executive Officer will be considered by the Independent Directors

&nbsp;&nbsp;&nbsp;&nbsp;· the Designated Individual will take all appropriate action to investigate
any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the Designated Individual believes that no
violation has occurred, the Designated Individual is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the Designated Individual believes is a violation will be
reported to the Independent Directors;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Independent Directors concur that a violation has occurred, they will
consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification
to appropriate personnel of the Adviser or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed
as provided by SEC rules.

**V. Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund's Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments**

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

**VII. Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to other than the Board of Trustees, the Fund's Adviser and its counsel

**VIII. Internal Use**

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Fund as to any fact, circumstance, or legal conclusion.

**IX Conflicts with Law and Policy**

If any part of this Code, or if compliance with any part of this Code, violates or is in conflict with any applicable law, the provisions of such applicable law shall control. If any part of this Code, or if compliance with any part of this Code, violates or is in conflict with any policy or practice of the Fund or of any service provider to the Fund, the provisions of this Code shall control.

Adopted: January 15, 2015

Revised June 8, 2026

**Exhibit A**

Persons Covered by this Code of Ethics

Principal Executive Officer

Principal Financial Officer

**<u>Pomona Investment Fund Annual Affirmation and Acknowledgement</u>**

I, _______________, have complied with the requirements of the Code of Ethics for Senior Officers in relation to Section 406 of the Sarbanes-Oxley Act of 2002.

I acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer.

I also acknowledge my responsibility to report any violation of the Code to Board.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

_______________________

Signature

_______________________

Date

**Exhibit B**

**Designated Individual**

Adviser CCO - Jeremy Dardick<br>

## Ex-99.Cert

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, Michael Granoff, certify that:

1. I have reviewed this report on Form N-CSR of Pomona Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | June 9, 2026 | /s/ Michael Granoff |
|  |  | Michael Granoff, President & Principal Executive Officer |
|  |  | (Principal Executive Officer) |

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CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, Frances Janis, certify that:

1. I have reviewed this report on Form N-CSR of Pomona Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | June 9, 2026 | /s/ Frances Janis |
|  |  | Frances Janis, Treasurer & Principal Financial Officer |
|  |  | (Principal Financial Officer) |

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## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Granoff, President of Pomona Investment Fund (the "Registrant"), certify that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant for the year ended March 31, 2026 (the "Report") fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| |
|:---|
| /s/ Michael Granoff |
| Michael Granoff |
| President and Principal Executive Officer |
| June 9, 2026 |

---

I, Frances Janis, Treasurer of the Pomona Investment Fund (the "Registrant"), certify that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant for the year ended March 31, 2026 (the "Report") fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| |
|:---|
| /s/ Frances Janis |
| Frances Janis |
| Treasurer and Principal Financial Officer |
| June 9, 2026 |

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These certifications are being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. (S) 1350 and are not being filed as part of the Form N-CSR with the Commission.