# EDGAR Filing Document

**Accession Number:** 0001989393
**File Stem:** 0001398344-25-011825
**Filing Date:** 2025-6
**Character Count:** 183614
**Document Hash:** dbc138db700505cc7843def9b863017b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011825.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001398344-25-011825

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**EFFECTIVENESS DATE**: 20250613

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PARTNERS GROUP NEXT GENERATION INFRASTRUCTURE, LLC
- **CENTRAL INDEX KEY:** 0001989393

**ORGANIZATION NAME:**
- **EIN:** 931569985
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23938
- **FILM NUMBER:** 251046210

**BUSINESS ADDRESS:**
- **STREET 1:** C/O PARTNERS GROUP (USA) INC.
- **STREET 2:** 1114 AVENUE OF THE AMERICAS, 37TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 2129082600

**MAIL ADDRESS:**
- **STREET 1:** C/O PARTNERS GROUP (USA) INC.
- **STREET 2:** 1114 AVENUE OF THE AMERICAS, 37TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Partners Group Next Generation Infrastructure LLC
- **DATE OF NAME CHANGE:** 20230809

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23938

______________________________________________

Partners Group Next Generation Infrastructure, LLC<br> ______________________________________________________________________________

(Exact name of registrant as specified in charter)

c/o Partners Group (USA) Inc.

1114 Avenue of the Americas, 37th Floor

New York, NY 10036

______________________________________________________________________________

(Address of principal executive offices) (zip code)

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| |
|:---|
| Robert M. Collins<br> 1114 Avenue of the Americas, 37th Floor<br> New York, NY 10036<br> ________________________________________<br>|
| (Name and address of agent for service)<br>|
| Copy to:<br>|
| Joshua B. Deringer, Esq.<br> Faegre Drinker Biddle & Reath LLP<br> One Logan Square, Ste. 2000<br> Philadelphia, PA 19103-6996<br> (215) 988-2700<br>|

---

Registrant's telephone number, including area code: <u>(212) 908-2600</u>

Date of fiscal year end: <u>March 31</u>

Date of reporting period: <u>March 31, 2025</u>

**EXPLANATORY NOTE**

The Registrant is filing this amendment to its Form N-CSR (the "Amendment") for the period ended March 31, 2025, originally filed with the Securities and Exchange Commission on June 9, 2025, Accession Number 0001398344-25-011603 (the "Original Filing"). This Amendment is filed solely for the purpose of revising Item 4(a) in the Original Filing. Except the dates included on the signature page and the certifications required by Rule 30a-2(a) and Rule 30a-2(b), the amendment does not amend, update or change any other information or disclosures contained in the Original Filing.

**<u>Item 1. Reports to Shareholders.</u>**

(a) The Reports to Shareholders are attached herewith.

**PARTNERS GROUP NEXT GENERATION INFRASTRUCTURE, LLC**<br> *(a Delaware Limited Liability Company)* 

**Annual Report** 

For the Year Ended March 31, 2025

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| | |
|:---|:---|
| See the inside front cover for important information about access to your Fund's annual and semiannual shareholder reports.  | ![](fp0093950-1_i.jpg) |

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Important information about access to shareholder reports

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website, and each time a report is posted you will be notified by mail and provided with a website address to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the Fund, by calling 1-888-977-9790.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-888-977-9790 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Partners Group funds held in your account if you invest through a financial intermediary or all Partners Group funds held with the fund complex if you invest directly with the Fund.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

**Table of Contents** <br> For the Year Ended March 31, 2025

---

| | |
|:---|:---|
| Report of Independent Registered Public Accounting Firm  | 1 |
| Management's Discussion of Fund Performance  | 2-4 |
| Consolidated Schedule of Investments  | 5-7 |
| Consolidated Statement of Assets and Liabilities  | 8 |
| Consolidated Statement of Operations  | 9 |
| Consolidated Statements of Changes in Net Assets  | 10 |
| Consolidated Statement of Cash Flows  | 11 |
| Financial Highlights  | 12-13 |
| Notes to Consolidated Financial Statements  | 14-26 |
| Fund Management  | 27-29 |
| Other Information  | 30-34 |

---

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Report of Independent Registered Public Accounting Firm <br> For the Year Ended March 31, 2025

To the Board of Managers and Members of Partners Group Next Generation Infrastructure, LLC

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Partners Group Next Generation Infrastructure, LLC and its subsidiaries (the "Fund") as of March 31, 2025, the related consolidated statements of operations and cash flows for the year ended March 31, 2025, the consolidated statement of changes in net assets for the year ended March 31, 2025 and the period August 1, 2023 (commencement of operations) to March 31, 2024, including the related notes, and the consolidated financial highlights for the year ended March 31, 2025 and the period August 1, 2023 (commencement of operations) to March 31, 2024 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations and its cash flows for the year then ended and the changes in its net assets and the financial highlights for the year ended March 31, 2025 and the period August 1, 2023 (commencement of operations) to March 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audit. 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.

We conducted our audit of these consolidated financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated 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 consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, portfolio company investees or private equity funds; when replies were not received from the custodian, portfolio company investees, or private equity funds, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Dallas, Texas<br> May 30, 2025

We have served as the auditor of one or more investment companies in the Partners Group investment company group since 2010.

**Partners Group Next Generation Infrastructure, LLC** 

Management's Discussion of Fund Performance (Unaudited) <br> March 31, 2025

**Dear Members<sup>1</sup>,** 

Partners Group is pleased to present the Partners Group Next Generation Infrastructure, LLC (the "Fund") annual report for the fiscal year ending March 31, 2025. The Fund (Class I)<sup>2</sup> produced a 18.6% total return for the fiscal year and finished the year with USD 117.1 million in net assets.

**Management commentary** 

In 2024, the global economy reached a balance between growth and easing inflation; however, it displayed a mix of resilience and divergence across regions. The United States continued to outperform Europe, driven by strong private consumption and robust private sector balance sheets. Private infrastructure investment activity also generally declined compared to pre-pandemic levels. Notwithstanding, the future of infrastructure investment activity, particularly within the energy and power sectors, remains attractive driven by the stable increase in power demand globally. Infrastructure remains an attractive asset class, offering stability and resilience to investors. The infrastructure secondaries market has gained significant momentum in recent years, reflecting the expansion of the private infrastructure asset class as a whole and its increasing maturity. We believe that the infrastructure secondaries market is now at an inflection point with an unprecedented expansion forecasted for the next decade, driven by the overall growth of infrastructure assets under management (AuM) as well as a higher adoption of secondaries as the asset class matures.

The public equity markets experienced a rally in 2024 following the strong performance in 2023: the MSCI World Index (NDDUWI) posted a 18.7% return<sup>3</sup> in the calendar year 2024, propelled by the technology industry (especially the "Magnificent Seven" stocks). In contrast to private markets, the public market returns in 2024 were primarily valuation-driven, building on the gains of 2023 and as a rebound from the lows of 2022.

The Fund is successfully growing thanks to new investments added to the portfolio in 2024, already surpassing 150 portfolio positions. We remained disciplined in our rigorous underwriting and found select attractive opportunities. We also focused on maintaining a high investment level with less than 10% cash in any given month. Financial markets are adjusting to a new era defined by macroeconomic volatility and elevated uncertainty. In this "brave new world", investors can no longer solely rely on high levels of real growth or low interest rates to drive returns. For private markets, this shift emphasizes the importance of value creation through asset transformation and identifying investment themes supported by long-term secular trends.

![](fp0093950-1_2.jpg)

**Partners Group Next Generation Infrastructure, LLC** 

Management's Discussion of Fund Performance (Unaudited) <br> March 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Annualized Total Return as of 31 March 2025<sup>2</sup>**  | **Annualized Total Return as of 31 March 2025<sup>2</sup>**  | **Annualized Total Return as of 31 March 2025<sup>2</sup>**  |
|  | **Time Horizon<sup>4</sup>** | **1 Year** | **Since <br> registration<sup>4</sup>** |
| PG Next Gen Infra Class I NAV Based TR  | February 29th, 2024 | 18.6% | 21.0% |
| PG Next Gen Infra Class S NAV Based TR  | October 31st, 2024 | n.a. | 10.5% |
| PG Next Gen Infra Class S NAV Based TR with Sales Load<sup>5</sup>  | October 31st, 2024 | n.a. | 8.8% |
| S&P Global Infrastructure TR<sup>6</sup>  | February 29th, 2024 | 18.8% | 22.2% |

---

**Portfolio positioning** 

The Adviser's relative value views will vary across investment type, geography, or position in the capital structure. We believe that the flexibility afforded by the Fund's ability to make Direct Investments and primary and secondary Private Infrastructure Fund Investments in a variety of markets, regions, and sectors, will continue to help the Fund achieve its investment objectives. Private Infrastructure Secondary and Direct Investments were the investment focus of 2024. This approach allowed the Fund to capitalize on the appealing opportunities within the secondary market, build early diversification in the portfolio and continue to leverage direct investments, which we believe will be the key driver of returns in the future.

To build value in the Fund's infrastructure businesses, we focus on platform expansion coupled with entrepreneurship at scale to cultivate businesses within high-conviction thematic areas. We do so at reasonable valuations by buying mid-stage companies with future value-add potential, rather than paying premiums for established ("core") infrastructure businesses.

As of March 31, 2025, the Fund has direct and indirect exposure to more than 150 portfolio companies across North America (76%) and Europe (24%). Of these, the Fund held direct interests in 8 assets (11% of portfolio value), 8 primary commitments (9%), and 16 stakes in secondary investments (80%). The Fund is further diversified across at least nine different vintage years.

**Looking ahead** 

At a macro level, the global economy continues to display signs of overall resilience, but the outlook is heavily dependent on US policy shifts, notably regarding tariffs which is fueling uncertainty. Inflation has moderated across major developed economies, but recent upticks in the US highlight ongoing challenges in fully cooling price growth. Central banks are navigating this complex landscape with cautious monetary policy adjustments. In its base case, Partners Group anticipates an investment landscape characterized by inflation and interest rate volatility, which will lead to fluctuations in valuations and cash flows. This situation reinforces the need for disciplined underwriting, with a careful approach to leverage as well as a focus on margin resilience.

Since the announcement by the US administration of new tariffs on April 2, we have witnessed increased volatility in public markets and rising levels of uncertainty in the macro-economic environment. The impact of new tariffs announced by the US administration on the Fund is low. The Fund's control, direct Private Infrastructure portfolio is either out of tariff scope or expected to see limited impact. Investments in Europe and Asia-Pacific are expected to experience no impacts from tariffs, as these companies supply local customers and do not export to the US. The fund is well-positioned to weather market volatility with a diversified portfolio of high-quality assets, ample liquidity, and flexibility to take advantage of attractive investment opportunities that arise from market dislocation.

We sincerely appreciate the trust and confidence you have placed in Partners Group through your investment in the Fund. Thank you for your ongoing support. If you have any further questions or comments, we encourage you to reach out to your dedicated Partners Group representative or email our team at the provided address at DLPGPEOperations@partnersgroup.com.

Sincerely,

Partners Group (USA) Inc.

**Partners Group Next Generation Infrastructure, LLC** 

Management's Discussion of Fund Performance (Unaudited) <br> March 31, 2025 (continued)

Note: Data as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Terms used but not defined in this letter have the meanings set forth in the Notes to the Fund's Financial Statements for the fiscal year ended March 31, 2025 hereinafter appearing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Past performance is not indicative of future results. Performance is not annualized for time horizons of one year or less. Returns shown do not reflect the deduction of taxes that a shareholder would pay on the Fund's distributions or the sale of Fund shares. All figures are net of all fees including advisory and incentive fees and fund expenses. Performance reflects expense reimbursements and/or fees waived by the adviser, without which performance would be lower. There is no assurance that similar results will be achieved in the future. Certain statements in this commentary are forward-looking statements. The forward-looking statements and other views expressed herein are those of Fund management as of the date of this letter. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and there is no guarantee that any predictions will come to pass. The views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein. There can be no assurance that the Fund will achieve its investment objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Source: Bloomberg (2025). MSCI World Index (NDDUWI)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Partners Group Next Generation Infrastructure, LLC registered as a registered investment company on February 14th, 2024. The first unit NAV following registration on February 29th, 2024 has been used for performance calculation purposes for Class I. The inception date of Class S is October 31st, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Assumes Maximum Placement Fee for Class S of 1.50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The S&P Global Infrastructure Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities. The S&P Global Infrastructure index was launched on Feb 22, 2007. Data prior to the launch date is back-tested data (*i.e.* calculations of how the index might have performed over that time period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance — whether actual or back-tested — is no indication or guarantee of future performance. The index is unmanaged and does not include fees. Investors may not invest in the index directly. The index does not serve as a benchmark for the Fund and the index performance is presented for illustrative purposes only.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2025

**INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Investments (97.32%)** <br>**Direct Investments \* (19.74%**) <br>**Direct Equity (19.74%)** | **Investment Type** | **Acquisition<br> Date** | **Shares** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (12.78%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Zeus Partners V, LP <sup>+, a, b, c, d</sup>  | Limited partnership interest | 10/13/23 |  | $7274244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCore Holdings, LP <sup>+, a, b</sup>  | Limited partnership interest | 08/22/24 |  | 472908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Infra VI Co-Investment (E) SCSp <sup>+, a, c</sup>  | Common equity | 03/13/24 | 1189306 | 1359247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exus US Holdings, LP <sup>+, a, b, c, d</sup>  | Limited partnership interest | 09/30/24 |  | 160456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exus US Holdings, LP <sup>+, a, b, c, d</sup>  | Limited partnership interest | 10/03/23 |  | 2702926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Fleets Holdings, LP <sup>+, a, b, c, d</sup>  | Limited partnership interest | 09/30/24 |  | 56000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mesa Natural Gas Solutions <sup>+, a, b</sup>  | Limited partnership interest | 02/25/25 |  | 2940285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (12.78%)** |  |  |  | 14966066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (6.96%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andromeda Co-Invest LP <sup>+, a, b, c, d</sup>  | Limited partnership interest | 01/31/24 |  | 3739387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Elysium HoldCo S.à r.l. <sup>+, a, c, d</sup>  | Common equity | 11/14/23 | 1015307 | 1278824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 71 S.à r.l. <sup>+, a</sup>  | Common equity | 09/26/24 | 615648 | 695726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Polaris TopCo S.à r.l. <sup>+, a, c</sup>  | Preferred equity | 03/27/24 | 1843991 | 1586821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Polaris TopCo S.à r.l. <sup>+, a, c</sup>  | Common equity | 03/27/24 | 97065 | 796099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Polaris Warehouse SCSp <sup>+, a, b, c</sup>  | Limited partnership interest | 03/27/24 |  | 53170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (6.96%)** |  |  |  | 8150027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Equity (19.74%)** |  |  |  | $23116093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Investments (19.74%)** |  |  |  | $23116093 |

---

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| | | |
|:---|:---|:---|
| **Secondary Investments \*<sup>, b</sup>** **(73.23%)** | **Acquisition<br> Date** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (57.26%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arroyo Investors Fund IV, L.P. <sup>+, a</sup>  | 02/25/25 | $1673070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Partners II, LP <sup>+, a, d</sup>  | 10/01/23 | 9371272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fengate Everest Continuation Fund L.P. <sup>+, a, c</sup>  | 06/17/24 | 1306975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain Communications Opportunity Fund (Parallel), L.P. <sup>+, a, c</sup>  | 06/30/24 | 108853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain Spectrum Holdings III (Cayman), L.P. <sup>+, a, c</sup>  | 06/30/24 | 178951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gridiron Energy, LLC <sup>+, a</sup>  | 10/01/24 | 12484992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackrabbit Power Holdings, LLC <sup>+, a, c</sup>  | 06/30/24 | 239040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LS Power Equity Partners III Feeder 1, L.P. <sup>+, a</sup>  | 01/01/25 | 4125300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LS Power Equity Partners III Feeder 3, L.P. <sup>+, a, c</sup>  | 06/30/24 | 142945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LS Power Equity Partners IV, L.P. <sup>+, a, c</sup>  | 06/30/24 | 200824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peppertree Capital Fund IX <sup>+, a, c, d</sup>  | 09/29/23 | 9204293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peppertree Capital Fund VI QP, LP <sup>+, a, c</sup>  | 12/31/23 | 3962261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peppertree Capital Fund VII QP, LP <sup>+, a, c</sup>  | 12/31/23 | 4049706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peppertree Capital Fund VIII QP, LP <sup>+, a, c, d</sup>  | 12/31/23 | 2517876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QNZPF US Co-Investment Vehicle <sup>+, a</sup>  | 07/31/24 | 1103582 |

---

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2025 (continued)

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| | | |
|:---|:---|:---|
| **Private Equity Investments (continued)<br> Secondary Investments (continued)** | **Acquisition<br> Date** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quinbrook Net Zero Power Fund <sup>+, a</sup>  | 07/31/24 | $1177607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockland Gridflex Partners <sup>+, a, c</sup>  | 06/30/24 | 209765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockland PHR Partners, L.P. <sup>+, a, c, d</sup>  | 08/01/23 | 11117086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockland Power Partners II, LP <sup>+, a, c, d</sup>  | 06/30/24 | 90375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockland Power Partners III, LP <sup>+, a, c</sup>  | 06/30/24 | 423765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockland Power Partners IV, L.P. <sup>+, a, c</sup>  | 06/30/24 | 258574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockland Power Partners IV, L.P. <sup>+, a, c, d</sup>  | 08/02/23 | 1733757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Green Capital Fund III, L.P. <sup>+, a, c</sup>  | 06/30/24 | 78456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Green Capital Fund IV, L.P. <sup>+, a, c</sup>  | 06/30/24 | 221103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valley of Fire Continuation Fund Feeder LP <sup>+, a, c</sup>  | 03/08/24 | 1068987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (57.26%)** |  | 67049415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (15.97%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aparca8 Capital Estacionamientos, S.C.R., S.A. <sup>+, a, c, d</sup>  | 12/15/23 | 3641466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiwa ICP European Infrastructure 1, L.P. <sup>+, a</sup>  | 09/11/24 | 1679258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Infrastructure Vehicle II SCSp, SICAV-RAIF <sup>+, a, c, d</sup>  | 09/04/23 | 4031171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIV II Matrix Co-Invest II SCSp <sup>+, a</sup>  | 06/18/24 | 1724878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIV II Matrix Co-Invest SCSp <sup>+, a, c, d</sup>  | 09/04/23 | 4369266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F2i III <sup>+, a</sup>  | 07/01/24 | 3246947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (15.97%)** |  | 18692986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Secondary Investments (73.23%)** |  | $85742401 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Primary Investments \***<sup>, b</sup> **(4.35%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (4.35%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arroyo Investors Fund IV, L.P. <sup>+, a</sup>  | 03/28/25 | 3319583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Partners III, LP <sup>+, a, d</sup>  | 05/14/24 | 181760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnCap Energy Transition Fund II-C, L.P. <sup>+, a, c, d</sup>  | 12/28/23 | 395771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GI Data Infrastructure Fund II LP <sup>+, a, c</sup>  | 01/22/24 | 255317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LS Power Equity Partners V, L.P. <sup>+, a, c, d</sup>  | 12/20/23 | 313865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockland Power Partners IV, LP <sup>+, a, c</sup>  | 01/31/24 | 626086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (4.35%)** |  | 5092382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Primary Investments (4.35%)** |  | $5092382 |
| **Total Private Equity Investments (Cost $82,651,707)(97.32%)** |  | $113950876 |
| **Total Investments (Cost $82,651,707)(97.32%)** |  | 113950876 |
| **Other Assets in Excess of Liabilities (2.68%)** |  | 3136102 |
| **Net Assets (100.00%)** |  | $117086978 |

---

\* Direct Investments are private investments directly into the equity or debt of selected operating companies, often together with the management of the company. Primary Investments are investments in newly established private equity partnerships where underlying portfolio companies are not known as of the time of investment. Secondary Investments are portfolios of assets on the secondary market. 

---

| | |
|:---|:---|
| \*\*  | The Fair Value of any Direct Investment may not necessarily reflect the current or expected future performance of such Direct Investment or the Fair Value of the Fund's interest in such Direct Investment. Furthermore, the Fair Value of any Direct Investment has not been calculated, reviewed, verified or in any way approved by such Direct Investment or its general partner, manager or sponsor (including any of its affiliates). Please see below for further details regarding the valuation policy of the Fund.  |

---

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2025 (continued)

+ The fair value of the investment was determined using significant unobservable inputs.

<sup>a</sup> &nbsp;&nbsp;&nbsp;&nbsp;Private equity investments are generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Schedule of Investments. Total fair value of restricted investments as of March 31, 2025 was $113,950,876, or 97.32% of net assets. As of March 31, 2025, the aggregate cost of each investment restricted to resale was $$110,448,997, or 97.24% of net assets. As of March 31, 2025, the aggregate cost of each investment restricted to resale was $5,479,929, $428,518, $1,189,306, $139,248, $2,000,000, $56,000, $2,983,003, $1,097,684, $684,024,$1,843,991, $97,065, $37,427, $1,960,492, $7,764,366, $1,039,801, $106,995, $151,895, $6,279,264, $143,268, $3,106,498, $95,597, $143,336, $7,747,187, $3,099,951, $3,212,803, $1,958,484, $747,233, $967,078, $125,134, $5,509,446, $29,639, $306,587, $225,572, $1,407,253, $60,217, $188,912, $728,864, $2,584,269, $1,497,658, $3,406,438, $1,154,734, $2,908,240, $2,311,173, $2,086,940, $210,779, $452,479, $244,348, $324,288, $508,181 and $1,820,113, respectively, totaling $82,651,707. 

<sup>b</sup> &nbsp;&nbsp;&nbsp;&nbsp;Investment does not issue shares.

<sup>c</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing.

<sup>d</sup> &nbsp;&nbsp;&nbsp;&nbsp;Investment has been committed to but has not been fully funded by the Fund.

A summary of outstanding financial instruments at March 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | | | | |
| &nbsp;&nbsp;&nbsp;**Settlement Date** | **Counterparty** | <br>**Currency <br> Purchased** | <br>**Currency <br> Sold** | <br>**Value** | <br>**Unrealized <br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;May 7, 2025 | &nbsp;&nbsp;&nbsp;State Street Bank International GmbH | $1870739 | €1,720,000 | $1860903 | $(9836) |
| &nbsp;&nbsp;&nbsp;May 7, 2025 | &nbsp;&nbsp;&nbsp;State Street Bank International GmbH | $19712654 | €18,730,000 | $20264368 | $(551714) |
| &nbsp;&nbsp;&nbsp;May 14, 2025 | &nbsp;&nbsp;&nbsp;Commerzbank AG | $2619402 | £2,116,000 | $2731029 | $(111627) |
|  |  |  |  |  | $(673177) |

---

**Legend:** 

£- British Pound

€ - Euro

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statement of Assets and Liabilities – <br> March 31, 2025

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated Private Equity Investments, at fair value (cost $82,651,707)  | $113950876 |
| Cash and cash equivalents  | 8906660 |
| Cash denominated in foreign currencies (cost $681,261)  | 693973 |
| Deposit for investments  | 5168 |
| Interest receivable  | 29935 |
| Due from broker  | 680000 |
| Due from affiliates  | 524011 |
| Other receivable  | 110 |
| Prepaid expenses  | 59225 |
| **Total Assets**  | $124849958 |
| **Liabilities** |  |
| Investment purchases payable  | 3353 |
| Distribution, servicing and transfer agency fees payable  | 83329 |
| Unrealized depreciation on forward foreign currency contracts  | 673177 |
| Incentive fee payable  | 1029057 |
| Management fees payable  | 270063 |
| Professional fees payable  | 81414 |
| Tax expense payable  | 260485 |
| Interest expense payable  | 23525 |
| Accounting and administration fees payable  | 833326 |
| Custodian fees payable  | 60000 |
| Deferred tax liability, net  | 4445251 |
| **Total Liabilities**  | $7762980 |
| Commitments and contingencies (See note 9)  |  |
| **Net Assets**  | $117086978 |
| Paid-in capital  | $94752139 |
| Distributable earnings (accumulated loss)  | 22334839 |
| **Total Net Assets**  | $117086978 |
| **Class S Units** |  |
| Net assets  | $435688 |
| Units outstanding  | 254309 |
| Net asset value per unit  | $1.71 |
| **Class I Units** |  |
| Net assets  | $116651290 |
| Units outstanding  | 68032249 |
| Net asset value per unit  | $1.71 |

---

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statement of Operations – <br> For the Year Ended March 31, 2025

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividends  | $462102 |
| Interest  | 277295 |
| Transaction fee income  | 34648 |
| **Total Investment Income**  | 774045 |
| **Operating Expenses** |  |
| Incentive fee  | 2249234 |
| Management fees  | 1367040 |
| Professional fees  | 532595 |
| Tax expense  | 533920 |
| Accounting and administration fees  | 500502 |
| Board of Managers' fees  | 127500 |
| Custodian fees  | 36000 |
| Insurance expense  | 3656 |
| Distribution and servicing fees  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Units  | 725 |
| Transfer agency fees  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Units  | 39650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Units  | 16521 |
| Other expenses  | 174196 |
| **Total Expenses**  | 5581539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense waiver from Adviser  | (668281) |
| Net Expenses  | 4913258 |
| **Net Investment Loss**  | (4139213) |
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments, Forward Foreign Currency Contracts and Foreign Currency and Deferred tax**  |  |
| Net realized loss from investments  | (164969) |
| Net realized gain on foreign currency transactions  | 149471 |
| Net realized gain on forward foreign currency contracts  | 956802 |
| Net realized loss distributions from primary and secondary investments  | (2105) |
| Net change in accumulated unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | 22792257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation  | 13048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts  | (800795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense on unrealized appreciation  | (2360847) |
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments, Forward Foreign Currency Contracts and Foreign Currency and Deferred tax**  | 20582862 |
| **Net Increase (Decrease) in Net Assets From Operations**  | $16443649 |

---

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statements of Changes in Net Assets – <br>

---

| | | |
|:---|:---|:---|
|  | For the<br> Year Ended<br> March 31, 2025 | For the Period <br> from August 1, <br> 2023 <br> (Commencement <br> of Operations) to <br> March 31, 2024 |
| **Increase (decrease) in Net Assets resulting from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss  | $(4139213) | $(649118) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and forward foreign currency contracts  | 939199 | (9483) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, foreign currency translation, forward foreign currency contracts and deferred income tax expense  | 19643663 | 6549791 |
| **Net increase in Net Assets resulting from operations**  | $16443649 | $5891190 |
| **Capital transactions (See note 4):** |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of common Units  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Units  | 400000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Units  | 38275000 | 56077139 |
| **Total increase in Net Assets resulting from capital transactions**  | $38675000 | $56077139 |
| **Total increase in Net Assets**  | $55118649 | $61968329 |
| Net Assets at beginning of period  | $61968329 | $— |
| **Net Assets at end of period**  | $117086978 | $61968329 |

---

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statement of Cash Flows – <br> For the Year Ended March 31, 2025

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |
| Net Increase in Net Assets from Operations  | $16443649 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile Net Increase (Decrease) in Net Assets from Operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in accumulated unrealized (appreciation) depreciation on investments  | (22792257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on forward foreign currency contracts  | 800795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) from investments and foreign currency transactions  | 15498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments  | (37077270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments  | 9979038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in deposit of investments  | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in interest receivable  | (29935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in due from affiliate  | (39896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in due from broker  | (680000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other receivable  | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in prepaid expenses  | (56570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in incentive fees payable  | 1029057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in management fees payable  | 270063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in distribution, servicing and transfer agency fees payable  | 56896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in professional fees payable  | (78586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in tax expense payable  | 260442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in interest expense payable  | 23525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounting and administrative fees payable  | 499995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in custodian fees payable  | 36000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in legal fees payable  | (354666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in deferred tax liability, net  | 2360847 |
| **Net Cash (Used in) Operating Activities**  | (29333545) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |
| Proceeds from issuance of Units  | 38675000 |
| **Net Cash Provided by Financing Activities**  | 38675000 |
| Net change in cash and cash equivalents  | 9341455 |
| Effect of exchange rate changes on cash  | 149471 |
| Cash and cash equivalents at beginning of year<sup>(1)</sup>  | 109707 |
| **Cash and cash equivalents at end of year<sup>(2)</sup>**  | $9600633 |
| Cash paid during the year for interest  | (23525) |
| Income taxes paid  | (273478) |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Balance include cash and cash equivalents and cash denominated in foreign currencies of $68,212 and $41,495, respectively. 

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Balance includes cash and cash equivalents and cash denominated in foreign currencies of $8,906,660 and $693,973, respectively. 

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Financial Highlights –<br>

---

| | | |
|:---|:---|:---|
|  | Class I | Class I |
|  | Year Ended<br> March 31, 2025\* | For the Period from <br> August 1, 2023 <br> (Commencement of <br> Operations) to <br> March 31, 2024\* |
| **Per Unit Operating Performance:** |  |  |
| Net asset value, beginning of period  | $1.45 | $— |
| Issuance of units  |  | 1.31 |
| Income from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(1)</sup>  | (0.09) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(1)</sup>  | 0.35 | 0.16 |
| Net increase in net assets resulting from operations  | 0.26 | 0.14 |
| Net asset value, end of period  | $1.71 | $1.45 |
| Total Return after Incentive Fee<sup>(2)(3)</sup>  | 18.62% | 15.64% |
| **Ratios and supplemental data:**<sup>(4)</sup> |  |  |
| Net assets, end of period in thousands (000s)  | $116651 | $61968 |
| Net investment income (loss) to average net assets before Incentive Fee  | (2.20)% | (1.17)%<sup>(5)</sup> |
| Ratio of gross expenses to average net assets, excluding Incentive Fee<sup>(6)</sup>  | 3.86% | 4.88%<sup>(5)</sup> |
| Ratio of Incentive Fee to average net assets<sup>(3)</sup>  | 2.62% | 0.75% |
| Ratio of gross expenses and Incentive Fee to average net assets<sup>(6)</sup>  | 6.48% | 5.63%<sup>(5)</sup> |
| Ratio of expense waivers to average net assets  | (0.76)% | (3.70)%<sup>(5)</sup> |
| Ratio of net expenses and Incentive Fee to average net assets  | 5.72% | 1.93%<sup>(5)</sup> |
| Ratio of net expenses to average net assets, excluding Incentive Fee  | 3.10% | 1.18%<sup>(5)</sup> |
| Portfolio Turnover  | 11.91% | 5.59% |

---

\* During the year ended March 31, 2025, the Fund effected a 1-for-4 unit split on July 2, 2024. All historical per unit information has been retroactively adjusted to reflect this unit split.

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Calculated using average units outstanding.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Total return based on net asset value calculated as the change in Net Asset Value per Unit during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Fund during the period. 

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Not annualized.

<sup>(4)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Ratios may vary for individual investor.

<sup>(5)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Annualized.

<sup>(6)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Ratio does not include expenses of Primary and Secondary Investments.

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Financial Highlights –<br>

---

| | |
|:---|:---|
|  | Class S |
|  | Year Ended<br> March 31, 2025 |
| **Per Unit Operating Performance:** |  |
| Net asset value, beginning of year  | $— |
| Issuance of units  | 1.58 |
| Income from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(1)</sup>  | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments<sup>(1)</sup>  | 0.22 |
| Net increase in net assets resulting from operations  | 0.13 |
| Net asset value, end of year  | $1.71 |
| Total Return After Incentive Allocation<sup>(2)</sup>  | 10.47% |
| **Ratios and supplemental data:** <sup>(3)</sup> |  |
| Net assets, end of year in thousands (000's)  | $436 |
| Net investment income (loss) to average net assets, excluding Incentive Allocation  | (3.05)% |
| Ratio of gross expenses to average net assets, excluding Incentive Allocation<sup>(4)</sup>  | 9.77% |
| Ratio of Incentive Fee to average net assets  | 2.62% |
| Ratio of gross expenses and Incentive Fee to average net assets<sup>(4)</sup>  | 12.39% |
| Ratio of expense waivers to average net assets  | (5.82)% |
| Ratio of net expenses and Incentive Fee to average net assets  | 6.57% |
| Ratio of net expenses to average net assets, excluding Incentive Fee  | 3.95% |
| Portfolio Turnover  | 11.91% |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Calculated using average units outstanding.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Total return based on net asset value calculated as the change in Net Asset Value per Unit during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Fund during the period. 

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Ratios may vary for individual investor.

<sup>(4)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Ratio does not include expenses of Primary and Secondary Investments.

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> March 31, 2025

**1. Organization** 

Partners Group Next Generation Infrastructure, LLC (the "Fund") is a Delaware limited liability company that was organized on May 24, 2023, and commenced operations on August 1, 2023 (Commencement of Operations). The Fund is registered as under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund is managed by Partners Group (USA) Inc. (the "Adviser"), an investment adviser registered under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act") pursuant to an investment management agreement between the Fund and the Adviser (the "Investment Management Agreement"). The Board of Managers of the Fund (collectively, the "Board" and each member thereof a "Manager") has oversight 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, a committee of the Board, or the Adviser, as it did in causing the Fund to enter into the Investment Management Agreement. The Fund's investment objective is to seek attractive risk-adjusted returns on a portfolio of global infrastructure investments. The Fund makes investments directly and through its wholly owned subsidiary, Partners Group Next Generation Infrastructure (Subholding), LLC (the "Onshore Subsidiary") and Partners Group Next Generation Institutional BSL LLC (the "BSL Subsidiary").

Units are offered only to investors that represent that they are "accredited investors" within the meaning of Rule 501 under the Securities Act of 1933, as amended, and "qualified clients" within the meaning of Rule 205-3 under the Investment Advisers Act. Purchasers of Units become members of the Fund ("Members").

The Fund offers three classes of Units designated as "Class A Units" (the Class A Units), "Class I Units" (the Class I Units) and "Class S Units" (the Class S Units). In the future the Fund may offer additional classes of Units. The Class A Units, Class I Units, Class S Units, and each additional class of Units issued by the Fund, if any, will have different characteristics, particularly regarding the sales charges that purchasers of Units of the additional class bear the distribution and service fees, if any, and other class specific expenses, if any, that are charged to holders of Units of the additional class. The Adviser has received an exemptive order from the SEC with respect to the Fund's multi-class structure.

Although Units of each class represent pro rata interests in the Fund, each class votes separately on class-specific matters. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of Units based on the relative net assets of each class to the total net assets of the Fund.

**2. Significant Accounting Policies** 

The Fund is an investment company and applies the guidance set forth in Accounting Standards Codification ("ASC") 946, Financial Services—Investment Companies. The following is a summary of significant accounting and reporting policies used in preparing the consolidated financial statements.

**a. Basis of Accounting** 

The Fund's accounting and reporting policies conform with U.S. generally accepted accounting principles ("U.S. GAAP").

**b. Valuation of Investments** 

Investments held by the Fund include direct equity investments in operating companies ("Direct Investments") and primary and secondary investments in private equity funds ("Primary Investments" and "Secondary Investments", respectively, and together, "Private Equity Fund Investments"; Direct Investments and Private Equity Fund Investments, collectively, "Private Equity Investments").

The Fund is required to report its investments, including those for which current market values are not readily available, at fair value.

The Fund values its investments in accordance with ASC 820, Fair Value Measurements ("ASC 820"), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the Investment Company Act. Pursuant Rule 2a-5, the Board designated the Adviser as "valuation designee" to perform fair value determinations and approved amended Valuation Procedures.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> March 31, 2025 (continued)

**2. Significant Accounting Policies (continued)** 

Fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. In accordance with Rule 2a-5 under the Investment Company Act, a market quotation is "readily available" only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

The Adviser, as "valuation designee" under Rule 2a-5 of the Investment Company Act, determines the fair value of the Fund's Private Equity Investments in conformity with U.S. GAAP and the Fund's Valuation Procedures. As permitted by the Valuation Procedures, the Adviser values the Fund's Private Equity Investments in consultation with persons who are employees of the Adviser's parent company or one of its subsidiaries. The Valuation Procedures require evaluation of all relevant factors reasonably available to the Adviser and its affiliates at the time the Fund's Private Equity Investments are valued.

<u><u>Direct Investments</u></u>

In assessing the fair value of the Fund's non-traded Direct Investments in accordance with the Valuation Procedures, the Adviser uses a variety of methods such as earnings multiples, discounted cash flow and market data from third party pricing services. The Adviser makes valuation assumptions based on market conditions existing at the end of each reporting period. Quoted market prices or dealer quotes for certain similar instruments are used for debt investments where appropriate. Other techniques, such as option pricing models and estimated discounted value of future cash flows, are used to determine fair value for the remaining financial instruments. Because of the inherent uncertainty of estimates, fair value determinations based on estimates may differ from the values that would have been used had a ready market for the securities existed, and the differences could be material.

<u>Private Equity Fund Investments</u>

The fair values of Private Equity Fund Investments determined by the Adviser in accordance with the Valuation Procedures are estimates. These estimates are net of management and performance incentive fees or allocations payable pursuant to the respective organizational documents of the Private Equity Fund Investments. Ordinarily, the fair value of a Private Equity Fund Investment is based on the net asset value of that Private Equity Fund Investment reported by its investment manager. If the Adviser determines that the most recent net asset value reported by the investment manager of a Private Equity Fund Investment does not represent fair value or if the manager of a Private Equity Fund Investment fails to report a net asset value to the Fund, a fair value determination is made by the Adviser in accordance with the Valuation Procedures. In making that determination, the Adviser will consider whether it is appropriate, considering all relevant circumstances, to value such Private Equity Fund Investment at the net asset value last reported by its investment manager, or whether to adjust such value by a premium or discount. Because of the inherent uncertainty of estimates, fair value determinations based on estimates may differ from the values that would have been used had a ready market for the securities existed, and the differences could be material.

For each of the Fund's Private Equity Fund Investments (for the purposes of this paragraph, an "Investee"), the Fund has no right to cause the Investee or any third party to purchase the Fund's investment in the Investee at the end of the term of such investment or any other time. Accordingly, in a typical Private Equity Fund Investment, the Fund expects to realize the value remaining in its investment at the end of the investment's term through distributions resulting from the liquidation of the remaining assets of the Investee.

The Valuation Procedures are implemented by the Adviser and State Street Bank and Trust Company, as the Fund's administrator (the "Administrator"). Both the Adviser and the Administrator are subject to the oversight of, and report to, the Board. The Adviser and the Administrator monitor and review the methodologies of the various third-party pricing services employed by the Fund.

The Adviser and certain of its affiliates act as investment advisers to clients other than the Fund. However, the valuation attributed to a Private Equity Investment held by the Fund and to the same Private Equity Investment held by another client, one of the Adviser's affiliates, or by a client of one of its affiliates might differ due to differences in accounting, regulatory or other factors applicable to the Fund, such other client or the Adviser's affiliate.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> March 31, 2025 (continued)

**2. Significant Accounting Policies (continued)** 

**c. Cash and Cash Equivalents** 

In the normal course of its business the Fund holds cash, including foreign currencies, in short-term interest-bearing deposit accounts to provide liquidity pending investment in private equity investments. At times, the amounts held in these accounts may exceed applicable federally insured limits. The Fund has not experienced any losses in these accounts and does not believe that it is exposed to significant credit risk in these accounts.

**d. Foreign Currency Translation** 

The books and records of the Fund are maintained in U.S. Dollars. Generally, valuations of assets and liabilities denominated in currencies other than the U.S. Dollar are translated into U.S. Dollar equivalents using valuation date exchange rates, while purchases, realized gains and losses, income and expenses are translated at transaction date exchange rates. As of March 31, 2025, the Fund's investments denominated in foreign currencies were as follows:

---

| | | |
|:---|:---|:---|
| **Currency** | **Number of <br> investments** | **Number of <br> investments** |
| Euros  |  | 8 |
| Pounds Sterling  |  | 1 |
| Canadian Dollars  |  | 1 |

---

**e. Forward Foreign Currency Exchange Contracts** 

The Fund may enter forward foreign currency exchange 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 forward foreign currency exchange 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 forward foreign currency exchange contract is offset by entering a closing transaction or by the delivery or receipt of the currency. The risk that counterparties may be unable to meet the terms of their contracts and the risk of unanticipated movements in the value of a foreign currency relative to the U.S. Dollar are inherent in forward foreign currency exchange contracts.

During the year ended March 31, 2025, the Fund entered 24 long/short forward foreign currency exchange contracts. As disclosed in the Consolidated Statement of Assets and Liabilities, the Fund had $0 in unrealized appreciation and $(673,177) in unrealized depreciation on forward foreign currency exchange contracts. As disclosed in the Consolidated Statement of Operations, the Fund had $956,802 in net realized gains (losses) and $(800,795) change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

**f. Investment Income** 

The Fund records a distribution of cash or in-kind securities on a Private Equity Investment at fair value based on the information contained in the notice provided to the Fund when the distribution is received. Thus, the Fund recognizes in the Consolidated Statement of Operations its share of realized gains (or losses) and the Fund's share of net investment income (or loss) based upon information received about distributions on Private Equity Investments. Unrealized appreciation (depreciation) on investments presented in the Consolidated Statement of Operations includes the Fund's share of unrealized gains and losses, realized undistributed gains/losses, and undistributed net investment income (or loss) on Private Equity Investments for the relevant period.

The Fund classifies various types of non-interest income earned from Direct Investments as either other income or transaction income. Other income includes transfer fees, amendment fees, and unfunded fees. Transaction income includes break-up fees, directors' fees, financial advisory fees, topping fees, investment banking fees, monitoring fees, organizational fees, and syndication fees. Transaction income is classified as extraordinary income, as are other fees payable to the Fund attributable to Direct Investments or unconsummated transactions.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> March 31, 2025 (continued)

**2. Significant Accounting Policies (continued)** 

**g. Interest and Dividend Income** 

Dividend income is recorded on the ex-dividend date, except for certain dividends received from foreign securities and Direct Equity Investments for which the ex-dividend date has passed, in which case the dividend is recorded as soon as a Fund is informed that the ex-dividend date has occurred. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on an accrual basis from the settlement date, except for securities with a forward starting effective date, where interest income is recorded on the accrual basis from the effective date.

**h. Fund Expenses** 

The Fund records expenses for all costs incurred in its conduct of the business of the Fund on an accrual basis, including, but not limited to, the following: all costs of portfolio transactions and positions for the Fund's account; legal fees; accounting, auditing, and tax preparation fees; custodial fees; fees for lines of credit; fees for data and software providers; costs of insurance; registration costs; fees of each Manager who is not an "interested person" of the Fund, as defined in the Investment Company Act (each, individually an "Independent Manager" and collectively, the "Independent Managers"); and costs of meetings of the Board, including reimbursement of the Independent Managers for their costs in attending meetings of the Board.

**i. Expenses Relating to Purchases of Secondary Investments** 

Expenses relating to purchases of Secondary Investments include the amortization of deferred payments on Secondary Investments. Such amortization expense is recognized on a monthly basis until the due date of a deferred payment. At the due date the net present value of the payment equals the notional amount due to the respective counterparty.

**j. Income Taxes** 

The Fund recognizes tax positions in its consolidated financial statements only when it is more likely than not that the relevant taxing authority will, upon examination, sustain the position based on its merits. A position that meets this standard is measured at the maximum benefit that will more likely than not be realized upon settlement. The Fund classifies any interest expense related to income taxes in income tax expense, and any income tax penalties under expenses in the Consolidated Statements of Operations. During the year ended March 31, 2025, the Fund did not incur any interest or penalties.

State and federal deferred income tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities, using the enacted statutory tax rate. Deferred income tax expenses or benefits are based on the changes in the assets and liabilities from period to period.

The Fund's tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction. Based on this review, the Fund has concluded that the Fund's net deferred tax liability at March 31, 2025, related to unrealized gains and unrealized losses was $4,445,251. This deferred tax liability represents the estimated future tax liability that would be due if the unrealized gains and unrealized losses were realized as of the balance sheet date. The Fund is subject to potential examination by certain taxing authorities in various jurisdictions. The Fund's tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

In order to comply with the requirements of Subchapter M, the Fund must distribute substantially all of its taxable income and gains to holders of Fund Units and meet certain diversification and income requirements with respect to its investments. The Onshore Subsidiary is treated as an association taxable as a corporation for U.S. federal income tax purposes. The BSL Subsidiary is treated as an entity separate from the Fund, and thus are disregarded, for U.S. federal income tax purposes. In preparing its consolidated financial statements, the Onshore Subsidiary is required to recognize its estimate of income taxes for Federal and State purposes as a deferred tax asset or liability. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for income tax purposes. If the Onshore Subsidiary has a deferred tax asset, consideration is given to whether a valuation allowance is required. The BSL Subsidiary is not subject to U.S. federal and state income taxes.

The Fund will file tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by U.S. federal, state, local and foreign jurisdictions, where applicable. As of March 31, 2025, the tax years from the year 2024 forward will be subject to examination by the major tax jurisdictions in which the Fund is subject to examination.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> March 31, 2025 (continued)

**2. Significant Accounting Policies (continued)** 

**k. Use of Estimates** 

The preparation of financial statements in conformity with U.S. GAAP requires the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported increases and decreases in capital from operations during the reporting period. Actual results may differ from those estimates.

**l. Consolidated Financial Statements** 

The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets, Consolidated Statement of Cash Flows and Consolidated Financial Highlights of the Fund include the accounts of the Onshore Subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.

**m. Disclosures about Offsetting Assets and Liabilities** 

The Fund is subject to requirements to disclose information about offsetting assets and liabilities and similar arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.

For financial reporting purposes, the Fund does not offset derivative assets and liabilities that are subject to Master Netting Agreements ("MNA") or similar arrangements in the Consolidated Statement of Assets and Liabilities. The table below presents the amounts of the Fund's derivative assets and liabilities as of March 31, 2025: gross, net of amounts available for offset under a MNA, and net of the related collateral received and/or pledged, if any, by the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative Liabilities <br> Subject to a MNA with <br> Counterparty** | **Financial <br> Instruments <br> Available for Offset**  | **Collateral <br> Pledged<sup>1</sup>**  | **Net Amount<sup>2</sup>** |
| State Street Bank International | $561549 | $– $| 561549 | $— |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. 

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;Net amount represents the net amount due from the Fund to the counterparty in the event of default. 

**n. Recently Adopted Accounting Pronouncements** 

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted the notes to the Consolidated Financial Statements only and did not affect the Fund's financial position or the results of its operations. The Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation. The Fund represents a single operating segment, as the CODM monitors and assesses the operating results of the Fund as a whole, based on a defined investment objective of the Fund. The Fund's portfolio composition, total returns, expense ratios and changes in net assets are used by the CODM to assess segment performance and make sure resource allocations are consistent with the information presented within the Fund's Consolidated Financial Statements. The accompanying Consolidated Financial Statements detail the Fund's segment assets, liabilities, revenues, and expenses. 

**3. Fair Value Measurements** 

In conformity with U.S. GAAP, investments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Estimated fair values may differ from the values that would have been used if a ready market existed or if the investments were liquidated at the valuation date. A three-level hierarchy is used to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs). This distinction determines the classification of fair value measurements for disclosure purposes.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> March 31, 2025 (continued)

**3. Fair Value Measurements (continued)** 

The various types of inputs used in determining the value of the Fund's investments are summarized below for each of the three levels:

**Valuation of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 – Pricing inputs are quoted prices available in active markets for identical investments as of the measurement date. The type of investments included in Level 1 include marketable securities that are primarily traded on one or more of the U.S. national securities exchanges, the Nasdaq Stock Market or any foreign stock exchange. The fair value is determined to be the last sale price on the determination date, or, if no sales occurred on that date, the closing bid price on the determination date. In accordance with authoritative guidance, the Fund does not apply a blockage discount to the quoted price for these investments, even in situations where the Fund holds a large position in an investment and a sale could reasonably impact the quoted price.

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 – Pricing inputs are observable inputs other than quoted prices for identical assets in active markets (*i.e.*, not Level 1 inputs). Fair value is determined using models or other valuation methodologies through direct or indirect corroboration with observable market data. Investments that are generally included in this category include corporate notes, convertible notes, warrants and restricted public equity securities. The fair value of legally restricted equity securities may be discounted depending on the likely impact of the restrictions on liquidity and the Adviser's estimates.

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 – Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment and/or estimation. Investments that are included in this category are private equity and debt investments, as well as convertible notes and warrants that are not actively traded. The fair value for investments using Level 3 pricing inputs is based on the Adviser's estimates that consider a combination of various factors and performance measurements. These factors and measurements include the timing of the transaction; the market in which the investment operates; comparable market transactions; operational performance and projections of the investments; various performance multiples as applied to earnings before interest, taxes, depreciation, and amortization or a similar measure of earnings for the latest reporting period or a forward period; brokers' quotes; and discounted cash flow analysis.

Due to the inherent uncertainty of estimates, fair value determinations based on estimates may materially differ from the values that would have been used had a ready market for the securities existed. The following is a summary of the Fund's investments classified in the fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1**  | **Level 2** | **Level 3** | **Total**  |
| **Direct Investments:** |  |  |  |  |
| Direct Equity Investments  | $— | $— | $23116093 | $23116093 |
| Total Direct Investments\*  | $— | $— | $23116093 | $23116093 |
| Secondary Investments\*  |  |  | 85742401 | 85742401 |
| Primary Investments\*  |  |  | 5092382 | 5092382 |
| Total Investments  | $— | $— | $113950876 | $113950876 |
| **Other Financial Instruments**  |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Foreign Currency Exchange Contracts\*\*  | $— | $(673177) | $— | $(673177) |
| **Total Liabilities**  | $**—** | $**(673177)** | $**—** | $**(673177)** |
| **Total Investments net of Foreign Currency Exchange Contracts**  | $**—** | $**(673177)** | $**113950876** | $**113277699** |

---

*\** *Private Equity Investments are described in Note 2.b.* 

*\*\** *Forward Foreign Currency Exchange Contracts are described in Note 2.e.* 

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> March 31, 2025 (continued)

**3. Fair Value Measurements (continued)** 

The following is a reconciliation of the amount of the account balances on April 1, 2024 and March 31, 2025 of those investments in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as <br> of <br> April 1, <br> 2024** | **Realized <br> Gain/(Loss)** | **Net Change <br> in Unrealized <br> Appreciation/ <br> (Depreciation)** | **Gross <br> Purchases** | **Gross Sales** | **Net <br> Amortization <br> of Discount/ <br> (Premium)** | **Net <br> Transfers <br> In or Out <br> of Level 3** | **Balance as <br> of <br> March 31,<br> 2025** |
| Direct Investments: |  |  |  |  |  |  |  |  |
| Direct Equity Investments  | $13802557 | $— | $4085085 | $5262340 | $(33889) | $— | $— | $23116093 |
| Total Direct Investments\*  | $13802557 | $— | $4085085 | $5262340 | $(33889) | $— | $— | $23116093 |
| Secondary Investments\*  | 50005443 | (164969) | 17441805 | 27793684 | (9333562) |  |  | 85742401 |
| Primary Investments\*  | 414003 |  | 1265367 | 4024599 | (611587) |  |  | 5092382 |
| Total  | $64222003 | $(164969) | $22792257 | $37080623 | $(9979038) | $— | $— | $113950876 |

---

\* *For the purposes of the tables above: (i) "Direct Investments" are private investments directly in the equity or debt of selected operating companies, often together with the management of the investee operating company; (ii) "Primary Investments" are investments in newly established private equity partnerships where underlying portfolio companies are generally not known as of the time of investment; (iii) and "Secondary Investments" are single or portfolios of assets acquired on the secondary market. However, in the private equity market sector the term "secondary investments" is generally understood to mean Private Equity Fund Investments acquired in the secondary market (See Note 2.b). Notwithstanding the foregoing, if the Fund reasonably determines that the strict application of the above definitions would not reflect the economic substance of any investment, the Fund may re-classify such investment as it deems appropriate.* 

Changes in inputs or methods used for valuing investments may result in transfers in or out of levels within the fair value hierarchy. The inputs or methods used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments. Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur.

The amount of the net change in unrealized appreciation (depreciation) for the year ended March 31, 2025 relating to investments in Level 3 assets still held at March 31, 2025 is $22,792,257, which is included as a component of net change in accumulated unrealized depreciation on investments on the Consolidated Statement of Operations.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> March 31, 2025 (continued)

**3. Fair Value Measurements (continued)** 

The following is a summary of quantitative information about significant unobservable valuation inputs approved by the Adviser for Level 3 Fair Value Measurements for investments held as of March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Fair Value <br> at March 31, <br> 2025<br> (000's)\*** | **Valuation Technique<sup>(s)</sup>** | **Unobservable Input** | **Range <br> (weighted average)** |
| Direct Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct Equity  | $5311 | &nbsp;&nbsp;Discounted cash flow | &nbsp;&nbsp;Discount factor | &nbsp;&nbsp;8.40% – 18.06% (10.07%) |
|  | 17749 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;Enterprise value to EBITDA multiple | &nbsp;&nbsp;6.16x – 20.90x (15.09x) |
|  | 56 | &nbsp;&nbsp;Recent financing/transaction | &nbsp;&nbsp;Recent transaction price | &nbsp;&nbsp;n/a  |
| &nbsp;&nbsp;&nbsp;Primary and Secondary Investments  | $90277 | &nbsp;&nbsp;Adjusted reported net asset value | &nbsp;&nbsp;Reported net asset value | &nbsp;&nbsp;n/a  |
|  | $558 | &nbsp;&nbsp;Adjusted reported net asset value | &nbsp;&nbsp;Fair value adjustments | &nbsp;&nbsp;n/a  |

---

\* Level 3 fair value includes accrued interest.

Level 3 Direct Equity Investments valued using an unobservable input are directly affected by a change in that input. For Level 3 Direct Debt Investments, the Fund estimates fair value utilizing earnings and multiples analysis or an analysis of discounted cash flows that considers the credit risk and interest rate risk of the particular investment. For Direct Investments, significant increases or decreases in these inputs in isolation would result in a significantly lower or higher fair value measurements.

The amounts from Partners Group investment vehicles pertain to non-investment related assets (liabilities) and/or any difference in fair value classification of its underlying investments. In certain cases, this may also include underlying investments that are measured under Level 1 or Level 2 but presented under Level 3 in fair value measurement note since the investments are held under external partnership investments.

**4. Unit Transactions/Subscription and Repurchase of Units** 

In general, Units are offered for purchase as of the first day of each calendar month. However, Units may be offered more or less frequently as determined by the Board in its sole discretion.

Pursuant to the conditions of an exemptive order issued by the SEC, and in compliance with Rule 12b-1 under the Investment Company Act, the Fund has adopted a Distribution and Service Plan for the Class A Units and Class S Units (the "Distribution Plan"). The Distribution Plan allows the Fund to pay distribution fees for the promotion and distribution of its Class A Units and Class S Units and the provision of personal services to holders of Class A Units and Class S Units. Under the Distribution Plan, the Fund may pay as compensation an amount up to 0.85% for Class A Units and up to 0.25% for Class S Units on an annualized basis of the value of the Fund's net asset attributable to Class A Units and Class S Units, respectively (the "Distribution Fee"). Payment of the Distribution Fee is governed by the Distribution Plan. The Distribution Fee is paid out of the Fund's assets and decreases the net profits or increases the net losses of the Fund with respect to Class A Units and Class S Units. Notwithstanding the foregoing, the Fund may only expend up to 0.75% on an annualized basis of the Fund's net assets attributable to Class A Units for distribution and promotion expenses. The actual fee to be paid by the Fund to broker/dealers and financial institutions and intermediaries will be negotiated based on the extent and quality of services provided. Class I Units are not subject to the Distribution Plan or the Distribution Fee and do not bear any expenses associated therewith. In addition, subscriptions for Class A Units may be subject to a placement fee of up to 3.50% of the subscription amount, and subscriptions for Class S Units may be subject to a placement fee of up to 1.50% (the "Placement Fee"). No Placement Fee may be charged without the consent of the placement agent.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> March 31, 2025 (continued)

**4. Unit Transactions/Subscription and Repurchase of Units (continued)** 

The Board may, from time to time and in its sole discretion, cause the Fund to repurchase Units from Members pursuant to written tenders by Members at such times and on such terms and conditions as established by the Board. In determining whether the Fund should offer to repurchase Units, the Board considers the recommendation of the Adviser, as well as a variety of other operational, business, and economic factors. The Adviser anticipates recommending to the Board that, under normal circumstances, the Fund conduct quarterly repurchase offers for Units having an aggregate value of no more than 5% of the Fund's net assets each January 1st, April 1st, July 1st and October 1st. The Fund is entitled to charge a 2.00% early repurchase fee for any repurchase of Units from a Member at any time prior to the day immediately preceding the first anniversary of the Member's purchase of such Units.

Transactions in Units were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br> March 31, 2025\*** | **For the Year Ended <br> March 31, 2025\*** | **For the period from<br> August 1, 2023 <br> (Commencement of Operations)<br> to March 31, 2024\*** | **For the period from<br> August 1, 2023 <br> (Commencement of Operations)<br> to March 31, 2024\*** |
|  | **Units** | **Dollar Amounts** | **Units** | **Dollar Amounts** |
| **Class I Units** |  |  |  |  |
| Sales  | 57314740 | $38275000 | 42870036 | $56077139 |
| Net increase (decrease)  | 57314740 | $38275000 | 42870036 | $56077139 |
| **Class S Units** |  |  |  |  |
| Sales  | 254309 | $400000 |  | $— |
| Net increase (decrease)  | 254309 | $400000 |  | $— |

---

\* Updated to reflect the effect of a 1-for-4 unit split on July 2, 2024.

**5. Management Fees, Incentive Fee and Fees and Expenses of Managers** 

Under the terms of the Investment Management Agreement, which became effective on December 31, 2023, the Adviser is responsible for providing day-to-day investment management and certain other services to the Fund, subject to the ultimate supervision of and to any policies established by the Board. Accordingly, the Adviser is responsible for developing, implementing and supervising the Fund's investment program. As consideration for its investment management services under the Investment Management Agreement, the Fund pays the Adviser a monthly management fee equal to 1/12th of 1.25% (1.25% on an annualized basis) of the greater of (i) the Fund's net asset value and (ii) the Fund's net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment. For the year ended March 31, 2025, the Fund incurred $1,367,040 in management fees payable to the Adviser. The Adviser has entered into a fee waiver acknowledgement agreement with the Fund, whereby the Adviser may waive or reduce management and incentive fees, at its sole discretion, without ability to recoup (the "Acknowledgement Agreement"). Pursuant to the Acknowledgement Agreement, $384,150 of management fees incurred during the period were waived.

In addition to the monthly management fee, at the end of each calendar quarter (and at certain other times), the Adviser will be entitled to receive an Incentive Fee equal to 15% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined below). For the purposes of calculating the Incentive Fee, the term "net profits" means the amount by which the net asset value of the Fund on the last day of the relevant period exceeds the net asset value of the Fund as of the beginning of the same period, including any net change in unrealized appreciation or depreciation of investments, realized income, gains or losses, and expenses, and excluding contributions and withdrawals. The Fund maintains a memorandum account (the "Loss Recovery Account"), which had an initial balance of zero and will be (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Members will benefit from the Loss Recovery Account in proportion to their holdings of Units. For the year ended March 31, 2025, the Fund incurred $2,249,234 in Incentive Fees due to the Adviser, of which $254,230 was waived by the Adviser, without the ability to recoup, pursuant to the Acknowledgement Agreement.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> March 31, 2025 (continued)

**5. Management Fees, Incentive Fee and Fees and Expenses of Managers (continued)** 

The Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding taxes, interest, brokerage commissions, certain transaction related expenses arising out of investments made by the Fund, extraordinary expenses, the Incentive Fee and any acquired fund fees and expenses) do not exceed 3.15% on an annualized basis with respect to the Class A Units, 2.55% on an annualized basis with respect to Class S Units and 2.30% on an annualized basis with respect to the Class I Units (the "Expense Limit"). For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to affect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation Agreement may be terminated by the Adviser or the Fund upon thirty days' written notice to the other party. During the year ended March 31, 2025, the Adviser waived $651,471 of expenses to stay below the 2.30% expense cap with respect to Class I. The Adviser has agreed to waive or reimburse an additional $13,091 of certain Fund expenses during the period, however, the Fund did not pay any recoupment of existing waivers pursuant to the expense limitation agreement.

Effective November 2, 2023, the Fund pays an annual fee to each Independent Manager of $30,000. The Fund pays an additional annual fee of $10,000 to the Chairman of the Board, the Chairman of the Audit Committee, and the Chairman of the Nominating Committee. The Fund also reimburses the expenses of the Independent Managers incurred in connection with their services as Independent Managers. The Independent Managers do not receive any pension or retirement benefits from the Fund.

**6. Accounting and Administration Agreement** 

The Administrator serves as administrator and accounting agent to the Fund and provides certain accounting, record keeping and investor related services pursuant to an Accounting and Administration Agreement between the Fund and the Administrator. For its services the Administrator receives a monthly fee that is based upon the average net assets of the Fund, fees on portfolio transactions, as well as reasonable out of pocket expenses. For the year ended March 31, 2025, the Fund incurred $500,502 in administration and accounting fees due to the Administrator.

**7. Investment Transactions** 

Total purchases of investments for the year ended March 31, 2025 amounted to $37,080,622. Total distribution proceeds from sale, redemption, or other disposition of investments for the year ended March 31, 2025 amounted to amounted to $9,979,038. The cost of investments for U.S. federal income tax purposes is adjusted for items of taxable income allocated to the Fund from such investments. The Fund relies upon actual and estimated tax information provided by the managers of the Private Equity Fund Investments as to the amounts of taxable income allocated to the Fund as of March 31, 2025.

**8. Indemnification** 

In the normal course of business, the Fund may enter contracts that provide general indemnification. The Fund's maximum exposure under these agreements is dependent on future claims that may be made against the Fund under such agreements, and therefore cannot be established; however, based on management's experience, the risk of loss from such claims is considered remote.

**9. Commitments** 

As of March 31, 2025, the Fund had funded $89,066,949 or 74.90% of the $118,922,102 of its total commitments to Private Equity Investments. With respect to its (i) Direct Investments it had funded $10,581,880 of $15,001,549 in total commitments, (ii) Secondary Investments it had funded $74,454,296 of $91,920,551 in total commitments, and (iii) Primary Investments it had funded $4,030,773 of $12,000,002 in total commitments, in each case, as of March 31, 2025.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> March 31, 2025 (continued)

**10. Risk Factors** 

An investment in the Fund involves significant risks, including industry risk, liquidity risk, interest rate risk and economic conditions risk. These risks should be carefully considered prior to investing and should only be considered by investors financially able to maintain their investment and who can afford a loss of a substantial part or all of such investment. Typically, these investments are in restricted securities that are not traded in public markets and are subject to substantial holding periods, so that the Fund may not be able to resell some of its holdings for extended periods, which may be several years. The Fund may have a concentration of investments in a particular industry or sector. The performance of investments in the sector may have a significant impact on the performance of the Fund. The Fund's Private Equity Investments are illiquid, typically subject to various restrictions on resale, and there is no assurance that the Fund will be able to realize the value of such investments in a timely manner. Private Equity Fund Investments are generally closed-end private equity partnerships with no right to withdraw prior to the termination of the partnership. The frequency of withdrawals is dictated by the governing documents of the Private Equity Fund Investments. Except where a market exists for the securities in which the Fund is directly or indirectly invested, the valuations of the Fund's investments are estimated. Due to the inherent uncertainty in estimated valuations, those valuations may differ from the valuations that would have been used had a ready market for the securities existed, and the differences could be material.

Investments in Units provide limited liquidity. It is currently intended that holders of Fund Units will be able to redeem Units only through quarterly offers by the Fund to purchase, from holders of Fund Units, a limited number of Units. Those offers are at the discretion of the Board on the recommendation of the Adviser. Therefore, an investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of Units and should be viewed as a long-term investment. No guarantee or representation is made that the Fund's investment objective will be met.

The impairment or failure of one or more banks with whom the Fund, an underlying fund or their portfolio companies transacts may inhibit the Fund, an underlying fund or their portfolio companies' ability to access depository accounts. In such cases, the Fund or an underlying fund or portfolio company may be forced to delay or forgo investments or other business opportunities or initiatives, resulting in lower Fund performance. In the event of such a failure of a banking institution where the Fund, an underlying fund or portfolio company holds depository accounts, access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation ("FDIC") protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Fund, an underlying fund or their portfolio companies may not recover such excess, uninsured amounts.

The failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Fund, an underlying fund or their portfolio companies have a commercial relationship could adversely affect, among other things, the Fund, underlying fund or one of their portfolio company's ability to pursue key strategic initiatives, including by affecting the Fund, an underlying fund or portfolio company's ability to borrow from financial institutions on favorable terms.

Additionally, if the sponsor of an underlying fund, or a portfolio company, has a commercial relationship with a bank that has failed or is otherwise distressed, the underlying fund and/or its portfolio companies may experience issues receiving financial support from the sponsor to support its operations or consummate transactions, to the detriment of their business, financial condition and/or results of operations.

**11. Tax Information** 

As of March 31, 2025, for U.S. federal income tax purposes, the Fund's aggregate unrealized appreciation and depreciation on its investments based on cost were as follows:

---

| | |
|:---|:---|
|  | **Investments** |
| Tax Cost  | $82651707 |
| Gross unrealized appreciation  | 28438032 |
| Gross unrealized depreciation  | (640742) |
| Net unrealized investment appreciation  | $27797290 |

---

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> March 31, 2025 (continued)

**11. Tax Information (continued)** 

The tax cost of the Fund's investments as of March 31, 2025, approximates their amortized cost.

At March 31, 2025, the Fund had the following net operating losses for federal income tax purposes, which may be carried forward indefinitely:

---

| | |
|:---|:---|
| 3/31/2025  | $4250569 |

---

The Fund's income tax provision consists of the following as of year ended March 31, 2025:

---

| | |
|:---|:---|
| **Current Tax Expense (Benefit)**  |  |
| &nbsp;&nbsp;&nbsp;Federal  | $533920 |
| &nbsp;&nbsp;&nbsp;State  | $— |
| **Total Current Tax Expense (Benefit)**  | $**533920** |

---

---

| | |
|:---|:---|
| **Deferred Tax Expense (Benefit)**  |  |
| &nbsp;&nbsp;&nbsp;Federal  | $2763142 |
| &nbsp;&nbsp;&nbsp;State  | $(402295) |
| **Total Deferred Tax Expense (Benefit)**  | $**2360847** |

---

Components of the Fund's Deferred Tax Assets and Liabilities as of March 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Deferred Income Tax Liabilities:**  |  |
| &nbsp;&nbsp;&nbsp;Unrealized Gain on Spots/Forwards  | $(141367) |
| &nbsp;&nbsp;&nbsp;Unrealized Gain on Currency  | $(2736) |
| &nbsp;&nbsp;&nbsp;Unrealized Gain on Investments  | $(5335135) |
| **Subtotal Deferred Income Tax Liabilities**  | $**(5479238)** |

---

---

| | |
|:---|:---|
| **Deferred Tax Assets:**  |  |
| &nbsp;&nbsp;&nbsp;Unrealized Loss on Spots/Forwards  | $141367 |
| &nbsp;&nbsp;&nbsp;Net Operating Loss Carryforwards  | $892620 |
| **Subtotal Deferred Income Tax Assets**  | $**1033987** |

---

---

| | |
|:---|:---|
| **Total Net Deferred Tax Asset (Liability)**  | $**(4445251** |

---

The Fund's reported income taxes differ from the expected amount based on federal statutory rates as follows for the year ended March 31, 2025:

---

| | |
|:---|:---|
| **Income (Loss) before Income Taxes**  | $19338416 |
| &nbsp;&nbsp;&nbsp;Statutory Rate  | 21% |
| **Expected Income Tax Expense (Benefit) at Statutory Rate**  | $**4061067** |

---

---

| | |
|:---|:---|
| **Increase (Decrease) in Actual Tax Reported Resulting From:** |  |
| &nbsp;&nbsp;&nbsp;State Taxes and Related Deductions  | $27311 |
| &nbsp;&nbsp;&nbsp;Provision to Return  | $31830 |
| &nbsp;&nbsp;&nbsp;Deferred Rate Change  | $(436830) |
| &nbsp;&nbsp;&nbsp;Other  | $(788332) |
| **Total Income Tax Expense (Benefit)**  | $**2895046** |

---

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> March 31, 2025 (continued)

**11. Tax Information (continued)** 

The fund recorded $0 valuation allowance as of March 31, 2025 as it believes it will be able to fully realize its deferred tax assets.

**12. Stock Split** 

Effective as of the close of business on the date listed in the subsequent table, the Fund's units underwent a stock split. There was no impact to the aggregate market value of units outstanding. The historical per unit data presented within the Financial Highlights has been retroactively adjusted to reflect the stock split. The stock split ratios, net effect on the NAV per unit, and the number of Class I units outstanding as of the date indicated were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Date** | **Share Split Ratio** | **Shares Prior to <br> Stock Split** | **Shares After <br> Stock Split** | **Increase <br> (Decrease) in <br> Net Asset Value <br> per Share** | **Increase <br> (Decrease) in <br> Net Shares <br> Outstanding** |
| Class I | July 2, 2024 | 1 for 4 | 12806705 | 51226818 | Decrease | Increase |

---

**13. Due from Affiliates** 

The $524,011 due from affiliates balance on the consolidated statement of assets and liabilities relates to operating expenses that were paid by the fund that were waived by the Adviser and will be reimbursed by the Adviser. The Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund.

**14. Subsequent Events** 

Management has evaluated the impact of all subsequent events on the Fund and determined that there were no subsequent events that require disclosure in the consolidated financial statements.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Fund Management (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| INDEPENDENT MANAGERS | INDEPENDENT MANAGERS | INDEPENDENT MANAGERS | INDEPENDENT MANAGERS | INDEPENDENT MANAGERS |
| **NAME, ADDRESS AND <br> YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH <br> THE FUND** | **TERM <br> OF OFFICE\* <br> AND LENGTH <br> OF TIME <br> SERVED** | **PRINCIPAL OCCUPATION(S) <br> DURING PAST 5 YEARS AND <br> OTHER DIRECTORSHIPS\*\* <br> HELD BY MANAGER** | **NUMBER OF <br> PORTFOLIOS IN <br> FUND COMPLEX <br> OVERSEEN BY <br> MANAGER\*\*\*** |
| James F. Munsell <br> Year of Birth: 1941 <br>c/o Partners Group (USA) Inc.<br> 1114 Avenue of the Americas 37th Floor <br> New York, NY 10036 | Chairman and Manager | Since inception | Senior Counsel, Cleary Gottlieb Steen & Hamilton LLP (2001-Present); Senior Managing Director, Brock Capital Group LLC (2008-2023). | 3 |
| Lewis R. Hood, Jr. <br> Year of Birth: 1956 <br>c/o Partners Group (USA) Inc.<br> 1114 Avenue of the Americas 37th Floor <br> New York, NY 10036 | Manager | Since inception | Retired; Managing Director and Chief Investment Officer (CIO Emeritus from 2014), ERISA Plans, Prudential Insurance Company of America (2002-2015). | 3 |
| Stephen G. Ryan <br> Year of Birth: 1959 <br>c/o Partners Group (USA) Inc.<br> 1114 Avenue of the Americas 37th Floor<br> New York, NY 10036 | Manager | Since inception | Professor of Accounting, Stern School of Business, New York University (1995-Present). | 3 |
| Thomas M. Fortin <br> Year of Birth: 1963 <br>c/o Partners Group (USA) Inc. <br> 1114 Avenue of the Americas <br> 37th Floor <br> New York, NY 10036 | Manager | Since 2024 | Retired; Managing Partner and Chief Operating Officer (2017-2021), Managing Partner and Chief Information Officer (2021-2024), iCapital, Inc. (2017-2024). | 3 |

---

\* Each Manager serves an indefinite term, until his or her successor is elected.

---

| | |
|:---|:---|
| \*\*  | Includes any company with a class of securities registered pursuant to Section 12 of the Exchange Act of 1934, as amended (the "Exchange Act"), or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the Investment Company Act.  |

---

\*\*\* The Fund Complex consists of Partners Group Private Equity (Master Fund), LLC, Partners Group Next Generation Infrastructure, LLC, and Partners Group Growth, LLC.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Fund Management (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| INTERESTED MANAGERS AND OFFICERS | INTERESTED MANAGERS AND OFFICERS | INTERESTED MANAGERS AND OFFICERS | INTERESTED MANAGERS AND OFFICERS | INTERESTED MANAGERS AND OFFICERS |
| **NAME, ADDRESS AND <br> YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH <br> THE FUND** | **TERM <br> OF OFFICE\* <br> AND LENGTH <br> OF TIME <br> SERVED** | **PRINCIPAL OCCUPATION(S) <br> DURING PAST 5 YEARS AND <br> OTHER DIRECTORSHIPS\*\* <br> HELD BY MANAGER** | **NUMBER OF <br> PORTFOLIOS IN <br> FUND COMPLEX <br> OVERSEEN BY <br> MANAGER OR <br> OFFICER\*\*\*** |
| Robert Collins<sup>(1)</sup> <br> Year of Birth: 1976 <br>c/o Partners Group (USA) Inc.<br> 1114 Avenue of the Americas 37th Floor <br> New York, NY 10036  | Manager; President  | Indefinite length—since inception | Partner, Partners Group (2021–Present); Partners Group (2005–Present).  | 3 |
| Brian J. Igoe <br> Year of Birth: 1986 <br>c/o Partners Group (USA) Inc.<br> 1114 Avenue of the Americas 37th Floor <br> New York, NY 10036  | Chief Financial Officer | Indefinite length—since inception | Partners Group (2015-Present) | 3 |
| Helen Yankilevich <br> Year of Birth: 1983 <br>c/o Partners Group (USA) Inc.<br> 1114 Avenue of the Americas 37th Floor <br> New York, NY 10036  | Chief Operating Officer  | Indefinite length—since inception | Partners Group (2014-Present) | 3 |
| Brian Kawakami <br> Year of Birth: 1950 <br>c/o Partners Group (USA) Inc.<br> 1114 Avenue of the Americas 37th Floor <br> New York, NY 10036  | Chief Compliance Officer  | Indefinite length—since inception | Manager, Brian Kawakami LLC (2015–Present). | 3 |

---

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Fund Management (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| INTERESTED MANAGERS AND OFFICERS (continued) | INTERESTED MANAGERS AND OFFICERS (continued) | INTERESTED MANAGERS AND OFFICERS (continued) | INTERESTED MANAGERS AND OFFICERS (continued) | INTERESTED MANAGERS AND OFFICERS (continued) |
| **NAME, ADDRESS AND <br> YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH <br> THE FUND** | **TERM <br> OF OFFICE\* <br> AND LENGTH <br> OF TIME <br> SERVED** | **PRINCIPAL OCCUPATION(S) <br> DURING PAST 5 YEARS AND <br> OTHER DIRECTORSHIPS\*\* <br> HELD BY MANAGER** | **NUMBER OF <br> PORTFOLIOS IN <br> FUND COMPLEX <br> OVERSEEN BY <br> MANAGER OR <br> OFFICER\*\*\*** |
| Vilma DeVooght <br> Year of Birth: 1977 <br>c/o Partners Group (USA) Inc.<br> 1114 Avenue of the Americas 37th Floor <br> New York, NY 10036  | Secretary  | Indefinite length—since inception | Senior Compliance Officer, Partners Group (2021-Present); Senior Counsel, ALPS Fund Services, Inc. (2014-2021). <br>| 3 |

---

\* Each Manager serves an indefinite term, until his or her successor is elected.

---

| | |
|:---|:---|
| \*\*  | Includes any company with a class of securities registered pursuant to Section 12 of the Exchange Act of 1934, as amended (the "Exchange Act"), or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the Investment Company Act.  |

---

\*\*\* The Fund Complex consists of Partners Group Private Equity (Master Fund), LLC, Partners Group Next Generation Infrastructure, LLC, and Partners Group Growth, LLC

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Mr. Collins is deemed an "interested person" of the Fund due to his position as a Partner of the Adviser.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Other Information (Unaudited)

**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 1-877-748-7209 or (ii) by visiting the SEC's website at <u>www.sec.gov</u>.

**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 as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at <u>www.sec.gov</u>.

**Federal Tax Information (Unaudited)** 

For the tax year ended October 31, 2024, the amount of long-term capital gains designated by the Fund was $0.

**Approval of Investment Management Agreement** 

At a meeting of the Board held on November 2, 2023, the Board, including all of the Managers who are not "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940 (the "Independent Managers"), approved the investment management agreement between the Fund and the Adviser (the "Investment Management Agreement") for an initial two-year term.

In advance of the meeting, the Independent Managers requested and received extensive materials from the Adviser to assist them in considering the approval of the Investment Management Agreement. The Board did not consider any single factor as controlling in determining whether or not to approve the Investment Management Agreement, nor are the items described herein all-encompassing of the matters considered by the Board.

The Board engaged in a detailed discussion of the materials with management of the Adviser. The Independent Managers then met separately with independent counsel to the Independent Managers for a full review of the materials. The Independent Managers reviewed reports from and considered their discussions with management about the following factors. The Independent Managers did not consider any single factor as controlling in determining whether or not to approve the Investment Management Agreement nor are the items described herein all-encompassing of the matters considered by the Board. Following this session, the full Board reconvened and after further discussion determined that the information presented provided a sufficient basis upon which to approve the Investment Management Agreement.

*Nature, Extent and Quality of Services* 

The Independent Managers reviewed and considered the nature, extent and quality of the investment management services proposed to be provided by the Adviser to the Fund under the Investment Management Agreement, including the selection of investments and the implementation of the Fund's objectives and strategies. The Independent Managers also reviewed and considered the nature and extent of any non-advisory, administrative services to be provided by the Adviser or its affiliates. The Independent Managers considered the qualifications of the key personnel of the Adviser who would provide services to the Fund. The Independent Managers determined that the Adviser had sufficient personnel with the appropriate education and experience to serve the Fund effectively and has demonstrated its continuing ability to attract and retain qualified personnel. The Independent Managers noted that the Adviser is part of a larger investment advisory group that advises other funds (including funds similar in structure to the Fund) and individual investors with respect to private equity investments and that relationship may make available to the Fund investment opportunities that would not be available if the Adviser was not the Fund's investment adviser. The Independent Managers also took into account the Adviser's compliance policies and procedures, including the procedures used to determine the value of the Fund's investments. The Independent Managers concluded that the overall quality of the services to be provided are appropriate and consistent with the terms of the limited liability company agreement of the Fund and industry norms, and that the Fund would benefit from the Adviser's management of the Fund's investment program.

*Performance* 

The Independent Managers considered the investment experience of the Adviser and the performance of other similar products managed by the Adviser. However, because the Fund is new, the Independent Managers were not able to consider Fund performance.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Other Information (Unaudited) (continued)

*Fees and Expenses Relative to Comparable Funds Managed by Other Investment Managers* 

The Independent Managers reviewed the proposed advisory fee and incentive fee rates and estimated expenses of the Fund. The Independent Managers compared the proposed advisory fee, incentive fee and other pro-forma expense information for the Fund with various comparative data, including a report of other comparable funds. In addition, the Independent Managers noted that the Adviser proposed to contractually limit total annual operating expenses of the Fund. The Independent Managers concluded that the advisory and incentive fees to be paid by the Fund were reasonable and satisfactory in light of the services proposed to be provided.

*Breakpoints and Economies of Scale* 

The Independent Managers considered the extent to which economies of scale could be realized and whether fee levels would reflect those economies, noting as the Fund grows, economies of scale may be realized. The Independent Managers noted, however, that since the Fund's advisory fee does not have breakpoints, the advisory fee would not create economies of scale as the Fund grows. The Independent Managers noted that they would continue to monitor and discuss the appropriateness of breakpoints and the Fund grows.

*Profitability of the Adviser* 

The Independent Managers considered the costs of the services anticipated to be provided by the Adviser, and the compensation and benefits to be received by the Adviser in providing services to the Fund. The Independent Managers reviewed the financial statements of the Adviser's parent and a profitability analysis of the Adviser, considered any direct or indirect revenues that could be received by affiliates of the Adviser, and concluded that the Adviser's fees and profits expected to be derived from its relationship with the Fund in light of the Fund's expenses were reasonable in relation to the nature and quality of the services to be provided, taking into account the fees charged by other advisers for managing comparable funds. The Independent Managers also concluded that the expected overall expenses of the Fund were reasonable, taking into account the quality of services to be provided by the Adviser.

Although the Independent Managers considered and reviewed pro-forma information concerning the Adviser's expected profits, due to the fact that operations for the Fund had not yet commenced, the Independent Managers made no determination with respect to profitability.

*Ancillary Benefits and Other Factors* 

The Independent Managers also discussed other benefits to be received by the Adviser from its management of the Fund, including, without limitation, the potential for increased brand recognition for Partners Group. The Independent Managers noted that Partners Group did not have affiliations with the Fund's transfer agent, administrator, custodian, or placement agent and therefore would not derive any benefits from the relationships these parties may have with the Fund. The Independent Managers concluded that the advisory and incentive fees were reasonable in light of any fall-out benefits.

*General Conclusion* 

The Independent Managers considered all factors and no one factor alone was deemed dispositive.

The Independent Managers determined that the information presented provided a sufficient basis upon which to approve the Investment Management Agreement and that the proposed compensation and other terms of the Investment Management Agreement were in the best interests of the Fund and its shareholders.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Other Information (Unaudited) (continued)

**Privacy Policy** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;&nbsp;**WHAT DOES PARTNERS GROUP NEXT GENERATION INFRASTRUCTURE, LLC DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;&nbsp;**Why?** | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number <br>&nbsp;&nbsp;&nbsp;&nbsp;● account balances <br>&nbsp;&nbsp;&nbsp;&nbsp;● account transactions <br>&nbsp;&nbsp;&nbsp;&nbsp;● transaction history <br>&nbsp;&nbsp;&nbsp;&nbsp;● wire transfer instructions <br>&nbsp;&nbsp;&nbsp;&nbsp;● checking account information <br>When you are *no longer* our customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;&nbsp;**How?** | &nbsp;&nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Partners Group Next Generation Infrastructure, LLC chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;&nbsp;**Does Partners Group Next Generation Infrastructure, LLC share?** | &nbsp;&nbsp;&nbsp;**Can you limit this sharing?** |
| &nbsp;&nbsp;&nbsp;**For our everyday business purposes** – <br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;**For our marketing purposes** – <br> to offer our products and services to you | &nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;We do not share |
| &nbsp;&nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;We do not share |
| &nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes** – information about your transactions and experiences | &nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes** – information about your creditworthiness | &nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;We do not share |
| &nbsp;&nbsp;&nbsp;**For our affiliates to market to you** | &nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;We do not share |
| &nbsp;&nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;We do not share |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;&nbsp;Call 1-877-748-7209  |

---

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Other Information (Unaudited) (continued)

**Privacy Policy (continued)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**What we do** | &nbsp;&nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;&nbsp;**How does Partners Group Next Generation Infrastructure, LLC protect my personal information?** | &nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;**How does Partners Group Next Generation Infrastructure, LLC collect my personal information?** | &nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you <br>&nbsp;&nbsp;&nbsp;&nbsp;● open an account <br>&nbsp;&nbsp;&nbsp;&nbsp;● provide account information <br>&nbsp;&nbsp;&nbsp;&nbsp;● give us your contact information <br>&nbsp;&nbsp;&nbsp;&nbsp;● make a wire transfer <br>&nbsp;&nbsp;&nbsp;&nbsp;● tell us where to send the money <br>We also collect your information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only <br>&nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes – information about your creditworthiness <br>&nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you <br>&nbsp;&nbsp;&nbsp;&nbsp;● sharing for nonaffiliates to market to you <br>State laws and individual companies may give you additional rights to limit sharing.  |
| &nbsp;&nbsp;&nbsp;**European Union's General Data Protection Regulation** | &nbsp;&nbsp;&nbsp;In addition to the above information, where applicable, you have the following rights under the European Union's General Data Protection Regulation ("GDPR") and U.S. Privacy Laws, as applicable and to the extent permitted by law, to <br>&nbsp;&nbsp;&nbsp;&nbsp;● Check whether we hold personal information about you and to access such data (in accordance with our policy) <br>&nbsp;&nbsp;&nbsp;&nbsp;● Request the correction of personal information about you that is inaccurate <br>&nbsp;&nbsp;&nbsp;&nbsp;● Have a copy of the personal information we hold about you provided to you or another "controller" where technically feasible <br>&nbsp;&nbsp;&nbsp;&nbsp;● Request the erasure of your personal information <br>&nbsp;&nbsp;&nbsp;&nbsp;● Request the restriction of processing concerning you <br>The legal grounds for processing of your personal information is for contractual necessity and compliance with law. <br>If you wish to exercise your rights, please contact: <br>Partners Group Next Generation Infrastructure, LLC <br>&nbsp;&nbsp;&nbsp;&nbsp;1114 Avenue of the Americas <br>&nbsp;&nbsp;&nbsp;&nbsp;37th Floor <br>&nbsp;&nbsp;&nbsp;&nbsp;New York, New York 10036 <br>&nbsp;&nbsp;&nbsp;&nbsp;Attn: Chief Compliance Officer <br>You are required to ensure the personal information we hold about you is up-to-date and accurate and you must notify us of any changes to the personal data you provided to us. |

---

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Other Information (Unaudited) (continued)

**Privacy Policy (continued)** 

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;We retain your personal information for a period of at least five (5) years from the date on which you first invested in Partners Group Next Generation Infrastructure, LLC for which personal data was provided or the date when you fully redeemed your investment. Thereafter, your personal information will be deleted (or otherwise erased or de-identified) any such personal data except as required or permitted by applicable law or regulation. <br>You also have the right to lodge a complaint with the appropriate regulatory authority with respect to issues you may have. |
| &nbsp;&nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies. <br>&nbsp;&nbsp;&nbsp;&nbsp;*● Our affiliates include companies with a Partners Group name, such as Partners Group (USA) Inc., investment adviser to the Fund and other funds, and Partners Group AG.* |
| &nbsp;&nbsp;&nbsp;**Controller** | &nbsp;&nbsp;&nbsp;"Controller" means the natural or legal person, public authority, agency or other body which, alone or jointly with others, determines the purposes and means of the processing of personal data; where the purposes and means of such processing are determined by European Union or European Member State law, the controller or the specific criteria for its nomination may be provided for by European Union or European Member State law. |
| &nbsp;&nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies. <br>&nbsp;&nbsp;&nbsp;&nbsp;*● Partners Group Next Generation Infrastructure, LLC does not share with nonaffiliates so they can market to you.*  |
| &nbsp;&nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you. <br>&nbsp;&nbsp;&nbsp;&nbsp;*● Partners Group Next Generation Infrastructure, LLC does not jointly market.* |

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(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics (the "Code"), as defined in Item 2 of Form N-CSR, that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The registrant did not grant any implicit or explicit waivers to the provisions of the Code during the period covered by the report. A copy of the Code is filed under Item 19(a)(1) of this Form.

**<u>Item 3. Audit Committee Financial Expert.</u>**

As of the end of the period covered by the report, the registrant's board of managers has determined that Mr. Stephen Ryan is qualified to serve as the audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3(a)(2) of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

(a) Audit Fees.

The aggregate fees billed for each of the last two fiscal years 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 years are $254,000 for 2024 and $393,360 for 2025.

(b) Audit-Related Fees.

The aggregate fees billed in 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 are $0 for 2024 and $0 for 2025.

(c) Tax Fees.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2024 and $0 for 2025.

(d) All Other Fees.

The aggregate fees billed in 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 are $0 for 2024 and $0 for 2025. The registrant's independent registered public accounting firm provides reasonable assurances on the correctness of the processes and procedures leading to the fair value of the investments calculated by Partners Group (USA) Inc. as well as the calculation itself, in accordance with their quarterly fair valuation process.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures.</u>

Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The registrant's audit committee must pre-approve the audit and non-audit services of the independent registered public accounting firm prior to the independent registered public accounting firm's engagement.

(e)(2) Percentage of Services.

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:

(b) 0%

(c) 0%

(d) 100%

(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.

(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 each of the last two fiscal years of the registrant was $0 for 2024 and $0 for 2025.

(h) The registrant's audit committee of the board of managers has considered whether the provision of non-audit services that were 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 investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committees of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

(a) Schedules of Investments are included as part of the reports to shareholders filed under Item 1(a) of this Form N-CSR.

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>**

(a) Not applicable.

(b) Not applicable.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Not applicable.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>**

The Proxy Voting Policies are attached herewith.

PROXY VOTING POLICY

Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between the adviser's interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser does have proxy voting authority.

Partners Group (USA) Inc. (the "Adviser") is the investment manager to Partners Group Next Generation Infrastructure, LLC (the "Fund"). All proxy voting responsibilities of the Fund are performed by the Adviser, with the assistance of the Administrator of the Fund. The Adviser utilizes Glass Lewis Europe Limited ("Proxy Firm"), to administer the voting of the Fund's proxies.

This policy is designed to address the Adviser's obligations with respect to the Fund pursuant to Rule 206(4)-6 of the Advisers Act.

The Adviser shall vote the proxies appurtenant to all shares of corporate stock or ownership interest owned by the Fund for which it serves as adviser, and the Adviser shall vote said proxies in accordance with the proxy voting policies set forth herein.

**1. Scope of Policy**

The Adviser is a fiduciary to the Fund. Accordingly, the Adviser has a fiduciary duty to vote all proxies in the best interest of the Fund.

The Adviser has an obligation to vote all proxies received from shares of corporate stock or ownership interest owned by its client accounts in the best interests of those clients.<sup>1</sup> In voting these proxies, the Adviser may not be motivated by, or subordinate the Fund's interests, to its own objectives or those of persons or parties unrelated to the Fund. The Adviser will endeavor to exercise all appropriate and lawful care, skill, prudence and diligence in voting proxies, and shall vote all proxies relating to shares or ownership interests owned by the Fund and received by the Adviser. The Adviser shall not be responsible, however, for voting proxies that it does not receive in sufficient time to respond.

In order to carry out its responsibilities with regard to voting proxies, the Adviser will seek to track all shareholder/interest holder meetings convened by companies whose shares are held in the Fund, identify all material issues presented to shareholder/interest holders at such meetings, formulate a reasonable position on each such issue and ensure that proxies pertaining to all shares or ownership interests owned in client accounts are voted in accordance with such determinations.

In addition, the Adviser has engaged the services of the Proxy Firm, an independent third party, to cast proxy votes according to the Adviser's established guidelines. The Proxy Firm will be required to promptly notify the Adviser of any proxy issues that do not fall under the guidelines set forth below. The Adviser does not believe that conflicts of interest will generally arise in connection with its proxy voting directives.

**2. Proxy Guidelines**

The Adviser's general policy is to support proposals that maintain or enhance (i) the economic value of the issuer and (ii) the rights and interests of unitholders, and to oppose proposals that are inconsistent with these objectives. Accordingly, proxy proposals are typically voted as set forth below. However, the Adviser may deviate from such general guidelines if it reasonably determines that doing so is in the best interest of the Fund.

**I. Election of Board of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Adviser will generally vote in support of
management's nominees for the board of directors, and in favor of proposals that support board independence.

**II. Appointment of Independent Auditors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Adviser will generally support the recommendation
of the board of directors.

**III. Issues of Corporate Structure and Shareholder/Interest Holder Rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Adviser generally supports proposals designed
to maintain or enhance shareholder/interest holder rights and/or value, such as the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Management proposals for approval of stock/interest repurchase programs or stock splits (including reverse
splits).

<sup>1</sup> For purposes of this policy, opportunities to vote on matters raised in connection with the Fund investments are considered to be proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Proposals supporting shareholder/interest holders rights (i) to vote on shareholder/interest holder rights
plans (poison pills), (ii) to remove supermajority voting provisions and/or (iii) to call special meetings and to act by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Adviser does not support obstacles erected
by companies to prevent mergers or takeovers, as it considers that such actions may depress the company's marketplace value. Accordingly,
the Adviser generally votes against management on proposals such as the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Anti-takeover and related provisions that serve to prevent the majority of shareholder/interest holders
from exercising their rights or effectively deter appropriate tender offers and other offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Shareholder/interest holder rights plans (poison pills) that allow the board of directors to block appropriate
offers to shareholder/interest holders or which trigger provisions preventing legitimate offers from proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Reincorporation in a jurisdiction which has more stringent anti-takeover and related provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Change-in-control provisions in non-salary compensation plans, employment contracts, and severance agreements
which benefit management and would be costly to shareholder/interest holders if triggered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Establishment of classified boards of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Adviser generally votes against management
on proposals such as the following, which have potentially substantial financial or best interest impact:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Capitalization changes that add "blank check" classes of stock or classes that dilute the
voting interests of existing shareholder/interest holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Amendments to by-laws which would require super-majority shareholder/interest holder votes to pass or
repeal certain provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Elimination of shareholder/interest holders' right to call special meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Excessive compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o "Other business as properly comes before the meeting" proposals which extend "blank
check" powers to those acting as proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Proposals requesting re-election of insiders or affiliated directors who serve on audit, compensation,
and nominating committees.

**IV. Mergers and Acquisitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Adviser evaluates Mergers and Acquisitions
on a case-by-case basis, and will use its discretion to vote in a manner that it believes will maximize shareholder/interest holder value.

**V. Executive and Director Equity-Based Compensation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Adviser is generally in favor of properly
constructed equity-based compensation arrangements. The Adviser will support proposals that provide management with the ability to implement
compensation arrangements that are both fair and competitive. However, the Adviser may oppose management proposals that could potentially
significantly dilute shareholder/interest holders' ownership interests in the company, or which it considers unreasonable.

**VI. Corporate Social and Policy Issues**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· With respect to the wide variety of corporate
and social policy issues for which voting may be required, the Adviser generally supports proposals that are designed to enhance the economic
value of the issuer, provided such policies are not inconsistent with the principles of socially responsible investing adopted by the
Adviser.

**VII. Matters Arising in Respect of Private Market Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Matters arising in respect of direct investments
will be considered on a case-by-case basis. The Adviser will vote on or consent to such matters in a manner that is consistent with the
general policy and principles outlined above. The basis for the voting decision and any recommendation the Adviser may receive from its
affiliates or advisers, including the basis for the determination that the decision is in the best interests of the Fund and the Adviser's
other clients, shall be formalized in writing.

**3. Conflicts**

From time to time, the Adviser will review a proxy which presents a potential material conflict. As a fiduciary to its clients, the Adviser takes these potential conflicts very seriously. While the Adviser's only goal in addressing any such potential conflict is to ensure that proxy votes are cast in the clients' best interests and are not affected by the Adviser's potential conflict, there are a number of courses the Adviser may take including, but not limited to, delegating the vote to the Proxy Firm. The final decision about which course to follow shall be made by the Adviser's investment committee.

When the matter clearly corresponds to one of the proposals enumerated above, casting a vote which simply follows the Adviser's pre-determined policy would eliminate the Adviser's discretion on the particular issue and hence avoid the conflict.

In other cases, where the matter presents a potential material conflict and is not clearly within one of the enumerated proposals, or is of such a nature that the Adviser believes more active involvement is necessary, the Adviser may delegate the vote to the Proxy Firm to determine the appropriate vote.

Alternatively, in certain situations the Adviser's investment committee may determine that delegating the vote to the Proxy Firm is unfeasible, impractical or unnecessary. In such situations, the investment committee shall make a decision about the voting of the proxy. The basis for the voting decision, and any recommendation the Adviser may receive from its affiliates or advisers, including the basis for the determination that the decision is in the best interests of the Fund and the Adviser's other clients, shall be formalized in writing.

**4. Proxy Voting Procedures**

The following describes the standard procedures that are to be followed with respect to carrying out the Adviser's proxy policy. The execution of these procedures may be delegated in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. When a proxy vote is called for, all relevant information in the proxy materials will be recorded by the
Adviser in a database.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser will confirm the Fund's holdings of the securities and that the Fund is eligible to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Adviser will review the proxy and if necessary compile information relating to such proxy. The Adviser
will consider whether there are any conflicts or other issues that warrant the delegating the vote to the Proxy Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In determining how to vote, the Adviser will consider the guidelines set forth above, the Adviser's
knowledge of the company, and the recommendations (if any) put forth by the Proxy Firm or an affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Adviser will maintain the documentation that supports its voting position. In particular, as to non-routine,
materially significant or controversial matters, such documentation will describe the position taken, why that position is in the best
interest of the Fund, an indication of whether the Adviser supported or did not support management and/or any other relevant information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. After the proxy is completed but before it is returned to the issuer and/or its agent, the Adviser may
review the proxy to determine that the appropriate documentation has been created, including conflict of interest screening.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Adviser will endeavor to submit its vote on all proxies in a timely fashion, in sufficient time for
the vote to be lodged to the extent the Adviser has had an opportunity to follow its Proxy Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Adviser will retain (i) a copy of each proxy statement that the Adviser receives regarding the Fund's

that was material to making a decision how to vote proxies on behalf of the Fund or that memorializes the basis for that decision; (iv)
a copy of each written client request for information on how the Adviser voted proxies on behalf of the Fund, and (v) a copy of any written
response by the Adviser to any (written or oral) client request for information on how the Adviser voted proxies on behalf of the requesting
Fund investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Adviser will periodically review these policies and procedures to ensure compliance.

**5. Obtaining Proxy Voting Information**

To obtain information on how the Adviser voted proxies, Fund investors may contact:

Partners Group Next Generation Infrastructure, LLC

1114 Avenue of the Americas, 37th Floor

New York, NY 10036

Attn: Chief Compliance Officer

Re: Proxy voting information request

**6. Recordkeeping**

The Fund and Adviser shall retain their (i) proxy voting policies and procedures; (ii) proxy statements received regarding portfolio securities of the Fund; (iii) records or votes it casts on behalf of the Fund; (iv) records of Fund investor requests for proxy voting information and responses to such requests, and (v) any documents prepared by the Adviser that are material in making a proxy voting decision. Such records may be maintained with a third party, such as the Proxy Firm, that will provide a copy of the documents promptly upon request.

Adopted: November 2, 2023

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies</u>**

(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 Investment Committee of Partners Group (USA) Inc. (the "Adviser"), who are primarily responsible for the day-to-day portfolio management of the Partners Group Next Generation Infrastructure, LLC (the "registrant" or the "Fund"), as of the date of filing of the report:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Investment Committee Member** | **Title** | **Length of Time of Service to the Fund** | **Business Experience During the Past 5 Years** | **Role of Investment Committee Member** |
| Robert Collins | Partner | Since Inception\* | Partner, Partners Group (2021-Present); Managing Director, Partners Group (2012-2021); Partners Group (2005-Present). | Portfolio Management |
| Thomas Stein | Partner | Since 2021 | Partner, Partners Group (2023-Present); Managing Director, Partners Group (2018-2023). | Portfolio Management |
| Adam Howarth | Partner | Since Inception\*\* | Partner, Partners Group (2022-Present); Partners Group (2007-Present). | Portfolio Management |
| Joel Schwartz | Partner | Since 2015 | Partner, Partners Group (2017-Present); Partners Group (2013-Present). | Portfolio Management |
| Anthony Shontz | Partner | Since 2012 | Partner, Partners Group (2022-Present); Partners Group (2007-Present); Director, Board of Partners Group (USA) Inc. (2018-2023). | Portfolio Management |
| Robin Shelley | Managing Director | Since 2024 | Managing Director, Partners Group (2024-Present); Senior Investment Leader, Partners Group (2021-2023); Investment Leader, Partners Group (2020). | Portfolio Management |
| Todd Bright | Partner | Since 2016 | Partner, Partners Group (2018-Present); Partners Group (2014-Present); Director, Board of Partners Group (USA) Inc. (2018-2023). | Portfolio Management |
| Ron Lamontagne | Managing Director | Since 2016 | Managing Director, Partners Group (2015-Present); Partners Group (2015-Present). | Portfolio Management |

---

\* Mr. Collins served as a portfolio manager for the registrant from 2009-2012, Chief Financial Officer since inception-2014 and President from 2014-present.

\*\* Mr. Howarth served as a portfolio manager for the registrant from 2009-2011 and as deputy portfolio manager from 2014-2018.

The following table provides biographical information about the members of the Liquid Private Markets ("LIPM") Investment Committee of the Adviser, who are primarily responsible for managing the listed private equity portion of the Fund's portfolio, as of the date of filing of this report:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Investment Committee Member** | **Title** | **Length of Time of Service to the Fund** | **Business Experience During the Past 5 Years** | **Role of Investment Committee Member** |
| Benjamin Lorenz | Senior Portfolio Manager - LIPM | Since 2022 | Senior Portfolio Manager, Partners Group, (2024-Present); Portfolio Manager, Partners Group (2022-2024); Senior Investment Analyst, Partners Group (2019-2021); Partners Group (2011-Present). | Portfolio Management – LIPM |
| Lorenzo Papi | Portfolio Manager – LIPM | Since 2023 | Portfolio Manager, Partners Group, (2023-Present); Investment Associate, Partners Group (2020-2023);Investment Analyst, Partners Group (2018-2020). | Portfolio Management – LIPM |
| Henrik Stutz | Senior Investment Analyst – LIPM | Since 2023 | Senior Investment Analyst, Partners Group (2021-Present); Associate Investment Analyst, Partners Group (2017-2021) | Portfolio Management – LIPM |

---

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

The following table provides information about portfolios and accounts, other than Partners Group Next Generation Infrastructure, LLC, for which the members of the Investment Committee of the Adviser are jointly and primarily responsible for the day-to-day portfolio management as of March 31, 2025:

---

| | | |
|:---|:---|:---|
| NAME OF PORTFOLIO MANAGEMENT TEAM MEMBER | NUMBER OF OTHER ACCOUNTS MANAGED AND TOTAL VALUE OF ASSETS<sup>†</sup> BY ACCOUNT TYPE FOR WHICH THERE IS NO PERFORMANCE-BASED FEE | NUMBER OF OTHER ACCOUNTS AND TOTAL VALUE OF ASSETS<sup>†</sup> FOR WHICH ADVISORY FEE IS PERFORMANCE-BASED: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Registered investment companies | Other pooled investment vehicles | Other accounts | Registered investment companies | Other pooled investment vehicles | Other accounts |
| Todd Bright | Zero accounts | Zero accounts | Zero accounts | 2 Registered investment companies with a value of $16.5 billion | 16 pooled investment vehicles with a value of $5.5 billion | 41 accounts with a value of $5.5 billion |
| Robert Collins | Zero accounts | Zero accounts | Zero accounts | 2 Registered investment companies with a value of $16.5 billion | 16 pooled investment vehicles with a value of $5.5 billion | 41 accounts with a value of $5.5 billion |
| Robin Shelley | Zero accounts | Zero accounts | Zero accounts | 2 Registered investment companies with a value of $16.5 billion | 16 pooled investment vehicles with a value of $5.5 billion | 41 accounts with a value of $5.5 billion |
| Thomas Stein | Zero accounts | Zero accounts | Zero accounts | 2 Registered investment companies with a value of $16.5 billion | 16 pooled investment vehicles with a value of $ billion | 41 accounts with a value of $5.5 billion |
| Adam Howarth | Zero accounts | Zero accounts | Zero accounts | 2 Registered investment companies with a value of $16.5 billion | 16 pooled investment vehicles with a value of $5.5 billion | 41 accounts with a value of $5.5 billion |
| Ron Lamontagne | Zero accounts | Zero accounts | Zero accounts | 2 Registered investment companies with a value of $16.5 billion | 16 pooled investment vehicles with a value of $5.5 billion | 41 accounts with a value of $5.5 billion |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Joel Schwartz | Zero accounts | 2 Registered investment companies with a value of $16.5 billion | 16 pooled investment vehicles with a value of $5.5 billion | 41 accounts with a value of $5.5 billion |
| Anthony Shontz | Zero accounts | 2 Registered investment companies with a value of $16.5 billion | 16 pooled investment vehicles with a value of $5.5 billion | 41 accounts with a value of $5.5 billion |
| Benjamin Lorenz\* | Zero accounts | 2 Registered investment companies with a value of $16.5 billion\*\* | 16 pooled investment vehicles with a value of $5.5 billion\*\* | Zero accounts |
| Lorenzo Papi\* | Zero accounts | 2 Registered investment companies with a value of $16.5 billion\*\* | 16 pooled investment vehicles with a value of $5.5 billion\*\* | Zero accounts |
| Henrik Stutz\* | Zero accounts | 2 Registered investment companies with a value of $16.5 billion\*\* | 16 pooled investment vehicles with a value of $5.5 billion\*\* | Zero accounts |

---

<sup>†</sup> Approximate

\* Member of the Liquid Private Markets Investment Committee

\*\* Only the listed portions of the relevant registered investment company's or pooled investment vehicle's portfolios are managed by this member.

**Potential Conflicts of Interests**

Members of the Portfolio Management Team are involved in the management of other accounts, including proprietary accounts, separate accounts and other pooled investment vehicles. Members of the Portfolio Management Team may manage separate accounts or other pooled investment vehicles that may have materially higher or different fee arrangements than the Fund and may also be subject to performance-based fees. The side-by-side management of these separate accounts and pooled investment vehicles may raise potential conflicts of interest relating to cross trading and the allocation of investment opportunities.

The Adviser has a fiduciary responsibility to manage all client accounts in a fair and equitable manner. The Adviser seeks to provide best execution of all securities transactions and to allocate investments to client accounts in a fair and reasonable manner. To this end, the Adviser has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management.

(a)(3) Compensation Structure of Portfolio Manager(s) or Management Team Members

The Adviser is a wholly-owned subsidiary of Partners Group Holding AG ("Partners Group Holding") and an affiliate of Partners Group AG, the principal operating subsidiary of Partners Group Holding. Partners Group Holding is a listed company with major ownership by its employees. The ownership structure is designed to motivate and retain employees.

The Portfolio Management Team and other employees of the Adviser are compensated with a fixed annual salary, which is typically supplemented by an annual bonus based on individual and team based performance. Key professionals, including the Portfolio Management Team, are additionally compensated through equity participation in Partners Group Holding.

This equity ownership is structured in a manner designed to provide for long-term continuity. Accordingly, the vesting parameters of equity incentives are rather stringent. Any equity or option holder intending to leave the firm has the obligation to render his or her unvested interest back to the company, either in the form of equity shares or options depending upon the extent of ownership interest. As a result, the Adviser believes that members of the Portfolio Management Team have a strong interest to remain with the firm over the long term.

(a)(4) Disclosure of Securities Ownership

The following table sets forth the dollar range of equity securities beneficially owned by each member of the Investment Committee of the Adviser indirectly in the Fund as of March 31, 2025:

---

| | |
|:---|:---|
| **Investment**<br>**Committee Member** | **Dollar Range of Fund**<br>**Shares Beneficially Owned** |
| Robert Collins | $100001-$500000 |
| Robin Shelley |  |
| Thomas Stein |  |
| Adam Howarth |  |
| Joel Schwartz |  |
| Anthony Shontz |  |
| Todd Bright |  |
| Ron Lamontagne |  |
| Benjamin Lorenz |  |
| Lorenzo Papi |  |
| Henrik Stutz |  |

---

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>**

Not applicable.

**<u>Item 15. Submission of Matters to a Vote of Security Holders</u>**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of managers, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407), or this Item.

**<u>Item 16. Controls and Procedures</u>**

(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)).

(b). There was no change 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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

(a) Not applicable.

(b) Not applicable.

**<u>Item 18. Recovery of Erroneously Awarded Compensation</u>**

Not applicable to the registrant.

**<u>Item 19. Exhibits</u>**

[(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](fp0093950-1_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.](fp0093950-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) The certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0093950-1_ex99906cert.htm)

**SIGNATURES**

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

Partners Group Next Generation Infrastructure, LLC

---

| | |
|:---|:---|
| By (Signature and Title): | /s/ Robert M. Collins |
|  | Robert M. Collins, President & |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | June 13, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, 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/ Robert M. Collins |
|  | Robert M. Collins, President & |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | June 13, 2025 |

---

---

| | |
|:---|:---|
| By (Signature and Title): | /s/ Brian Igoe |
|  | Brian Igoe, Chief Financial Officer |
|  | (Principal Financial Officer) |
| Date: | June 13, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)**

Partners Group Private Equity (Master Fund),LLC

Partners Group Growth, LLC

Partners Group Next Generation Infrastructure, LLC

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE**

**AND SENIOR FINANCIAL OFFICERS**

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

This Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") for [Partners Group Private Equity (Master Fund), LLC] [Partners Group Growth, LLC] [Partners Group Next Generation Infrastructure, LLC] (the "Fund") applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer, if any (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities
and Exchange commission ("SEC"), and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

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

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

**II.** **Administration of the Code** 

**Administration.** The administration of the Code shall be supervised by the Fund's Chief Compliance Officer (the "Chief Compliance Officer").

Any waivers sought by the Covered Officer must be approved by the Fund's Audit Committee (the "Audit Committee").

Page **1** of **6**

**III.** **Managing Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes, either directly or indirectly, with the interests of, or his/her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a family member, receives improper personal benefits as a result of the Covered Officer's 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, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended (the "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 Fund's and Partners Group (USA) Inc.'s (the "Adviser"), the Fund's investment adviser, compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Fund and the Adviser, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Service Provider") of which the Covered Officers may also be 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 a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Service Provider and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Fund.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions of the 1940 Act and the 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;&nbsp;&nbsp;&nbsp;&nbsp;• not use personal influence or personal relationships improperly
to influence investment decisions or financial reporting by the Fund whereby the Covered Officer or an immediate family member would
benefit personally to the detriment of the Fund;

Page **2** of **6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 or an immediate family member rather than the benefit of the Fund; <sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually his or her affiliations and other relationships pursuant to the Adviser's parent company's Conflicts
of Interest Directive.

There are some conflict of interest situations that must be approved by the Chief Compliance Officer. Those situations include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• serve as director on the board of any public or private company, excluding affiliates of Partners Group Holding AG and funds managed
by such affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt during any 12-month period of any gifts in excess of $100 in the aggregate from a third party that does or seeks to do
business with the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

**IV.** **Disclosure and Compliance** 

Each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be familiar with the disclosure requirements generally applicable to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Managers and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Fund and the Adviser
with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submit
to, the SEC and in other public communications made by the Fund; and

<sup>1</sup> For purposes of this Code, personal trading activity of the Covered Officers shall be monitored in accordance with the Fund's Code of Ethics. Each Covered Officer shall be considered an "Access Person" under such Code. The term "immediate family" shall have the same meaning as provided in such Code.

Page **3** of **6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**V.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or after becoming a Covered Officer), affirm in writing to the Board that he/she has received, read and
understands the Code, as certified substantially in the form of <u>Schedule A</u> attached hereto (each, a "Certification");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually affirm to the Board compliance with the requirements of the Code, which may be in the form of a Certification;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Compliance Officer promptly if he/she knows, or reasonably should know, of any violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• respond to questionnaires circulated periodically in connection with the preparation of disclosure documents for the Fund.

The Chief Compliance Officer or the Adviser's Chief Compliance Officer shall maintain records of all activities related to this Code.

The Fund will follow the procedures set forth below in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to him/her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Chief Compliance Officer determines that no violation has occurred, the Chief Compliance Officer
will notify the person(s) reporting the potential violation, and the Chief Compliance Officer will report his/her conclusions to the Audit
Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Chief Compliance Officer determines may be a violation will be reported to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Audit Committee determines that a violation has occurred, it will inform and make a recommendation to the Board, which will
consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification
to the president of the Fund; or a recommendation to sanction or dismiss the Covered Officer;

Page **4** of **6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will be responsible for granting waivers in its sole discretion; and

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

The Chief Compliance Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report to the Audit Committee quarterly any approvals provided in accordance with Section III of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report to the Audit Committee quarterly any violations of, or material issues arising under, this Code.

**VI.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002, as amended, and the rules and forms applicable to registered investment companies thereunder. Insofar as other polices or procedures of the Fund or the Fund's Service Providers govern or purport to govern the behavior or activities (including, but not limited to, personal trading 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 investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and any policies and procedures of the Service Providers are separate requirements applicable to the Covered Officers and are not part of this Code.

**VII.** **Amendments** 

All material amendments to this Code must be approved or ratified by the Board, including a majority of Independent Managers.

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly.

**IX.** **Internal Use** 

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

<u>Approved</u>: February 20, 2024

Page **5** of **6**

**<u>SCHEDULE A</u>**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE**

**AND SENIOR FINANCIAL OFFICERS**

**I HEREBY CERTIFY THAT:**

(1) I have read and I understand the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") adopted by [Partners Group Private Equity (Master Fund), LLC] [Partners Group Growth, LLC] [Partners Group Next Generation Infrastructure, LLC];

(2) I recognize that I am subject to the Code;

(3) I have complied with the requirements of the Code during the calendar year ending December 31, 20 ; and

(4) I have reported all violations of the Code required to be reported pursuant to the requirements of the Code during the calendar year ending December 31, 20 .

Set forth below are exceptions to items (3) and (4), if any:

Name:   <br> Date:

Page **6** of **6**

## Ex-99.Cert

**Exhibit 19(a)(3)**

**<u>CERTIFICATIONS</u>**

I, Robert M. Collins, Chief Executive Officer of Partners Group Next Generation Infrastructure, LLC (the "registrant"), certify that:

1. I have reviewed this report on Form N-CSR of Partners Group Next Generation Infrastructure, LLC;

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.

---

| | |
|:---|:---|
| Date: | June 13, 2025 |
| By: | /s/ Robert M. Collins |
|  | Robert M. Collins, President & |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

I, Brian Igoe, Chief Financial Officer of Partners Group Next Generation Infrastructure, LLC (the "registrant"), certify that:

1. I have reviewed this report on Form N-CSR of Partners Group Next Generation Infrastructure, LLC;

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.

---

| | |
|:---|:---|
| Date: | June 13, 2025 |
| By: | /s/ Brian Igoe |
|  | Brian Igoe, Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

Exhibit 19(b)

**SECTION 906 CERTIFICATION**

I, Robert M. Collins , Chief Executive Officer, and I, Brian Igoe, Chief Financial Officer of Partners Group Next Generation Infrastructure, LLC (the "Registrant") each certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Form N-CSR filing for the Registrant (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&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.

---

| | |
|:---|:---|
| By: | /s/ Robert M. Collins |
|  | Robert M. Collins, President & |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | June 13, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Brian Igoe |
|  | Brian Igoe, Chief Financial Officer |
|  | (Principal Financial Officer) |
| Date: | June 13, 2025 |

---