# EDGAR Filing Document

**Accession Number:** 0001862281
**File Stem:** 0001193125-25-303466
**Filing Date:** 2025-12
**Character Count:** 193866
**Document Hash:** f830dc8c438facdf9f95f82505bd8844
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-303466.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001193125-25-303466

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADAMS STREET PRIVATE EQUITY NAVIGATOR FUND LLC
- **CENTRAL INDEX KEY:** 0001862281

**ORGANIZATION NAME:**
- **EIN:** 981569978
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24072
- **FILM NUMBER:** 251538145

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NORTH WACKER DRIVE, SUITE 2700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 553-7890

**MAIL ADDRESS:**
- **STREET 1:** ONE NORTH WACKER DRIVE, SUITE 2700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADAMS STREET GLOBAL PRIVATE MARKETS FUND LP
- **DATE OF NAME CHANGE:** 20210514

##### [**Table of Contents**](#toc)
**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-24072** 

**ADAMS STREET PRIVATE EQUITY NAVIGATOR FUND LLC** 

**(Exact name of registrant as specified in charter)** 

**One North Wacker Drive, Suite 2700** 

**Chicago, IL 60606** 

**(Address of principal executive offices) (Zip code)** 

**Eric R. Mansell** 

**Adams Street Advisors, LLC** 

**One North Wacker Drive, Suite 2700** 

**Chicago, IL 60606** 

**(Name and address of agent for service)** 

***Copies to:***

**Nicole M. Runyan, P.C.** 

**Brad A. Green, P.C.** 

**Kirkland & Ellis LLP** 

**601 Lexington Avenue** 

**New York, NY 10022** 

**Registrant's telephone number, including area code: (312) 553-7890** 

**Date of fiscal year end: March 31** 

**Date of reporting period: September 30, 2025** 

------

##### [**Table of Contents**](#toc)
**<u>Item 1. Report to Shareholders.</u>**

(a) The semi-annual report (the "Report") of Adams Street Private Equity Navigator Fund LLC (the
"Fund") for the six-month period ended September 30, 2025 is attached herewith.

------

##### [**Table of Contents**](#toc)
![LOGO](g851218g92g62.jpg)

## Semi-Annual Report
Adams Street Private Equity Navigator Fund LLC

For the Six Months Ended September 30, 2025 (Unaudited)

------

##### [**Table of Contents**](#toc)
![LOGO](g851218g92g62.jpg)

**Adams Street Private Equity Navigator Fund LLC** 

**Table of Contents** 

---

| | |
|:---|:---|
|  [Consolidated Schedule of Investments](#toc851218_1) | 1 |
|  [Consolidated Statement of Assets and Liabilities](#toc851218_2) | 12 |
|  [Consolidated Statement of Operations](#toc851218_3) | 13 |
|  [Consolidated Statements of Changes in Net Assets](#toc851218_4) | 14 |
|  [Consolidated Statement of Cash Flows](#toc851218_5) | 15 |
|  [Consolidated Financial Highlights](#toc851218_6) | 16 |
|  [Notes to Consolidated Financial Statements](#toc851218_7) | 20 |
|  [Privacy Notice (Unaudited)](#toc851218_8) | 36 |
|  [Approval of Investment Advisory Agreement (Unaudited)](#toc851218_9) | 38 |
|  [Additional Information (Unaudited)](#toc851218_10) | 41 |

---

------

##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Schedule of Investments** 

**As of September 30, 2025 (Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Amounts in USD** | **Amounts in USD** |
| <br>&nbsp;&nbsp;&nbsp; **Fund Investments** | <br>**Footnotes** | <br>**Investment<br>Purpose** | <br>**Geographic<br>Region\*\*** | <br>**Position<br>(if applicable)** | <br>**Reference Rate<br>& Spread<br>(if applicable)** | <br>**Maturity Date<br>(if applicable)** | <br>**Quantity<br>(if applicable)** | <br>**Acquisition**<br> **Date\*\*\*** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; <br> **Primary Investments - 2.3% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Primary Investments - 2.3% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Primary Investments - 2.3% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Primary Investments - 2.3% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Primary Investments - 2.3% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Primary Investments - 2.3% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Primary Investments - 2.3% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Primary Investments - 2.3% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Primary Investments - 2.3% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Primary Investments - 2.3% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Primary Investments - 2.3% <sup>(1)(18)</sup>**  |
| &nbsp;&nbsp;&nbsp; <br> AEA Investors Fund VIII LP \* |  | Buyouts | United States |  |  |  |  | 9/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;1043926 | $816737 |
| &nbsp;&nbsp;&nbsp; <br> Astorg VIII \* | (2) | Buyouts | Western Europe |  |  |  |  | 6/30/2023 | 3448453 | 3882215 |
| &nbsp;&nbsp;&nbsp; <br> Madison Dearborn Capital Partners VIII-C, L.P. |  | Buyouts | United States |  |  |  |  | 6/21/2021 | 2865567 | 2922613 |
| &nbsp;&nbsp;&nbsp; <br> NewView Capital Fund II, L.P. \* |  | Venture Capital | United States |  |  |  |  | 10/18/2021 | 1761646 | 2589278 |
| &nbsp;&nbsp;&nbsp; <br> TA XIV-B L.P. |  | Buyouts | United States |  |  |  |  | 9/30/2021 | 862447 | 1023900 |
| &nbsp;&nbsp;&nbsp; <br> **Total Primary Investments** |  |  |  |  |  |  |  |  | **9982039** | **11234743** |
| &nbsp;&nbsp;&nbsp; <br> **Secondary Investments - 44.8% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments - 44.8% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments - 44.8% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments - 44.8% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments - 44.8% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments - 44.8% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments - 44.8% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments - 44.8% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments - 44.8% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments - 44.8% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments - 44.8% <sup>(1)(18)</sup>**  |
| &nbsp;&nbsp;&nbsp; <br> ABRY Advanced Securities Fund II, L.P. \* | (14) | Debt/Credit | United States |  |  |  |  | 7/8/2021 | 440 | 2729 |
| &nbsp;&nbsp;&nbsp; <br> ABRY Advanced Securities Fund III, L.P. \* | (14) | Other | United States |  |  |  |  | 7/8/2021 |  | 553 |
| &nbsp;&nbsp;&nbsp; <br> ABRY Advanced Securities Fund IV, L.P. | (14) | Debt/Credit | United States |  |  |  |  | 7/8/2021 | 209975 | 226011 |
| &nbsp;&nbsp;&nbsp; <br> ABRY Heritage Partners, L.P. \* | (14) | Buyouts | United States |  |  |  |  | 7/8/2021 | 58799 | 90188 |
| &nbsp;&nbsp;&nbsp; <br> ABRY Partners IX, L.P. \* | (14) | Buyouts | United States |  |  |  |  | 7/8/2021 | 605406 | 751781 |
| &nbsp;&nbsp;&nbsp; <br> ABRY Partners VI, L.P. | (14) | Buyouts | United States |  |  |  |  | 7/8/2021 | 2099 |  |
| &nbsp;&nbsp;&nbsp; <br> ABRY Partners VII, L.P. \* | (3)(14) | Buyouts | United States |  |  |  |  | 1/3/2022 | 74710 | 55986 |
| &nbsp;&nbsp;&nbsp; <br> ABRY Partners VIII, L.P. | (14) | Buyouts | United States |  |  |  |  | 7/8/2021 | 141826 | 96519 |
| &nbsp;&nbsp;&nbsp; <br> ABRY Senior Equity III, L.P. \* | (14) | Debt/Credit | United States |  |  |  |  | 7/8/2021 | 4155 |  |
| &nbsp;&nbsp;&nbsp; <br> ABRY Senior Equity IV, L.P. \* | (14) | Debt/Credit | United States |  |  |  |  | 7/8/2021 | 29368 | 20490 |
| &nbsp;&nbsp;&nbsp; <br> ABRY Senior Equity V, L.P. | (14) | Debt/Credit | United States |  |  |  |  | 7/8/2021 | 181018 | 254425 |
| &nbsp;&nbsp;&nbsp; <br> Accel Europe L.P. \* | (7) | Venture Capital | Western Europe |  |  |  |  | 12/31/2024 | 28425 | 42152 |
| &nbsp;&nbsp;&nbsp; <br> Accel IX L.P. \* | (7) | Venture Capital | United States |  |  |  |  | 12/31/2024 | 56154 | 143452 |
| &nbsp;&nbsp;&nbsp; <br> Accel London II L.P. \* | (7) | Venture Capital | Western Europe |  |  |  |  | 12/31/2024 | 4427396 | 7553981 |
| &nbsp;&nbsp;&nbsp; <br> Accel VI-S L.P. \* | (3)(7) | Venture Capital | United States |  |  |  |  | 12/31/2024 | 22052 | 35980 |
| &nbsp;&nbsp;&nbsp; <br> AEA Investors Fund VII LP |  | Buyouts | United States |  |  |  |  | 6/30/2025 | 516203 | 568928 |
| &nbsp;&nbsp;&nbsp; <br> AEA Investors Fund VI LP |  | Buyouts | United States |  |  |  |  | 6/30/2025 | 293304 | 337889 |
| &nbsp;&nbsp;&nbsp; <br> AKKR Isosceles CV LP | (3) | Buyouts | United States |  |  |  |  | 6/26/2025 | 6496673 | 6956637 |
| &nbsp;&nbsp;&nbsp; <br> Alma Opportunities I | (2) | Buyouts | Western Europe |  |  |  |  | 9/13/2021 | 1396148 | 1781148 |
| &nbsp;&nbsp;&nbsp; <br> American Industrial Partners Capital Fund IV, L.P. \* | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 |  | 9848 |
| &nbsp;&nbsp;&nbsp; <br> Apollo Credit Opportunity Fund III LP | (14) | Debt/Credit | United States |  |  |  |  | 10/1/2021 |  | 25 |
| &nbsp;&nbsp;&nbsp; <br> Apollo Overseas Partners IX, L.P. | (14) | Buyouts | United States |  |  |  |  | 10/12/2021 | 361691 | 449650 |
| &nbsp;&nbsp;&nbsp; <br> Apollo Overseas Partners VIII, L.P. | (14) | Buyouts | United States |  |  |  |  | 10/12/2021 | 103197 | 68325 |
| &nbsp;&nbsp;&nbsp; <br> Aquiline Financial Services Fund, L.P. \* | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 13955 | 35411 |
| &nbsp;&nbsp;&nbsp; <br> Arcline Capital Partners III LP | (3) | Buyouts | United States |  |  |  |  | 6/30/2025 | 651601 | 754820 |
| &nbsp;&nbsp;&nbsp; <br> Ares Private Credit Solutions (Cayman), L.P. | (14) | Debt/Credit | United States |  |  |  |  | 7/8/2021 | 21492 | 56986 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 1 |

---

------

##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Schedule of Investments** 

**As of September 30, 2025 (Unaudited) (Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Amounts in USD** | **Amounts in USD** |
| <br>&nbsp;&nbsp;&nbsp; **Fund Investments** | <br>**Footnotes** | <br>**Investment<br>Purpose** | <br>**Geographic<br>Region\*\*** | <br>**Position<br>(if applicable)** | <br>**Reference Rate<br>& Spread<br>(if applicable)** | <br>**Maturity Date<br>(if applicable)** | <br>**Quantity<br>(if applicable)** | <br>**Acquisition**<br> **Date\*\*\*** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** |
| &nbsp;&nbsp;&nbsp; <br> ASP Sec Fac 10 LP \* | (3) | Buyouts | United States |  |  |  |  | 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;6382117 | $&nbsp;&nbsp;&nbsp;&nbsp;7937877 |
| &nbsp;&nbsp;&nbsp; <br> Astorg Normec Fund | (2) | Buyouts | Western Europe |  |  |  |  | 9/24/2024 | 750465 | 1016130 |
| &nbsp;&nbsp;&nbsp; <br> Austin Ventures IX, L.P. \* | (7) | Venture Capital | United States |  |  |  |  | 12/31/2024 | 56626 |  |
| &nbsp;&nbsp;&nbsp; <br> Bain Capital Distressed and Special Situations 2016 (B), L.P. \* | (14) | Debt/Credit | United States |  |  |  |  | 7/9/2021 | 45259 | 91984 |
| &nbsp;&nbsp;&nbsp; <br> Bain Capital Europe Fund III, L.P. \* | (2)(14) | Buyouts | Western Europe |  |  |  |  | 7/13/2021 | 4452 | 115 |
| &nbsp;&nbsp;&nbsp; <br> Bain Capital Middle Market Credit 2014 (A), L.P. \* | (14) | Debt/Credit | United States |  |  |  |  | 7/9/2021 | 19908 | 47654 |
| &nbsp;&nbsp;&nbsp; <br> BayPine Capital Partners Fund I-B, LP |  | Buyouts | United States |  |  |  |  | 6/30/2025 | 136668 | 176773 |
| &nbsp;&nbsp;&nbsp; <br> Berkshire Fund IX, L.P. |  | Buyouts | United States |  |  |  |  | 6/30/2021 | 2036406 | 2639717 |
| &nbsp;&nbsp;&nbsp; <br> Berkshire Fund VI, Limited Partnership \* |  | Buyouts | United States |  |  |  |  | 6/30/2021 | 41358 | 32355 |
| &nbsp;&nbsp;&nbsp; <br> Berkshire Fund VII, L.P. \* |  | Buyouts | United States |  |  |  |  | 6/30/2021 | 24636 | 28658 |
| &nbsp;&nbsp;&nbsp; <br> Berkshire Fund VII-A, L.P. | (14) | Buyouts | United States |  |  |  |  | 6/30/2021 | 8854 | 9766 |
| &nbsp;&nbsp;&nbsp; <br> Berkshire Fund VIII, L.P. \* |  | Buyouts | United States |  |  |  |  | 6/30/2021 | 3844429 | 1102069 |
| &nbsp;&nbsp;&nbsp; <br> Berkshire Fund VIII-A, L.P. \* |  | Buyouts | United States |  |  |  |  | 9/3/2021 | 326178 | 79868 |
| &nbsp;&nbsp;&nbsp; <br> Berkshire Fund X, L.P. \* | (3) | Buyouts | United States |  |  |  |  | 9/30/2021 | 1797563 | 2044693 |
| &nbsp;&nbsp;&nbsp; <br> Broad Street Real Estate Credit Partners II Offshore Feeder Fund, L.P. \* | (14) | Debt/Credit | United States |  |  |  |  | 7/21/2021 | 6167 | 557 |
| &nbsp;&nbsp;&nbsp; <br> Cairngorm Capital Partners III Annex, L.P | (2) | Buyouts | Western Europe |  |  |  |  | 6/30/2025 | 2035794 | 2318968 |
| &nbsp;&nbsp;&nbsp; <br> Cairngorm Capital Partners III CoInvest C, L.P. | (2) | Buyouts | Western Europe |  |  |  |  | 6/30/2025 | 1066488 | 1143197 |
| &nbsp;&nbsp;&nbsp; <br> Cairngorm Capital Partners III CoInvest D, L.P. | (2) | Buyouts | Western Europe |  |  |  |  | 6/30/2025 | 731304 | 814212 |
| &nbsp;&nbsp;&nbsp; <br> Carlyle Asia Partners IV, L.P. | (3)(14) | Buyouts | United States |  |  |  |  | 7/21/2021 | 121042 | 22565 |
| &nbsp;&nbsp;&nbsp; <br> Carlyle Europe Partners III, L.P. \* | (2)(14) | Buyouts | United States |  |  |  |  | 7/21/2021 | 1323 | 1141 |
| &nbsp;&nbsp;&nbsp; <br> Carlyle Partners V, L.P. | (14) | Buyouts | United States |  |  |  |  | 7/21/2021 |  | 20335 |
| &nbsp;&nbsp;&nbsp; <br> Carlyle Strategic Partners III, L.P. | (14) | Other | United States |  |  |  |  | 7/21/2021 | 29630 | 1534 |
| &nbsp;&nbsp;&nbsp; <br> Carlyle Strategic Partners IV, L.P. | (3)(14) | Buyouts | United States |  |  |  |  | 7/21/2021 | 270427 | 285933 |
| &nbsp;&nbsp;&nbsp; <br> Carlyle U.S. Equity Opportunity Fund II, L.P. | (3)(14) | Buyouts | United States |  |  |  |  | 7/21/2021 | 146537 | 120148 |
| &nbsp;&nbsp;&nbsp; <br> Carlyle U.S. Equity Opportunity Fund, L.P. \* | (14) | Buyouts | United States |  |  |  |  | 7/21/2021 | 3049 | 995 |
| &nbsp;&nbsp;&nbsp; <br> CIVC SIB CF, L.P. \* |  | Buyouts | The Americas |  |  |  |  | 5/4/2023 | 3381577 | 4383704 |
| &nbsp;&nbsp;&nbsp; <br> Clearlake Capital Partners VII, L.P. \* | (3) | Buyouts | United States |  |  |  |  | 7/1/2025 | 449954 | 489455 |
| &nbsp;&nbsp;&nbsp; <br> Clearstone Venture Partners III-A, L.P. \* | (3)(7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 345914 | 3679719 |
| &nbsp;&nbsp;&nbsp; <br> Columbia Capital Equity Partners IV (NON-US), L.P. \* | (3)(7) | Buyouts | United States |  |  |  |  | 12/31/2024 |  | 52201 |
| &nbsp;&nbsp;&nbsp; <br> Columbia Capital Equity Partners IV (QP), L.P. \* | (3)(7) | Buyouts | United States |  |  |  |  | 12/31/2024 |  | 42086 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 2 |

---

------

##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Schedule of Investments** 

**As of September 30, 2025 (Unaudited) (Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Amounts in USD** | **Amounts in USD** |
| <br>&nbsp;&nbsp;&nbsp; **Fund Investments** | <br>**Footnotes** | <br>**Investment<br>Purpose** | <br>**Geographic<br>Region\*\*** | <br>**Position<br>(if applicable)** | <br>**Reference Rate<br>& Spread<br>(if applicable)** | <br>**Maturity Date<br>(if applicable)** | <br>**Quantity<br>(if applicable)** | <br>**Acquisition**<br> **Date\*\*\*** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** |
| &nbsp;&nbsp;&nbsp; <br> Columbia Capital Equity Partners IV (QPCO), L.P. \* | (3)(7) | Buyouts | United States |  |  |  |  | 12/31/2024 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;313817 |
| &nbsp;&nbsp;&nbsp; <br> CVC Capital Partners VII (A) L.P. | (2)(11) | Buyouts | Western Europe |  |  |  |  | 3/31/2023 | 1909758 | 2108720 |
| &nbsp;&nbsp;&nbsp; <br> CVC Capital Partners VII (A) L.P. | (2)(10) | Buyouts | Western Europe |  |  |  |  | 3/31/2023 | 844526 | 990152 |
| &nbsp;&nbsp;&nbsp; <br> CVC Capital Partners VIII (A) L.P. | (2)(11) | Buyouts | Western Europe |  |  |  |  | 3/31/2023 | 663044 | 777746 |
| &nbsp;&nbsp;&nbsp; <br> CVC Capital Partners VIII (A) L.P. | (2)(10) | Buyouts | Western Europe |  |  |  |  | 3/31/2023 | 707721 | 867331 |
| &nbsp;&nbsp;&nbsp; <br> CVI Credit Value Fund A V LP |  | Debt/Credit | United States |  |  |  |  | 7/1/2025 | 645570 | 636203 |
| &nbsp;&nbsp;&nbsp; <br> Davidson Kempner Long-Term Distressed Opportunities International III LP \* | (14) | Debt/Credit | United States |  |  |  |  | 7/12/2021 |  | 10217 |
| &nbsp;&nbsp;&nbsp; <br> Davidson Kempner Long-Term Distressed Opportunities International IV LP \* | (14) | Debt/Credit | United States |  |  |  |  | 7/12/2021 |  | 88473 |
| &nbsp;&nbsp;&nbsp; <br> DPE Continuation Fund I Geschlossene Spezial-Investment GmbH & Co. KG \* | (2)(5) | Buyouts | Western Europe |  |  |  |  | 10/12/2022 | 2123044 | 3096609 |
| &nbsp;&nbsp;&nbsp; <br> Energy Capital Partners Mezzanine Opportunities Fund, LP \* | (14) | Other | United States |  |  |  |  | 7/8/2021 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650 |
| &nbsp;&nbsp;&nbsp; <br> Escalate Capital I, L.P. \* | (3)(7) | Buyouts | United States |  |  |  |  | 12/31/2024 |  | 512 |
| &nbsp;&nbsp;&nbsp; <br> Flexpoint Fund II LP \* |  | Buyouts | United States |  |  |  |  | 12/29/2023 | 189131 | 206706 |
| &nbsp;&nbsp;&nbsp; <br> Flexpoint Fund III, L.P. \* |  | Buyouts | United States |  |  |  |  | 12/29/2023 | 872618 | 901847 |
| &nbsp;&nbsp;&nbsp; <br> Flexpoint Fund IV-B, L.P. \* |  | Buyouts | United States |  |  |  |  | 12/29/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1519680 | 2004309 |
| &nbsp;&nbsp;&nbsp; <br> Flexential Opportunity LP \* | (3) | Buyouts | United States |  |  |  |  | 12/30/2021 | 451638 | 543965 |
| &nbsp;&nbsp;&nbsp; <br> Flexpoint Overage Fund IV-B, L.P. \* |  | Buyouts | United States |  |  |  |  | 12/29/2023 | 469735 | 542844 |
| &nbsp;&nbsp;&nbsp; <br> Fortress Credit Opportunities Fund V Expansion (A) LP |  | Debt/Credit | United States |  |  |  |  | 9/30/2025 | 699031 | 706668 |
| &nbsp;&nbsp;&nbsp; <br> Forward Ventures V LP \* | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 26817 | 172106 |
| &nbsp;&nbsp;&nbsp; <br> Francisco Partners IV-A, L.P. | (3) | Buyouts | United States |  |  |  |  | 7/9/2025 | 94666 | 97421 |
| &nbsp;&nbsp;&nbsp; <br> Francisco Partners V, L.P. | (3) | Buyouts | United States |  |  |  |  | 7/9/2025 | 198927 | 225647 |
| &nbsp;&nbsp;&nbsp; <br> Francisco Partners VI, L.P. | (3) | Buyouts | United States |  |  |  |  | 7/9/2025 | 705756 | 801505 |
| &nbsp;&nbsp;&nbsp; <br> Francisco Partners VII, L.P. | (3) | Buyouts | United States |  |  |  |  | 7/9/2025 | 215074 | 230378 |
| &nbsp;&nbsp;&nbsp; <br> Frazier Healthcare Growth Buyout Fund VIII PV, L.P. |  | Buyouts | United States |  |  |  |  | 6/30/2025 | 199037 | 163927 |
| &nbsp;&nbsp;&nbsp; <br> Frazier Healthcare Growth Buyout Fund IX, L.P. |  | Buyouts | United States |  |  |  |  | 6/30/2025 | 117842 | 100347 |
| &nbsp;&nbsp;&nbsp; <br> Frazier Healthcare Growth Buyout Fund IX PV, L.P. |  | Buyouts | United States |  |  |  |  | 6/30/2025 | 591351 | 502007 |
| &nbsp;&nbsp;&nbsp; <br> Frontenac XI Private Capital Limited Partnership |  | Buyouts | United States |  |  |  |  | 12/29/2023 | 418739 | 275064 |
| &nbsp;&nbsp;&nbsp; <br> Frontenac XI Private Capital (Parallel) Limited Partnership |  | Buyouts | United States |  |  |  |  | 12/29/2023 | 941825 | 614148 |
| &nbsp;&nbsp;&nbsp; <br> FS Equity Partners CV1, L.P. |  | Buyouts | United States |  |  |  |  | 5/8/2025 | 3327731 | 3773273 |
| &nbsp;&nbsp;&nbsp; <br> GCM Grosvenor VCP II, L.P. \* | (3)(14) | Other | United States |  |  |  |  | 7/20/2021 | 38277 | 35518 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 3 |

---

------

##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Schedule of Investments** 

**As of September 30, 2025 (Unaudited) (Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Amounts in USD** | **Amounts in USD** |
| <br>&nbsp;&nbsp;&nbsp; **Fund Investments** | <br>**Footnotes** | <br>**Investment<br>Purpose** | <br>**Geographic<br>Region\*\*** | <br>**Position<br>(if applicable)** | <br>**Reference Rate<br>& Spread<br>(if applicable)** | <br>**Maturity Date<br>(if applicable)** | <br>**Quantity<br>(if applicable)** | <br>**Acquisition**<br> **Date\*\*\*** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** |
| &nbsp;&nbsp;&nbsp; <br> GI Partners Fund V LP | (3) | Buyouts | United States |  |  |  |  | 12/30/2021 | $2740464 | $3762330 |
| &nbsp;&nbsp;&nbsp; <br> Graham Partners OptConnect Continuation Fund, L.P. \* | (3)(8) | Buyouts | United States |  |  |  |  | 12/20/2022 | 3397698 | 4992245 |
| &nbsp;&nbsp;&nbsp; <br> GS Mezzanine Partners VII Offshore, L.P. \* | (14) | Debt/Credit | United States |  |  |  |  | 7/21/2021 | 41702 | 138371 |
| &nbsp;&nbsp;&nbsp; <br> GTCR Evergreen Fund I/C LP |  | Buyouts | United States |  |  |  |  | 4/3/2023 | 3087636 | 4722438 |
| &nbsp;&nbsp;&nbsp; <br> GTCR Fund XIII, L.P. \* |  | Buyouts | United States |  |  |  |  | 3/31/2023 | 1095573 | 1376638 |
| &nbsp;&nbsp;&nbsp; <br> Harren Investors II-B, L.P. \* | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 |  | 3701 |
| &nbsp;&nbsp;&nbsp; <br> HealthCare Ventures VIII, L.P. \* | (7) | Venture Capital | United States |  |  |  |  | 12/31/2024 |  | 16748 |
| &nbsp;&nbsp;&nbsp; <br> HG Capital 8 D L.P. | (2)(3) | Buyouts | Western Europe |  |  |  |  | 6/30/2025 | 2137861 | 2037401 |
| &nbsp;&nbsp;&nbsp; <br> HG Genesis 9 B L.P. | (2)(3) | Buyouts | Western Europe |  |  |  |  | 6/30/2025 | 1139288 | 1629394 |
| &nbsp;&nbsp;&nbsp; <br> HG Mercury 3 B LP | (2)(3) | Buyouts | Western Europe |  |  |  |  | 6/30/2025 | 485557 | 698057 |
| &nbsp;&nbsp;&nbsp; <br> H.I.G. Middle Market Leveraged Buyout Fund IV, L.P. |  | Buyouts | United States |  |  |  |  | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93318 |
| &nbsp;&nbsp;&nbsp; <br> H.I.G. Venture Partners II, L.P. | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 183938 | 312266 |
| &nbsp;&nbsp;&nbsp; <br> Highland Capital Partners VII Limited Partnership \* | (7) | Venture Capital | United States |  |  |  |  | 12/31/2024 | 3940 | 50023 |
| &nbsp;&nbsp;&nbsp; <br> Highland Capital Partners VII-B Limited Partnership \* | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 28775 | 358953 |
| &nbsp;&nbsp;&nbsp; <br> Highland Capital Partners VII-C Limited Partnership \* | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40359 |
| &nbsp;&nbsp;&nbsp; <br> HPE Continuation Fund I C.V. \* | (2)(4) | Venture Capital | Western Europe |  |  |  |  | 11/18/2021 | 1542833 | 1860874 |
| &nbsp;&nbsp;&nbsp; <br> HPE PPRO Invest II B.V. \* | (2)(4) | Venture Capital | Western Europe |  |  |  |  | 2/9/2024 | 54280 | 71964 |
| &nbsp;&nbsp;&nbsp; <br> Inflexion Buyout Fund VI | (2) | Buyouts | Western Europe |  |  |  |  | 7/2/2025 | 445603 | 510106 |
| &nbsp;&nbsp;&nbsp; <br> Intersouth Partners VI LP \* | (3)(7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 87756 | 801835 |
| &nbsp;&nbsp;&nbsp; <br> JMI Extended Value Fund, L.P. \* | (3) | Buyouts | United States |  |  |  |  | 12/22/2023 | 1848894 | 2562220 |
| &nbsp;&nbsp;&nbsp; <br> KarpReilly Capital Partners, L.P. | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 139104 | 108329 |
| &nbsp;&nbsp;&nbsp; <br> Kodiak Venture Partners III, L.P. \* | (7) | Venture Capital | United States |  |  |  |  | 12/31/2024 | 58063 | 80736 |
| &nbsp;&nbsp;&nbsp; <br> KSL Capital Partners V L.P. |  | Buyouts | United States |  |  |  |  | 6/30/2025 | 155553 | 176031 |
| &nbsp;&nbsp;&nbsp; <br> Madison Dearborn Capital Partners VII - A/B/Global |  | Buyouts | United States |  |  |  |  | 9/30/2022 | 1269657 | 1087152 |
| &nbsp;&nbsp;&nbsp; <br> MC Private Equity IV-B, LP |  | Buyouts | United States |  |  |  |  | 10/13/2022 | 1590676 | 1760379 |
| &nbsp;&nbsp;&nbsp; <br> MC Private Equity Partners I-A Feeder, LP |  | Buyouts | United States |  |  |  |  | 3/31/2021 | 689118 | 568808 |
| &nbsp;&nbsp;&nbsp; <br> MC Private Equity Victoria Fund, LP \* |  | Buyouts | United States |  |  |  |  | 9/30/2022 | 3178272 | 4310746 |
| &nbsp;&nbsp;&nbsp; <br> M.D. Sass-Macquarie Financial Strategies LP \* | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 13 | 535 |
| &nbsp;&nbsp;&nbsp; <br> MDCP Insurance SPV, L.P. |  | Buyouts | United States |  |  |  |  | 5/5/2023 | 3966939 | 7366471 |
| &nbsp;&nbsp;&nbsp; <br> Menlo Ventures X, L.P. \* | (3)(7) | Venture Capital | United States |  |  |  |  | 12/31/2024 | 7646 | 123476 |
| &nbsp;&nbsp;&nbsp; <br> MIC Capital Partners III Parallel (Cayman), LP \* |  | Buyouts | United States |  |  |  |  | 3/31/2021 | 806381 | 951008 |
| &nbsp;&nbsp;&nbsp; <br> Mission Ventures III, L.P. | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 118410 | 15275 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 4 |

---

------

##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Schedule of Investments** 

**As of September 30, 2025 (Unaudited) (Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Amounts in USD** | **Amounts in USD** |
| <br>&nbsp;&nbsp;&nbsp; **Fund Investments** | <br>**Footnotes** | <br>**Investment<br>Purpose** | <br>**Geographic<br>Region\*\*** | <br>**Position<br>(if applicable)** | <br>**Reference Rate<br>& Spread<br>(if applicable)** | <br>**Maturity Date<br>(if applicable)** | <br>**Quantity<br>(if applicable)** | <br>**Acquisition**<br> **Date\*\*\*** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** |
| &nbsp;&nbsp;&nbsp; <br> Monarch Capital Partners Offshore VI LP |  | Debt/Credit | United States |  |  |  |  | 7/10/2025 | $1179478 | $1198112 |
| &nbsp;&nbsp;&nbsp; <br> Montagu V+ SCSp | (2) | Buyouts | Western Europe |  |  |  |  | 12/2/2021 | 1936216 | 4107290 |
| &nbsp;&nbsp;&nbsp; <br> Morgenthaler Partners VII, L.P. \* | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 26530 | 29730 |
| &nbsp;&nbsp;&nbsp; <br> Morgenthaler Partners VIII, L.P. \* | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 528489 | 293105 |
| &nbsp;&nbsp;&nbsp; <br> New Enterprise Associates 10, Limited Partnership \* | (7) | Venture Capital | United States |  |  |  |  | 12/31/2024 | 30885 | 390760 |
| &nbsp;&nbsp;&nbsp; <br> New Enterprise Associates 11, Limited Partnership \* | (7) | Venture Capital | United States |  |  |  |  | 12/31/2024 |  | 542030 |
| &nbsp;&nbsp;&nbsp; <br> New Mountain Capital IV, L.P. \* | (9) | Buyouts | United States |  |  |  |  | 3/31/2023 | 190981 | 84960 |
| &nbsp;&nbsp;&nbsp; <br> New Mountain CAS Continuation Feeder, L.P. \* | (3) | Buyouts | United States |  |  |  |  | 9/22/2021 | 2474275 | 1397370 |
| &nbsp;&nbsp;&nbsp; <br> New Mountain Partners V, L.P. | (9) | Buyouts | United States |  |  |  |  | 3/31/2023 | 383086 | 500337 |
| &nbsp;&nbsp;&nbsp; <br> New Mountain Partners VI, L.P. | (9) | Buyouts | United States |  |  |  |  | 3/31/2023 | 701925 | 1064975 |
| &nbsp;&nbsp;&nbsp; <br> North Bridge Venture Partners VI L P | (3)(7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 456037 | 368224 |
| &nbsp;&nbsp;&nbsp; <br> North Bridge Venture Partners V-A, L.P. | (3)(7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 441023 | 480190 |
| &nbsp;&nbsp;&nbsp; <br> Oak Hill Capital Partners V, L.P. \* | (3) | Buyouts | United States |  |  |  |  | 8/10/2021 | 271583 | 386221 |
| &nbsp;&nbsp;&nbsp; <br> Oakley Capital Guinness B1 SCSp \* | (2) | Buyouts | Western Europe |  |  |  |  | 6/8/2023 | 2107606 | 3462258 |
| &nbsp;&nbsp;&nbsp; <br> OCM Mezzanine Fund III LP_A | (14) | Debt/Credit | United States |  |  |  |  | 7/14/2021 | 37 |  |
| &nbsp;&nbsp;&nbsp; <br> OCM Mezzanine Fund III LP_B | (14) | Debt/Credit | United States |  |  |  |  | 7/14/2021 | 1353 |  |
| &nbsp;&nbsp;&nbsp; <br> Oaktree Mezzanine Fund IV, L.P. | (14) | Debt/Credit | United States |  |  |  |  | 7/14/2021 | 6187 | 10632 |
| &nbsp;&nbsp;&nbsp; <br> Oaktree Opportunities Fund IX (Cayman), L.P. | (14) | Debt/Credit | United States |  |  |  |  | 7/14/2021 | 452 | 138543 |
| &nbsp;&nbsp;&nbsp; <br> Oaktree Opportunities Fund X, L.P. | (14) | Other | United States |  |  |  |  | 7/14/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57492 |
| &nbsp;&nbsp;&nbsp; <br> Oaktree Opportunities Fund Xb, L.P. \* | (14) | Debt/Credit | United States |  |  |  |  | 7/14/2021 | 77186 | 248303 |
| &nbsp;&nbsp;&nbsp; <br> Odyssey Investment Partners Fund V, L.P. |  | Buyouts | United States |  |  |  |  | 9/30/2025 | 1161623 | 1426725 |
| &nbsp;&nbsp;&nbsp; <br> Odyssey Investment Partners Fund VI-A, L.P. |  | Buyouts | United States |  |  |  |  | 9/30/2025 | 12688647 | 13564385 |
| &nbsp;&nbsp;&nbsp; <br> Onex Partners V LP |  | Buyouts | United States |  |  |  |  | 6/30/2025 | 652215 | 750903 |
| &nbsp;&nbsp;&nbsp; <br> Panthera Growth I \* | (3) | Venture Capital | Asia |  |  |  |  | 6/23/2021 | 641971 | 1287786 |
| &nbsp;&nbsp;&nbsp; <br> Panthera Growth II | (3) | Venture Capital | Asia |  |  |  |  | 5/11/2023 | 46969 | 85037 |
| &nbsp;&nbsp;&nbsp; <br> Parthenon Investors VI Parallel, L.P. |  | Buyouts | United States |  |  |  |  | 6/30/2025 | 683435 | 759048 |
| &nbsp;&nbsp;&nbsp; <br> Parthenon Investors V, L.P. |  | Buyouts | United States |  |  |  |  | 6/30/2025 | 1093474 | 1273187 |
| &nbsp;&nbsp;&nbsp; <br> Peak Rock Capital Fund II LP |  | Buyouts | United States |  |  |  |  | 7/1/2025 | 114497 | 76171 |
| &nbsp;&nbsp;&nbsp; <br> PEG Crescentspot U.S. Corporate Finance Fund, L.P. \* | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 |  | 3483 |
| &nbsp;&nbsp;&nbsp; <br> Pegasus WSJLL Fund, L.P. \* |  | Buyouts | United States |  |  |  |  | 12/14/2021 | 2846024 | 3291827 |
| &nbsp;&nbsp;&nbsp; <br> Permira VII \* | (2)(10) | Buyouts | Western Europe |  |  |  |  | 4/3/2023 | 275068 | 418463 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 5 |

---

------

##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Schedule of Investments** 

**As of September 30, 2025 (Unaudited) (Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Amounts in USD** | **Amounts in USD** |
| <br>&nbsp;&nbsp;&nbsp; **Fund Investments** | <br>**Footnotes** | <br>**Investment<br>Purpose** | <br>**Geographic<br>Region\*\*** | <br>**Position<br>(if applicable)** | <br>**Reference Rate<br>& Spread<br>(if applicable)** | <br>**Maturity Date<br>(if applicable)** | <br>**Quantity<br>(if applicable)** | <br>**Acquisition**<br> **Date\*\*\*** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** |
| &nbsp;&nbsp;&nbsp; <br> Petershill II Offshore LP | (14) | Other | United States |  |  |  |  | 7/21/2021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41807 |
| &nbsp;&nbsp;&nbsp; <br> Petershill Private Equity LP | (14) | Other | United States |  |  |  |  | 7/21/2021 | 36105 | 44276 |
| &nbsp;&nbsp;&nbsp; <br> Prospect Partners III Continuation Fund |  | Buyouts | United States |  |  |  |  | 12/3/2021 |  | 1615848 |
| &nbsp;&nbsp;&nbsp; <br> PPC Fund II LP \* |  | Buyouts | United States |  |  |  |  | 12/30/2021 | 3600935 | 4729829 |
| &nbsp;&nbsp;&nbsp; <br> Procemsa Build-Up GP S.A R.L. \* | (2) | Buyouts | Western Europe |  |  |  |  | 11/15/2023 | 3169564 | 4319286 |
| &nbsp;&nbsp;&nbsp; <br> PSC Accelerator II (C), LP \* | (2) | Buyouts | Western Europe |  |  |  |  | 11/22/2023 | 4569689 | 7060507 |
| &nbsp;&nbsp;&nbsp; <br> PT2, L.P. |  | Buyouts | United States |  |  |  |  | 12/31/2021 | 82365 | 2422200 |
| &nbsp;&nbsp;&nbsp; <br> Redpoint Ventures III, LP \* | (7) | Venture Capital | United States |  |  |  |  | 12/31/2024 | 191689 | 287195 |
| &nbsp;&nbsp;&nbsp; <br> Riverside Micro-Cap Fund VI, L.P. | (3) | Buyouts | United States |  |  |  |  | 6/30/2025 | 314127 | 362871 |
| &nbsp;&nbsp;&nbsp; <br> Riverstone Global Energy & Power Fund V, L.P. \* | (14) | Natural<br>Resources | United States |  |  |  |  | 7/8/2021 |  | 11330 |
| &nbsp;&nbsp;&nbsp; <br> Riverstone/Carlyle Renewable and Alternative Energy Fund II, L.P. | (14) | Natural<br>Resources | United States |  |  |  |  | 7/8/2021 | 5966 | 1184 |
| &nbsp;&nbsp;&nbsp; <br> Riverwood Capital Partners II L.P. | (3)(14) | Buyouts | United States |  |  |  |  | 7/6/2021 | 268551 | 278826 |
| &nbsp;&nbsp;&nbsp; <br> Riverwood Capital Partners L.P. \* | (3)(14) | Buyouts | United States |  |  |  |  | 7/6/2021 | 22210 | 17977 |
| &nbsp;&nbsp;&nbsp; <br> Roark Capital Partners V (TE) LP | (9) | Buyouts | United States |  |  |  |  | 12/30/2022 | 616500 | 853384 |
| &nbsp;&nbsp;&nbsp; <br> Roark Capital Partners VI (TE) LP | (9) | Buyouts | United States |  |  |  |  | 12/30/2022 | 240131 | 366080 |
| &nbsp;&nbsp;&nbsp; <br> Rothwell Ventures I L.P. |  | Buyouts | United States |  |  |  |  | 9/10/2021 | 1835225 | 2682458 |
| &nbsp;&nbsp;&nbsp; <br> Sagamore China Partners III, L.P. \* | (3)(13) | Venture Capital | Asia |  |  |  |  | 3/30/2021 | 1725173 | 2200043 |
| &nbsp;&nbsp;&nbsp; <br> Sagamore China Partners IV, L.P. \* | (3)(13) | Venture Capital | Asia |  |  |  |  | 3/30/2021 | 2162257 | 2552502 |
| &nbsp;&nbsp;&nbsp; <br> Sandler Capital Partners V LP \* | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 283 | 718 |
| &nbsp;&nbsp;&nbsp; <br> Saturn Opportunity LP | (3) | Buyouts | United States |  |  |  |  | 12/30/2021 | 600193 | 1239109 |
| &nbsp;&nbsp;&nbsp; <br> SB Asia Investment Fund II L.P. \* | (3)(7) | Venture Capital | Asia |  |  |  |  | 12/31/2024 | 118276 | 241418 |
| &nbsp;&nbsp;&nbsp; <br> Serent Capital III, L.P. \* | (3) | Buyouts | United States |  |  |  |  | 9/30/2022 | 316423 | 507939 |
| &nbsp;&nbsp;&nbsp; <br> Serent Capital IV L.P. \* | (3) | Buyouts | United States |  |  |  |  | 9/30/2022 | 281134 | 417293 |
| &nbsp;&nbsp;&nbsp; <br> Seventh Cinven Fund (No. 1) Limited Partnership | (2) | Buyouts | Western Europe |  |  |  |  | 7/3/2025 | 643584 | 697476 |
| &nbsp;&nbsp;&nbsp; <br> Sevin Rosen Fund IX L.P. \* | (7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 32814 | 50504 |
| &nbsp;&nbsp;&nbsp; <br> SK Capital Partners V-B, L.P \* | (9) | Buyouts | United States |  |  |  |  | 3/31/2023 | 1060928 | 931987 |
| &nbsp;&nbsp;&nbsp; <br> TA Associates XI, L.P. \* | (3)(7) | Buyouts | United States |  |  |  |  | 12/31/2024 | 15660 | 43847 |
| &nbsp;&nbsp;&nbsp; <br> TA Subordinated Debt Fund III L.P. \* | (7) | Debt/Credit | United States |  |  |  |  | 12/31/2024 | 211 | 874 |
| &nbsp;&nbsp;&nbsp; <br> TA XIV-A, L.P. | (3) | Buyouts | United States |  |  |  |  | 12/30/2022 | 1788735 | 2398309 |
| &nbsp;&nbsp;&nbsp; <br> TDR Capital IV 'A' L.P. | (2) | Buyouts | Western Europe |  |  |  |  | 6/30/2025 | 4033865 | 5159157 |
| &nbsp;&nbsp;&nbsp; <br> TDR Capital IV 'A' L.P. | (2)(9) | Buyouts | Western Europe |  |  |  |  | 3/31/2023 | 853232 | 1216686 |
| &nbsp;&nbsp;&nbsp; <br> Tenzing Belay L.P. | (2) | Buyouts | Western Europe |  |  |  |  | 6/30/2025 | 786402 | 874118 |
| &nbsp;&nbsp;&nbsp; <br> Tenzing Private Equity I LP | (2) | Buyouts | Western Europe |  |  |  |  | 6/30/2025 | 510252 | 683910 |
| &nbsp;&nbsp;&nbsp; <br> Tenzing Private Equity II LP | (2) | Buyouts | Western Europe |  |  |  |  | 6/30/2025 | 2408666 | 3614473 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 6 |

---

------

##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Schedule of Investments** 

**As of September 30, 2025 (Unaudited) (Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Amounts in USD** | **Amounts in USD** |
| <br>&nbsp;&nbsp;&nbsp; **Fund Investments** |<br>**Footnotes** |<br>**Investment<br>Purpose** |<br>**Geographic<br>Region\*\*** |<br>**Position<br>(if applicable)** |<br>**Reference Rate<br>& Spread<br>(if applicable)** |<br>**Maturity Date<br>(if applicable)** |<br>**Quantity<br>(if applicable)** |<br>**Acquisition**<br> **Date\*\*\*** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Secondary Investments (continued)** |
| &nbsp;&nbsp;&nbsp; <br> The Resolute III Continuation Fund, L.P. \* | (12) | Buyouts | United States |  |  |  |  | 9/27/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3376070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576423 |
| &nbsp;&nbsp;&nbsp; <br> The Sixth Cinven Fund LP | (2) | Buyouts | Western Europe |  |  |  |  | 7/3/2025 | 439771 | 334553 |
| &nbsp;&nbsp;&nbsp; <br> Thoma Bravo Fund XIV-A, L.P. | (3)(9) | Buyouts | United States |  |  |  |  | 3/31/2023 | 848663 | 1221499 |
| &nbsp;&nbsp;&nbsp; <br> Thoma Bravo XIII-A | (3) | Buyouts | United States |  |  |  |  | 7/3/2025 | 649412 | 744928 |
| &nbsp;&nbsp;&nbsp; <br> U.S. Venture Partners IX, L.P. \* | (3)(7) | Venture Capital | United States |  |  |  |  | 12/31/2024 | 17340 | 197882 |
| &nbsp;&nbsp;&nbsp; <br> Vitruvian Investment Partnership III \* | (2) | Buyouts | Western Europe |  |  |  |  | 12/30/2022 | 2734579 | 4041876 |
| &nbsp;&nbsp;&nbsp; <br> Water Street Orion Fund Parallel, L.P. \* |  | Buyouts | United States |  |  |  |  | 12/31/2021 | 4408896 | 5509839 |
| &nbsp;&nbsp;&nbsp; <br> WestCap Strategic Operator Fund, L.P. | (3)(6) | Venture Capital | United States |  |  |  |  | 4/14/2022 | 1598042 | 1246820 |
| &nbsp;&nbsp;&nbsp; <br> WestCap Strategic Operator Fund II, L.P. | (3)(6) | Venture Capital | United States |  |  |  |  | 5/31/2022 | 422377 | 477660 |
| &nbsp;&nbsp;&nbsp; <br> WESTCAP STUB, LLC \* | (6) | Venture Capital | United States |  |  |  |  | 4/14/2022 | 265449 | 261703 |
| &nbsp;&nbsp;&nbsp; <br> WestCap VG, LLC \* | (6) | Venture Capital | United States |  |  |  |  | 4/14/2022 | 30367 | 29394 |
| &nbsp;&nbsp;&nbsp; <br> **Total Secondary Investments** |  |  |  |  |  |  |  |  | <br> **166271046** | <br> **215527165** |
| &nbsp;&nbsp;&nbsp; <br> **Private Credit Investments - 2.9% <sup>(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Private Credit Investments - 2.9% <sup>(18)</sup>**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br> Fastener Distribution Holdings \* | (3) | Debt/Credit | United States | Common Equity |  |  | 24 | 10/2/2023 | 84673 | 199372 |
| &nbsp;&nbsp;&nbsp; <br> Four Seasons | (3)(17) | Debt/Credit | United States | Term Loan | <br> 1M<br>SOFR + 5.50% | 11/18/2028 | 4417873 | 4/4/2023 | 4360817 | 4417873 |
| &nbsp;&nbsp;&nbsp; <br> Four Seasons | (3)(17) | Debt/Credit | United States | <br> First Amendment<br>Term Loan | <br> 1M<br>SOFR + 5.50% | 11/18/2028 | 393192 | 4/19/2024 | 393192 | 393192 |
| &nbsp;&nbsp;&nbsp; <br> Four Seasons \* | (3) | Debt/Credit | United States | <br> Class A<br>Common Units |  |  | 209 | 4/4/2023 | 209228 | 244771 |
| &nbsp;&nbsp;&nbsp; <br> Portfolio Group | (3)(17) | Debt/Credit | United States | Term Loan | <br> 3M<br>SOFR + 6.00% | 6/2/2026 | 1545878 | 6/22/2022 | 1542874 | 1538149 |
| &nbsp;&nbsp;&nbsp; <br> Symplr | (3)(16)(17) | Debt/Credit | United States | <br> Fourth<br>Amendment<br>Term Loan<br>3M SOFR + 10.00% |  | 12/22/2028 | 5926697 | 5/15/2024 | 5791580 | 5926697 |
| &nbsp;&nbsp;&nbsp; <br> Tank Holding | (3)(17) | Debt/Credit | United States | Term Loan | <br> 1M<br>SOFR + 6.00% | 3/31/2028 | 1380066 | 5/26/2023 | 1354468 | 1380067 |
| &nbsp;&nbsp;&nbsp; <br> **Total Private Credit Investments** | &nbsp;&nbsp;&nbsp; <br> **Total Private Credit Investments** | &nbsp;&nbsp;&nbsp; <br> **Total Private Credit Investments** | &nbsp;&nbsp;&nbsp; <br> **Total Private Credit Investments** | &nbsp;&nbsp;&nbsp; <br> **Total Private Credit Investments** | &nbsp;&nbsp;&nbsp; <br> **Total Private Credit Investments** | &nbsp;&nbsp;&nbsp; <br> **Total Private Credit Investments** | &nbsp;&nbsp;&nbsp; <br> **Total Private Credit Investments** | &nbsp;&nbsp;&nbsp; <br> **Total Private Credit Investments** | <br> **13736832** | <br> **14100121** |
| &nbsp;&nbsp;&nbsp; <br> **Co-Investments - 30.0% <sup>(1)(18)</sup>**  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br> ACP Ukulele Co-Invest LP \* |  | Buyouts | United States | LP interest |  |  |  | 3/4/2024 | 3056771 | 4477987 |
| &nbsp;&nbsp;&nbsp; <br> Adams Street Apos Co-Inv. Aggregator LP | (2) | Buyouts | Western Europe | LP interest |  |  |  | 7/16/2021 | 689437 | 1138096 |
| &nbsp;&nbsp;&nbsp; <br> Adams Street Ocean AK Co-Inv. Aggregator LP |  | Buyouts | Asia | LP interest |  |  |  | 6/28/2021 | 270208 | 266894 |
| &nbsp;&nbsp;&nbsp; <br> Adams Street Synthesis Co-Inv. Aggregator LP | (2) | Buyouts | Western Europe | LP interest |  |  |  | 5/27/2021 | 493385 | 539253 |
| &nbsp;&nbsp;&nbsp; <br> AEA EXC CF LP \* |  | Buyouts | United States | LP interest |  |  |  | 8/11/2022 | 2138959 | 2290538 |
| &nbsp;&nbsp;&nbsp; <br> Altor I Co-Invest AB \* | (2) | Buyouts | Western Europe | LP interest |  |  |  | 12/29/2023 | 2298159 | 3096131 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 7 |

---

------

##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Schedule of Investments** 

**As of September 30, 2025 (Unaudited) (Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Amounts in USD** | **Amounts in USD** |
| <br>&nbsp;&nbsp;&nbsp; **Fund Investments** |<br>**Footnotes** |<br>**Investment<br>Purpose** |<br>**Geographic<br>Region\*\*** |<br>**Position<br>(if applicable)** |<br>**Reference Rate<br>& Spread<br>(if applicable)** |<br>**Maturity Date<br>(if applicable)** |<br>**Quantity<br>(if applicable)** |<br>**Acquisition**<br> **Date\*\*\*** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; <br> **Co-Investments (continued)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br> Amalfi Invest Collective S.C.A | (2) | Buyouts | Western Europe | LP interest |  |  |  | 2/28/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;1641372 | $&nbsp;&nbsp;&nbsp;&nbsp;5965019 |
| &nbsp;&nbsp;&nbsp; <br> ASP Corp Fac 1 Inc. | (3) | Buyouts | United States | LLC interest |  |  |  | 6/29/2022 | 668923 | 1544870 |
| &nbsp;&nbsp;&nbsp; <br> ASP Co-Inv Fac 1 LP |  | Buyouts | Asia | Ordinary Shares |  |  |  | 4/11/2022 | 621369 | 2051910 |
| &nbsp;&nbsp;&nbsp; <br> ASP Co-Inv Fac 2 LP | (2) | Buyouts | Western Europe | LP interest |  |  |  | 8/1/2022 | 1705285 | 2924158 |
| &nbsp;&nbsp;&nbsp; <br> Astorg Normec Fund | (2) | Buyouts | Western Europe | LP interest |  |  |  | 9/23/2024 | 749973 | 1016130 |
| &nbsp;&nbsp;&nbsp; <br> Astorg VIII Co-Invest Acturis \* | (2) | Buyouts | Western Europe | LP interest |  |  |  | 10/17/2024 | 6372321 | 7616520 |
| &nbsp;&nbsp;&nbsp; <br> Astro Co-Invest, L.P. |  | Buyouts | United States | LP interest |  |  |  | 6/26/2025 | 5715200 | 5715397 |
| &nbsp;&nbsp;&nbsp; <br> BAH Co-Investor, L.P. \* | (3) | Buyouts | United States | LP interest |  |  |  | 10/11/2022 | 1737607 | 2395207 |
| &nbsp;&nbsp;&nbsp; <br> BC Partners Dory Co-Investment LP \* |  | Buyouts | United States | LP interest |  |  |  | 10/25/2023 | 2409654 | 3224628 |
| &nbsp;&nbsp;&nbsp; <br> BEHP Co-Investor II, L.P. | (3) | Buyouts | United States | LP interest |  |  |  | 4/14/2022 | 705693 | 2055280 |
| &nbsp;&nbsp;&nbsp; <br> BW Colson Co-Invest, L.P. |  | Buyouts | United States | LP interest |  |  |  | 2/25/2021 | 506614 | 911676 |
| &nbsp;&nbsp;&nbsp; <br> CMC Tarzan, L.P. \* |  | Buyouts | Asia | LP interest |  |  |  | 6/14/2021 | 737400 | 817111 |
| &nbsp;&nbsp;&nbsp; <br> Emerald Technologies Holdings, L.P. | (3) | Buyouts | United States | LP interest |  |  |  | 4/13/2022 | 676162 | 673111 |
| &nbsp;&nbsp;&nbsp; <br> Espresso Opportunity LP | (3) | Buyouts | United States | LP interest |  |  |  | 8/26/2025 | 2992098 | 2992098 |
| &nbsp;&nbsp;&nbsp; <br> Evolution Parent, LP |  | Buyouts | United States | LP interest |  |  |  | 6/11/2021 | 679153 | 1389831 |
| &nbsp;&nbsp;&nbsp; <br> FH KH Parent, L.P. |  | Buyouts | United States | LP interest |  |  |  | 1/29/2025 | 9388495 | 11179577 |
| &nbsp;&nbsp;&nbsp; <br> FS NU Investors, LP \* | (3) | Buyouts | United States | LLC interest |  |  |  | 8/11/2022 | 1629092 | 1626186 |
| &nbsp;&nbsp;&nbsp; <br> Goldeneye Holdings Parent, LP \* |  | Buyouts | United States | LP interest |  |  |  | 7/1/2021 | 7005308 | 7392723 |
| &nbsp;&nbsp;&nbsp; <br> HG Lighthouse Co-Invest L.P. \* | (2) | Buyouts | United States | LP interest |  |  |  | 5/27/2022 | 830792 | 1041544 |
| &nbsp;&nbsp;&nbsp; <br> JMI PCC Holdings, L.P. \* |  | Buyouts | The Americas | LP interest |  |  |  | 5/3/2022 | 887884 | 1084872 |
| &nbsp;&nbsp;&nbsp; <br> Keensight Actico Coinvestment SLP | (2) | Buyouts | Western Europe | LP interest |  |  |  | 6/25/2025 | 3984382 | 3968040 |
| &nbsp;&nbsp;&nbsp; <br> Kelso XI Heights Co-Investment (DE), L.P. \* |  | Buyouts | United States | LP interest |  |  |  | 8/22/2022 | 1038099 | 1022695 |
| &nbsp;&nbsp;&nbsp; <br> Kenco PPC Blocker LLC |  | Buyouts | United States | LLC interest |  |  |  | 11/14/2022 | 1132374 | 3336801 |
| &nbsp;&nbsp;&nbsp; <br> Magenta Blocker Aggregator LP \* |  | Buyouts | United States | LP interest |  |  |  | 7/23/2021 | 468528 | 673807 |
| &nbsp;&nbsp;&nbsp; <br> MDCP CoInvestors (Jade III), L.P. | (2) | Buyouts | Western Europe | LP interest |  |  |  | 6/25/2025 | 6792908 | 7176635 |
| &nbsp;&nbsp;&nbsp; <br> MDCP Co-Investors (Tango), L.P. \* |  | Buyouts | Western Europe | LP interest |  |  |  | 5/26/2022 | 940683 | 1854045 |
| &nbsp;&nbsp;&nbsp; <br> Menlo Ridgeview CoInvest LLC |  | Buyouts | United States | LLC interest |  |  |  | 5/16/2025 | 7128320 | 6890367 |
| &nbsp;&nbsp;&nbsp; <br> NC Ocala Co-Invest Beta, L.P. \* |  | Buyouts | United States | LP interest |  |  |  | 11/19/2021 | 1102222 | 1557932 |
| &nbsp;&nbsp;&nbsp; <br> NMSEF I Aggregator, L.P. \* |  | Buyouts | United States | LP interest |  |  |  | 11/10/2021 | 454078 | 865751 |
| &nbsp;&nbsp;&nbsp; <br> NMSEF I Holdings VII, L.P. \* |  | Buyouts | The Americas | LP interest |  |  |  | 8/7/2024 | 3383102 | 3838775 |
| &nbsp;&nbsp;&nbsp; <br> NT SPV 14 \* |  | Buyouts | Asia | Ordinary Shares |  |  |  | 1/9/2023 | 601450 | 1049221 |
| &nbsp;&nbsp;&nbsp; <br> Oakley Capital Guinness B1 SCSp \* | (2) | Buyouts | Western Europe | LP interest |  |  |  | 6/8/2023 | 2103023 | 3455545 |
| &nbsp;&nbsp;&nbsp; <br> Oakley Capital V Co-Investment (A) SCSp \* | (2) | Buyouts | Western Europe | LP interest |  |  |  | 12/9/2022 | 1434467 | 2260554 |
| &nbsp;&nbsp;&nbsp; <br> Odyssey Investment Partners VI Mercalis CoInvest, LP |  | Buyouts | United States | LP interest |  |  |  | 5/27/2025 | 8012445 | 8000000 |
| &nbsp;&nbsp;&nbsp; <br> Partners Group Client Access 34, L.P. Inc. \* |  | Buyouts | United States | LP interest |  |  |  | 4/15/2021 | 209797 | 272551 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 8 |

---

------

##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Schedule of Investments** 

**As of September 30, 2025 (Unaudited) (Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Amounts in USD** | **Amounts in USD** |
| <br>&nbsp;&nbsp;&nbsp; **Fund Investments** | <br>**Footnotes** |<br>**Investment<br>Purpose** |<br>**Geographic<br>Region\*\*** |<br>**Position<br>(if applicable)** |<br>**Reference Rate<br>& Spread<br>(if applicable)** |<br>**Maturity Date<br>(if applicable)** |<br>**Quantity<br>(if applicable)** |<br>**Acquisition**<br> **Date\*\*\*** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; <br> **Co-Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Co-Investments (continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br> PPC CHG Blocker LLC \* |  | Buyouts | United States | LLC interest |  |  |  | 12/9/2021 | $&nbsp;&nbsp;&nbsp;&nbsp;1203735 | $&nbsp;&nbsp;&nbsp;&nbsp;2019852 |
| &nbsp;&nbsp;&nbsp; <br> PSC Stanley Coinvest, LP \* |  | Buyouts | United States | LP interest |  |  |  | 9/26/2023 | 2149258 | 2994836 |
| &nbsp;&nbsp;&nbsp; <br> SLP EGF III Co-Investment Fund |  | Buyouts | Western Europe | LP interest |  |  |  | 6/14/2021 | 516499 | 509027 |
| &nbsp;&nbsp;&nbsp; <br> SLP Valor Co-Invest, L.P. \* |  | Buyouts | United States | LP interest |  |  |  | 5/28/2024 | 2617517 | 4097522 |
| &nbsp;&nbsp;&nbsp; <br> Special Packaging Solutions Opportunities S.C.A \* | (2) | Buyouts | Western Europe | LP interest |  |  |  | 11/18/2021 | 610807 | 1232590 |
| &nbsp;&nbsp;&nbsp; <br> STG Bravo, L.P. \* |  | Buyouts | United States | LP interest |  |  |  | 4/13/2021 | 12049 | 107859 |
| &nbsp;&nbsp;&nbsp; <br> STG Mercury, L.P. \* |  | Buyouts | United States | LP interest |  |  |  | 5/26/2023 | 2152292 | 2381133 |
| &nbsp;&nbsp;&nbsp; <br> Stichting Administratiekantoor Ristretti Co-Investment (Expereo) \* | (2)(3) | Buyouts | Western Europe | Depository<br>Receipts |  |  |  | 4/23/2021 | 511564 | 479119 |
| &nbsp;&nbsp;&nbsp; <br> TA ID Aggregator, L.P. \* |  | Buyouts | United States | LP interest |  |  |  | 3/1/2021 | 270065 | 349859 |
| &nbsp;&nbsp;&nbsp; <br> TidalWave |  | Buyouts | United States | LP interest |  |  |  | 6/2/2023 | 2051023 | 2610204 |
| &nbsp;&nbsp;&nbsp; <br> Verdane P Co-Invest AB \* | (2) | Buyouts | Western Europe | LP interest |  |  |  | 3/30/2022 | 814975 | 400651 |
| &nbsp;&nbsp;&nbsp; <br> 24PT Co-Investment Limited Partnership \* |  | Buyouts | United States | LP interest |  |  |  | 11/5/2024 | 4885909 | 5485130 |
| &nbsp;&nbsp;&nbsp; <br> **Total Co-Investments** |  |  |  |  |  |  |  |  | <br> **113188885** | <br> **144317248** |
| &nbsp;&nbsp;&nbsp; <br> **Growth Equity Investments - 17.6% <sup>(1)(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Growth Equity Investments - 17.6% <sup>(1)(18)</sup>**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br> Altruist Corp (Growth Equity) \* | (1)(3) | Venture Capital | United States | Series D |  |  | 605421 | 3/17/2023 | 3809681 | 5845615 |
| &nbsp;&nbsp;&nbsp; <br> Altruist Corp (Growth Equity) \* | (3) | Venture Capital | United States | Series E |  |  | 237915 | 2/14/2024 | 2196719 | 2297178 |
| &nbsp;&nbsp;&nbsp; <br> BillionToOne, Inc. \* | (3) | Growth | United States | Series D |  |  | 176245 | 5/15/2024 | 4938532 | 9584656 |
| &nbsp;&nbsp;&nbsp; <br> BillionToOne, Inc. \* | (3) | Growth | United States | Series C |  |  | 55091 | 3/16/2022 | 1404473 | 2995990 |
| &nbsp;&nbsp;&nbsp; <br> BillionToOne, Inc. \* | (3) | Growth | United States | Series C-1 |  |  | 8084 | 3/16/2022 | 141580 | 439629 |
| &nbsp;&nbsp;&nbsp; <br> BillionToOne, Inc. \* | (3) | Growth | United States | Series A-1 |  |  | 652 | 11/17/2023 | 17359 | 35457 |
| &nbsp;&nbsp;&nbsp; <br> Cyberhaven, Inc. \* | (3) | Growth | United States | Series C |  |  | 4988147 | 4/25/2024 | 5201260 | 10673707 |
| &nbsp;&nbsp;&nbsp; <br> Cyberhaven, Inc. \* | (3) | Growth | United States | Series D |  |  | 349154 | 12/23/2024 | 649392 | 747125 |
| &nbsp;&nbsp;&nbsp; <br> DispatchHealth Holdings, Inc. \* | (3) | Growth | United States | Series E |  |  | 5202 | 11/1/2022 | 6089704 | 7999594 |
| &nbsp;&nbsp;&nbsp; <br> Dispatchhealth Holdings, Inc. | (3) | Growth | United States | <br> Convertible<br>Promissory Note |  |  |  | 5/23/2025 | 172198 | 226311 |
| &nbsp;&nbsp;&nbsp; <br> Dispatchhealth Holdings, Inc. | #(3) | Growth | United States | Warrants |  |  | 1 | 5/23/2025 |  | 56578 |
| &nbsp;&nbsp;&nbsp; <br> DL Inv Aggregator Fund LP \* | (3) | Venture Capital | The Americas | Series A-7 |  |  | 2808 | 10/8/2021 | 459515 | 338303 |
| &nbsp;&nbsp;&nbsp; <br> Dremio Corporation \* | (3) | Venture Capital | United States | Series E |  |  | 168576 | 1/18/2022 | 1439048 | 1435930 |
| &nbsp;&nbsp;&nbsp; <br> Homeward, Inc. \* | (3) | Venture Capital | United States | Series C-2 |  |  | 4415251 | 5/14/2021 | 4998545 | 5457692 |
| &nbsp;&nbsp;&nbsp; <br> Homeward, Inc. \* | (3) | Venture Capital | United States | <br> Convertible<br>Promissory Note |  |  |  | 9/18/2025 | 819287 | 821441 |
| &nbsp;&nbsp;&nbsp; <br> Homeward, Inc. - expire 7/28/2033, $0.001 \* | #(3) | Venture Capital | United States | <br> Series B<br>Preferred Warrant |  |  | 385012 | 5/14/2021 |  | 2925244 |
| &nbsp;&nbsp;&nbsp; <br> Homeward, Inc. \* | (3) | Venture Capital | United States | <br> Series C-1<br>Preferred<br>Warrants |  |  | 295612 | 9/18/2025 |  | 456750 |
| &nbsp;&nbsp;&nbsp; <br> Homeward, Inc. \* | (3) | Venture Capital | United States | Series C-1 |  |  | 259819 | 5/14/2021 | 401446 | 401446 |
| &nbsp;&nbsp;&nbsp; <br> Homeward, Inc. \* | (3) | Venture Capital | United States | Series B |  |  | 210588 | 5/14/2021 | 1600018 | 1600006 |
| &nbsp;&nbsp;&nbsp; <br> Homeward, Inc. - expire 8/30/2034, $0.01 \* | #(3) | Venture Capital | United States | <br> Common Stock<br>Warrant |  |  | 41790 | 5/14/2021 |  | 32571 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 9 |

---

------

##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Schedule of Investments** 

**As of September 30, 2025 (Unaudited) (Continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Amounts in USD** | **Amounts in USD** |
| <br>&nbsp;&nbsp;&nbsp; **Fund Investments** | <br>**Footnotes** |<br>**Investment<br>Purpose** |<br>**Geographic<br>Region\*\*** |<br>**Position<br>(if applicable)** |<br>**Reference Rate<br>& Spread<br>(if applicable)** |<br>**Maturity Date<br>(if applicable)** |<br>**Quantity<br>(if applicable)** |<br>**Acquisition**<br> **Date\*\*\*** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp; <br> **Growth Equity Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Growth Equity Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Growth Equity Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Growth Equity Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Growth Equity Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Growth Equity Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Growth Equity Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Growth Equity Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Growth Equity Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Growth Equity Investments (continued)** | &nbsp;&nbsp;&nbsp; <br> **Growth Equity Investments (continued)** |
| &nbsp;&nbsp;&nbsp; <br> Level AI \* | (3) | Venture Capital | United States | Series C |  |  | 671542 | 6/26/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;1008460 | $&nbsp;&nbsp;&nbsp;&nbsp;1004963 |
| &nbsp;&nbsp;&nbsp; <br> Nomad Health, Inc. \* | (3) | Venture Capital | United States | Series BB-1 |  |  | 73786 | 5/27/2022 | 41254 | 41254 |
| &nbsp;&nbsp;&nbsp; <br> Nomad Health, Inc. \* | (3) | Venture Capital | United States | <br> Series AAA<br>Preferred |  |  | 83284 | 9/30/2025 | 34814 | 34814 |
| &nbsp;&nbsp;&nbsp; <br> Nomad Health, Inc. \* | (3) | Venture Capital | United States | Series CC-1 |  |  | 39483 | 5/27/2022 | 520680 | 57095 |
| &nbsp;&nbsp;&nbsp; <br> Nomad Health, Inc. \* | (3) | Venture Capital | United States | Series AA-1 |  |  | 36893 | 5/27/2022 | 20627 | 51567 |
| &nbsp;&nbsp;&nbsp; <br> Nomad Health, Inc. \* | (3) | Venture Capital | United States | <br> Series AAA -<br>Preferred<br>Warrants |  |  | 22123 | 9/30/2025 |  | 9248 |
| &nbsp;&nbsp;&nbsp; <br> Nomad Health, Inc. \* | (3) | Venture Capital | United States | Common |  |  | 18980 | 5/27/2022 | 250298 |  |
| &nbsp;&nbsp;&nbsp; <br> Orca Security, Ltd. \* | (3) | Venture Capital | Asia | Seed |  |  | 51360 | 8/27/2021 | 505753 | 540307 |
| &nbsp;&nbsp;&nbsp; <br> Orca Security, Ltd. \* | (3) | Venture Capital | Asia | Ordinary Shares |  |  | 20545 | 8/27/2021 | 202478 | 216133 |
| &nbsp;&nbsp;&nbsp; <br> Orca Security, Ltd. \* | (3) | Venture Capital | Asia | Series C-1 |  |  | 20345 | 8/27/2021 | 243889 | 243187 |
| &nbsp;&nbsp;&nbsp; <br> Orca Security, Ltd. \* | (3) | Venture Capital | Asia | Series A |  |  | 15055 | 8/27/2021 | 148198 | 158379 |
| &nbsp;&nbsp;&nbsp; <br> Orca Security, Ltd. \* | (3) | Venture Capital | Asia | Series B |  |  | 11855 | 8/27/2021 | 116698 | 124715 |
| &nbsp;&nbsp;&nbsp; <br> Plutus Financial Holdings, Inc. (ABRA) \* | (3) | Venture Capital | United States | Series C |  |  | 63006 | 10/6/2021 | 443498 | 740515 |
| &nbsp;&nbsp;&nbsp; <br> Plutus Financial Holdings, Inc. (ABRA) \* | (3) | Venture Capital | United States | SAFE |  |  |  | 4/18/2023 | 41699 | 84266 |
| &nbsp;&nbsp;&nbsp; <br> Plutus Financial Holdings, Inc. (ABRA) - expire 4/16/2033, $0.01 \* | #(3) | Venture Capital | United States | Warrant |  |  | 1 | 4/18/2023 |  |  |
| &nbsp;&nbsp;&nbsp; <br> Poolside, Inc. \* | (3) | Venture Capital | Western Europe | Series B |  |  | 26245 | 7/10/2024 | 2003926 | 2000003 |
| &nbsp;&nbsp;&nbsp; <br> Reify Health, Inc. \* | (3) | Venture Capital | United States | Series C |  |  | 139040 | 6/9/2021 | 746479 | 827956 |
| &nbsp;&nbsp;&nbsp; <br> Reify Health, Inc. \* | (3) | Venture Capital | United States | Series Seed |  |  | 67500 | 6/28/2021 | 361782 | 401949 |
| &nbsp;&nbsp;&nbsp; <br> Reify Health, Inc. \* | (3) | Venture Capital | United States | Common |  |  | 25464 | 12/3/2021 | 76458 | 151633 |
| &nbsp;&nbsp;&nbsp; <br> Remote Technology, Inc. \* | (3) | Venture Capital | United States | Series B |  |  | 25965 | 7/15/2021 | 1047793 | 3245557 |
| &nbsp;&nbsp;&nbsp; <br> Remote Technology, Inc. \* | (3) | Venture Capital | United States | Series C |  |  | 4601 | 5/4/2022 | 441193 | 575113 |
| &nbsp;&nbsp;&nbsp; <br> Truehold \* | (3) | Venture Capital | United States | Series C |  |  | 568397 | 8/28/2024 | 5736358 | 7643977 |
| &nbsp;&nbsp;&nbsp; <br> Turquoise Health Co. \* | (3) | Venture Capital | United States | Series B |  |  | 351555 | 12/22/2023 | 3321166 | 6074420 |
| &nbsp;&nbsp;&nbsp; <br> Turquoise Health Co. \* | (3) | Venture Capital | United States | SAFE |  |  |  | 9/18/2025 | 291309 | 291309 |
| &nbsp;&nbsp;&nbsp; <br> Welbe Health, LLC | (3) | Growth | United States | LLC interest |  |  |  | 11/29/2021 | 3250619 | 5362481 |
| &nbsp;&nbsp;&nbsp; <br> **Total Growth Equity Investments** | &nbsp;&nbsp;&nbsp; <br> **Total Growth Equity Investments** | &nbsp;&nbsp;&nbsp; <br> **Total Growth Equity Investments** |  |  |  |  |  |  | **55194186** | **84252064** |
| &nbsp;&nbsp;&nbsp; <br> **Total Investments - 97.6% <sup>(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Total Investments - 97.6% <sup>(18)</sup>**  |  |  |  |  |  |  |  | $**358372988** | $**469431341** |
| &nbsp;&nbsp;&nbsp; <br> **Cash and cash equivalents - 5.4% <sup>(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Cash and cash equivalents - 5.4% <sup>(18)</sup>**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; <br> State Street Institutional Treasury Plus Money Market Fund - Premier Class | (15) | Cash Equivalent | United States |  | 4.07% |  | 25994631 |  | $25994631 | $25994631 |
| &nbsp;&nbsp;&nbsp; <br> **Total investments and cash equivalents - 103.0% <sup>(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Total investments and cash equivalents - 103.0% <sup>(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Total investments and cash equivalents - 103.0% <sup>(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Total investments and cash equivalents - 103.0% <sup>(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Total investments and cash equivalents - 103.0% <sup>(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Total investments and cash equivalents - 103.0% <sup>(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Total investments and cash equivalents - 103.0% <sup>(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Total investments and cash equivalents - 103.0% <sup>(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Total investments and cash equivalents - 103.0% <sup>(18)</sup>**  | **384367619** | **495425972** |
| &nbsp;&nbsp;&nbsp; <br> Liabilities in excess of other assets - (3.0)% <sup>(18)</sup>  | &nbsp;&nbsp;&nbsp; <br> Liabilities in excess of other assets - (3.0)% <sup>(18)</sup>  | &nbsp;&nbsp;&nbsp; <br> Liabilities in excess of other assets - (3.0)% <sup>(18)</sup>  | &nbsp;&nbsp;&nbsp; <br> Liabilities in excess of other assets - (3.0)% <sup>(18)</sup>  | &nbsp;&nbsp;&nbsp; <br> Liabilities in excess of other assets - (3.0)% <sup>(18)</sup>  | &nbsp;&nbsp;&nbsp; <br> Liabilities in excess of other assets - (3.0)% <sup>(18)</sup>  | &nbsp;&nbsp;&nbsp; <br> Liabilities in excess of other assets - (3.0)% <sup>(18)</sup>  | &nbsp;&nbsp;&nbsp; <br> Liabilities in excess of other assets - (3.0)% <sup>(18)</sup>  | &nbsp;&nbsp;&nbsp; <br> Liabilities in excess of other assets - (3.0)% <sup>(18)</sup>  |  | (14600114) |
| &nbsp;&nbsp;&nbsp; <br> **Total Net Assets - 100% <sup>(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Total Net Assets - 100% <sup>(18)</sup>**  | &nbsp;&nbsp;&nbsp; <br> **Total Net Assets - 100% <sup>(18)</sup>**  |  |  |  |  |  |  |  | $**480825858** |

---

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 10 |

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Schedule of Investments** 

**As of September 30, 2025 (Unaudited) (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Investment Purpose allocation** | **Cost** | **Fair Value** | **% of Investments,<br>at Fair Value** |
| &nbsp;&nbsp; <br> Buyouts | $270846798 | $344631661 | 73.5% |
| &nbsp;&nbsp; <br> Debt/Credit | 16905821 | 17977378 | 3.8% |
| &nbsp;&nbsp; <br> Growth | 21865117 | 38121528 | 8.1% |
| &nbsp;&nbsp; <br> Natural Resources | 5966 | 12514 | 0.0% |
| &nbsp;&nbsp; <br> Other | 150361 | 188830 | 0.0% |
| &nbsp;&nbsp; <br> Venture Capital | 48598925 | 68499430 | 14.6% |
| &nbsp;&nbsp; <br> **Total Investments** | $**358372988** | $**469431341** | **100.0%** |
| &nbsp;&nbsp; **Geographic allocation** | **Cost** | **Fair Value** | **% of Investments,<br>at Fair Value** |
| &nbsp;&nbsp; <br> Asia | $8142089 | $11834643 | 2.5% |
| &nbsp;&nbsp; <br> The Americas (excluding United States) | 8112078 | 9645654 | 2.1% |
| &nbsp;&nbsp; <br> United States | 258044721 | 333129003 | 70.9% |
| &nbsp;&nbsp; <br> Western Europe | 84074100 | 114822041 | 24.5% |
| &nbsp;&nbsp; <br> **Total Investments** | $**358372988** | $**469431341** | **100.0%** |

---

\* Non-income producing.

\*\* Geographic Region generally reflects the location of the investments and may be different from where the underlying portfolio company assets are located.

\*\*\* Acquisitions prior to April 1, 2025 reflect acquisitions by the Predecessor Fund (as defined in Note 1). See Note 1 for additional information.

# Warrants with zero or nominal cost were acquired as part of a follow-on financing. Warrants are convertible to equity subject to various conditions upon the occurrence of future financing events.

(1) Primary Investments, Secondary Investments, Co-Investments and Growth Equity Investments (each as defined in Note 1) are
generally issued in private placement transactions and as such are generally restricted as to resale.

(2) Investment interest denominated in foreign currency; cost includes the impact of exchange rate differences from actual
draws and distributions.

(3) These investments are characterized as Level 3 securities within the disclosure hierarchy. Level 3 security
values are determined using significant unobservable inputs.

(4) Invests through ASP Herengracht Facilitation Ltd, holding a 4.15% ownership interest.

(5) Invests through ASP Sec Corp 1 S.à r.l., holding a 4.65% ownership interest.

(6) Invests through ASP Sec Fac 1 LP, holding a 4.76% ownership interest.

(7) Invests through ASP Sec Fac 11 LP, holding a 14.29% ownership interest.

(8) Invests through ASP Sec Fac 3 LP, holding a 10.95% ownership interest.

(9) Invests through ASP Sec Fac 4 LP, holding a 6.20% ownership interest.

(10) Invests through ASP Sec Fac 5 LP, holding a 6.89% ownership interest.

(11) Invests through ASP Sec Fac 7 LP, holding a 3.09% ownership interest.

(12) Invests through ASP Sec Fac 9 LP, holding a 5.45% ownership interest.

(13) Invests through ASP Stitch Facilitation LP, holding a 6.94% ownership interest.

(14) Invests through ASP Ursus Facilitation LP, holding a 8.65% ownership interest.

(15) The rate shown is the annualized seven-day yield as of September 30, 2025.

(16) The stated interest rate includes 4.00% PIK.

(17) As of September 30, 2025, the following reference rates were in effect: 1M SOFR - 1 Month SOFR was 4.16%;
3M SOFR - 3 Month SOFR was 4.31%.

(18) Shown as a percentage of net assets.

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 11 |

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Statement of Assets and Liabilities** 

**As of September 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
|  <br>**Assets** |  |
|  <br> Investments, at fair value (cost $358,372,988) | $469431341.0 |
|  <br> Cash and cash equivalents | 26158967.0 |
|  <br> Deferred offering costs | 1171334.0 |
|  <br> Dividends and interest receivable | 778750.0 |
|  <br> Deferred financing costs | 478901.0 |
|  <br> Due from affiliate (Note 4) | 473217.0 |
|  <br> Receivable for investments sold | 150436.0 |
|  <br> Prepaid expenses and other assets | 123470.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total Assets** | 498766416.0 |
|  <br> **Liabilities** |  |
|  <br> Payable for investments purchased | 7910305.0 |
|  <br> Payable for fund shares repurchased | 3905759.0 |
|  <br> Incentive fees payable (Note 4) | 2179309.0 |
|  <br> Offering costs payable | 1364411.0 |
|  <br> Deferred tax liability (Note 8) | 478979.0 |
|  <br> Management fee payable (Note 4) | 400530.0 |
|  <br> Financing fees payable | 352023.0 |
|  <br> Professional fees payable | 264803.0 |
|  <br> Distribution payable | 244213.0 |
|  <br> Accrued line of credit interest and commitment fee payable | 97196.0 |
|  <br> Director fees payable | 12329.0 |
|  <br> Organization costs payable | 5106.0 |
|  <br> Distribution and servicing fee payable (Note 4) | 21.0 |
|  <br> Accrued expenses and other liabilities | 725574.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total Liabilities** | 17940558.0 |
|  <br> **Commitments and contingencies (see Note 10)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net Assets** | $480825858.0 |
|  <br> **Composition of Net Assets:** |  |
|  <br> Paid-in capital | $452698961.0 |
|  <br> Total distributable earnings | 28126897.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net Assets** | $480825858.0 |
|  <br> **Net Assets Attributable to:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class I Shares | $480774042.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class D Shares | 51816.0 |
|  | $480825858.0 |
|  <br> **Shares Outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class I Shares | 45027022.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class D Shares | 4855.0 |
|  | 45031877.0 |
|  <br> **Net Asset Value Per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class I Shares | $10.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class D Shares | $10.67 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 12 |

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Statement of Operations** 

**For the six months ended September 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
|  <br> **Investment Income** |  |
|  <br> Interest income | $2140304 |
|  <br> Dividend income | 1258283 |
|  <br> Other income | 18007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total Investment Income** | $3416594 |
|  <br> **Expenses** |  |
|  <br> Organizational costs | 3397291 |
|  <br> Incentive fees (Note 4) | 3125211 |
|  <br> Management fees (Note 4) | 2144128 |
|  <br> Administration and fund accounting fees (Note 4) | 938396 |
|  <br> Professional fees | 788140 |
|  <br> Offering costs expense | 690916 |
|  <br> Interest expense and fees on credit facility (Note 5) | 649495 |
|  <br> Director fees | 75206 |
|  <br> Distribution fees and servicing fees - Class D (Note 4) | 21 |
|  <br> Other expenses | 244372 |
|  <br> Total expenses | 12053176 |
|  <br> Less expense waived by the Adviser (Note 4) | (4179155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net Expenses** | 7874021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net Investment Income (Loss)** | $(4457427) |
|  <br> **Net Realized Gain/(Loss) and Net Change in Unrealized Appreciation/(Depreciation) on investments:** |  |
|  <br> Net realized gain (loss) on investments | 11468274 |
|  <br> Deferred tax expense | (232849) |
|  <br> Net change in unrealized appreciation (depreciation) on investments | 21348934 |
|  <br> Net change in unrealized appreciation (depreciation) on foreign currency transactions | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net Realized Gain/(Loss) and Net Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions:** | 32584324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net Increase in Net Assets Resulting from Operations** | $28126897 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 13 |

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Statements of Changes in Net Assets\*** 

---

| | | | |
|:---|:---|:---|:---|
| | **For the<br>Six Months<br>Ended<br>September 30,<br>2025<br>(Unaudited)** | **For the<br>Three Months<br>Ended<br>March 31,<br>2025<br>(Unaudited)** | **For the<br>Year Ended<br>December 31,<br>2024<br>(Unaudited)** |
|  <br> **Change in Net Assets Resulting from Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Net Investment Income (Loss) | $(4457427) | $790488 | $5815894 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Net realized gain (loss) on investments | 11468274 | 1271259 | 8047994 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Deferred tax expense | (232849) | (246130) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Net change in unrealized appreciation (depreciation) on investments | 21348934 | 1452146 | 41380738 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Net change in unrealized appreciation (depreciation) on foreign currency transactions | (35) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net Change in Net Assets Resulting from Operations**<br>| 28126897  | 3267763  | 55244626  |
|  <br> **Distributions to investors:** |  |  |  |
| <br> Capital distributions |  | (15533439) | (10416089) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class D |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Change in Net Assets from Distributions to Investors**<br>| -  | (15533439 ) | (10416089 ) |
|  <br> **Change in Net Assets Resulting from Capital Share Transactions (See Note 6):** |  |  |  |
|  <br> Capital contributions |  | 36201007 | 73655494 |
|  <br> Proceeds from shares issued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class I Shares | 62846431 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class D Shares | 50000 |  |  |
|  <br> Cost of shares tendered |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class I Shares | (3905759) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total Net Change in Net Assets Resulting from Capital Share Transactions** | 58990672 | 36201007 | 73655494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total Net Increase in Net Assets** | 87117569 | 23935331 | 118484031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net assets at beginning of period** | 393708289 | 369772958 | 251288927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net assets end of period** | $480825858 | $393708289 | $369772958 |
|  <br> **Shareholder Activity** |  |  |  |
|  <br> Shares issued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class I Shares | 45392833 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class D Shares | 4855 |  |  |
|  <br> Shares tendered |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Class I Shares | (365811) |  |  |
|  <br> Net change in shares outstanding | 45031877 |  |  |

---

\* On April 1, 2025, the Fund registered under the 1940 Act in connection with the Conversion (as defined in Note 1). Comparative information for periods prior to the Conversion reflects the historical investment operations of the Predecessor Fund (as defined in Note 1) and is presented to facilitate comparisons across reporting periods. Presentation differences are limited to the change in capital structure, from capital accounts to shares of limited liability company interests, effected in connection with the Fund's registration under the 1940 Act. See Note 1 for additional information. 

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 14 |

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Statement of Cash Flows** 

**For the six months ended September 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
|  <br> **Cash Flows From Operating Activities** |  |
|  <br> Net increase in net assets resulting from operations | $28126897 |
|  <br> Adjustments to reconcile net increase in net assets resulting from<br>operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Net realized gain from investments | <br> (11468274)  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Net change in unrealized (appreciation) depreciation on investments | <br> (21348934)  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Net change in unrealized (appreciation) depreciation on foreign currency transactions | <br> 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Purchases of investments | <br> (86422254)  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Proceeds from disposition/distribution of investments | <br> 22329242 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Amortization of deferred financing cost | <br> 345622 |
|  <br> Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> (Increase)/decrease deferred offering costs | <br> (1171334)  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> (Increase)/decrease dividends and interest receivable | <br> (610104)  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> (Increase)/decrease due from affiliate | <br> (282210)  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> (Increase)/decrease prepaid expenses and other assets | <br> (123470)  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Increase/(decrease) payable for fund shares repurchased | <br> 3905759 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Increase/(decrease) incentive fees payable | <br> 2179309 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Increase/(decrease) offering costs payable | <br> 1364411 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Increase/(decrease) deferred tax liability | <br> 232849 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Increase/(decrease) management fee payable | <br> 400530 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Increase/(decrease) professional fees payable | <br> 264803 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Increase/(decrease) distribution payable | <br> (5705988)  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Increase/(decrease) accrued line of credit interest and commitment fee payable | <br> 97196 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Increase/(decrease) director fees payable | <br> 12329 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Increase/(decrease) organization costs payable | <br> 5106 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Increase/(decrease) distribution and servicing fee payable | <br> 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Increase/(decrease) accrued expenses and other liabilities | <br> 292035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net cash used in operating activities** | $(67576424)  |
|  <br> **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Shares issued | <br> 62896431 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Shares tendered | <br> (3905759)  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Borrowings under credit facility | <br> 29500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Repayments under credit facility | <br> (29500000)  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Deferred financing costs paid | <br> (472500)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net cash provided by (used in) financing activities** | $58518172 |
|  <br> Net increase (decrease) in cash and cash equivalents | <br> (9058252)  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Cash and cash equivalents at beginning of period | <br> 35217221 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Effects of foreign currency exchange rate changes on cash and cash equivalents | <br> (2)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Cash and cash equivalents at end of period** | $26158967 |
|  <br> **Supplemental cash flow disclosures:** |  |
|  <br> Cash paid for interest expenses | <br> 552299 |
|  <br> Cash paid for taxes | <br> 16689 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 15 |

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Financial Highlights** 

**Class I** 

---

| | |
|:---|:---|
| | **For the<br>Six Months Ended<br>September 30, 2025<br>(Unaudited)** |
|  <br> **Per share operating performance:** |  |
|  <br> Net asset value per share, beginning of period | $10.00 |
|  <br> **Income (loss) from investment operations:** |  |
|  <br> Net investment income (loss) <sup>1</sup>  | <br> (0.11)  |
|  <br> Net realized and unrealized gain (loss) on investments <sup>1</sup>  | <br> 0.79 |
|  <br> Total income (loss) from investment operations | <br> 0.68 |
|  <br> Net asset value per share, end of period | $10.68 |
|  <br> Shares Outstanding, end of period | <br> 45027022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total Return <sup>2,3,4,6</sup>**  | <br> 6.8%  |
|  <br> **Ratios and supplemental data:** |  |
|  <br> Net assets, end of period (in thousands) | $480774 |
|  <br> **Ratios to average net assets: <sup>3</sup>**  |  |
|  <br> Total expenses, before expense waived by the Adviser <sup>5</sup>  | <br> 4.00%  |
|  <br> Total expenses, excluding incentive fees, net of expense waived by the Adviser <sup>5</sup>  | <br> 2.12%  |
|  <br> Incentive fees <sup>6</sup>  | <br> 0.74%  |
|  <br> Total expenses, including incentive fees, net of expense waived by the Adviser <sup>5,7</sup>  | <br> 2.86%  |
|  <br> Net investment income (loss), before expense waived by the Adviser <sup>5</sup>  | <br> (2.37)%  |
|  <br> Net investment income (loss), after expense waived by the Adviser <sup>5</sup>  | <br> (1.24)%  |
|  <br> Portfolio turnover rate <sup>6</sup>  | <br> 0.00%  |
|  <br> Senior Securities |  |
|  <br> Total borrowings (000s) <sup>8</sup>  | $ -  |
|  <br> Asset coverage per $1,000 unit of senior indebtedness <sup>9</sup>  | <br> -  |

---

The Consolidated Financial Highlights are presented for periods subsequent to April 1, 2025, the date the Fund registered under the 1940 Act.

The ratios and other financial data for any period less than a full fiscal year have been annualized, where applicable. The effect of such annualization has been disclosed herein and may not be indicative of future results.

1. Calculated using average shares method.

2. Total return based on net asset value calculated as the change in net asset value per share during the period, assuming
distributions, if any, are reinvested on the effects of the performance of the Fund during the period.

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 16 |

---

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Financial Highlights (Continued)** 

**Class I** 

3. The ratios do not include investment income or expenses of the underlying portfolio companies.

4. Includes adjustments in accordance with U.S. GAAP and accordingly the returns and per unit net asset value for financial
reporting may differ from the per unit net asset value and returns for shareholder transactions.

5. Expense ratios have been annualized for periods of less than twelve months, except for Organizational costs and Offering
costs expense which are one time expenses, and Incentive Fees which are not annualized.

6. Not annualized.

7. The Adviser has entered into an Expense Limitation Agreement with the Fund to limit the amount of the Fund's total
annual ordinary operating expenses, excluding certain expenses as outlined under the Expense Limitation Agreement. This amount includes expenses incurred by the Fund for recoupment to the Adviser for expenses previously waived. Had the Fund not
incurred such expenses, the annualized ratio of net expenses to average net assets would have been 2.86% for the six months ended September 30, 2025. See Note 4 for a discussion of the Expense Limitation Agreement.

8. As of September 30, 2025, the Fund did not have any senior securities outstanding.

9. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the consolidated
total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness.

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 17 |

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Financial Highlights** 

**Class D** 

---

| | |
|:---|:---|
| | **For the Period<br>August 1, 2025 <sup>1</sup>to September 30, 2025<br>(Unaudited)** |
|  <br> **Per share operating performance:** |  |
|  <br> Net asset value per share, beginning of period | $10.30 |
|  <br> **Income (loss) from investment operations:** |  |
|  <br> Net investment income (loss) <sup>2</sup>  | <br> (0.08)  |
|  <br> Net realized and unrealized gain (loss) on investments <sup>2</sup>  | <br> 0.45 |
|  <br> Total income (loss) from investment operations | <br> 0.37 |
|  <br> Net asset value per share, end of period | $10.67 |
|  <br> Shares Outstanding, end of period | <br> 4855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total Return <sup>3,4,5,7</sup>**  | <br> 3.6%  |
|  <br> **Ratios and supplemental data:** |  |
|  <br> Net assets, end of period (in thousands) | $52 |
|  <br> **Ratios to average net assets:<sup>4</sup>**  |  |
|  <br> Total expenses, before expense waived by the Adviser <sup>6</sup>  | <br> 4.42%  |
|  <br> Total expenses, excluding incentive fees, net of expense waived by the Adviser <sup>6</sup>  | <br> 3.65%  |
|  <br> Incentive fees <sup>7</sup>  | <br> 0.40%  |
|  <br> Total expenses, including incentive fees, net of expense waived by the Adviser <sup>6,8</sup>  | <br> 4.05%  |
|  <br> Net investment income (loss), before expense waived by the Adviser <sup>6</sup>  | <br> (3.97)%  |
|  <br> Net investment income (loss), after expense waived by the Adviser <sup>6</sup>  | <br> (3.61)%  |
|  <br> Portfolio turnover rate <sup>7</sup>  | <br> 0.00%  |
|  <br> Senior Securities |  |
|  <br> Total borrowings (000s) <sup>9</sup>  | $ -  |
|  <br> Asset coverage per $1,000 unit of senior indebtedness <sup>10</sup>  | <br> -  |

---

The Consolidated Financial Highlights are presented for periods subsequent to April 1, 2025, the date the Fund registered under the 1940 Act.

The ratios and other financial data for any period less than a full fiscal year have been annualized, where applicable. The effect of such annualization has been disclosed herein and may not be indicative of future results.

1. Date of first issuance of shares; ratios have been annualized and portfolio turnover and total return have not been
annualized.

2. Calculated using average shares method.

3. Total return based on net asset value calculated as the change in net asset value per share during the period, assuming
distributions, if any, are reinvested on the effects of the performance of the Fund during the period.

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 18 |

---

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Consolidated Financial Highlights (Continued)** 

**Class D** 

4. The ratios do not include investment income or expenses of the underlying portfolio companies.

5. Includes adjustments in accordance with U.S. GAAP and accordingly the returns and per unit net asset value for financial
reporting may differ from the per unit net asset value and returns for shareholder transactions.

6. Expense ratios have been annualized for periods of less than twelve months, except for Organizational costs and Offering
costs expense which are one time expenses, and Incentive Fees which are not annualized.

7. Not annualized.

8. The Adviser has entered into an Expense Limitation Agreement with the Fund to limit the amount of the Fund's total
annual ordinary operating expenses, excluding certain expenses as outlined under the Expense Limitation Agreement. This amount includes expenses incurred by the Fund for recoupment to the Adviser for expenses previously waived. Had the Fund not
incurred such expenses, the annualized ratio of net expenses to average net assets would have been 4.05% for the six months ended September 30, 2025. See Note 4 for a discussion of the Expense Limitation Agreement.

9. As of September 30, 2025, the Fund did not have any senior securities outstanding.

10. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the consolidated
total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness.

---

| |
|:---|
| The accompanying notes are an integral part of these consolidated financial statements. |
| 19 |

---

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited)** 

**1. ORGANIZATION** 

Adams Street Private Equity Navigator Fund LLC (the "Fund") is a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified, management investment company. The Fund is the successor to Adams Street Global Private Markets Fund LP (the "Predecessor Fund"), a Cayman Islands exempted limited partnership that was organized on November 30, 2020 and commenced operations on February 2, 2021. On March 26, 2025, the Fund converted to a Delaware limited liability company, and on April 1, 2025, the Fund registered under the 1940 Act (the "Conversion"). ASP GPM GP Management LP served as the general partner for the Predecessor Fund and as the managing member for the Fund until the Conversion.

The Fund is managed and advised by Adams Street Advisors, LLC (the "Adviser"), a subsidiary of Adams Street Partners, LLC ("Adams Street"). The Adviser is registered as an investment advisor under the Investment Advisers Act of 1940, as amended.

The Fund's investment objective is to seek attractive long-term capital appreciation. The Fund seeks to achieve its investment objective by investing in a broad portfolio of global private markets investments. The Fund may gain access to private markets investments through a number of different approaches, including: (i) primary and secondary investments in private funds, holding vehicles or other investment vehicles managed by unaffiliated third-party managers ("Portfolio Funds") (such, investments, "Primary and Secondary Investments") and (ii) direct investments in the equity and/or debt of private companies, including growth equity investments, co-investments and private credit investments ("Direct Investments"). Primary Investments are investments in an original issuance of a Portfolio Fund which has yet to invest a substantial portion of its capital in underlying portfolio companies. Secondary Investments are investments through a secondary purchase of a Portfolio Fund or the substantive equivalent based on underwriting of identified funds/portfolio companies. A "Growth Equity Investment" is an equity or equity-like investment in an identified portfolio company. A "Co-Investment" is an investment in a Portfolio Fund or sponsored transaction that is intended to invest in an identified buyout, growth equity or other alternative asset transaction, generally made alongside a private fund sponsor. A "Private Credit Investment" is an investment in senior and/or subordinated debt that is secured and/or unsecured and, potentially as a component of the transaction, preferred or common equity, warrants and other securities offered in connection with such Private Credit Investment.

The Fund also invests a portion of its assets in a portfolio of liquid assets, including: cash and cash equivalents; short-term, high-quality, liquid debt securities and other credit instruments; and other investment companies, including money market funds and exchange traded funds.

Investments in the Fund may be made only by eligible investors that are "qualified clients" as defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

***Basis of Presentation*** 

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is an investment company under the criteria established within the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946 *Financial Services – Investment Companies* (ASC 946) and applies the specialized accounting and reporting guidance included therein. The consolidated financial statements reflect all adjustments and reclassifications, if any, which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All significant intercompany balances and transactions have been eliminated. The consolidated financial statements include the accounts of the Fund and its wholly owned subsidiaries (collectively, the "Subsidiaries").

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

***Consolidation of a Subsidiary*** 

The Fund may make investments through its Subsidiaries. Such Subsidiaries will not be registered under the 1940 Act. The board of directors of the Fund (the "Board") has oversight responsibility for the investment activities of the Fund, including its investment in any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund would "look through" any such Subsidiary to determine compliance with its investment policies.

The consolidated financial statements of the Fund include Adams Street Private Equity Navigator Lev Facilitation LLC (the "Lev Facility") and Adams Street Private Equity Navigator Blocker LLC (the "Blocker"), both wholly-owned subsidiaries of the Fund. As of September 30, 2025, the Lev Facility and the Blocker held 49 investments with a value of $107,679,153 and 28 investments with a value of $38,729,541, respectively.

***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 and the reported amounts of increases and decreases in net results from operations during the reporting period. Actual results could differ from those estimates.

***Cash and Cash Equivalents*** 

Cash represents demand deposits held at financial institutions. Cash and cash equivalents are held at major financial institutions and are subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations. The Fund records its holdings in daily valued money market mutual fund investments as cash equivalents as these investments are held for meeting short-term liquidity requirements rather than for investment purposes. As of September 30, 2025, the Fund had cash and cash equivalents of $26,158,967. Cash equivalents are classified as Level 1 assets of the fair value hierarchy. The carrying amount included in the consolidated statement of assets and liabilities for cash and cash equivalents approximates the fair value.

***Valuation*** 

The Fund values its investments at fair value in accordance with ASC Topic 820-10, Fair Value Measurements and Disclosures ("ASC 820"). The fair value of the Fund's assets which qualify as financial instruments approximates the carrying amounts presented in the consolidated statement of assets and liabilities.

Rule 2a-5 under the 1940 Act ("Rule 2a-5") establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments.

Certain investments in Portfolio Funds and Direct Investments are valued based on the latest net asset value ("NAV") reported by the Portfolio Fund manager or general partner. This is commonly referred to as using NAV as a practical expedient which allows for estimation of the fair value of a private investment based on NAV or its equivalent if the NAV of the private investment is calculated in a manner consistent with ASC 946. If the NAV of an investment in a Portfolio Fund or Direct Investment is not available at the time the Adviser is calculating the Fund's NAV, the most recently provided valuation information about such investment will typically be adjusted by the Adviser pursuant to the Adviser's valuation procedures to estimate the fair value, on a monthly basis, of the interests in such Portfolio Fund or Direct Investment.

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

For debt and equity securities which are not publicly traded or for which market prices are not readily available (unquoted investments), the fair value will be determined in good faith by the Adviser. In determining the fair values of these investments, the Adviser will apply generally accepted valuation approaches and methods for fair value measurement. The approaches that may be utilized include, but are not limited to, (i) a market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business), or (ii) an income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The foregoing approaches are not exhaustive, and other methodologies may be employed as appropriate. In order to determine a fair value, these methods are applied to the latest information provided by the underlying portfolio companies, investment sponsors or other business counterparties.

A valuation committee consisting of senior personnel of the Adviser reviews and approves the valuation results related to the investments. The Adviser also utilizes independent valuation firms to provide third-party valuation positive assurance services for Direct Investments.

The Fund values portfolio securities for which market quotations are readily available at the last reported sales price or official closing price on the primary market or exchange on which they trade. Generally, trading in U.S. government securities and money market instruments is substantially completed each day at various times prior to the close of business on the New York Stock Exchange. The values of such securities used in computing the Fund's NAV are determined as of such times.

Due to the inherent uncertainty in determining the fair value of investments for which market values are not readily available, the fair values of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

Pursuant to Rule 2a-5, the Board has selected the Adviser as the "valuation designee" (as defined in Rule 2a-5) to perform fair value determinations in good faith for investments held by the Fund without readily available market quotations, subject to the oversight of the Board (in such capacity, the "Valuation Designee"). The Valuation Designee is responsible for developing and implementing the valuation processes and procedures for the Fund's investments, conducting periodic reviews of the valuation policies, and evaluating the overall fairness and consistent application of the valuation policies.

***Investment Income*** 

Interest income, including amortization of premium or discount and payment-in-kind ("PIK") interest using the effective interest method, is recorded on an accrual basis. The Fund may hold investments providing income that is payable in-kind rather than in cash. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates, is accrued, recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. As of September 30, 2025, there were two loans in the portfolio that earned PIK income, for the six months ended September 30, 2025, PIK income earned of $204,245 in the consolidated statement of operations.

Dividend income is recorded on the ex-dividend date or the date the Fund becomes aware of the dividend. Other income from portfolio companies, which represents operating income from investment partnerships or other flow through entities received by the Fund, is recorded on the date information becomes available.

Distributions from Primary and Secondary Investments are recorded as portfolio income or realized gains/losses in accordance with information provided by the underlying manager at the time of the transaction. Reclassifications of prior investment transactions may be required based on subsequent information received from the underlying manager.

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

These reclassifications may impact current period purchases, proceeds and realized gains and losses on investments. Cost is equal to total drawn or paid in the Fund's currency less any return of cost distributed by these investments. Any cost remaining at the time the investment is liquidated is recorded as a realized loss.

Loans are generally placed on non-accrual status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income of that loan will be ceased until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Fund remains contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Fund's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Fund's judgment, are likely to remain current. The Fund may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated. The Fund did not have any loans on non-accrual status as of September 30, 2025. For other investments, realized gains and losses on investment transactions are determined using cost calculated on a specific identification basis.

For Primary and Secondary Investments denominated in foreign currencies, contributions are translated into the Fund's currency at the exchange rate at the time of the contribution. As distributions occur, the cost in the Fund's currency is reduced at the exchange rate at the time of the distribution.

***Dividends and Distributions*** 

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

***Foreign Currency*** 

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

***Organization Costs*** 

Organization costs have been expensed as incurred.

***Offering Costs*** 

Offering costs incurred by the Fund are treated as deferred charges until the commencement of operations, which is deemed to occur upon the Conversion. Upon the Conversion, such deferred offering costs are amortized on a straight-line basis over a twelve-month period and recognized as an expense in the Fund's consolidated statement of operations. Examples of these costs are registration fees, legal fees, and fees in connection with the preparation of registration statement and related filings. These costs will be subject to recoupment in accordance with the Fund's Expense Limitation Agreement, as discussed in Note 4. As of September 30, 2025, there are $1,171,334 of deferred offering costs in the accompanying consolidated statement of assets and liabilities.

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

***Income Taxes*** 

The Fund has elected to be treated, and intends to continue to comply with the requirements to qualify annually, as a regulated investment company ("RIC") by complying with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to RICs, and by distributing substantially all of its taxable earnings to its shareholders. Accordingly, no provision for federal income or excise tax is necessary. See Note 8 for additional information.

In accounting for income taxes, the Fund follows the guidance in FASB ASC 740, Accounting for Uncertainty in Income Taxes. FASB ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the consolidated financial statements. There were no material uncertain tax positions requiring recognition in the Fund's consolidated financial statements as of September 30, 2025.

The Fund's tax year is the period ending September 30 and the Fund's income and federal excise tax returns and all financial records supporting returns will be subject to examination by the federal and relevant state and local revenue authorities.

The Blocker is treated as a corporation for U.S. federal income tax purposes. U.S. corporations are subject to U.S. federal income tax on their worldwide income and state tax rates will vary by state, if any. The Blocker will file federal, state and local tax returns as required.

With respect to the Blocker, income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statement of operations in the period that includes the enactment date.

Management has reviewed the Fund's tax positions for the open tax year and has concluded that as of September 30, 2025, the Fund has a deferred tax liability of $478,979 which is included in the consolidated financial statements. The Fund has tax expense of $249,538, for the period April 1, 2025, to September 30, 2025, which is disclosed on the consolidated statement of operations. The Fund's four most recent tax years remain subject to examination by taxing authorities in the applicable jurisdictions.

***Segment Reporting*** 

In accordance with FASB Accounting Standards Update 2023-07, "Segment Reporting (Topic 280) – Improvement to Reportable Segment Disclosures" ("ASU 2023-07"), the Fund has determined that it has a single operating and reporting segment. As a result, the Fund's segment accounting policies are the same as described herein and the Fund does not have any intra-segment sales or transfers of assets.

**3. FAIR VALUE MEASUREMENTS** 

The Fund records its investments at fair value in accordance with U.S. GAAP. Fair value is the price that would be received upon the sale of an investment in an orderly transaction between market participants at the measurement date.

The investments fall into one of the following three categories within the fair value hierarchy of inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - inputs reflect unadjusted quoted prices in active markets for identical assets or liabilities that the
Fund has the ability to access at the measurement date.

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**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

Level 1 investments held by the Fund typically consist of public stock positions distributed from Primary and Secondary Investments or held as a result of an initial public offering of a Direct Investment as well as cash equivalents held as money market funds. Management does not adjust the quoted price for such instruments, even in situations where the Fund holds a large position and a sale could reasonably impact the quoted price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - inputs include quoted prices for similar assets and liabilities in active markets, and inputs that are
observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active.

Level 2 investments held by the Fund may consist of public stock positions where the valuation is adjusted to reflect illiquidity and/or non-transferability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Level 3 investments held by the Fund typically consist of other investments that are not measured at net asset value ("NAV"). When observable prices are not available, management uses valuation techniques for which sufficient and reliable data is available. The valuation of nonmarketable privately-held investments require significant judgment by management due to the absence of quoted market values, inherent lack of liquidity, changes in market conditions and the long-term nature of such assets. Such investments are valued initially based upon the transaction price. Valuations are reviewed quarterly utilizing available market data and additional factors to determine if the carrying value of these investments should be adjusted. Market data includes observations of the trading multiples of public companies considered comparable to the private companies being valued. Valuations are adjusted to account for company-specific issues, the lack of liquidity inherent in a non-public investment and the fact that comparable public companies are not identical to the companies being valued. In addition, a variety of additional factors are reviewed by management, including, but not limited to, estimates of liquidation value, prices of recent transactions in the same or similar issuer, current operating performance and future expectations of the particular investment, changes in market outlook and the financing environment. In determining valuation adjustments, emphasis is placed on market participants' assumptions and market-based information over entity specific information.

The Fund measures the fair value of its investments in Portfolio Funds that do not have a readily determinable fair value, based on the NAV of the investment as a practical expedient, without further adjustment, unless it is probable that the investment will 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, a fair value determination is made under procedures established by and under the general supervision of the Adviser. In using the NAV as a practical expedient, certain attributes of the investment, which may impact the fair value of the investment, are not considered in measuring fair value.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. An investment's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by management. Management considers observable data to be that market data, which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary and provided by multiple, independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to management's perceived risk of that investment.

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**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

The following table is a summary of information about the levels within the fair valuation hierarchy at which the Fund's investments are measured as of September 30, 2025:

**Fair Value Measurements as of September 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  <br> Primary Investments | $ - | $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $ - | $ - |
|  <br> Secondary Investments | <br> - | <br> - | <br> 59487572 | <br> 59487572 |
|  <br> Private Credit Investments | <br> - | <br> - | <br> 14100121 | <br> 14100121 |
|  <br> Co-Investments | <br> - | <br> - | <br> 11765871 | <br> 11765871 |
|  <br> Growth Equity Investments | <br> - | <br> - | <br> 84252064 | <br> 84252064 |
|  <br> Cash equivalent | <br> 25994631 | <br> - | <br> - | <br> 25994631 |
|  <br> Total | $25994631 | $ - | $169605628 | $195600259 |

---

The Fund held Primary Investments, Secondary Investments and Co-Investments with a fair value of $11,234,743, $156,039,593 and $132,551,377 respectively, which are excluded from the fair value hierarchy as of September 30, 2025, in accordance with ASC 820-10 as investments in underlying funds valued at net asset value, as a "practical expedient" are not required to be included in the fair value hierarchy.

The classification of an investment as Level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 financial investments typically include, in addition to unobservable or Level 3 inputs, observable inputs (that is, inputs that are actively quoted and can be validated to market sources).

The following table shows a reconciliation of Level 3 investments during the period:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Secondary<br>Investments** | **Private<br>Credit** | **Co-<br>Investment** | **Growth<br>Equity** | **Total** |
| &nbsp;&nbsp; <br> Balance as of March 31, 2025 | $ - | $18962231 | $21370253 | $79534292 | $119866776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Transfers into Level 3 | <br> 46928264 | <br> - | <br> - | <br> - | <br> 46928264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Transfers out of Level 3 | <br> - | <br> - | <br> (12913044)  | <br> - | <br> (12913044)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Purchases of Investments | <br> 14430269 | <br> - | <br> 2998808 | <br> 1317608 | <br> 18746685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Amortization of Discounts | <br> - | <br> 68440 | <br> - | <br> - | <br> 68440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Payment-in-kind | <br> - | <br> 135046 | <br> - | <br> - | <br> 135046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Sales/Paydowns/Distributions Received | <br> (2852372)  | <br> (5130186)  | <br> (270756)  | <br> - | <br> (8253314)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Net Realized Gains (Losses) | <br> (3395135)  | <br> - | <br> - | <br> - | <br> (3395135)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Net Change in Unrealized Appreciation (Depreciation) | <br> 4376546 | <br> 64590 | <br> 580610 | <br> 3400164 | <br> 8421910 |
| &nbsp;&nbsp; <br> Balance as of September 30, 2025 | $59487572 | $14100121 | $11765871 | $84252064 | $169605628 |
| &nbsp;&nbsp; <br> Net Change in Unrealized Appreciation (Depreciation) on investments held at September 30, 2025 | $4376546 | $31041 | $580610 | $3400164 | $8388361 |

---

The Fund had investments that transferred out of Level 3 valued at $12,913,044. The transfer out of Level 3 was due to the investment being valued at net asset value as of September 30, 2025. Transfers into Level 3, if any, may represent distributions of privately-traded stock from the limited partnership investments and privately-held investments not measured at net asset value. Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur.

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**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

The following table provides a summary of valuation techniques and quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy as of September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Investment Type** | **Fair Value at<br>September 30,<br>2025** | **Valuation Technique(s)** | **Unobservable Input(s)** | **Range (Weighted Average<br>by Fair Value)** |
| &nbsp;&nbsp; <br> **Secondary Investments** | $59487572 | <br> Adjusted Reported NAV | <br> Fair Value Adjustments | <br> N/A |
| &nbsp;&nbsp; <br> **Private Credit** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Common stock | $444143 | <br> Market Approach | <br> EBITDA Multiple | <br> 11.3x-11.7x (11.5x) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Term loans | $13655978 | <br> Income Approach | <br> Market Interest Rate | <br> 9.62% - 14.22% (12.08%) |
| &nbsp;&nbsp; <br> **Co-Investment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Depository Receipts | $479119 | <br> Market Approach | <br> Gross Profit Multiple | <br> 0.94x (0.94x) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> LLC Interest | $3171056 | <br> Market Approach | <br> MOIC | <br> 2.73x (2.73x) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> LLC Interest | $3171056 | <br> Recent Financings | <br> N/A | <br> N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> LP Interest | $8115696 | <br> Market Approach | <br> MOIC | <br> 1.44x - 2.41x (1.89x) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> LP Interest | $8115696 | <br> Recent Financings | <br> N/A | <br> N/A |
| &nbsp;&nbsp; <br> **Growth Equity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> LLC Interest | $5362481 | <br> Market Comparables | <br> Revenue Multiple | <br> 13.18x (13.18x) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Preferred Shares | $75041426 | <br> Market Comparables | <br> Revenue Multiple | <br> 3.91x - 29x (11.89x) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Preferred Shares | $75041426 | <br> Market Approach | <br> MOIC | <br> 0.77x (0.77x) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Preferred Shares | $75041426 | <br> Recent Financings | <br> N/A | <br> N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Warrants | $3480391 | <br> Market Comparables | <br> Revenue Multiple | <br> 3.93x - 10.99x (4.05x) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Common Shares | $367766 | <br> Market Comparables | <br> Revenue Multiple | <br> 8.66x-21.63x (16.28x) |

---

Four of the valuation techniques used in Level 3 of the fair value hierarchy utilize unobservable inputs developed by management in determining the fair value of the Fund's investments. These are detailed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income Approach - fair value is determined based on an analysis of the contractual yield earned on the investment
with a comparable market rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market Approach - investments are valued based on recent transactions, adjusted as necessary for any changes in
unobservable inputs, market conditions and other similar transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market Comparables - market data includes observations of the trading multiples of public companies considered
comparable to the private companies being valued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recent Financings - may include fair value indications based on a round of financing in which the Fund may or may
not have participated.

The significant unobservable inputs used in the fair value measurement of the privately held securities are revenue multiple, EBITDA multiple, net income multiple, discount for lack of marketability, expected percentage of escrow, price per share in a recent round of financing, potential bids, assessment of credit quality, and comparable market rates. Significant increases or decreases in these inputs in isolation would result in a significantly lower or higher fair value measurement.

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**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

While management believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to estimate the fair value of investments in nonmarketable privately-held investment funds could result in a different estimate of fair value at the reporting date. Those fair value estimates, including those carried at net asset value, may differ significantly from the values that would have been determined had a readily available market for such investments existed, or had such investments been liquidated or sold to non-affiliated investors, and these differences could be material to the consolidated financial statements.

**4. INVESTMENT ADVISORY SERVICES AND OTHER AGREEMENTS** 

The Fund entered into an investment advisory agreement (the "Investment Advisory Agreement") with the Adviser.

***Management Fees*** 

In consideration of the advisory services provided by the Adviser, the Fund pays the Adviser a monthly management fee equal to 1.00% on an annualized basis of the Fund's net asset value (including assets held in a Subsidiary) as of the last business day of each month (the "Management Fee"). For purposes of determining the Management Fee: (i) the Fund's net assets means its total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP; and (ii) the value of the Fund's net assets will be calculated prior to the inclusion of the Management Fee and Incentive Fee (as defined below), if any, payable to the Adviser or to any purchases or repurchases of Shares (as defined below) or any distributions by the Fund. The Management Fee is payable in arrears within 5 business days after the completion of the NAV computation for the month. For the period ended September 30, 2025, the Fund incurred Management Fees of $2,144,128.

***Incentive Fees*** 

At the end of each calendar quarter, the Adviser is entitled to receive an Incentive Fee equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined below) at the start of the relevant period (the "Incentive Fee"). For the purposes of the Incentive Fee and Loss Recovery Account, the term "net profits" shall mean the amount by which (i) the sum of (A) the NAV of the Fund as of the end of such quarter, (B) the aggregate repurchase price of all Shares repurchased by the Fund during such quarter and (C) the amount of dividends and other distributions paid in respect of the Fund during such quarter and not reinvested in additional Shares through the Distribution Reinvestment Plan (the "DRIP") exceeds (ii) the sum of (X) the NAV of the Fund as of the beginning of such quarter and (Y) the aggregate issue price of Shares of the Fund issued during such quarter. For the period ended September 30, 2025, the Fund incurred Incentive Fees of $3,125,211.

***Loss Recovery Account*** 

The Fund maintains a memorandum account (the "Loss Recovery Account"), which will have an initial balance of zero and will be (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, before giving effect to any repurchases or distributions for such quarter, and (ii) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. For purposes of the Loss Recovery Account, the term "net losses" shall mean the amount by which (i) the sum of (A) the NAV of the Fund as of the beginning of such quarter and (B) the aggregate issue price of Shares of the Fund issued during such quarter (excluding any Shares of such class issued in connection with the reinvestment of dividends paid, or other distributions made, by the Fund through the DRIP) exceeds (ii) the sum of (X) the NAV of the Fund as of the end of such quarter, (Y) the aggregate repurchase price of all Shares repurchased by the Fund during such quarter and (Z) the amount of dividends and other distributions paid in respect of the Fund during such quarter and not reinvested in additional Shares through the DRIP.

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**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

***Services Provided by the Adviser and its Affiliates*** 

The services of all investment professionals and staff of the Adviser and its affiliates, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser and its affiliates. The Fund bears all other costs and expenses of its operations and transactions as set forth in the Investment Advisory Agreement.

***Administration Agreement*** 

In addition to the fees and expenses to be paid by the Fund under the Investment Advisory Agreement, the Adviser provides certain administrative and other services necessary for the Fund to operate pursuant to an administration agreement between the Fund and Adviser (the "Administration Agreement"). Payments under the Administration Agreement equal an amount based upon the Fund's allocable portion of the Administrator's overhead and other expenses (including travel expenses) incurred by the Administrator in performing its obligations under the Administration Agreement, including the Fund's allocable portion of the compensation, rent and other expenses of certain officers of the Fund and their respective staff. In addition, pursuant to the Administration Agreement, the Administrator has delegated certain obligations under the Administration Agreement to State Street Bank and Trust Company ("State Street") (the "Sub-Administrator") to assist in the provision of administrative services. The Sub-Administrator will receive compensation for sub-administrative services under a sub-administrative agreement the ("Sub-Administrative Agreement"). For period ended September 30, 2025, the Fund incurred fund administration and fund accounting fees of $938,396, of which $671,211 are related to fees incurred by the Adviser.

***Expense Limitation Agreement*** 

The Adviser has entered into an expense limitation agreement (the "Expense Limitation Agreement") with the Fund, pursuant to which the (i) Adviser has agreed to waive fees that it would otherwise be paid and/or (ii) Adviser, or an affiliate thereof, has agreed to assume expenses of the Fund if required to ensure the annual operating expenses of the Fund, excluding the Excluded Expenses (as defined below), do not exceed 0.85% per annum of the average monthly net assets of each class of Shares. With respect to each class of Shares, the Fund agrees to repay to the (i) Adviser any fees waived under the Expense Limitation Agreement and/or (ii) Adviser, or an affiliate thereof, any expenses reimbursed in excess of the Expense Limitation Agreement for such class of Shares, provided the repayments do not cause annual operating expenses, excluding Excluded Expenses, for that class of Shares to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Adviser or its affiliate, whichever is lower. Any such repayments must be made within three years after the year in which the Adviser or its affiliate incurred the expense. The Expense Limitation Agreement will have an initial term ending July 1, 2026, and the Adviser may determine to extend the term for a period of one year on an annual basis, subject to approval by the Board, including a majority of the independent directors.

The following expenses are not subject to the Expense Limitation: (i) the Management Fee; (ii) the Incentive Fee; (iii) any Distribution and Servicing Fee; (iv) all expenses of wholly-owned subsidiaries of the Fund through which the Fund invests; (v) all expenses of special purpose vehicles ("SPVs") in which the Fund or its subsidiaries invests (including any management fees, performance-based incentive fees and administrative service fees); (vi) all fees and expenses of Fund Investments (as such term is defined in the Fund's prospectus) (including all acquired fund fees and expenses); (vii) fees payable to third parties in connection with the sourcing or identification of portfolio investments; (viii) brokerage costs; (ix) transactional costs associated with consummated and unconsummated transactions, including legal costs and brokerage commissions, associated with the acquisition, disposition and maintenance of the Fund's investments; (x) dividend and interest payments and expenses (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund); (xi) fees and expenses incurred in connection with

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**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

credit facilities obtained by the Fund; (xii) taxes; (xiii) litigation; and (xiv) extraordinary expenses, as determined in the sole discretion of the Adviser (collectively, the "Excluded Expenses").

As of September 30, 2025, the Adviser reimbursed expenses in the amount of $4,179,155 which is reflected in fees waived by Adviser on the consolidated statement of operations, which are subject for recoupment. The Adviser has recouped $0 of previously waived fees. At September 30, 2025, $4,179,155 is available for recoupment with an expiration period of three to four years.

***Transfer Agent Agreement*** 

State Street serves as the Fund's transfer agent ("Transfer Agent"). Under the Transfer Agency and Service Agreement with the Fund, the Transfer Agent is responsible for maintaining all shareholder records of the Fund.

***Distribution Agreement*** 

Foreside Fund Services, LLC (the "Distributor") serves as the Fund's principal underwriter and acts as the distributor of the Shares on a best-efforts basis, subject to various conditions. The Shares are offered for sale through the Distributor at net asset value plus any applicable sales load. The Distributor distributes the Shares of the Fund, in compliance with Rule 12b-1 under the 1940 Act. Under the distribution and servicing plan adopted by the Fund for its Class S, Class D and Class M Shares (the "Distribution and Servicing Plan"), the Fund is permitted to pay to the Distributor a distribution and shareholder servicing fee (the "Distribution and Servicing Fee") to compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of shareholders who own such Shares. Under the Distribution and Servicing Plan, Class S, Class D and Class M will pay a Distribution and Servicing Fee to the Distributor at an annual rate of 0.70%, 0.25% and 0.50%, respectively, based on the aggregate net assets of the Fund attributable to such class. Class I Shares are not subject to a Distribution and Servicing fee. For the period ended September 30, 2025, the Fund incurred $21 of Distribution and Servicing Fees, which are disclosed on the consolidated statement of operations.

***Custodian Agreement*** 

State Street serves as the custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians.

***Affiliated Transactions*** 

From time to time, the Fund participates in privately-negotiated co-investment transactions alongside other investment vehicles or accounts sponsored or advised by the Adviser or its affiliates ("Affiliated Funds"). Such co-investments are conducted in accordance with an exemptive order from the SEC that was granted to the Fund, the Adviser and other related entities.

**5. REVOLVING CREDIT FACILITY** 

As of May 6, 2025, the Fund, together with the Blocker and Lev Facility (collectively with the Fund, the "Borrowers"), secured a committed, secured line of credit (the "Facility") with JPMorgan Chase Bank, N.A. The Borrowers' draws under the Facility, if any, will be secured by certain of the Borrowers' assets, including the Fund's interests in the Blocker and Lev Facility and the Borrowers' interests in Portfolio Funds (including the right to receive distributions and other proceeds therefrom). The Facility has the following terms: (a) Upfront Fees of $187,500 in effect on the Closing Date, (b) a Commitment Fee in an amount equal to thirty-five (35) basis points (0.35%) of the aggregate undrawn Commitment then in effect, (c) a commitment amount of $75,000,000, (d) interest rate of applicable Adjusted term SOFR rate plus 2.45% per annum, and (e) termination date of May 5, 2026, unless earlier terminated or extended or renewed. For the

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**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

six months ended September 30, 2025, the Fund's unused line of credit fees incurred interest expenses and fees of $40,833. The average interest rate, average daily loan balance, maximum outstanding and amount recorded as interest expense for the six month period the Fund had outstanding borrowings were 6.75%, $6,206,011, $29,500,000, and $206,677, respectively. As of September 30, 2025, the Facility had an outstanding balance of $0.

The Facility contains various affirmative and negative covenants and provisions regarding events of default that are applicable to the Fund, which are normal and customary for similar credit facilities. As of September 30, 2025, the Fund was in compliance with all financial covenants of the Facility.

**6. CAPITAL SHARE TRANSACTIONS** 

The Fund offers four separate classes of shares of limited liability company interests ("Shares"), designated as Class S, Class D, Class I and Class M Shares. The Fund relies on an exemptive order from the SEC that permits the Fund to offer more than one class of Shares.

Shares of each class have identical voting, dividend, liquidation and other rights and will be subject to the same terms and conditions, except each class of Shares is subject to certain different fees and expenses. On April 1, 2025, 39,370,829 Class I Shares were issued in connection with the Conversion at an initial NAV per Share of $10.00. Thereafter, the purchase price per Share was based on the NAV per Share as of the date such Shares were purchased. Fractions of Shares are issued to one one-thousandth of a Share. As of September 30, 2025, outstanding shares of Class I and Class D were 45,027,022 and 4,855, respectively.

The Fund accepts initial and additional purchases of Shares on the first business day of each calendar month at the Fund's then-current NAV per Share as of the last business day of the prior month plus any applicable sales load or selling commissions charged by financial intermediaries. The minimum initial investment in the Fund by any investor is $25,000 with respect to Class S, Class D and Class M Shares, and $1,000,000 with respect to Class I Shares. The minimum additional investment in the Fund by any investor is $10,000, except for additional purchases pursuant to the DRIP. Investors subscribing through a broker/dealer or registered investment adviser may have shares aggregated to meet these minimums, so long as denominations are not less than $10,000 and incremental contributions are not less than $10,000.

No shareholders have the right to request the Fund to repurchase his, her or its Shares. To provide a limited degree of liquidity to shareholders, at the sole discretion of the Board, the Fund may from time to time offer to repurchase Shares pursuant to written tenders by shareholders. The Adviser expects that it will recommend to the Board (subject to its discretion) that the Fund offer to repurchase Shares from Shareholders on a quarterly basis in an amount up to 5% of the Shares outstanding.

A 2.00% early repurchase fee will be charged by the Fund with respect to any repurchase of Shares from a shareholder at any time prior to the day immediately preceding the one-year anniversary of the shareholder's purchase of the Shares. The Fund will not charge an early repurchase fee for the first 12 months after the Fund commenced operations as a registered investment company. The Fund expects to conduct repurchase offers quarterly pursuant to written tenders to shareholders. The Adviser intends to recommend to the Board that, under normal market circumstances, the Fund conduct repurchase offers of no more than 5% of the Shares outstanding on a quarterly basis. A shareholder who tenders some but not all of its Shares for repurchase will be required to maintain a minimum account balance of $10,000. Such minimum ownership requirement may be waived by the Fund, in its sole discretion. If such requirement is not waived by the Fund, the Fund may redeem all of the shareholder's Shares. To the extent a shareholder seeks to tender all of the Shares they own and the Fund repurchases less than the full amount of Shares that the shareholder requests to have repurchased, the shareholder may maintain a balance of Shares of less than $10,000 following such Share repurchase. During the six months ended September 30, 2025, 365,811 shares were tendered.

For the three months ended March 31, 2025, the Predecessor Fund had committed capital, equity contributions paid and unfunded capital commitments of $304,561,470, $304,561,470 and $0, respectively.

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**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

For the year ended December 31, 2024, the Predecessor Fund had committed capital, equity contributions paid and unfunded capital commitments of $282,563,812, $268,360,462 and $14,203,249, respectively.

**7. INVESTMENT TRANSACTIONS** 

For the period ended September 30, 2025, total purchases and total sales or paydowns from investments amounted to $86,422,254 and $22,329,242, respectively.

**8. FEDERAL AND OTHER TAX INFORMATION** 

The Fund intends to qualify annually as a RIC under Subchapter M of the Code. To qualify for and maintain RIC tax treatment, the Fund must, among other things, distribute at least 90% of its net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. The Fund intends to distribute all or substantially all of its taxable income to shareholders which will generally relieve the Fund from U.S. federal income tax. The Fund has adopted a tax-year end of September 30, and the Fund's initial tax year is September 30, 2025. The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by U.S. federal, state, local and foreign jurisdictions, where applicable. As of September 30, 2025, there are no tax years subject to examination by the major tax jurisdictions.

*Consolidation of Subsidiary*: The consolidated financial statements of the Fund include the Lev Facility and the Blocker, all wholly-owned subsidiaries of the Fund. The subsidiaries have the same investment objective as the Fund. The Blocker has elected to be treated as a corporation for federal income tax purposes and may be obligated to pay federal and state income tax. As of September 30, 2025, the total value of investment held by the Blocker is $38,729,541, or approximately 8.05% of the Fund's net assets.

The Blocker accounts for an estimate of future income taxes through the establishment of a deferred tax asset or liability associated with the capital appreciation or depreciation of its investments, using the current federal income tax rate applicable to corporations and an assumed rate attributable to state taxes. To the extent the Blocker has a deferred tax asset, consideration is given to whether or not a valuation allowance is required. Upon the sale of an investment, the Blocker may be liable for previously deferred taxes.

For the period ended September 30, 2025, there is a change in the deferred portion of the income tax benefit/(expense) included in the consolidated statement of operations of $232,849. As of September 30, 2025, the Blocker has a deferred tax liability of $478,979 due to estimated future tax expense pertaining to unrealized gains and no deferred tax asset.

Management evaluates the tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions will "more-likely-than-not" be sustained upon examination by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold that would result in a tax benefit or expense to the Fund would be recorded as a tax benefit or expense in the current year. The Fund has not recognized any tax liability for unrecognized tax benefits or expenses as of September 30, 2025. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the year tax year ended September 30, 2025, the Fund did not incur any interest or penalties.

Capital losses in excess of capital gains earned in a tax year may generally be carried forward and used to offset capital gains, subject to certain limitations. As of September 30, 2025, the Fund estimates it has no capital loss carryforwards.

**9. RISK CONSIDERATIONS** 

The following risk factors describe potential material risks that should be carefully evaluated before making an investment in the Fund. Additional risks and uncertainties not currently known to the Fund or that the Fund currently

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**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

deems to be immaterial also may materially adversely affect the Fund's business, financial condition and/or operating results. Please refer to the Fund's prospectus for a complete discussion of risks.

*General Investment Risk* - There can be no assurance that the Fund will achieve its investment objective or that investors will receive a return of capital. The Fund's investments are speculative, involve significant uncertainty, and may be subject to sudden and substantial losses in value.

*Liquidity Risk -* The Fund is intended for long-term investors and should be considered illiquid. Investors will have limited liquidity, available only through the Fund's periodic repurchase offers. An investment in the Fund is not suitable for investors who require regular access to their invested capital or short-term liquidity.

*Management Risk* - The Fund is actively managed and depends on the Adviser's ability to select and monitor investments. There is no guarantee that investment decisions will achieve desired results. The Adviser may focus on certain strategies, sectors, or geographies that underperform others, adversely affecting the Fund's returns.

*Valuation Risk* - A substantial portion of the Fund's investments do not have readily available market quotations and are valued using fair value procedures or manager-reported values, often on a lagged basis. Such valuations are inherently uncertain, may differ materially from actual realizable values, and may be subject to revision. Errors or delays in underlying valuations can affect the Fund's NAV, subscription and repurchase pricing, fees, and shareholder outcomes.

*Leverage Risk* - The Fund may employ leverage through borrowings or other transactions as permitted under the 1940 Act. Leverage magnifies both gains and losses and increases NAV volatility. The Fund and its subsidiaries are party to a credit agreement permitting borrowings secured by Fund assets and subject to covenants. Breaches of such covenants or declines in asset coverage could restrict distributions or force asset sales at unfavorable times.

*Private Equity and Private Credit Risks* - The Fund invests in illiquid, privately negotiated equity and credit instruments. Such investments are speculative and subject to funding, default, and recovery risks, as well as risks associated with economic downturns, regulatory changes, and limited exit opportunities. The Fund may also be subject to penalties or forfeitures if it fails to meet capital calls when due.

*Portfolio Company Risk: Fee Layering* - Investments in underlying funds are subject to the risks of those funds, including valuation uncertainty, liquidity constraints, and incentive-based compensation that may encourage greater risk-taking. The Fund's shareholders bear not only the Fund's fees and expenses but also those of the underlying funds.

*Non-U.S. Investments Risk* - Investments in foreign securities may be more volatile and less liquid than investments in U.S. securities. Differences between the U.S. and foreign regulatory regimes, investor protections, accounting, corporate governance, financial reporting and disclosure standards of some foreign markets, as well as political and economic developments in foreign countries and regions and the U.S. (including the imposition of sanctions, tariffs or other governmental restrictions), may affect the value of the Fund's investments in foreign securities. Changes in currency exchange rates may also adversely affect the Fund's foreign investments.

*Market Risk* - Local, regional or global events such as natural disasters, public health issues such as the spread of infectious illness, war, terrorism or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Adviser to invest the Fund's assets as intended.

*Regulatory and Tax Risk* - The Fund intends to qualify each year as a RIC under the Code and to distribute at least 90% of its annual net taxable income. Failure to meet diversification or distribution requirements may result in loss of RIC status, subjecting the Fund to corporate-level taxation and adversely affecting returns.

*Operational and Counterparty Risk* - The Fund depends on service providers and counterparties for custody, financing, and execution. Failures or defaults by these parties, or breaches of contractual terms, could cause losses or disruptions to the Fund's operations.

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**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

**10. COMMITMENTS AND CONTINGENCIES** 

As of September 30, 2025, the Fund has unfunded commitments of $335,480,433. The unfunded portion of the commitment is a contractual obligation to be met in accordance with the terms of the specific partnership agreements. Because of the inherent uncertainty in predicting the timing of these commitments, management is unable to estimate the fair value of these commitments.

**11. DISTRIBUTION REINVESTMENT PLAN** 

The Fund operates under a DRIP administered by State Street. Pursuant to the DRIP, the Fund's distributions, net of any applicable U.S. withholding tax, are reinvested in the same class of Shares of the Fund. Shareholders automatically participate in the DRIP, unless and until an election is made to withdraw from the plan on behalf of such participating shareholder. A shareholder who does not wish to have distributions automatically reinvested may (i) opt out of the DRIP in the subscription agreement or (ii) terminate participation in the DRIP at any time by written instructions to that effect to State Street. Shareholders who elect not to participate in the DRIP will receive all distributions in cash paid to the shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). Such written instructions must be received by State Street no later than 10 days prior to the record date of the distribution or the shareholder will receive such distribution in Shares through the DRIP. Under the DRIP, the Fund's distributions to shareholders are automatically reinvested in full and fractional Shares as described below.

When the Fund declares a distribution, State Street, on the shareholder's behalf, will receive additional authorized Shares from the Fund either newly issued or repurchased from shareholders by the Fund and held as treasury stock.

The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution by the Fund's net asset value per Share for the relevant class of Shares.

State Street will maintain all shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by shareholders for personal and tax records. State Street will hold Shares in the account of the shareholders in non-certificated form in the name of the participant, and each shareholder's proxy, if any, will include those Shares purchased pursuant to the DRIP.

In the case of shareholders, such as banks, brokers or nominees, that hold Shares for others who are beneficial owners participating under the DRIP, State Street will administer the DRIP on the basis of the number of Shares certified from time to time by the record Shareholder as representing the total amount of Shares registered in the shareholder's name and held for the account of beneficial owners participating under the DRIP.

Neither State Street nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the DRIP, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participant's account prior to receipt of written notice of his or her death or with respect to prices at which Shares are purchased or sold for the participants account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws.

The automatic reinvestment of distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such distributions. The Fund may elect to make non-cash distributions to shareholders. Such distributions are not subject to the DRIP, and all shareholders, regardless of whether or not they are participants in the DRIP, will receive such distributions in additional Shares of the Fund.

The Fund reserves the right to amend or terminate the DRIP. There is no direct service charge to participants with regard to purchases under the DRIP; however, the Fund reserves the right to amend the DRIP to include a service charge payable by the participants.

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited) (Continued)** 

**12. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. 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, the Fund expects the risk of loss to be remote.

The Fund operates through a single operating and reporting segment with an investment objective to generate long-term capital appreciation through private equity and other private assets. The chief operating decision maker ("CODM") is comprised of the Fund's chief executive officer, chief financial officer and portfolio managers, and the CODM assesses the performance and makes operating decisions for the Fund on a consolidated basis primarily based on the Fund's total return, as disclosed within these consolidated financial statements in the consolidated financial highlights. As the Fund's operations are comprised of a single reporting segment, the segment assets are reflected on the accompanying consolidated statement of assets and liabilities as "total assets" and the significant segment expenses are listed on the accompanying consolidated statement of operations.

**13. SUBSEQUENT EVENTS** 

On October 1, 2025, there were subscriptions to the Fund in the amount of $6,869,485 for Class I Shares. On November 3, 2025, there were subscriptions to the Fund in the amount of $22,440,430 for Class I Shares. Through the date the consolidated financial statements were issued, there have not been any additional subscriptions to the Fund.

Management has evaluated subsequent events through the date the consolidated financial statements were issued and has determined that there were no material events that would require disclosure in the Fund's consolidated financial statements.

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Privacy Notice** 

**September 30, 2025 (Unaudited)** 

**ADAMS STREET ADVISORS PRIVACY NOTICE** 

**Adams Street Advisors' Commitment to Privacy** 

Adams Street Advisors LLC (together with its affiliates, "Adams Street Advisors") recognizes and respects your privacy. This Privacy Notice describes the types of non-public personal information Adams Street Advisors obtains, how Adams Street Advisors uses that information and to whom Adams Street Advisors discloses it. Non-public personal information means personally identifiable financial information that is not publicly available and any list, description or other grouping of consumers (and publicly available information pertaining to such consumers) that is derived using any personally identifiable financial information that is not publicly available. If you are an individual investor, this Privacy Notice will be relevant to you directly. If you are providing information to Adams Street Advisors on behalf of other individuals, such as your employees or clients, this Privacy Notice will be relevant to those individuals, and you should transmit this document to such individuals or otherwise advise them of its content.

**Information Adams Street Advisors Collects About You** 

Adams Street Advisors collects the following categories of non-public personal information about you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information that you provide, which may include your name and address, social security number or tax identification number,
date of birth and/or other information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about transactions and balances in accounts with Adams Street Advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about transactions and balances in accounts with non-affiliated third
parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information from consumer reporting agencies, service providers or other sources that may be engaged or consulted in
connection with conducting due diligence, know-your-customer, anti-money laundering and other checks required to be performed in relation to admitting new investors.

**How Adams Street Advisors Discloses Your Personal Information** 

Adams Street Advisors uses and shares your non-public personal information with Adams Street Advisors' affiliates (including any of its advised investment funds) and their employees that have a legitimate business need for the information, primarily to complete financial transactions that you request or to make you aware of other financial products and services. Adams Street Advisors does not sell your non-public personal information to third parties. Below are the details of circumstances in which Adams Street Advisors may disclose non-public personal information to third parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To service providers (including financial, technical, marketing and professional service providers and consultants) and
financial institutions that provide services to Adams Street Advisors, who are required protect the confidentiality of your personal information and to use the information only for the purposes for which it is disclosed to them).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To regulatory, self-regulatory, administrative or law enforcement agencies or other oversight bodies in certain
circumstances where we are required to share personal information and other information with respect to your interest in an investment with the relevant regulatory authorities. They, in turn, may exchange this information with other authorities,
including tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As authorized, for example, by subscription agreements or organizational documents of an investment and as authorized by
you or your designated representatives or other authorized persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In connection with a corporate transaction – for example, to third parties as part of a corporate business
transaction, such as a merger, acquisition, joint venture or financing or sale of company assets.

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Privacy Notice** 

**September 30, 2025 (Unaudited) (Continued)** 

**How Adams Street Advisors Safeguards and Retains Your Personal Information** 

Adams Street Advisors restricts access to non-public personal information about you to its employees and to third parties, as described above. Adams Street Advisors maintains physical, electronic, and procedural safeguards reasonably designed to protect the confidentiality of your non-public personal information. Despite these security measures that Adams Street Advisors has put in place to protect your personal information, no such measures can guarantee security or protect against unauthorized activity. Adams Street Advisors may retain your personal information for such a period as permitted or required by any applicable laws or regulations and for such a period as may be permitted in accordance with the lawful purposes or legitimate interests outlined above.

**Keeping You Informed** 

Adams Street Advisors reserves the right to modify this policy at any time and will keep you informed of further changes as required by law.

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Approval of Investment Advisory Agreement** 

**September 30, 2025 (Unaudited)** 

**<u>Approval of the Investment Advisory Agreement</u>** 

At its in-person meeting held on March 27, 2025 (the "Meeting"), the Board of Directors (the "Board" and the members thereof, each, a "Director" and collectively, the "Directors") of Adams Street Private Equity Navigator Fund LLC (the "Fund"), a majority of whom are not "interested persons," as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), of the Fund ("Independent Directors"), unanimously voted to approve for an initial two-year period a proposed investment advisory agreement (the "Advisory Agreement") between the Fund and Adams Street Advisors, LLC (the "Adviser").

The Board has the responsibility under the 1940 Act to approve the Fund's proposed Advisory Agreement for its initial two-year term and for any renewal thereafter at meetings of the Board called for the purpose of voting on such approvals or renewals. While particular emphasis might be placed on information concerning investment performance, comparability of fees, total expenses and profitability at any future meeting at which a renewal of the Advisory Agreement is considered, the process of evaluating the Adviser and the Fund's investment advisory and administrative arrangements is an ongoing one. In this regard, the Board's consideration of the nature, extent and quality of the services to be provided by the Adviser under the Advisory Agreement will include deliberations at future meetings.

In considering whether to approve the Advisory Agreement, the Board reviewed certain information provided to the Board by the Adviser in advance of the Meeting, and supplemented orally at the Meeting, including, among other things: (1) information concerning the services proposed to be rendered to the Fund by the Adviser, and the proposed fees to be paid by the Fund to the Adviser; (2) comparative information, comparing the Fund's proposed advisory fees, consisting of a management fee and an incentive fee, and expenses to those of comparable funds; (3) the Adviser's Form ADV; (4) a memorandum outlining the legal duties of the Board under the 1940 Act; and (5) other reports of and presentations by Fund officers and representatives of the Adviser and its affiliates. The Independent Directors determined that the information provided was sufficiently responsive to the Independent Directors' request to permit the Board to consider the approval of the Advisory Agreement.

In determining whether to approve the Advisory Agreement, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the Advisory Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Advisory Agreement. In connection with their consideration of the Advisory Agreement, the Independent Directors met with their independent legal counsel in executive session. Counsel to the Fund also reviewed with the Independent Directors a memorandum outlining the legal duties of the Board under the 1940 Act and applicable state law and discussed the factors outlined by the federal courts as relevant to a board's consideration of the approval of an investment advisory agreement. A more detailed summary of the important, but not necessarily all, factors the Board considered with respect to its approval of the Advisory Agreement is provided below.

*(a) The nature, extent and quality of services to be provided by the Adviser –* With respect to the nature, extent and quality of services to be provided by the Adviser, the Board reviewed the information regarding the types of services to be provided under the Advisory Agreement and information describing the Adviser's organization and business, including the quality of the investment research capabilities of the Adviser and the other resources that would be dedicated to performing services for the Fund. The Board also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser that would be involved with the Fund. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, were also considered. The Board also considered the Adviser's overall financial strength and ability to carry out its obligations under the Advisory Agreement. In addition, the Board considered the assumption of business, entrepreneurial, overall managerial and other risks by the Adviser in connection with launching and managing

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**Adams Street Private Equity Navigator Fund LLC** 

**Approval of Investment Advisory Agreement** 

**September 30, 2025 (Unaudited) (Continued)** 

the Fund. The Board noted that the Fund is a closed-end tender offer fund and, in this connection, the Board considered the resources devoted by the Adviser and its affiliates in developing and maintaining an infrastructure necessary to support the on-going operations of the Fund. Based on its review, the Board concluded that, overall, the nature, extent and quality of services expected to be provided to the Fund under the Advisory Agreement were satisfactory.

*(b) Investment performance of the Fund and the Adviser –* With respect to investment performance, the Board noted that the Fund is the successor to Adams Street Global Private Markets Fund LP (the "**Predecessor Fund**"), a fund that was formed as a Cayman Islands exempted limited partnership in November 2020. The Board considered that the Fund's investment objective and strategies will be, in all material respects, substantially identical to those of the Predecessor Fund, and the Fund's investment program will be managed in substantially the same manner, and by the same investment professionals, as the Predecessor Fund. The Board reviewed and considered the past performance of the Predecessor Fund as well as the past performance of affiliates of the Adviser in managing other funds that invest in similar types of investments as expected to be purchased and held by the Fund. The Board noted that the performance of the Predecessor Fund and such other funds had been satisfactory.

*(c) Cost of the services to be provided and profits to be realized by the Adviser from the relationship with the Fund –* The Board noted that, because the Fund had not yet commenced operations as a 1940 Act-registered fund, the Board was unable to consider historical information about the profitability of the Fund to the Adviser. However, the Board noted that the Adviser had provided estimated profitability information regarding anticipated Fund operations, and agreed to provide profitability information in connection with future proposed continuances of the Advisory Agreement.

*(d) Economies of scale and whether fee levels reflect these economies of scale –* The Board recognized that, because the Fund had not yet begun operations as a 1940 Act-registered fund, economies of scale were difficult to measure and identify at this stage. The Board noted that the Fund's shares will be continuously offered and so the Fund would have the potential for growth. The Board noted that it would consider the realization of economies of scale as the Fund's asset base grows and in subsequent Board meetings.

*(e) Comparison of services to be rendered and fees to be paid to those under other investment advisory contracts, such as contracts of the same and other investment advisers or other clients –* In evaluating the proposed management fees and expenses, the Board considered the Fund's proposed management fee and incentive fee and the Fund's expected expense ratios in absolute terms and as compared with the fees and expenses of comparable unaffiliated funds. Based upon the comparative fee and expense information provided, the Board noted that the Fund's proposed management and incentive fees were generally in line with those of comparable funds identified. The Board also considered that the Advisory Agreement provides the Fund would be responsible for any and all other expenses incurred by the Fund or the Adviser (and/or its affiliates) in connection with administering the Fund's business, including the Fund's allocable portion of the costs of the compensation, benefits and related administrative expenses of the Fund's officers who provide operational, administrative, legal, compliance, finance and accounting services to the Fund, including the Fund's chief compliance officer and chief financial officer, their respective staffs and other professionals who provide services to the Fund and assist with the preparation, coordination, and administration of those services or provide other "back-office" or "middle-office" financial or operational services to the Fund. The Board noted that the Adviser had agreed to waive fees that it would otherwise be paid and/or the Adviser, or an affiliate thereof, had agreed to assume expenses of the Fund if required to ensure the annual operating expenses of the Fund, excluding certain excluded expenses, do not exceed 0.85% per annum of the average monthly net assets of each class of shares of the Fund. The Board considered that such expense limitation agreement will have an initial term ending one year from the effective date of the Fund's prospectus and may be extended for a period of one year on an annual basis in the determination of the Adviser, subject to the approval by the Board, including a majority of the Independent Directors.

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Approval of Investment Advisory Agreement** 

**September 30, 2025 (Unaudited)** 

*(f) Benefits derived or to be derived by the Adviser from its relationship with the Fund* – The Board also considered the extent to which benefits, other than the fees and reimbursement amounts pursuant to the Advisory Agreement, might accrue to the Adviser and its affiliates from their proposed relationships with the Fund, including reputational and other benefits from its association with the Fund.

**Conclusion** 

Based on its deliberations and its evaluation of the factors described above and other information it believed relevant, the Board, including the Independent Directors, unanimously approved the Advisory Agreement.

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##### [**Table of Contents**](#toc)
**Adams Street Private Equity Navigator Fund LLC** 

**Additional Information** 

**September 30, 2025 (Unaudited)** 

**1. Availability of Quarterly Portfolio Holdings Schedules** 

The Fund is required to file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund's filings on Part F of Form N-PORT are available without charge on the SEC's website, www.sec.gov, or upon request, by calling the Fund at 844-705-0580.

**2. Proxy Voting Policies and Procedures and Proxy Voting Record** 

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling the Fund at 844-705-0580 and on the SEC's website at <u>www.sec.gov</u><u>.</u>

The Fund is required to file how it voted proxies related to portfolio securities during the most recent 12-month period ended June 30. The information is available without charge, upon request by calling the Fund at 844-705-0580 and on the SEC's website at www.sec.gov.

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

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| | |
|:---|:---|
| ![LOGO](g851218g92g62.jpg) | Adams Street Private Equity Navigator Fund LLC<br> c/o Adams Street Advisors, LLC<br> One North Wacker Drive, Suite 2700<br> Chicago, IL 60606<br>844-705-0580 |

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##### [**Table of Contents**](#toc)
(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

(a) Not applicable. The Fund is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

(b) Not applicable. The Fund is not a listed issuer as defined in Rule 10A-3 under the Exchange Act.

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

(a) The Fund's consolidated Schedule of Investments as of September 30, 2025 is included as part of the
Report included in Item 1(a) of this Form.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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##### [**Table of Contents**](#toc)
**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

The Registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Report filed under Item 1 of this Form.

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

Not applicable to this filing.

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

(a) Not applicable to this filing.

(b) Not applicable to this filing.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund's board of directors during the period covered by this Form.

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

(a) The Fund's principal executive officer and principal financial officer have concluded, based on their
evaluation of the Fund's disclosure controls and procedures as of a date within 90 days of the filing date of this Report, that the Fund's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c)) are reasonably designed to ensure that information
required to be disclosed by the Registrant on this Form is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on this
Form is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

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

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

(a) Not applicable.

(b) Not applicable.

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##### [**Table of Contents**](#toc)
**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not applicable.

(b) Not applicable.

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

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| | |
|:---|:---|
| (a)(1) | Not applicable to this filing. |
| (a)(2) | Not applicable. |
| (a)(3) | [The certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto.](d851218dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [The certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d851218dex99906cert.htm) |

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

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

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| | |
|:---|:---|
| ADAMS STREET PRIVATE EQUITY NAVIGATOR FUND LLC | ADAMS STREET PRIVATE EQUITY NAVIGATOR FUND LLC |
| By: | /s/ James Walker |
|  | James Walker |
|  | President and Chief Executive Officer |
| Date: December 1, 2025 | Date: December 1, 2025 |

---

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 Fund and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| ADAMS STREET PRIVATE EQUITY NAVIGATOR FUND LLC | ADAMS STREET PRIVATE EQUITY NAVIGATOR FUND LLC |
| By: | /s/ James Walker |
|  | James Walker |
|  | President and Chief Executive Officer |

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| | |
|:---|:---|
| By: | /s/ Shannon Carlin |
|  | Shannon Carlin |
|  | Vice President, Chief Financial Officer, and Treasurer |
| Date: December 1, 2025 | Date: December 1, 2025 |

---

## Ex-99.Cert

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

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

I, James Walker, President and Chief Executive Officer of Adams Street Private Equity Navigator Fund LLC (the "Fund"), certify that:

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

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

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

4. The Fund's other certifying officer 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 Fund 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 Fund, 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 Fund'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 Fund'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 Fund's internal control over financial reporting; and

5. The Fund's other certifying officer(s) and I have disclosed to the Fund's auditors and the audit
committee of the Fund'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 Fund'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 Fund's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | December 1, 2025 |
| By: | /s/ James Walker |
|  | James Walker |
|  | President and Chief Executive Officer |

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------

I, Shannon Carlin, Vice President, Chief Financial Officer, and Treasurer of Adams Street Private Equity Navigator Fund LLC (the "Fund"), certify that:

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

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

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

4. The Fund's other certifying officer 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 Fund 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 Fund, 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 Fund'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 Fund'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 Fund's internal control over financial reporting; and

5. The Fund's other certifying officer(s) and I have disclosed to the Fund's auditors and the audit
committee of the Fund'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 Fund'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 Fund's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | December 1, 2025 |
| By: | /s/ Shannon Carlin |
|  | Shannon Carlin |
|  | Vice President, Chief Financial Officer, and Treasurer |

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## Exhibit 99.906

**Exhibit 19(b)** 

**SECTION 906 CERTIFICATION** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the Adams Street Private Equity Navigator Fund LLC (the "Fund").

James Walker, President and Chief Executive Officer of the Fund, certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&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 the operations of the Fund.

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| | |
|:---|:---|
| By: | /s/ James Walker |
|  | James Walker |
|  | President and Chief Executive Officer |
| Date: | December 1, 2025 |

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This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

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**Exhibit 19(b)** 

**SECTION 906 CERTIFICATION** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the Adams Street Private Equity Navigator Fund LLC (the "Fund").

Shannon Carlin, Vice President, Chief Financial Officer, and Treasurer of the Fund, certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&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 the operations of the Fund.

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| | |
|:---|:---|
| By: | /s/ Shannon Carlin |
|  | Shannon Carlin |
|  | Vice President, Chief Financial Officer, and Treasurer |
| Date: | December 1, 2025 |

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This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.