# EDGAR Filing Document

**Accession Number:** 0002039471
**File Stem:** 0001213900-26-066151
**Filing Date:** 2026-6
**Character Count:** 148316
**Document Hash:** 65cec81fd5fa8da1a214aae297d31031
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-066151.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001213900-26-066151

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ardian Access LLC
- **CENTRAL INDEX KEY:** 0002039471

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24006
- **FILM NUMBER:** 261071745

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ARDIAN US LLC
- **STREET 2:** 1370 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-641-8604

**MAIL ADDRESS:**
- **STREET 1:** C/O ARDIAN US LLC
- **STREET 2:** 1370 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

INVESTMENT COMPANY ACT FILE NUMBER <u>811-24006</u>

<u>ARDIAN ACCESS LLC</u>

(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

<u>1370 AVENUE OF THE AMERICAS, NEW YORK, NY 10019</u>

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

<u>MICHAEL FERRAGAMO</u>

<u>1370 AVENUE OF THE AMERICAS, NEW YORK, NY 10019</u>

(NAME AND ADDRESS OF AGENT FOR SERVICE)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: <u>(212) 641-8604</u>

DATE OF FISCAL YEAR END: <u>3/31</u>

DATE OF REPORTING PERIOD: <u>3/31/26</u>

**Item 1. Reports to Stockholders.**

(a) #### Ardian Access LLC

#### Class J Units

#### Class I Units

#### Class D Units
Annual Report

March 31, 2026

Managed By:

Ardian US LLC

1370 Avenue of Americas

New York, NY 10019

1-833-601-2677

------

[**Table of Contents**](#TOC001)

#### Ardian Access LLC

#### **Table of Contents**

---

| | |
|:---|:---|
|  **For the Period Ended March 31, 2026** | **Page** |
|  [Letter to Shareholders (Unaudited)](#T101) | 1 |
|  [Portfolio Overview (Unaudited)](#T102) | 2 |
|  [Report of Independent Registered Public Accounting Firm](#T103) | 3 |
|  [Consolidated Schedule of Investments](#T104) | 4 |
|  [Consolidated Statement of Assets and Liabilities](#T105) | 7 |
|  [Consolidated Statement of Operations](#T106) | 8 |
|  [Consolidated Statement of Changes in Net Assets](#T107) | 9 |
|  [Consolidated Statement of Cash Flows](#T108) | 10 |
|  [Consolidated Financial Highlights](#T109) | 11 |
|  [Notes to Consolidated Financial Statements](#T110) | 12 |
|  [Directors and Officers](#T111) | 21 |
|  [Privacy Notice](#T112) | 23 |

---

i

[**Table of Contents**](#TOC001)

#### Ardian Access LLC

#### Letter to Shareholders (Unaudited)

#### March 31, 2026

#### Market Outlook and Strategy
The private equity environment entering 2026 reflects a moderation in primary transaction activity following momentum in late 2025, as heightened geopolitical risk, inflation uncertainty and tighter financial conditions raised underwriting thresholds in Q1 2026. Despite this pause, underlying economic indicators remain broadly supportive, and the slowdown in exits has reinforced structural liquidity needs across private markets. Distribution levels continue to run well below historical norms, sustaining a meaningful liquidity gap that favors secondary market participants.

This backdrop continues to underpin a strong opportunity set for secondaries. With a large stock of unrealized NAV held for extended periods and sponsors delaying exits, secondary markets are playing a pivotal role in providing liquidity across a broader range of assets and fund vintages. 2025 was a record setting year for secondary deal flow, with transaction volumes reaching ~$230bn, driven by the dynamics mentioned above and broader adoption from both new and programmatic LP and GP secondary participants. LP led transactions still represent a larger share of the secondary volumes with ~57% deal share vs. ~43% for GP led, while deal sizes on average have continued to increase<sup>(1)</sup>. Ardian believes it is well positioned to capitalize on this attractive environment given its decades-long, market-leading and pioneering expertise in the secondary market and its ability to originate, structure, and execute attractive secondary solutions at scale.

Ardian Access LLC's (the "Fund") holistic strategy, combining diversified secondary investments with targeted co-investments and single asset continuation vehicles, remains particularly well suited to these conditions. Secondaries offer immediate diversification, reduced blind-pool risk and discounted entry points, while co-investments and single asset continuation vehicles provide selective exposure to high-quality assets with enhanced visibility on value creation. Leveraging Ardian's global secondaries and co-investment platforms, Ardian Access LLC continues to pursue disciplined deployment focused on downside protection and resilient asset selection across North America and Europe.

#### Performance and Portfolio Overview
As of March 31, 2026, Ardian Access LLC had built a diversified portfolio comprising 58 unique fund interests, acquired through a mix of LP-led and GP-led secondary transactions, single-asset continuation vehicles ("SACV"s), and co-investments. The portfolio is anchored by secondary exposure (approximately 85% of the portfolio), complemented by co-investments and SACVs, and spans 69 underlying funds and more than 700 underlying companies, with predominant exposure to North America and meaningful diversification across sectors and vintages.

Performance in Q1 2026 was positive, with the Fund increasing its NAV per share<sup>(2)</sup> by +3.9% for Class D investors and cumulative since-inception increase in NAV per share reaching approximately 17.9% as of quarter-end. Returns were supported by appreciation across existing investments as well as value creation at entry, notably the discounts achieved on LP-led secondary transactions.

Overall value drivers continue to reflect the core strengths of the strategy: disciplined secondary pricing, portfolio seasoning with assets entering their harvest phase, and broad diversification across GPs, sectors and geographies. Co-investments and SACVs further enhance return potential through targeted exposure to resilient business models with strong value creation potential. Together, these factors have underpinned consistent performance since inception while maintaining a balanced risk profile aligned with the Fund's long-term objectives.

The Ardian team is very pleased with the performances achieve to-date and the composition of the Fund's underlying portfolio.

____________

(1) Deal volume and splits from Greenhill's Secondary Market Review 2025.

(2) NAV per share for financial statement purposes is calculated based on amounts determined in accordance with U.S. generally accepted accounting principles, including period-end adjustments required for financial reporting. As a result, NAV per share reported in the audited financial statements may differ from NAV per share calculated for purposes of processing unitholder transactions, which is based on transactional net asset value calculations.

[**Table of Contents**](#TOC001)

#### Ardian Access LLC

#### PORTFOLIO OVERVIEW (Unaudited)

#### March 31, 2026
The Fund's performance figures(\*) for the period ended March 31, 2026, compared to its benchmark:

---

| | | |
|:---|:---|:---|
|  | **Total return<br>reported in<br>financial<br>statements** | **Total return<br>calculated <br>based<br>on NAV used for<br>transactional<br>purposes<sup>(c)</sup>** |
|  | **Since Inception<sup>(a)</sup>** | **Since Inception<sup>(a)</sup>** |
|  Ardian Access LLC – Class J Units | 17.33% | 18.83% |
|  Ardian Access LLC – Class I Units | 17.61% | 19.11% |
|  Ardian Access LLC – Class D Units | 17.47% | 18.87% |
|  MSCI World Index (Net Return, USD)<sup>(b)</sup> | 8.94% | 8.94% |

---

____________

\* Past performance is not indicative of future results. The investment return and principal value of an investment will fluctuate. An investor's shares when repurchased, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions.

(a) Inception date for Class J Units, Class I Units and Class D Units are June 12, 2025.

(b) The MSCI World Index (Net Return, USD) is a premier global equity benchmark that tracks the performance of large- and mid-cap stocks across 23 developed market countries. Covering approximately 85% of the free-float adjusted market capitalization in each nation, it is widely used by institutional investors to measure the overall health and return of developed economies. The performance of index is presented for the period from June 12, 2025, the commencement of the Fund's operations, through March 31, 2026.

(c) Total return for financial statement purposes is calculated in accordance with U.S. GAAP and includes period-end adjustments, such as valuation updates based on information available as of the reporting date but not available when the transactional NAV was calculated. As a result, total return reported in the audited financial statements may differ from total return based on transactional NAV.

#### Comparison of the Change in Value of a $1,000,000 Investment

---

| | |
|:---|:---|
|  **Portfolio Composition as of March 31, 2026:** | **Portfolio Composition as of March 31, 2026:** |
|  **Asset Allocation** | |
|  Private Funds | 74.0% |
|  Short Term Investments | 25.0% |
|  Other Assets In Excess Of Liabilities | 1.0% |
|  | 100.0% |

---

Please refer to the Consolidated Schedule of Investments in this report for a detailed listing of the Fund's holdings.

[**Table of Contents**](#TOC001)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Ardian Access LLC

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Ardian Access LLC and its subsidiaries (the "Fund") as of March 31, 2026, and the related consolidated statement of operations, consolidated statement of changes in net assets, and consolidated statement of cash flows for the period from June 12, 2025 (commencement of operations) to March 31, 2026, including the related notes, and the financial highlights for the period from June 12, 2025 (commencement of operations) to March 31, 2026 (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, 2026, and the results of its operations, changes in net assets, and its cash flows for the period from June 12, 2025 (commencement of operations) to March 31, 2026, and the financial highlights for the period from June 12, 2025 (commencement of operations) to March 31, 2026 are 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, 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 audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian and investment managers of investment funds, when replies were not received from the investment managers of investment funds, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP<br>New York, NY<br>May 30, 2026

We have served as the Fund's auditor since 2025.

[**Table of Contents**](#TOC001)

#### Ardian Access LLC

#### CONSOLIDATED SCHEDULE OF INVESTMENTS

#### March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Investments** | **Geographic <br>Region<sup>(g)</sup>** | **First <br>Acquisition <br>date** | **Cost** | **Fair Value** | **% of <br>Net Assets** | **Footnotes** |
|  **PRIVATE FUNDS – 74.0%** |  |  |  |  |  |  |
|  **DIRECT CO-INVESTMENTS – 10.2%** |  |  |  |  |  |  |
|  Andera Midcap Continuation Fund S.L.P. | Europe | 12/15/2025 | $11328238 | $11031903 | 1.0% | a,d,e |
|  EQT X CO-INVESTMENT (K) SCSP | Europe | 7/1/2025 | 9950007 | 11211484 | 1.0 | a,d |
|  GGVII OZ Blocker, Inc | North America | 10/1/2025 | 14812758 | 17834917 | 1.6 | a,d |
|  Latour Gutor Continuation Fund FPCI | Europe | 1/16/2026 | 5093963 | 4904395 | 0.5 | a,d,e |
|  Nautic Opportunities 2025 I, L.P. | North America | 8/25/2025 | 5472652 | 6076154 | 0.6 | a,d,e |
|  Nutrition Supplements Collective S.C.A | Europe | 8/26/2025 | 5630783 | 6026457 | 0.6 | a,d |
|  Onex Lego Co-Invest LP | North America | 11/19/2025 | 13423584 | 13385407 | 1.2 | a,d |
|  PAI Strategic Partnerships II SCSp | Europe | 9/23/2025 | 3700562 | 3543752 | 0.3 | a,d,e |
|  Providence Equity Partners IX-C L.P. | North America | 7/30/2025 | 10308551 | 10242528 | 0.9 | a,d,e |
|  TPG Atlas Partners, L.P. | North America | 9/1/2025 | 2530207 | 3377644 | 0.3 | a,d,e |
|  WP Vamos Co-Investment Vehicle, L.P. | North America | 9/26/2025 | 18854487 | 23662647 | 2.2 | a,d |
|  **TOTAL DIRECT CO-INVESTMENTS** |  |  | $**101105792** | $**111297288** | **10.2%** |  |
|  **PRIMARY INVESTMENTS – 0.2%** |  |  |  |  |  |  |
|  BC European Capital XII | Europe | 1/9/2026 | $— | $87400 | 0.0% | a,d,e,f |
|  Cinven Strategic Fund 2 (No.1) Limited Partnership | Europe | 11/17/2025 |  | (46759) | (0.0)% | a,d,e,h,i |
|  Golden Gate Capital Opportunity Fund VII-A, L.P. | North America | 7/18/2025 | 3306111 | 2596140 | 0.2 | a,d,e |
|  TowerBrook Investors VII (Offshore), I.L.P. | North America | 12/23/2025 | 48465 | (10377) | (0.0) | a,d,e,h,i |
|  **TOTAL PRIMARY INVESTMENTS** |  |  | $**3354576** | $**2626404** | **0.2%** |  |
|  **SECONDARY INVESTMENTS – 63.6%** |  |  |  |  |  |  |
|  A9 USD Feeder L.P. | North America | 3/31/2026 | $5208244 | $6839748 | 0.6% | a,d,e |
|  Advent Intl GPE X-D SCSp | North America | 9/30/2025 | 3495559 | 3835064 | 0.4 | a,d,e |
|  Altor Fund IV (No. 2) AB | Europe | 6/30/2025 | 6733716 | 7895140 | 0.7 | a,d,e |
|  Altor Fund V (No. 1) AB | Europe | 6/30/2025 | 174411 | 250093 | 0.0 | a,c,e,f |
|  Altor Fund V (No. 2) AB | Europe | 6/30/2025 | 1530200 | 2251232 | 0.2 | a,d,e |
|  Apax IX – AIV USD Limited Partnership | North America | 3/31/2026 | 939633 | 751554 | 0.1 | a,d,e |
|  Apollo Overseas Partners (Delaware) IX, L.P. | North America | 9/30/2025 | 9301907 | 12216975 | 1.1 | a,d,e |
|  Apollo Overseas Partners X, L.P. | North America | 9/30/2025 | 845735 | 979333 | 0.1 | a,d,e |
|  Bain Capital Europe Fund V, SCSp Limited Partnership | Europe | 3/31/2026 | 7384466 | 8104409 | 0.8 | a,d,e |
|  BC European Capital IX | Europe | 12/31/2025 | 1237418 | 1359172 | 0.1 | a,d,e |
|  BC European Capital X | Europe | 12/31/2025 | 2091720 | 2503348 | 0.2 | a,d,e |
|  BC Partners Fund XI | Europe | 12/31/2025 | 11107938 | 13593038 | 1.3 | a,d,e |
|  BE VI 'E' LP | Europe | 9/30/2025 | 10464250 | 14035025 | 1.3 | a,d,e |
|  Berkshire Fund IX, L.P. | North America | 6/30/2025 | 150555 | 191541 | 0.0 | a,c,e,f |
|  Berkshire Fund IX-A, L.P. | North America | 6/30/2025 | 14897455 | 18953482 | 1.8 | a,d,e |
|  Blackstone Capital Partners VIII L.P. | North America | 9/30/2025 | 31687650 | 29275498 | 2.7 | a,d,e |
|  Blackstone Core Equity Partners – P Limited Partnership | North America | 3/31/2026 | 15418160 | 15374415 | 1.4 | a,d,e |
|  Carlyle Partners VII, L.P. | North America | 9/30/2025 | 63138079 | 53781232 | 4.9 | a,d,e |
|  Carlyle Partners VIII, L.P. | North America | 12/31/2025 | 18530620 | 19237088 | 1.8 | a,d,e |
|  Clayton, Dubillier & Rice Fund XI, L.P. | North America | 9/30/2025 | 10506486 | 13600141 | 1.3 | a,c,d,e |
|  Court Square Capital Partners IV-A, L.P. | North America | 9/30/2025 | 14316263 | 19958526 | 1.8 | a,d,e |
|  CVC Capital Partners VIII(A) L.P. | Europe | 12/31/2025 | 15559796 | 17774086 | 1.6 | a,d,e |
|  Francisco Partners VI, L.P. | North America | 12/31/2025 | 4911195 | 5357394 | 0.5 | a,c,e |
|  Genstar Capital Partners VIII BL (EU), L.P. | North America | 9/30/2025 | 11412838 | 12961353 | 1.2 | a,d,e |
|  Genstar Capital Partners IX (EU), L.P. | North America | 9/30/2025 | 11068827 | 12295063 | 1.1 | a,d,e |
|  Genstar Capital Partners X, L.P. | North America | 6/30/2025 | 9488082 | 11325009 | 1.0 | a,c,d,e |
|  Genstar IX Opportunities Fund I (EU), L.P. | North America | 9/30/2025 | 6076334 | 7298215 | 0.7 | a,d,e |
|  Golden Gate Capital Opportunity Fund, LP | North America | 12/31/2025 | 4869503 | 6889298 | 0.6 | a,c,e |

---

See Notes to Consolidated Financial Statements.

[**Table of Contents**](#TOC001)

#### Ardian Access LLC

#### CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

#### March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Investments** | **Geographic <br>Region<sup>(g)</sup>** | **First <br>Acquisition <br>date** | **Cost** | **Fair Value** | **% of <br>Net Assets** | **Footnotes** |
|  **PRIVATE FUNDS – 74.0% (Continued)** |  |  |  |  |  |  |
|  **SECONDARY INVESTMENTS – 63.6% (Continued)** |  |  |  |  |  |  |
|  Golden Gate Capital Opportunity Fund-A, L.P. | North America | 6/30/2025 | $44102690 | $59928614 | 5.5 | a,d,e,j |
|  Green Equity Investors VIII, L.P. | North America | 12/31/2025 | 12427787 | 13726854 | 1.3% | a,c,e |
|  Hellman & Friedman Capital Partners VIII Limited Partnership | North America | 3/31/2026 | 10441828 | 16011928 | 1.5 | a,d,e |
|  Hellman & Friedman Capital Partners IX, L.P. | North America | 12/31/2025 | 11510271 | 13145989 | 1.2 | a,d,e |
|  Hellman & Friedman Capital Partners X, L.P. | North America | 12/31/2025 | 7954782 | 9605847 | 0.9 | a,c,e |
|  HFCP VIII (Parallel-A) Limited Partnership | North America | 3/31/2026 | 1019298 | 1562894 | 0.1 | a,d,e |
|  HFCP IX (Parallel-A), L.P. | North America | 9/30/2025 | 25616563 | 28137922 | 2.6 | a,d,e |
|  New Mountain Partners VI, L.P. | North America | 12/31/2025 | 1040315 | 1228828 | 0.1 | a,c,e |
|  Norvestor SPV III SCSp | Europe | 7/14/2025 | 17144501 | 22065893 | 2.0 | a,d,e |
|  Onex Partners V Leaf Redemption LP | North America | 3/31/2026 | 391682 | 391682 | 0.0 | a,d,f |
|  Onex Partners V Limited Partnership | North America | 3/31/2026 | 3812834 | 6291353 | 0.6 | a,d,e |
|  Permira VII L.P.1 | Europe | 12/31/2025 | 27020194 | 29561339 | 2.7 | a,d,e |
|  Permira VII L.P. 2.SCSp | Europe | 9/30/2025 | 15633257 | 12913506 | 1.2 | a,d,e |
|  Providence Equity Partners VIII L.P. | North America | 6/30/2025 | 13808949 | 16002851 | 1.5 | a,c,e |
|  Providence Equity Partners VIII-A L.P. | North America | 12/31/2025 | 8985394 | 17399654 | 1.6 | a,d,e |
|  Seventh Cinven Fund (No.1) Limited Partnership | Europe | 9/30/2025 | 22012315 | 21743236 | 2.0 | a,d,e |
|  Silver Lake Partners VI, L.P. Limited Partnership | North America | 3/31/2026 | 7672119 | 9619895 | 0.9 | a,d,e |
|  Sovereign Capital IV Limited Partnership | Europe | 6/30/2025 | 7856642 | 4560603 | 0.4 | a,d,e |
|  Stone Point CV, LP | North America | 10/13/2025 | 50774701 | 53807059 | 4.9 | a,d,e |
|  Thoma Bravo Fund XIII-A, L.P. | North America | 9/30/2025 | 16485203 | 19552831 | 1.8 | a,d,e |
|  TowerBrook Investors IV (Onshore), L.P. | North America | 6/30/2025 | 3394778 | 3203264 | 0.3 | a,d,e |
|  TowerBrook Investors IV (OS), L.P. | North America | 6/30/2025 | 473438 | 451418 | 0.0 | a,d,e,f |
|  TowerBrook Investors V (Onshore), L.P. | North America | 6/30/2025 | 282599 | 275322 | 0.0 | a,c,e,f |
|  TowerBrook Investors V (TE), L.P. | North America | 6/30/2025 | 13838711 | 13469567 | 1.2 | a,d,e |
|  **TOTAL SECONDARY INVESTMENTS** |  |  | $**616247891** | $**693544821** | **63.6%** |  |
|  **TOTAL PRIVATE FUNDS** |  |  | $**720708259** | $**807468512** | **74.0%** |  |
|  **SHORT TERM INVESTMENTS – 25.0%** |  | **Shares** |  |  |  |  |
|  **MONEY MARKET FUNDS – 25.0%** |  |  |  |  |  |  |
|  BlackRock Liquidity Funds FedFund – Institutional Class, 3.55% | North America | 80176862 | 80176862 | 80176862 | 7.4% | b |
|  Fidelity Investments Money Market Government Portfolio – Institutional Class, 3.57% | North America | 89209243 | 89209243 | 89209243 | 8.2 | b |
|  Goldman Sachs Financial Square Government Fund – Institutional Class, 3.53% | North America | 52739919 | 52739919 | 52739919 | 4.8 | b |
|  JPMorgan US Government Money Market Fund – Institutional Class, 3.57% | North America | 50393479 | 50393479 | 50393479 | 4.6 | b |
|  **TOTAL SHORT TERM INVESTMENTS** |  |  | $**272519503** | $**272519503** | **25.0%** |  |
|  **TOTAL INVESTMENTS – 99.0%** <br> (Cost – $993,227,762) |  |  |  | $1079988015 |  |  |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%** |  |  |  | 10685802 |  |  |
|  **NET ASSETS – 100.0%** |  |  |  | $**1090673817** |  |  |

---

____________

L.P. — Limited Partnership

(a) Investments have no redemption provisions, are issued in private placement transactions and are restricted as to resale. For investments that were acquired through multiple transactions, the acquisition date represents the initial acquisition date of the Fund's investment in the position. Total fair value of restricted securities amounts to $807,781,430, which represents approximately 74.0% of the Fund's net assets as of March 31, 2026.

See Notes to Consolidated Financial Statements.

[**Table of Contents**](#TOC001)

#### Ardian Access LLC

#### CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

#### March 31, 2026
(b) Money market fund; interest rate reflects seven-day effective yield on March 31, 2026.

(c) All or a portion of the investment is a holding of AA Blocker LLC, a wholly-owned subsidiary of the Fund. See Note 2.

(d) All or a portion of the investment is a holding of AA Holdco LLC, a wholly-owned subsidiary of the Fund. See Note 2.

(e) Investment has been committed to but has not been fully funded. See Note 2.

(f) Percentage rounds to less than 0.1%.

(g) In the case of Private Funds, geographic region generally refers to where the general partner is headquartered and may be different from where a Private Fund invests or operates.

(h) Percentage rounds to less than (0.1)%.

(i) No capital contributions have been made with respect to the investment. The negative fair value is attributable to expenses allocated by the underlying general partner in accordance with the governing documents.

(j) The objective of the investment is to achieve longterm capital appreciation through buyout investments in established companies.

See Notes to Consolidated Financial Statements.

[**Table of Contents**](#TOC001)

#### Ardian Access LLC

#### CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

#### March 31, 2026

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Investment in Private Funds, at fair value (Cost $720,708,259) | $807468512 |
| &nbsp;&nbsp;&nbsp; Short-term investments, at fair value (Cost $272,519,503) | 272519503 |
| &nbsp;&nbsp;&nbsp; Cash | 18163154 |
| &nbsp;&nbsp;&nbsp; Cash denominated in foreign currency (Cost – $665,669) | 666246 |
| &nbsp;&nbsp;&nbsp; Dividend receivable | 1767867 |
| &nbsp;&nbsp;&nbsp; Deferred offering costs | 161510 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 9163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ASSETS** | 1100755955 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Net deferred tax liability | $2812768 |
| &nbsp;&nbsp;&nbsp; Payables for investments acquired | 2447356 |
| &nbsp;&nbsp;&nbsp; Due to Adviser | 1866507 |
| &nbsp;&nbsp;&nbsp; Payable for distribution fees | 1079656 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased | 792620 |
| &nbsp;&nbsp;&nbsp; Income tax liability | 106212 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | 977019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LIABILITIES** | 10082138 |
|  **NET ASSETS** | $**1090673817** |
|  **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp; Paid in capital | $990438375 |
| &nbsp;&nbsp;&nbsp; Distributable earnings | 100235442 |
|  **Commitments and Contingencies (See Note 2)** |  |
|  **NET ASSETS** | $**1090673817** |
|  **Class J Units:** |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $**884378441** |
| &nbsp;&nbsp;&nbsp; Outstanding shares (unlimited number of shares authorized) | **75950217** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | $**11.64** |
|  **Class I Units:** |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $**144030925** |
| &nbsp;&nbsp;&nbsp; Outstanding shares (unlimited number of shares authorized) | **12349436** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | $**11.66** |
|  **Class D Units:** |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $**62264451** |
| &nbsp;&nbsp;&nbsp; Outstanding shares (unlimited number of shares authorized) | **5345460** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | $**11.65** |

---

See Notes to Consolidated Financial Statements.

[**Table of Contents**](#TOC001)

#### Ardian Access LLC

#### CONSOLIDATED STATEMENT OF OPERATIONS

#### For the Period Ended March 31, 2026 <sup>(a)</sup>

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Dividend income | $14426681 |
| &nbsp;&nbsp;&nbsp; Less: Foreign withholding taxes | (66126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT INCOME** | 14360555 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Management fees (See Note 4) | 8553860 |
| &nbsp;&nbsp;&nbsp; Distribution fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class J | 2549417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | 92754 |
| &nbsp;&nbsp;&nbsp; Legal fees | 2997831 |
| &nbsp;&nbsp;&nbsp; Offering costs (See Note 2) | 646038 |
| &nbsp;&nbsp;&nbsp; Tax expense | 411210 |
| &nbsp;&nbsp;&nbsp; Administrative services fees | 306241 |
| &nbsp;&nbsp;&nbsp; Fund accounting fees | 218901 |
| &nbsp;&nbsp;&nbsp; Audit and tax fees | 201750 |
| &nbsp;&nbsp;&nbsp; Trustees fees and expenses | 163638 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 161802 |
| &nbsp;&nbsp;&nbsp; Shareholder Servicing fees | 154976 |
| &nbsp;&nbsp;&nbsp; Custodian fees | 97347 |
| &nbsp;&nbsp;&nbsp; Portfolio administration fees | 94790 |
| &nbsp;&nbsp;&nbsp; Insurance expense | 78586 |
| &nbsp;&nbsp;&nbsp; Registration fees | 38553 |
| &nbsp;&nbsp;&nbsp; Other expenses | 97669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXPENSES** | 16865363 |
| &nbsp;&nbsp;&nbsp; Plus: Expenses recouped by Adviser net of reimbursement (See Note 4) | 2128091 |
| &nbsp;&nbsp;&nbsp; Less: Management Fees waived (See Note 4) | (8553860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET EXPENSES** | 10439594 |
|  **NET INVESTMENT INCOME** | 3920961 |
|  **REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |
|  Net realized gain/(loss) from: |  |
| &nbsp;&nbsp;&nbsp; Investments | 19308174 |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | 322326 |
|  | 19630500 |
|  Net change in unrealized appreciation/(depreciation) of: |  |
| &nbsp;&nbsp;&nbsp; Investments | 86760253 |
| &nbsp;&nbsp;&nbsp; Deferred tax expense | (2812768) |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | 925 |
|  | 83948410 |
|  **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 103578910 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**107499871** |

---

____________

(a) Commencement of operations was June 12, 2025.

See Notes to Consolidated Financial Statements.

[**Table of Contents**](#TOC001)

#### Ardian Access LLC

#### CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

---

| | |
|:---|:---|
|  | **Period Ended<br>March 31, <br>2026<sup>(a)</sup>** |
|  **FROM OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3920961 |
| &nbsp;&nbsp;&nbsp; Net realized gain from investments | 19630500 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments, net of taxes | 83948410 |
|  Net increase in net assets resulting from operations | 107499871 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |
| &nbsp;&nbsp;&nbsp; Class J Units | (6586266) |
| &nbsp;&nbsp;&nbsp; Class I Units | (1079480) |
| &nbsp;&nbsp;&nbsp; Class D Units | (427622) |
|  Net decrease in net assets from distributions to shareholders | (8093368) |
|  **FROM SHARES OF BENEFICIAL INTEREST** |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |
| &nbsp;&nbsp;&nbsp; Class J Units | 799528374 |
| &nbsp;&nbsp;&nbsp; Class I Units | 128822897 |
| &nbsp;&nbsp;&nbsp; Class D Units | 55800000 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions |  |
| &nbsp;&nbsp;&nbsp; Class J Units | 5770529 |
| &nbsp;&nbsp;&nbsp; Class I Units | 817892 |
| &nbsp;&nbsp;&nbsp; Class D Units | 427622 |
|  Net increase in net assets from shares of beneficial interest | 991167314 |
|  **TOTAL INCREASE IN NET ASSETS** | 1090573817 |
|  **NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | 100000 |
| &nbsp;&nbsp;&nbsp; End of Period | $**1090673817** |
|  **SHARE ACTIVITY** |  |
|  **Class J Units:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 10000 |
| &nbsp;&nbsp;&nbsp; Shares sold | 75432523 |
| &nbsp;&nbsp;&nbsp; Shares issued for distributions reinvested | 507694 |
| &nbsp;&nbsp;&nbsp; End of period | 75950217 |
|  **Class I Units:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 12277438 |
| &nbsp;&nbsp;&nbsp; Shares issued for distributions reinvested | 71998 |
| &nbsp;&nbsp;&nbsp; End of period | 12349436 |
|  **Class D Units:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5307784 |
| &nbsp;&nbsp;&nbsp; Shares issued for distributions reinvested | 37676 |
| &nbsp;&nbsp;&nbsp; End of period | 5345460 |

---

____________

(a) Commencement of operations was June 12, 2025.

See Notes to Consolidated Financial Statements.

[**Table of Contents**](#TOC001)

#### Ardian Access LLC

#### CONSOLIDATED STATEMENT OF CASH FLOWS

#### For the Period Ended March 31, 2026 <sup>(a)</sup>

---

| | |
|:---|:---|
|  **Increase/(Decrease) in Cash** |  |
| &nbsp;&nbsp;&nbsp; **Cash flows provided by/(used for) operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | $107499871 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities: |  |
| &nbsp;&nbsp;&nbsp; Purchases of long-term portfolio investments | (745690255) |
| &nbsp;&nbsp;&nbsp; Distributions received from investments, net of distributions receivable from investments | 44290170 |
| &nbsp;&nbsp;&nbsp; Purchases of short-term portfolio investments, net | (272519503) |
| &nbsp;&nbsp;&nbsp; Net realized gain on distributions from investments | (19308174) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (86760253) |
| &nbsp;&nbsp;&nbsp; Change in net deferred tax expense | 2812768 |
| &nbsp;&nbsp;&nbsp; Increase in dividend receivable | (1767867) |
| &nbsp;&nbsp;&nbsp; Increase in deferred offering cost | (161510) |
| &nbsp;&nbsp;&nbsp; Increase in prepaid expense | (9163) |
| &nbsp;&nbsp;&nbsp; Increase in payables for investments acquired | 2447356 |
| &nbsp;&nbsp;&nbsp; Increase in payable for distribution fees | 1079656 |
| &nbsp;&nbsp;&nbsp; Increase in due to Adviser | 1866507 |
| &nbsp;&nbsp;&nbsp; Increase in payable for investments purchased | 792620 |
| &nbsp;&nbsp;&nbsp; Increase in income tax liability | 106212 |
| &nbsp;&nbsp;&nbsp; Increase in other accrued expenses | 977019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used for operating activities** | (964344546) |
| &nbsp;&nbsp;&nbsp; **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 984151271 |
| &nbsp;&nbsp;&nbsp; Distributions paid to shareholders, net of reinvestments | (1077325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | 983073946 |
| &nbsp;&nbsp;&nbsp; **Net increase in cash** | 18729400 |
| &nbsp;&nbsp;&nbsp; **Cash at beginning of period** | 100000 |
| &nbsp;&nbsp;&nbsp; **Cash at end of period** | $18829400 |
| &nbsp;&nbsp;&nbsp; **End of period balances** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $18163154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash denominated in foreign currency | 666246 |
| &nbsp;&nbsp;&nbsp; **End of period balance** | $18829400 |
| &nbsp;&nbsp;&nbsp; **Supplemental disclosure of non-cash financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | $7016043 |
| &nbsp;&nbsp;&nbsp; **Supplemental disclosure of operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for income tax | $304998 |

---

____________

(a) Commencement of operations was June 12, 2025.

See Notes to Consolidated Financial Statements.

[**Table of Contents**](#TOC001)

#### Ardian Access LLC

#### CONSOLIDATED FINANCIAL HIGHLIGHTS

#### Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

---

| | | | |
|:---|:---|:---|:---|
|  **Period Ended March 31, 2026<sup>(a)</sup>** | **Class J <br>Units** | **Class I <br>Units** | **Class D <br>Units** |
|  Net asset value, beginning of period | $10.00 | $10.00 | $10.00 |
|  Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.05 | 0.07 | 0.06 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | 1.68 | 1.69 | 1.69 |
|  Total from investment operations | 1.73 | 1.76 | 1.75 |
|  Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.07) | (0.08) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net realized gains | (0.02) | (0.02) | (0.02) |
|  Total distributions | (0.09) | (0.10) | (0.10) |
|  Net asset value, end of period | $11.64 | $11.66 | $11.65 |
|  Total return<sup>(c)</sup><sup>(j)</sup> | 17.33<br> %<sup>(g)</sup> | 17.61<br> %<sup>(g)</sup> | 17.47<br> %<sup>(g)</sup> |
|  Net assets, end of period (000s) | $884378 | $144031 | $62264 |
|  Ratio of gross expenses to average net assets<sup>(d)(e)</sup> | 2.75<br> %<sup>(h)</sup> | 2.30<br> %<sup>(h)</sup> | 2.50<br> %<sup>(h)</sup> |
|  Ratio of net expenses to average net assets<sup>(d)</sup><sup>(i)</sup> | 1.63<br> %<sup>(h)</sup> | 1.34<br> %<sup>(h)</sup> | 1.53<br> %<sup>(h)</sup> |
|  Ratio of net investment income to average net assets<sup>(f)</sup> | 0.65<br> %<sup>(h)</sup> | 0.89<br> %<sup>(h)</sup> | 0.77<br> %<sup>(h)</sup> |
|  Portfolio Turnover Rate | 0<br> %<sup>(g)</sup> | 0<br> %<sup>(g)</sup> | 0<br> %<sup>(g)</sup> |

---

____________

(a) The Fund's commencement of operations was June 12, 2025.

(b) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. Had the Adviser not waived its fees and recouped the previously reimbursed expenses, total return would have been lower.

(d) Does not include the expenses of private funds in which the Fund invests.

(e) Represents the ratio of expenses to average net assets absent the adviser expense reimbursement and/or recoupment of operating expenses.

(f) Recognition of net investment income (loss) by the Fund is affected by the timing of distributions from the underlying investment companies in which the Fund invests.

(g) Not annualized.

(h) Annualized.

(i) The recoupment of reimbursed expenses was not annualized as the management considered it to be non-recurring as all the reimbursed expenses were recouped as of March 31, 2026.

(j) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. Accordingly, the net asset value per Unit for financial reporting purposes may differ from the net asset value per Unit determined for purposes of processing Unit holder transactions.

See Notes to Consolidated Financial Statements.

[**Table of Contents**](#TOC001)

#### Ardian Access LLC<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>March 31, 2026
**1. Organization**

Ardian Access LLC (the "Fund") was organized as a Delaware limited liability company on September 26, 2024, and is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as a non-diversified, closed-end management investment company that operates as a tender offer fund with a continuous offering of Fund shares. Ardian US LLC (the "Adviser"), a Delaware limited liability company and subsidiary of Ardian Holding (Paris, France), is registered with the SEC under the Investment Advisers Act of 1940, as amended, and serves as the Fund's investment adviser, responsible for portfolio investment decisions. The Fund commenced operations on June 12, 2025.

The Fund's objective is to generate attractive risk-adjusted returns by investing in a global portfolio of private assets investments primarily through: Secondary Investments, Direct Co-Investments and Primary Investments (collectively, "Private Funds", "Portfolio Funds", "Underlying Fund").

The Fund offers three classes of shares of beneficial interest ("Units"), designated as Class J Units, Class I Units, and Class D Units. An investment in any class of units of the Fund represents an investment in the same assets of the Fund. All units of a class have equal rights to the payment of dividends and other distributions and the distribution of assets upon liquidation. Minimum initial investment is $25,000 in Class J and D Units and $1,000,000 in Class I. Units are offered monthly. The Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2. SUMMARY OF Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") and are presented in U.S. dollars which is the functional currency of the Fund. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services — Investment Companies".

*Use of Estimates* — The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. The Fund believes that these estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates.

*Cash* — Cash consists of monies held in a non-interest bearing account at JPMorgan Chase bank, N.A., a member of the Federal Deposit Insurance Corporation. Deposits, at times, may exceed the insurance limit guaranteed by the Federal Deposit Insurance. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such accounts. There are no restrictions on the cash held by the Fund.

*Foreign Currency Translation* — Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

*Income Recognition and Expenses* — Income is recognized on an accrual basis as earned. Expenses are recognized on an accrual basis as incurred. Distributions from Portfolio Funds occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received, including return of capital, realized gains and dividend income, is based on information received from the investment manager of the Portfolio Funds. The

[**Table of Contents**](#TOC001)

#### Ardian Access LLC<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<br>March 31, 2026
**2. SUMMARY OF Significant Accounting Policies** (cont.)

change in unrealized appreciation on investments within the Consolidated Statement of Operations includes the Fund's share of unrealized gains and losses, realized undistributed gains and losses and the undistributed net investment income or loss on Portfolio Funds for the relevant period. The Fund has earned $14,426,681 in dividend income. Dividend income includes distributions from Portfolio Funds in amount of $3,571,418 and distributions from Money Market Funds in amount of $10,855,263.

*Security Transactions* — Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Purchases of investments are recorded as of the first day of legal ownership of an investment and redemptions from investments are recorded as of the last day of legal ownership. Investments held by the Fund in Private funds may include secondary purchases of existing investments in private investment funds ("Secondary Investments"), investments in newly established private funds ("Primary Investments") and investments in co-investment transactions either directly or through special purpose vehicles, alongside direct private equity funds managed by the Adviser or its affiliates and/or leading third-party GPs ("Co-Investments").

*Consolidation of Subsidiaries* — The Fund may invest up to 25% of its total assets directly or indirectly in one or more 100% — owned subsidiaries that elect to be treated as a corporation for U.S. federal income tax purposes and that are engaged in the same trade or business (each, a "Corporate Subsidiary"). The Fund's investment in a Corporate Subsidiary permits the Fund to pursue its investment objective and strategies in a manner that is intended to allow the Fund to qualify as a regulated investment company (a "RIC"). The Fund may invest all or any portion of the rest of the Fund's assets in one or more 100% — owned subsidiaries organized as Delaware limited liability companies (or organized as other entity types) that are intended to be treated as disregarded entities for U.S. federal income tax purposes (the "Disregarded Entities" and together with any Corporate Subsidiary, each a "Subsidiary" and collectively the "Subsidiaries"). A "disregarded entity" is disregarded for U.S. federal income tax purposes as an entity separate from its owner (i.e., the Fund). The Fund's subsidiaries consist of AA Blocker LLC and AA HoldCo LLC. As of March 31, 2026, the Fund held 100% of both subsidiaries. In accordance with U.S. GAAP, all intercompany accounts and transactions between the Fund and its consolidated subsidiaries have been eliminated in consolidation.

*Operating Segments* — The Fund's Chief Operating Decision Maker ("CODM") is comprised of the Fund's Chair of the Board, President, and Treasurer. The Fund operates as a single operating segment, as the CODM monitors the operating results of the Fund as a whole. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios, changes in net assets resulting from operations, and subscriptions and repurchase activity is used by the CODM to assess the Fund's performance and to make resource allocation decisions for the Fund's single segment, and is consistent with that presented within the Fund's Consolidated Financial Statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations and for performance metrics on the accompanying Consolidated Financial Highlights.

*Investments Valuation* — The Fund's Investments are valued monthly in accordance with the ASC Topic 820. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee for the Fund to perform fair value determinations relating to the value of the Fund's investments. The Board has ultimate oversight responsibility for valuing all investments held by the Fund.

Portfolio Funds normally do not have readily available market prices. Under the Fund's valuation procedures, valuations for Secondary and Primary Investments and Co-Investment vehicles will be based in significant part on estimated valuations provided by the underlying fund and Co-Investment vehicle sponsors. Short-term investments represent investments in money market instruments and money market mutual funds and are recorded at NAV per share which approximates fair value. Short-term investments instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include U.S. Government securities, commercial

[**Table of Contents**](#TOC001)

**2. SUMMARY OF Significant Accounting Policies** (cont.)

paper, certificates of deposit and bankers' acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation and repurchase agreements. There are no restrictions on the short-term investments held by the Fund.

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

---

| | |
|:---|:---|
|  **Level 1** | Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access. |
|  **Level 2** | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
|  **Level 3** | Significant unobservable inputs for the financial instrument (including management's own assumptions in determining the fair value of investments). |

---

Investments in Portfolio Funds are recorded at fair value, using the Portfolio Funds' net asset value as a "practical expedient," in accordance with ASC 820-10.

Investments in Portfolio Funds generally are restricted securities that are subject to substantial holding periods and are not traded in public markets. Accordingly, the Fund may not be able to resell or realize some of its investments for extended periods, which may be several years.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of March 31, 2026, for the Fund's assets measured at fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets** | **Level 1** | **Level 2** | **Level 3** | **Investments<br> Valued at NAV** | **Total** |
|  Direct Co-Investments | $— | $— | $— | $111297288 | $111297288 |
|  Primary Investments |  |  |  | 2626404 | 2626404 |
|  Secondary Investments |  |  |  | 693544821 | 693544821 |
|  Short-Term Investments | 272519503 |  |  |  | 272519503 |
| &nbsp;&nbsp;&nbsp; Total | $272519503 | $— | $— | $807468512 | $1079988015 |

---

**Investments Valued at NAV** — ASC Topic 820 permits a reporting entity to measure the fair value of an Investment Fund that does not have a readily determinable fair value based on the NAV per share, or its equivalent, of the Investment Fund as a practical expedient, unless it is probable that the investment would be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity's measurement date, then the NAV should be adjusted to reflect any significant events that may change the valuation. The Fund is permitted to invest in alternative investments that do not have a readily determinable fair value and, as such, has elected to use the NAV as calculated on the reporting entity's measurement date as the fair value of the investment.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF Significant Accounting Policies** (cont.)

Adjustments to the NAV provided by the Adviser would be considered if the practical expedient NAV was not as of the Fund's measurement date; it was probable that the alternative investment would be sold at a value materially different than the reported expedient NAV.

The following are restricted securities measured at NAV per share:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Investment <br>Category** | **Investment <br>Strategy** | **Fair Value<br>(In USD)** | **Unfunded<br>Commitment<br>(In USD)** | **Redemption<br>Frequency** | **Notice<br>Period<br>(In Days)** | **Redemption <br>Restrictions <br>Terms** |
|  Direct Co-Investments | Investments in a co-invest vehicle alongside other investors | $111297288 | $19719163 |  | N/A | Liquidity in the form of distributions from Private Equity Investments |
|  Primary Investments | Investments in newly established Portfolio Funds | 2626404 | 20294836 |  | N/A | Liquidity in the form of distributions from Private Equity Investments |
|  Secondary Investments | Investments in existing Portfolio Funds that are typically acquired in privately negotiated transactions | 693544821 | 194408586 |  | N/A | Liquidity in the form of distributions from Private Equity Investments |
|  |  | $807468512 | $234422585 |  |  |  |

---

**Unfunded Commitments** — As of March 31, 2026, the Fund had total unfunded commitments of $234,422,585. The Fund's commitment strategy aims to sustain a high level of investment where possible by making commitments based on anticipated future distributions from investments. The commitment strategy also takes other anticipated cash flows into account, such as those relating to new subscriptions, the tender of Shares by investors, amounts available through borrowing, and any distributions made to Investors.

*Federal Income Taxes* — It is the Fund's policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code ("the Code") of 1986, as amended, that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded for the Fund. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax year ended September 30, 2025. The Fund identifies its major tax jurisdictions as U.S. federal and foreign jurisdictions where the Fund makes significant investments.

The Fund has two wholly owned subsidiaries, AA Blocker LLC and AA HoldCo LLC. AA HoldCo LLC is treated as a disregarded entity for U.S. federal income tax purposes. AA Blocker LLC ("Blocker") is treated as a corporation for U.S. federal income tax purposes. The Blocker is taxed as a C-corporation for federal income tax purposes and as such is obligated to pay federal and state income tax. Under current law, the Blocker is not eligible to elect treatment as a RIC. In preparing its consolidated financial statements, the Blocker is required to recognize its estimate of income taxes for Federal and State purposes as a deferred tax asset or liability.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF Significant Accounting Policies** (cont.)

Deferred tax assets are recognized for deductible temporary differences, tax credit carryforwards or net operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Deferred tax assets are reduced by a valuation allowance when, in the opinion of the Adviser, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and the rates on the date of enactment.

The estimated provision for (benefit from) income taxes for the period ended March 31, 2026, consists of the following:

---

| | |
|:---|:---|
|  | **2026** |
|  Current: |  |
|  Federal | $348305 |
|  State | 62905 |
|  | 411210 |
|  Deferred:  |  |
|  Federal | 2269073 |
|  State | 543695 |
|  | 2812768 |
|  Estimated total for income taxes | $3223978 |

---

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes.

At March 31, 2026, components of the estimated deferred tax assets and liabilities are as follows:

---

| | |
|:---|:---|
|  | **2026** |
|  Deferred tax assets: | $— |
|  Deferred tax liabilities: |  |
| &nbsp;&nbsp;&nbsp; Net unrealized gains on investment securities | (3223978) |
|  Total deferred tax liability | $(3223978) |

---

As of March 31, 2026, the Fund continues to qualify as a regulated investment company.

The Fund's tax year end is September 30. The Fund's first tax year was a short year beginning June 12, 2025 (commencement of operations) and ending September 30, 2025. As such, the tax-basis information in this section is as of September 30, 2025, the most recent tax year end.

Because U.S. federal income tax regulations differ from U.S. GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect the applicable tax characterization. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. The tax basis components of distributable earnings differ from the amounts reflected in the Consolidated Statement of Assets and Liabilities due to temporary book/tax differences arising primarily from partnership investments. These amounts will be finalized before filing the Fund's federal tax return.

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

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $109075562 |
|  Gross unrealized depreciation | (20438132) |
|  Net unrealized appreciation (depreciation) on investments | $86637430 |
|  Tax cost of investments | $991350585 |

---

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**2. SUMMARY OF Significant Accounting Policies** (cont.)

For the tax year ended September 30, 2025, permanent differences between book and tax basis are attributable to certain non-deductible expenses for tax purposes and net operating losses. These reclassifications have no effect on total NAV or NAV per Share. For the tax year ended September 30, 2025, the following amounts were reclassified:

---

| | | |
|:---|:---|:---|
|  **<br>Paid-in <br>Capital** | **<br>Paid-in <br>Capital** | **Total <br>Distributable<br>Earnings (Loss)** |
|  $ | (828939) | $828939 |

---

As of September 30, 2025, the components of distributable earnings/ (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $2887610 |
|  Undistributed long-term capital gains |  |
|  Accumulated capital and other losses |  |
|  Other Book/Tax Differences | (154208) |
|  Net tax appreciation (depreciation) | 43316321 |
|  Total distributable earnings (accumulated loss). | 46049723 |

---

As of September 30, 2025, the Fund had no capital loss carry forwards for federal income tax purposes available to offset future capital gains.

*Distributions to Shareholders* — The Fund intends to make distributions necessary to maintain its ability to be subject to tax as a RIC under the Code and to avoid the imposition of corporate-level federal income tax. As such, the Fund intends to declare and pay distributions from its net investment income and distribute net realized capital gains, if any, at least annually, and in a manner consistent with the provisions of the 1940 Act. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. All or a portion of a distribution may consist of return of capital, shareholders should not assume that the source of a distribution is net income. The Fund paid distributions in December 2025 totaling $1,480,339 in long-term capital gains and $6,613,029 in ordinary income.

*Indemnification* — The Fund indemnifies its officers and the Board for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

*Organizational and Offering Costs* — Organizational costs are charged to expense as incurred. Offering costs incurred by the Fund are treated as deferred charges until operations commence and thereafter will be amortized into Consolidated Statement of Operations over 12 months using the straight-line method. During the period ended March 31, 2026, $646,038 of offering costs were amortized and are reflected in offering costs in the Consolidated Statement of Operations.

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**3. PRINCIPAL INVESTMENT RISKS**

*Investment Risk* — All investments risk the loss of capital. The value of the Fund's total net assets should be expected to fluctuate. To the extent that the Fund's portfolio has a higher investment exposure to the securities of a single issuer or issuers in a single sector, the risk of any investment decision is increased. An investment in the Fund involves a high degree of risk, including the risk that the investor's entire investment may be lost. No assurance can be given that the Fund's investment objective will be achieved. The Fund's performance depends upon the Adviser's selection of investments, the allocation of offering proceeds thereto and the performance of the investments. As described in more detail below, the Fund's investment activities involve the risks associated with private equity and other private investments generally. These include adverse changes in national or international economic conditions, adverse local market conditions, the financial conditions of portfolio companies, changes in the availability or terms of financing, changes in interest rates, exchange rates, corporate tax rates and other operating expenses, environmental laws and regulations, and other governmental rules and fiscal policies, including tariff policies, energy prices, changes in the relative popularity of certain industries or the availability of purchasers to acquire companies, and dependence on cash flow, as well as acts of God, uninsurable losses, labor strikes, war, geopolitical tensions, terrorism, cyberterrorism, major or prolonged power outages or network interruptions, earthquakes, hurricanes, floods, fires, epidemics or pandemics and other factors that are beyond the control of the Fund. Although the Adviser will attempt to moderate these risks, no assurance can be given that (i) the Fund's investment programs, investment strategies and investment decisions will be successful; (ii) the Fund will achieve its return expectations; (iii) the Fund will achieve any return of capital invested; (iv) the Fund's investment activities will be successful; or (v) investors will not suffer losses from an investment in the Fund.

*Non*-Diversification — Because the Fund is a "non-diversified" investment company for purposes of the 1940 Act, its net asset value may be subject to greater volatility. The Fund may be more susceptible to an adverse event affecting a portfolio investment than a diversified portfolio and a decline in the value of that instrument would cause the Fund's overall value to decline to a greater degree.

*Valuation of Private Asset Investments* — There is no established market for private equity partnership interests or for the privately-held portfolio companies of private equity sponsors, and there may not be any comparable companies for which public market valuations exist. As a result, the valuation of Fund investments will be difficult, may be based on imperfect information and is subject to inherent uncertainties, and the resulting values may differ from values that would have been determined had a ready market existed for such investments, from values placed on such investments by other investors and from prices at which such investments may ultimately be realized.

*Illiquidity of Fund Investments* — Contractual limitations will typically restrict the Fund's ability to transfer certain investments without the consent of the applicable managers of those entities. The securities or other financial instruments or obligations of investments and/or portfolio companies may, at any given time, be very thinly traded, have no public market, or be restricted as to their transferability under the laws of the applicable jurisdiction. Illiquidity may also result from market conditions that may be unfavorable for sales of securities of particular issuers or issuers in particular industries. In some cases, an Underlying Fund may also be prohibited by contract from selling securities of portfolio companies or other assets for a period of time or otherwise be restricted from disposing of such securities or other assets. In other cases, the underlying investments of an Underlying Fund may require a substantial amount of time to liquidate. Consequently, there is a significant risk that Underlying Funds and portfolio companies will be unable to realize their respective investment objectives by sale or other disposition of their securities or other assets at attractive prices, or will otherwise be unable to complete any exit strategy. These risks can be further increased by changes in the financial condition or business prospects of the Underlying Funds or portfolio companies, changes in national or international economic conditions, and changes in laws, regulations, fiscal policies or political conditions of countries in which Underlying Funds or portfolio companies are located or in which they conduct their business.

*"Over*-Commitment*" Risk* — The Fund may maintain a sizeable cash position in anticipation of funding capital calls. The Fund will be required to make incremental contributions pursuant to capital calls issued from time to time by Underlying Funds. The overall impact on performance due to holding a portion of the investment portfolio in cash or cash equivalents could be negative. In order to help ensure that a greater amount of the Fund's capital is invested, the Fund expects to pursue an "over-commitment" strategy whereby it commits more than its available capital. However, pursuing such a strategy presents risks to the Fund, including the risk that the Fund is unable to fund capital contributions when due, pay for repurchases of Units tendered by Members or meet expenses generally. If the Fund defaults on its commitment to an Underlying Fund or fails to satisfy capital calls to an Underlying Fund in a timely manner then, generally, it will be subject to significant penalties, possibly including the complete forfeiture of the Fund's investment

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**Ardian Access LLC<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<br>March 31, 2026**

**3. PRINCIPAL INVESTMENT RISKS** (cont.)

in the Underlying Fund. Any failure (or potential failure) by the Fund to make timely capital contributions in respect of its commitments may also (i) impair the ability of the Fund to pursue its investment program, (ii) force the Fund to borrow through a credit facility or other arrangements (which would impose interest and other costs on the Fund), or (iii) otherwise impair the value of the Fund's investments (including the devaluation of the Fund).

**4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES and others**

Pursuant to an Investment Management Agreement with the Fund, the Adviser maintains overall responsibility for the oversight and management of the Fund's business and activities, subject to the general supervision of the Board. As compensation for these services and the related expenses borne by the Adviser, the Fund has agreed to pay the Adviser as compensation under the Investment Management Agreement (the "Management Fee"). In consideration of the advisory and other services provided by the Adviser to the Fund, the Fund pays the Adviser a monthly Management Fee ("Management Fee") equal to 1.50% on an annualized basis of the Fund's net asset value (including, for the avoidance of doubt, assets held in a Subsidiary) as of the last day of the month.

The Adviser has entered into a Fee Waiver/Expense Deferral Agreement with the Fund, whereby the Adviser has contractually agreed for a period from the effective date of the Fund's prospectus until July 31, 2026 (a) to reduce the Management Fee payable to it to 0.00% and (b) to pay any operating expenses of the Fund, to the extent necessary to limit the operating expenses of the Fund to the annual rate of 1.09% of the net assets attributable to each class of Units as of the end of each calendar month (the" Expense Cap"), exclusive of (i) the Management Fee; (ii) distribution (12b-1) fees; (iii) acquired fund fees and expenses; (iv) expenses incurred directly or indirectly by the Fund as a result of expenses related to investing in, or incurred by, a portfolio fund or other permitted investment, including, without limitation, management fees, performance fees and/or incentive allocations and other fees and expenses; (v) transaction costs, including legal costs and brokerage and clearing costs and commissions, associated with the acquisition and disposition of any investments; (vi) interest payments on borrowed funds, if any; (vii) fees and expenses incurred in connection with any credit facilities; (viii) taxes; (ix) dividends on securities sold short, if any; and (x) extraordinary expenses (as determined in the sole discretion of the Adviser) not incurred in the ordinary course of the Fund's business (including, without limitation, litigation expenses). Expenses borne by the Adviser or reimbursed to the Fund pursuant to the Fee Waiver/Expense Deferral Agreement are referred to below as "Deferred Fees and Expenses." With respect to each class of Units, the Fund agrees to repay the Adviser the Deferred Fees and Expenses. For the avoidance of doubt, the Deferred Fees and Expenses shall not include any Management Fees waived pursuant to the Fee Waiver/Expense Deferral Agreement. Deferred Fees and Expenses shall not be payable by the Fund with respect to amounts paid, waived, or reimbursed by the Adviser more than thirty-six (36) months after the date such amounts are paid, waived or reimbursed by the Adviser.

Since the commencement of operations, the Adviser has reimbursed the Fund for total operating expenses of $3,156,145. This amount includes $2,128,091 of operating expenses reimbursed in connection with the seed of the Fund and $1,028,054 of operating expenses incurred during the current reporting period. The operating expenses for the current reporting period were reimbursed by the Adviser and subsequently recouped during the same period. As of March 31, 2026, the Fund had an amount payable to the Adviser of $1,866,507, as presented on the consolidated statement of assets and liabilities, which relates to operating expenses reimbursed by the Adviser under the expense reimbursement arrangement and subsequently subject to recoupment.

As of March 31, 2026, based on the Fund's performance, the Fund has fully recouped all previously reimbursed expenses, and no reimbursable expense balance remains outstanding.

The Fund has retained Ultimus Fund Solutions, LLC (the "Administrator") to provide it with certain administrative and accounting services. The Administrator also performs all actions related to the issuance and repurchase of shares of the Fund. The Fund compensates the Administrator for these services and reimburses the Administrator for certain of its out-of-pocket expenses. Ultimus Fund Solutions, LLC also serves as the Fund's transfer agent.

Under the terms of a distribution agreement (the "Distribution Agreement") between the Fund and Foreside Fund Services, LLC (the "Distributor"), the Distributor distributes the Fund's shares on a "best efforts" basis. The Distributor also may enter into broker-dealer selling agreements with other broker-dealers for the sale and distribution of the Units.

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**4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES and others** (cont.)

The Distributor is not required to offer any specific number or dollar amount of the Units, but will use its best efforts to offer the Units. Units of the Fund will not be listed on any national securities exchange and the Distributor will not act as a market maker in Units. Under the Distribution and Service Plan, Class J and Class D Units are authorized to pay a Distribution (12b-1) Fee to the Distributor up to at an annual rate of 0.50% and 0.25%, respectively, based on the aggregate net assets of the Fund attributable to such class. If a Financial Intermediary is not eligible to accept payment of the pro rata portion of the Distribution (12b-1) Fee, the Distributor is not entitled to retain such fees and it shall return any such monies collected to the Fund. The Fund will not pay any fee to the Distributor with respect to the distribution of Class I Units.

JPMorgan Chase Bank, N.A., (the "Custodian") serves as the primary custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians.

**5. Investment Transactions**

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the period ended March 31, 2026, amounted to $745,690,255 and $0 respectively.

**6. REPURCHASE OFFERS**

The Fund may from time to time offer to repurchase Units pursuant to written tenders by Members. The Adviser currently expects that, after the Fund completes its first full year of operations, it will recommend to the Board (subject to the Board's discretion) that the Fund offer to repurchase Units from members of the Fund (Members) on a quarterly basis in an amount expected to be approximately 5% of the Fund's net asset value. Except to the extent the Board otherwise determines, any repurchase of Units from a Member which were held for less than one year (on a first-in, first-out basis) will be subject to an "Early Repurchase Fee" equal to 2.00% of the net asset value of such repurchased Units. If an Early Repurchase Fee is charged to a Member, the amount of such fee will be retained by the Fund. An Early Repurchase Fee payable by an Investor may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Investor.

There is no minimum amount of Units that must be repurchased in any repurchase offer. In determining whether the Fund should offer to repurchase Units from Members, the Board will consider the recommendation of the Adviser. The Adviser expects that, generally, it will recommend to the Board that the Fund offer to repurchase Units from Members quarterly, with such repurchases to be offered at the Fund's net asset value per Unit as of the last calendar day of the applicable quarter (i.e., March 31, June 30, September 30 and December 31) (the "Valuation Date"). If a repurchase offer is oversubscribed by Members, the Fund may repurchase only a pro rata portion by value of the Units tendered by each Member, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law. If any Units that a Member wishes to tender to the Fund are not repurchased because of proration, the Member will have to wait until the next repurchase offer and resubmit a new repurchase request, which repurchase request will not be given any priority over other Members' requests.

Repurchases will be effective after receipt and acceptance by the Fund of eligible written tenders of Units from Members by the applicable repurchase offer deadline. Except for the Early Repurchase Fee described above, the Fund does not impose any charges in connection with repurchases of Units.

The Fund did not make any repurchase offers during the reporting period ended March 31, 2026.

**7. SUBSEQUENT EVENTS**

Subsequent events after the balance sheet date have been evaluated through the date the consolidated financial statements were available to be issued. Management has concluded there are no subsequent events that would have an impact requiring adjustment or disclosure in the consolidated financial statements or the accompanying notes.

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#### Ardian Access LLC<br> DIRECTORS AND OFFICERS (Unaudited)<br>March 31, 2026
The Fund has a Board comprised of five Directors, three of whom are not "interested persons" (as defined in the 1940 Act) of the Fund. As investment adviser to the Fund, the Adviser may be considered part of the management of the Fund. Each of the Fund's executive officers is an "interested person" of the Fund (as defined in the 1940 Act) as a result of his or her position(s) set forth below. Each Director of the Fund serves until the next meeting of Members called for the purpose of electing Directors and until the election and qualification of his or her successor or until he or she dies, resigns, or is removed. An interested Director of the Fund shall no longer serve as a Director if or when they are no longer an employee of an affiliate of Ardian US LLC.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name and <br>Year of Birth<sup>(1),</sup> <sup>(2)</sup>** | **Position(s) <br>with the <br>Fund** | **Length of <br>Service** | **Principal Occupation(s) <br>During Past 5 Years** | **Portfolios in <br>Fund <br>Complex <br>Overseen by <br>Director** | **Other <br>Directorships <br>Held by Director** |
|  **Interested Directors** | **Interested Directors** | **Interested Directors** | **Interested Directors** | **Interested Directors** | **Interested Directors** |
|  Michael Ferragamo <br>(1968) | Director; Chair of the Board | Since Inception | Head of Global Compliance and Risk for Ardian, member of Ardian Executive Committee | 2 | Ardian Access Secondary Infrastructure Fund LLC (since 2026) |
|  Wilfred Small<br>(1988) | Director; President; Portfolio Manager | Since Inception | Senior Managing Director, Ardian | 2 | Ardian Access Secondary Infrastructure Fund LLC (since 2026) |
|  **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** |
|  Jason Cipriani <br>(1973) | Director; Chair of the Nominating and Governance Committee | Since Inception | Managing Partner for Corrum Capital Management LLC (2013 – present). | 2 | Ardian Access Secondary Infrastructure Fund LLC (since 2026) |
|  Mark Garbin (1951) | Director; Lead Independent Director | Since Inception | Management Principal for Coherent Capital Management LLC (2008 – present). | 2 | Two Roads Shared Trust (since 2012); Northern Lights Fund Trust (since 2013); Northern Lights Variable Trust (since 2013); Forethought Variable Insurance Trust (since 2013); iDirect Private Markets Fund (since 2014); Carlyle Tactical Private Credit Fund (since March 2018); and Carlyle Credit Income; Ardian Access Secondary Infrastructure Fund LLC (since 2026) |

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#### Ardian Access LLC<br> DIRECTORS AND OFFICERS (Unaudited) (Continued)<br>March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name and <br>Year of Birth<sup>(1),</sup> <sup>(2)</sup>** | **Position(s) <br>with the <br>Fund** | **Length of <br>Service** | **Principal Occupation(s) <br>During Past 5 Years** | **Portfolios in <br>Fund <br>Complex <br>Overseen by <br>Director** | **Other <br>Directorships <br>Held by Director** |
|  **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** |
|  |  |  |  |  | Fund (since September 2023); Ardian Access Secondary Infrastructure Fund LLC (since 2026) |
|  Richard Goglia (1951) | Director; Chair of the Audit Committee | Since Inception | Independent Director and Chair of the Audit Committee for Natixis/Loomis Sayles mutual funds (2016 – present). | 2 | Loomis Sayles Funds I (since 2015); Loomis Sayles Funds II (since 2015); Natixis Funds Trust I (since 2015); Ardian Access Secondary Infrastructure Fund LLC (since 2026) |

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____________

(1) Each Director serves an indefinite term, until his or her successor is elected.

(2) The business address for each Director is 1370 Avenue of the Americas, New York, NY 10019.

#### Officers
In addition to Mr. Small, who serves as President of the Fund, other officers of the Fund are shown below:

---

| | | | |
|:---|:---|:---|:---|
|  **Name and <br>Year of Birth<sup>(1)</sup>** | **Position(s) with <br>the Fund** | **Length of <br>Service** | **Principal Occupation(s) <br>During Past 5 Years** |
|  **Officers Who Are Not Trustees** | **Officers Who Are Not Trustees** | **Officers Who Are Not Trustees** | **Officers Who Are Not Trustees** |
|  Edward Hickes (1987) | Chief Compliance Officer | Since Inception | CCO for Ardian US LLC (since 2023); Compliance Officer and Deputy CCO for Ardian US LLC (2017 – 2023) |
|  Aymeric Lepeu (1975) | Treasurer | Since Inception | CFO/COO/Executive Board Member Ardian US LLC (2007 – present); CFO/Executive Board Member for Ardian Canada Inc (2022 – present); CFO/Executive Board Member for Ardian Chile S.P.A. (2012 – present); Officer for Ardian Canada Inc. (since 2025). |
|  Alfred Miranda (1986) | Vice President | Since Inception | Managing Director for Ardian US LLC (since 2018). |
|  Côme Tauveron (1988) | Secretary | Since Inception | Ardian Canada/Legal Counsel/Managing Lawyer (2026); Senior Lawyer for Ardian France (2021 – 2025); Legal Counsel for PROPARCO (Private Equity) (2018 – 2021) |

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____________

(1) The business address for each officer is 1370 Avenue of the Americas, New York, New York 10019.

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#### ARDIAN US LLC<br> Privacy Notice
At ARDIAN US LLC ("Ardian") the privacy of our investors is very important. Relevant state and Federal law requires us to provide our individual investors with a privacy notice, to continue to update our policy when necessary, and to provide this notice annually. This notice explains our policies and practices with respect to the collection, sharing, and protection of nonpublic personal information relating to all of our investors.

<u><u>What information does Ardian collect and why?</u></u>

We generally collect and use information about our investors in order to make sure that the funds that we manage comply with applicable legal and regulatory requirements, and to assist us in delivering quality service to our investors. Information is generally obtained directly from the investor or the investor's professional advisors through subscription agreements, questionnaires or direct personal communications between our employees and each investor. The information we collect may include an investor's name, address, social security number, tax identification number, assets, net worth, income, investments, investment history and other personal financial data. In addition, we obtain information about individual investors' interests in funds (such as capital account balances and percentage interests) from the funds themselves and their other service providers.

<u><u>Will the information we collect be disclosed to others?</u></u>

Sometimes we need to share for everyday business purposes — such as to process transactions, maintain accounts, respond to court orders and legal investigations, or report to credit bureaus. This means that, without prior notice, we may share information about all our investors with both our affiliates and unaffiliated third parties who perform services for us or functions on our behalf, who process transactions that our investors request or authorize, or who help us market interests in the funds we manage. For instance, we may disclose information about our investors to banks and brokerage firms to administer or process transactions which our investors ask us to effect for them (such as, for example, transfers of interests in our funds). In addition, we may provide such information to outside auditors of the funds we manage, as well as to our own internal accountants, auditors and compliance officers, and to outside service providers who assist us in preparing reports to investors. Finally, if we are required to do so by law, we may, without prior notice, disclose information about our investors. Investors cannot opt out of this sharing.

In other cases, subject to any commitments we have made to keep certain specific information confidential, we may, without prior notice, share certain information about non-individual investors with prospective investors in our funds who request this information in the course of their investment review. This information is limited to the fact and amount of an investor's capital commitment.

Otherwise, except as required or permitted by law, we will not share the information obtained from any existing or former investors with unaffiliated third parties, unless we have given advance notice or otherwise disclosed to the investor that the information will be shared and provided individuals with the opportunity to "opt out"; that is, to direct us not to make such disclosures, or unless we have otherwise received the permission of the investor to disclose such information.

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<u><u>How is the</u> <u>collected information protected?</u></u>

We consider information about our investors confidential and proprietary and as such, we restrict access to this information. Where personal information is disclosed to third parties who provide assistance to us in managing funds, we require these parties to agree to maintain the confidentiality of the personal information we disclose. To protect the non-public personal information of our investors, we maintain physical, electronic and procedural safeguards. Further information regarding these safeguards is available by contacting Edward Hickes, whose contact information is provided below.

<u><u>How can I limit the personal information shared</u> <u>by Ardian?</u></u>

Federal law allows investors to limit some but not all information obtained by Ardian from being shared. If you have questions regarding limiting the sharing of information or want to request certain information not be shared, please do not hesitate to call or e-mail Edward Hickes at 212-506-5610 or edward.hickes@ardian.com.

<u><u>Will this policy change in</u> <u>the future?</u></u>

The policy outlined here is current as of January 2025, but as circumstances or legal requirements change we may amend this policy.

<u><u>Additional Questions</u></u>

Should you have any questions about our Privacy Statement or the safeguards in place to protect investor information, please do not hesitate to call or e-mail Edward Hickes at 212-506-5610 or edward.hickes@ardian.com.

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**How to Obtain Proxy Voting Information**

Information regarding how the Fund votes proxies relating to portfolio securities during the most recent 12-month period ending June 30<sup>th</sup> as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 1-833-601-2677 or by referring to the Securities and Exchange Commission's ("SEC") website at *http://www.sec.gov*.

**How to Obtain 1**<sup>st</sup> **and 3**<sup>rd</sup> **Fiscal Quarter Portfolio Holdings**

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, within sixty days after the end of the period. Form N-PORT reports are available on the SEC's website at *http://www.sec.gov*. The information on Form N-PORT is available without charge, upon request, by calling 1-833-601-2677.

**Investment Adviser**

Ardian US LLC

1370 Avenue of the Americas

New York, NY 10019

**Administrator**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(b) Not Applicable

**Item 2. Code of Ethics.**

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

(b) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(c) Waivers: During the period covered by the report, the Registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(d) Not applicable.

(e) A copy of the Code of Ethics is attached as an exhibit.

**Item 3. Audit Committee Financial Expert.**

a) The Registrant's board of trustees has determined that Richard Goglia qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Goglia is independent for the purposes of this Item.

**Item 4. Principal Accountant Fees and Services.**

The aggregate fees billed for the Registrant's two most recent 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 each year or period were as follow:

(a) **Audit Fees** 

2026- $50,000

2025- $0

(b) Audit-Related Fees

The aggregate fees billed for assurance and related services rendered by the principal accountant that are reasonably related to the performance of the audit or review of the Fund's financial statements and that are not reported under Audit Fees above were as follow:

2026- $2,178

2025- N/A

(c) **Tax Fees** 

The aggregate fees billed for the Registrant's last two fiscal years for professional services rendered by the Registrant's principal accountant for tax compliance, tax advice were as follows:

2026- $40,750

2025- N/A

These services were comprised of preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) **All Other Fees** 

There were no fees billed in each of the last two fiscal years for products and services provided by the Registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

(e) (1) **Audit Committee's Pre-Approval Policies** 

The Registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the Registrant. The Registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the Registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the Registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(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:

2026 - 795,784

2025- N/A

(h) The Registrant's audit committee has considered whether the provision of non-audit services 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.

**Item 5. Audit Committee of Listed Registrants.**

Not Applicable.

**Item 6. Investments.**

The schedule of investments in unaffiliated issuers as of the close of the reporting period is included as part of the Report to Shareholders contained in Item 1(a) hereof.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Not Applicable

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

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

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

Not applicable

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable for this annual report.

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

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

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

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

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

As of March 31, 2026, the personnel of the Advisers who have primary responsibility for management of the Fund are Mark Benedetti, Vladimir Colas, Daryl Li, Alexandre Motte, Marie-Victoire Rozé, Jan Philipp Schmitz, and Wilfred Small (each, a "Portfolio Manager")

**Mark Benedetti**

Mr. Benedetti is global Co-CEO and chairs the Executive Committee, guiding the strategic direction and operational excellence of the firm. Before joining Ardian in 2006, Mr. Benedetti worked at KPMG's Corporate Finance where he focused on mergers, acquisitions and capital raising in the firm's Advisory group. Prior to that, he was part of KPMG's assurance group. Mr. Benedetti is based in New York and has served as a portfolio manager of the Fund since its inception in June 2025.

**Vladimir Colas**

Mr. Colas joined Ardian in 2003. He serves as Vice-Chairman of the Executive Committee, Co-Chairman of the Operations Committee and Chairman of the ASF Management Committee, Vladimir Colas is also CEO of Ardian US and supervises several international Ardian subsidiaries, with a particular focus on the Americas. He also oversees Co-Investment, Private Credit and NAV financing activities, as well as the Group's Finance, Compliance, Risk and Global Business Continuity Plan functions. Prior to joining Ardian, Mr. Colas worked for a French startup active in the entertainment sector. Mr. Colas is based in New York and has served as a portfolio manager of the Fund since its inception in June 2025.

**Daryl Li**

Mr. Li joined Ardian in 2010. Mr. Li is responsible for coordinating the primary activities for Ardian secondaries and primaries. He is involved in the strategic planning on primary allocations in close collaboration with the fund of funds team. He is also active in the sourcing and execution of secondary and co-investment deal flow. Prior to joining Ardian, Mr. Li was an analyst with Wachovia Securities, first with the Real Estate Investment Banking division and then its Special Situations Group. Mr. Li is based in New York and has served as a portfolio manager of the Fund since its inception in June 2025.

**Alexandre Motte**

Mr. Motte joined Ardian in 2007. He serves as a Co-Head of Co-Investments. Prior to joining Ardian, Mr. Motte worked for eight years at Boston Consulting Group, where he was a Principal, focusing on healthcare and consumer goods. He also worked as a mergers and acquisitions analyst for two years at the Banque Nationale de Paris in New York. Mr. Motte is based in Paris and has served as a portfolio manager of the Fund since its inception in June 2025.

**Marie-Victoire Rozé**

Ms. Rozé joined Ardian in 2005. She is primarily engaged in the origination and evaluation of secondary purchases of secondary and primary investments, and the origination of co-investments. Prior to joining Ardian, Ms. Rozé completed internships in Paris and New York, including at JP Morgan (Investment Banking) M&A, Keolis, Merrill Lynch (private banking) and Nike communications. Ms. Rozé is based in Paris and has served as a portfolio manager of the Fund since its inception in June 2025

**Jan Philipp Schmitz**

Mr. Schmitz joined Ardian in 2005. Mr. Schmitz serves as Chairman of the Sales Committee, member of Ardian Secondary Fund Management Committee, CEO of Ardian Germany and Asia. Mr. Philipp Schmitz also oversees Customized Solutions and Private Wealth Solutions activities. Prior to joining Ardian, Mr. Schmitz worked at Ernst & Young and Arthur Andersen, working for private equity clients in transaction advisory services. Mr. Schmitz has served as a portfolio manager of the Fund since its inception in June 2025.

**Wilfred Small**

Mr. Small joined Ardian in 2011 and is a Co-Chairman and a member of the Ardian Secondary Fund Management Committee. He is primarily engaged in the origination and evaluation of investments in North America, where he plays a leading role in developing Ardian's secondaries and primaries business. He also oversees San Fransico office. Mr. Small is based in New York and has served as a portfolio manager of the Fund since its inception in June 2025.

**Conflicts of Interest**

The portfolio managers 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. In addition, certain Ardian funds have priority rights with respect to particular Secondary Investments that also fall within the investment policies of other Ardian funds, and a significant percentage (generally 70%) of the deal flow of Secondary Investments will be allocated to a sub-set of Ardian funds, at the exclusion of other eligible Ardian funds, including the Fund (which together generally will be allocated the remaining 30%), subject to the respective Ardian investment manager applying certain agreed upon allocation factors (the "Allocation Priority Policy"). 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, taking into account the Allocation Priority Policy. 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)(2)** The following table shows information regarding accounts (other than the Fund) managed by each named portfolio manager as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mark Benedetti** | **Number of<br> Accounts** | **Total Assets in <br> Accounts<br> ($ million)** | **Number of Accounts<br> Subject<br> to a Performance- <br> Based Advisory<br> Fee** | **Total Assets in<br> Accounts Subject<br> to a Performance-<br> Based Advisory<br> Fee<br> ($ million)** |
| **Registered Investment Companies** | **0** | **0** | **0** | **0** |
| **Other Pooled Investment Vehicles** | **258** | **105125** | **112** | **87859** |
| **Other Accounts** | **6** | **2275** | **4** | **1845** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vladimir Colas** | | | | |
| **Registered Investment Companies** | **0** | **0** | **0** | **0** |
| **Other Pooled Investment Vehicles** | **258** | **105,125** | **112** | **87,859** |
| **Other Accounts** | **6** | **2,275** | **4** | **1,845** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Daryl Li** | **Number of<br> Accounts** | **Total Assets in <br> Accounts<br> ($ million)** | **Number of Accounts<br> Subject to a<br> Performance- Based<br> Advisory Fee** | **Total Assets in<br> Accounts Subject to <br> a Performance-<br> Based Advisory Fee<br> ($ million)** |
| **Registered Investment Companies** | **0** | **0** | **0** | **0** |
| **Other Pooled Investment Vehicles** | **228** | **94454** | **98** | **77959** |
| **Other Accounts** | **6** | **2275** | **4** | **1845** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alexandre Motte** | **Number of<br> Accounts** | **Total Assets in<br> Accounts<br> ($ million)** | **Number of Accounts<br> Subject to a<br> Performance- Based<br> Advisory Fee** | **Total Assets in<br> Accounts Subject to <br> a Performance-<br> Based Advisory Fee<br> ($ million)** |
| **Registered Investment Companies** | **0** | **0** | **0** | **0** |
| **Other Pooled Investment Vehicles** | **36** | **8402** | **19** | **8092** |
| **Other Accounts** | **0** | **0** | **0** | **0** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Marie-Victoire Rozé** | **Number of<br> Accounts** | **Total Assets in<br> Accounts<br> ($ million)** | **Number of Accounts<br> Subject to a<br> Performance- Based<br> Advisory Fee** | **Total Assets in<br> Accounts Subject to<br> a Performance-<br> Based Advisory Fee<br> ($ million)** |
| **Registered Investment Companies** | **0** | **0** | **0** | **0** |
| **Other Pooled Investment Vehicles** | **217** | **90796** | **94** | **74405** |
| **Other Accounts** | **6** | **2275** | **4** | **1845** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Jan Philipp Schmitz** | **Number of<br> Accounts** | **Total Assets in<br> Accounts<br> ($ million)** | **Number of Accounts<br> Subject to a<br> Performance- Based<br> Advisory Fee** | **Total Assets in<br> Accounts Subject to<br> a Performance-<br> Based Advisory Fee<br> ($ million)** |
| **Registered Investment Companies** | **0** | **0** | **0** | **0** |
| **Other Pooled Investment Vehicles** | **223** | **94414** | **96** | **77925** |
| **Other Accounts** | **6** | **2275** | **4** | **1845** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Wilfred Small** | **Number of<br> Accounts** | **Total Assets in<br> Accounts<br> ($ million)** | **Number of Accounts<br> Subject to a<br> Performance- Based <br> Advisory Fee** | **Total Assets in<br> Accounts Subject to<br> a Performance-<br> Based Advisory Fee<br> ($ million)** |
| **Registered Investment Companies** | **0** | **0** | **0** | **0** |
| **Other Pooled Investment Vehicles** | **202** | **87161** | **87** | **70828** |
| **Other Accounts** | **6** | **2275** | **4** | **1845** |

---

**(a)(3)** Ardian's compensation program for its investment professionals is comprised of salary, bonus, and deferred bonus; the proportion of each component out of the total compensation varies with seniority. For senior members of the team, compensation emphasizes long-term incentives, such as the long-term cash bonus. Additionally, most of the investment professionals participate in the carry programs of Ardian secondary funds, typically requiring a personal investment. Lastly, through management company shareholding, many of the employees may benefit from the overall success of the firm's investment management activities in the long-term.

**(a)(4)**

**Ownership of Securities by Portfolio Managers**

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Equity Securities in**<br>**the Fund** |
| &nbsp;&nbsp;Mark Benedetti | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Vladimir Colas | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Daryl Li | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Alexandre Motte | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Marie-Victoire Rozé | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Jan Philipp Schmitz | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Wilfred Small | &nbsp;&nbsp;None |

---

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

None

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the Registrant's shareholders may recommend nominees to the Board of Directors that would require disclosure herein.

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics filed herewith](ea029120001_ex99-codeeth.htm)

(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto Exhibit 99. CERT](ea029120001_ex99-cert.htm)

(a)(4) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT](ea029120001_ex99-906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) <u>Ardian Access LLC</u> | (Registrant) <u>Ardian Access LLC</u> |
| By | (Signature and Title) |
|  | /s/ Wilfred Small |
|  | Wilfred Small, Principal Executive Officer/ President |
| Date | 6/08/2026 |

---

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

---

| | |
|:---|:---|
| By | (Signature and Title) |
|  | /s/ Wilfred Small |
|  | Wilfred Small, Principal Executive Officer/ President |
| Date | 6/08/2026 |

---

---

| | |
|:---|:---|
| By | (Signature and Title) |
|  | /s/ Aymeric Lepeu |
|  | Aymeric Lepeu, Principal Financial Officer/ Treasurer |
| Date | 06/08/2026 |

---

## Ex-99.Code

**Exhibit 99.CODEETH**

**Appendix 13**

**ARDIAN ACCESS LLC (the "Fund")**

**<u>CODE OF ETHICS</u>**

**I.**  **<u>Introduction</u>.** 

The Fund has approved and adopted this Code of Ethics and has determined, in accordance with the requirements of Rule 17j-1 of the Investment Company Act of 1940, as amended (the "**1940 Act**"), that this Code of Ethics contains provisions that are reasonably designed to prevent Access Persons (as defined herein) from engaging in conduct prohibited by Rule 17j-1 of the 1940 Act. This Code of Ethics applies to all Access Persons of the Fund. The policies set forth in Section V(B) hereof and the procedures set forth in Section VI hereof, however, do not apply to any Access Person who is subject to the securities transaction pre-clearance requirements and securities transaction reporting requirements of a code of ethics that is consistent with the goals of this Code of Ethics, and otherwise compliant with Rule 17j-1 of the 1940 Act and Rule 204-2(a)(12) of the Investment Advisers Act of 1940, as amended (the "**Advisers Act**").

**II.**  **<u>Legal Requirement</u>.** 

Rule 17j-1(b) of the 1940 Act makes it unlawful for any officer or director of the Fund in connection with the purchase or sale by such person of a Security (as defined herein) "held or to be acquired" by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme
or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. To make to the Fund any untrue
statement of a material fact or omit to state to the Fund a material fact necessary in order to make the statements made, in light of
the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice,
or course of business which operates or would operate as a fraud or deceit upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative
practice with respect to the Fund's investment portfolios.

**III.**  **<u>Purpose of the Code of Ethics</u>.** 

The Fund expects that its officers and directors will conduct their personal investment activities in accordance with (1) the duty at all times to place the interests of the Fund's unitholders first, (2) the requirement that all personal securities transactions be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility, and (3) the fundamental standard that investment company personnel should not take inappropriate advantage of their positions.

**IV.**  **<u>Definitions</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;A. "**Access Person** "
means (i) any director or officer of the Fund; any director, manager, officer or general partner of the Fund's investment
adviser (the "**Adviser**") or any Advisory Person (as defined below) of the Fund or the Adviser, or (ii) any director,
officer or general partner of the Fund's distributor who, in the ordinary course of their business, makes, participates in or obtains
information regarding the purchase or sale of Securities (other than Exempt Securities (as defined below)) by the Fund or whose functions
or duties as part of the ordinary course of their business relate to the making of any recommendation to the Fund regarding the purchase
or sale of Securities (other than Exempt Securities).

An Access Person's "immediate family" includes a spouse, minor children and adults living in the same household as the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;B. "**Advisory Person** "
means any director or advisory board<sup>1</sup> member, manager, officer, or employee of the Fund or the Adviser (or of any company
in a control relationship to the Fund or the Adviser) who, in connection with their regular functions or duties, makes, participates
in or obtains information regarding the purchase or sale of Securities (other than Exempt Securities) by the Fund, or whose functions
relate to the making of any recommendations with respect to such purchases or sales; and any natural person in a control relationship
to the Fund who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Securities (other
than Exempt Securities) by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;C. "**Automatic Investment Plan**" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts
in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend or distribution reinvestment
plan.

&nbsp;&nbsp;&nbsp;&nbsp;D. "**Compliance Officer** "
means the person or persons designated by the Fund's Board of Directors as its Chief Compliance Officer pursuant to Rule 38a-1 of
the 1940 Act. When acting hereunder, the Compliance Officer may delegate one or more of their duties to third parties, such as the Fund's
administrator, or the Adviser's compliance department, and will be required to so delegate in instances in which the Access Person
seeking authorization or pre-clearance is the person then serving as Compliance Officer. References herein to the Compliance
Officer shall include any such delegate.

<sup>1</sup> As defined in Section 2(a)(1) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;E. "**Disinterested Director** "
means a director who is not an "interested person" within the meaning of Section 2(a)(19) of the 1940 Act. All provisions
of this Code of Ethics applicable to Disinterested Directors will also be applicable to advisory board members.

&nbsp;&nbsp;&nbsp;&nbsp;F. "**Exempt Security** "
means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Direct obligations of the U.S.
Government (or any other "government security" as that term is defined in the 1940 Act), bankers' acceptances, bank
certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements, and shares of
registered open-end investment companies, other than exchange traded funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Securities purchased or sold
in any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Securities purchased or sold
in a transaction that is non-volitional on the part of either the Access Person or the Fund, including mergers, recapitalizations
or similar transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Securities acquired as a part
of an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Securities acquired upon the
exercise of rights issued by an issuer <u>pro</u> <u>rata</u> to all holders of a class of its securities, to the extent
such rights were acquired from such issuer, and sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Securities which the Fund's
investment portfolios are not permitted to purchase under the investment objectives and policies set forth in the Fund's then current
prospectus(es) under the Securities Act of 1933, as amended (the "**1933 Act** "), or the Fund's registration statement
on Form N-2, which currently in the case of the Fund would include any securities which are registered under the Securities
Exchange Act of 1934, as amended (the "**1934 Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;G. "**Initial Public Offering** "
means an offering of securities registered under the 1933 Act, the issuer of which, immediately before the registration, was not subject
to the reporting requirements of Section 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;H. "**Investment Personnel** "
of the Fund or of the Adviser means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any employee of the Fund or
the Adviser (or of any company in a control relationship to the Fund or the Adviser) who, in connection with their regular functions
or duties, makes or participates in making recommendations regarding the purchase or sale of Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any natural person who controls
the Fund or the Adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of Securities
by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;I. "**Limited Offering** "
means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(a)(2) or Section 4(a)(6) or pursuant
to Rule 504, Rule 505, or Rule 506 under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;J. "**Security** "
or "**Securities**" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness,
certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or
subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided
interest in oil, gas, or other mineral
rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of
securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege
entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known
as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee
of, or warrant or right to subscribe to or purchase any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;K. A Security is "**held or to be acquired**" by a Company if within the most recent 15 days it (1) is or has been held by the Fund, or (2) is
being or has been considered by the Fund or the Adviser for purchase or sale by the Fund. A purchase or sale includes the writing of
an option to purchase or sell and any Security that is exchangeable for, or convertible into, any Security that is held or to be acquired
by the Fund.

**V.**  **<u>Policies Regarding Personal Securities Transactions</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>General Policy</u>.

No Access Person of the Fund shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1(b) set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code of Ethics. Each Access Person must disclose any conflicts of interest, or actions or relationships that might give rise to a conflict of interest, to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Specific Policies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Restrictions on Personal Securities Transactions by Access Persons</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access Persons may not buy
or sell Securities other than Exempt Securities for their personal account or the account of a unitholder of their immediate family if
they knew or, in the ordinary course of fulfilling their official duties as an Access Person, should have known, that during the 15-day period
before the transaction in a Security (other than an Exempt Security) or at the time of the transaction the Security purchased or sold
by them, other than an Exempt Security, was also purchased or sold by the Fund or considered for the purchase or sale by the Fund, without
obtaining oral authorization from the Fund's Compliance Officer  **<u>prior</u>** to effecting such security transaction.

A written memorialization of this authorization will be provided by the Compliance Officer to the person receiving the authorization.

**Note:** If an Access Person has questions as to whether purchasing or selling a Security for their personal account or the account of a unitholder of their immediate family requires prior oral authorization, the Access Person should consult the Compliance Officer for clearance or denial of clearance to trade **<u>prior</u>** to effecting any securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pre-clearance approval will be effective for only two business days (the day on which approval is given and one additional business day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. No clearance will be given to an Access Person to purchase or sell any Security, other than an Exempt Security, (1) on a day when any portfolio of the Fund has a pending "buy" or "sell" order in that same Security until that order is executed or withdrawn or (2) when the Compliance Officer has been advised by the Adviser that the same Security is being considered for purchase or sale for any portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The pre-clearance requirement contained in Section V(B)(1)(a) above shall apply to all purchases of Securities through an Initial Public Offering or a Limited Offering by any Access Person who meets the definition of Investment Personnel. A record of any decision and the reason supporting such decision to approve the acquisition by Investment Personnel of Initial Public Offerings or Limited Offerings shall be made.

**VI.**  **<u>Reporting Requirements and Procedures</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;A. In order to provide each Company
with information to enable it to determine with reasonable assurance whether the provisions of this Code of Ethics are being observed
by its Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Initial and Annual Holdings Report:* Within ten (10) days after a person becomes an Access Person, and annually thereafter, such person shall submit
to the Compliance Officer a completed Initial/Annual Holdings Report in the form attached hereto as <u>Exhibit A</u> (or another
form of written submission containing all required information and acceptable to the Compliance Officer) that lists all Securities other
than Exempt Securities in which such Access Person has a Beneficial Interest<sup>2</sup>. Each holdings report

&nbsp;&nbsp;&nbsp;&nbsp;(a) A direct pecuniary interest
is the opportunity, directly or indirectly, to profit, or to share the profit, from the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(b) An indirect pecuniary interest
is any non-direct financial interest, but is specifically defined in the rules to include Securities held by shareholders of
your immediate family sharing the same household; Securities held by a partnership of which you are a general partner; Securities held
by a trust of which you are the settlor if you can revoke the trust without the consent of another person, or a beneficiary if you have
or share investment control with the director; and equity securities which may be acquired upon exercise of an option or other right,
or through conversion.

For interpretive guidance on this test, you should consult the Compliance Officer.

must contain, at a minimum, (a) the title and type of security, and, as applicable, an exchange ticker symbol or CUSIP number, number of shares and principal amount of each reportable Security in which the Access Person has any direct or indirect beneficial ownership; (b) the name of any broker, dealer or bank with which the Access Person maintains an account in which any Securities are held for the Access Person's direct or indirect benefit; and (c) the date the Access Person submits the report. The Initial Holdings Report must be current as of a date no more than forty-five (45) days prior to the date the person became an Access Person and the Annual Holdings Report shall be submitted no later than January 31 and must be current as of a date no more than forty-five (45) days prior to the date the report is submitted.

<sup>2</sup> You will be treated as the "beneficial owner" of a Security under this policy only if you have a direct or indirect pecuniary interest in the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Quarterly Report*: Each
Access Person of the Fund, other than a Disinterested Director, shall submit reports in the form attached hereto as <u>Exhibit B</u> to
the Compliance Officer, showing all transactions in Securities other than Exempt Securities in which the person has, or by reason of
such transaction acquires, any direct or indirect beneficial ownership, as well as all accounts established with brokers, dealers or
banks during the quarter in which any Securities, other than Exempt Securities, were held for the direct or indirect beneficial interest
of the Access Person<sup>3</sup>. Such reports shall be filed no later than thirty (30) days after the end of each calendar quarter.
The Quarterly Transaction Report must include the date on which such report was submitted to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A Disinterested Director (which
for purposes of this Section shall include advisory board members) need not make an Initial or Annual Holdings Report but shall submit
the same Quarterly Transaction Report as required under paragraph 2 to the Compliance Officer, but only for a transaction in a Security
other than an Exempt Security where they knew (or should have known) at the time of the transaction or, in the ordinary course of fulfilling
their official duties as a director or officer, should have known that during the 15-day period immediately preceding or after
the date of the transaction, such Security is or was purchased or sold, or considered for purchase or sale, by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Compliance Officer shall
notify each Access Person of the Fund who may be subject to the pre-clearance requirement or required to make reports pursuant
to this Code of Ethics that such person is subject to the pre-clearance or reporting requirements and shall deliver a copy of this Code
of Ethics to each such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Compliance Officer shall review the Initial Holdings Reports, Annual Holdings Reports, and Quarterly Transaction Reports received, and, as appropriate, compare the reports with the pre-clearance authorization received, and report to the Fund's Board of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. with respect to any transaction
that appears to evidence a possible violation of this Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. apparent violations of the reporting requirement stated herein.

<sup>3</sup> See footnote 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Board of Directors shall consider reports made to it hereunder and shall determine whether the policies established in Sections V and VI of this Code of Ethics have been violated, and what sanctions, if any, should be imposed on the violator, including, but not limited to, a letter of censure, suspension or termination of the employment of the violator, or the unwinding of the transaction and disgorgement of any profits to the Fund. The Board of Directors of the Fund shall review the operation of this Code of Ethics at least once a year and any material changes hereto will be approved by the Board of Directors at the next scheduled quarterly board meeting and in no case more than six months after such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Adviser shall adopt, maintain and enforce a code of ethics with respect to its personnel in compliance with Rule 17j-1 of the 1940 Act and Rule 204A of the Advisers Act and shall forward to the Compliance Officer and the Fund's counsel a copy of such code and all future amendments and modifications thereto. Any material changes to this code will be approved by the Board of Directors of the Fund at the next scheduled quarterly board meeting and in no case more than six months after such change, as required by Rule 17j-1 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. At each quarterly Board of Directors meeting, the Compliance Officer and the Adviser shall provide a written report to the Board of Directors stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any reported Securities transaction,
other than for Exempt Securities, that occurred during the prior quarter that may have been inconsistent with the provisions of the codes
of ethics adopted by the Fund or the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all disciplinary actions<sup>4</sup> taken in response to such violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. At least once a year, the Adviser shall provide to the Board of Directors a written report which contains: (a) a summary of existing procedures concerning personal investing by Advisory Persons and any changes in the procedures during the past year; (b) an evaluation of current compliance procedures and a report on any recommended changes in existing restrictions or procedures based upon the Fund's experience under this Code of Ethics, industry practices, or developments in applicable laws and regulations; (c) a description of any issues arising under the Code of Ethics or procedures since the last report, including, but not limited to, information about material violations of the Code of Ethics or procedures and sanctions imposed in response to material violations; and (d) a certification that the procedures which have been adopted are those reasonably necessary to prevent Access Persons from violating the Code of Ethics.

<sup>4</sup> Disciplinary action includes but is not limited to any action that has a material financial effect upon the employee, such as fining, suspending, or demoting the employee, imposing a substantial fine or requiring the disgorgement of profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Code of Ethics, the Adviser's Code of Ethics, a copy of each report by an Access Person, any written report hereunder by the Compliance Officer or the Adviser, records of approvals relating to Initial Public Offerings and Limited Offerings, lists of all persons required to make reports, and a list of all persons responsible for reviewing such reports shall be preserved with the Fund's records for the period required by Rule 17j-1 of the 1940 Act.

**VII.**  **<u>Certification</u>.** 

Each Access Person will be required to certify annually that they have read and understood this Code of Ethics, and will abide by it. Each Access Person will further certify that they have disclosed or reported all personal securities transactions required to be disclosed or reported under the Code of Ethics. A form of such certification is attached hereto as <u>Exhibit C</u>.

**VIII.**  **<u>Recordkeeping</u>.** 

the Fund shall maintain and cause to be maintained the following records at its principal place of business:

(i) a copy of any code of ethics adopted by the Fund that is in effect, or at any time within the past five (5) years was in effect, in an easily accessible place;

(ii) a record of any violation of any code of ethics, and of any action taken as a result of such violation, in an easily accessible place for at least five (5) years after the end of the fiscal year in which the last entry was made on any such report, the first two (2) years in an easily accessible place;

(iii) a copy of each holding and transaction report (including duplicate confirmations and statements) made by anyone subject to any code of ethics as required by Section VI for at least five (5) years after the end of the fiscal year in which the report is made, the first two (2) years in an easily accessible place;

(iv) a record of all written acknowledgements and certifications by each Access Person who is currently, or within the past five (5) years was, an Access Person (records must be kept for five (5) years after individual ceases to be a Access Person under the Code of Ethics);

(v) a list of all persons who are currently, or within the past five (5) years were, required to make reports or who were responsible for reviewing these reports pursuant to any code of ethics adopted by the Fund, in an easily accessible place;

(vi) a copy of each written report and certification required pursuant to Section VI(A)(9) of this Code of Ethics for at least five (5) years after the end of the fiscal year in which it is made, the first two (2) years in an easily accessible place;

(vii) a record of any decision, and the reasons supporting the decision, approving the acquisition of securities by Access Persons under Section V of this Code of Ethics, for at least five (5) years after the end of the fiscal year in which the approval is granted; and

(viii) a record of any decision, and the reasons supporting the decision, granting an Access Person a waiver from, or exception to, this Code of Ethics for at least five (5) years after the end of the fiscal year in which the waiver is granted.

Adopted: March XX, 2025

**Exhibit A**

**ARDIAN ACCESS LLC (the "Fund")**

**[Initial/Annual] Holdings Report**

---

| | |
|:---|:---|
| **For the Year/Period Ended** |  |
|  | **(month/day/year)** |

---

**[ ] Check Here if this is an Initial Holdings Report**

---

| | |
|:---|:---|
| **To:** | **Fund Chief Compliance Officer** |

---

As of the calendar year/period referred to above, I have a direct or indirect beneficial ownership interest in the Securities listed below which are required to be reported pursuant to the Code of Ethics of the Fund:

---

| | | | |
|:---|:---|:---|:---|
| Title and Type of<br> Security | Ticker Symbol <br> or CUSIP Number <br> (as applicable) | Number of <br> Shares | Principal<br> Amount |

---

The name of any broker, dealer or bank with whom I maintain an account in which my Securities are held for my direct or indirect benefit are as follows:

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the Securities listed above.

Date: Signature: <br> <br> Print Name:

**Exhibit B**

**ARDIAN ACCESS LLC (the "Fund")**

**Securities Transaction Report**

**For the Calendar Quarter Ended [_____ __], 20__**

---

| | |
|:---|:---|
| **To:** | **Fund Chief Compliance Officer** |

---

**During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transaction acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics of the Fund:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Title of<br> Security<br> (Required)<br> Exchange<br> Ticker<br> Symbol or<br> CUSIP<br> Number (as applicable) | Date of<br> Transaction | Number<br> of Shares<br> or<br> Principal<br> Amount | Interest <br> Rate and<br> Maturity <br> Date (if <br> applicable) | Dollar<br> Amount of<br> Transaction | Nature of<br> Transaction<br> (Purchase, <br> Sale,<br> Other) | Price | Broker/Dealer<br> or Bank<br> Through<br> Whom<br> Effected |

---

For each Access Person of the Fund, other than a Disinterested Director<sup>1</sup>, provide the following information with respect to any account established by you during the quarter referred to above in which securities were held during the quarter for your direct or indirect benefit:

&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the broker, dealer or bank with whom you established the account.

2. The date the account was established.

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Date:   Signature: <br> <br> Print Name:  

director

<sup>1</sup> A director who knew, or in the ordinary course of fulfilling his or her official duties as the Fund director, should have known, that during the 15-day period immediately before or after the director's transaction in a Security, the Fund purchased or sold the Security, or the Fund or the Adviser considered purchasing or selling the Security.

**Exhibit C**

**ARDIAN ACCESS LLC (the "Fund")**

**ANNUAL CERTIFICATE**

Pursuant to the requirements of the Code of Ethics of the Fund, the undersigned hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have read the Fund's
Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;2. I understand the Code of Ethics
and acknowledge that I am subject to it.

&nbsp;&nbsp;&nbsp;&nbsp;3. Since the date of the last
Annual Certificate (if any) given pursuant to the Code of Ethics, I have reported all personal securities transactions required to be
reported under the requirements of the Code of Ethics.

---

| | |
|:---|:---|
| Date: | |
|  | Print Name |
|  | Signature |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification**

I, Wilfred Small, certify that:

1. I have reviewed this report on Form N-CSR of the Ardian Access LLC (the "registrant");

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: | 06/08/2026 | /s/ Wilfred Small |
|  |  | Wilfred Small <br> Principal Executive Officer/President |

---

**Certification**

I, Aymeric Lepeu, certify that:

1. I have reviewed this report on Form N-CSR of the Ardian Access LLC (the "registrant");

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: | 06/08/2026 | /s/ Aymeric Lepeu |
|  |  | Aymeric Lepeu <br> Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**CERTIFICATION**

I, Wilfred Small, Principal Executive Officer/President of Ardian Access LLC (the "Registrant"), and I, Aymeric Lepeu, Principal Financial Officer/Treasurer of the Registrant, each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

Principal Executive Officer/President Principal Financial Officer/Treasurer <br> Ardian Access LLC Ardian Access LLC

---

| | | | |
|:---|:---|:---|:---|
| /s/ Wilfred Small | /s/ Wilfred Small | /s/ Aymeric Lepeu | /s/ Aymeric Lepeu |
| Wilfred Small | Wilfred Small | Aymeric Lepeu | Aymeric Lepeu |
| Date: | 6/8/2026 | Date: | 6/8/2026 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.