# EDGAR Filing Document

**Accession Number:** 0001989393
**File Stem:** 0001398344-25-022226
**Filing Date:** 2025-12
**Character Count:** 111699
**Document Hash:** b1833a6f5a734719fee3f3412a5a8c9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-022226.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001398344-25-022226

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23938
- **FILM NUMBER:** 251558514

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23938

______________________________________________

Partners Group Next Generation Infrastructure, LLC <br> ______________________________________________________________________________

(Exact name of registrant as specified in charter)

c/o Partners Group (USA) Inc.

1114 Avenue of the Americas, 37th Floor

New York, NY 10036 <br> ______________________________________________________________________________

(Address of principal executive offices) (zip code)

---

| |
|:---|
| 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>September 30, 2025</u>

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

(a) The Reports to Shareholders are attached herewith.

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

**Semi-Annual Report** 

For the Six Months Ended September 30, 2025

---

| | |
|:---|:---|
| See the inside front cover for important information about access to your Fund's annual and semiannual shareholder reports.  | ![](fp0095902-2_i.jpg) |

---

Important information about access to shareholder reports

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

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

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

**Table of Contents** <br> For the Six Months Ended September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| Consolidated Schedule of Investments  | 1-4 |
| Consolidated Statement of Assets and Liabilities  | 5 |
| Consolidated Statement of Operations  | 6 |
| Consolidated Statements of Changes in Net Assets  | 7 |
| Consolidated Statement of Cash Flows  | 8 |
| Financial Highlights  | 9-11 |
| Notes to Consolidated Financial Statements  | 12-24 |
| Other Information  | 25 |

---

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> September 30, 2025 (Unaudited)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Private Equity Investments (86.19%) <br> Direct Investments <sup>\*</sup>** **(22.40%)** <br>**Direct Equity (22.40%)** | **Investment Type** | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair<br> Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (16.68%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arroyo Dunamis Direct Investment I-B L.P. <sup>+, a, b</sup>  | Limited partnership interest | 02/25/25 |  | $1820113 | $3366769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Zeus Partners V, LP <sup>+, a, b, c, d</sup>  | Limited partnership interest | 10/13/23 |  | 5479929 | 7084343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCore Holdings, LP <sup>+, a, b, d</sup>  | Limited partnership interest | 08/22/24 |  | 852793 | 1121456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Infra VI Co-Investment (E) SCSp <sup>+, a, c, d</sup>  | Common equity | 03/13/24 | 1400000 | 1225691 | 1454210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exus US Holdings, LP <sup>+, a, b, c, d</sup>  | Limited partnership interest | 10/03/23 |  | 691443 | 761792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exus US Holdings, LP <sup>+, a, b, c, d</sup>  | Limited partnership interest | 10/03/23 |  | 2000000 | 2908282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Fleets Holdings, LP <sup>+, a, b, c, d</sup>  | Limited partnership interest | 09/30/24 |  | 56554 | 61834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRP Topco, LP <sup>+, a, b, c</sup>  | Limited partnership interest | 06/04/25 |  | 10698529 | 10698529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PowerTransitions LLC <sup>+, a</sup>  | Limited partnership interest | 09/11/25 |  | 630604 | 630604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (16.68%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (16.68%)** |  |  |  | 28087819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (5.72%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (5.72%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (5.72%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (5.72%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (5.72%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (5.72%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andromeda Co-Invest LP <sup>+, a, b, c, d</sup>  | Limited partnership interest | 01/31/24 |  | 2983003 | 3908243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birdie Holdco Limited <sup>+, a</sup>  | Limited partnership interest | 05/01/25 |  | 528691 | 809319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Elysium HoldCo S.à r.l. <sup>+, a, c, d</sup>  | Common equity | 11/14/23 | 6592367 | 1097567 | 1423993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 71 S.à r.l. <sup>+, a, d</sup>  | Common equity | 09/26/24 | 651648 | 725003 | 914665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Polaris TopCo S.à r.l. <sup>+, a, c</sup>  | Preferred equity | 03/27/24 | 1843992 | 1843991 | 1679594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Polaris TopCo S.à r.l. <sup>+, a, c, d</sup>  | Common equity | 03/27/24 | 97052 | 97065 | 833747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Polaris Warehouse SCSp <sup>+, a, b, c</sup>  | Limited partnership interest | 03/27/24 |  | 37427 | 55097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (5.72%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (5.72%)** |  |  |  | 9624658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Equity (22.40%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Equity (22.40%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Equity (22.40%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Equity (22.40%)**  | $30768403 | $37712477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Investments (22.40%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Investments (22.40%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Investments (22.40%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Investments (22.40%)**  | $30768403 | $37712477 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Secondary Investments <sup>\*, b</sup>** **(60.27%)** | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;**North America (47.92%)** | &nbsp;&nbsp;&nbsp;**North America (47.92%)** | &nbsp;&nbsp;&nbsp;**North America (47.92%)** | &nbsp;&nbsp;&nbsp;**North America (47.92%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arroyo Investors Fund IV, L.P. <sup>+, a</sup>  | 02/25/25 | $1431010 | $1475813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bolt Energy, LLC <sup>+, a</sup> | 07/01/25 | 441034 | 432985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Partners II, LP <sup>+, a, c, d</sup> | 10/01/23 | 8214467 | 10125144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnCap Flatrock Midstream Fund III, L.P. <sup>+, a</sup> | 09/30/25 | 97622 | 128423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnCap Flatrock Midstream Fund IV L.P. <sup>+, a</sup> | 09/30/25 | 286117 | 338936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Blade Continuation Fund Parallel LP <sup>+, a</sup> | 08/06/25 | 715131 | 715131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fengate Everest Continuation Fund L.P. <sup>+, a, c, d</sup> | 06/17/24 | 1041344 | 1388717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forge Opportunity L.P. <sup>+, a</sup> | 08/13/25 | 1145955 | 1145955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GI Zeus Holdings-A L.P. <sup>+, a</sup> | 08/13/25 | 969275 | 969275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain Communications Opportunity Fund (Parallel), L.P. <sup>+, a, c, d</sup> | 06/30/24 | 108173 | 107114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain Spectrum Holdings III (Cayman), L.P. <sup>+, a, c, d</sup> | 06/30/24 | 152216 | 179095 |

---

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> September 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Private Equity Investments (continued) <br> Secondary Investments (continued)** | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gridiron Energy, LLC <sup>+, a</sup> | 10/01/24 | $5377935 | $17279177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackrabbit Power Holdings, LLC <sup>+, a, c</sup> | 06/30/24 | 138902 | 263673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LS Power Equity Partners III Feeder 1, L.P. <sup>+, a</sup> | 01/01/25 | 3166793 | 5778918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LS Power Equity Partners III Feeder 3, L.P. <sup>+, a, c, d</sup> | 06/30/24 | 93608 | 229130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LS Power Equity Partners IV, L.P. <sup>+, a, c, d</sup>  | 06/30/24 | 92591 | 282091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peppertree Capital Fund IX <sup>+, a, c</sup> | 06/30/25 | 849119 | 968209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peppertree Capital Fund IX <sup>+, a, c, d</sup> | 09/29/23 | 7387937 | 9111920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peppertree Capital Fund VI QP, LP <sup>+, a, c</sup> | 12/31/23 | 3099951 | 4154944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peppertree Capital Fund VII QP, LP <sup>+, a, c</sup> | 12/31/23 | 3212803 | 4266783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peppertree Capital Fund VIII QP, LP <sup>+, a, c, d</sup> | 12/31/23 | 1974511 | 2674532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QNZPF US Co-Investment Vehicle <sup>+, a, d</sup> | 07/31/24 | 1018313 | 1304516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quinbrook Net Zero Power Fund <sup>+, a, d</sup> | 07/31/24 | 1088117 | 1224836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockland Gridflex Partners <sup>+, a, c</sup> | 06/30/24 | 128806 | 255322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockland PHR Partners, L.P. <sup>+, a, c, d</sup> | 08/01/23 | 4861130 | 10699143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockland Power Partners II, LP <sup>+, a, c</sup> | 06/30/24 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockland Power Partners III, LP <sup>+, a, c</sup> | 06/30/24 | 161750 | 209109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockland Power Partners IV, L.P. <sup>+, a, c</sup> | 06/30/24 | 410204 | 494718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Green Capital Fund III, L.P. <sup>+, a, c</sup> | 06/30/24 | 53212 | 77072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Green Capital Fund IV, L.P. <sup>+, a, c</sup> | 06/30/24 | 184742 | 217316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valley of Fire Continuation Fund Feeder LP <sup>+, a, c, d</sup> | 03/08/24 | 728864 | 965278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VEPF VIII Co-Invest 7-A, LP <sup>+, a, c, d</sup> | 08/02/23 | 2658964 | 3211898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (47.92%)** |  |  | 80675173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (12.35%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (12.35%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (12.35%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (12.35%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aparca8 Capital Estacionamientos, S.C.R., S.A. <sup>+, a, c, d</sup> | 12/15/23 | 2505743 | 4104842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiwa ICP European Infrastructure 1, L.P. <sup>+, a</sup> | 09/11/24 | 1277774 | 1703950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Infrastructure Vehicle II SCSp, SICAV-RAIF <sup>+, a, c, d</sup> | 09/04/23 | 3549810 | 4676310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIV II Matrix Co-Invest II SCSp <sup>+, a, d</sup> | 06/18/24 | 1235015 | 2147045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIV II Matrix Co-Invest SCSp <sup>+, a, c, d</sup> | 09/04/23 | 3101319 | 5419833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F2i III <sup>+, a, d</sup> | 07/01/24 | 1118886 | 2379757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MML Keystone I <sup>+, a, c</sup> | 04/15/25 | 202943 | 362238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (12.35%)** |  |  | 20793975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Secondary Investments (60.27%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Secondary Investments (60.27%)**  | $64282087 | $101469148 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Primary Investments <sup>\*, b</sup>** **(3.52%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (3.52%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arroyo Investors Fund IV, L.P. <sup>+, a</sup> | 03/28/25 | 2839305 | 2928200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Partners III, LP <sup>+, a, c, d</sup> | 05/14/24 | 412629 | 381171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnCap Energy Transition Fund II-C, L.P. <sup>+, a, c, d</sup> | 12/28/23 | 491119 | 447224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GI Data Infrastructure Fund II LP <sup>+, a, c, d</sup> | 01/22/24 | 369196 | 395029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LS Power Equity Partners V, L.P. <sup>+, a, c, d</sup> | 12/20/23 | 477618 | 609327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockland Power Partners IV, LP <sup>+, a, c</sup> | 01/31/24 | 955231 | 1159865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Infrastructure Partners V, L.P. <sup>+, a, c</sup> | 03/04/24 | 9016 | 3982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (3.52%)** |  |  | 5924798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Primary Investments (3.52%)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Primary Investments (3.52%)**  | $5554114 | $5924798 |
| **Total Private Equity Investments (Cost $100,604,604)(86.19%)** |  |  | $145106423 |
| **Total Investments (Cost $100,604,604)(86.19%)** |  |  | 145106423 |

---

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> September 30, 2025 (Unaudited) (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest <br> Rate** | **Units** | **Cost** | **Fair<br> Value** |
| **Cash Equivalents** | **Cash Equivalents** | **Cash Equivalents** | **Cash Equivalents** | **Cash Equivalents** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds - Treasury Trust Fund  | 4.36% | 22498764 | $22498764 | $22498764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cash Equivalents (Cost $22,498,764)(13.37%)**  |  |  | 22498764 | 22498764 |
| **Total Portfolio Investments and Cash Equivalents (Cost $123,103,368)(99.56%)** | **Total Portfolio Investments and Cash Equivalents (Cost $123,103,368)(99.56%)** |  |  | 167605187 |
| **Other Assets in Excess of Liabilities (0.44%)** |  |  |  | 745272 |
| **Net Assets (100.00%)** |  |  |  | $168350459 |

---

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

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

---

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

<sup>a</sup> &nbsp;&nbsp;&nbsp;&nbsp;Private equity investments are generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Schedule of Investments. Total fair value of restricted investments as of September 30, 2025 was $145,106,423, or 86.19% of net assets. Total aggregated cost of restricted securities as of September 30, 2025 was $100,604,604. 

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

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

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

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Schedule of Investments – <br> September 30, 2025 (Unaudited) (continued)

A summary of outstanding financial instruments at September 30, 2025 is as follows:

**Forward Foreign Currency Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Settlement Date** | **Counterparty** | **Currency<br> Purchased** | **Currency<br> Sold** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;October 29, 2025 | &nbsp;&nbsp;&nbsp;State Street Bank International GmbH | $2858036 | £2,116,000 | $2860514 | $(2478) |
| &nbsp;&nbsp;&nbsp;October 29, 2025 | &nbsp;&nbsp;&nbsp;State Street Bank International GmbH | $2116000 | £2,860,518 | $2860514 | $(3) |
| &nbsp;&nbsp;&nbsp;November 26, 2025 | &nbsp;&nbsp;&nbsp;State Street Bank International GmbH | $20131017 | €17,010,000 | $20017448 | $113569 |
| &nbsp;&nbsp;&nbsp;November 26, 2025 | &nbsp;&nbsp;&nbsp;State Street Bank International GmbH | $1403280 | €1,190,000 | $1400397 | $2883 |
| &nbsp;&nbsp;&nbsp;November 26, 2025 | &nbsp;&nbsp;&nbsp;State Street Bank International GmbH | $7431333 | €6,300,000 | $7413869 | $17464 |
| &nbsp;&nbsp;&nbsp;January 28, 2026 | &nbsp;&nbsp;&nbsp;State Street Bank International GmbH | $2859858 | £2,116,000 | $2842159 | $17699 |
|  |  |  |  |  | $149134 |

---

**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

SR - Stockholm Interbank Offered Rate

zl - Polish Zloty

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statement of Assets and Liabilities – <br> September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| Unaffiliated Private Equity Investments, at fair value (cost $100,604,604)  | $145106423 |
| Cash  | 234183 |
| Cash equivalents  | 22498764 |
| Cash denominated in foreign currencies (cost $243,374)  | 243969 |
| Deposit for investments  | 9760899 |
| Investment sales receivable  | 193350 |
| Interest receivable  | 80277 |
| Due from affiliates  | 106528 |
| Unrealized appreciation on forward foreign currency contracts  | 151615 |
| Other receivable  | 264160 |
| Other assets  | 10000 |
| Prepaid expenses  | 151744 |
| **Total Assets**  | $178801912 |
| **Liabilities** |  |
| Investment purchases payable  | 998307 |
| Distribution, servicing and transfer agency fees payable  | 132952 |
| Unrealized depreciation on forward foreign currency contracts  | 2481 |
| Incentive fee payable  | 661057 |
| Management fees payable  | 366689 |
| Professional fees payable  | 116779 |
| Interest expense payable  | 23525 |
| Accounting and administration fees payable  | 1083325 |
| Custodian fees payable  | 78000 |
| Deferred tax liability, net  | 6986410 |
| Other payable  | 1928 |
| **Total Liabilities**  | $10451453 |
| Commitments and contingencies (See note 10)  |  |
| **Net Assets**  | $168350459 |
| Paid-in capital  | $139680439 |
| Distributable earnings (accumulated loss)  | 28670020 |
| **Total Net Assets**  | $168350459 |
| **Class A Units** |  |
| Net assets  | $1073071 |
| Units outstanding  | 600415 |
| Net asset value per unit  | $1.79 |
| **Class I Units** |  |
| Net assets  | $164696957 |
| Units outstanding  | 92124986 |
| Net asset value per unit  | $1.79 |
| **Class S Units** |  |
| Net assets  | $2580431 |
| Units outstanding  | 1446672 |
| Net asset value per share  | $1.78 |

---

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statement of Operations – <br> For the Six Months Ended September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income** |  |
| Interest  | $438200 |
| Transaction fee income  | 13655 |
| Other fee income  | 21532 |
| **Total Investment Income**  | 473387 |
| **Operating Expenses** |  |
| Incentive fee  | 1744709 |
| Management fees  | 986751 |
| Insurance expense  | 344727 |
| Accounting and administration fees  | 249998 |
| Professional fees  | 147577 |
| Board of Managers' fees  | 80000 |
| Custodian fees  | 18000 |
| Distribution and servicing fees  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Units  | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Units  | 1879 |
| Transfer agency fees  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Units  | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Units  | 45643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Units  | 490 |
| Other expenses  | 39343 |
| **Total Expenses**  | 3660728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense waiver from Adviser  | (106528) |
| Net Expenses  | 3554200 |
| **Net Investment Loss**  | (3080813) |
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments, Forward Foreign Currency Contracts and Foreign Currency and Deferred tax** |  |
| Net realized gain from investments  | 96373 |
| Net realized gain on foreign currency transactions  | 87541 |
| Net realized loss on forward foreign currency contracts  | (2286831) |
| Net realized gain distributions from primary and secondary investments  | 47200 |
| Net change in accumulated unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | 13202650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation  | (12091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts  | 822311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense on unrealized appreciation  | (2541159) |
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments, Forward Foreign Currency Contracts and Foreign Currency and Deferred tax**  | 9415994 |
| **Net Increase (Decrease) in Net Assets From Operations**  | $6335181 |

---

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statements of Changes in Net Assets – <br>

---

| | | |
|:---|:---|:---|
|  | For the Six Months <br> Ended <br> September 30, <br> 2025<br> (Unaudited) | For the <br> Year Ended<br> March 31, 2025 |
| **Increase (decrease) in Net Assets resulting from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss  | $(3080813) | $(4139213) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and forward foreign currency contracts  | (2055717) | 939199 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, foreign currency translation, forward foreign currency contracts and deferred income tax expense  | 11471711 | 19643663 |
| **Net increase in Net Assets resulting from operations**  | $6335181 | $16443649 |
| **Capital transactions (See note 4):** |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of common Units  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Units  | 1050000 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I Units  | 41803300 | 38275000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Units  | 2075000 |  |
| **Total increase in Net Assets resulting from capital transactions**  | $44928300 | $38675000 |
| **Total increase in Net Assets**  | $51263481 | $55118649 |
| Net Assets at beginning of period  | $117086978 | $61968329 |
| **Net Assets at end of period**  | $168350459 | $117086978 |

---

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Statement of Cash Flows – <br> For the Six Months Ended September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |
| Net Increase in Net Assets from Operations  | $6335181 |
| &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  | (13202650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on forward foreign currency contracts  | (822311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments and foreign currency transactions  | (183914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments  | (26668289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments  | 9613369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in deposit for investments  | (9755731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in dividends receivable  | (50342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in due from affiliate  | 417483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in due from broker  | 680000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other receivable  | (264050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets  | (10000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in prepaid expenses  | (92519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in incentive fees payable  | (368000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in management fees payable  | 96626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in distribution, servicing and transfer agency fees payable  | 49623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in professional fees payable  | 35365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in tax expense payable  | (260485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounting and administrative fees payable  | 249999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in custodian fees payable  | 18000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in deferred tax liability, net  | 2541159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other payable  | 1928 |
| **Net Cash (Used in) Operating Activities**  | (31639558) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |
| Proceeds from issuance of Units  | 44928300 |
| **Net Cash Provided by Financing Activities**  | 44928300 |
| Net change in cash and cash equivalents  | 13288742 |
| Effect of exchange rate changes on cash  | 87541 |
| Cash and cash equivalents at beginning of period<sup>(1)</sup>  | 9600633 |
| **Cash and cash equivalents at end of period<sup>(2)</sup>**  | $22976916 |
| Income taxes paid  | $(260485) |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Balance includes cash, cash and cash equivalents, and cash denominated in foreign currencies of $31,784, $8,874,876 and $693,973, respectively. 

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Balance includes cash, cash and cash equivalents, and cash denominated in foreign currencies of $234,183, $22,498,764 and $243,969, respectively. 

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Financial Highlights –<br>

---

| | |
|:---|:---|
|  | Class A |
|  | For the period from <br> August 1, 2025 <br> (Commencement of <br> Operations) to <br> September 30, 2025 |
| **Per Unit Operating Performance:**<sup>(1)</sup> |  |
| Net asset value, beginning of period  | $1.99 |
| Issuance of units  | 1.75 |
| Income from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(2)</sup>  | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments<sup>(2)</sup>  | (1.91) |
| Net decrease in net assets resulting from operations  | (1.95) |
| Net asset value, end of period  | $1.79 |
| Total Return After Incentive Allocation<sup>(3)(4)</sup>  | 2.28% |
| **Ratios and supplemental data:**  |  |
| Net assets, end of period in thousands (000's)  | $1073 |
| Net investment income (loss) to average net assets, excluding Incentive Allocation  | (6.47)%<sup>(5)</sup> |
| Ratio of gross expenses to average net assets, excluding Incentive Allocation<sup>(6)(7)</sup>  | 8.96%<sup>(5)</sup> |
| Ratio of Incentive Fee to average net assets  | 1.23%<sup>(5)</sup> |
| Ratio of gross expenses and Incentive Fee to average net assets<sup>(6)(7)</sup>  | 10.19%<sup>(5)(8)</sup> |
| Ratio of expense waivers to average net assets  | (0.46)%<sup>(5)</sup> |
| Ratio of net expenses and Incentive Fee to average net assets<sup>(7)</sup>  | 9.73%<sup>(5)(8)</sup> |
| Ratio of net expenses to average net assets, excluding Incentive Fee<sup>(7)</sup>  | 8.50%<sup>(5)</sup> |
| Portfolio Turnover  | 7.61%<sup>(4)</sup> |

---

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

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

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

<sup>(4)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Not annualized.

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

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

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

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

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Financial Highlights –<br>

---

| | | |
|:---|:---|:---|
|  | Class I | Class I |
|  | Six Months Ended<br> September 30, 2025<br> (Unaudited) | Year Ended <br> March 31, 2025 |
| **Per Unit Operating Performance:** |  |  |
| Net asset value, beginning of period  | $1.71 | $1.45 |
| Income from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(1)</sup>  | (0.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments<sup>(1)</sup>  | 0.12 | 0.35 |
| Net increase in net assets resulting from operations  | 0.08 | 0.26 |
| Net asset value, end of period  | $1.79 | $1.71 |
| Total Return after Incentive Fee<sup>(2)(3)</sup>  | 4.27% | 18.62% |
| **Ratios and supplemental data:**<sup>(4)</sup> |  |  |
| Net assets, end of period in thousands (000s)  | $164697 | $116651 |
| Net investment (loss) to average net assets before Incentive Fee<sup>(5)</sup>  | (1.88)% | (2.20)% |
| Ratio of gross expenses to average net assets, excluding Incentive Fee<sup>(5)(6)</sup>  | 2.69% | 3.86% |
| Ratio of Incentive Fee to average net assets<sup>(3)</sup>  | 1.23% | 2.62% |
| Ratio of gross expenses and Incentive Fee to average net assets<sup>(5)(6)</sup>  | 3.92% | 6.48% |
| Ratio of expense waivers to average net assets<sup>(5)</sup>  | (0.15)% | (0.76)% |
| Ratio of net expenses and Incentive Fee to average net assets<sup>(5)</sup>  | 3.77% | 5.72% |
| Ratio of net expenses to average net assets, excluding Incentive Fee<sup>(5)</sup>  | 2.54% | 3.10% |
| Portfolio Turnover  | 7.61% | 11.91% |

---

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

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

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

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

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

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

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Consolidated Financial Highlights –<br>

---

| | | |
|:---|:---|:---|
|  | Class S | Class S |
|  | Six Months Ended<br> September 30, 2025<br> (Unaudited) | Year Ended <br> March 31, 2025 |
| **Per Unit Operating Performance:** |  |  |
| Net asset value, beginning of period  | $1.71 | $— |
| Issuance of units  |  | 1.58 |
| Income from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(1)</sup>  | (0.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments<sup>(1)</sup>  | 0.11 | 0.22 |
| Net increase in net assets resulting from operations  | 0.07 | 0.13 |
| Net asset value, end of period  | $1.78 | $1.71 |
| Total Return After Incentive Allocation<sup>(2)(3)</sup>  | 4.12% | 10.47% |
| **Ratios and supplemental data:** <sup>(4)</sup> |  |  |
| Net assets, end of period in thousands (000's)  | $2580 | $436 |
| Net investment (loss) to average net assets, excluding Incentive Allocation<sup>(5)</sup>  | (2.16)% | (3.05)% |
| Ratio of gross expenses to average net assets, excluding Incentive Allocation<sup>(5)(6)</sup>  | 2.98% | 9.77% |
| Ratio of Incentive Fee to average net assets<sup>(3)</sup>  | 1.23% | 2.62% |
| Ratio of gross expenses and Incentive Fee to average net assets<sup>(5)(6)</sup>  | 4.21% | 12.39% |
| Ratio of expense waivers to average net assets<sup>(5)</sup>  | (0.15)% | (5.82)% |
| Ratio of net expenses and Incentive Fee to average net assets<sup>(5)</sup>  | 4.06% | 6.57% |
| Ratio of net expenses to average net assets, excluding Incentive Fee<sup>(5)</sup>  | 2.83% | 3.95% |
| Portfolio Turnover  | 7.61% | 11.91% |

---

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

<sup>(2)</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>(3)</sup> <sup></sup>Not annualized.

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

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

<sup>(6)</sup> <sup></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 Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> September 30, 2025 (Unaudited)

**1. Organization** 

Partners Group Next Generation Infrastructure, LLC (the "Fund") is a Delaware limited liability company that was organized on May 24, 2023, and commenced operations on August 1, 2023. 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 is managed by Partners Group (USA) Inc. (the "Adviser"), an investment adviser registered under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act") pursuant to an investment management agreement between the Fund and the Adviser (the "Investment Management Agreement"). The Board of Managers of the Fund (collectively, the "Board" and each member thereof a "Manager") has oversight responsibility for the management and supervision of the business operations of the Fund. As permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, a committee of the Board, or the Adviser. The Fund's investment objective is to seek attractive risk-adjusted returns on a portfolio of global infrastructure investments. The Fund makes investments directly and through its wholly owned subsidiary, Partners Group Next Generation Infrastructure (Subholding), LLC (the "Onshore Subsidiary"), Partners Group Next Generation Infrastructure Finance, LLC (the "Finance Subsidiary"), Partners Group Next Generation Infrastructure BSL, LLC (the "BSL Subsidiary"), and Partners Group Next Generation Infrastructure – Digital Infrastructure, LLC, Partners Group Next Generation Infrastructure – Digital Infrastructure Data Centers, LLC, Partners Group Next Generation Infrastructure – Energy Infrastructure, LLC, Partners Group Next Generation Infrastructure – Power, LLC (collectively, "Infra 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 offers three classes of Units designated as "Class A Units", "Class I Units" and "Class S Units". In the future, the Fund may offer additional classes of Units. The Class A Units, Class I Units, Class S Units, and each additional class of Units issued by the Fund, if any, will have different characteristics, particularly regarding the sales charges that purchasers of Units of such class may bear, 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 Adviser has received an exemptive order from the SEC with respect to the Fund's multi-class structure.

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

**2. Significant Accounting Policies** 

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

**a. Basis of Accounting** 

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

**b. Valuation of Investments** 

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

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> September 30, 2025 (Unaudited) (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 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>Direct Investments</u>

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

<u>Private Equity Fund Investments</u>

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

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

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> September 30, 2025 (Unaudited) (continued)

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

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

**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 to provide liquidity pending investment in private equity investments. At times, the amounts held in these accounts may exceed applicable federally insured limits. The Fund has not experienced any losses in these accounts and does not believe that it is exposed to significant credit risk in these accounts.

**d. Foreign Currency Translation** 

The books and records of the Fund are maintained in U.S. Dollars. Generally, valuations of assets and liabilities denominated in currencies other than the U.S. Dollar are translated into U.S. Dollar equivalents using valuation date exchange rates, while purchases, realized gains and losses, income and expenses are translated at transaction date exchange rates. As of September 30, 2025, the Fund's investments denominated in foreign currencies were as follows:

---

| | | |
|:---|:---|:---|
| **Currency** | **Number of <br> investments** | **Number of <br> investments** |
| Euros  |  | 10 |
| Pounds Sterling  |  | 1 |
| Canadian Dollars  |  | 1 |

---

**e. Forward Foreign Currency Exchange Contracts** 

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

During the six months ended September 30, 2025, the Fund entered 12 long/short forward foreign currency exchange contracts. As disclosed in the Consolidated Statement of Assets and Liabilities, the Fund had $151,615 in unrealized appreciation and $(2,481) in unrealized depreciation on forward foreign currency exchange contracts. As disclosed in the Consolidated Statement of Operations, the Fund had $(2,286,831) in net realized gains (losses) and $822,311 change in net unrealized appreciation (depreciation) on forward foreign currency contracts.

**f. Investment Income** 

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> September 30, 2025 (Unaudited) (continued)

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

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.

**g. Interest and Dividend Income** 

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

**h. Fund Expenses** 

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

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

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

**j. Income Taxes** 

The Fund recognizes tax positions in its consolidated financial statements only when it is more likely than not that the relevant taxing authority will, upon examination, sustain the position based on its merits. A position that meets this standard is measured at the maximum benefit that will more likely than not be realized upon settlement. The Fund classifies any interest expense related to income taxes in income tax expense, and any income tax penalties under expenses in the Consolidated Statements of Operations. During the six months ended September 30, 2025, the Fund did not incur any interest or penalties.

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

The Fund's tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction. Based on this review, the Fund has concluded that the Fund's net deferred tax liability at September 30, 2025, related to unrealized gains and unrealized losses was $6,986,410. This deferred tax liability represents the estimated future tax liability that would be due if the unrealized gains and unrealized losses were realized as of the balance sheet date. The Fund is subject to potential examination by certain taxing authorities in various jurisdictions. The Fund's tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

In order to comply with the requirements of Subchapter M, the Fund must distribute substantially all of its taxable income and gains to holders of Fund Units and meet certain diversification and income requirements with respect to its investments. The Onshore Subsidiary and the Infra Subsidiaries are each treated as an association taxable as a corporation for U.S. federal income tax purposes. The BSL Subsidiary and Finance Subsidiary are each not treated as an entity separate from the Fund, and thus are disregarded, for U.S. federal income tax purposes.

In preparing its consolidated financial statements, the Onshore Subsidiary and the Infra Subsidiaries are each 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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> September 30, 2025 (Unaudited) (continued)

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

financial reporting purposes and the corresponding amounts for income tax purposes. If the Onshore Subsidiary and the Infra Subsidiaries have a deferred tax asset, consideration given as to whether a valuation allowance is required. The BSL Subsidiary and the Finance Subsidiary are not subject to U.S. federal and state income taxes.

The Fund will file tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by U.S. federal, state, local and foreign jurisdictions, where applicable. As of September 30, 2025, the tax years from the year 2024 forward will be subject to examination by the major tax jurisdictions in which the Fund is subject to examination.

**k. Use of Estimates** 

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

**l. Consolidated Financial Statements** 

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

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

The Fund is 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.

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 September 30, 2025: gross, net of amounts available for offset under a MNA, and net of the related collateral received and/or pledged, if any, by the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative Assets <br> Subject to a MNA with <br> Counterparty** | **Financial <br> Instruments <br> Available for Offset** | **Collateral <br> Pledged<sup>1</sup>** | **Net Amount<sup>2</sup>** |
| State Street Bank International | $151615 | $2481 | $– $| 149134 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative Liabilities <br> Subject to a MNA with <br> Counterparty** | **Financial <br> Instruments <br> Available for Offset** | **Collateral <br> Pledged<sup>1</sup>** | **Net Amount<sup>3</sup>** |
| State Street Bank International | $2481 | $2481 | $– $|  |

---

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

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

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

**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.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> September 30, 2025 (Unaudited) (continued)

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

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 as 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 9 for more information on the effects of the adoption of ASU 2023-07.

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 Fund is currently assessing the impact of this guidance; however, the Fund does not expect a material impact to its 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 Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> September 30, 2025 (Unaudited) (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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1**  | **Level 2** | **Level 3** | **Total**  |
| **Direct Investments:** |  |  |  |  |
| Direct Equity Investments  | $— | $— | $37712477 | $37712477 |
| Total Direct Investments\*  | $— | $— | $37712477 | $37712477 |
| Secondary Investments\*  |  |  | 101469148 | 101469148 |
| Primary Investments\*  |  |  | 5924798 | 5924798 |
| Cash Equivalents  | 22498764 |  |  | 22498764 |
| Total Investments  | $— | $— | $145106423 | $145106423 |
| **Other Financial Instruments** |  |  |  |  |
| **Assets** |  |  |  |  |
| Foreign Currency Exchange Contracts\*\*  | $— | $151615 | $— | $151615 |
| **Total Assets**  | $**22498764** | $**151615** | $**—** | $**22650379** |
| **Liabilities** |  |  |  |  |
| Foreign Currency Exchange Contracts\*\*  | $— | $(2481) | $— | $(2481) |
| **Total Liabilities**  | $**—** | $**(2481)** | $**—** | $**(2481)** |
| **Total Investments net of Foreign Currency Exchange Contracts**  | $**22498764** | $**149134** | $**145106423** | $**167754321** |

---

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

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

The following is a reconciliation of the amount of the account balances on April 1, 2025 and September 30, 2025 of those investments in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as <br> of <br> April 1, <br> 2025** | **Realized <br> Gain/(Loss)** | **Net Change <br> in Unrealized <br> Appreciation/ <br> (Depreciation)** | **Gross <br> Purchases** | **Gross Sales** | **Net <br> Amortization <br> of Discount/ <br> (Premium)** | **Net <br> Transfers <br> In or Out <br> of Level 3** | **Balance as <br> of <br> September <br> 30,<br> 2025** |
| Direct Investments: |  |  |  |  |  |  |  |  |
| Direct Equity Investments  | $23116093 | $4 | $1684290 | $12912210 | $(120) | $— | $— | $37712477 |
| Total Direct Investments\*  | $23116093 | $4 | $1684290 | $12912210 | $(120) | $— | $— | $37712477 |
| Secondary Investments\*  | 85742401 | 96370 | 15914922 | 20386740 | (20671285) |  |  | 101469148 |
| Primary Investments\*  | 5092382 |  | (894682) | 3231551 | (1504453) |  |  | 5924798 |
| Total  | $113950876 | $96374 | $16704530 | $36530501 | $(22175858) | $— | $— | $145106423 |

---

\* *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* 

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> September 30, 2025 (Unaudited) (continued)

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

*Private Equity Fund Investments acquired in the secondary market (See Note 2.b). Notwithstanding the foregoing, if the Fund reasonably determines that the strict application of the above definitions would not reflect the economic substance of any investment, the Fund may re-classify such investment as it deems appropriate.* 

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

The amount of the net change in unrealized appreciation (depreciation) for the six months ended September 30, 2025 relating to investments in Level 3 assets still held at September 30, 2025 is $13,202,650, which is included as a component of net change in accumulated unrealized depreciation on investments on the Consolidated Statement of Operations.

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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Fair <br> Value at <br> September <br> 30, 2025<br> (000's)\*** | **Valuation Technique<sup>(s)</sup>** | **Unobservable Input** | **Range <br> (weighted average)** |
| Direct Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct Equity  | $7130 | &nbsp;&nbsp;Discounted cash flow | &nbsp;&nbsp;Discount factor | &nbsp;&nbsp;8.50%-17.59% <br>(10.48%) |
|  | 19191 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;Enterprise value to EBITDA multiple | &nbsp;&nbsp;6.86x-21.00x (14.84x) |
|  | 631 | &nbsp;&nbsp;Recent financing/transaction | &nbsp;&nbsp;Recent transaction price | &nbsp;&nbsp;n/a  |
|  | 10760 | &nbsp;&nbsp;Reported fair value | &nbsp;&nbsp;Reported fair value | &nbsp;&nbsp;n/a |
| &nbsp;&nbsp;&nbsp;Primary and Secondary Investments  | $107394 | &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 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 the debt obligation (Note 10) generally approximates its fair value due to its variable interest rate and short-term nature. The fair value of this debt obligation would be categorized as Level 2 under the ASC 820 hierarchy.

**4. Revolving Credit Agreement** 

On September 30, 2025 ("Closing Date"), the Fund, together with the Onshore Subsidiary and the Finance Subsidiary (collectively, the "Borrowers"), entered into a Credit agreement ("Credit Agreement") with JPMorgan Chase Bank, N.A., London Branch ("Lender"), with a maximum commitment of $50,000,000 ("Lender's Commitment"), maturing on October 2, 2028 ("Maturity Date"). The Fund anticipates that borrowings under the Credit Agreement will be used primarily for

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> September 30, 2025 (Unaudited) (continued)

**4. Revolving Credit Agreement (continued)** 

working capital requirements and for financing investments and funding associated costs and expenses. Advances under the Credit Agreement bear interest at a per annum rate equal to, with respect to any Term Benchmark loan denominated in USD, the Adjusted Term SOFR Rate (Term SOFR Rate plus 0%) plus an applicable margin of 2.70%, with respect to any Term Benchmark loan denominated in EUR, the Adjusted EURIBOR Rate (EURIBOR Rate multiplied by the Statutory Reserve Rate) plus an applicable margin of 2.70%, with respect to any RFR loan denominated in USD, the Adjusted Daily Simple RFR (Daily Simple SOFR plus 0%) plus an applicable margin of 2.70%, with respect to any RFR loan denominated in Sterling, the Adjusted Daily Simple RFR (SONIA plus 0%) plus an applicable margin of 2.70%, and with respect to any Alternate Base Rate loans, an amount equal to the highest of the Prime Rate, the NYFRB Rate (New York Federal Reserve Bank Rate) plus 0.50%, or the one-month Adjusted Term SOFR Rate plus 1.00%, plus an applicable margin of 2.70%. The Borrowers pay an unused commitment fee on the aggregate Lender's Commitment minus aggregate outstanding principal ("Total Outstanding Amount") for each day from the Closing Date to the Maturity Date at the commitment fee rate. The commitment fee rate is (a) 1.20% per annum when the Total Outstanding Amount is less than 30% of Lender's Commitment, (b) 1.00% per annum when the Total Outstanding Amount is between 30% and 70% of Lender's Commitment, and (c) 0.80% per annum when the Total Outstanding Amount is greater than 70% of Lender's Commitment. The fee is calculated on the basis of actual days elapsed and a 360-day year, accrues daily, and is payable quarterly in arrears. For the six months ended September 20, 2025, there were no borrowings or interest expenses under the Credit Agreement. As of September 30, 2025, 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 0.85% for Class A Units and up to 0.25% for Class S Units on an annualized basis of the value of the Fund's net assets attributable to Class A Units and Class S Units, respectively (the "Distribution Fee"). Payment of the Distribution Fee is governed by the Distribution Plan. The Distribution Fee is paid out of the Fund's assets and decreases the net profits or increases the net losses of the Fund with respect to Class A Units and Class S Units. Notwithstanding the foregoing, the Fund may only expend up to 0.75% on an annualized basis of the Fund's net assets attributable to Class A Units for distribution and promotion expenses. The actual fee to be paid by the Fund to broker/dealers and financial institutions and intermediaries will be negotiated based on the extent and quality of services provided. Class I Units are not subject to the Distribution Plan or the Distribution Fee and do not bear any expenses associated therewith. In addition, subscriptions for Class A Units may be subject to a placement fee of up to 3.50% of the subscription amount, and subscriptions for Class S Units may be subject to a placement fee of up to 1.50% (the "Placement Fee"). No Placement Fee may be charged without the consent of the placement agent.

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> September 30, 2025 (Unaudited) (continued)

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

Transactions in Units were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months Ended<br> September 30, 2025** | **For the six months Ended<br> September 30, 2025** | **For the Year Ended<br> March 31, 2025** | **For the Year Ended<br> March 31, 2025** |
|  | **Units** | **Dollar Amounts** | **Units** | **Dollar Amounts** |
| **Class I Units** |  |  |  |  |
| Issuance  | 24092737 | $41803300 | 57314740 | $38275000 |
| Net increase (decrease)  | 24092737 | $41803300 | 57314740 | $38275000 |
| **Class S Units** |  |  |  |  |
| Issuance  | 1192363 | $2075000 | 254309 | $400000 |
| Net increase (decrease)  | 1192363 | $2075000 | 254309 | $400000 |
| **Class A Units** |  |  |  |  |
| Issuance  | 600415 | $1050000 |  | $— |
| Net increase (decrease)  | 600415 | $1050000 |  | $— |

---

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

Under the terms of the Investment Management Agreement, which became effective on December 31, 2023, the Adviser is responsible for providing day-to-day investment management and certain other services to the Fund, subject to the ultimate supervision of and to any policies established by the Board. Accordingly, the Adviser is responsible for developing, implementing and supervising the Fund's investment program. As consideration for its investment management services under the Investment Management Agreement, the Fund pays the Adviser a monthly management fee equal to 1/12th of 1.25% (1.25% on an annualized basis) of the greater of (i) the Fund's net asset value and (ii) the Fund's net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment. For the six months ended September 30, 2025, the Fund incurred $986,751 in management fees payable to the Adviser. The Adviser has entered into a fee waiver agreement with the Fund, which became effective on July 1, 2025, whereby any fee under the Investment Management Agreement payable by the Fund to the Adviser shall be waived or reduced by 0.25% per annum ("Fee Waiver Agreement") for a period of twelve months, ending June 30, 2026. Pursuant to the Fee Waiver Agreement, $106,528 of management fees incurred during the period were waived.

In addition to the monthly management fee, at the end of each calendar quarter (and at certain other times), the Adviser will be entitled to receive an Incentive Fee equal to 15% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined below). For the purposes of calculating the Incentive Fee, the term "net profits" means the amount by which the net asset value of the Fund on the last day of the relevant period exceeds the net asset value of the Fund as of the beginning of the same period, including any net change in unrealized appreciation or depreciation of investments, realized income, gains or losses, and expenses, and excluding contributions and withdrawals. The Fund maintains a memorandum account (the "Loss Recovery Account"), which had an initial balance of zero and will be (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Members will benefit from the Loss Recovery Account in proportion to their holdings of Units. For the six months ended September 30, 2025, the Fund incurred $1,744,709 in Incentive Fees due to the Adviser, of which $0 was waived by the Adviser, without the ability to recoup, pursuant to the Acknowledgement Agreement.

The Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the total annual expenses (excluding taxes, interest, brokerage commissions, certain transaction related expenses arising out of investments made by the Fund, extraordinary expenses, the Incentive Fee and any acquired fund fees and expenses) do not exceed 3.15% on an annualized basis with respect to the Class A Units, 2.55% on an annualized basis with respect to Class S Units and 2.30% on an annualized basis with respect to the Class I Units (the "Expense Limit"). For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to affect such recoupment without causing the Fund's

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> September 30, 2025 (Unaudited) (continued)

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

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 ("Recoupment"). The Expense Limitation and Reimbursement Agreement may be terminated by the Adviser or the Fund upon thirty days' written notice to the other party. For the six months ended September 30, 2025, the Adviser made Recoupments $267,624 and $4,027, for Class I and Class S, respectively, for previously waived amounts. The Adviser did not waive or reimburse expenses under the Expense Limitation and Reimbursement Agreement during the period.

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

**7. 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 period ended September 30, 2025, the Fund incurred $249,998 in administration and accounting fees due to the Administrator.

**8. Investment Transactions** 

Total purchases of investments for the six months ended September 30, 2025 amounted to $27,663,243. Total distribution proceeds from sale, redemption, or other disposition of investments for the six months ended September 30, 2025 amounted to amounted to $9,806,719. 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 September 30, 2025.

**9. 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.

**10. Commitments** 

As of September 30, 2025, the Fund had funded $109,841,459 or 76.10% of the $144,335,557 of its total commitments to Private Equity Investments. With respect to its (i) Direct Investments it had funded $22,210,681 of $30,001,549 in total commitments, (ii) Secondary Investments it had funded $82,404,513 of $102,334,000 in total commitments, and (iii) Primary Investments it had funded $5,226,265 of $12,000,008 in total commitments, in each case, as of September 30, 2025.

**11. Segment Reporting** 

The Fund operates through a single operating and reporting segment with an investment objective to seek attractive risk-adjusted returns on a portfolio of global infrastructure investments. 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.

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> September 30, 2025 (Unaudited) (continued)

**12. Risk Factors** 

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

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

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

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

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

**13. Tax Information** 

As of September 30, 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 <br> Contracts** |
| Tax Cost  | $100604604 | $22995397 |
| Gross unrealized appreciation  | 44755712 | 151615 |
| Gross unrealized depreciation  | (253893) | (2481) |
| Net unrealized investment appreciation  | $44501819 | $(149134) |

---

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

Notes to Consolidated Financial Statements – <br> September 30, 2025 (Unaudited) (continued)

**13. Tax Information (continued)** 

The tax cost of the Fund's investments as of September 30, 2025, approximates their amortized cost.

**14. Due from Affiliates** 

The $106,528 due from affiliates balance on the consolidated statement of assets and liabilities relates to operating expenses that were paid by the fund that were waived by the Adviser and will be reimbursed by the Adviser. The Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund.

**15. Subsequent Events** 

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

**Partners Group Next Generation Infrastructure, LLC** 

*(a Delaware Limited Liability Company)* 

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.

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(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

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>**

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

(a) Not applicable.

(b) Not applicable.

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

Not applicable to the registrant.

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

(a)(1) Not applicable.

(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.](fp0095902-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) The certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0095902-1_ex9906cert.htm)

**SIGNATURES**

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

Partners Group Next Generation Infrastructure, LLC

 ****

---

| | |
|:---|:---|
| By (Signature and Title): | /s/ Robert M. Collins |
|  | Robert M. Collins, President & |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | December 9, 2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title): | /s/ Robert M. Collins |
|  | Robert M. Collins, President & |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | December 9, 2025 |

---

---

| | |
|:---|:---|
| By (Signature and Title): | /s/ Brian Igoe |
|  | Brian Igoe, Chief Financial Officer |
|  | (Principal Financial Officer) |
| Date: | December 9, 2025 |

---

## Ex-99.Cert

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Date: December 9, 2025

---

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

---

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

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

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

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

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

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

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

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

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

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

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

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

Date: December 9, 2025

---

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

---

## Ex-99.Cert

Exhibit 19(b)

**SECTION 906 CERTIFICATION**

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

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

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

---

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

---

Date: December 9, 2025

---

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

---

Date: December 9, 2025