# EDGAR Filing Document

**Accession Number:** 0001447247
**File Stem:** 0001398344-26-010605
**Filing Date:** 2026-6
**Character Count:** 465004
**Document Hash:** 53b97929387a0cffbef19171f65d8e08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010605.hdr.sgml**: 20260609

**ACCESSION NUMBER**: 0001398344-26-010605

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260609

**DATE AS OF CHANGE**: 20260609

**EFFECTIVENESS DATE**: 20260609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Partners Group Private Equity Fund, LLC
- **CENTRAL INDEX KEY:** 0001447247

**ORGANIZATION NAME:**
- **EIN:** 800270189
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22241
- **FILM NUMBER:** 261075341

**BUSINESS ADDRESS:**
- **STREET 1:** 1114 AVENUE OF THE AMERICAS
- **STREET 2:** 37TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-908-2600

**MAIL ADDRESS:**
- **STREET 1:** 1114 AVENUE OF THE AMERICAS
- **STREET 2:** 37TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Partners Group Private Equity (Master Fund), LLC
- **DATE OF NAME CHANGE:** 20081007

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: 811-22241

Partners Group Private Equity Fund, LLC

(Exact name of registrant as specified in charter)

c/o Partners Group (USA) Inc.

1114 Avenue of the Americas, 37th Floor

New York, NY 10036

(Address of principal executive offices) (zip code)

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

---

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

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

Date of reporting period: <u>March 31, 2026</u>

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

(a) The Reports to Shareholders are attached herewith.

**PARTNERS GROUP PRIVATE EQUITY FUND, LLC**<br> *(a Delaware Limited Liability Company)* 

**Annual Report** 

For the Year Ended March 31, 2026<br>

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| | |
|:---|:---|
| See the inside front cover for important information about access to your Fund's annual and semiannual shareholder reports.  | ![](fp0096342-3_i.jpg) |

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Important information about access to shareholder reports

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

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

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

**Table of Contents** <br> For the Year Ended March 31, 2026

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| | |
|:---|:---|
| Report of Independent Registered Public Accounting Firm  | 1 |
| Management's Discussion of Fund Performance  | 2-6 |
| Consolidated Schedule of Investments  | 7-41 |
| Consolidated Statement of Assets and Liabilities  | 42-43 |
| Consolidated Statement of Operations  | 44 |
| Consolidated Statements of Changes in Net Assets  | 45 |
| Consolidated Statement of Cash Flows  | 46-47 |
| Consolidated Financial Highlights  | 48-51 |
| Notes to Consolidated Financial Statements  | 52-70 |
| Fund Management  | 71-74 |
| Other Information  | 75-79 |

---

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Report of Independent Registered Public Accounting Firm <br> For the Year Ended March 31, 2026

To the Board of Managers and Members of <br> Partners Group Private Equity Fund, LLC

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Partners Group Private Equity Fund, LLC and its subsidiaries (the "Fund") as of March 31, 2026, the related consolidated statements of operations and cash flows for the year ended March 31, 2026, the consolidated statement of changes in net assets for each of the two years in the year ended March 31, 2026, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the year ended March 31, 2026 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

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

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

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

/s/PricewaterhouseCoopers LLP <br> Dallas, Texas <br> May 30, 2026

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

**Partners Group Private Equity Fund, LLC** 

Management's Discussion of Fund Performance (Unaudited) <br> March 31, 2026

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

Partners Group is pleased to present the Partners Group Private Equity Fund, LLC (the "Fund") annual report for the fiscal year ending March 31, 2026. The Fund (Class I)<sup>2</sup> produced a 5.6% total return for the fiscal year and finished the year with USD 15.8 billion<sup>8</sup> in net assets. It was the Fund's sixteenth consecutive year of positive performance. The Fund intends to declare dividends each year equal to all or substantially all its taxable income. As such, in December 2025 the Fund distributed $0.0769 per share to investors, entirely composed of long-term capital gains.

**Management commentary** 

In 2025, global financial markets remained broadly resilient but increasingly volatile across regions. The US economy stayed comparatively strong, supported by AI-driven investment and higher-income consumption. At the same time, trade restrictions and tariff rates began to reintroduce core goods price pressure. As labor market conditions cooled, the Federal Reserve's focus shifted toward employment and it began easing, with rate cuts starting in September and extending into year-end. In Europe, growth was subdued but showed signs of stabilization as inflation moved closer to the ECB's target. China's growth was sustained by policy support for a period, but momentum faded as structural headwinds reasserted and domestic demand stayed soft. In private markets, buyout volumes softened earlier in the year, though pricing remained relatively firm amid resilient public markets and persistent buyer appetite. Exit activity improved as M&A conditions strengthened and IPO markets reopened, supporting a rebound in exit values. Overall transaction activity accelerated into Q4 alongside lower rates and better financing conditions. Against this backdrop, portfolio companies continue to illustrate how thematic alignment, operational transformation, and sustained value creation strategies combine to position assets to crystallize gains while maintaining exposure to future upside potential.

The public equity markets continued to experience a rally in 2025 following the strong performance in 2024. The Fund's Blended Benchmark 1<sup>3</sup>, Blended Benchmark 2<sup>4</sup>, and MSCI World Index<sup>5</sup> posted total returns of 16.2%, 15.6%, and 21.1%, respectively in the calendar year 2025, propelled by the technology industry, especially as it relates to AI. In contrast to private markets, the public market returns in 2025 were primarily valuation-driven, building on the gains of 2024 and continuing the rebound from the lows of 2022. Notwithstanding the volatility in public market prices, we continued to see improved growth and positioning from the companies in the Fund's portfolio. We believe that focusing on market-leading businesses and taking an active investing approach fosters long-term business growth, leading to outperformance.

While the Fund's existing portfolio continues to create value for investors, the Adviser was selective in pursuing new investment opportunities in 2025. We remained disciplined in our rigorous underwriting and found select attractive opportunities while still accepting less than 5% of the investments screened. We also focused on maintaining a high investment level with less than 10% cash in any given month.

**Partners Group Private Equity Fund, LLC** 

Management's Discussion of Fund Performance (Unaudited) <br> March 31, 2026 (continued)

![](fp0096342-3_3.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Annualized Total Return as of March 31, 2026<sup>2</sup>** | **Annualized Total Return as of March 31, 2026<sup>2</sup>** | **Annualized Total Return as of March 31, 2026<sup>2</sup>** |
|  | **1 Year** | **5 Year**  | **10 Year/ <br> Since Inception<sup>7</sup>** |
| PGPE Class I NAV Based  | 5.6% | 7.8% | 10.2% |
| PGPE Class M NAV Based  | n.a. | n.a. | -1.2% |
| PGPE Class S NAV Based  | n.a. | n.a. | 2.4% |
| PGPE Class S NAV Based with Sales Load<sup>6</sup>  | n.a. | n.a. | 0.6% |
| PGPE Class A NAV Based  | 4.9% | 7.0% | 9.4% |
| PGPE Class A NAV Based with Sales Load<sup>6</sup>  | 1.2% | 6.2% | 9.0% |
| Blended Benchmark 1<sup>3</sup>  | 14.4% | 8.9% | 9.8% |
| Blended Benchmark 2<sup>4</sup>  | 17.2% | 5.7% | 8.3% |
| MSCI World Index (NDDUWI)<sup>5</sup>  | 18.9% | 10.3% | 11.8% |

---

**Portfolio positioning** 

As has been the case since the Fund's inception, the Adviser's relative value views across asset class, investment type, geography, or position in the capital structure will vary over time. We believe that the flexibility afforded by the Fund's ability to make Direct, Secondary, and Primary Private Equity investments in a variety of markets, regions, and sectors, will continue to help the Fund achieve its investment objectives. Private Equity Direct and Secondary Investments were the investment focus of 2025. This approach allowed the Fund to capitalize on the appealing opportunities within the secondary market, while also continuing to leverage direct investments, which we believe will be the key driver of returns in the future.

As of March 31, 2026, the Fund has direct and indirect exposure to more than 3,000 portfolio companies with the top 20 representing 27.5% of the portfolio. Geographic splits are North America (55%), Europe (39%), Asia-Pacific (3%), and other regions (3%). Of these, the Fund held direct interests in 460 assets (65% of portfolio value), 73 stakes in secondary investments (16%), 232 primary commitments (15%), and 123 listed investments (4%). The Fund is further diversified with investments across more than 16 vintage years.

**Partners Group Private Equity Fund, LLC** 

Management's Discussion of Fund Performance (Unaudited) <br> March 31, 2026 (continued)

**Private Equity** 

In 2025, the Fund maintained an overweight allocation to Private Equity relative to its other asset classes, with Direct investments complemented by exposure to Secondary and Primary investments. Private Equity Direct investments were the largest individual contributor to the positive performance during the year, accounting for about 25% of the Fund's investment value creation.

Within our Private Equity portfolio, our strategy continues to be a defensive and disciplined approach in how we select and manage our portfolio companies. We remain focused on acquiring market-leading businesses in resilient, non-cyclical sectors that are poised for future expansion. These already strong companies are further reinforced by the expertise of our network of experienced Operating Directors. We continue to capitalize on organic growth opportunities by driving business transformation and digitalization. This transformational investing approach remains central to our value creation thesis, leveraging technology-enabled solutions and operational improvements to enhance efficiency and scalability.

During the fiscal year, the portfolio companies in the Fund delivered robust EBITDA growth during a dynamic market environment. This sustained performance underscores the investment team's expertise in identifying and capitalizing on stable, long-term themes. The active involvement of our investment professionals and Operating Directors remained a key driver of value creation in 2025. This year marked the full implementation of our "Operators 2.0" model, which integrates Operating Directors more deeply into the investment process, enhancing strategic alignment and execution at the portfolio company level. Our hands-on ownership approach was further supported by digital governance tools, including data-driven boardroom dashboards that enabled real-time performance tracking and decision-making. On the risk management front, we maintained a proactive stance: nearly all debt maturities across the Private Equity Direct portfolio are now extended to 2028 or beyond, and the majority of floating-rate exposures are hedged, ensuring resilience against interest rate volatility and preserving financial flexibility.

**Private Debt** 

In 2025, our global direct lending strategy performed broadly in line with expectations, benefiting from elevated base rates and the steady income profile of senior floating-rate loans. Returns were driven primarily by coupon income, while credit performance remained relatively stable despite pockets of macro volatility and continued higher interest burdens for borrowers.

The Fund maintained its tactical target allocation to Private Debt throughout the financial year. Throughout the year, we stayed disciplined in underwriting and portfolio construction, and while increased competition led to broadly tighter economics, active portfolio management and selective new origination helped us maintain credit quality and manage risk. Overall, 2025 reinforced the defensive characteristics of senior direct lending and the importance of scale, selectivity, and active underwriting in navigating a more complex credit environment.

**Private Infrastructure** 

Over the course of the year, the Fund's allocation to Private Infrastructure was well-positioned. Market activity remained resilient and was supported by the asset's fundamentally defensive characteristics, for example: long-term contracts, essential services, and high barriers to entry. These infrastructure investments helped to shield the portfolio from inflationary pressures and geopolitical turbulence over the course of the year and contributed a combined 27% of the Fund's investment value creation across all infrastructure investment transaction types.

The Fund invests in infrastructure assets via both direct and indirect structures, focused on the highest quality opportunities within high-conviction thematic areas. The team prioritizes opportunities where assets are primarily operational and where downside mitigation is anticipated, and where there is a clear pathway to scaling or improving the business/assets further over the course of the hold.

**Other investments** 

A considerably smaller portion of the Fund's investments is allocated to other liquid assets, including Common Stocks (both listed infrastructure and listed Private Equity). Additionally, to a lesser degree, the Fund also invests nominal amounts in Asset-Backed Securities. In 2025, the liquid portion of the fund remained flat, despite a volatile year and market headwinds as resilient industrial investments continue to be a key hedge in the listed portfolio.

**Partners Group Private Equity Fund, LLC** 

Management's Discussion of Fund Performance (Unaudited) <br> March 31, 2026 (continued)

**Looking ahead** 

At a macro level, the past 12 months have been characterized by elevated uncertainty driven by major policy shifts and evolving geopolitical tensions. In particular, ongoing US policy uncertainty — such as tariffs — alongside the conflict in the Middle East have brought renewed uncertainty to the outlook. In 2025, inflation remained broadly contained and labor market indicators softened, leading the Fed to deliver three consecutive 25 bps rate cuts toward the end of the year. More recently, the rise in energy prices as a result of the Iran war has re-introduced the risk of increasing inflation (especially headline inflation, while core inflation should be more stable) while at the same time presenting downside risk to economic growth (although we don't forecast a recession in the US). These circumstances have introduced conflicting forces with regards to the Fed's dual mandate, but we continue to expect further Fed funds rate cuts in 2026, though the timing will likely be delayed.

Against this backdrop, we believe PGPE remains well positioned to navigate near term volatility. Direct exposure to recent developments in the Middle East is very limited and the rise in energy prices is not expected to have a material impact on portfolio companies; only a small number of companies are at risk to some near term negative impact, and in those cases, mitigation is already well advanced. Specifically, exposure is largely buffered through long term supply and off take contracts, contractual pass through mechanisms, and diversified sourcing arrangements. Management teams are also actively executing operational initiatives to manage input cost volatility—such as procurement renegotiations, targeted pricing actions, and cost discipline measures—while maintaining conservatively structured balance sheets.

More broadly, we believe private equity benefits from a favorable environment: valuation discounts relative to public markets are at their widest in 15 years<sup>9</sup>, borrowing costs have retreated more than 60% from post COVID peaks, and exit activity and premiums are recovering alongside improving capital markets conditions<sup>10</sup>. We remain constructive on the Fund's ability to manage uncertainty and capitalize on attractive investment opportunities.

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

Sincerely,

Partners Group (USA) Inc.

Note: Data as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Terms used but not defined in this letter have the meanings set forth in the Notes to the Fund's Financial Statements for the fiscal year ended March 31, 2026 hereinafter appearing.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Blended Benchmark 1 represents a 70% allocation to the MSCI World Index, a 20% allocation to the S&P Leveraged Loan Index, and a 10% allocation to cash represented by the ICE BofA US Treasury 0-3m Bill index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Effective March 1, 2026, the Blended Benchmark 2 was aligned with the updated target portfolio allocation for Partners Group Private Equity Fund, LLC. The Fund's Blended Benchmark 2 represents a 80% allocation to the MSCI World SMID Cap Index, a 10% allocation to the S&P Leveraged Loan Index, and a 10% allocation to cash represented by the ICE BofA US Treasury 0-3m Bill index. Past performance is no indication or guarantee of future performance. The indexes are unmanaged and do not include fees. Investors may not invest in an index directly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The MSCI World Index captures large and mid cap representation across 23 Developed Markets (DM) countries. With 1,539 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. The indexes are unmanaged and do not include fees. Investors may not invest in an index directly The index does not serve as a benchmark for the Fund and the index performance is presented for illustrative purposes only.

**Partners Group Private Equity Fund, LLC** 

Management's Discussion of Fund Performance (Unaudited) <br> March 31, 2026 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Assumes Maximum Placement Fee of 3.50% for Class A and 1.50% for Class S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The inception date of Class I is July 1, 2009 and thus performance is shown for a 10-year period beginning March 31, 2016. The Inception date of Class M is January 1, 2026, the inception date of Class S is July 1, 2025, and the inception date of Class A is December 31, 2016. Performance for Class M, Class S, and Class A is shown as of each respective inception date. The index and benchmarks shown are since inception of Class I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Assets figure does not include April 1, 2026 tenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Source: Preqin and Bloomberg

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Source: Pitchbook and MSCI

Foreside Fund Services, LLC is the placement agent for the Fund.

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Common Stocks (3.50%)<br> North America (2.13%)** | **Industry** | **Acquisition<br> Date** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp.  | &nbsp;&nbsp;Communication | 05/29/20 | 79263 | $| 13672868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc.  | &nbsp;&nbsp;Utilities | 02/16/16 | 86608 |  | 11781286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, LLC  | &nbsp;&nbsp;Diversified Financial Services | 09/05/23 | 132212 |  | 14727095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp.  | &nbsp;&nbsp;Diversified Financial Services | 06/28/19 | 89697 |  | 9781458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp.  | &nbsp;&nbsp;Utilities | 02/16/16 | 68415 |  | 12633514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Group, Inc.  | &nbsp;&nbsp;Diversified Financial Services | 07/12/19 | 80851 |  | 9296248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc.  | &nbsp;&nbsp;Financials | 10/21/24 | 614312 |  | 5602525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corp.  | &nbsp;&nbsp;Diversified Financial Services | 12/12/22 | 417156 |  | 16886454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway Ltd  | &nbsp;&nbsp;Transportation | 11/19/25 | 87426 |  | 6799983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp.  | &nbsp;&nbsp;Utilities | 11/01/19 | 148075 |  | 11487659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corp.  | &nbsp;&nbsp;Transportation | 11/28/23 | 278268 |  | 11422901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc.  | &nbsp;&nbsp;Diversified Financial Services | 07/31/20 | 13382 |  | 13113156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HarbourVest Global Private Equity  | &nbsp;&nbsp;Diversified Financial Services | 12/21/18 | 354602 |  | 14057310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc.  | &nbsp;&nbsp;Diversified Financial Services | 02/16/16 | 104195 |  | 9642205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.  | &nbsp;&nbsp;Consumer Services | 01/06/20 | 1959184 |  | 52741231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc.  | &nbsp;&nbsp;Transportation | 09/25/24 | 65526 |  | 12791986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Corp.  | &nbsp;&nbsp;Diversified Financial Services | 02/16/16 | 188589 |  | 13626764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services Inc.  | &nbsp;&nbsp;Commercial & Professional Services | 08/28/17 | 60828 |  | 13321940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp.  | &nbsp;&nbsp;Real Estate | 09/05/23 | 39202 |  | 6747448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy  | &nbsp;&nbsp;Utilities | 06/28/23 | 116559 |  | 11324872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corp.  | &nbsp;&nbsp;Utilities | 11/01/19 | 149212 |  | 9225119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Williams Companies, Inc.  | &nbsp;&nbsp;Utilities | 03/20/23 | 220720 |  | 16055173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Inc.  | &nbsp;&nbsp;Financials | 09/25/24 | 96699 |  | 3916310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp.  | &nbsp;&nbsp;Transportation | 06/29/16 | 53986 |  | 13099163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management Inc.  | &nbsp;&nbsp;Utilities | 07/02/20 | 53209 |  | 12222107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (2.13%)** |  |  |  |  | 325976775 |
| &nbsp;&nbsp;&nbsp;**Western Europe (1.37%)** | &nbsp;&nbsp;&nbsp;**Western Europe (1.37%)** | &nbsp;&nbsp;&nbsp;**Western Europe (1.37%)** | &nbsp;&nbsp;&nbsp;**Western Europe (1.37%)** | &nbsp;&nbsp;&nbsp;**Western Europe (1.37%)** | &nbsp;&nbsp;&nbsp;**Western Europe (1.37%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3i Group Plc  | &nbsp;&nbsp;Diversified Financial Services | 10/01/20 | 546421 |  | 17574285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aena SA  | &nbsp;&nbsp;Transportation | 12/21/18 | 368531 |  | 10823147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AltaGas Ltd.  | &nbsp;&nbsp;Utilities | 12/17/25 | 169688 |  | 5848492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cellnex Telecom SA  | &nbsp;&nbsp;Communication | 05/15/19 | 605864 |  | 19293439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners Plc  | &nbsp;&nbsp;Financials | 04/26/24 | 1136229 |  | 14577748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elia System Operator SA/NV  | &nbsp;&nbsp;Utilities | 11/03/22 | 56902 |  | 8624279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT AB  | &nbsp;&nbsp;Diversified Financial Services | 04/06/20 | 275259 |  | 8298690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurazeo SA  | &nbsp;&nbsp;Financials | 12/12/16 | 238292 |  | 11081923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrovial SA  | &nbsp;&nbsp;Industrials | 04/15/24 | 153490 |  | 9796839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HgCapital Trust PLC  | &nbsp;&nbsp;Diversified Financial Services | 02/12/16 | 2874996 |  | 14715856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane S.p.A.  | &nbsp;&nbsp;Communication | 09/26/24 | 544305 |  | 4294101 |

---

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks (continued)<br> Western Europe (continued)** | **Industry** | **Acquisition<br> Date** | **Shares** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediate Capital Group PLC  | &nbsp;&nbsp;Diversified Financial Services | 12/12/16 | 872369 | $17492842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor AB  | &nbsp;&nbsp;Diversified Financial Services | 08/28/17 | 322818 | 11993623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Grid PLC  | &nbsp;&nbsp;Utilities | 02/12/16 | 622003 | 10412875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NB Private Equity Partners Ltd.  | &nbsp;&nbsp;Diversified Financial Services | 11/06/19 | 319232 | 5575849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pantheon International Participations Plc  | &nbsp;&nbsp;Diversified Financial Services | 11/04/19 | 1773858 | 8459481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terna Rete Elettrica Nazionale SpA  | &nbsp;&nbsp;Utilities | 01/05/18 | 1067293 | 12115009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinci SA  | &nbsp;&nbsp;Transportation | 02/12/16 | 122216 | 18037903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (1.37%)** |  |  |  | 209016381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $542,214,859)(3.50%)** |  |  |  | $534993156 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **High Yield Bonds (0.91%)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value<sup>\*\*</sup>** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;**North America (0.20%)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acrisure LLC / Acrisure Finance, Inc. <sup>\*\*\*, +</sup>  | 7.50% | 06/05/24 | 11/06/30 | &nbsp;&nbsp;Senior | $3000000 | $| 3072361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC <sup>\*\*\*, +</sup>  | 6.87% | 07/24/25 | 08/01/32 | &nbsp;&nbsp;Senior | $350000 |  | 366270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beach Acquisition Bidco, LLC <sup>\*\*\*, +</sup>  | 5.25% | 06/26/25 | 07/15/32 | &nbsp;&nbsp;Senior | $1500000 |  | 1709284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camelot Return Merger Sub Inc. <sup>\*\*\*, +</sup>  | Cash 8.75% + SF<sup>vvv</sup> | 07/20/22 | 08/01/28 | &nbsp;&nbsp;Senior | $1500000 |  | 935154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clarios Global LP / Clarios US Finance Co <sup>\*\*\*, +</sup>  | Cash 6.75% + SF<sup>vvv</sup> | 01/14/25 | 02/15/30 | &nbsp;&nbsp;Senior | $400000 |  | 413840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. <sup>\*\*\*, +</sup>  | 7.13% | 01/22/26 | 02/01/33 | &nbsp;&nbsp;Senior | $640000 |  | 640000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dotdash Meredith, Inc. <sup>\*\*\*, +</sup>  | 3.50% | 03/24/26 | 06/15/32 | &nbsp;&nbsp;Senior | $2000000 |  | 1891863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response, Inc. <sup>\*\*\*, +</sup>  | 7.37% | 09/10/25 | 10/31/28 | &nbsp;&nbsp;Senior | $367000 |  | 385677 |
| &nbsp;&nbsp;&nbsp;&nbsp;King US Bidco Inc <sup>\*\*\*, +</sup>  | 5.24% | 11/12/25 | 12/01/32 | &nbsp;&nbsp;Senior | $2778000 |  | 3214302 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAK-Eagle Acquireco, Inc. <sup>\*\*\*, +, f</sup>  | 7.25% | 03/24/26 | 07/01/33 | &nbsp;&nbsp;Senior | $500000 |  | 518044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corporation <sup>\*\*\*, +</sup>  | 4.25% | 05/22/25 | 10/01/28 | &nbsp;&nbsp;Senior | $3077000 |  | 2986941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings Inc. <sup>\*\*\*, +</sup>  | Cash 6.38% + SF<sup>vvv</sup> | 01/31/25 | 03/01/32 | &nbsp;&nbsp;Senior | $933000 |  | 961027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc. <sup>\*\*\*, +</sup>  | 8.50% | 06/26/25 | 07/15/32 | &nbsp;&nbsp;Senior | $3554000 |  | 3517429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings LLC <sup>\*\*\*, +</sup>  | 6.87% | 10/14/24 | 11/15/31 | &nbsp;&nbsp;Senior | $1200000 |  | 1193397 |
| &nbsp;&nbsp;&nbsp;&nbsp;UPCB Finance VII Ltd. <sup>\*\*\*, +</sup>  | 3.63% | 06/24/24 | 06/15/29 | &nbsp;&nbsp;Senior | $3093690 |  | 3512490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verde Purchaser, LLC <sup>+</sup>  | Cash 4.13% | 05/06/25 | 11/15/28 | &nbsp;&nbsp;Senior | $5000000 |  | 4956017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (0.20%)** |  |  |  |  |  |  | 30274096 |
| &nbsp;&nbsp;&nbsp;**Western Europe (0.71%)** | &nbsp;&nbsp;&nbsp;**Western Europe (0.71%)** | &nbsp;&nbsp;&nbsp;**Western Europe (0.71%)** | &nbsp;&nbsp;&nbsp;**Western Europe (0.71%)** | &nbsp;&nbsp;&nbsp;**Western Europe (0.71%)** | &nbsp;&nbsp;&nbsp;**Western Europe (0.71%)** | &nbsp;&nbsp;&nbsp;**Western Europe (0.71%)** | &nbsp;&nbsp;&nbsp;**Western Europe (0.71%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;AccorInvest Group S.A. <sup>\*\*\*, +</sup>  | 6.38% | 09/18/24 | 10/15/29 | &nbsp;&nbsp;Senior | $738000 |  | 872565 |
| &nbsp;&nbsp;&nbsp;&nbsp;AccorInvest Group SA <sup>\*\*\*, +</sup>  | 3.75% + E<sup>##</sup> | 05/08/25 | 05/15/32 | &nbsp;&nbsp;Senior | 3140000 |  | 3640851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 1 S.a r.l. <sup>\*\*\*, +</sup>  | 7.00% | 01/07/25 | 05/21/30 | &nbsp;&nbsp;Senior | $1062000 |  | 1100624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Belron UK Finance PLC <sup>\*\*\*, +</sup>  | 5.75% | 10/02/24 | 10/15/29 | &nbsp;&nbsp;Senior | $3667000 |  | 3719695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Celsa Opco SA <sup>\*\*\*, +</sup>  | 8.25% | 12/04/25 | 12/15/30 | &nbsp;&nbsp;Senior | $1800000 |  | 2116199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cidron Atrium SE <sup>\*\*\*, +</sup>  | 5.63% | 01/28/26 | 02/15/33 | &nbsp;&nbsp;Senior | $3462000 |  | 3917889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deuce Finco Plc <sup>\*\*\*, +</sup>  | 7.00% | 05/06/25 | 06/15/27 | &nbsp;&nbsp;Senior | $9290000 |  | 12205714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dolcetto Holdco SPA <sup>\*\*\*, +</sup>  | 5.63% | 06/26/25 | 07/14/32 | &nbsp;&nbsp;Senior | $3555000 |  | 4117354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dolcetto Holdco SPA <sup>\*\*\*, +</sup>  | 3.63% + E<sup>##</sup> | 06/25/25 | 07/14/32 | &nbsp;&nbsp;Senior | 2630000 |  | 3052204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flos B&B Italia Spa <sup>\*\*\*, +</sup>  | 3.88% + E<sup>##</sup> | 05/14/25 | 12/17/29 | &nbsp;&nbsp;Senior | 5000000 |  | 5753642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance PLC <sup>\*\*\*, +</sup>  | 7.25% | 05/08/24 | 02/15/31 | &nbsp;&nbsp;Senior | $5000000 |  | 5073880 |
| &nbsp;&nbsp;&nbsp;&nbsp;IMA Industria Macchine <sup>\*\*\*, +</sup>  | 3.75% | 06/20/24 | 01/15/28 | &nbsp;&nbsp;Senior | $6000000 |  | 6851185 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **High Yield Bonds (continued)<br> Western Europe (continued)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;INEOS Finance Plc <sup>\*\*\*, +</sup>  | 7.50% | 01/31/24 | 04/15/29 | &nbsp;&nbsp;Senior | $1800000 | $1752167 |
| &nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance S.à.r.l. <sup>\*\*\*, +</sup>  | 7.88% | 09/30/25 | 09/30/32 | &nbsp;&nbsp;Senior | $1091000 | 819151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mehilainen Yhtiot Oy <sup>\*\*\*, +</sup>  | 5.13% | 06/11/25 | 06/30/32 | &nbsp;&nbsp;Senior | $749000 | 876236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mehilainen Yhtiot Oy <sup>\*\*\*, +</sup>  | 3.38% + E<sup>##</sup> | 06/11/25 | 06/30/32 | &nbsp;&nbsp;Senior | 1817000 | 2106030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nidda Healthcare Holding GmbH <sup>\*\*\*, +</sup>  | 5.28% | 10/01/25 | 10/15/32 | &nbsp;&nbsp;Senior | $3803000 | 4381190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Omnia Technologies SpA <sup>\*\*\*, +</sup>  | 6.38% | 07/02/25 | 11/05/31 | &nbsp;&nbsp;Senior | $3000000 | 3266680 |
| &nbsp;&nbsp;&nbsp;&nbsp;ONE Hotels GmbH <sup>\*\*\*, +</sup>  | 7.75% | 05/02/24 | 04/02/31 | &nbsp;&nbsp;Senior | $1600000 | 1936673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Opal Bidco SAS <sup>\*\*\*, +</sup>  | 6.50% | 03/31/25 | 03/31/32 | &nbsp;&nbsp;Senior | $3333000 | 3410499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rossini S.à.r.l. <sup>\*\*\*, +</sup>  | 6.75% | 07/11/24 | 12/31/29 | &nbsp;&nbsp;Senior | $906000 | 1082306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rossini S.à.r.l. <sup>\*\*\*, +</sup>  | 3.875% + E<sup>##</sup> | 07/11/24 | 12/31/29 | &nbsp;&nbsp;Senior | 2840000 | 3302717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sammontana Italia S.p.A. <sup>\*\*\*, +</sup>  | 3.75% + E<sup>##</sup> | 10/02/24 | 08/15/31 | &nbsp;&nbsp;Senior | 3294000 | 3826513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sherwood Financing PLC <sup>\*\*\*, +</sup>  | 5.55% + E<sup>##</sup> | 11/28/24 | 12/15/29 | &nbsp;&nbsp;Senior | 4800000 | 5470845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teamsystem S.P.A. <sup>\*\*\*, +</sup>  | 5.00% | 06/18/25 | 07/01/31 | &nbsp;&nbsp;Senior | $2418000 | 2603851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teamsystem S.P.A. <sup>\*\*\*, +</sup>  | 3.25% + E<sup>##</sup> | 06/18/25 | 07/01/32 | &nbsp;&nbsp;Senior | 4078000 | 4448229 |
| &nbsp;&nbsp;&nbsp;&nbsp;TeamSystem SpA <sup>\*\*\*, +</sup>  | 3.50% + E<sup>##</sup> | 06/20/24 | 02/15/28 | &nbsp;&nbsp;Senior | 6000000 | 6810205 |
| &nbsp;&nbsp;&nbsp;&nbsp;TeamSystem SpA <sup>\*\*\*, +</sup>  | 3.50% + E<sup>##</sup> | 07/17/24 | 07/31/31 | &nbsp;&nbsp;Senior | 3830000 | 4256084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wp/ap Telecom Holdings III B.V. <sup>\*\*\*, +</sup>  | 5.50% | 05/29/24 | 01/15/30 | &nbsp;&nbsp;Senior | $6000000 | 6790081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (0.71%)** |  |  |  |  |  | 109561259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total High Yield Bonds (Cost $137,441,147)(0.91%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total High Yield Bonds (Cost $137,441,147)(0.91%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total High Yield Bonds (Cost $137,441,147)(0.91%)** |  |  |  | $139835355 |
| **Asset-Backed Securities (0.53%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America (0.41%)** | &nbsp;&nbsp;&nbsp;**North America (0.41%)** | &nbsp;&nbsp;&nbsp;**North America (0.41%)** | &nbsp;&nbsp;&nbsp;**North America (0.41%)** | &nbsp;&nbsp;&nbsp;**North America (0.41%)** | &nbsp;&nbsp;&nbsp;**North America (0.41%)** | &nbsp;&nbsp;&nbsp;**North America (0.41%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 9 Ltd. <sup>\*\*\*, +</sup>  | 6.50% + SF<sup>vv</sup> | 04/11/24 | 04/20/37 | &nbsp;&nbsp;Series 2020-9A, Class ER | $3500000 | $3251132 |
| &nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 21 Ltd. <sup>\*\*\*, +</sup>  | 6.00% + SF<sup>vv</sup> | 04/09/24 | 04/18/37 | &nbsp;&nbsp;Series 2024-21A, Class E | $3000000 | 3056545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 18 Ltd . <sup>\*\*\*, +</sup>  | 5.75% + SF<sup>vv</sup> | 03/21/25 | 04/15/38 | &nbsp;&nbsp;Series 2021-18A, Class DR | $2260000 | 2056521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 28 Ltd <sup>\*\*\*, +</sup>  | 5.00% + SF<sup>vv</sup> | 02/19/26 | 01/20/38 | &nbsp;&nbsp;Series 2024-28A, Class D | $1000000 | 984396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO X <sup>\*\*\*, +</sup>  | 5.00% + SF<sup>vv</sup> | 02/12/26 | 07/20/38 | &nbsp;&nbsp;Series 2016-10A, Class DR3 | $2820000 | 2814351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXV Ltd <sup>\*\*\*, +</sup>  | 0.00% + SF<sup>vv</sup> | 12/17/25 | 01/15/35 | &nbsp;&nbsp;Series 2021-25A, Class SUB | $2383993 | 1252431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXXIV Ltd. <sup>\*\*\*, +</sup>  | 6.70% + SF<sup>vv</sup> | 03/22/24 | 07/25/37 | &nbsp;&nbsp;Series 2024-34A, Class E | $1000000 | 979976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXXIV Ltd. <sup>\*\*\*, +</sup>  | 10.37% | 03/22/24 | 07/25/37 | &nbsp;&nbsp;Series 2024-34A, Class SUB | $2500000 | 1452100 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2019-I Ltd <sup>\*\*\*, +</sup>  | 5.75% + SF<sup>vv</sup> | 03/18/26 | 10/20/37 | &nbsp;&nbsp;Series 2019-1A, Class ER | $1500000 | 1466185 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2019-VI Ltd. <sup>\*\*\*, +</sup>  | 6.25% + SF<sup>vv</sup> | 05/22/24 | 07/16/37 | &nbsp;&nbsp;Series 2019-6A, Class ER | $1200000 | 1178246 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2021-I Ltd. <sup>\*\*\*, +</sup>  | 6.00% + SF<sup>vv</sup> | 06/03/24 | 07/25/37 | &nbsp;&nbsp;Series 2021-1A, Class ER | $2500000 | 2446089 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2021-IV Ltd. <sup>\*\*\*, +</sup>  | 6.20%+ SF<sup>vv</sup> | 04/08/25 | 07/23/37 | &nbsp;&nbsp;Series 2021-4A, Class ER | $1000000 | 977482 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2021-VI Ltd. <sup>\*\*\*, +</sup>  | 6.51% + SF<sup>vv</sup> | 09/22/21 | 10/15/34 | &nbsp;&nbsp;Series 2021-6A, Class E | $1500000 | 1443270 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2022-III Ltd <sup>\*\*\*, +</sup>  | 6.50% + SF<sup>vv</sup> | 02/13/26 | 04/21/35 | &nbsp;&nbsp;Series 2022-3A, Class ER | $1000000 | 955305 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2024-II Ltd. <sup>\*\*\*, +</sup>  | 0.00% + SF<sup>vv</sup> | 04/01/24 | 04/22/37 | &nbsp;&nbsp;Series 2024-2A, Class SUBB | $3000000 | 1755630 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2026-I Ltd <sup>\*\*\*, +</sup>  | 4.30% + SF<sup>vv</sup> | 01/30/26 | 04/25/39 | &nbsp;&nbsp;Series 2026-1A, Class E | $2000000 | 2005521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 26 Ltd. <sup>\*\*\*, +</sup>  | 6.45% + SF<sup>vv</sup> | 02/15/24 | 04/18/37 | &nbsp;&nbsp;Series 2024-1A, Class E | $2500000 | 2549308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 28 Ltd. <sup>\*\*\*, +</sup>  | 6.00% + SF<sup>vv</sup> | 04/19/24 | 04/17/37 | &nbsp;&nbsp;Series 2024-4A, Class E | $1400000 | 1369680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO VII Ltd. <sup>\*\*\*, +</sup>  | 5.90% + SF<sup>vv</sup> | 09/26/24 | 10/17/37 | &nbsp;&nbsp;Series 2020-4A, Class ERR | $3750000 | 3613553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO X Ltd. <sup>\*\*\*, +</sup>  | 5.95%+ SF | 06/23/25 | 07/20/38 | &nbsp;&nbsp;Series 2021-3A, Class ER2 | $2000000 | 1975143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO XII Ltd <sup>\*\*\*, +</sup>  | 5.90% + SF<sup>vv</sup> | 11/03/25 | 10/15/37 | &nbsp;&nbsp;Series 2021-5A, Class ER | $2675000 | 2646695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnetite XXIV Ltd. <sup>\*\*\*, +</sup>  | 6.40% + SF<sup>vv</sup> | 02/04/22 | 04/15/35 | &nbsp;&nbsp;Series 2019-24A, Class ER | $4000000 | 3862571 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset-Backed Securities (continued)<br> North America (continued)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;OCP CLO Ltd <sup>\*\*\*, +</sup>  | 4.50% + SF<sup>vv</sup> | 02/19/26 | 01/17/39 | &nbsp;&nbsp;Series 2021-23A, Class ER2 | $1000000 | $955708 |
| &nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding 1 LTD <sup>\*\*\*, +</sup>  | 6.50% + SF<sup>vv</sup> | 03/18/26 | 04/20/37 | &nbsp;&nbsp;Series 2018-1A, Class ER | $2000000 | 2000219 |
| &nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding 19 Ltd. <sup>\*\*\*, +</sup>  | 5.60% + SF<sup>vv</sup> | 05/31/24 | 07/20/37 | &nbsp;&nbsp;Series 2024-19A, Class E | $950000 | 963901 |
| &nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding 6 Ltd. <sup>\*\*\*, +</sup>  | 5.25%+ SF<sup>vv</sup> | 10/11/24 | 10/20/37 | &nbsp;&nbsp;Series 2020-6A, Class ER2 | $2000000 | 1951343 |
| &nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Partners XI Ltd. <sup>\*\*\*, +</sup>  | 5.75% + SF<sup>vv</sup> | 05/06/24 | 04/20/37 | &nbsp;&nbsp;Series 2015-11A, Class ER2 | $2000000 | 2024872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO 2024-2 Ltd. <sup>\*\*\*, +</sup>  | 5.70% + SF<sup>vv</sup> | 05/30/24 | 07/20/37 | &nbsp;&nbsp;Series 2024-2A, Class E | $4000000 | 4048968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO 2024-4 Ltd <sup>\*\*\*, +</sup>  | 5.00% + SF<sup>vv</sup> | 02/19/26 | 01/15/38 | &nbsp;&nbsp;Series 2024-4A, Class E | $2500000 | 2497660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Point Au Roche Park CLO Ltd <sup>\*\*\*, +</sup>  | 4.90% + SF<sup>vv</sup> | 01/27/26 | 01/20/39 | &nbsp;&nbsp;Series 2021-1A, Class ER | $2000000 | 1723645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwick Park CLO LLC <sup>\*\*\*, +</sup>  | 6.25% + SF<sup>vv</sup> | 11/16/21 | 07/20/32 | &nbsp;&nbsp;2019-4A, Class ERR | $1000000 | 877153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO XXV Ltd. <sup>\*\*\*, +</sup>  | 6.76% + SF<sup>vv</sup> | 03/12/21 | 04/19/34 | &nbsp;&nbsp;Series 2021-25A, Class E | $752616 | 679153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wellman Park CLO Ltd. <sup>\*\*\*, +</sup>  | 6.30% + SF<sup>vv</sup> | 07/25/24 | 07/15/37 | &nbsp;&nbsp;Series 2021-1A, Class ER | $2000000 | 1717428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (0.41%)** |  |  |  |  |  | 63532180 |
| &nbsp;&nbsp;&nbsp;**Western Europe (0.12%)** | &nbsp;&nbsp;&nbsp;**Western Europe (0.12%)** | &nbsp;&nbsp;&nbsp;**Western Europe (0.12%)** | &nbsp;&nbsp;&nbsp;**Western Europe (0.12%)** | &nbsp;&nbsp;&nbsp;**Western Europe (0.12%)** | &nbsp;&nbsp;&nbsp;**Western Europe (0.12%)** | &nbsp;&nbsp;&nbsp;**Western Europe (0.12%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurium CLO V Designated Activity Co. <sup>\*\*\*, +</sup>  | 6.16% + E<sup>##</sup> | 03/08/21 | 04/17/34 | &nbsp;&nbsp;Series 5A, Class ER | 1500000 | 1687969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avoca CLO XXVI DAC <sup>\*\*\*, +</sup>  | 9.12% + E<sup>##</sup> | 02/23/22 | 04/15/35 | &nbsp;&nbsp;Series 26A, Class F | 1200000 | 1329507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avoca CLO XXVI DAC <sup>\*\*\*, +</sup>  | 6.51% + E<sup>##</sup> | 02/23/22 | 04/15/35 | &nbsp;&nbsp;Series 26A, Class E | 750000 | 851829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boyce Park CLO Ltd. <sup>\*\*\*, +</sup>  | 6.25% + SF<sup>vv</sup> | 01/28/22 | 04/21/35 | &nbsp;&nbsp;Series 2022-1A, Class E | $2625000 | 2333077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookhaven Park CLO Ltd. <sup>\*\*\*, +</sup>  | 6.50% + SF<sup>vv</sup> | 03/15/24 | 04/19/37 | &nbsp;&nbsp;Series 2024-1A, Class E | $1000000 | 911756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies Euro CLO 2015-1 Ltd <sup>\*\*\*, +</sup>  | 7.52% | 01/20/22 | 01/16/33 | &nbsp;&nbsp;Series 2015-1A, Class SUBR | $7562921 | 1941507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carysfort Park CLO <sup>\*\*\*, +</sup>  | 6.14% + E<sup>##</sup> | 03/12/21 | 07/28/34 | &nbsp;&nbsp;Series 2021-1A, Class D | 500000 | 576386 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC European Funding CLO II DAC <sup>\*\*\*, +</sup>  | 5.85% + E<sup>##</sup> | 10/17/25 | 10/15/39 | &nbsp;&nbsp;Series -2A, Class ER | 4000000 | 4485880 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVC Cordatus Loan Fund <sup>\*\*\*, +</sup>  | 8.00% + E<sup>##</sup> | 11/07/22 | 01/15/37 | &nbsp;&nbsp;Series -5A, Class ER3 | 1050000 | 1187172 |
| &nbsp;&nbsp;&nbsp;&nbsp;OCP Euro Clo 2022-6 DAC <sup>\*\*\*, +</sup>  | 8.62% + E<sup>##</sup> | 07/03/25 | 07/20/36 | &nbsp;&nbsp;Series 2022-6A, Class FRR | 1500000 | 1576334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Storm King Park CLO Ltd. <sup>\*\*\*, +</sup>  | 6.15% + SF<sup>vv</sup> | 09/17/24 | 10/15/37 | &nbsp;&nbsp;Series 2022-1A, Class ER | $1500000 | 1286792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (0.12%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (0.12%)** |  |  |  |  | 18168209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities (Cost $88,836,416)(0.53%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities (Cost $88,836,416)(0.53%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset-Backed Securities (Cost $88,836,416)(0.53%)** |  |  |  | $81700389 |
| **Floating Rate Loans \*\*\*\* (8.04%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America (6.01%)** | &nbsp;&nbsp;&nbsp;**North America (6.01%)** | &nbsp;&nbsp;&nbsp;**North America (6.01%)** | &nbsp;&nbsp;&nbsp;**North America (6.01%)** | &nbsp;&nbsp;&nbsp;**North America (6.01%)** | &nbsp;&nbsp;&nbsp;**North America (6.01%)** | &nbsp;&nbsp;&nbsp;**North America (6.01%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAL Delaware Holdco, Inc. <sup>+</sup>  | 2.75% + SF<sup>v</sup> | 01/31/25 | 07/30/31 | &nbsp;&nbsp;Senior | $2375965 | 2384031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrisure, LLC <sup>+</sup>  | 3.00% + SF<sup>v</sup> | 05/06/25 | 11/06/30 | &nbsp;&nbsp;Senior | $13522574 | 13139480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrisure, LLC <sup>+</sup>  | 3.25% + SF<sup>v</sup> | 06/05/25 | 06/21/32 | &nbsp;&nbsp;Senior | $2183500 | 2119633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEA International Holdings (Lux) S.à.r.l. <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 05/06/25 | 09/07/28 | &nbsp;&nbsp;Senior | $2203482 | 2203482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahead DB Holdings, LLC <sup>+</sup>  | 2.75 % + SF<sup>vv</sup> | 03/26/25 | 02/01/31 | &nbsp;&nbsp;Senior | $3449179 | 3417205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimbridge Acquisition Co., Inc. <sup>+</sup>  | 1.50% + SF<sup>vv</sup> | 03/11/25 | 03/11/30 | &nbsp;&nbsp;Senior | $601145 | 592879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIT Worldwide Logistics, Inc <sup>+</sup>  | 4.00% + SF<sup>vv</sup> | 05/06/25 | 04/08/30 | &nbsp;&nbsp;Senior | $3950000 | 3961652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 3 S.à.r.l. <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 07/01/25 | 05/21/31 | &nbsp;&nbsp;Senior | $4856524 | 4890666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alera Group, Inc. <sup>+</sup>  | 2.75% + SF<sup>v</sup> | 01/23/26 | 05/30/32 | &nbsp;&nbsp;Senior | $2985019 | 2912438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlixPartners, LLP <sup>+</sup>  | 2.00% + SF<sup>v</sup> | 07/31/25 | 08/12/32 | &nbsp;&nbsp;Senior | $7103874 | 7084232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate, LLC <sup>+</sup>  | 2.50% + SF<sup>v</sup> | 09/30/25 | 09/19/31 | &nbsp;&nbsp;Senior | $2992462 | 2983111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC <sup>+</sup>  | 3.25% + SF<sup>v</sup> | 08/06/25 | 08/20/32 | &nbsp;&nbsp;Senior | $4776000 | 4790185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC <sup>+</sup>  | 2.00 % + SF<sup>v</sup> | 09/19/24 | 09/30/31 | &nbsp;&nbsp;Senior | $6527729 | 6534746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Government Services Holdings LLC <sup>+</sup>  | 2.00% + SF<sup>v</sup> | 07/30/24 | 09/29/31 | &nbsp;&nbsp;Senior | $795000 | 797735 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Loans \*\*\*\* (continued)<br> North America (continued)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc. <sup>+</sup>  | 3.25 % + SF<sup>vv</sup> | 05/09/25 | 05/28/32 | &nbsp;&nbsp;Senior | $1885750 | $1876915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC <sup>+</sup>  | 3.00% + SF<sup>v</sup> | 02/02/26 | 08/01/32 | &nbsp;&nbsp;Senior | $7661500 | 7702987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anticimex International AB <sup>+</sup>  | 2.90% + SF<sup>vv</sup> | 11/28/25 | 11/17/31 | &nbsp;&nbsp;Senior | $4523714 | 4539456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean, Inc. <sup>+, e</sup>  | Cash 3.25% + SF<sup>vv</sup> | 03/21/25 | 03/26/32 | &nbsp;&nbsp;Senior | $655044 | 141698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archkey Solutions LLC <sup>+, e</sup>  | 4.25 % + SF<sup>vv</sup> | 03/03/25 | 11/01/31 | &nbsp;&nbsp;Senior | $3374665 | 3386273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argent Midco SAS <sup>+</sup>  | 3.00% + SF<sup>vvv</sup> | 11/20/25 | 11/12/32 | &nbsp;&nbsp;Senior | $1500000 | 1504687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auris Luxembourg III S.à.r.l. <sup>+</sup>  | 3.25% + SF<sup>v</sup> | 02/27/26 | 02/28/29 | &nbsp;&nbsp;Senior | $5208235 | 5172428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avalara, Inc <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 10/01/25 | 03/26/32 | &nbsp;&nbsp;Senior | $4466306 | 4382563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azuria Water Solutions, Inc. <sup>+</sup>  | 1.25% + P | 01/27/26 | 01/27/33 | &nbsp;&nbsp;Senior | $411765 | 410744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azuria Water Solutions, Inc. <sup>+</sup>  | 2.75% + SF | 01/27/26 | 01/27/33 | &nbsp;&nbsp;Senior | $3088235 | 3070879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb Corporation <sup>+</sup>  | 3.75% + SF<sup>v</sup> | 01/02/26 | 01/15/31 | &nbsp;&nbsp;Senior | $1955000 | 1965264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE Empire Holdings, Inc. <sup>+</sup>  | 3.25% + SF<sup>vv</sup> | 03/04/25 | 12/11/30 | &nbsp;&nbsp;Senior | $4510068 | 4451820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC <sup>+</sup>  | 3.25% + SF<sup>vv</sup> | 06/26/25 | 09/12/32 | &nbsp;&nbsp;Senior | $1845375 | 1854021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bella Holding Company, LLC <sup>+</sup>  | 3.00 % + SF<sup>v</sup> | 03/31/25 | 05/10/28 | &nbsp;&nbsp;Senior | $10941078 | 10953879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belron Finance 2019 LLC <sup>+</sup>  | 2.00% + SF<sup>vv</sup> | 02/09/26 | 10/16/31 | &nbsp;&nbsp;Senior | $8176070 | 8199085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackhawk Network Holdings, Inc <sup>+</sup>  | 3.50% + SF<sup>v</sup> | 02/06/26 | 03/12/29 | &nbsp;&nbsp;Senior | $6092042 | 6010561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boxer Parent Company Inc. <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 05/06/25 | 07/30/31 | &nbsp;&nbsp;Senior | $4318224 | 3964044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. <sup>+</sup>  | 4.00% + SF<sup>vv</sup> | 10/24/25 | 11/26/32 | &nbsp;&nbsp;Senior | $6000000 | 4753140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carestream Dental Technology, Inc. <sup>+</sup>  | 6.25% + SF<sup>v</sup> | 05/06/25 | 08/30/30 | &nbsp;&nbsp;Senior | $3513857 | 3566565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFC Bidco 2022 Ltd. <sup>+</sup>  | 3.75 % + SF<sup>vv</sup> | 05/30/25 | 05/30/32 | &nbsp;&nbsp;Senior | $18453750 | 17623331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charlotte Buyer, Inc. <sup>+</sup>  | 4.25% + SF<sup>v</sup> | 05/06/25 | 02/11/28 | &nbsp;&nbsp;Senior | $4005988 | 3997756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter NEX US, Inc. <sup>+</sup>  | 2.50% + SF<sup>v</sup> | 01/05/26 | 11/29/30 | &nbsp;&nbsp;Senior | $1386961 | 1387634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago US Midco III LP <sup>+, e</sup>  | 2.50% + SF<sup>v</sup> | 10/09/25 | 11/01/32 | &nbsp;&nbsp;Senior | $3500000 | 3042531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chrysaor Bidco S.à.r.l. <sup>+</sup>  | 3.25% + SF<sup>vv</sup> | 10/16/25 | 10/30/31 | &nbsp;&nbsp;Senior | $8106179 | 8134023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrin Cooperman Advisors LLC <sup>+, e</sup>  | Cash 3.00% + SF<sup>vv</sup> | 03/06/25 | 04/01/32 | &nbsp;&nbsp;Senior | $4179000 | 4018380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global LP <sup>+</sup>  | 2.75 % + SF<sup>v</sup> | 03/31/25 | 01/28/32 | &nbsp;&nbsp;Senior | $2089500 | 2095706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings Inc. <sup>+</sup>  | Cash 3.25% + SF (0.50% Floor)<sup>vv</sup> | 03/27/25 | 04/01/32 | &nbsp;&nbsp;Senior | $3068049 | 2903141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNT Holdings I Corp <sup>+</sup>  | 2.25% + SF<sup>vv</sup> | 07/09/25 | 11/08/32 | &nbsp;&nbsp;Senior | $1290226 | 1294090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colossus Acquireco LLC <sup>+</sup>  | 1.75% + SF<sup>vv</sup> | 07/12/25 | 07/30/32 | &nbsp;&nbsp;Senior | $3781000 | 3777748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CompoSecure Holdings LLC <sup>+</sup>  | 2.25% + SF<sup>v</sup> | 01/08/26 | 01/14/33 | &nbsp;&nbsp;Senior | $1100000 | 1104813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoorsTek Inc <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 10/10/25 | 10/28/32 | &nbsp;&nbsp;Senior | $2194500 | 2207294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti Corporation <sup>+, f</sup>  | Cash 2.75% + SF<sup>vv</sup> | 02/14/25 | 03/26/32 | &nbsp;&nbsp;Senior | $5962481 | 5473081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPPIB Capital, Inc. <sup>+</sup>  | 2.50 % + SF<sup>vv</sup> | 09/30/24 | 08/20/31 | &nbsp;&nbsp;Senior | $1379008 | 1382111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CQP Holdco LP <sup>+</sup>  | 1.75% + SF<sup>vv</sup> | 01/22/26 | 12/31/32 | &nbsp;&nbsp;Senior | $7839193 | 7817713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Subsea Communications Holding,Inc. <sup>+</sup>  | 3.00% + SF<sup>v</sup> | 02/05/26 | 01/30/31 | &nbsp;&nbsp;Senior | $12812146 | 12900230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daintree Bidco Pty Ltd <sup>+</sup>  | 4.47% + SF<sup>vv</sup> | 11/24/25 | 11/25/32 | &nbsp;&nbsp;Senior | $2700000 | 2670745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dawn Bidco, LLC <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 10/07/25 | 08/20/32 | &nbsp;&nbsp;Senior | $8700000 | 8156250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta 2 (LUX) S.à.r.l. <sup>+</sup>  | 2.00% + SF<sup>vv</sup> | 09/10/24 | 09/10/31 | &nbsp;&nbsp;Senior | $3100000 | 3103487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta TopCo, Inc. <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 05/06/25 | 11/30/29 | &nbsp;&nbsp;Senior | $6521542 | 6253376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. <sup>+</sup>  | 3.75% + SF<sup>v</sup> | 07/02/25 | 07/09/32 | &nbsp;&nbsp;Senior | $10124780 | 10150143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dotdash Meredith Inc <sup>+</sup>  | 3.50% + SF<sup>vv</sup> | 06/05/25 | 06/17/32 | &nbsp;&nbsp;Senior | $781043 | 738331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon Buyer, Inc. <sup>+</sup>  | 2.75 % + SF<sup>vv</sup> | 09/24/24 | 09/30/31 | &nbsp;&nbsp;Senior | $5727500 | 5527037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTI Holdco, Inc. <sup>+</sup>  | 4.00% + SF<sup>v</sup> | 05/06/25 | 04/26/29 | &nbsp;&nbsp;Senior | $6220086 | 5445188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamo Newco II GmbH <sup>+</sup>  | 3.25% + SF<sup>v</sup> | 10/08/25 | 09/30/31 | &nbsp;&nbsp;Senior | $4580511 | 3950691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECI Macola Max Holding, LLC <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 09/30/25 | 05/09/30 | &nbsp;&nbsp;Senior | $1620120 | 1590083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. <sup>+, f</sup>  | 3.50% + SF | 03/24/26 | 03/24/33 | &nbsp;&nbsp;Senior | $2300000 | 2296412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Machinery Holdings, Inc. <sup>+</sup>  | 3.25% + SF<sup>vv</sup> | 11/26/25 | 11/26/32 | &nbsp;&nbsp;Senior | $2267208 | 2282376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergreen Acqco 1 LP <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 09/12/25 | 09/17/32 | &nbsp;&nbsp;Senior | $1067917 | 1070757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc. <sup>+</sup>  | 2.75% + SF<sup>v</sup> | 09/30/25 | 02/12/31 | &nbsp;&nbsp;Senior | $6190340 | 6089747 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Loans \*\*\*\* (continued)<br> North America (continued)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filtration Group Corporation <sup>+</sup>  | 2.75% + SF<sup>v</sup> | 09/30/25 | 10/21/28 | &nbsp;&nbsp;Senior | $1902604 | $1907950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finastra USA, Inc. <sup>+</sup>  | 4.00% + SF<sup>vv</sup> | 07/31/25 | 09/15/32 | &nbsp;&nbsp;Senior | $5500000 | 5121902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco Inc <sup>+</sup>  | 2.25% + SF<sup>vv</sup> | 02/17/26 | 08/15/30 | &nbsp;&nbsp;Senior | $3043175 | 3029602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco Inc <sup>+</sup>  | 2.25% + SF<sup>vv</sup> | 02/17/26 | 08/15/30 | &nbsp;&nbsp;Senior | $556825 | 554342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flash Charm, Inc. <sup>+</sup>  | 3.50% + SF<sup>vv</sup> | 05/06/25 | 03/02/28 | &nbsp;&nbsp;Senior | $1210633 | 920081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Financing B.V. <sup>+</sup>  | 2.00% + SF<sup>vv</sup> | 07/24/25 | 06/04/32 | &nbsp;&nbsp;Senior | $893250 | 887296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flynn Restaurant Group LP <sup>+</sup>  | 3.75% + SF<sup>v</sup> | 07/11/25 | 01/28/32 | &nbsp;&nbsp;Senior | $5260058 | 5210745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners, LLC <sup>+</sup>  | Cash 2.75% + SF<sup>vv</sup> | 01/28/25 | 09/15/31 | &nbsp;&nbsp;Senior | $5820311 | 5685135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis 333, Inc. <sup>+</sup>  | 3.50% + SF<sup>v</sup> | 02/06/25 | 03/29/32 | &nbsp;&nbsp;Senior | $2977500 | 2908645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport LNG Investments, LLLP <sup>+</sup>  | 3.25% + SF<sup>vv</sup> | 01/29/26 | 02/11/33 | &nbsp;&nbsp;Senior | $2300000 | 2305750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Froneri International Ltd. <sup>+</sup>  | 2.00% + SF<sup>vv</sup> | 09/17/24 | 09/17/31 | &nbsp;&nbsp;Senior | $4912653 | 4869053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Froneri Lux Finco S.à.r.l. <sup>+</sup>  | 2.50 % + SF<sup>vvv</sup> | 07/16/25 | 08/02/32 | &nbsp;&nbsp;Senior | $5969040 | 5911230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue Finance B.V. <sup>+</sup>  | 2.25% + SF<sup>vv</sup> | 02/04/26 | 01/09/32 | &nbsp;&nbsp;Senior | $15840694 | 15707078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesys Cloud Services Holdings II LLC <sup>+</sup>  | Cash 2.50% + SF<sup>vv</sup> | 03/31/25 | 01/30/32 | &nbsp;&nbsp;Senior | $10433491 | 10004727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental Inc. <sup>+</sup>  | Cash 2.50% + SF<sup>vv</sup> | 03/07/25 | 02/04/32 | &nbsp;&nbsp;Senior | $1194000 | 1196239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response, Inc. <sup>+</sup>  | 3.50% + SF<sup>vv</sup> | 09/19/25 | 10/01/32 | &nbsp;&nbsp;Senior | $13792864 | 13821967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gloves Buyer, Inc. <sup>+</sup>  | 4.00% + SF<sup>v</sup> | 01/17/25 | 01/17/32 | &nbsp;&nbsp;Senior | $3391500 | 3384717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Food LLC <sup>+</sup>  | 3.50% + SF<sup>vv</sup> | 01/29/26 | 12/04/31 | &nbsp;&nbsp;Senior | $2616941 | 2625839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graham Packaging Company Inc. <sup>+</sup>  | 2.25% + SF<sup>v</sup> | 01/14/26 | 01/26/33 | &nbsp;&nbsp;Senior | $1200000 | 1194822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant Thornton Advisors LLC <sup>+</sup>  | 2.50 % + SF<sup>v</sup> | 05/06/25 | 06/02/31 | &nbsp;&nbsp;Senior | $8816736 | 8574276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Infrastructure Partners Inc <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 09/19/25 | 09/24/32 | &nbsp;&nbsp;Senior | $1800000 | 1797750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental, LLC <sup>+</sup>  | 3.75% + SF<sup>v</sup> | 08/07/25 | 08/25/32 | &nbsp;&nbsp;Senior | $10560543 | 10572899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herschend Entertainment Company, LLC <sup>+</sup>  | 2.50% + SF<sup>v</sup> | 01/28/26 | 05/27/32 | &nbsp;&nbsp;Senior | $595500 | 597980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIG Finance 2 Limited <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 12/11/25 | 04/18/30 | &nbsp;&nbsp;Senior | $3055528 | 2988887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hobbs & Associates LLC <sup>+, e</sup>  | 2.75 % + SF<sup>v</sup> | 09/30/24 | 07/23/31 | &nbsp;&nbsp;Senior | $5900236 | 5426928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holding Socotec <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 02/06/26 | 06/02/31 | &nbsp;&nbsp;Senior | $1740450 | 1743174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic Inc. <sup>+</sup>  | 2.50% + SF | 01/14/26 | 04/07/33 | &nbsp;&nbsp;Senior | $7000000 | 6956285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS Purchaser, LLC <sup>+</sup>  | 6.00% + SF<sup>vv</sup> | 11/21/25 | 05/21/29 | &nbsp;&nbsp;Senior | $1980366 | 1708770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS Purchaser, LLC <sup>+</sup>  | 6.00% + SF<sup>vv</sup> | 11/21/25 | 05/19/29 | &nbsp;&nbsp;Senior | $3835448 | 2782341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB International Limited <sup>+</sup>  | 2.25 % + SF<sup>vv</sup> | 05/06/25 | 06/20/30 | &nbsp;&nbsp;Senior | $919073 | 920526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Douglas Inc. <sup>+</sup>  | 3.25% + SF<sup>vv</sup> | 05/06/25 | 01/20/32 | &nbsp;&nbsp;Senior | $7027639 | 6959119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IGT Holding IV AB <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 10/06/25 | 09/01/31 | &nbsp;&nbsp;Senior | $4742000 | 4694580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illuminate Buyer, LLC <sup>+</sup>  | 2.50% + SF<sup>v</sup> | 09/30/25 | 12/31/29 | &nbsp;&nbsp;Senior | $5556043 | 5514373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imagine Learning LLC <sup>+</sup>  | 3.50% + SF<sup>v</sup> | 05/06/25 | 12/21/29 | &nbsp;&nbsp;Senior | $8909838 | 8281606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos US Finance LLC <sup>+, f</sup>  | 2.50 % + SF<sup>v</sup> | 05/02/25 | 11/08/28 | &nbsp;&nbsp;Senior | $848306 | 820384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inmar, Inc. <sup>+</sup>  | 4.50% + SF<sup>vv</sup> | 06/30/25 | 10/30/31 | &nbsp;&nbsp;Senior | $2265615 | 2166494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INNIO Group Holding GmbH <sup>+</sup>  | 2.00% + SF<sup>vv</sup> | 02/09/26 | 11/02/31 | &nbsp;&nbsp;Senior | $4000000 | 3986680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Entertainment JJCo 3 Ltd <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 10/31/25 | 04/29/32 | &nbsp;&nbsp;Senior | $4565586 | 4568462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iridium Satellite LLC <sup>+</sup>  | 2.25 % + SF<sup>v</sup> | 03/26/25 | 09/20/30 | &nbsp;&nbsp;Senior | $8945196 | 8794961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jane Street Group, LLC <sup>+</sup>  | 2.00% + SF<sup>vv</sup> | 10/01/25 | 12/15/31 | &nbsp;&nbsp;Senior | $1989501 | 1974630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Bean Technologies Corp <sup>+</sup>  | 1.75% + SF<sup>v</sup> | 09/30/25 | 01/02/32 | &nbsp;&nbsp;Senior | $990000 | 993465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jupiter Borrower Inc <sup>+, f</sup>  | 2.75% + SF | 03/25/26 | 03/25/33 | &nbsp;&nbsp;Senior | $1500000 | 1503750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaman Corporation <sup>+</sup>  | 2.50 % + SF<sup>vv</sup> | 01/30/25 | 02/26/32 | &nbsp;&nbsp;Senior | $2267349 | 2272530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaman Corporation <sup>+, e</sup>  | 2.50 % + SF<sup>vv</sup> | 01/30/25 | 02/26/32 | &nbsp;&nbsp;Senior | $215309 | 42129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kdc/one Development Corporation, Inc. <sup>+</sup>  | 3.50% + SF<sup>vv</sup> | 08/08/25 | 08/15/28 | &nbsp;&nbsp;Senior | $6887726 | 6794466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Apple Bidco, LLC <sup>+</sup>  | 2.50 % + SF<sup>v</sup> | 02/14/25 | 09/23/31 | &nbsp;&nbsp;Senior | $4443750 | 4443617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KnowBe4, Inc. <sup>+</sup>  | 3.75% + SF<sup>vv</sup> | 07/22/25 | 07/23/32 | &nbsp;&nbsp;Senior | $2693250 | 2374544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kohler Energy Co LLC <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 02/04/26 | 05/01/31 | &nbsp;&nbsp;Senior | $6396553 | 6407236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lernen Bidco Limited <sup>+</sup>  | 3.50% + SF<sup>vvv</sup> | 07/24/25 | 10/27/31 | &nbsp;&nbsp;Senior | $8316341 | 8108432 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Loans \*\*\*\* (continued)<br> North America (continued)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF12 Crown US Commercial Bidco LLC <sup>+</sup>  | 3.00% + SF<sup>v</sup> | 01/20/26 | 12/02/31 | &nbsp;&nbsp;Senior | $6589860 | $6626104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison IAQ LLC <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 11/06/25 | 11/08/32 | &nbsp;&nbsp;Senior | $5729081 | 5746984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Bidco S.à.r.l. <sup>+</sup>  | 4.25% + SF<sup>v</sup> | 05/06/25 | 07/30/29 | &nbsp;&nbsp;Senior | $8523676 | 8406475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mavis Tire Express Services Corp. <sup>+</sup>  | 3.00 % + SF<sup>vv</sup> | 06/10/25 | 05/04/28 | &nbsp;&nbsp;Senior | $2574000 | 2579393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McAfee, LLC <sup>+</sup>  | 3.00% + SF<sup>v</sup> | 05/06/25 | 03/01/29 | &nbsp;&nbsp;Senior | $3107281 | 2748654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimax Viking GmbH <sup>+</sup>  | 2.00 % + SF<sup>v</sup> | 03/27/25 | 03/17/32 | &nbsp;&nbsp;Senior | $2084289 | 2092981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitchell International, Inc. <sup>+</sup>  | 3.00% + SF<sup>v</sup> | 01/22/26 | 06/17/31 | &nbsp;&nbsp;Senior | $4925156 | 4737656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MJH Healthcare Holdings, LLC <sup>+</sup>  | 2.75% + SF<sup>v</sup> | 09/30/25 | 01/29/29 | &nbsp;&nbsp;Senior | $3009327 | 2812216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MJH Healthcare Holdings, LLC <sup>+</sup>  | 3.75% + SF<sup>v</sup> | 10/09/25 | 01/29/29 | &nbsp;&nbsp;Senior | $5000000 | 4743750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion Finco S.à.r.l. <sup>+</sup>  | 3.50% + SF<sup>vv</sup> | 05/06/25 | 11/12/29 | &nbsp;&nbsp;Senior | $2930684 | 2573052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naked Juice LLC <sup>+</sup>  | 3.25% + SF<sup>vv</sup> | 04/09/25 | 01/24/29 | &nbsp;&nbsp;Senior | $1317017 | 717044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naked Juice LLC <sup>+</sup>  | 6.00% + SF<sup>vv</sup> | 05/06/25 | 01/24/30 | &nbsp;&nbsp;Senior | $349332 | 77242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Mentor Holdings, Inc. <sup>+, e</sup>  | 6.00% + SF<sup>v</sup> | 12/05/25 | 12/12/30 | &nbsp;&nbsp;Senior | $3562219 | 3573351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Mentor Holdings, Inc. <sup>+, e</sup>  | 6.00% + SF<sup>v</sup> | 12/05/25 | 12/12/30 | &nbsp;&nbsp;Senior | $1526665 | 1500031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEP Group, Inc. <sup>+</sup>  | 4.50% + SF<sup>v</sup> | 10/09/25 | 10/17/31 | &nbsp;&nbsp;Senior | $7783067 | 7012543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Arclin U.S. Holding Corp. <sup>+, f</sup>  | 4.50% + SF | 03/04/26 | 04/01/33 | &nbsp;&nbsp;Senior | $2750000 | 2545469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfold Digital Holdings Group Inc. <sup>+</sup>  | 3.50% + SF<sup>v</sup> | 03/09/26 | 04/30/29 | &nbsp;&nbsp;Senior | $4968603 | 3598685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newly Weds Foods Inc. <sup>+</sup>  | Cash 2.25% + SF<sup>vv</sup> | 03/19/25 | 03/15/32 | &nbsp;&nbsp;Senior | $4466250 | 4469979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nielsen Consumer Inc. <sup>+</sup>  | 2.25% + SF<sup>v</sup> | 08/29/25 | 10/31/30 | &nbsp;&nbsp;Senior | $2958106 | 2932223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomad Foods Europe Midco Limited <sup>+</sup>  | 2.50% + SF<sup>vvv</sup> | 10/29/25 | 10/28/32 | &nbsp;&nbsp;Senior | $1815403 | 1776072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nouryon Finance B.V. <sup>+</sup>  | 3.25% + SF<sup>vv</sup> | 05/06/25 | 04/03/28 | &nbsp;&nbsp;Senior | $2621433 | 2572281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nouryon Finance B.V. <sup>+</sup>  | 3.25% + SF<sup>vv</sup> | 05/06/25 | 04/03/28 | &nbsp;&nbsp;Senior | $2346344 | 2299429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSM Top Holdings Corp. <sup>+</sup>  | 4.25% + SF<sup>vv</sup> | 11/21/25 | 05/14/29 | &nbsp;&nbsp;Senior | $4623027 | 4657700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuvei Technologies Corp. <sup>+</sup>  | 2.50% + SF<sup>v</sup> | 08/29/25 | 11/17/31 | &nbsp;&nbsp;Senior | $3712569 | 3634197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nvent Electric Public Limited Company <sup>+</sup>  | 3.00 % + SF<sup>v</sup> | 03/31/25 | 01/30/32 | &nbsp;&nbsp;Senior | $1840750 | 1843815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corporation <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 05/06/25 | 06/20/31 | &nbsp;&nbsp;Senior | $1359906 | 1328744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corporation <sup>+</sup>  | 3.25 % + SF<sup>vv</sup> | 07/24/25 | 07/23/32 | &nbsp;&nbsp;Senior | $2094750 | 2051986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OMNIA Partners LLC <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 11/07/25 | 12/31/32 | &nbsp;&nbsp;Senior | $199000 | 199665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneDigital Borrower LLC <sup>+</sup>  | 3.00% + SF<sup>v</sup> | 05/06/25 | 07/02/31 | &nbsp;&nbsp;Senior | $7737932 | 7588048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opal Bidco SAS <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 10/30/25 | 04/28/32 | &nbsp;&nbsp;Senior | $6069500 | 6092261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion US Finco Inc. <sup>+</sup>  | 3.50 % + SF | 05/20/25 | 10/08/32 | &nbsp;&nbsp;Senior | $4800000 | 4767600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osaic Holdings, Inc. <sup>+</sup>  | 2.50% + SF<sup>vv</sup> | 02/02/26 | 07/30/32 | &nbsp;&nbsp;Senior | $2100000 | 2082391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OVG Business Services, LLC <sup>+</sup>  | 3.00% + SF<sup>v</sup> | 11/06/25 | 06/25/31 | &nbsp;&nbsp;Senior | $2188889 | 2191625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paradigm Parent, LLC <sup>+</sup>  | 4.50% + SF<sup>vv</sup> | 07/24/25 | 04/16/32 | &nbsp;&nbsp;Senior | $6467500 | 5455627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peer Holding III B.V. <sup>+</sup>  | 2.25 % + SF | 09/25/25 | 09/29/32 | &nbsp;&nbsp;Senior | $4300000 | 4272222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasus BidCo BV <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 09/30/25 | 07/12/29 | &nbsp;&nbsp;Senior | $8780552 | 8805269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart, Inc. <sup>+</sup>  | 4.00% + SF<sup>v</sup> | 10/20/25 | 08/18/32 | &nbsp;&nbsp;Senior | $4922879 | 4929033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ping Identity Corporation <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 10/31/25 | 11/15/32 | &nbsp;&nbsp;Senior | $1300000 | 1281319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Buyer LLC <sup>+, e</sup>  | 6.50% + SF<sup>v</sup> | 09/11/25 | 09/10/32 | &nbsp;&nbsp;Senior | $898113 | 755350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plano HoldCo, Inc. <sup>+</sup>  | 3.50% + SF<sup>vv</sup> | 08/02/24 | 08/15/31 | &nbsp;&nbsp;Senior | $3259538 | 2648374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretium Packaging, LLC <sup>+</sup>  | 4.60% + SF | 01/29/26 | 10/02/28 | &nbsp;&nbsp;Senior | $3945893 | 1774853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretium PKG Holdings, Inc. <sup>+</sup>  | 5.25% + SF<sup>vv</sup> | 03/02/26 | 03/02/31 | &nbsp;&nbsp;Senior | $1613568 | 1611341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primary Products Finance LLC <sup>+</sup>  | 3.25% + SF<sup>v</sup> | 05/06/25 | 04/01/29 | &nbsp;&nbsp;Senior | $2051941 | 2045857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proampac PG Borrower LLC <sup>+</sup>  | 4.00% + SF<sup>v</sup> | 03/06/26 | 03/07/33 | &nbsp;&nbsp;Senior | $1967722 | 1902954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding, Inc. <sup>+</sup>  | 3.25% + SF<sup>vv</sup> | 05/06/25 | 10/26/30 | &nbsp;&nbsp;Senior | $4720863 | 3717703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prometric Holdings, Inc. <sup>+</sup>  | 3.75% + SF<sup>vv</sup> | 06/18/25 | 06/25/32 | &nbsp;&nbsp;Senior | $5373000 | 5365155 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Loans \*\*\*\* (continued)<br> North America (continued)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc. <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 06/18/25 | 08/31/28 | &nbsp;&nbsp;Senior | $1492386 | $1433541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Propulsion (BC) Finco S.à.r.l. <sup>+</sup>  | 2.50% + SF<sup>vv</sup> | 11/21/25 | 12/01/32 | &nbsp;&nbsp;Senior | $1500000 | 1504822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pye-Barker Fire & Safety, LLC <sup>+</sup>  | 2.50% + SF<sup>vv</sup> | 12/09/25 | 12/16/32 | &nbsp;&nbsp;Senior | $4300000 | 3752926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics Inc <sup>+</sup>  | 2.00 % + SF | 08/12/25 | 08/12/32 | &nbsp;&nbsp;Senior | $4389000 | 4402738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quartz Acquireco LLC <sup>+</sup>  | Cash 2.25% + SF<sup>vv</sup> | 03/25/25 | 06/28/30 | &nbsp;&nbsp;Senior | $4936709 | 4129557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. <sup>+</sup>  | Cash 2.25% + SF<sup>vv</sup> | 03/31/25 | 02/10/32 | &nbsp;&nbsp;Senior | $2851200 | 2854165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners Inc <sup>+</sup>  | 4.50 % + SF<sup>vv</sup> | 06/26/25 | 06/25/32 | &nbsp;&nbsp;Senior | $7363000 | 7260986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rand Parent, LLC <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 05/06/25 | 03/18/30 | &nbsp;&nbsp;Senior | $11450673 | 11486513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings LLC <sup>+, e</sup>  | 3.00 % + SF<sup>v</sup> | 12/31/24 | 11/19/31 | &nbsp;&nbsp;Senior | $200000 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings LLC <sup>+, e</sup>  | 3.00 % + SF<sup>v</sup> | 12/31/24 | 11/19/31 | &nbsp;&nbsp;Senior | $2772000 | 2736602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recess Holdings, Inc. <sup>+</sup>  | Cash 3.75% + SF (1.00% Floor)<sup>vv</sup> | 01/24/25 | 02/20/30 | &nbsp;&nbsp;Senior | $14683749 | 14745348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Planet Borrower, LLC <sup>+</sup>  | 4.00% + SF<sup>v</sup> | 08/07/25 | 09/08/32 | &nbsp;&nbsp;Senior | $11970000 | 11733114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding Inc. <sup>+</sup>  | 2.00% + SF<sup>vv</sup> | 08/08/25 | 08/13/32 | &nbsp;&nbsp;Senior | $2487500 | 2489067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ring Container Technologies Group, LLC <sup>+</sup>  | 2.50% + SF<sup>v</sup> | 09/11/25 | 09/15/32 | &nbsp;&nbsp;Senior | $995000 | 993313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rithum Holdings Inc <sup>+</sup>  | 4.75 % + SF<sup>vv</sup> | 07/02/25 | 07/21/32 | &nbsp;&nbsp;Senior | $3283500 | 3123429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rohm Holding GmbH <sup>+</sup>  | Cash 5.50% + SF<sup>vvv</sup>; PIK 1.49% | 02/19/25 | 01/31/29 | &nbsp;&nbsp;Senior | $6686398 | 6176594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan Specialty Group LLC <sup>+</sup>  | 2.00 % + SF<sup>v</sup> | 09/10/24 | 09/15/31 | &nbsp;&nbsp;Senior | $987500 | 987964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan, LLC <sup>+</sup>  | 3.50% + SF<sup>v</sup> | 11/07/25 | 11/05/32 | &nbsp;&nbsp;Senior | $4021378 | 3921849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp <sup>+</sup>  | 2.00% + SF<sup>v</sup> | 08/07/25 | 10/27/32 | &nbsp;&nbsp;Senior | $2600000 | 2609750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saphilux S.à.r.l. <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 09/30/25 | 07/18/28 | &nbsp;&nbsp;Senior | $11431328 | 11438473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sauer Brands Inc. <sup>+, e</sup>  | 3.00 % + SF<sup>v</sup> | 03/31/25 | 02/04/32 | &nbsp;&nbsp;Senior | $993147 | 909719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIH Salt Holdings Inc. <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 12/04/25 | 01/31/29 | &nbsp;&nbsp;Senior | $496250 | 496885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Medical Corporation <sup>+, f</sup>  | 3.00% + SF | 03/19/26 | 12/31/31 | &nbsp;&nbsp;Senior | $1450000 | 1453625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, LLC <sup>+, f</sup>  | 2.00% + SF<sup>vv</sup> | 01/05/26 | 07/03/32 | &nbsp;&nbsp;Senior | $897750 | 897750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skopima Merger Sub Inc. <sup>+</sup>  | 3.75% + SF<sup>v</sup> | 05/06/25 | 05/12/28 | &nbsp;&nbsp;Senior | $12611914 | 9883263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC <sup>+</sup>  | 2.50% + SF<sup>vv</sup> | 07/22/25 | 12/04/31 | &nbsp;&nbsp;Senior | $2383274 | 2375267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovos Compliance, LLC <sup>+</sup>  | 3.25% + SF<sup>v</sup> | 09/30/25 | 08/13/29 | &nbsp;&nbsp;Senior | $5081094 | 4804022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spa Holdings 3 Oy <sup>+</sup>  | 4.25 % + SF<sup>vv</sup> | 05/23/25 | 05/23/30 | &nbsp;&nbsp;Senior | $6649875 | 6584773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectris Plc <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 03/31/26 | 12/06/32 | &nbsp;&nbsp;Senior | $1945125 | 1953635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Speed Midco 3 S.a r.l. <sup>+</sup>  | 2.50 % + SF | 09/22/25 | 09/23/32 | &nbsp;&nbsp;Senior | $2493750 | 2481281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spring Education Group, Inc. <sup>+</sup>  | 3.25 % + SF<sup>vv</sup> | 05/06/25 | 10/04/30 | &nbsp;&nbsp;Senior | $7661850 | 7598678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stepstone Group Midco 2 GmbH/ The <sup>+</sup>  | 4.50 % + SF | 08/19/25 | 12/19/31 | &nbsp;&nbsp;Senior | $4962500 | 4339086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC <sup>+</sup>  | 2.25 % + SF<sup>vv</sup> | 09/23/25 | 04/09/32 | &nbsp;&nbsp;Senior | $5785500 | 5788595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storable, Inc. <sup>+</sup>  | Cash 3.25% + SF<sup>vv</sup> | 03/31/25 | 04/16/31 | &nbsp;&nbsp;Senior | $2772000 | 2670822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Student Transportation of America Holdings, Inc <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 01/05/26 | 06/24/32 | &nbsp;&nbsp;Senior | $893261 | 894378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summer (BC) Holdco B S.a r.l <sup>+, f</sup>  | 5.00% + SF<sup>vv</sup> | 05/06/25 | 02/15/29 | &nbsp;&nbsp;Senior | $4638427 | 3920190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Acquisition Inc <sup>+</sup>  | 3.50% + SF<sup>v</sup> | 07/16/25 | 10/16/31 | &nbsp;&nbsp;Senior | $1589513 | 1590832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunrise Financing Partnership <sup>+</sup>  | 2.50% + SF<sup>vvv</sup> | 03/28/25 | 02/15/32 | &nbsp;&nbsp;Senior | $4300000 | 4297054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tacala, LLC <sup>+</sup>  | 3.00% + SF<sup>v</sup> | 10/13/25 | 01/31/31 | &nbsp;&nbsp;Senior | $2352299 | 2360380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;team.blue Finco S.à.r.l. <sup>+</sup>  | 3.25% + SF<sup>vv</sup> | 07/02/25 | 07/12/32 | &nbsp;&nbsp;Senior | $7543000 | 7222422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tecta America Corp. <sup>+</sup>  | 2.75% + SF<sup>v</sup> | 03/31/26 | 02/18/32 | &nbsp;&nbsp;Senior | $1389501 | 1375731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thevelia (US) LLC <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 09/30/24 | 06/18/29 | &nbsp;&nbsp;Senior | $8877385 | 8788611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH <sup>+, f</sup>  | 3.00% + SF<sup>v</sup> | 02/27/26 | 04/30/30 | &nbsp;&nbsp;Senior | $2300000 | 2309579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH <sup>+</sup>  | 3.00% + SF<sup>v</sup> | 03/04/25 | 04/30/30 | &nbsp;&nbsp;Senior | $9659287 | 9703961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKO Worldwide Holdings, LLC <sup>+</sup>  | 2.00% + SF<sup>vv</sup> | 09/09/25 | 11/21/31 | &nbsp;&nbsp;Senior | $595500 | 596718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMF Group Holding B.V. <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 01/15/25 | 05/03/28 | &nbsp;&nbsp;Senior | $1924672 | 1929965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc. <sup>+</sup>  | 2.50% + SF<sup>vv</sup> | 08/13/25 | 08/19/32 | &nbsp;&nbsp;Senior | $4071540 | 4079357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc. <sup>+</sup>  | 2.50% + SF<sup>vv</sup> | 09/25/24 | 01/19/32 | &nbsp;&nbsp;Senior | $4629500 | 4637903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident TPI Holdings, Inc. <sup>+</sup>  | 3.75% + SF<sup>vv</sup> | 05/06/25 | 09/15/28 | &nbsp;&nbsp;Senior | $1633838 | 1576359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trio Bidco, Inc. <sup>+</sup>  | 4.00% + SF<sup>vv</sup> | 10/08/25 | 10/29/32 | &nbsp;&nbsp;Senior | $3800000 | 3709769 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Loans \*\*\*\* (continued)<br> North America (continued)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value<sup>\*\*</sup>** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trio Bidco, Inc. <sup>+, e</sup>  | 4.00% + SF<sup>vv</sup> | 10/08/25 | 10/29/32 | &nbsp;&nbsp;Senior | $400000 | $|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trucordia Insurance Holdings LLC <sup>+</sup>  | 3.25% + SF<sup>v</sup> | 06/12/25 | 06/17/32 | &nbsp;&nbsp;Senior | $6467500 |  | 6119872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Insurance Holdings LLC <sup>+</sup>  | 2.75% + SF<sup>vv</sup> | 05/30/25 | 05/06/31 | &nbsp;&nbsp;Senior | $900000 |  | 886689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG Inc. <sup>+</sup>  | 3.00% + SF<sup>v</sup> | 05/06/25 | 02/10/31 | &nbsp;&nbsp;Senior | $3890082 |  | 3706295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upbound Group Inc <sup>+</sup>  | 2.75 % + SF | 08/13/25 | 08/13/32 | &nbsp;&nbsp;Senior | $3383000 |  | 3388633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upfield B.V. <sup>+</sup>  | 4.25% + SF | 01/30/26 | 10/31/30 | &nbsp;&nbsp;Senior | $1624375 |  | 1604331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstream Newco, Inc. <sup>+</sup>  | 4.25% + SF<sup>vv</sup> | 01/20/26 | 05/20/30 | &nbsp;&nbsp;Senior | $6102340 |  | 5666847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vantor Holdings Inc <sup>+</sup>  | 4.50% + SF<sup>vv</sup> | 02/27/26 | 03/03/33 | &nbsp;&nbsp;Senior | $2566000 |  | 2539275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Brands, Inc. <sup>+</sup>  | 3.00% + SF<sup>vv</sup> | 09/18/25 | 08/26/31 | &nbsp;&nbsp;Senior | $2271548 |  | 2266232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verifone Systems, Inc. <sup>+</sup>  | 5.25 % + SF<sup>vv</sup> | 04/07/25 | 08/18/28 | &nbsp;&nbsp;Senior | $5962500 |  | 5637037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtusa Corporation <sup>+</sup>  | 3.25% + SF<sup>vv</sup> | 06/14/24 | 02/15/29 | &nbsp;&nbsp;Senior | $4224224 |  | 3762200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vision Solutions, Inc. <sup>+</sup>  | 4.00% + SF<sup>vv</sup> | 05/06/25 | 04/24/28 | &nbsp;&nbsp;Senior | $3258791 |  | 2539136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Technologies, Inc. <sup>+</sup>  | 2.00% + SF<sup>v</sup> | 08/06/25 | 10/22/29 | &nbsp;&nbsp;Senior | $5751698 |  | 5766077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windsor Holdings III, LLC <sup>+</sup>  | 2.75% + SF<sup>v</sup> | 05/06/25 | 08/01/30 | &nbsp;&nbsp;Senior | $2243950 |  | 2232730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WOOF Holdings, Inc <sup>+</sup>  | 3.95% + SF<sup>vv</sup> | 05/30/25 | 12/31/29 | &nbsp;&nbsp;Senior | $1951034 |  | 1147852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WOOF Holdings, Inc <sup>+</sup>  | 3.75% + SF<sup>vv</sup> | 05/30/25 | 12/31/29 | &nbsp;&nbsp;Senior | $1138830 |  | 167977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldwide Express Operations, LLC <sup>+</sup>  | 4.00%+SF<sup>vv</sup> | 12/31/24 | 07/26/28 | &nbsp;&nbsp;Senior | $5132327 |  | 5143387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPLOR T1 LLC <sup>+</sup>  | 3.50% + SF<sup>vv</sup> | 10/29/25 | 12/01/32 | &nbsp;&nbsp;Senior | $3681500 |  | 3442202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zacapa S.à.r.l. <sup>+</sup>  | 3.75% + SF<sup>vv</sup> | 12/31/24 | 03/22/29 | &nbsp;&nbsp;Senior | $10701117 |  | 10717168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (6.01%)** |  |  |  |  |  |  | 919111302 |
| &nbsp;&nbsp;&nbsp;**Western Europe (2.03%)** | &nbsp;&nbsp;&nbsp;**Western Europe (2.03%)** | &nbsp;&nbsp;&nbsp;**Western Europe (2.03%)** | &nbsp;&nbsp;&nbsp;**Western Europe (2.03%)** | &nbsp;&nbsp;&nbsp;**Western Europe (2.03%)** | &nbsp;&nbsp;&nbsp;**Western Europe (2.03%)** | &nbsp;&nbsp;&nbsp;**Western Europe (2.03%)** | &nbsp;&nbsp;&nbsp;**Western Europe (2.03%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AD Education <sup>+</sup>  | 4.00% + E<sup>####</sup> | 10/22/24 | 11/14/31 | &nbsp;&nbsp;Senior | 4500000 |  | 3487483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Sirona (Luxembourg) Acquisition S.à.r.l. <sup>+</sup>  | 4.00% + E<sup>#</sup> | 05/09/25 | 09/30/28 | &nbsp;&nbsp;Senior | 4300000 |  | 4952310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Sirona (Luxembourg) Acquisition S.à.r.l. <sup>+, f</sup>  | 4.00% + E<sup>#</sup> | 10/07/25 | 10/07/32 | &nbsp;&nbsp;Senior | 9500000 |  | 10942025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apleona Holding GmbH <sup>+, e</sup>  | 4.25% + E | 05/02/25 | 04/10/32 | &nbsp;&nbsp;Senior | 4600000 |  | 5192237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artemis Acquisitions (UK) Limited <sup>+</sup>  | 3.00% + E<sup>##</sup> | 05/06/25 | 07/07/31 | &nbsp;&nbsp;Senior | 4000000 |  | 4591436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artemis Bidco SAS <sup>+</sup>  | 3.25% + E<sup>##</sup> | 01/19/26 | 07/08/32 | &nbsp;&nbsp;Senior | 3600000 |  | 4149230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athena Holdco S.A.S. <sup>+</sup>  | 3.00% + E<sup>##</sup> | 09/30/25 | 04/14/31 | &nbsp;&nbsp;Senior | 1400000 |  | 1609695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auris Luxembourg III S.à.r.l. <sup>+</sup>  | 3.75% + E<sup>###</sup> | 07/24/25 | 02/28/29 | &nbsp;&nbsp;Senior | 4000000 |  | 4522519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoForm Engineering GmbH <sup>+</sup>  | 3.75% + E<sup>###</sup> | 10/01/25 | 02/28/29 | &nbsp;&nbsp;Senior | 3300000 |  | 3754281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCP V Modular Services Holdings IV Limited <sup>+</sup>  | 4.43% + E<sup>##</sup> | 07/02/25 | 07/10/31 | &nbsp;&nbsp;Senior | 3100000 |  | 3258264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Care Bidco SAS <sup>+</sup>  | 3.75% + E<sup>##</sup> | 05/13/24 | 11/06/28 | &nbsp;&nbsp;Senior | 5400000 |  | 6275526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casper BidCo SAS <sup>+</sup>  | 3.25% + E<sup>##</sup> | 02/05/26 | 03/21/31 | &nbsp;&nbsp;Senior | 7400000 |  | 8484697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Firefly Bidco Limited <sup>+</sup>  | 4.75% + SF<sup>>></sup> | 05/06/25 | 04/29/29 | &nbsp;&nbsp;Senior | £12000000 |  | 15876129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerelia <sup>+</sup>  | 3.75% + E | 06/03/25 | 06/24/32 | &nbsp;&nbsp;Senior | 2600000 |  | 2993342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global LP <sup>+</sup>  | 3.00% + E<sup>#</sup> | 05/06/25 | 07/16/31 | &nbsp;&nbsp;Senior | 7012491 |  | 8104068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorna Sports, S.L. <sup>+</sup>  | 2.75% + E<sup>##</sup> | 07/30/25 | 08/18/32 | &nbsp;&nbsp;Senior | 5100000 |  | 5899690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Bidco Limited <sup>+</sup>  | 3.75% + E<sup>#</sup> | 09/29/25 | 02/29/32 | &nbsp;&nbsp;Senior | 6900000 |  | 7981060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elsan SAS <sup>+</sup>  | 3.50% + E<sup>##</sup> | 05/06/25 | 06/16/31 | &nbsp;&nbsp;Senior | 5000000 |  | 5427386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europa University Education Group, S.L <sup>+</sup>  | 3.00% + E<sup>##</sup> | 02/04/26 | 12/03/31 | &nbsp;&nbsp;Senior | 3300000 |  | 3805608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue Finance B.V. <sup>+</sup>  | 2.75% + E<sup>##</sup> | 02/04/26 | 01/09/32 | &nbsp;&nbsp;Senior | 3000000 |  | 3439310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HBX Group International PLC <sup>+</sup>  | Cash 2.75% + E<sup>###</sup> | 03/26/25 | 02/18/32 | &nbsp;&nbsp;Senior | 5200000 |  | 5928952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holding Socotec <sup>+</sup>  | 3.00% + E<sup>##</sup> | 02/06/26 | 06/02/31 | &nbsp;&nbsp;Senior | 1000000 |  | 1155691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HomeVi S.a.S. <sup>+</sup>  | 4.75% + E<sup>##</sup> | 07/31/25 | 10/31/29 | &nbsp;&nbsp;Senior | 5033333 |  | 5818628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinity Bidco 1 Limited <sup>+</sup>  | 3.40% + E<sup>###</sup> | 01/09/26 | 07/06/31 | &nbsp;&nbsp;Senior | 3000000 |  | 3392165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspired FinCo Holdings Limited <sup>+</sup>  | 3.00% + E<sup>#</sup> | 02/24/26 | 02/28/31 | &nbsp;&nbsp;Senior | 3173232 |  | 3659362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Entertainment JJCo 3 Ltd. <sup>+</sup>  | 4.50% + SF<sup>>></sup> | 05/02/25 | 04/29/32 | &nbsp;&nbsp;Senior | £2500000 |  | 3283633 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Loans \*\*\*\* (continued)<br> Western Europe (continued)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Principal** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lernen Bidco Limited <sup>+</sup>  | 3.75% + E<sup>###</sup> | 11/28/25 | 04/25/29 | &nbsp;&nbsp;Senior | € | 6000000 | $6737065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF10 XL Bidco S.C.A. <sup>+</sup>  | 4.75% + E<sup>##</sup> | 07/24/25 | 04/30/31 | &nbsp;&nbsp;Senior | € | 5000000 | 5782196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasOrange Finco Plc <sup>+</sup>  | Cash 2.75% + E<sup>##</sup> | 02/21/25 | 03/25/31 | &nbsp;&nbsp;Senior | € | 24197458 | 27917260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motel One GmbH <sup>+</sup>  | 3.63% + E<sup>#</sup> | 12/05/25 | 06/04/32 | &nbsp;&nbsp;Senior | € | 8300000 | 9594957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuraxpharm Arzneimittel GmbH <sup>+</sup>  | 3.75% + E<sup>###</sup> | 07/17/25 | 12/16/30 | &nbsp;&nbsp;Senior | € | 1676690 | 1944213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuraxpharm Arzneimittel GmbH <sup>+</sup>  | 3.75% + E<sup>###</sup> | 07/17/25 | 12/16/30 | &nbsp;&nbsp;Senior | € | 521941 | 604795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nobian Finance B.V. <sup>+</sup>  | Cash 3.50% + E<sup>##</sup> | 03/04/25 | 07/31/30 | &nbsp;&nbsp;Senior | € | 5400000 | 6052817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nobian Finance B.V. <sup>+</sup>  | 3.75% + E<sup>##</sup> | 05/30/25 | 07/01/29 | &nbsp;&nbsp;Senior | € | 3200000 | 3622474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piolin Bidco, S.A.U. <sup>+</sup>  | 3.75% + E<sup>##</sup> | 09/30/25 | 09/16/29 | &nbsp;&nbsp;Senior | € | 6799600 | 7856824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platin2025 Holdings S.a r.l. <sup>+, f</sup>  | 3.50% + E | 02/18/26 | 12/29/32 | &nbsp;&nbsp;Senior | € | 5600000 | $6451132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platin2025 Holdings S.a r.l. <sup>+</sup>  | 3.15% + E<sup>##</sup> | 05/06/25 | 12/29/28 | &nbsp;&nbsp;Senior | € | 6000000 | 6911927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosol SAS <sup>+, f</sup>  | 3.75% + E<sup>##</sup> | 06/04/25 | 07/12/31 | &nbsp;&nbsp;Senior | € | 6900000 | 7937353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quimper AB <sup>+</sup>  | 3.00% + E<sup>##</sup> | 02/06/26 | 03/31/30 | &nbsp;&nbsp;Senior | € | 10300000 | 11760077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redhalo Midco (UK) Ltd <sup>+</sup>  | 3.00% + E | 03/11/26 | 03/22/31 | &nbsp;&nbsp;Senior | € | 666667 | 738048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rohm Holding GmbH <sup>+</sup>  | 5.00% + E<sup>##</sup> | 05/06/25 | 01/31/29 | &nbsp;&nbsp;Senior | € | 6024923 | 6532666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sante Cie <sup>+</sup>  | 3.25% + E<sup>##</sup> | 02/26/26 | 12/17/31 | &nbsp;&nbsp;Senior | € | 1600000 | 1851934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siaci Saint Honore <sup>+</sup>  | 3.25% + E<sup>##</sup> | 02/11/26 | 07/26/32 | &nbsp;&nbsp;Senior | € | 7800000 | 8958556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solina Bidco <sup>+</sup>  | 3.40% + E | 07/02/25 | 07/28/28 | &nbsp;&nbsp;Senior | € | 6700000 | 7774301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sport Group Holding GmbH <sup>+</sup>  | Cash 4.00% + E<sup>###</sup> | 01/08/25 | 07/08/31 | &nbsp;&nbsp;Senior | € | 2600000 | 2602660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summer (BC) Holdco B S.à.r.l. <sup>+</sup>  | Cash 4.50% + E<sup>###</sup> | 03/04/25 | 01/31/29 | &nbsp;&nbsp;Senior | € | 3737050 | 3786238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summer (BC) Holdco B S.à.r.l. <sup>+</sup>  | 4.50% + E<sup>##</sup> | 05/07/24 | 01/31/29 | &nbsp;&nbsp;Senior | € | 570642 | 578153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talbot Participation SAS <sup>+</sup>  | 3.00% + E<sup>##</sup> | 01/08/26 | 07/07/32 | &nbsp;&nbsp;Senior | € | 6200000 | 7146681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;team.blue Finco S.à.r.l. <sup>+</sup>  | 3.50% + E<sup>##</sup> | 10/01/25 | 09/30/29 | &nbsp;&nbsp;Senior | € | 10700000 | 11851458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thyme HoldCo S.a r.l. <sup>+</sup>  | 3.50% + E<sup>##</sup> | 06/27/25 | 06/28/32 | &nbsp;&nbsp;Senior | € | 5800000 | 6723680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMF Group Holding B.V. <sup>+</sup>  | 3.25% + E<sup>##</sup> | 05/06/25 | 05/03/28 | &nbsp;&nbsp;Senior | € | 2000000 | 2315447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Webhosting Solutions BV <sup>+</sup>  | 4.00% + E<sup>#</sup> | 07/02/25 | 11/04/31 | &nbsp;&nbsp;Senior | € | 4000000 | 4057831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisure Holding AB <sup>+</sup>  | 2.25% + E<sup>##</sup> | 10/24/25 | 11/03/32 | &nbsp;&nbsp;Senior | € | 3512195 | 4053955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (2.03%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (2.03%)** |  |  |  |  |  | 310129425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Floating Rate Loans (Cost $1,241,989,852)(8.04%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Floating Rate Loans (Cost $1,241,989,852)(8.04%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Floating Rate Loans (Cost $1,241,989,852)(8.04%)** |  |  |  |  | $1229240727 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Investments (91.43%)<br> Direct Investments \* (59.50%)** <br>**Direct Equity (55.16%)** | **Investment<br> Type** | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;**Asia - Pacific (1.07%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (1.07%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (1.07%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (1.07%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (1.07%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (1.07%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAVAS Financiers Limited <sup>+, a, e</sup>  | Common equity | 03/28/18 |  | $43012369 | $3064441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argan Mauritius Limited <sup>+, a, e</sup>  | Common equity | 05/09/16 | 106215 | 10621500 | 13466182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPEA EQT Mid-Market Growth Co-Investment Carlton, SCSp<sup>+, a, e</sup>  | Limited partnership interest | 01/21/25 |  | 19328293 | 22261748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreenSquare Operating HoldCo Pte. Ltd. <sup>+, a, e</sup>  | Preferred equity | 03/06/25 | 389330 | 247182 | 271095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreenSquare Operating HoldCo Pte. Ltd. <sup>+, a, e</sup>  | Common equity | 03/06/25 | 7946 | 5045 | 5532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntress Co-Investment L.P., 1 <sup>+, a, c</sup>  | Limited partnership interest | 04/08/16 |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Pebble Co-Invest L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 05/13/21 |  | 29283000 | 29710971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murra Warra Asset Hold Trust <sup>+, a, e</sup>  | Common equity | 09/10/18 |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murra Warra II Asset Hold Trust <sup>+, a, e</sup>  | Common equity | 07/30/20 |  | 11765 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murra Warra II Project Hold Trust <sup>+, a, e</sup>  | Common equity | 07/30/20 |  | 2942 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murra Warra Project Hold Trust <sup>+, a, e</sup>  | Common equity | 09/10/18 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Terra Pte. Ltd. <sup>+, a, e</sup>  | Common equity | 05/14/21 | 8545185 | 8620373 | 12382004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Esmeralda Pte. Ltd. <sup>+, a, e</sup>  | Common equity | 03/03/21 |  | 5429378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Esmeralda Pte. Ltd. <sup>+, a, e</sup>  | Preferred equity | 03/03/21 |  | 50374952 | 1893435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Loa Pte. Ltd. <sup>+, a</sup>  | Common equity | 04/25/22 |  | 1 | 17319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Loa Pte. Ltd. <sup>+, a</sup>  | Preferred equity | 04/25/22 |  |  | 329483 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Investments (continued)<br> Direct Investments \* (continued)** <br>**Direct Equity (continued)** | **Investment<br> Type** | **Acquisition<br> Date** | **Shares** | **Cost** | **Cost** | **Fair<br> Value<sup>\*\*</sup>** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Lotus Pte Ltd. <sup>+, a, b, e</sup>  | Preferred equity | 10/31/25 | 19672865 | $| 19672865 | $| 19672865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Lotus Pte Ltd. <sup>+, a, b, e</sup>  | Common equity | 10/31/25 | 1035414 |  | 1035414 |  | 1205076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Power Pte. Ltd. <sup>+, a, e</sup>  | Common equity | 10/30/24 | 184010 |  | 2355583 |  | 5347105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platform Hold Trust <sup>+, a, e</sup>  | Preferred equity | 03/06/25 | 17921420 |  | 1779763 |  | 1904714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunsure Energy Private Limited <sup>+, a, b, c, e</sup>  | Member interest | 12/27/22 |  |  | 16455651 |  | 16455651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunsure Energy Private Limited <sup>+, a, b, e</sup>  | Common equity | 12/27/22 | 1571724 |  | 1704922 |  | 12021037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunsure Energy Private Limited <sup>+, a, b, e</sup>  | Preferred equity | 12/27/22 | 3371095 |  | 4502894 |  | 4502894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Upswing Co-Invest, L.P. <sup>+, a, c</sup>  | Limited partnership interest | 01/10/19 |  |  | 18518293 |  | 19688667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zenith Longitude Limited <sup>+, a, e</sup>  | Common equity | 08/13/21 |  |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (1.07%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (1.07%)** |  |  |  |  |  | 164200224 |
| &nbsp;&nbsp;&nbsp;**North America (27.66%)** | &nbsp;&nbsp;&nbsp;**North America (27.66%)** | &nbsp;&nbsp;&nbsp;**North America (27.66%)** | &nbsp;&nbsp;&nbsp;**North America (27.66%)** | &nbsp;&nbsp;&nbsp;**North America (27.66%)** | &nbsp;&nbsp;&nbsp;**North America (27.66%)** | &nbsp;&nbsp;&nbsp;**North America (27.66%)** | &nbsp;&nbsp;&nbsp;**North America (27.66%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimbridge Acquisition Co., Inc. <sup>+, a</sup>  | Common equity | 03/11/25 | 4145864 |  | 4996003 |  | 3479769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Holdings, L.P. <sup>+, a, c</sup>  | Limited partnership interest | 12/01/21 |  |  | 24784703 |  | 40836788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Benefit Systems Holdings LP <sup>+, a, c</sup>  | Limited partnership interest | 10/22/24 |  |  | 30810000 |  | 37815732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmSurg HoldCo, LLC <sup>+, a</sup>  | Common equity | 11/03/23 | 896098 |  | 27959148 |  | 37229656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AP VIII Prime Security Services Holdings, L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 05/02/16 |  |  | 4655679 |  | 1780802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLogic Networks OpCo I LLC <sup>+, a</sup>  | Common equity | 03/03/25 | 351924 |  | 351924 |  | 119441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arroyo Dunamis Direct Investment I-B, L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 02/25/25 |  |  | 6070655 |  | 11700393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VII Co-Invest ERT <sup>+, a, c</sup>  | Limited partnership interest | 04/28/21 |  |  | 44578381 |  | 88967372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE Hercules Holdings, LP <sup>+, a</sup>  | Common equity | 07/30/18 | 869932 |  | 869931 |  | 2088586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BI Gen Holdings, Inc. <sup>+, a</sup>  | Common equity | 01/01/21 | 14561 |  | 150000 |  | 250975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CapitalSpring Finance Company, LLC <sup>+, a</sup>  | Common equity | 03/01/17 | 3020546 |  | 4168272 |  | 2853582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carestream Dental Technology, Inc. <sup>+, a</sup>  | Common equity | 08/30/24 | 306125 |  | 6473969 |  | 4732837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CB Poly Holdings, LLC <sup>+, a, e</sup>  | Preferred equity | 08/16/16 | 171270 |  | 17127003 |  | 27794865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CB Titan MidCo Holdings, Inc. <sup>+, a</sup>  | Common equity | 01/01/21 | 56634 |  | 56634 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Mercury Co-Investor, L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 10/14/20 |  |  | 53921126 |  | 192402709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Checkers Topco, LLC <sup>+, a</sup>  | Common equity | 06/16/23 | 9517 |  | 94154 |  | 50474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarience Technologies, LLC <sup>+, a</sup>  | Common equity | 03/05/24 |  |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confluent Health Holdings LP <sup>+, a, b</sup>  | Common equity | 05/30/19 | 30344 |  | 33244066 |  | 71366538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConvergeOne Holdings, Inc. <sup>+, a</sup>  | Common equity | 06/06/24 | 99273 |  | 2154218 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cowboy Topco, Inc. <sup>+, a</sup>  | Common equity | 05/18/22 | 1348750 |  | 1348750 |  | 120535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cure Holdings, LLC <sup>+, a</sup>  | Common equity | 05/13/21 | 263891 |  | 3602070 |  | 1755531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cure Holdings, LLC <sup>+, a, e</sup>  | Common equity | 05/13/21 | 2723 |  | 27230 |  | 18115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Holdings, L.P. <sup>+, a, b, c, e</sup>  | Limited partnership interest | 04/01/22 |  |  | 135493757 |  | 190406125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP Holding Company, LLC <sup>+, a, c, e</sup>  | Member interest | 03/15/16 |  |  |  |  | 123590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP Parent, LLC <sup>+, a, b, e</sup>  | Common equity | 11/15/21 | 105520023 |  | 107129344 |  | 66258194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP Parent, LLC <sup>+, a, b, e</sup>  | Preferred equity | 12/21/23 | 8508337 |  | 8508422 |  | 12414737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCore Holdings, L.P. <sup>+, a, b, c, e</sup>  | Limited partnership interest | 11/10/22 |  |  | 108320541 |  | 271921161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elgin Co-Investment, L.P.2 <sup>+, a</sup>  | Common equity | 11/28/16 |  |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore Holdings LP <sup>+, a, b, e</sup>  | Common equity | 07/01/22 | 73227 |  | 87948606 |  | 212158334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore Holdings LP <sup>+, a, b, e</sup>  | Limited partnership interest | 02/25/26 |  |  | 3156048 |  | 3523829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENFRA <sup>+, a, c, e</sup>  | Limited partnership interest | 03/15/22 |  |  | 34340784 |  | 72118291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnfraGen LLC <sup>+, a, b, e</sup>  | Common equity | 09/17/19 | 37786 |  | 34227755 |  | 86172995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Infrastructure IV Co-Investment (B) SCSp <sup>+, a, c</sup>  | Limited partnership interest | 03/09/20 |  |  | 94861790 |  | 159680093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT IX Co-Investment (F) SCSp <sup>+, a, c, e</sup>  | Limited partnership interest | 11/15/21 |  |  | 84104726 |  | 130208750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT VIII Co-Investment (C) SCSp <sup>+, a, c, e</sup>  | Limited partnership interest | 01/25/19 |  |  | 56985983 |  | 45866479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT X Co-Investment (A) SCSp <sup>+, a, c, e</sup>  | Limited partnership interest | 07/02/24 |  |  | 20475870 |  | 27754898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXW Coinvest L.P. <sup>+, a, c</sup>  | Limited partnership interest | 06/17/16 |  |  | 9369935 |  | 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FH EP Parent L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 03/12/24 |  |  | 10073101 |  | 20963986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRP Investors II, L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 09/16/22 |  |  | 47761620 |  | 80318138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Fleets Holdings, LP <sup>+, a, b, c, e</sup>  | Limited partnership interest | 09/30/24 |  |  | 2754527 |  | 3133773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halo Parent Newco, LLC <sup>+, a</sup>  | Preferred equity | 02/22/22 | 15936 |  | 23827453 |  | 6911093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icebox Holdco I Inc. <sup>+, a, b, c</sup>  | Member interest | 03/01/22 |  |  | 58809 |  |  |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Investments (continued)<br> Direct Investments \* (continued)** <br>**Direct Equity (continued)** | **Investment<br> Type** | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icebox Parent L.P. <sup>+, a, b, c</sup>  | Limited partnership interest | 12/22/21 |  | $184782721 | $399733623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idera Parent L.P. <sup>+, a, b, c, e</sup>  | Limited partnership interest | 03/02/21 |  | 151702453 | 169618664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KDOR Merger Sub Inc. <sup>+, a</sup>  | Common equity | 05/11/18 | 366 | $250000 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Holdings, L.P. <sup>+, a, c</sup>  | Limited partnership interest | 08/08/19 |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Cavalry Co-Invest Blocker Parent L.P. <sup>+, a, c</sup>  | Limited partnership interest | 03/24/22 |  | 56035477 | 107998968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Enterprise Co-Invest AIV A L.P. <sup>+, a, c</sup>  | Limited partnership interest | 07/31/20 |  | 716331 | 128451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPOCH Holdings, L.P. <sup>+, a, b, c</sup>  | Limited partnership interest | 11/10/22 |  | 187500000 | 226449750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPSKY Holdings L.P. <sup>+, a, b, c</sup>  | Limited partnership interest | 10/19/21 |  | 61566000 | 52503854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSLB Holdings, LLC <sup>+, a</sup>  | Common equity | 07/30/18 | 252000 | 252000 | 39748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumin Digital, LLC <sup>+, a, e</sup>  | Preferred equity | 11/20/24 | 5098332 | 30636092 | 40789321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Topco, L.P. <sup>+, a, c</sup>  | Limited partnership interest | 12/27/23 |  | 11341677 | 13868038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHS Acquisition Holdings, LLC <sup>+, a, b</sup>  | Common equity | 03/10/17 | 356 | 317827 | 293517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHS Acquisition Holdings, LLC <sup>+, a, b</sup>  | Preferred equity | 03/10/17 | 35285 | 172633 | 159429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHS Blocker Purchaser L.P. <sup>+, a, b, c</sup>  | Limited partnership interest | 03/10/17 |  | 39121172 | 36128912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milestone Investment Holdings, LLC <sup>+, a, e</sup>  | Common equity | 09/23/21 | 22293150 | 14184448 | 19392367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NC Ocala Co-Invest Alpha, L.P. <sup>+, a, c</sup>  | Limited partnership interest | 11/24/21 |  | 60534545 | 66974694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OMNIA Coinvest L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 10/23/20 |  | 15306665 | 24364491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onecall Holdings, L.P. <sup>+, a</sup>  | Common equity | 11/29/17 |  |  | 435437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Fox, L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 04/25/19 |  | 85638 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Opportunity L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 09/01/21 |  | 40522608 | 63621508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCI Pharma Services <sup>+, a, c</sup>  | Limited partnership interest | 10/15/25 |  | 19000000 | 19000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG BRPC Investment, LLC <sup>+, a, b</sup>  | Common equity | 08/01/19 | 32079 | 32126730 | 75134880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Delta HoldCo, LLC <sup>+, a, b, e</sup>  | Common equity | 06/24/21 | 42616 | 48694632 | 106937453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raptor Holding Parent, L.P. <sup>+, a</sup>  | Common equity | 04/01/22 | 11209 | 1120924 | 1250134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Hero Topco, L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 04/01/21 |  | 14835863 | 19727292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RevSpring, Inc. <sup>+, a, c</sup>  | Limited partnership interest | 03/12/24 |  | 1383469 | 1294302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safari Co-Investment L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 03/14/18 |  | 9357130 | 7813672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation <sup>+, a</sup>  | Common equity | 03/03/25 | 50291 | 923247 | 923247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SC Landco Parent, LLC <sup>+, a</sup>  | Common equity | 11/28/16 | 2672 | 3 | 484362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shermco Intermediate Holdings, Inc. <sup>+, a, e</sup>  | Common equity | 06/05/18 | 11525 | 1 | 51462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shingle Coinvest LP <sup>+, a, c, e</sup>  | Limited partnership interest | 05/29/18 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIH RP HoldCo L.P. <sup>+, a, e</sup>  | Common equity | 09/10/19 | 5995126 | 47119381 | 101108863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLP West Holdings Co-Invest Feeder II, L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 08/18/17 |  | 25375 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Space Co-Invest LP <sup>+, a, c, e</sup>  | Limited partnership interest | 01/17/25 |  | 20339023 | 21792836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Pharma Holdings LP <sup>+, a, b, c</sup>  | Limited partnership interest | 04/01/21 |  | 90509737 | 153753326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Croix Hospice <sup>+, a, e</sup>  | Limited partnership interest | 10/24/25 |  | 14227973 | 17563678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starfish Intermediate, Inc. <sup>+, a</sup>  | Preferred equity | 06/06/22 | 7136374 | 178485000 | 232383722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Tiger (Co-Invest) Holdings (I-B) L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 08/17/21 |  | 34046068 | 34328208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Topco, L.P. <sup>+, a, b, c, e</sup>  | Limited partnership interest | 12/28/22 |  | 54663564 | 66349812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surveyor Co-Invest SCSp <sup>+, a, c, e</sup>  | Limited partnership interest | 10/17/24 |  | 22552209 | 31407040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-VIII Mercury Co-Invest L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 07/29/21 |  | 4189244 | 7289324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermostat Purchaser, L.P. <sup>+, a, b, c</sup>  | Limited partnership interest | 08/31/21 |  | 71817900 | 128407461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKC Topco LLC <sup>+, a</sup>  | Common equity | 10/14/16 | 4632829 | 4632829 | 2166297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VEEF II Co-Invest 2-A, L.P. <sup>+, a, c</sup>  | Limited partnership interest | 03/15/22 |  | 3637111 | 6526312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Holdings US LP <sup>+, a, c, e</sup>  | Limited partnership interest | 08/31/22 |  | 22348477 | 30689152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VEPF VII Co-Invest 2-A, LP <sup>+, a, c, e</sup>  | Limited partnership interest | 04/06/21 |  | 64648858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHCG Purchaser, L.P. <sup>+, a, b, c</sup>  | Limited partnership interest | 06/22/21 |  | 68399200 | 11595238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHCG Purchaser, L.P. <sup>+, a, b, e</sup>  | Preferred equity | 08/02/24 | 10934833 | 14022833 | 16351001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woof Parent L.P. <sup>+, a</sup>  | Common equity | 12/21/20 | 1441 | 1441200 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (27.66%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (27.66%)** |  |  |  | 4232130990 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Investments (continued)<br> Direct Investments \* (continued)** <br>**Direct Equity (continued)** | **Investment<br> Type** | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;**Rest of World (1.17%)** | &nbsp;&nbsp;&nbsp;**Rest of World (1.17%)** | &nbsp;&nbsp;&nbsp;**Rest of World (1.17%)** | &nbsp;&nbsp;&nbsp;**Rest of World (1.17%)** | &nbsp;&nbsp;&nbsp;**Rest of World (1.17%)** | &nbsp;&nbsp;&nbsp;**Rest of World (1.17%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Retail Turkey Partners, L.P. <sup>+, a, c</sup>  | Limited partnership interest | 07/11/13 |  | $7180517 | $7226587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centauro Co-Investment Fund, L.P. <sup>+, a, c</sup>  | Limited partnership interest | 11/28/13 |  | 936917 | 1295163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 1113B S.à r.l. <sup>+, a, e</sup>  | Common equity | 10/01/24 | 63259178 | 31797288 | 156136167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 53 S.à.r.l. <sup>+, a</sup>  | Preferred equity | 03/04/24 | 6084618 | 6624409 | 9071027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 53 S.à.r.l. <sup>+, a</sup>  | Common equity | 03/04/24 | 711884 | 774648 | 4576422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velvet LP SCS <sup>+, a, c</sup>  | Limited partnership interest | 03/04/24 |  | 144157 | 205054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (1.17%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (1.17%)** |  |  |  | 178510420 |
| &nbsp;&nbsp;&nbsp;**Western Europe (25.26%)** | &nbsp;&nbsp;&nbsp;**Western Europe (25.26%)** | &nbsp;&nbsp;&nbsp;**Western Europe (25.26%)** | &nbsp;&nbsp;&nbsp;**Western Europe (25.26%)** | &nbsp;&nbsp;&nbsp;**Western Europe (25.26%)** | &nbsp;&nbsp;&nbsp;**Western Europe (25.26%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akur8 SAS <sup>+, a, e</sup>  | Common equity | 08/28/24 | 684686 | 7155760 | 8211023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akur8 SAS <sup>+, a, e</sup>  | Preferred equity | 08/28/24 | 876616 | 9814728 | 10512724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ark EquityCo SAS <sup>+, a, c, e</sup>  | Limited partnership interest | 02/21/22 |  | 12366563 | 16869053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aston Lux Acquisitions S.à.r.l. <sup>+, a, c</sup>  | Limited partnership interest | 11/28/19 |  | 3798292 | 4686881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aston Lux Acquisitions S.à.r.l. <sup>+, a</sup>  | Common equity | 01/11/21 | 2950 | 264626 | 319020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VIII Co-Invest Open Health <sup>+, a, c</sup>  | Limited partnership interest | 08/04/22 |  | 21849512 | 8224735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VIII Co-Invest Open Health <sup>+, a, c, e</sup>  | Limited partnership interest | 07/14/23 |  | 402797 | 137963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audiotonix Co-Invest SCSp <sup>+, a, c, e</sup>  | Limited partnership interest | 07/23/24 |  | 13873440 | 16642472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC European Capital X - Ceramtec Co-Investment (1) LP <sup>+, a, e</sup>  | Common equity | 02/06/18 |  | 700484 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Cornerstone Co-Invest (CYM) L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 04/16/24 |  | 22246954 | 26120861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bock Capital JVCo Nature S.à.r.l. <sup>+, a, b</sup>  | Common equity | 07/01/21 | 12590000000 | 149423941 | 334473033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capri Acquisitions Topco Limited <sup>+, a, e</sup>  | Common equity | 11/01/17 | 8345985 | 83995866 | 21115372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Market Co-Investor, L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 11/10/21 |  | 78727683 | 54330210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciddan S.à.r.l. <sup>+, a, e</sup>  | Common equity | 09/15/17 | 11036916 | 3198665 | 12777882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Climeworks AG <sup>+, a, e</sup>  | Preferred equity | 04/25/22 | 2629930 | 68066218 | 79623528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Climeworks AG <sup>+, a</sup>  | Common equity | 04/25/22 | 18455 | 465142 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Future Co-Investment (C) SCSp <sup>+, a, c</sup>  | Limited partnership interest | 02/15/23 |  | 46977580 | 98857606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Jaguar Co-Investment SCSp <sup>+, a, c, e</sup>  | Limited partnership interest | 11/30/18 |  | 33421401 | 79391197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT VIII Co-Investment (D) SCSp <sup>+, a, c, e</sup>  | Limited partnership interest | 10/01/19 |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fides S.p.A <sup>+, a</sup>  | Common equity | 12/15/16 |  | 745309 | 133592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Arrows Royal FAPI IV Co Invest SCSp <sup>+, a, c, e</sup>  | Limited partnership interest | 07/05/24 |  | 4660720 | 4864184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Blue Holding L.P. <sup>+, a, c</sup>  | Limited partnership interest | 07/31/12 |  | 1 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green DC LuxCo S.à.r.l. <sup>+, a, b, c, e</sup>  | Member interest | 01/20/22 |  | 37402098 | 45892300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green DC LuxCo S.à.r.l. <sup>+, a, b, e</sup>  | Common equity | 01/20/22 |  | 95864889 | 313294668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green DC LuxCo S.à.r.l. <sup>+, a, b, c, e</sup>  | Member interest | 01/20/22 |  | 19648729 | 21865987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hera Co-investment LP <sup>+, a, c, e</sup>  | Limited partnership interest | 10/25/24 |  | 16836401 | 12241933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Pegasus Co-Invest L.P. <sup>+, a, c</sup>  | Limited partnership interest | 07/07/22 |  | 11664381 | 21194566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Sprint Co-Invest L.P. <sup>+, a, c</sup>  | Limited partnership interest | 09/29/22 |  | 42840839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Traviata Co-invest L.P. <sup>+, a, c</sup>  | Limited partnership interest | 12/18/19 |  | 92759254 | 158722926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laboratoires Serb <sup>+, a, e</sup>  | Common equity | 01/15/26 |  | 389792 | 1357126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laboratoires Serb <sup>+, a, e</sup>  | Preferred equity | 01/15/26 |  | 2654829 | 2692253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 261 S.à.r.l. <sup>+, a</sup>  | Common equity | 07/31/18 | 1484 | 4782604 | 55738346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 285 S.à.r.l. <sup>+, a, b</sup>  | Preferred equity | 08/22/19 | 7865820 | 17060688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 285 S.à.r.l. <sup>+, a, b, c</sup>  | Member interest | 08/22/19 |  | 17060688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 285 S.à.r.l. <sup>+, a, b</sup>  | Common equity | 08/22/19 | 6999953 | 3379415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 293 S.à.r.l. <sup>+, a, e</sup>  | Common equity | 06/26/19 | 9789622 | 18472753 | 558598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 314 S.à.r.l. <sup>+, a, b</sup>  | Common equity | 08/22/19 | 192000 | 7796 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 404 S.à.r.l. <sup>+, a, b, e</sup>  | Common equity | 02/14/23 | 145800 | 1683674 | 7611845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 404 S.à.r.l. <sup>+, a, b, e</sup>  | Preferred equity | 02/14/23 |  | 14941180 | 18135678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 414 S.à.r.l. <sup>+, a, b, c, e</sup>  | Member interest | 07/02/21 |  | 40092414 | 47942060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 414 S.à.r.l. <sup>+, a, b, e</sup>  | Common equity | 07/02/21 | 12316087 | 9766168 | 89497835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 430 S.à.r.l. <sup>+, a, b, e</sup>  | Common equity | 05/10/21 | 52594635 | 64616036 | 58786596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 430 S.à.r.l. <sup>+, a, b, c, e</sup>  | Member interest | 05/10/21 |  | 15139432 | 18356904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnesium Co-Invest SCSp <sup>+, a, c, e</sup>  | Limited partnership interest | 05/19/22 |  | 78803152 | 124041599 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Investments (continued)<br> Direct Investments \* (continued)** <br>**Direct Equity (continued)** | **Investment<br> Type** | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauritius (Luxemburg) Investments S.à.r.l. <sup>+, a</sup>  | Common equity | 10/19/21 |  | $13620 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Menrva Co-Investment, L.P. <sup>+, a, c</sup>  | Limited partnership interest | 11/22/24 |  | 11034168 | 13027614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nerve Co-Invest SCSp <sup>+, a, c, e</sup>  | Limited partnership interest | 01/27/21 |  | 46760051 | 87118993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakley Capital V Co-Investment (A) SCSp <sup>+, a, c, e</sup>  | Limited partnership interest | 12/12/22 |  | 54634736 | 106031983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orbiter Investments S.à.r.l. <sup>+, a, b, e</sup>  | Common equity | 12/17/21 | 8568857 | 189396339 | 216444595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OT Luxco 3 & Cy S.C.A. <sup>+, a</sup>  | Warrants | 12/01/17 | 844553 |  | 608523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Group Satellite HoldCo S.à.r.l. <sup>+, a, b, e</sup>  | Common equity | 03/22/23 | 8018473 | 4779063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Group Satellite HoldCo S.à.r.l. <sup>+, a, b, e</sup>  | Preferred equity | 03/22/23 | 9110800 | 54918380 | 28871324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Group Satellite Warehouse S.C.S. <sup>+, a, b, c</sup>  | Member interest | 03/22/23 |  | 1455807 | 976007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 18 S.à.r.l. <sup>+, a, b, e</sup>  | Preferred equity | 07/07/22 | 113856528 | 115820054 | 200394213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 18 S.à.r.l. <sup>+, a, b, e</sup>  | Common equity | 07/07/22 | 12650106 | 128268 | 57238728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 24 S.à.r.l. <sup>+, a, b, e</sup>  | Common equity | 07/13/22 | 873890 | 1135700 | 28606223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 24 S.à.r.l. <sup>+, a, b, e</sup>  | Preferred equity | 07/13/22 | 101367616 | 102497783 | 166499046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 60 S.à r.l. <sup>+, a, e</sup>  | Common equity | 01/31/24 | 109610 | 119065 | 1943138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 60 S.à r.l. <sup>+, a, e</sup>  | Preferred equity | 01/31/24 | 4647265 | 10220605 | 12470819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 67 S.à.r.l. <sup>+, a, e</sup>  | Preferred equity | 07/16/24 | 12013256 | 12743394 | 15924047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 67 S.à.r.l. <sup>+, a, e</sup>  | Common equity | 07/16/24 | 1335641 | 1414770 | 7842885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 69 S.à.r.l. <sup>+, a</sup>  | Preferred equity | 07/16/24 | 227128 | 328227 | 139328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 69 S.à.r.l. <sup>+, a</sup>  | Common equity | 07/16/24 | 50580 | 580738 | 458747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 71 S.à.r.l. <sup>+, a, e</sup>  | Common equity | 09/26/24 | 6385371 | 7129193 | 9169664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 76 S.à.r.l. <sup>+, a, b, e</sup>  | Common equity | 09/03/24 | 358449 | 395093 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 76 S.à.r.l. <sup>+, a, b, e</sup>  | Preferred equity | 09/03/24 | 43478798 | 48005615 | 44022818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 88 S.à r.l. <sup>+, a, b</sup>  | Preferred equity | 09/04/25 | 392610 | 52685407 | 54726007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 88 S.à r.l. <sup>+, a, b</sup>  | Common equity | 09/04/25 | 664863 | 893981 | 4204518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Lion Management Warehouse S.C.S <sup>+, a, b, c</sup>  | Limited partnership interest | 08/22/19 |  | 1064074 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Polaris TopCo S.à r.l. <sup>+, a, e</sup>  | Common equity | 03/27/24 | 1941043 | 1941291 | 26697480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Polaris TopCo S.à r.l. <sup>+, a</sup>  | Preferred equity | 03/27/24 | 36879822 | 36879819 | 35544806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Polaris Warehouse SCSp <sup>+, a, c, d</sup>  | Limited partnership interest | 03/27/24 |  | 748547 | 873186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG TLP S.à.r.l. <sup>+, a, b, c, e</sup>  | Member interest | 04/14/21 |  | 5331705 | 81369367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG TLP S.à.r.l. <sup>+, a, b, e</sup>  | Common equity | 04/14/21 | 6473126 | 60307423 | 58065439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Wave Limited <sup>+, a, b, e</sup>  | Common equity | 02/03/22 | 53215581 | 86765208 | 136342590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmathen GP S.à.r.l. <sup>+, a, b</sup>  | Common equity | 01/20/22 | 110300 | 1773 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmathen Topco S.à r.l. <sup>+, a, b</sup>  | Preferred equity | 01/20/22 |  | 15544623 | 18271485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmathen Topco S.à.r.l. <sup>+, a, b</sup>  | Preferred equity | 01/20/22 | 98858068 | 112190937 | 60451665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmathen Topco S.à.r.l. <sup>+, a, b</sup>  | Common equity | 01/20/22 | 79910 | 85739 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XVI S.à.r.l. <sup>+, a, b, c, e</sup>  | Member interest | 10/01/22 |  | 1191234 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XVI S.à.r.l. <sup>+, a, b</sup>  | Preferred equity | 07/05/24 | 22 | 24 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XVI S.à.r.l. <sup>+, a, b, e</sup>  | Preferred equity | 05/23/18 | 489319992 | 26882311 | 175197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XVI S.à.r.l. <sup>+, a, b, e</sup>  | Common equity | 05/23/18 | 44442345 | 6275980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XXIII S.à.r.l. <sup>+, a, e</sup>  | Preferred equity | 08/19/21 |  | 814304 | 867792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XXIII S.à.r.l. <sup>+, a, e</sup>  | Common equity | 08/19/21 |  | 257119 | 272997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresco 2 Co-Invest SCSp <sup>+, a, c</sup>  | Limited partnership interest | 07/12/22 |  | 33461675 | 62052389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rivage Luxco S.à.r.l. <sup>+, a, e</sup>  | Common equity | 02/22/22 | 900000 | 51322096 | 66877839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Root JVCo S.à.r.l. <sup>+, a, b</sup>  | Preferred equity | 09/29/20 | 8686753 | 42469064 | 66445539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Root JVCo S.à.r.l. <sup>+, a, b</sup>  | Common equity | 09/29/20 | 2362997 | 2896582 | 4099297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Root JVCo S.à.r.l. <sup>+, a, b, c</sup>  | Member interest | 09/29/20 |  | 36261531 | 47354668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strider Investment 2 <sup>+, a, e</sup>  | Common equity | 04/01/23 | 65178 | 302803 | 255589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strider Investment 3 <sup>+, a, e</sup>  | Common equity | 04/01/23 | 4470 | 26591 | 5148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strider Topco S.a.s. <sup>+, a, c</sup>  | Member interest | 04/01/23 |  | 3389622 | 4677630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strider Topco S.a.s. <sup>+, a, e</sup>  | Common equity | 04/01/23 | 8198302 | 8834459 | 32915043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strider Topco S.a.s. <sup>+, a, e</sup>  | Preferred equity | 04/01/23 | 52089479 | 56579460 | 82691600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surfaces SLP (SCSp) <sup>+, a, b, c</sup>  | Limited partnership interest | 10/01/20 |  | 34731898 | 16917582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T InvestCo Lux I S.à r.l. <sup>+, a, e</sup>  | Common equity | 10/07/25 | 620486 | 5860389 | 10468260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T InvestCo Lux I S.à r.l. <sup>+, a, e</sup>  | Preferred equity | 10/07/25 | 2171868 | 36399586 | 37388937 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Investments (continued)<br> Direct Investments \* (continued)** <br>**Direct Equity (continued)** | **Investment<br> Type** | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanquish Bidco <sup>+, a, c</sup>  | Member interest | 05/25/23 |  | $4453268 | $5857359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanquish Topco <sup>+, a</sup>  | Common equity | 05/25/23 | 379731 | 936729 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanquish Topco <sup>+, a</sup>  | Preferred equity | 05/25/23 | 34851987 | 42986878 | 24243867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veonet Co-Invest SCSp (Lux) <sup>+, a, c, e</sup>  | Limited partnership interest | 03/09/22 |  | 26379481 | 45392985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zephyr Syndication L.P. <sup>+, a, c, e</sup>  | Limited partnership interest | 08/08/24 |  | 12381998 | 16021119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoncolan Topco S.à.r.l. <sup>+, a, b, c</sup>  | Member interest | 10/28/21 |  | 61194518 | 60900959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoncolan Topco S.à.r.l. <sup>+, a, b, e</sup>  | Common equity | 10/28/21 | 20383872 | 40537744 | 21247187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoncolan Topco S.à.r.l. <sup>+, a, b, e</sup>  | Preferred equity | 08/01/24 | 5384750 | 5822805 | 7603777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (25.26%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (25.26%)** |  |  |  | 3864490567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Equity (55.16%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Equity (55.16%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Equity (55.16%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Equity (55.16%)**  | 5865463622 | $8439332201 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Direct Debt \*\*\*\* (4.34%)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Cost** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;**Asia - Pacific (0.22%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (0.22%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (0.22%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (0.22%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (0.22%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (0.22%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (0.22%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (0.22%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYJU's Alpha, Inc. <sup>+, a</sup>  | Cash 8.00% + P (0.75% Floor) | 01/19/22 | 11/24/26 | Senior | $1 | $1 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue Finance B.V. <sup>+, a</sup>  | Cash 4.50% + SF (0.50% Floor)<sup>vv</sup> | 03/10/23 | 01/31/28 | Senior | 26553 | 26553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue Finco Pty Ltd. <sup>+, a, e</sup>  | Cash 5.75% + BBSY<sup>††</sup> | 04/10/24 | 04/10/30 | Senior | 1601340 | 1601341 | 1556727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue Finco Pty Ltd. <sup>+, a</sup>  | Cash 5.75% + BBSY<sup>††</sup> | 04/10/24 | 05/30/30 | Senior | 3621280 | 3512641 | 3695685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue NZ Bidco Limited <sup>+, a</sup>  | Cash 5.75% + BBSY<sup>††</sup> | 04/10/24 | 05/30/30 | Senior | 2370912 | 2299785 | 2194264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Academic Group Limited <sup>+, a</sup>  | Cash 6.00% + BBSY (0.50% Floor)<sup>††</sup> | 07/26/22 | 07/26/27 | Senior | 12728400 | 12666293 | 11519232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Academic Group Limited <sup>+, a</sup>  | Cash 4.91% + BBSY <sup>††</sup> | 01/30/25 | 07/26/27 | Senior | 653208 | 648356 | 712741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Academic Group Limited <sup>+, a, e</sup>  | Cash 6.00% + BBSY (0.50% Floor)<sup>††</sup> | 07/26/22 | 07/26/27 | Senior | 395158 | 395158 | 396185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Academic Group Limited <sup>+, a</sup>  | Cash 6.00% + BBSY (0.50% Floor)<sup>††</sup> | 07/29/22 | 07/29/27 | Senior | 4651970 | 4628735 | 4537433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greencross Limited <sup>+, a</sup>  | Cash 4.50% + BBSY (0.75% Floor)<sup>††</sup> | 09/30/24 | 03/23/28 | Senior | 9294310 | 9241849 | 9103215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UP Education <sup>+, a, e</sup>  |  | 12/16/24 | 07/29/27 | Senior | 2301529 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (0.22%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (0.22%)** |  |  |  |  |  | 33715482 |
| &nbsp;&nbsp;&nbsp;**North America (2.78%)** | &nbsp;&nbsp;&nbsp;**North America (2.78%)** | &nbsp;&nbsp;&nbsp;**North America (2.78%)** | &nbsp;&nbsp;&nbsp;**North America (2.78%)** | &nbsp;&nbsp;&nbsp;**North America (2.78%)** | &nbsp;&nbsp;&nbsp;**North America (2.78%)** | &nbsp;&nbsp;&nbsp;**North America (2.78%)** | &nbsp;&nbsp;&nbsp;**North America (2.78%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimbridge Acquisition Co., Inc. <sup>+, a</sup>  | Cash 5.60% + SF<sup>v</sup> | 03/20/25 | 03/11/30 | Senior | 564906 | 564906 | 559257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Medical Group Holdings, Inc. <sup>+, a</sup>  | Cash 4.75% + SF (1.00% Floor)<sup>vv</sup> | 02/25/21 | 10/01/32 | Senior | 199310 | 195052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC <sup>+, a</sup>  | Cash 3.75% + SF<sup>v</sup> | 06/12/24 | 05/12/28 | Senior | 2781 | 2781 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc. <sup>+, a</sup>  | Cash 2.25% + SF<sup>vv</sup> | 09/06/24 | 06/04/29 | Senior | 4900000 | 4904297 | 4783625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Tool Group <sup>+, a</sup>  | Cash 5.25% + SF (0.50% Floor)<sup>v</sup> | 02/22/22 | 02/08/29 | Senior | 3162616 | 3015880 | 356771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apro, LLC <sup>+, a</sup>  | Cash 3.75% + SF<sup>v</sup> | 06/26/24 | 07/09/31 | Senior | 3250500 | 3243938 | 3270003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean, Inc <sup>+, a</sup>  | Cash 5.25% + SF (0.75% Floor)<sup>vv</sup> | 01/30/24 | 01/30/31 | Senior | 6992315 | 6943460 | 6957353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean, Inc <sup>+, a, e</sup>  | Cash 5.25% + SF (0.75% Floor)<sup>vv</sup> | 01/30/24 | 01/30/31 | Senior | 1222958 | 1217868 | 1216843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AQA Acquisition Holding, Inc. <sup>+, a</sup>  | Cash 4.25% + SF (0.50% Floor)<sup>vv</sup> | 03/18/21 | 03/03/28 | Senior | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;athenahealth Group, Inc. <sup>+, a</sup>  | Cash 3.25% + SF (0.50% Floor)<sup>vv</sup> | 02/23/22 | 02/15/29 | Senior | 10456561 | 10422711 | 10386346 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Investments (continued)<br> Direct Investments \* (continued)** <br>**Direct Debt \*\*\*\* (continued)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Cost** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueConic Holding, Inc. <sup>+, a</sup>  | Cash 6.50% + SF (0.75% Floor)<sup>vv</sup> | 01/27/22 | 01/27/28 | Senior | $18912000 | $18772621 | $18341068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueConic Holding, Inc. <sup>+, a</sup>  | Cash 6.50% + SF (0.75% Floor)<sup>vv</sup> | 06/13/23 | 01/27/28 | Senior | 7092000 | 6995096 | 6877900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand Industrial Services, Inc. <sup>+, a</sup>  | Cash 4.50% + SF (0.50% Floor)<sup>vv</sup> | 04/19/24 | 08/01/30 | Senior | 6720122 | 6659383 | 5862366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown Group Holding, LLC <sup>+, a</sup>  | Cash 3.00% + SF (0.50% Floor)<sup>v</sup> | 06/09/22 | 07/02/29 | Senior | 3972712 | 3948600 | 3987510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown Group Holding, LLC <sup>+, a</sup>  | Cash 2.50% + SF<sup>v</sup> | 05/23/24 | 7/1/2031 | Senior | 2954356 | 2964451 | 2964593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campaign Monitor (UK) Limited <sup>+, a</sup>  | Cash 8.90% + SF (1.00% Floor)<sup>vv</sup> + PIK 5.25% | 01/01/21 | 11/06/26 | Second Lien | 2256977 | 2248580 | 2070271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Hydra Buyer, Inc. <sup>+, a</sup>  | Cash 4.00% + SF<sup>v</sup> | 03/15/24 | 03/25/31 | Senior | 4930796 | 4918948 | 4947240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Fair, L.P. <sup>+, a</sup>  | Cash 2.00% + SF<sup>v</sup> | 05/23/24 | 05/01/31 | Senior | 6214251 | 6201231 | 6152885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. <sup>+, a</sup>  | Cash 3.68% + SF (0.50% Floor)<sup>v</sup> | 04/19/22 | 04/13/29 | Senior | 5309788 | 5299309 | 5133927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConnectWise, LLC <sup>+, a</sup>  | Cash 3.50% + SF (0.76% Floor)<sup>vv</sup> | 10/06/21 | 09/29/28 | Senior | 3591853 | 3585339 | 3306300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc. <sup>+, a</sup>  | Cash 3.25% + SF<sup>v</sup> | 06/24/24 | 04/12/28 | Senior | 2977238 | 2970475 | 1793801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc. <sup>+, a</sup>  | Cash 4.50% + SF<sup>v</sup> | 05/17/24 | 05/15/31 | Senior | 1674500 | 1667909 | 826483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc. <sup>+, a</sup>  | Cash 6.00% + SF (1.00% Floor)<sup>v</sup> | 09/07/23 | 10/16/28 | Senior | 2917500 | 2868269 | 2783811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical Start, Inc. <sup>+, a, e</sup>  | Cash 6.25% + SF (0.75% Floor)<sup>vv</sup> + PIK 3.62% | 03/27/23 | 05/17/28 | Senior | 9148381 | 9082594 | 8627509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical Start, Inc. <sup>+, a, e</sup>  | Cash 3.13% + SF (0.75% Floor)<sup>vv</sup> + PIK 3.625% | 03/27/23 | 05/17/28 | Senior | 1348750 | 706207 | 665564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical Start, Inc. <sup>+, a, e</sup>  | Cash 3.125% + SF (0.75% Floor)<sup>vv</sup> + PIK 3.625% | 03/27/23 | 05/17/28 | Senior | 4987830 | 4924726 | 4711429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datix Bidco Limited <sup>+, a</sup>  | Cash 5.00% + S>>> | 04/25/24 | 04/30/31 | Senior | 901982 | 883942 | 940983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive Capital, LLC <sup>+, a</sup>  | Cash 6.75% + SF (0.75% Floor)<sup>vv</sup> + PIK 4.25% | 12/23/22 | 12/22/28 | Senior | 10330936 | 10239110 | 9526829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive Capital, LLC <sup>+, a, e</sup>  | Cash 6.75% + SF (0.75% Floor)<sup>vv</sup> | 12/23/22 | 12/22/28 | Senior | 5359995 | 4534395 | 4218308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC <sup>+, a, e</sup>  | Cash 3.00% + SF<sup>vv</sup> + PIK 4.25% | 05/03/24 | 12/23/28 | Senior | 4088943 | 4026557 | 3770681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexko Global, Inc. <sup>+, a</sup>  | Cash 3.75% + SF (0.50% Floor)<sup>vv</sup> | 10/07/21 | 10/04/28 | Senior | 5994723 | 5858887 | 5844855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dieter's Metal Fabricating Limited <sup>+, a</sup>  | Cash 5.25% + SF (1.00% Floor)<sup>vv</sup> | 12/19/23 | 12/19/29 | Senior | 432766 | 426830 | 422812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation <sup>+, a</sup>  | Cash 5.00% + SF<sup>vv</sup> | 05/02/24 | 08/02/30 | Senior | 3575690 | 3556892 | 3513116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation <sup>+, a, e</sup>  | Cash 5.00% + SF<sup>vv</sup> | 04/30/24 | 08/04/30 | Senior | 20857887 | 21262737 | 21039990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, Inc. <sup>+, a, e</sup>  | Cash 3.75% + P | 03/31/25 | 07/20/29 | Senior | 1382680 | 600881 | 606122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Broadband Investments, LLC <sup>+, a, e</sup>  | Cash 3.00% + SF (0.75% Floor)<sup>vv</sup> | 04/24/24 | 11/12/27 | Senior | 5891391 | 5849039 | 5677829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Materials Technology <sup>+, a, e</sup>  | Cash 4.25% + SF<sup>vv</sup> | 08/17/22 | 06/22/29 | Senior | 5842008 | 5808373 | 5871218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergreen Services Group LLC <sup>+, a</sup>  | Cash 6.25% + SF (0.75% Floor)<sup>vv</sup> | 06/15/22 | 06/15/29 | Senior | 9555756 | 9473820 | 9395549 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Investments (continued)<br> Direct Investments \* (continued)** <br>**Direct Debt \*\*\*\* (continued)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Cost** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergreen Services Group, LLC <sup>+, a</sup>  | Cash 6.25% + SF (0.75% Floor)<sup>vv</sup> | 07/31/23 | 06/15/29 | Senior | $4215553 | $4105327 | $4144876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergreen Services Group, LLC <sup>+, a, e</sup>  | Cash 5.00% + SF<sup>vv</sup> | 02/26/24 | 06/15/29 | Senior | 4164739 | 4136096 | 4094915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gurobi Optimization, LLC <sup>+, a, e</sup>  | Cash 4.50% + SF<sup>vv</sup> | 09/10/24 | 09/10/31 | Senior | 8283540 | 7495063 | 7557608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Home Services, Inc. <sup>+, a</sup>  | Cash 6.75% + SF (1.00% Floor)<sup>vv</sup> | 11/08/22 | 12/15/26 | Senior | 11640000 | 11551759 | 11456875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Bar Brands Operating LLC <sup>+, a, e</sup>  | Cash 5.25% + SF (1.00% Floor)<sup>vv</sup> | 12/19/23 | 12/19/29 | Senior | 366313 | 363723 | 357887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Bar Brands Operating LLC <sup>+, a</sup>  | Cash 5.25% + SF (1.00% Floor)<sup>vv</sup> | 12/19/23 | 12/19/29 | Senior | 2077276 | 2051148 | 2029499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Limited <sup>+, a</sup>  | Cash 4.25% + SF (0.50% Floor)<sup>v</sup> | 03/07/24 | 04/02/29 | Senior | 3234000 | 3192046 | 2736773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iris Holdings Inc. <sup>+, a</sup>  | Cash 4.75% + SF (0.50% Floor)<sup>vv</sup> | 06/15/22 | 06/28/28 | Senior | 2730810 | 2688287 | 2594734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSLB Holdings, LLC <sup>+, a</sup>  | Cash 8.75% + SF (1.00% Floor)<sup>vv</sup> | 01/01/21 | 01/26/28 | Second Lien | 3212308 | 3206896 | 2863886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeshore Learning Materials, LLC <sup>+, a</sup>  | Cash 3.50% + SF<sup>vv</sup> | 06/06/24 | 09/29/28 | Senior | 974503 | 973754 | 778005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LBM Acquisition, LLC <sup>+, a</sup>  | Cash 3.75% + SF<sup>v</sup> | 08/02/24 | 06/06/31 | Senior | 4649822 | 4611632 | 3774795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magenta Buyer LLC <sup>+, a</sup>  | Cash 6.00% + E<sup>##</sup> | 10/01/24 | 07/27/28 | Senior | 11606 | 622360 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Max US BidCo, Inc. <sup>+, a</sup>  | Cash 5.00% + SF (0.50% Floor)<sup>vv</sup> | 10/11/23 | 10/03/30 | Senior | 4900000 | 4723227 | 4046959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McAfee Corp. <sup>+, a</sup>  | 3.50% + SF<sup>vv</sup> | 05/22/24 | 03/01/29 | Senior | 5543187 | 5984158 | 4996257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelipak Healthcare Packaging <sup>+, a, e</sup>  | 5.50% + SF<sup>vv</sup> | 04/04/24 | 03/26/31 | Senior | 661280 | 656654 | 657973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelipak Holding Company <sup>+, a, e</sup>  | Cash 5.50% + SF (1.00% Floor)<sup>vv</sup> | 04/04/24 | 03/26/31 | Senior | 3385337 | 3002304 | 3022565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanKey (U.S.) II Corp. <sup>+, a</sup>  | Cash 3.50% + SF (0.05% Floor)<sup>vv</sup> | 01/06/22 | 12/15/28 | Senior | 3974293 | 3772325 | 3764212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oscar AcquisitionCo, LLC <sup>+, a, e</sup>  | Cash 4.50% + SF (0.50% Floor)<sup>v</sup> | 02/08/24 | 04/29/29 | Senior | 7340275 | 7390625 | 4923233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pascal Midco 2, LLC <sup>+, a</sup>  | Cash 5.75% + SF (0.75% Floor)<sup>vv</sup> | 07/01/22 | 07/21/27 | Senior | 13334684 | 13199126 | 13312960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. <sup>+, a</sup>  | Cash 5.50% + SF (0.75% Floor)<sup>vv</sup> | 02/06/24 | 02/01/31 | Senior | 6385927 | 6337731 | 6194349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. <sup>+, a, e</sup>  | Cash 5.50% + SF (0.75% Floor)<sup>vv</sup> | 02/01/24 | 02/03/31 | Senior | 3142982 | 3075927 | 3000077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Associates Holding Company, LLC <sup>+, a</sup>  | Cash 3.25% + SF<sup>vv</sup> | 08/05/24 | 12/29/28 | Senior |  | 4434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Paid Legal Services, Inc. <sup>+, a, e</sup>  | Cash 3.75% + SF (0.50% Floor)<sup>v</sup> | 01/18/22 | 12/15/28 | Senior | 10568310 | 10593263 | 9383180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Care Dental Management, LLC <sup>+, a, e</sup>  | Cash 5.00% + SF<sup>v</sup> | 05/31/24 | 08/05/28 | Senior | 17150725 | 9315676 | 9238400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretium PKG Holdings, Inc. <sup>+, a</sup>  | Cash 6.75% + SF (0.50% Floor)<sup>vv</sup> | 10/05/21 | 10/01/29 | Second Lien | 1800000 | 1790465 | 85950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Boost Purchaser, LLC <sup>+, a, e</sup>  | 2.75% + SF<sup>vv</sup> | 07/29/24 | 07/16/31 | Senior | 1290251 | 1288764 | 1248027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC <sup>+, a, e</sup>  | Cash 3.25% + SF<sup>vv</sup> + PIK 1.75% | 04/09/24 | 04/09/30 | Senior | 27809431 | 27761025 | 27739907 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Investments (continued)<br> Direct Investments \* (continued)** <br>**Direct Debt \*\*\*\* (continued)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Cost** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC <sup>+, a, e</sup>  | Cash 4.75% + SF<sup>vv</sup> | 04/09/24 | 04/09/30 | Senior | $862811 | $861964 | $860654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC <sup>+, a, e</sup>  | Cash 5.50% + SF (0.75% Floor)<sup>vv</sup> | 12/01/22 | 04/01/29 | Senior | 1120924 | 268083 | 263843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC <sup>+, a</sup>  | Cash 6.75% + SF (0.75% Floor)<sup>vv</sup> | 12/01/22 | 04/01/29 | Senior | 5806435 | 5695886 | 5791919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raptor Parent, LLC <sup>+, a</sup>  | Cash 6.52% + SF (0.75% Floor)<sup>vv</sup> | 04/06/22 | 04/01/29 | Senior | 13685939 | 13580673 | 13651724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raptor Parent, LLC <sup>+, a, e</sup>  | Cash 6.52% + SF (0.75% Floor)<sup>vv</sup> | 04/06/22 | 04/01/29 | Senior | 1511243 | 1511243 | 1507465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverside Assessments, LLC <sup>+, a, e</sup>  | Cash 5.25% + SF<sup>vv</sup> | 03/19/24 | 03/19/31 | Senior | 3054572 | 2837823 | 2835753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RL Datix Holdings (USA), Inc. <sup>+, a</sup>  | Cash 5.00% + SF<sup>vvv</sup> | 04/25/24 | 04/30/31 | Senior | 2399040 | 2361023 | 2357327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rough Country, LLC <sup>+, a</sup>  | Cash 3.50% + SF (0.75% Floor)<sup>v</sup> | 08/03/21 | 07/26/28 | Senior | 1813351 | 1811579 | 1799470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation <sup>+, a</sup>  | Cash 1.00% + SF<sup>vv</sup>; PIK 5.00% | 03/03/25 | 03/01/30 | Senior | 624269 | 592889 | 524386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc. <sup>+, a</sup>  | Cash 3.75% + SF<sup>v</sup> | 08/09/24 | 02/24/28 | Senior | 8356891 | 8331776 | 8250089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senneca Holdings, Inc. <sup>+, a</sup>  | PIK 11.00% | 01/01/21 | 05/11/26 | Second Lien |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senneca Holdings, Inc. <sup>+, a</sup>  | PIK 10.00% | 01/01/21 | 05/11/27 | 1.5 Lien | 1591389 | 1590677 | 1484915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senneca Holdings, Inc. <sup>+, a</sup>  | PIK 11.00% | 01/01/21 | 11/11/27 | Second Lien | 1276647 | 1270185 | 833605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Inpatient Physicians, Inc <sup>+, a</sup>  | Cash 3.50% + SF<sup>v</sup> | 07/01/24 | 06/28/28 | Senior | 2036 | 27056 | 26126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Inpatient Physicians, Inc. <sup>+, a</sup>  | Cash 5.50% + SF<sup>vv</sup>; PIK 1.00% | 06/04/24 | 06/28/28 | Senior | 578333 | 557587 | 593155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tank Holding Corp. <sup>+, a, e</sup>  | Cash 5.75% + SF (0.75% Floor)<sup>vv</sup> | 04/11/22 | 03/31/28 | Senior | 21533570 | 20566002 | 18619910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telenet Financing USD LLC <sup>+, a</sup>  | Cash 2.00% + SF<sup>v</sup> | 04/27/20 | 04/30/28 | Senior | 5400000 | 5331062 | 5377644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tivity Health Inc <sup>+, a</sup>  | Cash 6.00% + SF (0.75% Floor)<sup>vv</sup> | 06/28/22 | 06/28/29 | Senior | 20233711 | 20110477 | 20155319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tory Burch LLC <sup>+, a</sup>  | Cash 3.50% + SF (0.50% Floor)<sup>v</sup> | 04/30/21 | 04/16/28 | Senior | 952500 | 949231 | 954457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC <sup>+, a, e</sup>  | Cash 6.25% + SF (0.75% Floor)<sup>vv</sup> | 06/02/22 | 05/27/29 | Senior | 10148512 | 5251744 | 5285957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC <sup>+, a</sup>  | Cash 6.25% + SF (0.75% Floor)<sup>vv</sup> | 06/02/22 | 05/27/29 | Senior |  | 5017458 | 5054776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verde Purchaser, LLC <sup>+, a</sup>  | Cash 4.00% + SF<sup>vv</sup> | 05/10/24 | 11/30/30 | Senior | 7096975 | 7093528 | 6928989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Supply Holdings, LLC <sup>+, a</sup>  | Cash 3.25% + SF<sup>v</sup> | 06/06/24 | 10/19/29 | Senior | 4542500 | 4537197 | 4437773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YI Group Midco, LLC <sup>+, a, e</sup>  | Cash 5.75% + SF (1.00% Floor)<sup>v</sup> | 12/01/23 | 12/01/29 | Senior | 6967422 | 5913455 | 5850501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (2.78%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (2.78%)**  |  |  |  |  |  | 424863390 |
| &nbsp;&nbsp;&nbsp;**Rest of World (0.04%)**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Sirona (Luxembourg) Acquisition S.à.r.l. <sup>+, a</sup>  | Cash 5.00% + E<sup>#</sup> | 05/17/24 | 09/30/28 | Senior | 5000000 | 5445691 | 5767128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (0.04%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (0.04%)**  |  |  |  |  |  | 5767128 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Investments (continued)<br> Direct Investments \* (continued)** <br>**Direct Debt \*\*\*\* (continued)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Cost** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;**Western Europe (1.30%)**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AD Education <sup>+, a</sup>  | PIK 8.50% | 06/21/22 | 03/30/29 | Mezzanine | $16736735 | $16635292 | $15688295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asgard Investments B.V. <sup>+, a</sup>  | Cash 5.50% + E<sup>##</sup> | 03/15/22 | 03/15/29 | Senior | 13721320 | 13571421 | 14311340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athena BidCo GmbH <sup>+, a</sup>  | Cash 3.37% + E<sup>###</sup> | 05/22/24 | 03/31/27 | Senior | 4278 | 4631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biscuit Holding S.A.S <sup>+, a, e</sup>  | Cash 4.00% + E<sup>###</sup> | 06/03/24 | 02/12/27 | Senior | 4000000 | 4209713 | 3946738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BME Group Holding B.V. <sup>+, a</sup>  | Cash 4.75% + E<sup>##</sup> | 03/22/24 | 10/30/26 | Senior | 1965517 | 2071515 | 1603923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAB <sup>+, a</sup>  | 3.50% + E<sup>##</sup> | 06/12/24 | 02/09/28 | Senior | 6800000 | 7287784 | 7643798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation BidCo GmbH <sup>+, a</sup>  | Cash 5.25% + E<sup>##</sup> | 10/26/22 | 06/27/29 | Senior | 26760488 | 26418769 | 30280599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation HoldCo GmbH <sup>+, a, e</sup>  | Cash 5.25% + E<sup>##</sup> | 08/08/24 | 08/08/31 | Senior | 1110043 | 1102907 | 1135522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataCo AcquiCo GmbH <sup>+, a, e</sup>  | Cash 6.25% + E<sup>##</sup> | 06/11/25 | 01/31/31 | Senior | 276616 | 208815 | 263852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataCo AcquiCo GmbH <sup>+, a</sup>  | Cash 6.00% + E<sup>###</sup> | 01/26/24 | 01/31/31 | Senior | 9473132 | 9303048 | 9693522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financiere Astek <sup>+, a, e</sup>  | Cash 6.75% + E<sup>##</sup> | 04/25/24 | 04/25/31 | Senior | 2722290 | 2683701 | 2849815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financiere Astek <sup>+, a</sup>  | Cash 6.75% + E<sup>##</sup> | 04/25/24 | 04/25/31 | Senior | 6333943 | 6159759 | 6805574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfstream Bidco AS <sup>+, a</sup>  | Cash 5.0% + SF<sup>vv</sup> | 01/19/24 | 01/17/31 | Senior | 2757002 | 2728016 | 2709221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfstream Bidco AS <sup>+, a</sup>  | Cash 5.00% + SF<sup>vv</sup> | 04/14/25 | 01/23/31 | Senior | 6157301 | 6037687 | 6050592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Holdco 3 Limited <sup>+, a, e</sup>  | Cash 4.25% + SF (0.50% Floor)<sup>vv</sup> | 08/26/21 | 08/19/28 | Senior | 10285188 | 10240163 | 9299507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Limited <sup>+, a</sup>  | Cash 3.75% + SF<sup>v</sup> | 03/17/23 | 03/01/30 | Senior | 1945000 | 1932742 | 1585175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nobel Bidco B.V. <sup>+, a</sup>  | Cash 3.50% + E<sup>###</sup> | 06/12/24 | 09/01/28 | Senior | 4880952 | 5270120 | 5565769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nouryon Finance B.V. <sup>+, a</sup>  | Cash 3.00% + E<sup>##</sup> | 06/20/24 | 04/03/28 | Senior | 2100000 | 2100000 | 2404796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEARLS (Netherlands) Bidco B.V. <sup>+, a</sup>  | Cash 4.00% + SF<sup>vv</sup> | 03/30/22 | 03/01/29 | Senior | 2421030 | 2412831 | 2085112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEARLS (Netherlands) Bidco B.V. <sup>+, a</sup>  | 3.50% + E<sup>##</sup> | 06/06/24 | 02/26/29 | Senior | 7000000 | 7634648 | 7139860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet US Buyer LLC <sup>+, a</sup>  | Cash 3.50% + SF<sup>vv</sup> | 02/20/24 | 02/07/31 | Senior | 2849250 | 2843935 | 2857399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rainbow Jvco Ltd. <sup>+, a</sup>  | Cash 7.25% + E<sup>##</sup>; PIK 7.25% | 02/24/22 | 02/24/30 | Mezzanine | 3823 | 4179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rainbow UK Holdco Limited <sup>+, a</sup>  | Cash 3.75% + E<sup>###</sup> | 05/31/24 | 02/26/29 | Senior | 11000000 | 11944820 | 12754214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RC Acquisition II B.V. <sup>+, a</sup>  | Cash 6.25% + E<sup>##</sup> | 12/19/23 | 12/18/30 | Senior | 9234378 | 9048767 | 9493204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sevetys Invest <sup>+, a, e</sup>  | Cash 6.25% + E<sup>##</sup> | 12/16/22 | 08/03/29 | Senior | 17829649 | 17503758 | 18957574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skywalker BidCo GmbH <sup>+, a</sup>  | Cash 6.00% + E<sup>###</sup> | 12/20/23 | 12/20/30 | Senior | 6537633 | 6410573 | 6609913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skywalker BidCo GmbH <sup>+, a</sup>  | Cash 6.00% + E<sup>##</sup> | 12/20/23 | 12/20/30 | Senior | 1886318 | 1884950 | 1957932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeam Software <sup>+, a</sup>  | Cash 3.25% + SF<sup>vv</sup> | 05/06/25 | 02/28/27 | Senior | 3772441 | 5974093 | 5876431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC <sup>+, a</sup>  | Cash 3.25% + SF<sup>v</sup> | 06/25/24 | 01/31/29 | Senior | 10000000 | 9970312 | 9711100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (1.30%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (1.30%)**  |  |  |  |  |  | 199280777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Debt (4.34%)**  |  |  |  |  |  | $680873845 | $663626777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Investments (59.50%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Investments (59.50%)**  |  |  |  |  | $6546337467 | $9102958978 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Secondary Investments <sup>\*, c</sup>** **(16.66%)** | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;**Asia - Pacific (1.28%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (1.28%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (1.28%)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (1.28%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affinity Asia Pacific Fund IV (No.2) L.P. <sup>+, a, e</sup>  | 09/30/24 | 2177287 | 4373048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Capital Fund 5 <sup>+, a, e</sup>  | 09/30/24 | 1 | 56511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Asia Fund II, L.P. <sup>+, a, e</sup>  | 03/31/25 | 193818 | 593545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baring Asia Private Equity Fund IV, L.P. <sup>+, a, e</sup>  | 11/24/09 | 5345 | 1 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Equity Investments (continued) <br> Secondary Investments <sup>\*, c</sup>** **(continued)** | **Acquisition<br> Date** | **Cost** | **Cost** | **Fair<br> Value** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** | &nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Asia Partners IV, L.P. <sup>+, a, e</sup>  | 12/31/24 | $| 489735 | $| 725644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Asia Partners V, L.P. <sup>+, a, e</sup>  | 12/31/24 |  | 2057928 |  | 1604622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crescent Capital Partners IV, LP <sup>+, a, e</sup>  | 09/30/24 |  | 200112 |  | 122845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners Asia Pacific III, L.P. <sup>+, a, e</sup>  | 01/11/13 |  | 1242005 |  | 258192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners Asia Pacific IV, L.P. <sup>+, a, e</sup>  | 12/31/24 |  | 535251 |  | 886467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hony Capital Fund VIII (Cayman), L.P. <sup>+, a, e</sup>  | 12/31/24 |  | 673531 |  | 1118665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Asian Fund III L.P. <sup>+, a, e</sup>  | 12/31/24 |  | 252940 |  | 331560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KV Asia Capital Fund I L.P. <sup>+, a, e</sup>  | 09/30/24 |  | 1 |  | 65870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBK Partners Colonel Fund, L.P. <sup>+, a, e</sup>  | 09/20/21 |  | 47732595 |  | 85753135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navis Asia Fund VII, L.P. <sup>+, a, e</sup>  | 03/31/25 |  | 8484662 |  | 13901389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Private Equity Asia III, L.P. <sup>+, a, e</sup>  | 03/31/25 |  | 1 |  | 387603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primavera Capital Fund III L.P. <sup>+, a, e</sup>  | 12/31/24 |  | 1143754 |  | 1365171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Baring Asia Private Equity Fund VII, L.P. <sup>+, a, e</sup>  | 03/31/24 |  | 2860162 |  | 3867988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiara CG Private Equity Fund 2017, L.P. <sup>+, a, e</sup>  | 03/31/25 |  | 7037359 |  | 9804839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiara CG Private Equity Fund 2019, L.P. <sup>+, a, e</sup>  | 03/31/25 |  | 10418351 |  | 15235000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiara CG Private Equity Fund 2019S, L.P. <sup>+, a, e</sup>  | 03/31/25 |  | 2500812 |  | 3801802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Asia VII (B), L.P. <sup>+, a, e</sup>  | 12/07/18 |  | 6717379 |  | 17476195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRG Growth Partnership (Offshore) II, L.P. <sup>+, a, e</sup>  | 08/02/10 |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRG Growth Partnership (Offshore), L.P. <sup>+, a, e</sup>  | 08/02/10 |  | 46978 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRG Growth Partnership II, L.P. <sup>+, a, e</sup>  | 07/08/10 |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus China L.P. <sup>+, a</sup>  | 12/31/24 |  | 1423261 |  | 1643708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yunfeng Capital Fund III, L.P. <sup>+, a, e</sup>  | 05/18/21 |  | 30625342 |  | 27125601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yunfeng Capital Fund IV, L.P. <sup>+, a, e</sup>  | 05/31/21 |  | 5640421 |  | 5467987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (1.28%)** |  |  |  |  | 195967391 |
| &nbsp;&nbsp;&nbsp;**North America (11.60%)** | &nbsp;&nbsp;&nbsp;**North America (11.60%)** | &nbsp;&nbsp;&nbsp;**North America (11.60%)** | &nbsp;&nbsp;&nbsp;**North America (11.60%)** | &nbsp;&nbsp;&nbsp;**North America (11.60%)** | &nbsp;&nbsp;&nbsp;**North America (11.60%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abry Partners VII, L.P. <sup>+, a, e</sup>  | 01/01/26 |  | 13532 |  | 39045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Investment Fund, L.P. <sup>+, a</sup>  | 09/30/24 |  | 83355 |  | 88832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APH Extended Value Fund H LP (US) <sup>+, a, e</sup>  | 12/13/24 |  | 33162611 |  | 40535787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund IX, L.P. <sup>+, a, e</sup>  | 01/01/25 |  | 696550 |  | 835546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund VI, L.P. <sup>+, a, e</sup>  | 01/01/25 |  | 219534 |  | 316004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund VII, L.P. <sup>+, a, e</sup>  | 07/01/10 |  | 60993 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Overseas Partners (Delaware) VII, L.P. <sup>+, a, e</sup>  | 10/01/09 |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardian Co-Investment Fund IV <sup>+, a, e</sup>  | 12/31/24 |  | 1610139 |  | 3506463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Corporate Opportunities Fund V, L.P. <sup>+, a, e</sup>  | 01/01/25 |  | 1161062 |  | 1257020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares PE Extended Value Fund, L.P. <sup>+, a, e</sup>  | 11/14/19 |  | 24131817 |  | 35737845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arroyo Investors Fund IV, L.P. <sup>+, a, e</sup>  | 02/25/25 |  | 5891908 |  | 6753010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP SEC Exchange Fund II LP <sup>+, a, e</sup>  | 09/30/24 |  | 12787018 |  | 25775726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August Capital V Special Opportunities, L.P. <sup>+, a, e</sup>  | 10/01/24 |  | 71291 |  | 50848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avenue Golden Continuation Fund PV, L.P. <sup>+, a, e</sup>  | 07/29/22 |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund VII, L.P. <sup>+, a</sup>  | 12/31/24 |  | 29611 |  | 476589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund X, L.P. <sup>+, a, e</sup>  | 06/30/11 |  | 241733 |  | 2325944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XI, L.P. <sup>+, a, e</sup>  | 12/31/24 |  | 330898 |  | 69590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XII, L.P. <sup>+, a, e</sup>  | 12/31/24 |  | 119956 |  | 1086191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Venture Fund 2009, L.P. <sup>+, a, e</sup>  | 09/30/24 |  | 1 |  | 61778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Venture Fund 2012, L.P. <sup>+, a</sup>  | 09/30/24 |  | 1319578 |  | 1930713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC X Private Investors, L.P. <sup>+, a, e</sup>  | 12/31/24 |  | 148594 |  | 325162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC XI Private Investor, L.P. <sup>+, a, e</sup>  | 12/31/24 |  | 827351 |  | 671150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund VIII, L.P. <sup>+, a, e</sup>  | 09/03/21 |  | 1 |  | 5613823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund VIII, L.P. <sup>+, a, e</sup>  | 09/30/24 |  | 1 |  | 297203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund X-A, L.P. <sup>+, a, e</sup>  | 09/03/21 |  | 21298721 |  | 28067859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birch Hill Equity Partners (US) IV, LP <sup>+, a, e</sup>  | 01/13/25 |  | 33027 |  | 88934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Capital Partners IV, L.P. <sup>+, a, e</sup>  | 03/31/25 |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Capital Partners V, L.P. <sup>+, a, e</sup>  | 03/31/25 |  | 1 |  | 13983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Capital Partners V-S, L.P. <sup>+, a, e</sup>  | 03/31/25 |  |  |  | 1 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Private Equity Investments (continued) <br> Secondary Investments <sup>\*, c</sup>** **(continued)** | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Capital Partners VIII <sup>+, a, e</sup>  | 03/31/25 | $1912018 | $1960480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSI II Graduate Co-Invest I L.P. <sup>+, a, e</sup>  | 05/29/25 | 36443873 | 54615955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners V, L.P. <sup>+, a, e</sup>  | 12/31/24 | 416540 | 211891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners VII, L.P. <sup>+, a, e</sup>  | 03/31/24 | 25105380 | 38271001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners VIII, L.P. <sup>+, a, e</sup>  | 03/10/23 | 5387862 | 6605368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Syniverse Co-Investment, L.P. <sup>+, a</sup>  | 12/31/24 | 105536 | 57611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCMP Capital Investors III, L.P. <sup>+, a, e</sup>  | 12/31/24 | 7517 | 13434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerbridge Seaport Acquisition Fund, L.P. <sup>+, a, e</sup>  | 05/12/22 | 163612 | 276757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund VIII, L.P. <sup>+, a, e</sup>  | 03/29/12 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund X, L.P. <sup>+, a, e</sup>  | 12/31/24 | 755519 | 935431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cortec Group Fund V, L.P. <sup>+, a, e</sup>  | 09/30/24 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Court Square Capital Partners V <sup>+, a, e</sup>  | 12/20/24 | 1194835 | 1008935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DST Opportunities Access Offshore L.P. <sup>+, a, e</sup>  | 09/30/20 | 1 | 13628338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP Terra-Gen Growth Fund, L.P. <sup>+, a, e</sup>  | 03/23/21 | 1 | 56061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EETF Sidecar, L.P. <sup>+, a, e</sup>  | 04/30/21 | 2 | 3822741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnCap Energy Co-Investment Fund I-C, L.P. <sup>+, a, e</sup>  | 04/30/21 | 1 | 474366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnCap Energy Transition Fund I, L.P. <sup>+, a, e</sup>  | 04/30/21 | 1 | 1119829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Capital Partners Credit Solutions II, L.P. <sup>+, a, e</sup>  | 02/03/21 | 1251716 | 1906058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Capital Partners III, L.P. <sup>+, a, e</sup>  | 02/01/21 | 1 | 8065537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fengate Everest Continuation Fund L.P. <sup>+, a, d, e</sup>  | 06/17/24 | 20936491 | 27771609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFL Capital Partners IV <sup>+, a, e</sup>  | 12/31/24 | 371585 | 762196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFL Parallel Fund CF, L.P. <sup>+, a, e</sup>  | 12/31/24 | 2992201 | 4688196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frazier Healthcare VI, L.P. <sup>+, a</sup>  | 06/30/12 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FullBloom <sup>+, a</sup>  | 07/17/19 | 234811 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GA Continuity Fund I L.P. (Bermuda) <sup>+, a, e</sup>  | 06/30/21 | 55300458 | 84994039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Atlantic Investment Partners 2021, L.P. <sup>+, a, e</sup>  | 07/02/21 | 9009848 | 11330956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Atlantic Investment Partners 2023, L.P. <sup>+, a, e</sup>  | 12/01/22 | 4335281 | 5341851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners IX, L.P. <sup>+, a, e</sup>  | 03/31/24 | 1588107 | 2356840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners V, L.P. <sup>+, a, e</sup>  | 09/30/15 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar IX Opportunities Fund I <sup>+, a, e</sup>  | 03/31/24 | 643166 | 1022760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gores Capital Partners III, L.P. <sup>+, a, e</sup>  | 01/01/25 | 41404 | 137643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors Side CF, L.P. <sup>+, a, e</sup>  | 04/16/21 | 19200256 | 47578157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gridiron Energy Feeder I, L.P. <sup>+, a, e</sup>  | 05/15/17 | 1 | 9296027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gridiron Energy, LLC <sup>+, a</sup>  | 10/01/24 | 1 | 2851284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners 3.5, L.P. <sup>+, a, e</sup>  | 05/21/13 | 909 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners IV L.P. <sup>+, a, e</sup>  | 02/08/16 | 116996 | 16269595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.I.G. Bayside Debt & LBO Fund II, L.P. <sup>+, a, e</sup>  | 12/30/10 | 1 | 86789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Partners IV, L.P. <sup>+, a, e</sup>  | 05/26/21 | 33752699 | 40494159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Partners V, L.P. <sup>+, a, e</sup>  | 12/27/21 | 79841689 | 101903009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Ventures Life VI (Jersey), L.P. <sup>+, a, e</sup>  | 09/30/24 | 272611 | 1433917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners Continuation Fund, L.P. <sup>+, a, e</sup>  | 09/09/19 | 10453091 | 49068952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners X, L.P. (Project Solace) <sup>+, a, e</sup>  | 04/01/25 | 9464426 | 13615562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.C. Flowers III-B L.P. <sup>+, a, e</sup>  | 12/31/24 | 24084 | 44764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.C. Flowers IV L.P. <sup>+, a, e</sup>  | 12/31/24 | 127359 | 555257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JVP International 2019E, L.P. <sup>+, a</sup>  | 12/31/24 | 1 | 6698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JVP Media V, L.P. <sup>+, a</sup>  | 12/31/24 | 704405 | 558550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JVP VII Opportunity A, L.P. <sup>+, a</sup>  | 12/01/25 | 3922410 | 5112010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JVP VII Opportunity, L.P. <sup>+, a, e</sup>  | 12/31/24 | 689166 | 1255352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Americas Fund XII (EEA) L.P. <sup>+, a, e</sup>  | 12/31/24 | 1068053 | 2123135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Associates Indigo Equity Partners, L.P. <sup>+, a</sup>  | 06/09/22 | 123408734 | 158094980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSL Capital Partners CV I, L.P. <sup>+, a, e</sup>  | 05/23/22 | 36083789 | 70286061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee Equity Partners II, L.P. <sup>+, a, e</sup>  | 06/30/17 | 161805 | 2556212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee Equity Partners Realization Fund, L.P. <sup>+, a</sup>  | 06/30/17 | 1 | 2476286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEP Captive Co-Invest II, L.P. <sup>+, a</sup>  | 07/01/22 | 13511710 | 21367580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LS Power Equity Partners III Feeder 1, L.P. <sup>+, a, e</sup>  | 01/01/25 | 1 | 2111976 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Private Equity Investments (continued) <br> Secondary Investments <sup>\*, c</sup>** **(continued)** | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Dearborn Capital Partners V, L.P. <sup>+, a, e</sup>  | 01/03/12 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Dearborn Capital Partners VIII, L.P. <sup>+, a, e</sup>  | 03/15/21 | 6465978 | 10417053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mainsail Partners III, L.P. <sup>+, a, e</sup>  | 09/30/24 | 303723 | 204962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlin Equity III, L.P. <sup>+, a, e</sup>  | 09/30/24 | 24892 | 28172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidOcean Partners III, L.P. <sup>+, a, e</sup>  | 06/30/11 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidOcean Partners V, L.P. <sup>+, a, e</sup>  | 12/31/24 | 1233084 | 1256391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monomoy Capital Partners II, L.P. <sup>+, a, e</sup>  | 09/30/15 | 1 | 20137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 14, L.P. <sup>+, a, e</sup>  | 10/01/24 | 3750356 | 8508250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 17, L.P. <sup>+, a, e</sup>  | 09/30/20 | 5685708 | 8003475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain Capital V, L.P. <sup>+, a, e</sup>  | 12/31/24 | 233999 | 302862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NewView Capital Fund I, L.P. <sup>+, a, e</sup>  | 01/01/25 | 8697292 | 8781438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGP Natural Resources X, L.P. <sup>+, a, e</sup>  | 09/30/24 | 65075 | 201982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northgate Growth Fund, L.P. <sup>+, a</sup>  | 12/20/19 | 6766473 | 10837766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northlane Capital Partners II LP <sup>+, a, e</sup>  | 12/31/24 | 327083 | 1687028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVP VIII PG, L.P. <sup>+, a, e</sup>  | 05/31/19 | 38024953 | 91488874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree Opportunities Fund Xb, L.P. <sup>+, a, e</sup>  | 01/01/25 | 2557415 | 1647636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Partners V LP <sup>+, a, e</sup>  | 12/31/24 | 995276 | 1682185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Capital Partners 2024 Fund Aggregator (AIV IV) LP <sup>+, a, e</sup>  | 12/31/24 | 17312815 | 20538920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Capital Partners 2024 Fund Offshore LP <sup>+, a, e</sup>  | 12/31/24 | 13894222 | 17060896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palladium Equity Partners III, L.P. <sup>+, a, e</sup>  | 08/02/10 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Direct Investments V, L.P. <sup>+, a, e</sup>  | 05/01/25 | 2637016 | 3076222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Venture Capital Reinvestment Fund, L.P. <sup>+, a, e</sup>  | 03/12/25 | 48999310 | 96584647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Venture Capital VI, L.P. <sup>+, a, e</sup>  | 04/18/25 | 2328980 | 2803174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlayCore CV, L.P. <sup>+, a, e</sup>  | 11/21/24 | 17938705 | 28135262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners IV, L.P. <sup>+, a, e</sup>  | 06/30/11 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners VI - A, L.P. <sup>+, a, e</sup>  | 01/01/25 | 8420 | 7364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners VI-A, L.P. <sup>+, a, e</sup>  | 06/30/13 | 2 | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners VII-A, L.P. <sup>+, a, e</sup>  | 06/30/13 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT2, L.P. <sup>+, a, e</sup>  | 12/21/21 | 9391702 | 12621480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redpoint Omega II, L.P. <sup>+, a</sup>  | 09/30/24 | 729467 | 1718691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redpoint Ventures IV, L.P. <sup>+, a</sup>  | 09/30/24 | 532193 | 673487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revelstoke EPIC Fund I, L.P. <sup>+, a, e</sup>  | 11/20/19 | 46881929 | 81835080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverstone Global Energy and Power Fund VI, L.P. <sup>+, a, e</sup>  | 01/01/25 | 397409 | 195950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RoundTable Healthcare Partners III, L.P. <sup>+, a, e</sup>  | 09/30/24 | 126592 | 686167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samson Partners, L.P. <sup>+, a, e</sup>  | 12/21/20 | 23066945 | 24623525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Dragon, L.P. <sup>+, a</sup>  | 06/16/25 | 3931512 | 6382228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Shield, L.P. <sup>+, a</sup>  | 06/16/25 | 1926909 | 3069057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Partners 6, L.P. <sup>+, a</sup>  | 09/30/24 | 372764 | 698212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Partners 7, L.P. <sup>+, a</sup>  | 09/30/24 | 204471 | 176815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Partners 8, L.P. <sup>+, a</sup>  | 09/30/24 | 343249 | 687271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners III, L.P. <sup>+, a, e</sup>  | 03/31/13 | 2 | 14942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners V, L.P. <sup>+, a, e</sup>  | 09/30/20 | 6010772 | 9440488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners VI, L.P. <sup>+, a, e</sup>  | 03/31/24 | 40244072 | 47752498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SL SPV-1, L.P. <sup>+, a</sup>  | 12/01/17 | 116073 | 11722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SL SPV-2, L.P. <sup>+, a</sup>  | 06/30/10 | 38071 | 2378949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Springcoast Partners I-A, L.P. <sup>+, a, e</sup>  | 06/17/25 | 2810602 | 4375790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Partners - Small Market Growth 2009, L.P. <sup>+, a, e</sup>  | 12/01/24 | 285021 | 555041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STG IV, L.P. <sup>+, a, e</sup>  | 09/30/24 | 137073 | 237850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund IX-B, L.P. <sup>+, a, e</sup>  | 12/31/24 | 866920 | 917712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund VIII-B, L.P. <sup>+, a, e</sup>  | 12/31/24 | 126276 | 143653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Venture Capital Fund III-B, L.P. <sup>+, a, e</sup>  | 12/31/24 | 1 | 150084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Capital Partners V, L.P. <sup>+, a, e</sup>  | 09/30/13 | 14639947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Life Sciences Fund IV CF, L.P. <sup>+, a, e</sup>  | 12/31/24 | 3388619 | 3886692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Life Sciences Fund IV, L.P. <sup>+, a, e</sup>  | 12/31/24 | 22386 | 77086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA Atlantic & Pacific VI, L.P. <sup>+, a, e</sup>  | 09/30/15 | 1 | 49501 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Equity Investments (continued) <br> Secondary Investments <sup>\*, c</sup>** **(continued)** | **Acquisition<br> Date** | **Cost** | **Cost** | **Fair<br> Value** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA Atlantic and Pacific VII-A L.P. <sup>+, a, e</sup>  | 09/30/24 | $| 515117 | $| 2431373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA Subordinated Debt Fund III, L.P. <sup>+, a, e</sup>  | 09/30/24 |  | 1 |  | 14610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA XI, L.P. <sup>+, a, e</sup>  | 09/30/15 |  | 63956 |  | 571517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCV VII (A), L.P. <sup>+, a, e</sup>  | 09/30/13 |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Lee Parallel (Cayman) Fund VII, L.P. <sup>+, a, e</sup>  | 01/01/25 |  | 2790107 |  | 2888389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Lee Parallel Fund VII, L.P. <sup>+, a, e</sup>  | 01/01/25 |  | 984637 |  | 1179579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Lee Parallel Fund VIII, L.P. <sup>+, a, e</sup>  | 01/01/25 |  | 926459 |  | 1140017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TorQuest Partners Fund (U.S.) II, L.P. <sup>+, a, e</sup>  | 09/30/15 |  | 867416 |  | 244357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Healthcare Partners, L.P. <sup>+, a, e</sup>  | 04/01/24 |  | 2745093 |  | 3271860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VI, L.P. <sup>+, a, e</sup>  | 12/31/12 |  | 3 |  | 120531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VII, L.P. <sup>+, a, e</sup>  | 01/01/25 |  | 2500179 |  | 6003120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VIII, L.P. <sup>+, a, e</sup>  | 04/01/24 |  | 12639769 |  | 15689796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident VIII, L.P. <sup>+, a, e</sup>  | 09/30/22 |  | 18683585 |  | 27110367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Ventures 2024, L.P. <sup>+, a, e</sup>  | 12/20/24 |  | 38978509 |  | 47812365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivest Fund V, L.P. <sup>+, a, e</sup>  | 10/01/24 |  | 356877 |  | 1045380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSCP CV II, L.P. <sup>+, a</sup>  | 09/09/24 |  | 4016292 |  | 6196448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSCP CV II, L.P. <sup>+, a, e</sup>  | 09/09/24 |  | 96455 |  | 60936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vector Capital V, L.P. <sup>+, a, e</sup>  | 02/26/25 |  | 16526250 |  | 14817039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vector Capital VI, L.P. <sup>+, a, e</sup>  | 02/26/25 |  | 2907250 |  | 2768603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VII, L.P. <sup>+, a, e</sup>  | 04/01/25 |  | 8139413 |  | 9110410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VIII, L.P. <sup>+, a, e</sup>  | 04/01/25 |  | 7069564 |  | 8451706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Agua CV, L.P. (US) <sup>+, a, e</sup>  | 09/30/25 |  | 18105665 |  | 24277741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund III, L.P. <sup>+, a, e</sup>  | 07/29/19 |  | 10076545 |  | 11060520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund IV, L.P. <sup>+, a, e</sup>  | 10/01/22 |  | 30749577 |  | 47935238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund V, L.P. <sup>+, a, e</sup>  | 03/31/23 |  | 4150108 |  | 4118015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Global Growth, L.P. <sup>+, a, e</sup>  | 12/31/24 |  | 2563386 |  | 4259574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Private Equity X, L.P. <sup>+, a</sup>  | 09/28/12 |  | 1 |  | 48610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Private Equity XI, L.P. <sup>+, a</sup>  | 01/01/25 |  | 92686 |  | 196136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Private Equity XII, L.P. <sup>+, a</sup>  | 01/01/26 |  | 667063 |  | 978051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Private Equity XII, L.P. <sup>+, a, e</sup>  | 03/31/25 |  | 5673898 |  | 8311665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XI, L.P. <sup>+, a</sup>  | 09/30/24 |  | 23369 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XII, L.P. <sup>+, a, e</sup>  | 12/31/18 |  | 1 |  | 24296921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XIII, L.P. <sup>+, a, e</sup>  | 12/20/18 |  | 1851775 |  | 4873753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (11.60%)** |  |  |  |  | 1774428635 |
| &nbsp;&nbsp;&nbsp;**Rest of World (0.23%)** | &nbsp;&nbsp;&nbsp;**Rest of World (0.23%)** | &nbsp;&nbsp;&nbsp;**Rest of World (0.23%)** | &nbsp;&nbsp;&nbsp;**Rest of World (0.23%)** | &nbsp;&nbsp;&nbsp;**Rest of World (0.23%)** | &nbsp;&nbsp;&nbsp;**Rest of World (0.23%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent Latin American Private Equity Fund V, L.P. <sup>+, a, e</sup>  | 10/01/24 |  | 506399 |  | 1065947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent Latin American Private Equity Fund VI-B L.P. <sup>+, a, e</sup>  | 03/31/25 |  | 5147479 |  | 7952948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent Latin American Private Equity Fund VII-A SCSp <sup>+, a, e</sup>  | 03/31/25 |  | 16417788 |  | 18603439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Global Financial Services Partners III, L.P. <sup>+, a, e</sup>  | 12/31/24 |  | 3233428 |  | 2697697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitango Venture Capital Fund VI L.P. <sup>+, a, e</sup>  | 09/30/24 |  | 3730634 |  | 5036565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victoria South American Partners II, L.P. <sup>+, a, e</sup>  | 09/30/24 |  | 420588 |  | 111313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (0.23%)** |  |  |  |  | 35467909 |
| &nbsp;&nbsp;&nbsp;**Western Europe (3.55%)** | &nbsp;&nbsp;&nbsp;**Western Europe (3.55%)** | &nbsp;&nbsp;&nbsp;**Western Europe (3.55%)** | &nbsp;&nbsp;&nbsp;**Western Europe (3.55%)** | &nbsp;&nbsp;&nbsp;**Western Europe (3.55%)** | &nbsp;&nbsp;&nbsp;**Western Europe (3.55%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3i Eurofund Vb, L.P. <sup>+, a</sup>  | 10/01/14 |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3i Growth Capital B, L.P. <sup>+, a, e</sup>  | 10/01/14 |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abingworth Bioventures III, L.P. <sup>+, a, e</sup>  | 09/30/15 |  | 1 |  | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abingworth Bioventures V Co-Investment Growth Equity Fund, L.P. <sup>+, a, e</sup>  | 06/30/12 |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abingworth Bioventures VI LP <sup>+, a, e</sup>  | 10/01/24 |  | 163953 |  | 233584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE IX-A <sup>+, a, e</sup>  | 12/31/24 |  | 1858690 |  | 2292441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VI, L.P. <sup>+, a, e</sup>  | 10/01/24 |  | 110957 |  | 114274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VI, L.P. <sup>+, a</sup>  | 04/30/11 |  | 2178 |  | 281213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VII-E, L.P. <sup>+, a, e</sup>  | 10/01/24 |  | 136308 |  | 296637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alchemy Special Opportunities Fund II L.P. <sup>+, a, e</sup>  | 09/30/24 |  | 146130 |  | 305204 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Private Equity Investments (continued) <br> Secondary Investments <sup>\*, c</sup>** **(continued)** | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aparca8 Capital Estacionamientos, S.C.R., S.A. <sup>+, a, d, e</sup>  | 12/15/23 | $6460273 | $11477836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax Europe VI - A, L.P. <sup>+, a, e</sup>  | 07/01/11 | 2 | 28644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APAX Europe VII - B, L.P. <sup>+, a, e</sup>  | 01/01/25 | 28576 | 34982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax Europe VII - B, L.P. <sup>+, a, e</sup>  | 04/30/11 | 332524 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax IX USD (Feeder) L.P. <sup>+, a, e</sup>  | 01/01/25 | 620891 | 900307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax VIII - A L.P. <sup>+, a, e</sup>  | 01/01/25 | 408001 | 256370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax X USD L.P. <sup>+, a, e</sup>  | 01/01/25 | 1696148 | 2103885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg IQ-EQ Fund SCSp <sup>+, a, e</sup>  | 01/13/22 | 12749518 | 34564512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg V FCPR <sup>+, a, e</sup>  | 09/30/24 | 14942 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg V FCPR <sup>+, a</sup>  | 09/30/15 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August Capital V, L.P. <sup>+, a, e</sup>  | 10/01/24 | 857687 | 696429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Europe Fund III, L.P. <sup>+, a, e</sup>  | 03/31/25 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Europe Fund V, SCSp <sup>+, a, e</sup>  | 12/31/24 | 1140234 | 1920274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC European Capital IX, L.P. <sup>+, a, e</sup>  | 09/30/14 | 133696 | 858335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC European Capital X LP <sup>+, a, e</sup>  | 12/31/24 | 887923 | 1426313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners II, L.P. <sup>+, a, e</sup>  | 12/28/12 | 60330 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners III, L.P. <sup>+, a, e</sup>  | 09/30/14 | 1874274 | 100255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners IV, L.P. <sup>+, a, e</sup>  | 12/31/24 | 8716159 | 6784644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners V, L.P. <sup>+, a, e</sup>  | 12/31/24 | 2366423 | 1529939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCP IX L.P. No.2 <sup>+, a</sup>  | 09/30/14 | 1997564 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Value Building Partners I, L.P. <sup>+, a</sup>  | 12/17/21 | 36688283 | 76148511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charterhouse Capital Partners IX <sup>+, a, e</sup>  | 09/30/24 | 16749 | 20323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charterhouse Capital Partners X L.P. <sup>+, a, e</sup>  | 12/31/24 | 2405777 | 4418374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners Locron (A) SCSp <sup>+, a, e</sup>  | 10/07/25 | 572467 | 601659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners Pachelbel (A) SCSp <sup>+, a, e</sup>  | 07/08/24 | 1611955 | 2491972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VII L.P. <sup>+, a, e</sup>  | 03/31/24 | 7449609 | 12536526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VIII, L.P. <sup>+, a, e</sup>  | 03/31/24 | 11882153 | 14280825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC European Equity Partners III L.P. <sup>+, a, e</sup>  | 12/31/24 | 1 | 149004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC European Equity Partners V, L.P. <sup>+, a, e</sup>  | 12/28/12 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiwa ICP European Infrastructure 1, L.P. <sup>+, a, e</sup>  | 12/22/22 | 35823770 | 78610306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DBAG Fund VI (Guernsey) L.P. <sup>+, a, e</sup>  | 09/30/24 | 326548 | 434745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elvaston Capital Fund V <sup>+, a, e</sup>  | 03/31/25 | 14972115 | 21427471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPIC I-b Fund SLP <sup>+, a, e</sup>  | 11/30/20 | 9064462 | 25395924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT IX, L.P. (EUR) <sup>+, a, e</sup>  | 03/31/25 | 25341115 | 33720644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESP Golden Bear Europe Fund <sup>+, a, e</sup>  | 12/31/16 | 1 | 311690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurazeo Capital IV B SCSp <sup>+, a, e</sup>  | 12/31/24 | 6440337 | 7820771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F2i III <sup>+, a, e</sup>  | 07/01/24 | 2521188 | 5251752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Cinven Fund, L.P. <sup>+, a, e</sup>  | 04/16/10 | 83945 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G Square Capital I <sup>+, a</sup>  | 12/01/24 | 1875 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galileo III FCPR <sup>+, a, e</sup>  | 09/30/15 | 1 | 30424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphite Capital Partners VII, L.P. <sup>+, a, e</sup>  | 09/30/15 | 1 | 231050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HitecVision SpringPoint L.P. <sup>+, a, e</sup>  | 09/30/24 |  | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HitecVision V, L.P. <sup>+, a, e</sup>  | 09/30/24 | 98344 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HitecVision VI, L.P. <sup>+, a, e</sup>  | 09/30/24 | 644429 | 677869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Ventures Growth II (Jersey), L.P. <sup>+, a</sup>  | 09/30/24 | 1494223 | 1256729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Ventures VI (Jersey), L.P. <sup>+, a, e</sup>  | 09/30/24 | 9671319 | 7860538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Opportunity Partners II, L.P. <sup>+, a, e</sup>  | 09/30/24 | 61236 | 165219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investindustrial V L.P. <sup>+, a, e</sup>  | 09/30/24 | 1157013 | 861074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italian Private Equity Fund IV, L.P. <sup>+, a, e</sup>  | 01/29/16 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund III, L.P. <sup>+, a, e</sup>  | 10/01/14 | 409 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund III, L.P. (USD) <sup>+, a, e</sup>  | 12/31/24 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund IV (EEA) L.P. <sup>+, a, e</sup>  | 12/31/24 | 15751795 | 14171945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund V (EUR) SCSp <sup>+, a, e</sup>  | 12/31/24 | 3792097 | 4582950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L Capital 3 FPCI <sup>+, a, e</sup>  | 12/02/24 | 223720 | 155300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Living Bridge 5 L.P. <sup>+, a, e</sup>  | 10/01/24 | 313338 | 800669 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Equity Investments (continued) <br> Secondary Investments <sup>\*, c</sup>** **(continued)** | **Acquisition<br> Date** | **Cost** | **Cost** | **Fair<br> Value** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montagu III, L.P. <sup>+, a, e</sup>  | 12/09/09 | $| 72602 | $| 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montagu V L.P. <sup>+, a, e</sup>  | 12/31/24 |  | 2420541 |  | 3270099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montagu+ SCSp <sup>+, a, e</sup>  | 12/06/21 |  | 1 |  | 14208269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree European Principal Fund IV Feeder (Cayman), L.P. <sup>+, a, e</sup>  | 01/01/25 |  | 893496 |  | 1110712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Europe VI, L.P. <sup>+, a, e</sup>  | 12/31/24 |  | 1882997 |  | 2231948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Europe VII-1 <sup>+, a, e</sup>  | 12/31/24 |  | 268822 |  | 390940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira Europe III, L.P. <sup>+, a, e</sup>  | 01/01/25 |  | 30535 |  | 53754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira Europe III, L.P. <sup>+, a</sup>  | 09/30/13 |  | 352692 |  | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira VI L.P. 1 <sup>+, a, e</sup>  | 01/01/25 |  | 1771583 |  | 1682882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira VII L.P. <sup>+, a, e</sup>  | 09/29/22 |  | 30577271 |  | 42971315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira VIII SCSp <sup>+, a, e</sup>  | 03/30/25 |  | 16197722 |  | 18908430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Ventures IV C.V. <sup>+, a, e</sup>  | 09/30/24 |  | 815255 |  | 1918666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSC III G, LP <sup>+, a, e</sup>  | 12/31/24 |  | 3830323 |  | 3928315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rivean Special Opportunity Fund I Coöperatief U.A. <sup>+, a, e</sup>  | 11/29/22 |  | 23508557 |  | 12156372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverside Europe Fund IV, L.P. <sup>+, a, e</sup>  | 09/30/14 |  | 103961 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Cinven Fund (No.2) Limited Partnership <sup>+, a, e</sup>  | 03/31/24 |  | 629437 |  | 2099600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STG Alternative Investments S.C.A. SICAV-RAIF <sup>+, a, e</sup>  | 09/17/21 |  | 16954516 |  | 34459046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Europe Private Equity Fund, L.P. <sup>+, a, e</sup>  | 03/31/25 |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TDR Capital III 'B' L.P. <sup>+, a, e</sup>  | 10/01/24 |  | 1677975 |  | 1932259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seventh Cinven Fund, L.P. <sup>+, a, e</sup>  | 03/31/24 |  | 7864468 |  | 11271878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilantic Capital Partners V (Europe) S.C.A., SICAR <sup>+, a, e</sup>  | 11/20/20 |  | 2171494 |  | 3395593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilantic Europe VI SCSp <sup>+, a, e</sup>  | 12/10/20 |  | 4446037 |  | 4128714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkish Private Equity Fund III L.P. <sup>+, a, e</sup>  | 09/30/24 |  | 1029596 |  | 2344777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPEF V Feeder LP <sup>+, a, e</sup>  | 01/01/25 |  | 43014 |  | 138875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (3.55%)** |  |  |  |  | 543230421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Secondary Investments (16.66%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Secondary Investments (16.66%)**  |  | 1645475940 | $| 2549094356 |
| **Primary Investments <sup>\*, c</sup>** **(15.27%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Asia - Pacific (0.94%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Asia V, L.P. <sup>+, a, e</sup>  | 09/01/23 |  | 478420 |  | 449704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baring Asia Private Equity Fund IX, L.P. <sup>+, a, e</sup>  | 03/26/25 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baring Asia Private Equity Fund V, L.P. <sup>+, a, e</sup>  | 12/01/10 |  | 1 |  | 216703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGH Capital Fund I <sup>+, a, e</sup>  | 03/01/18 |  | 10678936 |  | 17916857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGH Capital VCLP II <sup>+, a, e</sup>  | 02/01/22 |  | 1279325 |  | 863034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPEChina Fund III, L.P. <sup>+, a, e</sup>  | 03/28/18 |  | 15767552 |  | 28270779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners Asia VI L.P. <sup>+, a, e</sup>  | 12/23/22 |  | 1714666 |  | 1816931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hony Capital Fund VIII, L.P. <sup>+, a, e</sup>  | 10/30/15 |  | 6849326 |  | 9402125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hony Capital Partners V, L.P. <sup>+, a, e</sup>  | 12/15/11 |  | 4634657 |  | 2263372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J-STAR No.4-C, L.P. <sup>+, a, e</sup>  | 08/02/19 |  | 1307837 |  | 13224979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J-STAR No.5-B, L.P. <sup>+, a, e</sup>  | 02/28/22 |  | 4247100 |  | 4156001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kedaara Capital Growth Fund IV <sup>+, a, e</sup>  | 04/03/24 |  | 664892 |  | 536678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kedaara Capital III Limited <sup>+, a, e</sup>  | 06/17/21 |  | 6777498 |  | 7968995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Asian Fund IV SCSp <sup>+, a, e</sup>  | 05/29/20 |  | 4068215 |  | 6375406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primavera Capital Fund III L.P. <sup>+, a, e</sup>  | 05/09/18 |  | 7807704 |  | 11473952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primavera Capital Fund IV, L.P. <sup>+, a, e</sup>  | 05/20/21 |  | 7522851 |  | 7475502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Capital Fund IV L.P. <sup>+, a, e</sup>  | 01/26/18 |  | 5564212 |  | 6541338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Baring Asia Private Equity Fund VII, L.P. <sup>+, a, e</sup>  | 07/10/18 |  |  |  | 6503657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiara CG Private Equity Fund 2024, L.P. <sup>+, a, e</sup>  | 11/29/24 |  | 334291 |  | 288697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG ASIA VIII (B), L.P. <sup>+, a, e</sup>  | 07/01/22 |  | 8548940 |  | 10437956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustbridge Partners VI, L.P. <sup>+, a, e</sup>  | 04/12/18 |  | 7308305 |  | 7469087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (0.94%)** |  |  |  |  | 143651753 |
| &nbsp;&nbsp;&nbsp;**North America (8.92%)** | &nbsp;&nbsp;&nbsp;**North America (8.92%)** | &nbsp;&nbsp;&nbsp;**North America (8.92%)** | &nbsp;&nbsp;&nbsp;**North America (8.92%)** | &nbsp;&nbsp;&nbsp;**North America (8.92%)** | &nbsp;&nbsp;&nbsp;**North America (8.92%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent Global Technology, L.P. <sup>+, a, e</sup>  | 06/25/19 |  | 1820506 |  | 2734637 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Private Equity Investments (continued) <br> Primary Investments <sup>\*, c</sup>** **(continued)** | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEA Investors Fund VII L.P. <sup>+, a, e</sup>  | 02/08/19 | $3374538 | $3679488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Industrial Partners Capital Fund VII, L.P. <sup>+, a, e</sup>  | 03/29/19 | 10867422 | 31062613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Industrial Partners Capital Fund VIII, L.P. <sup>+, a, e</sup>  | 07/10/23 | 619118 | 762805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund IX, L.P <sup>+, a, e</sup>  | 06/01/17 | 11684139 | 29305305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund VIII, L.P. <sup>+, a, e</sup>  | 06/28/13 | 1 | 2192530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Corporate Opportunities Fund IV, L.P. <sup>+, a, e</sup>  | 04/19/12 | 1 | 1199699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Corporate Opportunities Fund V, L.P. <sup>+, a, e</sup>  | 12/28/15 | 3962651 | 6338982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Corporate Opportunities Fund VI, L.P. <sup>+, a, e</sup>  | 06/02/20 | 1896382 | 3233026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XII, L.P. <sup>+, a, e</sup>  | 06/30/17 | 1 | 15976075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XIII, L.P. <sup>+, a, e</sup>  | 08/07/20 | 16896283 | 20156465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XIV, L.P. <sup>+, a, e</sup>  | 04/01/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings Transportation Fund, L.P. <sup>+, a, e</sup>  | 09/23/21 | 2433919 | 7267157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund IX, L.P. <sup>+, a, e</sup>  | 03/18/16 | 4379129 | 14394551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund XI-TE, L.P. <sup>+, a, e</sup>  | 01/19/24 | 6104219 | 5903384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caltius Partners V-A, L.P. <sup>+, a, e</sup>  | 12/02/14 | 1001535 | 5903929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners VII, L.P. <sup>+, a, e</sup>  | 11/29/17 | 19564511 | 40475432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners VIII, L.P. <sup>+, a, e</sup>  | 09/10/21 | 6374421 | 7814862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerbridge Seaport Acquisition Fund, L.P. <sup>+, a</sup>  | 04/27/22 | 988701 | 1187275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund IX, L.P. <sup>+, a, e</sup>  | 07/31/13 | 1 | 3938781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund X, L.P. <sup>+, a, e</sup>  | 12/13/16 | 1 | 16589001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund XI, L.P. <sup>+, a, e</sup>  | 05/15/20 | 17378068 | 21792862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund XII, L.P. <sup>+, a, e</sup>  | 09/02/22 | 8123499 | 12856485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners V, L.P. <sup>+, a, e</sup>  | 12/15/17 | 1 | 23436140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners VI, L.P. <sup>+, a, e</sup>  | 12/10/19 | 13451304 | 19680684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners VII, L.P. <sup>+, a, e</sup>  | 09/23/21 | 12184155 | 13259541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners VIII, L.P. <sup>+, a, e</sup>  | 04/05/24 | 4082492 | 3457317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crescent Mezzanine Partners VI, L.P. <sup>+, a, e</sup>  | 03/30/12 | 1 | 103998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cressey & Company Fund VII-A L.P. <sup>+, a, e</sup>  | 06/30/22 | 3599707 | 3315993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP V, LP <sup>+, a, e</sup>  | 08/19/22 | 4414046 | 7786853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frazier Healthcare Growth Buyout Fund X, L.P. <sup>+, a, e</sup>  | 03/10/21 | 11271534 | 14887919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frazier Healthcare Growth Buyout Fund XI, L.P. <sup>+, a, e</sup>  | 09/20/24 | 126000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar AMBA CV, L.P. <sup>+, a</sup>  | 04/01/23 | 379640 | 622573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners IX, L.P. <sup>+, a, e</sup>  | 02/21/19 | 1 | 20866546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners VII, L.P. <sup>+, a, e</sup>  | 06/26/15 | 1 | 5234438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners VIII, L.P. <sup>+, a, e</sup>  | 03/23/17 | 214313 | 31969811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners X, L.P. <sup>+, a, e</sup>  | 04/01/21 | 9888093 | 11507259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners XI, L.P. <sup>+, a, e</sup>  | 04/26/23 | 858413 | 1080253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar X Opportunities Fund, L.P. <sup>+, a, e</sup>  | 08/13/21 | 2022186 | 2876033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar XI Opportunities Fund, L.P. <sup>+, a, e</sup>  | 04/26/23 | 990313 | 1224878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GI Data Infrastructure Fund II LP <sup>+, a, d, e</sup>  | 01/27/23 | 2703771 | 3089486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoldPoint Mezzanine Partners IV, L.P. <sup>+, a, e</sup>  | 12/30/15 | 1 | 4483403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors IX, L.P. <sup>+, a, e</sup>  | 03/01/22 | 11175226 | 13288383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors Side VIII, L.P. <sup>+, a, e</sup>  | 10/18/19 | 17613618 | 33467724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Heritage Partners, L.P. <sup>+, a, e</sup>  | 12/17/20 | 2605805 | 8278631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners V, L.P. <sup>+, a, e</sup>  | 02/23/18 | 785902 | 7456591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners VI, L.P. <sup>+, a, e</sup>  | 12/17/20 | 8996760 | 11451157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners IX, L.P. <sup>+, a, e</sup>  | 09/24/21 | 6156833 | 6787367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners VII, L.P. <sup>+, a, e</sup>  | 12/14/15 | 881952 | 9311704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners VIII, L.P. <sup>+, a, e</sup>  | 12/19/18 | 9539503 | 20134953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners VII, L.P. <sup>+, a, e</sup>  | 06/30/14 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners X, L.P. <sup>+, a, e</sup>  | 05/10/21 | 12618757 | 17212334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners XI, LP <sup>+, a, e</sup>  | 03/31/23 | 7690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HGGC Fund IV, L.P. <sup>+, a, e</sup>  | 04/08/22 | 1279479 | 2839194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Partners IV, L.P. <sup>+, a, e</sup>  | 09/01/21 | 5754300 | 6905677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Partners V, L.P. <sup>+, a, e</sup>  | 12/27/21 | 7845849 | 10016630 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Private Equity Investments (continued) <br> Primary Investments <sup>\*, c</sup>** **(continued)** | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Partners XII (Co-Investors), L.P. <sup>+, a, e</sup>  | 06/07/21 | $1685162 | $2186514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Partners XIII, L.P. <sup>+, a, e</sup>  | 06/28/24 | 4825626 | 5467387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners X, L.P. <sup>+, a, e</sup>  | 07/06/18 | 1 | 11630605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners XI, L.P. <sup>+, a, e</sup>  | 12/17/19 | 4413640 | 8246387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Ventures Partners XII, L.P. <sup>+, a, e</sup>  | 06/07/21 | 6884577 | 7645151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jade Equity Investors II, L.P. <sup>+, a, e</sup>  | 03/01/22 | 881107 | 990147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K6 Private Investors, L.P. <sup>+, a, e</sup>  | 06/28/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Khosla Ventures IX, L.P. <sup>+, a, e</sup>  | 07/03/25 | 563500 | 543639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Khosla Ventures Opportunity III, L.P. <sup>+, a, e</sup>  | 07/03/25 | 480000 | 456817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Khosla Ventures Seed G, L.P. <sup>+, a, e</sup>  | 07/03/25 | 194750 | 196575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Khosla Ventures VIII, L.P. <sup>+, a, e</sup>  | 01/06/23 | 1458861 | 2079767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Americas Fund XII L.P. <sup>+, a, e</sup>  | 01/31/18 | 1 | 27546624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Associates Indigo Equity Partners, L.P. <sup>+, a</sup>  | 10/01/22 | 1791327 | 2286267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR North America Fund XI, L.P. <sup>+, a, e</sup>  | 02/01/12 | 1 | 1452419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR North America Fund XIII, SCSP <sup>+, a, e</sup>  | 04/06/21 | 9505643 | 12104293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR North America Fund XIV <sup>+, a, e</sup>  | 12/19/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kleiner Perkins Caufield & Byers XIX LLC <sup>+, a, e</sup>  | 03/05/20 | 8122500 | 14195043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kleiner Perkins Select Fund III, LLC <sup>+, a, e</sup>  | 06/28/24 | 5135000 | 6641465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLEINER PERKINS XXI, LLC <sup>+, a, e</sup>  | 06/28/24 | 4680000 | 6610542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kohlberg TE Investors IX, L.P. <sup>+, a, e</sup>  | 12/20/19 | 8987419 | 21497078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kohlberg TE Investors VIII, L.P. <sup>+, a, e</sup>  | 08/04/16 | 1218033 | 21028047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kohlberg TE Investors X, L.P. <sup>+, a, e</sup>  | 10/06/23 | 436564 | 495764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee Equity Partners IV, L.P. <sup>+, a, e</sup>  | 06/28/24 | 9967960 | 9640253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leeds Equity Partners VI, L.P. <sup>+, a, e</sup>  | 11/25/16 | 1025251 | 17354337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lerer Hippeau Select Fund III, L.P. <sup>+, a, e</sup>  | 12/20/19 | 4246898 | 5739109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lerer Hippeau VII, L.P. <sup>+, a, e</sup>  | 12/20/19 | 3937500 | 2964638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lux Total Opportunities, L.P. <sup>+, a, e</sup>  | 05/28/21 | 3638250 | 4385437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lux Ventures VII, L.P. <sup>+, a, e</sup>  | 05/28/21 | 1062500 | 1963731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lux Ventures VIII, L.P. <sup>+, a, e</sup>  | 04/03/23 | 3310018 | 5937580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Dearborn Capital Partners VIII, L.P. <sup>+, a, e</sup>  | 03/20/20 | 6110445 | 9873984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mayfield Select III, L.P. <sup>+, a, e</sup>  | 05/01/23 | 375000 | 388307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mayfield XVII, L.P. <sup>+, a, e</sup>  | 05/01/23 | 385001 | 488085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nautic Partners IX-A, L.P. <sup>+, a, e</sup>  | 03/12/19 | 1 | 6957625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nautic Partners VII-A, L.P. <sup>+, a, e</sup>  | 06/27/14 | 357845 | 2177244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nautic Partners X-A, L.P. <sup>+, a, e</sup>  | 07/19/21 | 9494846 | 13167139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nautic Partners XI-A, L.P. <sup>+, a, e</sup>  | 06/21/24 | 5557854 | 5674697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEA 18 Venture Growth Equity, L.P. <sup>+, a, e</sup>  | 12/22/21 | 3048495 | 4307789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 14, L.P. <sup>+, a, e</sup>  | 05/04/12 | 1 | 10508822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 17, L.P. <sup>+, a, e</sup>  | 06/06/19 | 7243782 | 10840624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 18, L.P. <sup>+, a, e</sup>  | 12/22/21 | 1902434 | 4434014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain Capital V, L.P. <sup>+, a, e</sup>  | 06/29/17 | 94627 | 10842337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain Partners VI, L.P. <sup>+, a, e</sup>  | 10/16/20 | 16885088 | 27470789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain Partners VII, L.P. <sup>+, a, e</sup>  | 04/06/23 | 2865518 | 3483909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NexPhase Capital Fund III-A, L.P. <sup>+, a, e</sup>  | 09/01/16 | 1 | 8446401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NexPhase Capital Fund V, L.P. <sup>+, a, e</sup>  | 08/04/23 | 567062 | 524872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novacap International Technologies VII L.P. <sup>+, a, e</sup>  | 05/30/25 | 30800 | 30800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Hill Capital Partners IV, L.P. <sup>+, a, e</sup>  | 04/28/17 | 1 | 96283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Hill Capital Partners V, L.P. <sup>+, a, e</sup>  | 12/21/18 | 18638756 | 36227274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Hill Capital Partners VI, L.P. <sup>+, a, e</sup>  | 02/25/22 | 3789032 | 4861540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pamlico Capital V, L.P. <sup>+, a, e</sup>  | 02/03/20 | 4709377 | 5397285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pamlico Capital VI, L.P. <sup>+, a, e</sup>  | 12/17/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennantPark Credit Opportunities Fund II, L.P. <sup>+, a, e</sup>  | 08/03/12 | 1 | 738351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revelstoke Capital Partners Fund III, L.P <sup>+, a, e</sup>  | 02/23/22 | 5918146 | 7958042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners IV, L.P. <sup>+, a, e</sup>  | 07/30/12 | 1 | 10700396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners V, L.P. <sup>+, a, e</sup>  | 03/31/17 | 13637108 | 41983963 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Equity Investments (continued) <br> Primary Investments <sup>\*, c</sup>** **(continued)** | **Acquisition<br> Date** | **Cost** | **Cost** | **Fair<br> Value** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;**North America (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners VI, L.P. <sup>+, a, e</sup>  | 06/04/20 | $| 5857717 | $| 7954165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners VII, L.P. <sup>+, a, e</sup>  | 05/26/22 |  | 8582866 |  | 10705812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Capital Growth Fund IV, L.P. <sup>+, a, e</sup>  | 10/14/21 |  | 6141000 |  | 16624234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Capital Growth Fund V, L.P. <sup>+, a, e</sup>  | 02/29/24 |  | 1500000 |  | 1857795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Capital VII, L.P. <sup>+, a, e</sup>  | 10/14/21 |  | 2343716 |  | 3917866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Capital VIII, L.P. <sup>+, a, e</sup>  | 02/29/24 |  | 505000 |  | 494511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumeru Equity Partners Fund, L.P. <sup>+, a, e</sup>  | 04/27/15 |  | 26684 |  | 3415588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund XI, L.P. <sup>+, a, e</sup>  | 10/01/21 |  | 2851062 |  | 3197260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund XII, L.P. <sup>+, a, e</sup>  | 10/01/24 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA Select Opportunities Fund II-B, L.P. <sup>+, a, e</sup>  | 05/27/21 |  | 2660625 |  | 2839770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA XIII-B, L.P. <sup>+, a, e</sup>  | 05/02/19 |  | 3600000 |  | 18377874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA XIV-B, L.P. <sup>+, a, e</sup>  | 05/27/21 |  | 8538750 |  | 11190954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCV X, L.P. <sup>+, a, e</sup>  | 08/31/18 |  | 1884770 |  | 16660961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCV XI (A), L.P. <sup>+, a, e</sup>  | 10/02/20 |  | 8570455 |  | 9567705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Street Capital Partners IV, L.P. <sup>+, a, e</sup>  | 12/10/15 |  | 20698 |  | 4318487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Street Capital Partners V, L.P. <sup>+, a, e</sup>  | 05/04/18 |  | 42670 |  | 6710788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Street Capital Partners VI, L.P. <sup>+, a, e</sup>  | 06/11/21 |  | 13258882 |  | 14130733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners IX, L.P. <sup>+, a, e</sup>  | 12/23/22 |  | 1533546 |  | 1876738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VII, L.P. <sup>+, a, e</sup>  | 03/01/16 |  | 11465 |  | 2522743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VIII, L.P. <sup>+, a, e</sup>  | 01/31/19 |  | 6773642 |  | 11603215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident IX, L.P. <sup>+, a, e</sup>  | 11/19/21 |  | 14397873 |  | 20023492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident VII, L.P. <sup>+, a, e</sup>  | 09/22/16 |  | 1 |  | 33702238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident VIII, L.P. <sup>+, a, e</sup>  | 04/05/19 |  | 10962134 |  | 21739776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident X, L.P. <sup>+, a, e</sup>  | 05/23/24 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VII, L.P. <sup>+, a, e</sup>  | 08/31/18 |  | 18021079 |  | 22183174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VIII, L.P. <sup>+, a, e</sup>  | 04/28/22 |  | 19997434 |  | 25027829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund II, L.P. <sup>+, a, e</sup>  | 12/19/17 |  | 1 |  | 3810402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund III, L.P. <sup>+, a, e</sup>  | 06/19/19 |  | 10076545 |  | 11060520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund IV, L.P. <sup>+, a, e</sup>  | 03/31/21 |  | 10864510 |  | 17210589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund V, L.P. <sup>+, a, e</sup>  | 10/31/23 |  | 485896 |  | 623753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Global Growth 14, L.P. <sup>+, a, e</sup>  | 01/31/22 |  | 7584175 |  | 10436803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Global Growth, L.P. <sup>+, a, e</sup>  | 11/20/18 |  | 3695915 |  | 10740225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XII, L.P. <sup>+, a</sup>  | 12/19/14 |  | 1 |  | 6223840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XIII, L.P. <sup>+, a, e</sup>  | 12/20/18 |  | 6666390 |  | 17545509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XIV, L.P. <sup>+, a, e</sup>  | 01/19/22 |  | 2817150 |  | 3154366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Street Offshore Infrastructure Partners IV <sup>+, a, e</sup>  | 11/02/22 |  | 8818816 |  | 10394800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windjammer Senior Equity Fund IV, L.P. <sup>+, a, e</sup>  | 02/06/13 |  | 54084 |  | 3591675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (8.92%)** |  |  |  |  | 1365101193 |
| &nbsp;&nbsp;&nbsp;**Rest of World (0.46%)** | &nbsp;&nbsp;&nbsp;**Rest of World (0.46%)** | &nbsp;&nbsp;&nbsp;**Rest of World (0.46%)** | &nbsp;&nbsp;&nbsp;**Rest of World (0.46%)** | &nbsp;&nbsp;&nbsp;**Rest of World (0.46%)** | &nbsp;&nbsp;&nbsp;**Rest of World (0.46%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent Latin American Private Equity Fund VI-H L.P. <sup>+, a, e</sup>  | 10/17/14 |  | 1 |  | 5359204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patria - Brazilian Private Equity Fund IV, L.P. <sup>+, a, e</sup>  | 06/30/11 |  | 4737450 |  | 2627722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polish Enterprise Fund VIII, L.P. <sup>+, a, e</sup>  | 09/15/17 |  | 38916723 |  | 62064559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (0.46%)** |  |  |  |  | 70051485 |
| &nbsp;&nbsp;&nbsp;**Western Europe (4.95%)** | &nbsp;&nbsp;&nbsp;**Western Europe (4.95%)** | &nbsp;&nbsp;&nbsp;**Western Europe (4.95%)** | &nbsp;&nbsp;&nbsp;**Western Europe (4.95%)** | &nbsp;&nbsp;&nbsp;**Western Europe (4.95%)** | &nbsp;&nbsp;&nbsp;**Western Europe (4.95%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adagia Capital Europe S.L.P. <sup>+, a, e</sup>  | 06/01/21 |  | 6994215 |  | 9258706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE IX-C, L.P. <sup>+, a, e</sup>  | 05/31/19 |  | 13495267 |  | 26164840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VII-B, L.P. <sup>+, a, e</sup>  | 07/01/12 |  | 1 |  | 811651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VIII-C, L.P <sup>+, a, e</sup>  | 03/22/16 |  | 1 |  | 5607060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE X (USD) <sup>+, a, e</sup>  | 05/31/22 |  | 12091115 |  | 15211881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax X USD L.P. <sup>+, a, e</sup>  | 07/16/19 |  | 14257523 |  | 21219214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APAX XI USD L.P. <sup>+, a, e</sup>  | 06/30/22 |  | 10782791 |  | 11996609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg Mid-Cap <sup>+, a, e</sup>  | 02/22/21 |  | 5739396 |  | 6189475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VI, FCPI <sup>+, a, e</sup>  | 06/30/16 |  | 1 |  | 3814189 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Private Equity Investments (continued) <br> Primary Investments <sup>\*, c</sup>** **(continued)** | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VIII S.à.r.l. <sup>+, a, e</sup>  | 12/17/21 | $10320522 | $12268801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axcel VI K/S <sup>+, a, e</sup>  | 02/21/20 | 11976473 | 25271815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axcel VII K/S <sup>+, a, e</sup>  | 05/17/23 | 875775 | 1115830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Europe Fund IV, L.P. <sup>+, a, e</sup>  | 09/01/14 | 1 | 2062641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Europe Fund VI, SCSp <sup>+, a, e</sup>  | 06/30/22 | 2926436 | 3452272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC Partners XI, L.P. <sup>+, a, e</sup>  | 12/18/20 | 24224392 | 29066804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bregal Unternehmerkapital IV-A SCSP <sup>+, a, e</sup>  | 05/23/24 | 4376866 | 3664805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CapVest Equity Partners III B, L.P. <sup>+, a, e</sup>  | 08/30/13 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capvis Equity V L.P. <sup>+, a, e</sup>  | 01/17/18 | 13548944 | 24113624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners IV, L.P. <sup>+, a, e</sup>  | 08/27/13 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners V, L.P. <sup>+, a, e</sup>  | 04/23/18 | 7714404 | 6568183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Value Building Partners I, L.P. <sup>+, a</sup>  | 12/17/21 | 4559034 | 9471786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charterhouse Capital Partners XI <sup>+, a, e</sup>  | 11/26/21 | 5250540 | 7363240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners IX L.P. <sup>+, a, e</sup>  | 05/12/23 | 295362 | 326308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VI (A) L.P. <sup>+, a, e</sup>  | 07/05/13 | 1 | 4019421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VIII, L.P. <sup>+, a, e</sup>  | 06/19/20 | 2010478 | 2596437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DPE Deutschland IV <sup>+, a, e</sup>  | 08/24/20 | 3327775 | 4690848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egeria Private Equity Fund VI Coöperatief U.A. <sup>+, a, e</sup>  | 04/14/25 | 3980626 | 4012330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPIC Fund III, SLP <sup>+, a, e</sup>  | 06/25/24 | 4754403 | 4751622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT IX, L.P. (USD) <sup>+, a, e</sup>  | 05/15/20 | 14261694 | 22299557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Mid-Market (No.1) Feeder L.P. <sup>+, a, e</sup>  | 07/01/16 | 53968 | 13435528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT X, L.P. (USD) <sup>+, a, e</sup>  | 04/28/22 | 14085396 | 15262329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT XI, L.P. (USD) <sup>+, a, e</sup>  | 12/19/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exponent Private Equity Partners V, L.P. <sup>+, a, e</sup>  | 06/28/24 | 7102739 | 7242820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilde Buy-Out Fund VI <sup>+, a, e</sup>  | 06/28/19 | 21329073 | 24763149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphite Capital Partners IX L.P. <sup>+, a, e</sup>  | 04/11/18 | 7082541 | 11232150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Genesis 10 L.P. <sup>+, a, e</sup>  | 04/14/22 | 6607731 | 8029362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Genesis 11 L.P. <sup>+, a, e</sup>  | 09/18/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Mercury 4 L.P. <sup>+, a, e</sup>  | 01/12/23 | 2089717 | 3240058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Mercury 5 L.P. <sup>+, a, e</sup>  | 09/18/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Saturn 3 L.P. <sup>+, a, e</sup>  | 02/25/22 | 12216926 | 15030059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Saturn 4 L.P. <sup>+, a, e</sup>  | 03/01/25 | 75000 | 307823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Saturn I L.P. <sup>+, a, e</sup>  | 06/28/18 | 1 | 13846093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HgCapital 8 L.P. <sup>+, a, e</sup>  | 12/19/16 | 1 | 14463192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HgCapital Mercury 2 <sup>+, a, e</sup>  | 02/15/17 | 1 | 13533629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impilo Healthcare AB <sup>+, a, e</sup>  | 02/28/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Ventures Growth III (Jersey) L.P. <sup>+, a</sup>  | 03/18/15 | 1 | 29316017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund V (EUR) SCSp <sup>+, a, e</sup>  | 11/05/18 | 18173640 | 31202551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund VI (USD) <sup>+, a, e</sup>  | 11/01/21 | 17987529 | 17831532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livingbridge 7 L.P. <sup>+, a, e</sup>  | 09/04/20 | 14495705 | 14302971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCH Iberian Capital Fund V FCR <sup>+, a, e</sup>  | 12/10/21 | 6688837 | 17423472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital Evo GP, SCSp <sup>+, a, e</sup>  | 06/30/21 | 6900441 | 8493502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital Evolution II <sup>+, a, e</sup>  | 12/14/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital IX, L.P. <sup>+, a, e</sup>  | 07/18/17 | 8201986 | 31699171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital X, L.P. <sup>+, a, e</sup>  | 09/30/20 | 15873030 | 25147690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital XI, L.P. <sup>+, a, e</sup>  | 05/01/22 | 24138890 | 29905184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital XII, L.P. <sup>+, a, e</sup>  | 08/05/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakley Capital Fund V, SCSp <sup>+, a, e</sup>  | 04/28/22 | 5646414 | 6612744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakley Capital Private Equity Fund VI <sup>+, a, e</sup>  | 03/21/25 | 926775 | 708789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Europe VI-1, L.P. <sup>+, a, e</sup>  | 03/12/15 | 1 | 3379951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Partners VIII-1 SCSp <sup>+, a, e</sup>  | 05/12/22 | 11123368 | 13956766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira IX SCSp <sup>+, a, e</sup>  | 12/19/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira VII L.P. <sup>+, a, e</sup>  | 06/21/19 | 19475940 | 29485874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira VIII SCSp <sup>+, a, e</sup>  | 02/10/22 | 17438268 | 21003179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProA Capital Iberian Buyout Fund IV, F.C.R. <sup>+, a, e</sup>  | 05/30/24 | 4251765 | 3780103 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Private Equity Investments (continued) <br> Primary Investments <sup>\*, c</sup>** **(continued)** | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** | &nbsp;&nbsp;&nbsp;**Western Europe (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rivean Capital Fund VII Cooperatief U.A. <sup>+, a, e</sup>  | 05/31/24 | $10815156 | $10407314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Cinven Fund (No.3) L.P. <sup>+, a, e</sup>  | 05/01/16 | 1 | 2940475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Eighth Cinven Fund, L.P. <sup>+, a, e</sup>  | 07/05/22 | 6886367 | 7092290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Paragon Partners Fund IV GmbH & Co. KG <sup>+, a, e</sup>  | 04/29/22 | 4202692 | 4176000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seventh Cinven Fund, L.P. <sup>+, a, e</sup>  | 04/16/19 | 23288627 | 35501210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitruvian Investment Partnership V <sup>+, a, e</sup>  | 10/07/22 | 4037303 | 4698406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (4.95%)** |  |  | 756841334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Primary Investments (15.27%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Primary Investments (15.27%)**  | $1256294326 | $2335645765 |
| **Total Private Equity Investments (Cost $9,448,107,733)(91.43%)** |  |  | $13987699099 |
| **Total Investments (Cost $11,458,590,007)(104.41%)** |  |  | 15973468726 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cash Equivalents** | **Interest <br> Rate** | **Units** | **Cost** | **Fair<br> Value** |
| BlackRock Liquidity Funds - Treasury Trust Fund | 3.54 %<sup>g</sup> | 221469207 | 221469207 | 221469207 |
| **Total Cash Equivalents (1.45%)** |  |  |  | 221469207 |
| **Total Investments and Cash Equivalents (Cost $11,680,059,214)(105.86%)** | **Total Investments and Cash Equivalents (Cost $11,680,059,214)(105.86%)** | **Total Investments and Cash Equivalents (Cost $11,680,059,214)(105.86%)** |  | $16194937933 |
| **Other Liabilities in Excess of Assets ((5.86)%)** |  |  |  | (896770317) |
| **Net Assets (100.00%)<sup>h</sup>** |  |  |  | $15298167616 |

---

\* Direct Investments are private investments directly into the equity or debt of selected operating companies, often together with the management of the company. Primary Investments are investments in newly established private equity partnerships where underlying portfolio companies are not known as of the time of investment. Secondary Investments are single or portfolios of assets acquired on the secondary market. Not with standing the foregoing, if the Fund reasonably determines that the strict application of the above definitions would not reflect the economic substance of any investment, the Fund may re-classify such investment as it deems appropriate. 

---

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

---

---

| | |
|:---|:---|
| \*\*\*  | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"). These securities may be sold in certain transactions in reliance on an exemption from registration (normally to "qualified institutional buyers" in accordance with Rule 144(a)(1) under the Securities Act). At March 31, 2026, the aggregate value of these securities is $216,579,727 or 1.42% of the Fund's net assets.  |

---

---

| | |
|:---|:---|
| \*\*\*\*  | Certain of the Fund's investments consist of broadly syndicated loans ("BSLs"). BSLs are often structured with floating rate interest terms and, based on the facts and circumstances of the relevant investment, may be presented in the consolidated financial statements under either Direct Investments or Floating Rate Notes.  |

---

---

| | |
|:---|:---|
| <sup>#</sup> | As of March 31, 2026, 1 month EURIBOR was 1.89%.  |

---

---

| | |
|:---|:---|
| <sup>##</sup> | As of March 31, 2026, 3 month EURIBOR was 2.08%.  |

---

---

| | |
|:---|:---|
| <sup>###</sup> | As of March 31, 2026, 6 month EURIBOR was 2.48%.  |

---

---

| | |
|:---|:---|
| <sup>####</sup> | As of March 31, 2026, 12 month EURIBOR was 2.87%.  |

---

<sup>+</sup> The fair value of the investment was determined using significant unobservable inputs.

---

| | |
|:---|:---|
| <sup>†</sup> | As of March 31, 2026, 1 month Bank Bill Swap Rate was 4.06%.  |

---

---

| | |
|:---|:---|
| <sup>††</sup> | As of March 31, 2026, 3 month Bank Bill Swap Rate was 4.31%.  |

---

---

| | |
|:---|:---|
| <sup>></sup> | As of March 31, 2026, 1 month Sterling Overnight Interbank Average Rate was 3.73%.  |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | |
|:---|:---|
| <sup>>></sup> | As of March 31, 2026, 3 month Sterling Overnight Interbank Average Rate was 3.73%.  |

---

---

| | |
|:---|:---|
| <sup>>>></sup> | As of March 31, 2026, 6 month Sterling Overnight Interbank Average Rate was 3.83%.  |

---

<sup>v</sup> As of March 31, 2026, 1 month Secured Overnight Financing Rate was 3.66%. 

<sup>vv</sup> As of March 31, 2026, 3 month Secured Overnight Financing Rate was 3.68%. 

<sup>vvv</sup> As of March 31, 2026, 6 month Secured Overnight Financing Rate was 3.70%. 

<sup>vvvv</sup> As of March 31, 2026, 12 month Secured Overnight Financing Rate was 3.73%. 

<sup>a</sup> Private equity investments are generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Schedule of Investments. Total fair value of restricted investments as of March 31, 2026 was $13,987,699,099, or 91.43% of net assets. Total aggregated cost of restricted securities as of March 31, 2026 was $9,448,107,733. 

<sup>b</sup> Represents an affiliated issuer.

<sup>c</sup> Investment does not issue shares.

<sup>d</sup> Non-income producing.

<sup>e</sup> Investment has been committed to but has not been fully funded by the Fund.

<sup>f</sup> Security or a portion thereof is unsettled at March 31, 2026.

<sup>g</sup> The rate shown is the annualized seven-day yield as of March 31, 2026.

<sup>h</sup> Net Assets include $527,384,983 of Repurchase amounts payable for tender offers. 

**<br> A summary of outstanding financial instruments at March 31, 2026 is as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | | | | |
| &nbsp;&nbsp;&nbsp;**Settlement Date** | **Counterparty** | <br>**Currency <br> Purchased** | <br>**Currency <br> Sold** | <br>**Value** | <br>**Unrealized <br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | $57314700 | £43000000 | $57764526 | $(449826) |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | £43000000 | $57766200 | $57764526 | $(1674) |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | 80000000 | $94136000 | $94411131 | $275131 |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Goldman Sachs International | $8392139 | 7000000 | $8260974 | $131165 |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Goldman Sachs International | $11988770 | 10000000 | $11801391 | $187379 |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Goldman Sachs International | $8392139 | 7000000 | $8260974 | $131165 |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Goldman Sachs International | $8392139 | 7000000 | $8260974 | $131165 |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Goldman Sachs International | $4795508 | 4000000 | $4720557 | $74951 |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Goldman Sachs International | $32969117 | 27500000 | $32453826 | $515291 |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;ING Barings (U.S.) Capital Markets | $92853800 | 80000000 | $94411131 | $(1557331) |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;ING Barings (U.S.) Capital Markets | 80000000 | $94284632 | $94411131 | $126499 |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;ING Barings (U.S.) Capital Markets | 38200000 | $45031115 | $45081315 | $50200 |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Macquarie Bank Limited | $100073050 | 85000000 | $100311827 | $(238777) |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Macquarie Bank Limited | 80000000 | $94066800 | $94411131 | $344331 |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $56168759 | 47500000 | $56056609 | $112150 |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $56182344 | 47500000 | $56056609 | $125735 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | | | | |
| &nbsp;&nbsp;&nbsp;**Settlement Date** | **Counterparty** | <br>**Currency <br> Purchased** | <br>**Currency <br> Sold** | <br>**Value** | <br>**Unrealized <br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | 80000000 | $95524080 | $94411131 | $(1112949) |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $45076000 | 40000000 | $47205566 | $(2129566) |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $51526979 | 45700000 | $53932359 | $(2405380) |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $35583000 | 30000000 | $35404174 | $178826 |
| &nbsp;&nbsp;&nbsp;June 10, 2026 | &nbsp;&nbsp;&nbsp;Nomura International PLC | 80000000 | $94112000 | $94411131 | $299131 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | $33308000 | £25000000 | $33242998 | $65002 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | $22636350 | £17000000 | $22605238 | $31112 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | $24924948 | 90000000 | $24128305 | $796643 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | $90461482 | 70000000 | $89073130 | $1388352 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | £42000000 | $55847400 | $55848236 | $836 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | 80000000 | $92832000 | $92890270 | $58270 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | 14442000 | $3867679 | $3871789 | $4110 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | 14128000 | $3785022 | $3787608 | $2586 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | 61430000 | $16468675 | $16468909 | $234 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | 16922000 | $21528824 | $21532793 | $3969 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | 26539000 | $33759778 | $33770169 | $10391 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | 26539000 | $33772451 | $33770169 | $(2282) |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;Goldman Sachs International | $75762351 | 63000000 | $73151088 | $2611263 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;ING Barings (U.S.) Capital Markets | $93260776 | 80000000 | $92890270 | $370506 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;ING Barings (U.S.) Capital Markets | 80000000 | $92833064 | $92890270 | $57206 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;Macquarie Bank Limited | $100480200 | 85000000 | $98695912 | $1784288 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;Macquarie Bank Limited | 80000000 | $92806400 | $92890270 | $83870 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $56412230 | 47500000 | $55153598 | $1258632 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $56426533 | 47500000 | $55153598 | $1272935 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | 80000000 | $93165368 | $92890270 | $(275098) |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $62872768 | 55700000 | $64674851 | $(1802083) |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $17735505 | 15700000 | $18229716 | $(494211) |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $16950450 | 15000000 | $17416926 | $(466476) |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $35706000 | 30000000 | $34833851 | $872149 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;Nomura International PLC | 80000000 | $92808000 | $92890270 | $82270 |
| &nbsp;&nbsp;&nbsp;September 9, 2026 | &nbsp;&nbsp;&nbsp;Nomura International PLC | 39400000 | $45707940 | $45748458 | $40518 |
| &nbsp;&nbsp;&nbsp;December 2, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | $46565120 | £35000000 | $46078801 | $486319 |
| &nbsp;&nbsp;&nbsp;December 2, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | $9314375 | £7000000 | $9215760 | $98615 |
| &nbsp;&nbsp;&nbsp;December 2, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | $91131594 | 70000000 | $89514604 | $1616990 |
| &nbsp;&nbsp;&nbsp;December 2, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | $27674000 | 100000000 | $26778691 | $895309 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | | | | |
| &nbsp;&nbsp;&nbsp;**Settlement Date** | **Counterparty** | <br>**Currency <br> Purchased** | <br>**Currency <br> Sold** | <br>**Value** | <br>**Unrealized <br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;December 2, 2026 | &nbsp;&nbsp;&nbsp;BNY Mellon | $3860443 | 14442000 | $3867379 | $(6936) |
| &nbsp;&nbsp;&nbsp;December 2, 2026 | &nbsp;&nbsp;&nbsp;Goldman Sachs International | $75945052 | 63000000 | $73254099 | $2690953 |
| &nbsp;&nbsp;&nbsp;December 2, 2026 | &nbsp;&nbsp;&nbsp;ING Barings (U.S.) Capital Markets | $93487960 | 80000000 | $93021079 | $466881 |
| &nbsp;&nbsp;&nbsp;December 2, 2026 | &nbsp;&nbsp;&nbsp;Macquarie Bank Limited | $100839886 | 85000000 | $98834896 | $2004990 |
| &nbsp;&nbsp;&nbsp;December 2, 2026 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $56592198 | 47500000 | $55231265 | $1360933 |
| &nbsp;&nbsp;&nbsp;December 2, 2026 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $56590773 | 47500000 | $55231265 | $1359508 |
| &nbsp;&nbsp;&nbsp;December 2, 2026 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $93757943 | 85700000 | $99648831 | $(5890888) |
| &nbsp;&nbsp;&nbsp;December 2, 2026 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $35805000 | 30000000 | $34882905 | $922095 |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $7973970 | £6000000 | $7887103 | $86867 |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $47828160 | £36000000 | $47322621 | $505539 |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $2763882 | 10000000 | $2674467 | $89415 |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $24874935 | 90000000 | $24070201 | $804734 |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $91334925 | 70000000 | $90394558 | $940367 |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;Goldman Sachs International | $76143501 | 63000000 | $73494773 | $2648728 |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;ING Barings (U.S.) Capital Markets | $93825448 | 80000000 | $93326696 | $498752 |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;Macquarie Bank Limited | $83361278 | 70000000 | $81660859 | $1700419 |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;Macquarie Bank Limited | $17873400 | 15000000 | $17498756 | $374644 |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $56795902 | 47500000 | $55412726 | $1383176 |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $56798291 | 47500000 | $55412726 | $1385565 |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $36031260 | 30000000 | $34997511 | $1033749 |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $96847488 | 86400000 | $100792832 | $(3945344) |
| &nbsp;&nbsp;&nbsp;March 10, 2027 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $27939205 | 100000000 | $26744668 | $1194537 |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $23881320 | £18000000 | $23613777 | $267543 |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $7960740 | £6000000 | $7871259 | $89481 |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $23882220 | £18000000 | $23613777 | $268443 |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $5521750 | 20000000 | $5329095 | $192655 |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $22087000 | 80000000 | $21316379 | $770621 |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $3758140 | 14128000 | $3764473 | $(6333) |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;Goldman Sachs International | $76316751 | 63000000 | $73690086 | $2626665 |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;ING Barings (U.S.) Capital Markets | $102532637 | 85700000 | $100241911 | $2290726 |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;ING Barings (U.S.) Capital Markets | $95697080 | 80000000 | $93574713 | $2122367 |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;Macquarie Bank Limited | $83694506 | 70000000 | $81877874 | $1816632 |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;Macquarie Bank Limited | $17938350 | 15000000 | $17545259 | $393091 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | | | | |
| &nbsp;&nbsp;&nbsp;**Settlement Date** | **Counterparty** | <br>**Currency <br> Purchased** | <br>**Currency <br> Sold** | <br>**Value** | <br>**Unrealized <br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $56980183 | 47500000 | $55559986 | $1420197 |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $56979689 | 47500000 | $55559986 | $1419703 |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $94360682 | 70000000 | $91257148 | $3103534 |
| &nbsp;&nbsp;&nbsp;June 16, 2027 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $35995500 | 30000000 | $35090517 | $904983 |
| &nbsp;&nbsp;&nbsp;September 15, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $55661760 | £42000000 | $55002793 | $658967 |
| &nbsp;&nbsp;&nbsp;September 15, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $16538311 | 60000000 | $15939180 | $599131 |
| &nbsp;&nbsp;&nbsp;September 15, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $28175363 | 100000000 | $26565300 | $1610063 |
| &nbsp;&nbsp;&nbsp;September 15, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $22304058 | 16922000 | $22242324 | $61734 |
| &nbsp;&nbsp;&nbsp;September 15, 2027 | &nbsp;&nbsp;&nbsp;Goldman Sachs International | $76474251 | 63000000 | $73853354 | $2620897 |
| &nbsp;&nbsp;&nbsp;September 15, 2027 | &nbsp;&nbsp;&nbsp;ING Barings (U.S.) Capital Markets | $96307240 | 80000000 | $93782036 | $2525204 |
| &nbsp;&nbsp;&nbsp;September 15, 2027 | &nbsp;&nbsp;&nbsp;Macquarie Bank Limited | $102698573 | 85000000 | $99643414 | $3055159 |
| &nbsp;&nbsp;&nbsp;September 15, 2027 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $18115016 | 15000000 | $17584132 | $530884 |
| &nbsp;&nbsp;&nbsp;September 15, 2027 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $102665414 | 85000000 | $99643414 | $3022000 |
| &nbsp;&nbsp;&nbsp;September 15, 2027 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $36200760 | 30000000 | $35168264 | $1032496 |
| &nbsp;&nbsp;&nbsp;September 15, 2027 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $24459171 | 18000000 | $23659251 | $799920 |
| &nbsp;&nbsp;&nbsp;September 15, 2027 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $97911990 | 81400000 | $95423222 | $2488768 |
| &nbsp;&nbsp;&nbsp;December 15, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $57570550 | £43000000 | $56255686 | $1314864 |
| &nbsp;&nbsp;&nbsp;December 15, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $95896000 | 80000000 | $94051758 | $1844242 |
| &nbsp;&nbsp;&nbsp;December 15, 2027 | &nbsp;&nbsp;&nbsp;BNY Mellon | $35261074 | 26539000 | $35174386 | $86688 |
| &nbsp;&nbsp;&nbsp;December 15, 2027 | &nbsp;&nbsp;&nbsp;ING Barings (U.S.) Capital Markets | $96082584 | 80000000 | $94051758 | $2030826 |
| &nbsp;&nbsp;&nbsp;December 15, 2027 | &nbsp;&nbsp;&nbsp;ING Barings (U.S.) Capital Markets | $45882948 | 38200000 | $44909714 | $973234 |
| &nbsp;&nbsp;&nbsp;December 15, 2027 | &nbsp;&nbsp;&nbsp;Macquarie Bank Limited | $95806216 | 80000000 | $94051758 | $1754458 |
| &nbsp;&nbsp;&nbsp;December 15, 2027 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $97300880 | 80000000 | $94051758 | $3249122 |
| &nbsp;&nbsp;&nbsp;December 15, 2027 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $95881600 | 80000000 | $94051758 | $1829842 |
| &nbsp;&nbsp;&nbsp;December 15, 2027 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $27848949 | 100000000 | $26521916 | $1327033 |
| &nbsp;&nbsp;&nbsp;December 15, 2027 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $8131893 | 29200000 | $7744399 | $387494 |
| &nbsp;&nbsp;&nbsp;March 8, 2028 | &nbsp;&nbsp;&nbsp;BNY Mellon | $55225800 | £42000000 | $54846219 | $379581 |
| &nbsp;&nbsp;&nbsp;March 8, 2028 | &nbsp;&nbsp;&nbsp;BNY Mellon | $94176000 | 80000000 | $94186188 | $(10188) |
| &nbsp;&nbsp;&nbsp;March 8, 2028 | &nbsp;&nbsp;&nbsp;BNY Mellon | $16198989 | 61430000 | $16219429 | $(20440) |
| &nbsp;&nbsp;&nbsp;March 8, 2028 | &nbsp;&nbsp;&nbsp;BNY Mellon | $35524685 | 26539000 | $35450347 | $74338 |
| &nbsp;&nbsp;&nbsp;March 8, 2028 | &nbsp;&nbsp;&nbsp;ING Barings (U.S.) Capital Markets | $94189064 | 80000000 | $94186188 | $2876 |
| &nbsp;&nbsp;&nbsp;March 8, 2028 | &nbsp;&nbsp;&nbsp;Macquarie Bank Limited | $94152800 | 80000000 | $94186188 | $(33388) |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> March 31, 2026 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | |  |  | | |
| &nbsp;&nbsp;&nbsp;**Settlement Date** | **Counterparty** | <br>**Currency <br> Purchased** | **Currency <br> Sold** | **Currency <br> Sold** | <br>**Value** | <br>**Unrealized <br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;March 8, 2028 | &nbsp;&nbsp;&nbsp;Morgan Stanley & Co International PLC | $94531368 | € | 80000000 | $94186188 | $345180 |
| &nbsp;&nbsp;&nbsp;March 8, 2028 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $94136000 | € | 80000000 | $94186188 | $(50188) |
| &nbsp;&nbsp;&nbsp;March 8, 2028 | &nbsp;&nbsp;&nbsp;Nomura International PLC | $46373800 | € | 39400000 | $46386698 | $(12898) |
|  |  |  |  |  |  | $69406732 |

---

**Legend:** 

£- British Pound

€ - Euro

BBSY - Bank Bill Swap Rate

E - EURIBOR

Fr. - Swiss Franc

PIK - Payment-in-kind

S - Sterling Overnight Interbank Average Rate

SF - Secured Overnight Financing Rate

PLN - Polish Zloty

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statement of Assets and Liabilities – <br> March 31, 2026

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated Private Equity Investments, at fair value (cost $6,280,742,899)  | $9235983825 |
| Affiliated Private Equity Investments, at fair value (cost of $3,167,364,834)  | 4751715274 |
| Common stocks, at fair value (cost $542,214,859)  | 534993156 |
| High Yield Bonds, at fair value (cost $137,441,147)  | 139835355 |
| Asset-Backed Securities, at fair value (cost $88,836,416)  | 81700389 |
| Floating Rate Loans, at fair value (cost $1,241,989,852)  | 1229240727 |
| Cash  | 21826227 |
| Cash equivalents  | 221469207 |
| Cash denominated in foreign currencies (cost $203,146,897)  | 200466593 |
| Deposit for investments  | 3779653 |
| Investment sales receivable  | 82201087 |
| Unaffiliated dividends and interest receivable  | 19568818 |
| Affiliated interest receivable  | 886286 |
| Due from broker  | 14633524 |
| Unrealized appreciation on forward foreign currency contracts  | 90318988 |
| Other receivable  | 51948192 |
| Receivable for fund units sold  | 244584 |
| Prepaid expenses  | 648236 |
| **Total Assets**  | $16681460121 |
| **Liabilities** |  |
| Credit facility  | 647722832 |
| Investment purchases payable  | 92322171 |
| Distribution, servicing and transfer agency fees payable  | 15635238 |
| Unrealized depreciation on forward foreign currency contracts  | 20912256 |
| Repurchase amounts payable for tender offers  | 527384983 |
| Management fees payable  | 42580476 |
| Dividends payable  | 16227 |
| Professional fees payable  | 1152885 |
| Line of credit fees payable  | 1844694 |
| Accounting and administration fees payable  | 7883435 |
| Custodian fees payable  | 314662 |
| Deferred tax liability, net  | 25350272 |
| Other payable  | 172374 |
| **Total Liabilities**  | $1383292505 |
| Commitments and contingencies (See note 11)  |  |
| **Net Assets**  | $15298167616 |
| **Net Assets consists of:** |  |
| Paid-in capital  | $12010835771 |
| Distributable earnings (accumulated loss)  | 3287331845 |
| **Total Net Assets**  | $15298167616 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statement of Assets and Liabilities – <br> March 31, 2026 (continued)

---

| | |
|:---|:---|
| **Class A Units** |  |
| Net assets  | $8361129333.0 |
| Units outstanding  | 3987232302.0 |
| Net asset value per unit  | $2.1 |
| **Class I Units** |  |
| Net assets  | $6913259826.0 |
| Units outstanding  | 3112888648.0 |
| Net asset value per unit  | $2.22 |
| **Class M Units** |  |
| Net assets  | $1326866.0 |
| Units outstanding  | 597471.0 |
| Net asset value per unit  | $2.22 |
| **Class S Units** |  |
| Net assets  | $22451591.0 |
| Units outstanding  | 10698281.0 |
| Net asset value per unit  | $2.1 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statement of Operations – <br> For the Year Ended March 31, 2026

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividends from unaffiliated investments (net of $918,986 withholding tax)  | $307466317 |
| Interest from unaffiliated investments  | 214298285 |
| Interest from affiliated investments  | 1846292 |
| Transaction fee income from unaffiliated issuers  | 6573646 |
| Transaction fee income from affiliated issuers  | 9739936 |
| Other fee income  | 17058938 |
| **Total Investment Income**  | 556983414 |
| **Operating Expenses** |  |
| Management fees  | 263176924 |
| Incentive fees  | 120517873 |
| Line of credit fees  | 30215693 |
| Interest expense  | 26275291 |
| Professional fees  | 24248747 |
| Accounting and administration fees  | 8082068 |
| Board of Managers' fees  | 747314 |
| Custodian fees  | 453378 |
| Insurance expense  | 295267 |
| Distribution and servicing fees  |  |
| &nbsp;&nbsp;&nbsp;Class A Units  | 61247186 |
| &nbsp;&nbsp;&nbsp;Class S Units  | 25808 |
| Transfer agency fees  |  |
| &nbsp;&nbsp;&nbsp;Class A Units  | 1157471 |
| &nbsp;&nbsp;&nbsp;Class I Units  | 961517 |
| &nbsp;&nbsp;&nbsp;Class M Units  | 18 |
| &nbsp;&nbsp;&nbsp;Class S Units  | 1366 |
| Other expenses  | 3657657 |
| **Total Expenses**  | 541063578 |
| **Net Investment Income**  | 15919836 |
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) Investments, Forward Foreign Currency Contracts and Foreign Currency and Deferred Tax** |  |
| Net realized gain from investments  | 252245292 |
| Net realized loss from affiliated investments  | (2628558) |
| Net realized gain on foreign currency transactions  | 3095214 |
| Net realized loss on forward foreign currency contracts  | (246377513) |
| Net realized gain distributions from primary and secondary investments  | 391568508 |
| Net change in accumulated unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments  | (130516454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments  | 430308186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation  | (4883739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts  | 123143216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax (expense) benefit on unrealized appreciation  | 8306483 |
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on** <br>**Investments, Forward Foreign Currency Contracts and Foreign Currency and Deferred Tax** | 824260635 |
| **Net Increase (Decrease) in Net Assets From Operations**  | $840180471 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statements of Changes in Net Assets –

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended <br> March 31, 2026** | **For the <br> Year Ended <br> March 31, 2025** |
| **Increase (decrease) in Net Assets resulting from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $15919836 | $(133839845) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and forward foreign currency contracts  | 397902943 | 780525587 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward foreign currency contracts  | 426357692 | 187486602 |
| **Net increase in Net Assets resulting from operations**  | $840180471 | $834172344 |
| **Distributions to Members from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings  | (560498134) | (275119177) |
| **Total distributions to Members**  | $(560498134) | $(275119177) |
| **Capital transactions (See note 5):** |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of common Units  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Units  | $430458929 | $897386781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Units  | 719187968 | 838147453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class M Units  | 1333910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Units  | 22323906 |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of common Units  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Units  | 290632221 | 141591539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Units  | 208979035 | 104103438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Units  | 619750 |  |
| &nbsp;&nbsp;&nbsp;Redemption of common Units  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Units  | (1019812745) | (693458689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Units  | (1410347794) | (876816689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class M Units  | (5014) |  |
| &nbsp;&nbsp;&nbsp;Exchanges of common Units  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Units  | (40541879) | (42299009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Units  | 40541879 | 42299009 |
| **Total increase (decrease) in Net Assets resulting from capital transactions**  | $(756629834) | $410953833 |
| **Total increase (decrease) in Net Assets**  | $(476947497) | $970007000 |
| Net Assets at beginning of year  | $15775115113 | $14805108113 |
| **Net Assets at end of year**  | $15298167616 | $15775115113 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statement of Cash Flows – <br> For the Year Ended March 31, 2026

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |
| Net Increase in Net Assets from Operations  | $840180471 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile Net Increase (Decrease) in Net Assets from Operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in accumulated unrealized (appreciation) depreciation on investments  | (299791732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on forward foreign currency contracts  | (123143216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments and foreign currency transactions  | (252711948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments  | (1798661104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income pay-in-kind  | (343333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments  | 2429240912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount  | (5009972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in deposit for investments  | (3779653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in dividends and interest receivable  | 24176034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in due from broker  | 60996476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other receivable  | (28479841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in prepaid expenses  | (210504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in dividends payable  | (62314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in due to affiliates  | (120000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in incentive fees payable  | (22960888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in management fees payable  | (1554587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in distribution, servicing and transfer agency fees payable  | (2830861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in professional fees payable  | 676875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in line of credit fees payable  | (11042906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in interest expense payable  | (3996964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounting and administrative fees payable  | 902956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in custodian fees payable  | (117126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in deferred tax liability, net  | (8306483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in other payable  | (6020461) |
| **Net Cash (Used in) Operating Activities**  | 787029831 |

---

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statement of Cash Flows – <br> For the Year Ended March 31, 2026 (continued)

---

| | |
|:---|:---|
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |
| Proceeds from issuance of Units  | $1173304713 |
| Distributions paid  | (60267128) |
| Payments for Units redeemed  | (2386054476) |
| Proceeds from Credit facilities  | 2559141438 |
| Repayment of Credit facilities  | (1911418606) |
| **Net Cash Provided by Financing Activities**  | (625294059) |
| Net change in cash and cash equivalents  | 161735772 |
| Effect of exchange rate changes on cash  | 3095214 |
| Cash and cash equivalents at beginning of year<sup>(1)</sup>  | 278931041 |
| **Cash and cash equivalents at end of year<sup>(2)</sup>**  | $443762027 |
| **Supplemental and non-cash financing activities** |  |
| Cash paid during the year for interest  | $30272255 |
| Reinvestment of common Units  | $500231006 |
| Non-cash investment restructures  | $565045189 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Balance includes cash, cash equivalents and cash denominated in foreign currencies of $13,716,141, $223,025,203 and $42,189,697, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Balance includes cash, cash equivalents and cash denominated in foreign currencies of $21,826,227, $221,469,207 and $200,466,593, respectively.

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Financial Highlights –

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A | Class A | Class A | Class A | Class A |
|  | Year Ended <br> March 31, <br> 2026 | Year Ended <br> March 31, <br> 2025\* | Year Ended <br> March 31, <br> 2024\* | Year Ended <br> March 31, <br> 2023\* | Year Ended <br> March 31, <br> 2022\* |
| **Per Unit Operating Performance:**<sup>(1)</sup>  |  |  |  |  |  |
| Net asset value, beginning of year  | $2.07 | $2.01 | $1.95 | $1.98 | $1.78 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup>  | (0.00) | (0.03) | (0.03) | (0.03) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments<sup>(2)</sup>  | 0.11 | 0.13 | 0.15 | 0.06 | 0.38 |
| Net increase (decrease) in net assets resulting from operations  | 0.11 | 0.10 | 0.12 | 0.03 | 0.32 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains  | (0.08) | (0.04) | (0.06) | (0.06) | (0.12) |
| Total distributions  | (0.08) | (0.04) | (0.06) | (0.06) | (0.12) |
| Net asset value, end of year  | $2.10 | $2.07 | $2.01 | $1.95 | $1.98 |
| Total Return<sup>(3)</sup>  | 4.91% | 5.07% | 5.68% | 1.96% | 18.12% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year in thousands (000's)  | $8361129 | $8583219 | $8007550 | $7228144 | $6367381 |
| Net investment income (loss) to average net assets before Incentive Fee  | 0.55% | (0.55)% | (0.71)% | (1.28)% | (1.29)% |
| Ratio of gross expenses to average net assets, excluding Incentive Fee<sup>(4)(5)</sup>  | 2.96% | 2.56% | 2.58% | 2.67% | 2.72% |
| Ratio of Incentive Fee to average net assets  | 0.76% | 0.64% | 0.70% | 0.33% | 1.88% |
| Ratio of gross expenses and Incentive Fee to average net assets<sup>(4)(5)</sup>  | 3.72% | 3.20% | 3.28% | 3.00% | 4.60% |
| Ratio of expense waivers to average net assets  | —% | —% | —% | —% | —% |
| Ratio of net expenses and Incentive Fee to average net assets<sup>(5)</sup>  | 3.72% | 3.20% | 3.28% | 3.00% | 4.60% |
| Ratio of net expenses to average net assets, excluding Incentive Fee<sup>(5)</sup>  | 2.96% | 2.56% | 2.58% | 2.67% | 2.72% |
| Portfolio Turnover  | 9.95% | 15.04% | 12.48% | 10.26% | 20.77% |

---

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

<sup>(1)</sup> Selected data for a Net Asset Value per Unit outstanding throughout the period.

<sup>(2)</sup> Calculated using average units outstanding.

<sup>(3)</sup> Total return based on net asset value calculated as the change in Net Asset Value per Unit during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Fund during the period. 

<sup>(4)</sup> Represents the ratio of expenses to average net assets absent fee waivers and/or expense waivers by/to the Adviser.

<sup>(5)</sup> Ratio does not include expenses of Primary and Secondary Investments.

 

 

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Financial Highlights –

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I | Class I | Class I | Class I | Class I |
|  | Year Ended <br> March 31, <br> 2026 | Year Ended <br> March 31, <br> 2025\* | Year Ended <br> March 31, <br> 2024\* | Year Ended <br> March 31, <br> 2023\* | Year Ended <br> March 31, <br> 2022\* |
| **Per Unit Operating Performance:**<sup>(1)</sup> |  |  |  |  |  |
| Net asset value, beginning of year  | $2.17 | $2.09 | $2.02 | $2.03 | $1.80 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup>  | 0.01 | (0.01) | (0.01) | (0.02) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(2)</sup>  | 0.12 | 0.13 | 0.14 | 0.07 | 0.40 |
| Net increase (decrease) in net assets from operations  | 0.13 | 0.12 | 0.13 | 0.05 | 0.35 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.08) | (0.04) | (0.06) | (0.06) | (0.12) |
| Total distributions  | (0.08) | (0.04) | (0.06) | (0.06) | (0.12) |
| Net asset value, end of year  | $2.22 | $2.17 | $2.09 | $2.02 | $2.03 |
| Total Return after Incentive Fee<sup>(3)</sup>  | 5.64% | 5.80% | 6.42% | 2.68% | 18.95% |
| **Ratio and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year in thousands (000's)  | $6913260 | $7191896 | $6797558 | $6179698 | $5703697 |
| Net investment income (loss) to average net assets before Incentive Fee<sup>(4)(5)</sup>  | 1.24% | 0.16% | (0.01)% | (0.57)% | (0.56)% |
| Ratio of gross expenses to average net assets, excluding Incentive Fee<sup>(4)(5)</sup>  | 2.27% | 1.86% | 1.88% | 1.96% | 2.00% |
| Ratio of Incentive Fee to average net assets  | 0.77% | 0.64% | 0.70% | 0.33% | 1.89% |
| Ratio of gross expenses and Incentive Fee to average net assets<sup>(4)(5)</sup>  | 3.04% | 2.50% | 2.58% | 2.29% | 3.89% |
| Ratio of expense waivers to average net assets  | —% | —% | —% | —% | —% |
| Ratio of net expenses and Incentive Fee to average net assets<sup>(5)</sup>  | 3.04% | 2.50% | 2.58% | 2.29% | 3.89% |
| Ratio of net expenses to average net assets, excluding Incentive Fee<sup>(5)</sup>  | 2.27% | 1.86% | 1.88% | 1.96% | 2.00% |
| Portfolio Turnover  | 9.95% | 15.04% | 12.48% | 10.26% | 20.77% |

---

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

<sup>(1)</sup> Selected data for a Net Asset Value per Unit outstanding throughout the period.

<sup>(2)</sup> Calculated using average units outstanding.

<sup>(3)</sup> Total return based on net asset value calculated as the change in Net Asset Value per Unit during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Fund during the period. 

<sup>(4)</sup> Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursement by/to the Adviser.

<sup>(5)</sup> Ratio does not include expenses of Primary and Secondary Investments.

 

 

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Financial Highlights –

---

| | |
|:---|:---|
|  | Class M |
|  | For the period <br> from January <br> 1, 2026 <br> (Commencement <br> of Operations) to <br> March 31, 2026 |
| **Per Unit Operating Performance:**<sup>(1)</sup> |  |
| Net asset value, beginning of period  | $2.25 |
| Income from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup>  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments<sup>(2)</sup>  | (0.02) |
| Net increase (decrease) in net assets resulting from operations  | (0.03) |
| Net asset value, end of period  | $2.22 |
| Total Return after Incentive Fee<sup>(3)(4)</sup>  | (1.15%) |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period in thousands (000's)  | $1327 |
| Net investment income (loss) to average net assets before Incentive Fee  | (1.34%)<sup>(5)</sup> |
| Ratio of gross expenses to average net assets, excluding Incentive Fee<sup>(6)(7)</sup>  | 2.54%<sup>(5)</sup> |
| Ratio of Incentive Fee to average net assets<sup>(3)</sup>  | 0.00%<sup>(4)</sup> |
| Ratio of gross expenses and Incentive Fee to average net assets<sup>(6)(7)</sup>  | 2.54%<sup>(5)(8)</sup> |
| Ratio of expense waivers to average net assets  | —%<sup>(5)</sup> |
| Ratio of net expenses and Incentive Fee to average net assets<sup>(7)</sup>  | 2.54%<sup>(5)(8)</sup> |
| Ratio of net expenses to average net assets, excluding Incentive Fee<sup>(7)</sup>  | 2.54%<sup>(5)</sup> |
| Portfolio Turnover  | 9.95%<sup>(4)</sup> |

---

<sup>(1)</sup> Selected data for a Net Asset Value per Unit outstanding throughout the period.

<sup>(2)</sup> Calculated using average units outstanding.

<sup>(3)</sup> Total return based on net asset value calculated as the change in Net Asset Value per Unit during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Fund during the period. 

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Represents the ratio of expenses to average net assets absent fee waivers and/or expense waivers by/to the Adviser.

<sup>(7)</sup> Ratio does not include expenses of Primary and Secondary Investments.

<sup>(8)</sup> The Incentive Fee and/or organizational expenses are not annualized.<sup></sup>

 

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Financial Highlights –

---

| | |
|:---|:---|
|  | Class S |
|  | For the period <br> from July 1, 2025 <br> (Commencement <br> of Operations) to <br> March 31, 2026 |
| **Per Unit Operating Performance:**<sup>(1)</sup> |  |
| Net asset value, beginning of period  | $2.13 |
| Income from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup>  | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments<sup>(2)</sup>  | 0.02 |
| Net increase (decrease) in net assets resulting from operations  | 0.05 |
| Distributions from: |  |
| Income from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains  | (0.08) |
| Total distributions  | (0.08) |
| Net asset value, end of period  | $2.10 |
| Total Return after Incentive Fee<sup>(3)(4)</sup>  | 2.09% |
| **Ratio/Supplemental Data:** |  |
| Net assets, end of period in thousands (000's)  | $22452 |
| Net investment income (loss) to average net assets before Incentive Fee  | 2.38%<sup>(5)</sup> |
| Ratio of gross expenses to average net assets, excluding Incentive Fee<sup>(6)(7)</sup>  | 2.85%<sup>(5)</sup> |
| Ratio of Incentive Fee to average net assets<sup>(3)</sup>  | 0.32%<sup>(4)</sup> |
| Ratio of gross expenses and Incentive Fee to average net assets<sup>(6)(7)</sup>  | 3.17%<sup>(5)(8)</sup> |
| Ratio of expense waivers to average net assets  | —%<sup>(5)</sup> |
| Ratio of net expenses and Incentive Fee to average net assets<sup>(7)</sup>  | 3.17%<sup>(5)(8)</sup> |
| Ratio of net expenses to average net assets, excluding Incentive Fee<sup>(7)</sup>  | 2.85%<sup>(5)</sup> |
| Portfolio turnover rate  | 9.95%<sup>(4)</sup> |

---

<sup>(1)</sup> Selected data for a Net Asset Value per Unit outstanding throughout the period.

<sup>(2)</sup> Calculated using average units outstanding.

<sup>(3)</sup> Total return based on net asset value calculated as the change in Net Asset Value per Unit during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Fund during the period. 

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Represents the ratio of expenses to average net assets absent fee waivers and/or expense waivers by/to the Adviser.

<sup>(7)</sup> Ratio does not include expenses of Primary and Secondary Investments.

<sup>(8)</sup> The Incentive Fee and/or organizational expenses are not annualized.<sup></sup>

 

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026

**1. Organization** 

Partners Group Private Equity Fund, LLC (the "Fund") is a Delaware limited liability company that was organized on August 4, 2008 and commenced operations on July 1, 2009. The Fund is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund has filed an application to register units of limited liability company interests in the Fund ("Units") under the Securities Act of 1933 as amended (the "1933 Act"). The Fund is managed by Partners Group (USA) Inc. (the "Adviser"), an investment adviser registered under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act") pursuant to a second amended and restated investment management agreement between the Fund and the Adviser (the "Investment Management Agreement"). The Board of Managers of the Fund (collectively, the "Board" and each member thereof a "Manager") has oversight responsibility for the management and supervision of the business operations of the Fund. As permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, a committee of the Board, or the Adviser. The Fund's investment objective is to seek long-term capital appreciation by investing in a diversified portfolio of private equity and debt investments including infrastructure. The Fund makes investments directly and through its wholly owned subsidiaries, Partners Group Private Equity (Subholding), LLC (the "Onshore Subsidiary"), Partners Group Private Equity (Luxembourg) S.à r.l (the "Offshore Subsidiary"), Partners Group Revolver Pooling PGPE, LLC (the "Revolver Subsidiary"), and Partners Group Private Equity (BSL), LLC and Partners Group Private Equity (BSL) SPV, LLC (collectively, the "BSL Subsidiaries").

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

The Fund has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

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

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

**2. Significant Accounting Policies** 

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

**2. a. Basis of Accounting** 

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

**2. b. Valuation of Investments** 

Investments held by the Fund ("Fund Investments") include short-term investments, publicly traded common stock fixed-income securities, direct equity and debt investments in operating companies ("Direct Investments") and primary and secondary investments in private equity funds ("Primary Investments" and "Secondary Investments", respectively, and together, "Private Equity Fund Investments"; Direct Investments and Private Equity Fund Investments, collectively, "Private Equity Investments").

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

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

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

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

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

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

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

<u><u>Private Equity Fund Investments</u></u>

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

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

The fair values of financial instruments traded on one or more of the U.S. national securities exchanges, the Nasdaq Stock Market or any foreign stock exchange are valued based on their respective market price ("Readily Available Market Quotations"). A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that quotation will not be readily available if it is not reliable.

The fair values of asset-backed securities are determined by price quotations from unaffiliated market makers, financial institutions that regularly trade similar investments or independent valuation agents using industry standard valuation models.

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

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

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

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

**2. c. Cash and Cash Equivalents** 

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. In the normal course of its business, the Fund holds cash, including foreign currencies, in short-term interest-bearing deposit accounts, and short-term U.S. Treasury Bills ("T-Bills") to provide liquidity pending investment in Private Equity Investments. T-Bills are valued at amortized cost which is close to or a proxy for fair value. At times, the amounts held in these accounts may exceed applicable federally insured limits. The Fund has not experienced any losses in these accounts and does not believe that it is exposed to significant credit risk in these accounts.

**2. d. Foreign Currency Translation** 

The books and records of the Fund are maintained in U.S. Dollars. Generally, valuations of assets and liabilities denominated in currencies other than the U.S. Dollar are translated into U.S. Dollar equivalents using valuation date exchange rates, while purchases, realized gains and losses, income and expenses are translated at transaction date exchange rates. As of March 31, 2026, the Fund's investments denominated in foreign currencies were as follows:

---

| | | |
|:---|:---|:---|
| **Currency** | **Number of <br> investments** | **Number of <br> investments** |
| Australian Dollars  |  | 17 |
| Brazilian Reals  |  | 1 |
| Canadian Dollars  |  | 7 |
| Euros  |  | 381 |
| Indian Rupees  |  | 2 |
| Japanese Yen  |  | 6 |
| New Zealand Dollars  |  | 3 |
| Norwegian Kroner  |  | 1 |
| Philippine Pesos  |  | 1 |
| Pounds Sterling  |  | 42 |
| Swedish Kronor  |  | 2 |
| Swiss Francs  |  | 6 |

---

The Fund does not separately state the portion of the results of operations due to fluctuations in foreign exchange rates. They are included with other changes in fair values of the investments during the period.

**2. e. Forward Foreign Currency Exchange Contracts** 

The Fund may enter forward foreign currency exchange contracts to manage foreign exchange rate risk. These contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date may be entered into as a hedge against either specific transactions or portfolio positions. The objective of the Fund's foreign currency hedging transactions is to reduce the risk that the U.S. Dollar value of the Fund's foreign currency denominated investments will decline due to changes in foreign currency exchange rates. All forward foreign currency exchange contracts are "marked-to-market" daily

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

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

at the applicable translation rates resulting in unrealized gains or losses. Realized gains or losses are recorded at the time the forward foreign currency exchange contract is offset by entering a closing transaction or by the delivery or receipt of the currency. The risk that counterparties may be unable to meet the terms of their contracts and the risk of unanticipated movements in the value of a foreign currency relative to the U.S. Dollar are inherent in forward foreign currency exchange contracts.

During the year ended March 31, 2026, the Fund entered 518 long/short forward foreign currency exchange contracts. As disclosed in the Consolidated Statement of Assets and Liabilities, the Fund had $90,318,988 in unrealized appreciation and $(20,912,256) in unrealized depreciation on forward foreign currency exchange contracts. As disclosed in the Consolidated Statement of Operations, the Fund had $(246,377,513) in net realized gains (losses) and $123,143,216 change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

**2. f. Investment Income** 

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

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

**2. g. Interest and Dividend Income** 

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

**2. h. Fund Expenses** 

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

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

Expenses relating to purchases of Secondary Investments include the amortization of deferred payments on Secondary Investments. Such amortization expense is recognized on a monthly basis until the due date of a deferred payment.

**2. j. Income Taxes** 

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

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

The Fund's tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction. Based on this review, the Fund has concluded that no additional provision for income tax is required in the Fund's consolidated financial statements. The Fund is subject to potential examination by certain taxing authorities in various jurisdictions. The Fund's tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

As noted above, the Fund has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. If the Fund were to fail to meet the requirements of Subchapter M to qualify as a RIC, and if the Fund were ineligible to or otherwise were not to cure such failure, the Fund would be subject to tax on its taxable income, whether or not distributed to Members, at corporate rates, and all distributions of earnings and profits would be taxable to Members as ordinary income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions until it requalifies as a RIC that is accorded special tax treatment under Subchapter M. In order to comply with the requirements of Subchapter M, the Fund must distribute substantially all of its taxable income and gains to holders of Fund Units and meet certain diversification and income requirements with respect to its investments. The Onshore Subsidiary is treated as an association taxable as a corporation for U.S. federal income tax purposes. The Offshore Subsidiary, Revolver Subsidiary, and BSL Subsidiaries are each treated as an entity disregarded as separate from the Fund for U.S. federal income tax purposes. In preparing its consolidated financial statements, the Onshore Subsidiary is required to recognize its estimate of income taxes for Federal and State purposes as a deferred tax asset or liability. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts for income tax purposes. If the Onshore Subsidiary has a deferred tax asset, consideration is given as to whether a valuation allowance is required. The Offshore Subsidiary, Revolver Subsidiary, and BSL Subsidiaries are not subject to U.S. federal and state income taxes.

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 March 31, 2026, the tax years from 2021 forward remain subject to examination by the major tax jurisdictions in which the Fund is subject to examination.

During the year ended March 31, 2026 the Fund reclassified $245,466,043 from undistributed net investment income, $(396,656,670) of accumulated net realized gain (loss) on investments and forward foreign currency contracts, $0 of accumulated net unrealized appreciation on investments and forward foreign currency contracts, and $0 of foreign currency translation, to paid-in capital.

**2. k. Use of Estimates** 

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

**2. l. Consolidated Financial Statements** 

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

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

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

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

For financial reporting purposes, the Fund does not offset derivative assets and liabilities that are subject to Master Netting Agreements ("MNA") or similar arrangements in the Consolidated Statement of Assets and Liabilities. The table below presents the amounts of the Fund's derivative assets and liabilities as of March 31, 2026: gross, net of amounts available for offset under a MNA, and net of the related collateral received and/or pledged, if any, by the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative Assets<br> Subject to a MNA<br> with Counterparty** | **Financial <br> Instruments <br> Available for Offset**  | **Collateral <br> Received<sup>1</sup>**  | **Net Amount<sup>2</sup>** |
| BNY Mellon | $16379142 | $497679 | $– $| 15881463 |
| Goldman Sachs International | 14369622 |  | – | 14369622 |
| ING Barings (U.S.) Capital Markets | 11515277 | 1557331 | – | 9957946 |
| Macquarie Bank Limited | 13311882 | 272165 | – | 13039717 |
| Morgan Stanley & Co International PLC | 24215419 | 1388047 | – | 22827372 |
| Nomura International PLC | 10527646 | 10527646 | – |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative Liabilities<br> Subject to a MNA<br> with Counterparty** | **Financial <br> Instruments <br> Available for Offset**  | **Collateral <br> Pledged<sup>1</sup>**  | **Net Amount<sup>3</sup>** |
| BNY Mellon | $497679 | $497679 | $– $|  |
| Goldman Sachs International |  |  | – |  |
| ING Barings (U.S.) Capital Markets | 1557331 | 1557331 | – |  |
| Macquarie Bank Limited | 272165 | 272165 | – |  |
| Morgan Stanley & Co International PLC | 1388047 | 1388047 | – |  |
| Nomura International PLC | 17197034 | 10527646 | – | 6669388 |

---

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

<sup>2</sup> Net amount represents the net amount receivable from the counterparty in the event of default. <br>

<sup>3</sup> Net amount represents the net amount due from the Fund to the counterparty in the event of default. 

**2. n. Recently Adopted Accounting Pronouncements** 

The Fund considers the applicability and impact of all accounting standard updates ("ASU" or "ASUs") issued by the Financial Accounting Standards Board ("FASB"). ASUs not listed were assessed by the Fund and either determined to be not applicable or expected to have an immaterial effect on the accompanying consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), "which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the quarter ended June 30, 2025. The Fund has adopted ASU 2023-07 effective March 31, 2025 and concluded that the application of this guidance impacted the notes to the consolidated financial statements only and did not affect the Fund's financial position or the results of its operations. See Note 12 for more information on the effects of the adoption of ASU 2023-07.

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

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

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09")", which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The adoption of ASU 2023-09 did not have a material impact to the Fund's consolidated financial statements.

**3. Fair Value Measurements** 

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

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

**Valuation of Investments** 

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

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

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

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

Due to the inherent uncertainty of estimates, fair value determinations based on estimates may materially differ from the values that would have been used had a ready market for the securities existed. The following is a summary of the Fund's investments classified in the fair value hierarchy as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1**  | **Level 2** | **Level 3** | **Total**  |
| Common Stocks  | $534993156 | $— | $— | $534993156 |
| High Yield Bonds  |  | 139835355 |  | 139835355 |
| Asset-Backed Securities  |  |  | 81700389 | 81700389 |
| Floating Rate Loans  |  |  | 1229240727 | 1229240727 |
| Direct Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct Equity  |  |  | 8439332201 | 8439332201 |
| &nbsp;&nbsp;&nbsp;Direct Debt  |  |  | 663626777 | 663626777 |
| Total Direct Investments\*  | $— | $— | $9102958978 | $9102958978 |
| Secondary Investments\*  |  |  | 2549094356 | 2549094356 |
| Primary Investments\*  |  |  | 2335645765 | 2335645765 |
| Cash Equivalents  | 221469207 |  |  | 221469207 |
| Total Investments  | $756462363 | $139835355 | $15298640215 | $16194937933 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1**  | **Level 2** | **Level 3** | **Total**  |
| **Assets** |  |  |  |  |
| Foreign Currency Exchange Contracts\*\*  | $— | $90318988 | $— | $90318988 |
| **Total Assets**  | $**—** | $**90318988** | $**—** | $**90318988** |
| **Liabilities** |  |  |  |  |
| Foreign Currency Exchange Contracts\*\*  | $— | $(20912256) | $— | $(20912256) |
| **Total Liabilities**  | $**—** | $**(20912256)** | $**—** | $**(20912256)** |
| **Total Investments net of Foreign Currency Exchange Contracts**  | $**756462363** | $**209242087** | $**15298640215** | $**16264344665** |

---

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

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

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

The following is a reconciliation of the amount of the account balances on April 1, 2025 and March 31, 2026 of those investments in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance <br> as of <br> April 1, <br> 2025** | **Realized <br> Gain/(Loss)** | **Net Change <br> in Unrealized <br> Appreciation/ <br> (Depreciation)** | **Gross <br> Purchases** | **Gross <br> Sales** | **Net <br> Amortization <br> of Discount/ <br> (Premium)** | **Net <br> Transfers <br> In or Out <br> of Level 3** | **Balance <br> as of <br> March 31, <br> 2026** |
| Asset-Backed Securities | $77121627 | $395461 | $(6315464) | $38406070 | $(27941751) | $34446 | $— | $81700389 |
| Floating Rate Loans | $326426005 | $(792257) | $(13284830) | $477673934 | $(103784738) | $1298307 | $541704306 | $1229240727 |
| Direct Investments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct Equity Investments  | $8585997164 | $158768523 | $240559940 | $308987370 | $(856110034) | $— | $1129238 | $8439332201 |
| &nbsp;&nbsp;&nbsp;Direct Debt Investments  | $1404999348 | $(303266) | $4362155 | $87538326 | $(271384440) | $2602982 | $(564188328) | $663626777 |
| Total Direct Investments\*  | $9990996512 | $158465257 | $244922095 | $396525696 | $(1127494474) | $2602982 | $(563059090) | $9102958978 |
| Secondary Investments\*  | $2671931827 | $4399205 | $51273808 | $197145556 | $(375656040) | $— | $— | $2549094356 |
| Primary Investments\*  | $2201976666 | $1834208 | $96118402 | $234028355 | $(198311866) | $— | $— | $2335645765 |
| Total  | $15268452637 | $164301874 | $372714011 | $1343779611 | $(1833188869) | $3935735 | $(21354784) | $15298640215 |

---

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

Included within Transfers In and Transfers Out of $541,704,306, $1,129,238 and $564,188,328 of reclassifications between Floating rate, Direct Equity and Direct debt asset classes.

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

The amount of the net change in unrealized appreciation for the year ended March 31, 2026 relating to investments in Level 3 assets still held at March 31, 2026 is $430,459,868, which is included as a component of net change in unrealized appreciation (depreciation) on investments on the Consolidated Statement of Operations.

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

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

The following is a summary of quantitative information about significant unobservable valuation inputs approved by the Adviser for Level 3 Fair Value Measurements for investments held as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Fair Value <br> at March 31, <br> 2026 <br> (000's)\*** | **Valuation Technique<sup>(s)</sup>** | **Unobservable Input** | **Range <br> (weighted average)** |
| Asset-Backed Securities | $81700 | &nbsp;&nbsp;Reported fair value | &nbsp;&nbsp;Reported fair value | &nbsp;&nbsp;n/a |
| Floating Rate Loans | $1229241 | &nbsp;&nbsp;Broker quotes | &nbsp;&nbsp;Indicative quotes for an inactive market | &nbsp;&nbsp;n/a |
|  Direct Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct Equity | $759758 | &nbsp;&nbsp;Discounted cash flow | &nbsp;&nbsp;Discount factor | &nbsp;&nbsp;8.50% – 19.50% (13.24%) |
|  | 6810401 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;Enterprise value to EBITDA multiple | &nbsp;&nbsp;3.20x – 32.80x (17.53x) |
|  | 20878 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;Price to book ratio | &nbsp;&nbsp;2.30x– 2.30x (2.30x) |
|  | 487526 | &nbsp;&nbsp;Exit price | &nbsp;&nbsp;Recent transaction price | &nbsp;&nbsp;n/a |
|  | 187239 | &nbsp;&nbsp;Reported fair value | &nbsp;&nbsp;Reported fair value | &nbsp;&nbsp;n/a |
|  | 173530 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;Enterprise value to sales multiple | &nbsp;&nbsp;1.18x – 29.90x (8.25x) |
| &nbsp;&nbsp;&nbsp;Direct Debt | 269646 | &nbsp;&nbsp;Broker quotes | &nbsp;&nbsp;Indicative quotes for an inactive market | &nbsp;&nbsp;n/a |
|  | 325727 | &nbsp;&nbsp;Discounted cash flow | &nbsp;&nbsp;Discount factor | &nbsp;&nbsp;6.55% – 21.68% (10.69%)  |
|  | 28229 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;Enterprise value to EBITDA multiple | &nbsp;&nbsp;4.49x –15.30x (14.24x) |
|  | 23146 | &nbsp;&nbsp;Recent financing/transaction | &nbsp;&nbsp;Recent transaction price | &nbsp;&nbsp;n/a |
|  | 16879 | &nbsp;&nbsp;Reported fair value | &nbsp;&nbsp;Reported fair value | &nbsp;&nbsp;n/a |
| &nbsp;&nbsp;&nbsp;Primary and Secondary Investments  | $4884740 | &nbsp;&nbsp;Adjusted reported net asset value | &nbsp;&nbsp;Reported net asset value | &nbsp;&nbsp;n/a  |

---

*\** *Level 3 fair value includes accrued interest.* 

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

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

*Financial Instruments Disclosed, But Not Carried, At Fair Value* 

The carrying value of each debt obligation disclosed in Note 4 generally approximates the respective fair value due to their variable interest rate and short-term nature. The fair value of each debt obligation would be categorized as Level 2 under the ASC 820 hierarchy.

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

**4. Revolving Credit Agreement** 

The Fund has a secured, committed multicurrency revolving line of credit ("LOC") facility with Lloyds Bank Corporate Markets plc (successor of Lloyds Bank plc), NatWest Markets plc (successor of The Royal Bank of Scotland plc), Barclays Bank plc, UBS AG, Bank of America, N.A., and JP Morgan Chase Bank, N.A. in the aggregate maximum principal amount of $2,061,000,000. The Fund anticipates that this LOC facility will be used primarily for working capital requirements and for financing investments and funding associated costs and expenses. The Fund will incur additional interest and other expenses for the use of this and other LOC facilities. Borrowings under this facility had been charged a rate of interest per annum that was the sum of the applicable margin of 2.95% which was until June 30, 2023, London Interbank Offered Rate (LIBOR), after June 30, 2023, Secured Overnight Financing Rate (SOFR), or, in relation to any loan in Euros, the Euro Interbank Offered Rate (EURIBOR). The LOC facility also imposes a commitment fee of 1.00% per annum on the daily unused portion. In addition to the commitment fee under the LOC facility the Fund agreed to pay arrangement fees based on the rates agreed to with the various lenders, agency fees of $25,000 per annum, monitoring fees of $25,000 per annum and trustee fees of $15,000 per annum. The term of the LOC facility runs until December 12, 2028. For the year ended March 31, 2026, the Fund borrowed $1,810,000,000 and incurred $16,704,311 in interest expense under the LOC facility. For the year ended March 31, 2026, the Fund had total average debt of $1,027.95 million at a weighted average interest rate of 1.74%. As of March 31, 2026, the Borrowers were in compliance with all covenants and other requirements of the credit agreement.

On May 15, 2025 ("Closing Date"), the Partners Group Private Equity (BSL), LLC ("BSL SPV") entered into a secured revolving credit facility agreement with Bank of America, N.A ("BSL SPV LOC"). The maximum commitment under the secured revolving credit facility is $1,000,000,000 ("Maximum Commitment"). Advances under the BSL SPV LOC bear interest at a per annum rate equal to, with respect to any SOFR loan, SOFR plus an applicable margin of 1.40%, with respect to any loan denominated in Great British Pounds, Sterling Overnight Index Average Reference Rate ("SONIA") plus an applicable margin of 1.40%, and with respect to any base rate loans, an amount equal to the highest of the Federal Funds Rate plus 0.50%, the Prime Rate, SOFR, and 1.00%, plus an applicable margin of 1.40%. BSL SPV pays a fee on unused commitment amounts of the BSL SPV LOC facility. The First Unused Amount is subject to a commitment fee rate of 1.40% per annum and the Second Unused Amount is subject to a commitment fee rate of 0.50% per annum. The First Unused Amount is defined as zero from the Closing Date until the four-month anniversary, and thereafter, the greater of zero or 70% of Maximum Commitment minus Total Outstandings. The Second Unused Amount is defined as from the Closing Date until the four-month anniversary, Maximum Commitment minus Total Outstandings, and thereafter, Maximum Commitment minus the greater of Total Outstandings or 70% of Maximum Commitment. The commitment fee is calculated daily using a 360-day year basis and is payable quarterly in arrears on the last business day of January, April, July, and October. The fee accrues from the Closing Date to the date that is 30 days prior to the Maturity Date (as defined below), regardless of whether borrowing conditions are met. For the year ended March 31, 2026, BSL SPV borrowed $749,141,438 and incurred $9,570,980 in interest expense under the BSL SPV LOC Facility. The term of the BSL SPV LOC facility runs until May 15, 2028 ("Maturity Date"). For the year ended March 31, 2026, the Fund had total average debt of $582.65 million at a weighted average interest rate of 1.90%. As of March 31, 2026, the Borrowers were in compliance with all covenants and other requirements of the credit agreement.

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

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

Pursuant to the conditions of an exemptive order issued by the SEC, and in compliance with Rule 12b-1 under the Investment Company Act, the Fund has adopted a Distribution and Service Plan for the Class A Units and Class S Units (the "Distribution Plan"). The Distribution Plan allows the Fund to pay distribution fees for the promotion and distribution of its Class A Units and Class S Units, and the provision of personal services to holders of Class A Units and Class S Units. Under the Distribution Plan, the Fund may pay as compensation an amount up to 0.70% on an annualized basis of the value of the Fund's net assets attributable to Class A Units and up to 0.25% on an annualized basis of the value of the Fund's net asset attributable to Class S Units (together, the "Distribution Fee"). Payment of the Distribution Fee is governed by the Distribution Plan. The Distribution Fee is paid out of the Fund's assets and decreases the net profits or increases the net losses of the Fund solely with respect to Class A Units or Class S Units, as applicable. For the year ended March 31, 2026, the Fund accrued distribution fees of $61,247,186 and $25,808, which were attributable to Class A Units and Class S Units, respectively. Class I Units and Class M Uints are not subject to the Distribution Plan or the Distribution Fee and do not bear any expenses associated therewith. In addition, under the Distribution Plan, subscriptions for Class A Units and Class S Units may be subject to a placement fee of up to 3.50% and 1.50%, respectively, of the subscription amount (together, the "Placement Fee"). No Placement Fee may be charged without the consent of the placement agent.

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

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

The Board may, from time to time and in its sole discretion, cause the Fund to repurchase Units from Members pursuant to written tenders by Members at such times and on such terms and conditions as established by the Board. In determining whether the Fund should offer to repurchase Units, the Board considers the recommendation of the Adviser, as well as a variety of other operational, business, and economic factors. The Adviser anticipates recommending to the Board that, under normal circumstances, the Fund conduct quarterly repurchase offers for Units having an aggregate value of no more than 5.00% of the Fund's net assets each January 1st, April 1st, July 1st, and October 1st. The Fund is entitled to charge a 2.00% early repurchase fee for any repurchase of Units from a Member at any time prior to the day immediately preceding the first anniversary of the Member's purchase of such Units.

Transactions in Units were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br> March 31, 2026** | **For the Year Ended <br> March 31, 2026** | **For the Year Ended <br> March 31, 2025\*** | **For the Year Ended <br> March 31, 2025\*** |
|  | **Units** | **Dollar Amounts** | **Units** | **Dollar Amounts** |
| **Class A Units** |  |  |  |  |
| Issuance  | 202623194 | $430458929 | 3373450989 | $897386781 |
| Reinvestments  | 136755233 | 290632221 | 69126368 | 141591539 |
| Redemptions  | (476899506) | (1019812745) | (284950289) | (693458689) |
| Class exchanges  | (19223688) | (40541879) | (11533916) | (42299009) |
| Net increase (decrease)  | (156744767) | $(339263474) | 3146093152 | $303220622 |
| **Class I Units** |  |  |  |  |
| Issuance  | 317741045 | $719187968 | 2777388918 | $838147453 |
| Reinvestments  | 93015994 | 208979035 | 48501415 | 104103438 |
| Redemptions  | (623917017) | (1410347794) | (342426840) | (876816689) |
| Class exchanges  | 18277499 | 40541879 | 11034226 | 42299009 |
| Net increase (decrease)  | (194882479) | $(441638912) | 2494497719 | $107733211 |
| **Class M Units** |  |  |  |  |
| Issuance  | 599729 | $1333910 |  | $— |
| Redemptions  | (2258) | (5014) |  |  |
| Net increase (decrease)  | 597471 | $1328896 |  | $— |
| **Class S Units** |  |  |  |  |
| Issuance  | 10406551 | $22323906 |  | $— |
| Reinvestments  | 291730 | 619750 |  |  |
| Net increase (decrease)  | 10698281 | $22943656 |  | $— |

---

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

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

Under the terms of the Investment Management Agreement, the Adviser is responsible for providing day-to-day investment management and certain other services to the Fund, subject to the ultimate supervision of and to any policies established by the Board. Accordingly, the Adviser is responsible for developing, implementing and supervising the Fund's investment program. As consideration for its investment management services under the Investment Management Agreement, the Fund pays the Adviser a monthly management fee equal to 1/12th of 1.50% (1.50% on an annualized basis) of the greater of (i) the Fund's net asset value and (ii) the Fund's net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment. However, the Adviser has agreed that in no event will the management fee exceed 1.75% as a percentage of the Fund's net asset value. For the year ended March 31, 2026, the Fund incurred $263,176,924 in management fees payable to the Adviser.

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

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

In addition to the monthly management fee, at the end of each calendar quarter (and at certain other times), the Adviser will be entitled to receive an Incentive Fee equal to 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 New Loss Recovery Account (as defined below). For the purposes of calculating the Incentive Fee, the term "net profits" means the amount by which the net asset value of the Fund on the last day of the relevant period exceeds the net asset value of the Fund as of the beginning of the same period, including any net change in unrealized appreciation or depreciation of investments, realized gains or losses, investment income, expenses, while excluding contributions and withdrawals from the calculation of the Incentive Fee. The Fund maintains a memorandum account (the "New Loss Recovery Account"), which had an initial balance of zero and will be (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Members will benefit from the New Loss Recovery Account in proportion to their holdings of Units. For the year ended March 31, 2026, the Fund incurred $120,517,873 in Incentive Fees due to the Adviser.

The Adviser has entered into an expense limitation agreement (the "Expense Limitation Agreement") with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the total annual expenses (excluding taxes, interest, brokerage commissions, certain transaction related expenses arising out of investments made by the Fund, extraordinary expenses, the Incentive Fee, and any acquired fund fees and expenses) do not exceed 3.00% on an annualized basis with respect to Class A Units, 2.55% on an annualized basis with respect to Class S Units, 2.30% on an annualized basis with respect to Class I Units and 2.30% on an annualized basis with respect to Class M Units (the "Expense Limit"). For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to affect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the Expense Limit in effect at the time of the Waiver, and (b) the Expense Limit in effect at the time of the recoupment. The Expense Limitation Agreement may be terminated by the Adviser or the Fund upon thirty days' written notice to the other party. For the year ended March 31, 2026, the Adviser did not waive any fees and the Fund did not pay any recoupment of existing Waivers pursuant to the Expense Limitation Agreement.

Each Independent Manager is paid an annual fee equal to $170,000, payable by the Fund quarterly in arrears. The Fund also reimburses the expenses of the Independent Managers incurred in connection with their services as Independent Managers. The Independent Managers do not receive any pension or retirement benefits from the Fund.

**7. Affiliated Investments** 

Under Section 2(a)(3) of the Investment Company Act, a portfolio company is considered "affiliated" with the Fund if the Fund owns five percent or more of such portfolio company's outstanding voting securities. The Fund held at least five percent of the outstanding voting securities of the following portfolio companies as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares/ <br> Principal as of <br> March 31, <br> 2026** | **Fair Value <br> as of <br> March 31, <br> 2025** | **Gross <br> Additions<sup>(1)</sup>** | **Gross <br> Reductions<sup>(2)</sup>** | **Realized <br> Gains/ <br> Losses** | **Change in <br> Unrealized <br> Gains <br> (Losses)** | **Fair Value <br> as of <br> March 31, <br> 2026** | **Affiliated <br> Income/ <br> Accretion of <br> Discount** |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |  |
| MHS Acquisition Holdings, LLC<sup>(4)</sup> | 35641 | $510423 | $— | $— | $— | $(57477) | $452946 | $— |
| MHS Blocker Purchaser L.P.<sup>(3)(4)</sup> |  | 39465468 | 1199206 |  |  | (4535762) | 36128912 | 1846351 |
| Surfaces SLP (SCSp)<sup>(3)</sup> |  | 23277717 |  |  |  | (6360135) | 16917582 |  |
| **Total Non-Controlled Affiliates** |  | $63253608 | $1199206 | $— | $— | $(10953374) | $53499440 | $1846351 |
| **Controlled Affiliates** |  |  |  |  |  |  |  |  |
| Bock Capital JVCo Nature S.à.r.l. | 12590000000 | 241107667 |  |  |  | 93365366 | 334473033 |  |
| Confluent Health Holdings LP | 30344 | 70678267 |  |  |  | 688271 | 71366538 |  |

---

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

**7. Affiliated Investments (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares/ <br> Principal as of <br> March 31, <br> 2026** | **Fair Value <br> as of <br> March 31, <br> 2025** | **Gross <br> Additions<sup>(1)</sup>** | **Gross <br> Reductions<sup>(2)</sup>** | **Realized <br> Gains/ <br> Losses** | **Change in <br> Unrealized <br> Gains <br> (Losses)** | **Fair Value <br> as of <br> March 31, <br> 2026** | **Affiliated <br> Income/ <br> Accretion of <br> Discount** |
| Dermatology Holdings, L.P.<sup>(3)</sup> |  | $171952426 | $15474000 | $— | $— | $2979699 | $190406125 | $— |
| ECP Parent, LLC | 114028360 | 116129850 |  |  |  | (37456919) | 78672931 |  |
| EdgeCore Holdings, L.P.<sup>(3)</sup> |  | 155593184 | 12899892 |  |  | 103428085 | 271921161 |  |
| Encore Holdings LP | 73227 | 151981910 | 13178396 | (5190) |  | 50527047 | 215682163 |  |
| EnfraGen LLC | 37786 | 90596577 | 32062 | (2833950) |  | (1621694) | 86172995 |  |
| Gateway Fleets Holdings, LP<sup>(3)</sup> |  | 1816000 | 956487 | (17960) |  | 379246 | 3133773 |  |
| Green DC LuxCo S.à.r.l.l<sup>(3)</sup> |  | 249885870 | 5124990 | (6156) |  | 126048251 | 381052955 |  |
| Icebox Holdco I Inc<sup>(3)(5)</sup> |  | 62798626 |  | (62584962) |  | (213664) |  |  |
| Icebox Parent LP<sup>(3)(5)</sup> |  | 303143923 | 62584962 |  |  | 34004738 | 399733623 |  |
| Idera Parent L.P.<sup>(3)</sup> |  | 180121935 |  |  |  | (10503271) | 169618664 |  |
| KPOCH Holdings, L.P.<sup>(3)</sup> |  | 200518312 |  |  |  | 25931438 | 226449750 |  |
| KPSKY Holdings L.P.<sup>(3)</sup> |  | 45279023 |  |  |  | 7224831 | 52503854 |  |
| Luxembourg Investment Company 285 S.à.r.l.<sup>(6)</sup> | 14865773 | 9221658 | 17195 |  |  | (9238853) |  |  |
| Luxembourg Investment Company 314 S.à.r.l.<sup>(6)</sup> | 192000 | 1 | 3 |  |  | (3) | 1 |  |
| Luxembourg Investment Company 404 S.à r.l. | 145800 | 23771673 | 2883902 | (2919380) | 246041 | 1765287 | 25747523 | (59) |
| Luxembourg Investment Company 414 S.à r.l. | 12316087 | 113657149 |  | (3927) | (229) | 23786902 | 137439895 |  |
| Luxembourg Investment Company 430 S.à r.l. | 52594635 | 79722892 |  | (2874) | (249) | (2576269) | 77143500 |  |
| Orbiter Investments S.à.r.l. | 8568857 | 225400615 |  |  |  | (8956020) | 216444595 |  |
| Partners Group Satellite HoldCo S.à.r.l. | 17129273 | 39639485 | 6204436 |  |  | (16972597) | 28871324 |  |
| Partners Group Satellite Warehouse S.C.S.<sup>(3)</sup> |  | 1061955 | 677 |  |  | (86625) | 976007 |  |
| PG BRPC Investment, LLC | 32079 | 76446421 |  |  |  | (1311541) | 75134880 |  |
| PG Delta Holdco, LLC | 42616 | 111748823 |  |  |  | (4811370) | 106937453 |  |
| PG Investment Company 18 S.à.r.l. | 126506634 | 221932059 |  | (455) | 41 | 35701296 | 257632941 |  |

---

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

**7. Affiliated Investments (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares/ <br> Principal as of <br> March 31, <br> 2026** | **Fair Value <br> as of <br> March 31, <br> 2025** | **Gross <br> Additions<sup>(1)</sup>** | **Gross <br> Reductions<sup>(2)</sup>** | **Realized <br> Gains/ <br> Losses** | **Change in <br> Unrealized <br> Gains <br> (Losses)** | **Fair Value <br> as of <br> March 31, <br> 2026** | **Affiliated <br> Income/ <br> Accretion of <br> Discount** |
| PG Investment Company 24 S.à.r.l. | 102241506 | $152967457 | $— | $— | $— | $42137812 | $195105269 | $— |
| PG Investment Company 76 S.à.r.l. | 43837247 | 47907475 |  | (686) | 9 | (3883979) | 44022819 |  |
| PG Investment Company 88 S.à.r.l. | 1057473 |  | 53649153 | (75292) | 5527 | 5351137 | 58930525 |  |
| PG Lion Management Warehouse S.C.S<sup>(3)(6)</sup> |  | 64839 | 488 |  |  | (65326) | 1 |  |
| PG Lotus Pte Ltd. | 20708279 |  | 20708279 |  |  | 169662 | 20877941 |  |
| PG TLP S.à r.l. | 6473126 | 141565096 |  | (27485498) | (481824) | 25837032 | 139434806 |  |
| PG Wave Limited | 53215581 | 103594992 | 13603579 |  |  | 19144019 | 136342590 |  |
| Pharmathen GP S.à r.l. | 110300 | 1 |  |  |  |  | 1 |  |
| Pharmathen Topco S.à r.l. | 98937978 | 132405722 | 11821868 | (3128) | (45) | (65501266) | 78723151 |  |
| Polyusus Lux XVI S.à.r.l. | 533762359 | 2998142 | 7961 | (434) | 53 | (2830522) | 175200 |  |
| Root JVCo S.à r.l. | 11049750 | 126884066 | 40865 | (3021) | (104) | (9022302) | 117899504 |  |
| Specialty Pharma Holdings LP<sup>(3)</sup> |  | 143805401 |  | (1) |  | 9947926 | 153753326 |  |
| Sunsure Energy Private Limited | 4942819 | 22603243 | 5641282 | (2288) |  | 4737345 | 32979582 |  |
| SureWerx Topco, L.P.<sup>(3)</sup> |  | 65339470 | 9418 |  |  | 1000924 | 66349812 |  |
| Thermostat Purchaser, L.P.<sup>(3)</sup> |  | 113403193 |  |  |  | 15004268 | 128407461 |  |
| WHCG Purchaser, L.P. | 10934833 | 27437454 |  |  |  | 508785 | 27946239 |  |
| Zoncolan Topco S.à r.l. | 25768622 | 105475627 | 33928748 | (33899088) | (2397778) | (13355586) | 89751923 |  |
| **Total Controlled Affiliates** |  | $4130658479 | $258768643 | $(129844290) | $(2628558) | $441261560 | $4698215834 | $(59) |
| **Total Non-Controlled and Controlled Affiliates** |  | $4193912087 | $259967849 | $(129844290) | $(2628558) | $430308186 | $4751715274 | $1846292 |

---

<sup>(1)</sup> Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, the accretion of discounts and the exchange of one or more existing securities for one or more new securities.

<sup>(2)</sup> Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales and the exchange of one or more existing securities for one or more new securities.

<sup>(3)</sup> Investment does not issue shares.

<sup>(4)</sup> MHS Acquisition Holdings, LLC and MHS Blocker Purchaser L.P. are related to the same investment.

<sup>(5)</sup> Icebox Holdco I Inc and Icebox Parent LP are related to the same investment.

<sup>(6)</sup> Luxembourg Investment Company 285 S.à.r.l, Luxembourg Investment Company 314 S.à.r.l and PG Lion Management Warehouse S.C.S. are related to the same investment.

 

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

**8. Accounting and Administration Agreement** 

The Administrator serves as administrator and accounting agent to the Fund and provides certain accounting, record keeping and investor related services pursuant to an Accounting and Administration Agreement between the Fund and the Administrator. For its services the Administrator receives a monthly fee that is based upon the average net assets of the Fund, fees on portfolio transactions, as well as reasonable out of pocket expenses. For the year ended March 31, 2026, the Fund incurred $8,082,068 in administration and accounting fees due to the Administrator.

**9. Investment Transactions** 

Total purchases of investments for the year ended March 31, 2026 amounted to $1,671,447,702. Total distribution proceeds from sale, redemption, or other disposition of investments for the year ended March 31, 2026 amounted to $2,498,363,318. The cost of investments for U.S. federal income tax purposes is adjusted for items of taxable income allocated to the Fund from such investments. The Fund relies upon actual and estimated tax information provided by the managers of the Private Equity Fund Investments as to the amounts of taxable income allocated to the Fund as of March 31, 2026.

**10. Indemnification** 

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

**11. Commitments** 

As of March 31, 2026, the Fund had funded $12,548,405,810 or 88.54% of the $14,172,720,317 of its total commitments to Private Equity Investments. With respect to its (i) Direct Investments it had funded $7,959,753,478 of $8,386,923,505 in total commitments, (ii) Secondary Investments it had funded $2,413,902,360 of $2,745,575,408 in total commitments, and (iii) Primary Investments it had funded $2,174,749,972 of $3,040,221,404 in total commitments, in each case, as of March 31, 2026.

**12. Segment Reporting** 

The Fund operates through a single operating and reporting segment with an investment objective to seek long-term capital appreciation by investing in a diversified portfolio of private equity and debt investments including infrastructure. The chief operating decision maker ("CODM") is comprised of the Fund's lead portfolio managers, President, and Chief Financial Officer. The Fund represents a single operating segment, as the CODM monitors and assesses the operating results of the Fund as a whole, based on a defined investment objective of the Fund. The Fund's portfolio composition, total returns, expense ratios and changes in net assets are used by the CODM to assess segment performance and make sure resource allocations are consistent with the information presented within the Fund's consolidated financial statements. The accompanying consolidated financial statements detail the Fund's segment assets, liabilities, revenues, and expenses.

**13. Risk Factors** 

An investment in the Fund involves significant risks, including illiquid portfolio investments risk, valuation risk, liquidity limited to periodic repurchases of Units risk and general market risk. These risks should be carefully considered prior to investing and should only be considered by investors financially able to maintain their investment and who can afford a loss of a substantial part or all of such investment.

**13. a. Illiquid Portfolio Investments Risk** 

The Fund invests substantially all its available capital in Private Equity Investments. Typically, these investments are in restricted securities that are not traded in public markets and are subject to substantial holding periods, so that the Fund may not be able to resell some of its holdings for extended periods, which may be several years. The Fund may have a concentration of investments in a particular industry or sector. The performance of investments in the sector may have a significant impact on the performance of the Fund. The Fund's Private Equity Investments are illiquid, typically subject to various restrictions on resale, and there is no assurance that the Fund will be able to realize the value of such investments

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

**13. Risk Factors (continued)** 

in a timely manner. Private Equity Fund Investments are generally closed-end private equity partnerships with no right to withdraw prior to the termination of the partnership. The frequency of withdrawals is dictated by the governing documents of the Private Equity Fund Investments.

**13. b. Valuation Risk** 

Except where a market exists for the securities in which the Fund is directly or indirectly invested, the Fund values its investments at fair value as determined in good faith by the Adviser in accordance with the valuation procedures that have been approved by the Board. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, the Fund's determinations of fair value may differ materially from the values that would have been used if a ready market for these non-traded securities existed. Due to this uncertainty, the Fund's fair value determinations may cause the Fund's net asset value on a given date to understate or overstate materially the value that the Fund may ultimately realize upon the sale of one or more Fund Investments. To mitigate the risk, the Fund has retained, subject to Board oversight, one or more valuation assurance service providers to provide the Fund reasonable assurance on the fair value determinations by the Adviser, as the valuation designee.

The Adviser, as the valuation designee, fair values the Fund's investments in private equity funds based on valuations provided by the respective portfolio fund managers, which valuations may also be based on fair valuation procedures. Further, the fair values of private equity funds are subject to adjustment or revisions if the Fund's NAV is adjusted after a member has received their Units upon purchase or received repurchase proceeds in a repurchase offer.

**13. c. Closed-End Fund; Liquidity Limited to Periodic Repurchases of Units** 

The Fund is a non-diversified, closed-end management investment company designed primarily for long-term investors, and is not intended to be a trading vehicle. The Fund is not a liquid investment and you should not invest in this Fund if you need a liquid investment.

Although the Board may, in its sole discretion, cause the Fund to offer to repurchase outstanding Units at their net asset value (after all applicable fees), or, in certain circumstances, at a discount, and the Adviser intends to recommend that, in normal market circumstances, the Board conduct repurchase offers of no more than 5% of the Fund's net assets quarterly on or about each January 1, April 1, July 1 and October 1, Units are considerably less liquid than shares of funds that trade on a stock exchange, or shares of open-end registered investment companies. It is possible that the Fund may be unable to repurchase all of the Units that an investor tenders due to the illiquidity of the Fund investments. If the Members request the Fund to repurchase more Units than the Fund is then offering to repurchase, the Fund may choose to repurchase Units on a pro rata basis, and Members may not have all of the Units they tendered repurchased. There can be no assurance that the Fund will conduct repurchase offers in any particular period and Members may be unable to tender Units for repurchase for an indefinite period of time.

**13. d. Market Risk** 

The Fund is subject to market risk, which means the value of the Units will fluctuate based on market conditions and Members could lose money. The value of the Units could also decline significantly and unexpectedly, based on many factors, including national and international political, economic, or regulatory developments, interest rate levels, market, or other conditions, as well as global events such as war, military conflict or other conflict, natural or environmental disasters and infectious disease outbreaks. Events in the financial markets and in the broader economy may cause uncertainty and volatility and may adversely affect Fund performance. Events in one market may impact other markets. Future events may impact the Fund in unforeseen ways.

Various countries have also seen significant internal conflicts and, in some cases, civil wars may have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or terrorism or other political developments cannot be excluded. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect the Fund's investments.

The impairment or failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Fund, an underlying fund or their portfolio companies have a commercial

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

**13. Risk Factors (continued)** 

relationship could adversely affect, among other things, the Fund, underlying fund or one of their portfolio company's ability to pursue key strategic initiatives, including by affecting the Fund, an underlying fund or portfolio company's ability to access depository accounts or borrow from financial institutions on favorable terms.

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

Climate change may pose long-term risks to physical and biological systems, including increased severity of wildfires, coastal flooding, erosion, and storms. Such events could adversely impact the financial condition of states, municipalities, and other issuers, and may negatively affect property values and the viability of certain industries. These factors could materially impact the Fund and negatively affect the value and performance of the Fund's investments.

Advancements in technology, including the development and increased regulation of artificial intelligence, may adversely impact markets and the overall performance of the Fund. As technology evolves, liquidity and market movements may be affected, and the profitability and growth of Fund holdings could be significantly impacted.

**14. Tax Information** 

Distributions to Members are recorded on the ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations that may differ in various (or significant) respects from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations.

The tax year of the Fund is the 12-month period ending on October 31.

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

---

| | | |
|:---|:---|:---|
|  | **Investments** | **Forward Foreign <br> Currency Contracts** |
| Tax Cost  | $9012799997 | $8311522736 |
| Gross unrealized appreciation  | 7712180953 | 59441408 |
| Gross unrealized depreciation  | (38864010) | (45154530) |
| Net unrealized investment appreciation  | $7673316943 | $14286878 |

---

For the tax year ended October 31, 2025, the Fund made the following permanent book-tax differences and reclassifications. These reclassifications were due to differences between book and tax accounting, primarily for total tax adjustment from basis difference, reversal of partnership distribution dividends, reversal of partnership book gain/loss, total book gain/loss recognized on partial sales and distribution re-designations. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

---

| | |
|:---|:---|
| Paid in capital excess of par value  | $151190627 |
| Distributable earnings (accumulated loss)  | (151190627) |

---

For the tax year ended October 31, 2025, the Fund's tax year end components of distributable earnings on a tax basis are as follows:

---

| | |
|:---|:---|
| Late Year Ordinary Loss Deferral  | $(263410100) |
| Net Tax Appreciation/(Depreciation)  | 7678841974 |
| Undistributed Capital Gains  | 395636569 |
| Capital Loss Carryover  |  |

---

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – March 31, 2026 (continued)

**14. Tax Information (continued)** 

The tax character of distributions for the tax years ended October 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Long-term capital gains  | $560498134 | $275119177 |

---

ASC Topic 740, "Accounting for Uncertainty in Income Taxes" ("ASC 740") provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Adviser has concluded that the Fund does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

As of March 31, 2026, the deferred tax liability within the Onshore Subsidiary amounts to $25,350,272, which is primarily related to net unrealized gains on investments.

**15. Subsequent Events** 

Management has evaluated the impact of all subsequent events on the Fund and determined that there were no subsequent events that would require disclosure in, or would be required to be recognized in, these consolidated financial statements.

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Fund Management (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| INDEPENDENT MANAGERS | INDEPENDENT MANAGERS | INDEPENDENT MANAGERS | INDEPENDENT MANAGERS | INDEPENDENT MANAGERS | INDEPENDENT MANAGERS |
| **NAME, ADDRESS AND <br> YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH <br> THE FUND** | **TERM <br> OF OFFICE\* <br> AND <br> LENGTH <br> OF TIME <br> SERVED** | **PRINCIPAL <br> OCCUPATION(S) <br> DURING PAST <br> 5 YEARS** | **NUMBER OF <br> PORTFOLIOS <br> IN FUND <br> COMPLEX <br> OVERSEEN BY <br> MANAGER\*\*\*** | **OTHER <br> DIRECTORSHIPS <br> HELD BY <br> MANAGER\*\*** |
| James F. Munsell <br> Year of Birth: 1941 <br>c/o Partners Group (USA) Inc. <br> 1114 Avenue of the Americas 37th Floor <br> New York, NY 10036 | Chairman and Manager | Since inception | Senior Counsel, Cleary Gottlieb Steen & Hamilton LLP (2001-Present); Senior Managing Director, Brock Capital Group LLC (2008-2023). | 4 | Manager, Partners Group Growth, LLC; Director, Partners Group Lending Fund, LLC; Manager, Partners Group Next Generation Infrastructure, LLC |
| L. Randolph Hood <br> Year of Birth: 1956 <br>c/o Partners Group (USA) Inc. <br> 1114 Avenue of the Americas <br> 37th Floor <br> New York, NY 10036 | Manager | Since 2017; Special Advisor to the Board (2016-2017) | Retired; Managing Director and Chief Investment Officer (CIO Emeritus from 2014 - 2015), ERISA Plans, Prudential Insurance Company of America (2002-2015). | 4 | Manager, Partners Group Growth, LLC; Director, Partners Group Lending Fund, LLC; Manager, Partners Group Next Generation Infrastructure, LLC |
| Stephen G. Ryan <br> Year of Birth: 1959 <br>c/o Partners Group (USA) Inc. <br> 1114 Avenue of the Americas <br> 37th Floor<br> New York, NY 10036 | Manager | Since 2017; Special Advisor to the Board (2016-2017) | Professor of Accounting, Stern School of Business, New York University (1995-Present). | 4 | Manager, Partners Group Growth, LLC; Director, Partners Group Lending Fund, LLC; Manager, Partners Group Next Generation Infrastructure, LLC |
| Thomas M. Fortin <br> Year of Birth: 1963 <br>c/o Partners Group (USA) Inc. <br> 1114 Avenue of the Americas <br> 37th Floor <br> New York, NY 10036 | Manager | Since 2024 | Retired; Managing Partner and Chief Information Officer (2021-2024) and Managing Partner and Chief Operating Officer (2017-2021) of iCapital, Inc. | 4 | Manager, Partners Group Growth, LLC; Director, Partners Group Lending Fund, LLC; Manager, Partners Group Next Generation Infrastructure, LLC |

---

*The Fund's statement of additional information includes additional information about the Managers and Officers of the Fund and is available, without charge, upon request, by calling the Fund at 1-877-748-7209, or by visiting the SEC's website at www.sec.gov.*

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Fund Management (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| INDEPENDENT MANAGERS (continued) | INDEPENDENT MANAGERS (continued) | INDEPENDENT MANAGERS (continued) | INDEPENDENT MANAGERS (continued) | INDEPENDENT MANAGERS (continued) | INDEPENDENT MANAGERS (continued) |
| **NAME, ADDRESS AND <br> YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH <br> THE FUND** | **TERM <br> OF OFFICE\* <br> AND <br> LENGTH <br> OF TIME <br> SERVED** | **PRINCIPAL <br> OCCUPATION(S) <br> DURING PAST <br> 5 YEARS** | **NUMBER OF <br> PORTFOLIOS <br> IN FUND <br> COMPLEX <br> OVERSEEN BY <br> MANAGER\*\*\*** | **OTHER <br> DIRECTORSHIPS <br> HELD BY <br> MANAGER\*\*** |
| Ruth S. Goodstein <br> Year of Birth: 1960<br>c/o Partners Group (USA) Inc. <br> 1114 Avenue of the Americas <br> 37th Floor <br> New York, NY 10036 | Manager | Since 2026 | Founding partner of Lower Loop Partners, LLC (since 2025); Chief Operating Officer of Macquarie Asset Management Wealth Solutions (2022-2025); and Chief Operating Officer, Central Park Group (2006-2022). | 4 | Independent Director, VistaOne and CVC-PEF; Manager, Partners Group Growth, LLC; Director, Partners Group Lending Fund, LLC; Manager, Partners Group Next Generation Infrastructure, LLC |

---

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

---

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

---

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

*The Fund's statement of additional information includes additional information about the Managers and Officers of the Fund and is available, without charge, upon request, by calling the Fund at 1-877-748-7209, or by visiting the SEC's website at www.sec.gov.*

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Fund Management (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| INTERESTED MANAGERS AND OFFICERS | INTERESTED MANAGERS AND OFFICERS | INTERESTED MANAGERS AND OFFICERS | INTERESTED MANAGERS AND OFFICERS | INTERESTED MANAGERS AND OFFICERS | INTERESTED MANAGERS AND OFFICERS |
| **NAME, ADDRESS AND <br> YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH <br> THE FUND** | **TERM <br> OF OFFICE\* <br> AND <br> LENGTH <br> OF TIME <br> SERVED** | **PRINCIPAL <br> OCCUPATION(S) <br> DURING PAST 5 <br> YEARS AND OTHER <br> DIRECTORSHIPS\*\* <br> HELD BY MANAGER** | **NUMBER OF <br> PORTFOLIOS <br> IN FUND <br> COMPLEX <br> OVERSEEN BY <br> MANAGER OR <br> OFFICER\*\*\*** | **OTHER <br> DIRECTORSHIPS <br> HELD BY <br> MANAGER\*\*** |
| Robert M. Collins<sup>(1)</sup> <br> Year of Birth: 1976 <br>c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor <br> New York, NY 10036  | Manager; President  | Since 2016 as Manager and Since 2014 as President | Partner, Partners Group (2021–Present); Managing Director, Partners Group (2005– Present). | 4 | Manager, Partners Group Growth, LLC; Director, Partners Group Lending Fund, LLC; Manager, Partners Group Next Generation Infrastructure, LLC |
| Brian J. Igoe <br> Year of Birth: 1986 <br>c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor <br> New York, NY 10036  | Chief Financial Officer | Since 2022 | Partners Group (2015-Present). | 4 | N/A |
| Helen Flood <br> Year of Birth: 1983 <br>c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor <br> New York, NY 10036  | Chief Operating Officer  | Since 2021 | Partners Group (2014-Present). | 4 | N/A |
| Daniel Whitcomb <br> Year of Birth: 1972 <br>c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor <br> New York, NY 10036  | Chief Compliance Officer  | Since 2025 | Manager, DJ Whitcomb LLC (2024-Present); Chief Compliance Officer, ACA Group (2023-2024); Director, Alpha Financial Markets Consulting Group Limited (2021-2023). | 4 | N/A |

---

*The Fund's statement of additional information includes additional information about the Managers and Officers of the Fund and is available, without charge, upon request, by calling the Fund at 1-877-748-7209, or by visiting the SEC's website at www.sec.gov.*

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Fund Management (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| INTERESTED MANAGERS AND OFFICERS (continued) | INTERESTED MANAGERS AND OFFICERS (continued) | INTERESTED MANAGERS AND OFFICERS (continued) | INTERESTED MANAGERS AND OFFICERS (continued) | INTERESTED MANAGERS AND OFFICERS (continued) | INTERESTED MANAGERS AND OFFICERS (continued) |
| **NAME, ADDRESS AND <br> YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH <br> THE FUND** | **TERM <br> OF OFFICE\* <br> AND <br> LENGTH <br> OF TIME <br> SERVED** | **PRINCIPAL <br> OCCUPATION(S) <br> DURING PAST 5 <br> YEARS AND OTHER <br> DIRECTORSHIPS\*\* <br> HELD BY MANAGER** | **NUMBER OF <br> PORTFOLIOS <br> IN FUND <br> COMPLEX <br> OVERSEEN BY <br> MANAGER OR <br> OFFICER\*\*\*** | **OTHER <br> DIRECTORSHIPS <br> HELD BY <br> MANAGER\*\*** |
| Vilma DeVooght <br> Year of Birth: 1977 <br>c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor <br> New York, NY 10036  | Secretary | Since 2021 | Partners Group (2021-Present). | 4 | N/A |

---

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

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

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

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

*The Fund's statement of additional information includes additional information about the Managers and Officers of the Fund and is available, without charge, upon request, by calling the Fund at 1-877-748-7209, or by visiting the SEC's website at www.sec.gov.*

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Other Information (Unaudited)

**Proxy Voting** 

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31. The Fund's Form N-PX filing is available: (i) without charge, upon request, by calling 1-877-748-7209 or (ii) by visiting the SEC's website at www.sec.gov.

**Availability of Quarterly Portfolio Schedules** 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov.

**Federal Tax Information (Unaudited)** 

For the tax year ended October 31, 2025, the amount of long-term capital gains designated by the Fund was $560,498,134.

**Approval of Investment Management Agreement** 

At a meeting of the Board held on December 17, 2025, the Board, including a majority of the Independent Managers, approved by a unanimous vote the continuation of the Second Amended and Restated Investment Management Agreement between the Fund and the Adviser (the "Agreement").

In advance of the meeting, the Independent Managers requested and received extensive materials from the Adviser to assist them in considering the renewal of the Agreement. The materials provided by the Adviser included detailed comparative information relating to the performance, advisory fees, and other expenses of the Fund.

The Board engaged in a detailed discussion of the materials with management of the Adviser. The Independent Managers then met separately with independent counsel to the Independent Managers for a further review of the information presented in the materials. Following this session, the full Board reconvened and after further discussion determined that the information presented provided a sufficient basis upon which to approve the Agreement.

<u><u>*Discussion of Factors Considered*</u></u>

The Independent Managers considered, among other things: (1) the terms of the Agreement; (2) the nature and quality of the advisory services rendered; (3) the experience and qualifications of the personnel that provide such services; (4) the fee structure and the expense ratios in relation to those of other investment companies having comparable investment policies and limitations; (5) the direct and indirect costs incurred by the Adviser and its affiliates in performing advisory services for the Fund, the basis of determining and allocating these costs, and the profitability to the Adviser and its affiliates in performing such services; (6) possible economies of scale arising from the growth of the Fund and the extent to which these have been passed on to the Fund; (7) other compensation or possible benefits to the Adviser and its affiliates arising from their advisory and other relationships with the Fund; (8) the Fund's investment performance compared to other similar funds; (9) the fees charged by the Adviser and other investment advisers to similar clients and in comparison to industry fees for similar services; and (10) possible conflicts of interest that the Adviser may have with respect to the Fund.

The Independent Managers concluded that the nature, extent, and quality of the services provided by the Adviser was appropriate and consistent with the terms of the Agreement, that the quality of those services was consistent with industry norms and that the Fund benefited from the Adviser's management of the Fund's investment program. In this regard, they took into account the scope of services provided to the Fund by the Adviser under the Agreement and the complexity of the Fund's investment program. The Independent Managers also considered that on a regular basis they received and reviewed information from the Fund's Chief Compliance Officer regarding the Fund's compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act.

The Independent Managers considered the performance of the Fund. The Independent Managers noted that, compared to a group of similar funds, the Fund generally underperformed in the 2025 and 2024 fiscal years and the Adviser's explanation for the relative underperformance. The Independent Managers also noted that the Fund had outperformed a Blended Benchmark by 1.3% on an annualized basis, for the since-inception period through September 30, 2025, as well as that the Fund had positive performance since inception, a period of greater than 15 years. In considering the "Blended Benchmark", the Independent Managers noted it represents a 70% allocation to the MSCI World Index, a 20% allocation to the S&P Leveraged Loan Index, and a 10% allocation to cash represented by the ICE BofA US Treasury 0-3m Bill Index.

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Other Information (Unaudited) (continued)

The Independent Managers also concluded that the Adviser had sufficient personnel with the appropriate education and experience to serve the Fund effectively and demonstrated its continuing ability to attract and retain qualified personnel. The Independent Managers noted that the Adviser was part of a larger investment advisory group that advises other funds and individual investors with respect to private equity investments and that relationship may make available to the Fund investment opportunities that would not be available to the Fund if the Adviser were not the Fund's investment adviser.

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

The Independent Managers considered the extent to which economies of scale have been realized and whether fee levels reflect those economies, noting that as the Fund continues to grow, additional economies of scale may be realized. The Independent Mangers considered in that regard that the Fund's gross and net expense ratios, exclusive of incentive fees, had generally declined as the Fund's assets have grown, and that the Adviser has contractually agreed to limit the Fund's expenses.

The Independent Managers also discussed any ancillary benefits that may be received by the Adviser's parent company and its affiliates from the Adviser's management of the Fund, including, without limitation, the potential for increased brand recognition of the Adviser's parent company and its affiliates. The Independent Managers concluded that the Adviser's fees were reasonable in light of any fall-out benefits.

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

<u><u>*Conclusion*</u></u>

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

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Other Information (Unaudited) (continued)

**Privacy Policy** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;&nbsp;**WHAT DOES PARTNERS GROUP PRIVATE EQUITY FUND, LLC DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;&nbsp;**Why?** | &nbsp;&nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number <br>&nbsp;&nbsp;&nbsp;&nbsp;● account balances <br>&nbsp;&nbsp;&nbsp;&nbsp;● account transactions <br>&nbsp;&nbsp;&nbsp;&nbsp;● transaction history <br>&nbsp;&nbsp;&nbsp;&nbsp;● wire transfer instructions <br>&nbsp;&nbsp;&nbsp;&nbsp;● checking account information <br>When you are *no longer* our customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;&nbsp;**How?** | &nbsp;&nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Partners Group Private Equity Fund, LLC chooses to share; and whether you can limit this sharing. |

---

---

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

---

---

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

---

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Other Information (Unaudited) (continued)

**Privacy Policy (continued)** 

---

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

---

**Partners Group Private Equity Fund, LLC** 

*(a Delaware Limited Liability Company)* 

Other Information (Unaudited) (continued)

**Privacy Policy (continued)** 

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

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**This page intentionally left blank.**

(b) Not applicable.

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

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

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

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

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

(a) Audit Fees.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $1,257,065 for 2025 and $1,733,741 for 2026.

(b) Audit-Related Fees.

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $10,000 for 2025 and $0 for 2026.

(c) Tax Fees.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2025 and $0 for 2026.

(d) All Other Fees.

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2026. The registrant's independent registered public accounting firm provides reasonable assurances on the correctness of the processes and procedures leading to the fair value of the investments calculated by Partners Group (USA) Inc. as well as the calculation itself, in accordance with their quarterly fair valuation process.

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

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

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

(e)(2) <u>Percentage of Services</u>.

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

(b) 0%

(c) 0%

(d) 100%

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

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2025 and $0 for 2026.

(h) The registrant's audit committee of the board of managers has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

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

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

(b) Not applicable.

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

(a) Not applicable.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

The Proxy Voting Policies are attached herewith.

PROXY VOTING POLICY

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

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

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

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

**1. Scope of Policy** 

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

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

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

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

**2. Proxy Guidelines**

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

**I. Election of Board of Directors**

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

**II. Appointment of Independent Auditors**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**IV. Mergers and Acquisitions**

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

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

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

**VI. Corporate Social and Policy Issues**

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

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

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

**3. Conflicts**

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

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

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

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

**4. Proxy Voting Procedures**

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

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

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

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

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

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

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

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

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

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

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

**5. Obtaining Proxy Voting Information**

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

Partners Group Private Equity Fund, LLC

1114 Avenue of the Americas, 37<sup>th</sup> Floor

New York, NY 10036

Attn: Chief Compliance Officer

Re: Proxy voting information request

**6. Recordkeeping**

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

Adopted: November 2, 2023 ]

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

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

The following table provides biographical information about the members of the US Investment Committee of Partners Group (USA) Inc. (the "Adviser"), who are primarily responsible for the day-to-day portfolio management of Partners Group Private Fund, LLC (the "registrant" or the "Fund"), as of the date of filing of the report:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Investment Committee Member** | **Title** | **Length of Time of Service to the Fund** | **Business Experience During the Past 5 Years** | **Role of Investment Committee Member** |
| Robert Collins | Partner | Since Inception\* | Partner, Partners Group (2021-Present); Managing Director, Partners Group (2012-2021); Partners Group (2005-Present). | Portfolio Management |
| Thomas Stein | Partner | Since 2021 | Partner, Partners Group (2023-Present); Managing Director, Partners Group (2018-2023). | Portfolio Management |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Adam Howarth | Partner | Since Inception\*\* | Partner, Partners Group (2022-Present); Partners Group (2007-Present). | Portfolio Management |
| Joel Schwartz | Partner | Since 2015 | Partner, Partners Group (2017-Present); Partners Group (2013-Present). | Portfolio Management |
| Anthony Shontz | Partner | Since 2012 | Partner, Partners Group (2022-Present); Partners Group (2007-Present); Director, Board of Partners Group (USA) Inc. (2018-2023). | Portfolio Management |
| Robin Shelley | Managing Director | Since 2024 | Managing Director, Partners Group (2024-Present); Senior Investment Leader, Partners Group (2021-2023); Investment Leader, Partners Group (2020). | Portfolio Management |
| Andre Burba | Managing Director | Since 2026 | Managing Director, Partners Group (2022-Present); Partners Group (2022-Present) | Portfolio Management |
| Ron Lamontagne | Managing Director | Since 2016 | Managing Director, Partners Group (2015-Present); Partners Group (2015-Present). | Portfolio Management |

---

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

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

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

---

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

---

The following table provides biographical information about the members of the US Liquid Credit Management Team ("LCM") Investment Committee of the Adviser, who are primarily responsible for managing the liquid credit investments of the Fund's portfolio, as of the date of filing of this report:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Investment Committee Member** | **Title** | **Length of Time of Service to the Fund** | **Business Experience During the Past 5 Years** | **Role of Investment Committee Member** |
| Marisa Chen | LCM Committee Member | Since 2024 | Head of Structured Issuance, Partners Group, (2026-Present); Partners Group (2017-Present). | Portfolio Management - LCM |
| Mark Hempling | LCM Committee Member | Since 2024 | Senior Lead Credit Researcher, Partners Group, (2022-Present); Partners Group (2018-Present). | Portfolio Management - LCM |
| Maurus Maissen | LCM Committee Member | Since 2024 | Senior Lead Credit Researcher, Partners Group, (2021-Present); Partners Group (2018-Present). | Portfolio Management - LCM |
| Joshua Moskow | LCM Committee Member | Since 2024 | Senior Portfolio Manager (Liquid Credit), Partners Group, (2024-Present); Partners Group (2024-Present). | Portfolio Management - LCM |
| Jonathan Rothburd | LCM Committee Member | Since 2024 | Co-Head of US Liquid Credit Research, Partners Group, (2026-Present); Partners Group (2013-Present). | Portfolio Management - LCM |

---

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

The following table provides information about portfolios and accounts, other than Partners Group Private Equity Fund, LLC, for which the members of the Investment Committee of the Adviser are jointly and primarily responsible for the day-to-day portfolio management as of March 31, 2026:

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Registered investment companies | Other pooled investment vehicles | Other accounts | Registered investment companies | Other pooled investment vehicles<br>| Other accounts |
| Andre Burba | Zero accounts | Zero accounts | Zero accounts | 3 Registered investment companies with a value of $790 million | 17 pooled investment vehicles with a value of $5.2 billion<br>| 46 accounts with a value of $7.4 billion |
| Robert Collins | Zero accounts | Zero accounts | Zero accounts | 3 Registered investment companies with a value of $790 million | 17 pooled investment vehicles with a value of $5.2 billion<br>| 46 accounts with a value of $7.4 billion |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Robin Shelley | Zero accounts | 3 Registered investment companies with a value of $790 million | 17 pooled investment vehicles with a value of $5.2 billion<br>| 46 accounts with a value of $7.4 billion |
| Thomas Stein | Zero accounts | 3 Registered investment companies with a value of $790 million | 17 pooled investment vehicles with a value of $5.2 billion<br>| 46 accounts with a value of $7.4 billion |
| Adam Howarth | Zero accounts | 3 Registered investment companies with a value of $790 million | 17 pooled investment vehicles with a value of $5.2 billion<br>| 46 accounts with a value of $7.4 billion |
| Ron Lamontagne | Zero accounts | 3 Registered investment companies with a value of $790 million | 17 pooled investment vehicles with a value of $5.2 billion<br>| 46 accounts with a value of $7.4 billion |
| Joel Schwartz | Zero accounts | 3 Registered investment companies with a value of $790 million | 17 pooled investment vehicles with a value of $5.2 billion<br>| 46 accounts with a value of $7.4 billion |
| Anthony Shontz | Zero accounts | 3 Registered investment companies with a value of $790 million | 17 pooled investment vehicles with a value of $5.2 billion<br>| 46 accounts with a value of $7.4 billion |
| Benjamin Lorenz\* | Zero accounts | 3 Registered investment companies with a value of $790 million\* | 17 pooled investment vehicles with a value of $5.2 billion\* | Zero accounts |
| Lorenzo Papi\* | Zero accounts | 3 Registered investment companies with a value of $790 million\* | 17 pooled investment vehicles with a value of $5.2 billion\* | Zero accounts |
| Marisa Chen\*\* | Zero accounts | 3 Registered investment companies with a value of $790 million\*\* | 6 pooled investment vehicles with a value of $3.2 billion\*\* | 28 other accounts with a value of 11.4 billion\*\* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Mark Hempling\*\* | Zero accounts | 3 Registered investment companies with a value of $790 million\*\* | 6 pooled investment vehicles with a value of $3.2 billion\*\* | 28 other accounts with a value of 11.4 billion\*\* |
| Maurus Maissen\*\* | Zero accounts | 3 Registered investment companies with a value of $790 million\*\* | 6 pooled investment vehicles with a value of $3.2 billion\*\* | 28 other accounts with a value of 11.4 billion\*\* |
| Joshua Moskow\*\* | Zero accounts | 3 Registered investment companies with a value of $790 million\*\* | 6 pooled investment vehicles with a value of $3.2 billion\*\* | 28 other accounts with a value of 11.4 billion\*\* |
| Jonathan Rothburd\*\* | Zero accounts | 3 Registered investment companies with a value of $790 million\*\* | 6 pooled investment vehicles with a value of $3.2 billion\*\* | 28 other accounts with a value of 11.4 billion\*\* |

---

<sup>†</sup> Approximate

\* Member of the Liquid Private Markets Investment Committee. Only the listed portions of the relevant registered investment company's or pooled investment vehicle's portfolios are managed by this member.

\*\* Member of the US Liquid Credit Management Investment Committee. Only the liquid credit components, if any, of the relevant registered investment company's or pooled investment vehicles portfolios are managed by this member.

**Potential Conflicts of Interests**

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

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

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

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

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

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

(a)(4) Disclosure of Securities Ownership

The following table sets forth the dollar range of equity securities beneficially owned by each member of the Investment Committee of the Adviser indirectly in the Fund as of March 31, 2026:

---

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

---

---

| |
|:---|
| Marisa Chen |
| Mark Hempling |
| Maurus Maissen |
| Joshua Moskow |
| Jonathan Rothburd |

---

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

Not applicable.

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

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

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

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

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

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

(a) Not applicable.

(b) Not applicable.

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

Not applicable.

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

(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](fp0098460-3_ex99code.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0098460-3_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [The certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0098460-3_ex99906cert.htm)

**SIGNATURES**

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

Partners Group Private Equity Fund, LLC

---

| | |
|:---|:---|
| By (Signature and Title): | /s/ Robert M. Collins |
|  | Robert M. Collins, President & |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | June 9, 2026 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title): | /s/ Robert M. Collins |
|  | Robert M. Collins, President & |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | June 9, 2026 |
| By (Signature and Title): | /s/ Brian Igoe |
|  | Brian Igoe, Chief Financial Officer |
|  | (Principal Financial Officer) |
| Date: | June 9, 2026 |

---

## Ex-99.Code

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

Partners Group Private Equity Fund, LLC

Partners Group Growth, LLC

Partners Group Next Generation Infrastructure, LLC

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE**

**AND SENIOR FINANCIAL OFFICERS**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions of the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use personal influence or personal relationships improperly
to influence investment decisions or financial reporting by the Fund whereby the Covered Officer or an immediate family member would
benefit personally to the detriment of the Fund;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 cause the Fund to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer or an immediate family member rather than the benefit of the Fund; <sup>1</sup>

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

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

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

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

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

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

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

Each Covered Officer shall:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including
to the Fund's Managers and auditors, and to governmental regulators and self-regulatory organizations;

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

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

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

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

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

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Chief Compliance Officer shall:

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

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

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

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

**VII.** **Amendments** 

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

**VIII.** **Confidentiality** 

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

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

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

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

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

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

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE**

**AND SENIOR FINANCIAL OFFICERS**

**I HEREBY CERTIFY THAT:**

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

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

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

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

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

Name:   <br> Date:

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

## Ex-99.Cert

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

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

I, Robert M. Collins, Chief Executive Officer of Partners Group Private Equity Fund, LLC (the "registrant"), certify that:

1. I have reviewed this report on Form N-CSR of Partners Group Private Equity Fund, LLC;

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

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

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

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

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

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

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

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

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

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

Date: June 9, 2026

---

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

---

I, Brian Igoe, Chief Financial Officer of Partners Group Private Equity Fund, LLC (the "registrant"), certify that:

1. I have reviewed this report on Form N-CSR of Partners Group Private Equity Fund, LLC;

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

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

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

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

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

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

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

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

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

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

Date: June 9, 2026

---

| | |
|:---|:---|
| By: | /s/ Brian Igoe |
|  | Brian Igoe, Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

Exhibit 19(b)

**SECTION 906 CERTIFICATION**

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

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

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

---

| | |
|:---|:---|
| By: | /s/ Robert M. Collins |
|  | Robert M. Collins, President & |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | June 9, 2026 |
| By: | /s/ Brian Igoe |
|  | Brian Igoe, Chief Financial Officer |
|  | (Principal Financial Officer) |
| Date: | June 9, 2026 |

---