# EDGAR Filing Document

**Accession Number:** 0002029010
**File Stem:** 0001104659-26-071046
**Filing Date:** 2026-6
**Character Count:** 193328
**Document Hash:** 9aa4a7017d56e9d9e79d44713fd3b89e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-071046.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001104659-26-071046

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** North Haven Private Assets Fund
- **CENTRAL INDEX KEY:** 0002029010

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23986
- **FILM NUMBER:** 261070333

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FRONT STREET, SUITE 700
- **CITY:** WEST CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 100 FRONT STREET, SUITE 700
- **CITY:** WEST CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23986</u> 

 <u>North Haven Private Assets Fund</u> 

(Exact name of registrant as specified in charter)

100 Front Street, Suite 700<br> <u>West Conshohocken, PA 19428</u> <br> (Address of principal executive offices) (Zip code)

Neha Champaneria Markle

c/o

100 Front Street, Suite 700<br> <u>West Conshohocken, PA 19428</u> <br> (Name and address of agent for service)

Copies of all communications to:

Rajib Chanda

Nathan Briggs

Matthew C. Micklavzina

Simpson Thacher & Bartlett LLP

900 G Street, N.W.

Washington, DC 20001

Registrant's telephone number, including area code: <u>(212) 761-4000</u>

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

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

**Item 1. Reports to Stockholders.**

(a) The annual report (the "Report") of North Haven Private Assets Fund (the "Fund")
for the period ended March 31, 2026, is attached herewith:

North Haven Private Assets Fund

March 31, 2026

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**North Haven Private Assets Fund**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page** |
| Management Discussion of Performance (Unaudited) | 1 |
| Report of Independent Registered Public Accounting Firm | 4 |
| Consolidated Schedule of Investments | 5 |
| Consolidated Statement of Assets and Liabilities | 8 |
| Consolidated Statement of Operations | 9 |
| Consolidated Statement of Changes in Net Assets | 10 |
| Consolidated Statement of Cash Flows | 11 |
| Consolidated Financial Highlights | 12 |
| Notes to the Consolidated Financial Statements | 14 |
| Information Concerning Trustees and Officers (Unaudited) | 26 |
| Quarterly Portfolio Schedule (Unaudited) | 28 |
| Proxy Voting Policies and Procedures and Proxy Voting Record (Unaudited) | 28 |

---

------

**North Haven Private Assets Fund**

**MANAGEMENT DISCUSSION OF PERFORMANCE (Unaudited)**

**March 31, 2026**

**Overview**

The North Haven Private Assets Fund ("NHPAF," or the "Fund") seeks to provide long-term capital appreciation through a highly curated portfolio of primarily private assets actively managed by third-party managers. The Fund seeks to offer institutional-quality private equity exposure, through co-investments and secondaries, with a differentiated focus on the lower middle market. The Fund leverages Morgan Stanley's global platform following a structured and time-tested process to source, evaluate, select, and monitor investments.

The Fund's investment adviser, Morgan Stanley AIP GP LP (the "Adviser"), part of Morgan Stanley Private Equity Solutions ("PE Solutions" or the "Team"), oversees the Fund's investment program. PE Solutions has a 25+ year history of private equity investing in a diverse range of global opportunities and relies on the combination of deep investment expertise, corporate finance skills, and consulting experience that has been continually refined over the years. The Team has a strong focus on lower middle market buyout investments and believes that this segment of the market represents the deepest opportunity set with the strongest potential for consistent value creation.

![](j26156772_ba001.jpg)

The Team remains focused on partnering with sponsors it believes to be high-quality that operate in the lower middle market and that often operate as sector specialists, as such managers are well-positioned to drive outperformance via tangible company growth — increasing revenue, expanding margins, executing on M&A, adding product lines, and professionalizing operations.

<sup>1</sup> Source: Capital IQ, includes operating public and private companies located in North America, downloaded May 2026. Excludes companies with less than $1 million of revenue.

<sup>2</sup> Source: Pitchbook Dry Powder data, includes Buyout funds located in North America, downloaded May 2026.

<sup>3</sup> The Standard & Poor's 500 (S&P 500) is a stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ.

------

**North Haven Private Assets Fund**

**MANAGEMENT DISCUSSION OF PERFORMANCE (Unaudited) (continued)**

**March 31, 2026**

**Private Equity Market**

In 2025, the U.S. private equity market experienced a meaningful recovery following the challenging market environment of 2023 and 2024. U.S. private equity deal activity saw a 36% increase in deal value and a 6% increase in deal count versus 2024<sup>4</sup>, with a handful of large deals driving an outsized proportion of the increase in deal value. Activity was constrained in the first half of 2025 by tariff-related policy uncertainty, market volatility, valuation concerns and changing expectations for interest rates, but rebounded in the second half as financing markets improved and risk appetite returned. Exits followed a similar trend with strong Q4 2025 volumes and deal counts resulting in significant year-over-year increases in both measures, 90% and 17% respectively<sup>5</sup>. As with new deal volumes, the increase in exit values was disproportionately driven by large transactions.

Q1 2026 saw the return of volatility in the public markets driven by AI-linked valuation uncertainty in the software sector and the impact of the US-Iran conflict. Both new deal and exit activity declined on a quarter over quarter basis but remain above 2024 levels. Market participants may be searching for clarity on go-forward valuation levels, indications on long-term AI impacts, normalization of energy prices, and reduced inflationary concerns before committing to new investments or bringing assets to market. The net result of these collective concerns has been managers continuing to do deals, but on a smaller scale, looking for some protection by moving down-market.

Fundraising remains challenged with overall volumes down in 2025 and continuing into Q1 2026, when compared to 2024 levels. This is especially acute in the lower middle market, with the largest funds and managers responsible for more than 60%<sup>6</sup> of the total capital raised to date in 2026. Distributions remain muted across US private equity when compared to historical norms with average hold periods remaining elevated.

Overall, we believe that the Fund is well positioned to continue to successfully execute its investment objectives in both current and future market environments. Increased volatility and macroeconomic pressure will reward managers in the lower middle market who have strong operational skill sets and sector-specific expertise who can source high-quality businesses at reasonable valuations and execute value creation plans driven by operational improvements, business expansion, and add-on acquisitions. These managers will likely face continued fundraising headwinds in 2026, which we believe will underscore their need to rely on dependable co-investment partners, and in turn, benefit NHPAF. On the secondary side, we expect that liquidity shortfalls will continue to drive both LP secondary trades and GP continuation vehicle volume. The increased volatility experienced in Q1 may soften LP secondary pricing compared to recent quarters as secondary buyers adjust transactions based on earlier asset values that may not fully include the impact of current market conditions.

**Performance of the Fund**

For the 12 months ending March 31, 2026, NHPAF Class I shares have generated a return of 20.81% with annualized returns since its inception in December 2024 of 19.78%. Class S shares returned 9.10% since inception on July 1, 2025, through March 31, 2026.

Performance in the 12 months ending March 31, 2026, was driven primarily by the Fund's secondary investment portfolio which saw strong unrealized asset appreciation and realized gains. Importantly, despite the short average hold period of the secondary assets, the majority of the Fund's performance has been derived from long-term asset appreciation across the portfolio.

The Fund's co-investment portfolio remains young, with a weighted average hold period of less than 6 months as of March 31, 2026, and is largely held at cost. There have been early strong performers in the portfolio, including a provider of specialty mechanical HVAC and plumbing services to mission-critical commercial and industrial sectors across the Southeastern US. The Fund invested in the business in Q3 2025, alongside an industrials specialist with which the Team maintains a longstanding relationship. In Q1 2026, the investment returned 40% of the Fund's initial investment, driven by revenue and EBITDA growth, and was a significant contributor to the Fund's performance in the quarter.

While the majority of the private equity portfolio has performed well over the 12 months ending March 31, 2026, there were a few positions that saw net decreases in value and detracted from overall performance of the Fund during the period. In the co-investment portfolio, the majority of positions are held at or near cost, with no position experiencing significant negative movement. For secondaries, there are three holdings that are currently held below their March 31, 2025, valuations but above cost, and three holdings held below cost. Overall, the negative movement of these secondary holdings represents a 52 basis point reduction in performance over the last 12 months based on March 31, 2026, NAV.

<sup>4</sup> Pitchbook, 2025 Annual US PE Breakdown

<sup>5</sup> Pitchbook, 2025 Annual US PE Breakdown

<sup>6</sup> Pitchbook, Q1 2026 PE Breakdown

------

**North Haven Private Assets Fund**

**MANAGEMENT DISCUSSION OF PERFORMANCE (Unaudited) (continued)**

**March 31, 2026**

This graph shows the change in value of a hypothetical $25,000 investment in the Fund since commencement of operations in December 2024. The performance is compared with the MSCI World Index, a broadly diversified global public equity benchmark.

Performance of Initial Investment of $25,000<sup>7</sup>

![](j26156772_ba002.jpg)

**Portfolio Development**

NHPAF's portfolio has developed in-line with our stated portfolio construction and investment objectives. As of March 31, 2026, the Fund's net asset value totaled $492 million. The private equity portfolio is comprised of 44 secondary investment interests acquired across 9 transactions, 15 co-investments, and 2 primary fund investments. These investments represent 45 manager relationships and more than 500 underlying portfolio companies. The portfolio was predominantly weighted toward the US buyout market with broad diversification across sector and vintage year. The portfolio remains overweight to secondary investments. This reflects our desire to efficiently build a diversified asset base for the Fund with the potential for consistent asset appreciation, the potential to drive strong early returns for shareholders, and a consistent, dependable flow of distributions back to the Fund. As the Fund gains scale, we will continue to shift a meaningful portion of new deployment to co-investments. Over time, this increased deployment, combined with asset appreciation in the co-investment portfolio, should bring the asset mix of secondaries and co-investments in the portfolio closer to parity. We will continue to selectively deploy capital to new secondary transactions in order to maintain our diversified asset base, velocity of underlying investment distributions, and exposure to a broad set of high quality lower middle market managers.

<sup>7</sup> The graph shown above represents historical performance of a hypothetical investment of $25,000 in Class I Shares of the Fund since commencement of operations on December 31, 2024. The result is compared with a broad-based market index, the MSCI World Index. Class I Shares have a $25,000 minimum initial investment. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of 23 developed market country indices. An investor cannot invest directly in an index. The market index has not been reduced to reflect any of the fees and costs of investing. Past performance does not guarantee future results. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchase of Fund shares. Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the commencement of operations. Without these waivers and reimbursements, performance would have been lower.

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

The performance quoted is past performance and not a guarantee of future results. Registered investment companies are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when repurchased, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown.

------

**North Haven Private Assets Fund**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees of North Haven Private Assets Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of North Haven Private Assets Fund (the "Fund"), including the consolidated schedule of investments, as of March 31, 2026, and the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets and the consolidated financial highlights for the year ended March 31, 2026 and the period from December 31, 2024 (commencement of operations) to March 31, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund at March 31, 2026, and the consolidated results of its operations and its cash flows for the year then ended, and the consolidated changes in its net assets and its consolidated financial highlights for the year then ended and the period from December 31, 2024 (commencement of operations) to March 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

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

![](j26156772_ba003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Philadelphia, Pennsylvania<br>May 29, 2026

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**North Haven Private Assets Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**March 31, 2026**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment<br>Strategy** | **Geographic<br>Region** | **Acquisition<br>Date** | **Cost<br>Basis** | **Fair Value** |
| **Private Equity Investments (87.49%) <sup>(a)</sup>** | **Private Equity Investments (87.49%) <sup>(a)</sup>** | **Private Equity Investments (87.49%) <sup>(a)</sup>** | **Private Equity Investments (87.49%) <sup>(a)</sup>** | **Private Equity Investments (87.49%) <sup>(a)</sup>** | **Private Equity Investments (87.49%) <sup>(a)</sup>** |
| **Co-Investments (14.19%)** | **Co-Investments (14.19%)** | **Co-Investments (14.19%)** | **Co-Investments (14.19%)** | **Co-Investments (14.19%)** | **Co-Investments (14.19%)** |
| 1315 Capital CPI Co-Invest, L.P. \* <sup>(b)</sup> | Buyout | North America | 12/18/2025 | $4515811 | $4494866 |
| Axcel Co-Invest (IGI-V), L.P. \* <sup>(b)</sup> | Buyout | North America | 3/31/2026 |  |  |
| Coalesce Veritas Coinvest, L.P. \* <sup>(b) (c)</sup> | Buyout | North America | 12/3/2025 | 2207333 | 2201909 |
| Durational Consumer SPV V, LP \* <sup>(b)</sup> | Buyout | North America | 8/27/2025 | 3549000 | 3511225 |
| GHK RBS Co-Investment Vehicle LP <sup>(b) (c)</sup> | Buyout | North America | 7/29/2025 | 4075261 | 7165509 |
| GSP HBH Co-Invest Fund-A, L.P \* <sup>(b)</sup> | Buyout | North America | 12/12/2025 | 3169991 | 3000000 |
| JFL-Fortress Co-Invest Partners, L.P. \* <sup>(b) (c)</sup> | Buyout | Europe | 2/6/2026 | 3780500 | 3780500 |
| Lyric-Pineapple Feeder LP \* <sup>(b)</sup> | Credit | North America | 12/5/2025 | 6083996 | 6004110 |
| Marlee Co-invest Feeder Parent, LP \* <sup>(b)</sup> | Buyout | North America | 5/2/2025 | 3680510 | 4362083 |
| Menrva Co-investment, L.P. \* <sup>(b)</sup> | Buyout | North America | 5/15/2025 | 3556779 | 4028318 |
| Mercury Ultimate Holdings, L.P. \* <sup>(b)</sup> | Buyout | North America | 3/20/2026 | 9171616 | 9171616 |
| SCP Chariot, L.P. \* <sup>(b)</sup> | Buyout | North America | 1/22/2026 | 6052669 | 6052669 |
| SCP Shield II, L.P. \* <sup>(b)</sup> | Growth Capital | North America | 7/25/2025 | 3587196 | 6124445 |
| TCF2 Olipop SPV 1 LP \* <sup>(b)</sup> | Growth Capital | North America | 9/2/2025 | 6030000 | 6470604 |
| Vesey Street Capital Partners Co-Invest <br>Fund VI-A, L.P. \* <sup>(b)</sup> | Buyout | North America | 5/6/2025 | 3523333 | 3629274 |
| **Total Co-Investments (Cost $62,983,995)** |  |  |  | $62983995 | $69997128 |
| **Primary Investments (0.38%)** | **Primary Investments (0.38%)** | **Primary Investments (0.38%)** | **Primary Investments (0.38%)** | **Primary Investments (0.38%)** | **Primary Investments (0.38%)** |
| Inverness Graham Investments V-A, L.P. \* <sup>(b)</sup> | Buyout | North America | 3/31/2026 |  |  |
| Springcoast Partners I-A, L.P. \* <sup>(b) (c)</sup> | Growth Capital | North America | 12/22/2025 | 1649542 | 1850507 |
| **Total Primary Investments (Cost $1,649,542)** |  |  |  | $1649542 | $1850507 |
| **Secondary Investments (72.92%)** | **Secondary Investments (72.92%)** | **Secondary Investments (72.92%)** | **Secondary Investments (72.92%)** | **Secondary Investments (72.92%)** | **Secondary Investments (72.92%)** |
| ABRY Partners IX, L.P. <sup>(b) (c)</sup> | Buyout | North America | 1/1/2025 | 3183316 | 3100241 |
| Advent International GPE IX-F, Limited <br>Partnership <sup>(b) (c)</sup> | Buyout | North America | 1/1/2025 | 4519564 | 4455440 |
| Advent International GPE VIII-B Limited <br>Partnership <sup>(b)</sup> | Buyout | North America | 1/1/2025 | 7989475 | 5745119 |
| Advent International GPE VIII-H Limited<br>Partnership <sup>(b)</sup> | Buyout | North America | 6/30/2025 | 4566853 | 5236358 |
| AE Industrial Partners Fund II, LP <sup>(b) (c)</sup> | Buyout | North America | 1/1/2025 | 4077439 | 5772368 |
| Alpha Private Equity Fund 7 (SCA) SICAR \* <sup>(b)</sup> | Buyout | Europe | 6/30/2025 | 14398000 | 16211140 |
| Apollo Overseas Partners (Lux) IX, SCSp <sup>(b) (c)</sup> | Buyout | North America | 7/1/2025 | 9987886 | 10326875 |

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THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.<br>5

------

**North Haven Private Assets Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**March 31, 2026**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment<br>Strategy** | **Geographic<br>Region** | **Acquisition<br>Date** | **Cost<br>Basis** | **Fair Value** |
| **Secondary Investments (continued)** | **Secondary Investments (continued)** | **Secondary Investments (continued)** | **Secondary Investments (continued)** | **Secondary Investments (continued)** | **Secondary Investments (continued)** |
| Bain Capital Asia Fund IV, L.P. <sup>(b) (c)</sup> | Buyout | North America | 12/31/2024 | $1551439 | $1583693 |
| CF24SB SCSp (03/28/25) \* <sup>(b) (c)</sup> | Buyout | North America | 3/28/2025 | 1216043 | 1258251 |
| Chicago Pacific Founders Fund - A, L.P. \* <sup>(b) (c)</sup> | Buyout | North America | 12/31/2025 | 12998304 | 14466420 |
| Chicago Pacific Founders Fund III, L.P. \* <sup>(b) (c)</sup> | Buyout | North America | 12/31/2025 | 15987703 | 18168593 |
| Chicago Pacific Founders Healthcare Real<br>Estate Fund III Feeder, L.P. \* <sup>(b)</sup> | Real Estate | North America | 12/31/2025 | 4605887 | 6152428 |
| Chicago Pacific Vision Partners, LLC \* <sup>(b)</sup> | Buyout | North America | 12/31/2025 | 4238134 | 4644793 |
| Cortec Group Fund VII, L.P. <sup>(b) (c)</sup> | Buyout | North America | 1/1/2025 | 3428565 | 3851694 |
| Genstar Capital Partners IX, L.P. <sup>(b) (c)</sup> | Buyout | North America | 1/1/2025 | 6866455 | 7144815 |
| GPS Co-Invest (IGI III), L.P. \* <sup>(b)</sup> | Buyout | North America | 9/30/2025 | 1952296 | 2573437 |
| GTCR Fund XII/AB LP <sup>(b) (c)</sup> | Buyout | North America | 1/1/2025 | 5235523 | 4526374 |
| GTCR Oak Fund LP \* <sup>(b) (c)</sup> | Buyout | North America | 12/8/2025 | 5204457 | 5632296 |
| IK Small Cap II Fund No.1 SCSp <sup>(b)</sup> | Buyout | Europe | 12/31/2024 | 648913 | 626069 |
| Inflexion Buyout Fund V (No. 1) Limited<br>Partnership <sup>(b) (c)</sup> | Buyout | Europe | 12/31/2024 | 2779919 | 1751625 |
| Insight Venture Partners (Cayman) VIII, L.P. \* <sup>(b) (c)</sup> | Venture Capital | North America | 1/1/2026 | 7790000 | 9889945 |
| Inverness Graham Investments III, L.P. \* <sup>(b) (c)</sup> | Buyout | North America | 9/30/2025 | 5770616 | 7629249 |
| Inverness Graham Investments IV, L.P. <sup>(b) (c)</sup> | Buyout | North America | 9/30/2025 | 14618006 | 17872091 |
| Kelso Investment Associates X, L.P. <sup>(b) (c)</sup> | Buyout | North America | 1/1/2026 | 11606792 | 11798893 |
| Kohlberg TE Investors VIII-B, L.P. <sup>(b) (c)</sup> | Buyout | North America | 12/31/2025 | 19064377 | 21202500 |
| Marlin Heritage Europe II, L.P. \* <sup>(b) (c)</sup> | Buyout | Europe | 3/31/2026 | 5282877 | 6634570 |
| MetLife Investment Private Equity Partners II<br>(Feeder), LP <sup>(b) (c)</sup> | Buyout | North America | 9/30/2025 | 7327529 | 8115129 |
| MLC Private Equity Partners Feeder, L.P. <sup>(b) (c)</sup> | Buyout | North America | 9/30/2025 | 8660312 | 9593997 |
| Oak Hill Capital Partners V (Offshore), L.P. \* <sup>(b) (c)</sup> | Buyout | North America | 1/1/2026 | 16963286 | 18358555 |
| Pacific Equity Partners Fund VI, L.P. \* <sup>(b) (c)</sup> | Buyout | Asia - Pacific | 1/1/2025 | 3430300 | 3683911 |
| Pamlico Capital IV, L.P. <sup>(b) (c)</sup> | Buyout | North America | 1/1/2025 | 9069510 | 7815841 |
| Platinum Equity Capital Partners IV, L.P. <sup>(b) (c)</sup> | Buyout | North America | 6/30/2025 | 7317343 | 7655542 |
| Redpoint Omega III, L.P. <sup>(b)</sup> | Growth Capital | North America | 1/1/2025 | 5942035 | 4846293 |
| Sentinel Capital Partners VI, L.P. <sup>(b) (c)</sup> | Buyout | North America | 1/1/2025 | 3455763 | 3193880 |
| SK Capital Partners V-A, L.P. <sup>(b) (c)</sup> | Buyout | North America | 1/1/2025 | 5885846 | 3906550 |
| SkyKnight Capital II CV B, L.P. \* <sup>(b) (c)</sup> | Buyout | North America | 9/30/2025 | 9872638 | 11172671 |
| Thoma Bravo Discover Fund III, L.P. <sup>(b) (c)</sup> | Buyout | North America | 1/1/2025 | 6947568 | 8092305 |

---

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.<br>6

------

**North Haven Private Assets Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)**

**March 31, 2026**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment<br>Strategy** | **Geographic<br>Region** | **Acquisition<br>Date** | **Cost<br>Basis** | **Cost<br>Basis** | **Fair Value** |
| **Secondary Investments (continued)** | **Secondary Investments (continued)** | **Secondary Investments (continued)** | **Secondary Investments (continued)** | **Secondary Investments (continued)** | **Secondary Investments (continued)** | **Secondary Investments (continued)** |
| Warburg Pincus Private Equity XII-E, L.P. <sup>(b)</sup> | Buyout | North America | 6/30/2025 | $| 8478300 | $12689647 |
| Waud Capital Partners FIF V, L.P. \* <sup>(b) (c)</sup> | Buyout | North America | 12/31/2025 |  | 12597900 | 14463025 |
| Webster Capital IV, L.P. <sup>(b) (c)</sup> | Buyout | North America | 9/30/2025 |  | 12894151 | 12374280 |
| Webster Equity Partners V, L.P <sup>(b) (c)</sup> | Buyout | North America | 9/30/2025 |  | 25529098 | 28232953 |
| WPEF VII Feeder 2 ILP <sup>(b) (c)</sup> | Buyout | Europe | 1/1/2025 |  | 6297950 | 6530225 |
| WSOF IV Feeder C.V. \* <sup>(b) (c)</sup> | Buyout | Europe | 12/10/2025 |  | 635425 | 612170 |
| **Total Secondary Investments (Cost $330,873,793)** |  |  |  | $ | 330873793 | $359592251 |
| **Total Private Equity Investments (Cost $395,507,330)** |  |  |  | $ | 395507330 | $431439886 |
|  |  |  |  | **Shares** | **Shares** | **Fair Value** |
| **Short-Term Investments (13.23%)** | **Short-Term Investments (13.23%)** | **Short-Term Investments (13.23%)** | **Short-Term Investments (13.23%)** | **Short-Term Investments (13.23%)** | **Short-Term Investments (13.23%)** | **Short-Term Investments (13.23%)** |
| State Street Institutional US Government <br>Money Market Fund, 3.60% <sup>(d)</sup> |  |  |  |  | 65228144 | $65228144 |
| **Total Short-Term Investments (Cost $65,228,144)** |  |  |  |  |  | $**65228144** |
| **Total Investments (Cost $460,735,474) (100.72%)** |  |  |  |  |  | $**496668030** |
| **Other Assets and (Liabilities) ((0.72)%)** |  |  |  |  |  | **(3561109)** |
| **Net Assets (100.00%)** |  |  |  |  |  | $**493106921** |

---

\* Non Income Producing Security.

<sup>(a)</sup> See Note 4 for liquidity terms.

<sup>(b)</sup> Private equity investments are generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Consolidated Schedule of Investments. Total fair value of restricted investments as of March 31, 2026 was $431,439,886 or 87.49% of net assets.

<sup>(c)</sup> The Fund has unfunded commitments to the indicated investment as of March 31, 2026. Total unfunded commitments amount to $57,243,347 as of March 31, 2026.

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

---

| | |
|:---|:---|
| **Summary of Investments by Type (as a Percentage of Net Assets)** | **Summary of Investments by Type (as a Percentage of Net Assets)** |
| Co-Investments | 14.19% |
| Primary Investments | 0.38% |
| Secondary Investments | 72.92% |
| Short-Term Investments | 13.23% |
| Other Assets and (Liabilities) | (0.72)% |
| Total Net Assets | 100.00% |

---

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.<br>7

------

**North Haven Private Assets Fund**

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES**

**March 31, 2026**

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at fair value (cost $395,507,330) | $431439886 |
| Short-term investments, at fair value (cost $65,228,144) | 65228144 |
| Cash | 2525423 |
| Due from adviser | 5426013 |
| Dividends and interest receivable | 202172 |
| Prepaid expenses | 141443 |
| Receivable for distributions from investments | 14176 |
| Other receivable | 5948 |
| Total assets | 504983205 |
| **LIABILITIES** | **LIABILITIES** |
| Payable for investment purchased | 5282877 |
| Due to adviser | 4607362 |
| Professional fees payable | 1011298 |
| Payables for shares repurchased | 212431 |
| Line of credit fees payable | 2144 |
| Organizational costs payable | 1613 |
| Accrued expenses and other liabilities | 758559 |
| Total liabilities | 11876284 |
| **NET ASSETS** | $493106921 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $438524136 |
| Distributable earnings (accumulated loss) | 54582785 |
| **NET ASSETS** | $493106921 |
| **Class I** | **Class I** |
| Net assets | $210463487 |
| Outstanding shares (unlimited number of shares authorized) | 8847354 |
| Net asset value per share<sup>1</sup> | $23.79 |
| **Class S** | **Class S** |
| Net assets | $282643434 |
| Outstanding shares (unlimited number of shares authorized) | 11916611 |
| Net asset value per share<sup>1</sup> | $23.72 |

---

<sup>1</sup> The NAV per share is calculated by dividing total net assets by the number of shares outstanding. Accordingly, the multiplication of NAV per share by shares outstanding may not exactly equal the total net assets due to rounding differences.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.<br>8

------

**North Haven Private Assets Fund**

**CONSOLIDATED STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
| | **For the year ended <br>March 31, 2026** |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividend income | $4141295 |
| Interest income | 124 |
| Total investment income | 4141419 |
| **EXPENSES** | **EXPENSES** |
| Incentive fees | 6111859 |
| Professional fees | 4476596 |
| Advisory fees | 2667189 |
| Offering costs | 1323806 |
| Line of credit fees | 1199155 |
| Accounting and administration fees | 348037 |
| Organizational costs | 222099 |
| Transfer agency fees | 81250 |
| Custodian fees | 15400 |
| Other operating expenses | 1897239 |
| Total expenses | 18342630 |
| **WAIVERS AND REIMBURSEMENTS (SEE NOTE 6)** | **WAIVERS AND REIMBURSEMENTS (SEE NOTE 6)** |
| Less: Waiver of advisory fees | (2667189) |
| Less: Waiver of incentive fees | (6111859) |
| Less: Expense reimbursements | (3843390) |
| Total waivers and reimbursements | (12622438) |
| Total net expenses | 5720192 |
| Net investment income (loss) | (1578773) |
| **NET REALIZED GAIN (LOSS) ON:** | **NET REALIZED GAIN (LOSS) ON:** |
| Distributions from investments | 23334248 |
| Foreign currencies | (11125) |
| Net realized gain (loss) | 23323123 |
| **NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:** | **NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:** |
| Investments | 28498209 |
| Foreign currencies | 14203 |
| Net change in unrealized appreciation (depreciation) | 28512412 |
| Net realized and unrealized gain (loss) | 51835535 |
| Net increase (decrease) in net assets from operations | $50256762 |

---

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.<br>9

------

**North Haven Private Assets Fund**

**CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **For the year ended<br>March 31, 2026** | **For the Period from December 31, 2024<br>(Commencement of Operations) to<br>March 31, 2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp; Net investment income (loss) | $(1578773) | $44676 |
| &nbsp;&nbsp; Net realized gain (loss) | 23323123 | 2079044 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 28512412 | 7434320 |
| Net increase (decrease) in net assets from operations | 50256762 | 9558040 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (2462681) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S<sup>1</sup> | (2851244) |  |
| Decrease in net assets derived from shareholder distributions | (5313925) |  |
| **CAPITAL SHARE TRANSACTIONS (SEE NOTE 7):** | **CAPITAL SHARE TRANSACTIONS (SEE NOTE 7):** | **CAPITAL SHARE TRANSACTIONS (SEE NOTE 7):** |
| &nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp; Proceeds from shares issued |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 162597830 | 149900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S<sup>1</sup> | 246810066 |  |
| &nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp; Reinvestment of distributions |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 1952947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S<sup>1</sup> | 2457632 |  |
| &nbsp;&nbsp; Cost of shares repurchased | &nbsp;&nbsp; Cost of shares repurchased | &nbsp;&nbsp; Cost of shares repurchased |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (125031276) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S<sup>1</sup> | (181155) |  |
| Net increase (decrease) in net assets from capital transactions | 288606044 | 149900000 |
| Total increase (decrease) in net assets | 333548881 | 159458040 |
| Net assets at beginning of period | 159558040 | 100000 |
| Net assets at end of period | $493106921 | $159558040 |

---

<sup>1</sup> Class S commenced operations on July 1, 2025.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.<br>10

------

**North Haven Private Assets Fund**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

---

| | |
|:---|:---|
| | **For the year ended<br>March 31, 2026** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** | **CASH FLOWS FROM OPERATING ACTIVITIES** |
| Net increase/(decrease) in net assets from operations | $50256762 |
| &nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in net assets from operations: | &nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in net assets from operations: |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments | (23334248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments | (28498209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | (322387080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions received from investments | 14881421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net purchase (sales) of short-term investments | (1210710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions from investments | 23334248 |
| &nbsp;&nbsp; (Increase)/Decrease in Assets: | &nbsp;&nbsp; (Increase)/Decrease in Assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in due from adviser | (3843389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in receivable for distributions from investments | 15695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in deferred offering costs | 1239218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in prepaid expenses | (43122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in dividends and interest receivable | (39724) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in other receivable | (5948) |
| &nbsp;&nbsp; Increase/(Decrease) in Liabilities: | &nbsp;&nbsp; Increase/(Decrease) in Liabilities: |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in offering costs payable | (1604137) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in organizational costs payable | (941946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in professional fees payable | 778359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for investments purchased | 5239121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in line of credit fees payable | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in other liabilities payable | 575056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in due to adviser | 4607362 |
| Net cash used in operating activities | $(280979127) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** | **CASH FLOWS FROM FINANCING ACTIVITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid to shareholders, net of reinvestments | (903346) |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase of shares | (125000000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 409407896 |
| Net cash provided by financing activities | $283504550 |
| Net change in cash | $2525423 |
| &nbsp;&nbsp; Cash at beginning of year | $— |
| &nbsp;&nbsp; Cash at end of year | $2525423 |
| **Supplemental and non-cash activities** | **Supplemental and non-cash activities** |
| &nbsp;&nbsp; Reinvestment of distributions | $4410579 |

---

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.<br>11

------

**North Haven Private Assets Fund**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

---

| | | |
|:---|:---|:---|
| **Class I** | **For the year ended<br>March 31, 2026** | **For the period from<br>December 31, 2024<br>(Commencement of Operations) to<br>March 31, 2025** |
| **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
| Net asset value, beginning of year/period | $21.27 | $20.00 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| &nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | 0.01 | 0.01 |
| &nbsp;&nbsp; Net realized & unrealized gain (loss) | 2.83 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.84 | 1.27 |
| **Less distributions from:** | **Less distributions from:** | **Less distributions from:** |
| &nbsp;&nbsp; Net investment income<sup>1</sup> | (0.32) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.32) |  |
| Net asset value, end of year/period | $23.79 | $21.27 |
| Total return<sup>2</sup> | 13.35% | 6.35%<sup>3</sup> |
| **Ratios and supplemental data:** | **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net Assets, End of Year (000's) | $210463 | $159558 |
| **Ratios to average net assets:<sup>4</sup>** | **Ratios to average net assets:<sup>4</sup>** | **Ratios to average net assets:<sup>4</sup>** |
| &nbsp;&nbsp; Total expenses, before waiver and reimbursement | 5.38% | 3.08%<sup>5</sup> |
| &nbsp;&nbsp; Total expenses, net of waiver and reimbursement | 1.22% | 1.50%<sup>5</sup> |
| &nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement | (4.12)% | (1.46)%<sup>5</sup> |
| &nbsp;&nbsp; Net investment income (loss), after waiver and reimbursement | 0.04% | 0.12%<sup>5</sup> |
| Portfolio turnover rate | 6.00% | 2.00%<sup>3</sup> |
|  | **As of<br>March 31, 2026** | **As of<br>March 31, 2025** |
| **Senior Securities:** | **Senior Securities:** | **Senior Securities:** |
| &nbsp;&nbsp; Total borrowings (in thousands) |  |  |
| &nbsp;&nbsp; Asset coverage per $1,000 unit of senior indebtedness<sup>6</sup> | N/A | N/A |

---

<sup>1</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 Share during the period/year, assuming distributions, if any, are reinvested on the effects of the performance of the Fund during the period/year.

<sup>3</sup> Not annualized.

<sup>4</sup> The ratios do not include investment income or expenses of the Portfolio Funds (see Note 1).

<sup>5</sup> Annualized with the exception of certain expenses.

<sup>6</sup> Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.<br>12

------

**North Haven Private Assets Fund**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

---

| | |
|:---|:---|
| **Class S** | **For the period from July 1, 2025<br>(Commencement of Operations) to<br>March 31, 2026** |
| **Per share operating performance:** | **Per share operating performance:** |
| Net asset value, beginning of period | $20.00 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| &nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | (0.16) |
| &nbsp;&nbsp; Net realized & unrealized gain (loss) | 4.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 3.98 |
| **Less distributions from:** | **Less distributions from:** |
| &nbsp;&nbsp; Net investment income<sup>1</sup> | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.26) |
| Net asset value, end of period | $23.72 |
| Total return<sup>2</sup> | 19.89%<sup>3</sup> |
| **Ratios and supplemental data:** | **Ratios and supplemental data:** |
| Net Assets, End of Period (000's) | $282643 |
| **Ratios to average net assets:<sup>4,5</sup>** | **Ratios to average net assets:<sup>4,5</sup>** |
| &nbsp;&nbsp; Total expenses, before waiver and reimbursement | 5.15% |
| &nbsp;&nbsp; Total expenses, net of waiver and reimbursement | 2.06% |
| &nbsp;&nbsp; Net investment income (loss), before waiver and reimbursement | (3.92)% |
| &nbsp;&nbsp; Net investment income (loss), after waiver and reimbursement | (0.83)% |
| Portfolio turnover rate | 6.00%<sup>3</sup> |
|  | **As of<br>March 31, 2026** |
| **Senior Securities:** | **Senior Securities:** |
| &nbsp;&nbsp; Total borrowings (in thousands) |  |
| &nbsp;&nbsp; Asset coverage per $1,000 unit of senior indebtedness<sup>6</sup> | N/A |

---

<sup>1</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 Share during the period/year, assuming distributions, if any, are reinvested on the effects of the performance of the Fund during the period/year.

<sup>3</sup> Not annualized.

<sup>4</sup> The ratios do not include investment income or expenses of the Portfolio Funds (see Note 1).

<sup>5</sup> Annualized with the exception of certain expenses.

<sup>6</sup> Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.<br>13

------

**North Haven Private Assets Fund**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**March 31, 2026**

**1. Organization**

North Haven Private Assets Fund (the "Fund") is a recently organized Delaware statutory trust formed on June 28, 2024 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. In addition, for U.S. federal income tax purposes, the Fund intends to elect to be treated to qualify each taxable year thereafter as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), beginning with the Fund's fiscal year ending March 31, 2025. The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the Fund's Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust").

Morgan Stanley AIP GP LP (the "Adviser") serves as the Fund's investment adviser. The Adviser is a limited partnership formed under the laws of the State of Delaware and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is an affiliate of Morgan Stanley and is responsible for providing day-to-day investment management services to the Fund, subject to the supervision of the Fund's Board of Trustees (each member a "Trustee" and, collectively, the "Board").

The Fund's investment objective is to seek to provide long-term capital appreciation through a highly curated portfolio of primarily private equity and other private assets (collectively, "private assets") actively managed by third-party managers ("Financial Sponsors"). The Fund's exposure to private assets will be focused primarily on private equity and, to a lesser extent, private credit and other private strategies. The Adviser intends to utilize a variety of investment techniques to obtain exposure to private assets, including (i) investments in private funds ("Partnership Interests") managed by Financial Sponsors via secondary purchases executed by the Adviser ("Secondary Partnership Interests") or, to a lesser extent, on a primary basis through commitments to recently established funds ("Primary Partnership Interests") and (ii) investments in operating companies or assets, typically alongside lead Financial Sponsors ("Asset-Specific Transactions"), often (but not exclusively) via co-investment transactions ("Co-Investments") GP-led Secondaries, or continuation fund opportunities.

The Fund's investment portfolio will include Secondary and Primary Partnership Interests, Co-Investments and GP-Led Secondaries. The investments in private asset funds managed by various unaffiliated asset managers ("Portfolio Funds") and special purpose vehicles that the Fund invests in will hold securities issued primarily by private companies.

To manage portfolio liquidity, the Fund may also have exposure to privately placed debt securities and other yield-oriented investments, including without limitation 144A securities, syndicated and other floating rate senior secured loans issued in private placements by U.S. and foreign corporations, partnerships and other business entities, privately placed bank loans, restricted securities, and other securities and instruments issued in transactions exempt from the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act") ("Private Credit Investments"). To manage the liquidity of its investment portfolio, the Fund also intends to invest a portion of its assets in a portfolio of short-term debt securities, affiliated and unaffiliated money market securities, cash and/or cash equivalents ("Liquid Assets").

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in private assets. For purposes of this policy, private assets include Partnership Interests, Asset-Specific Transactions and Private Credit Investments. The Fund intends to count the value of any money market funds, cash, other cash equivalents or U.S. Treasury securities with remaining maturities of one year or less that cover unfunded commitments to invest equity in Portfolio Funds or special purpose vehicles controlled by unaffiliated general partners that will acquire a private asset, in each case that the Fund reasonably expects to be called in the future as qualifying private assets for purposes of its 80% policy.

The Fund offers three separate classes of common shares of beneficial interest in the Fund ("Shares") designated as Class S, Class D and Class I Shares. Each class of Shares is subject to different fees and expenses. The Fund may offer additional classes of Shares in the future. No person who is admitted as a shareholder of the Fund (a "Shareholder") will have the right to require the Fund to redeem its Shares.

The business operations of the Fund are managed and supervised under the direction of the Board, subject to the laws of the State of Delaware and the Fund's Declaration of Trust. The Board provides broad oversight over the Adviser's implementation of the Fund's operations and affairs. A majority of the Board is comprised of persons who are independent trustees.

The day-to-day portfolio management, short-term cash management and operations of the Fund are the responsibility of the Adviser, subject to oversight by the Board.

------

**North Haven Private Assets Fund**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**March 31, 2026**

**2. Significant Accounting Policies**

**a) Basis of Accounting**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with U.S. generally accepted accounting principles ("US GAAP"). The Fund is an investment company in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services — Investment Companies," for the purpose of financial reporting. The consolidated financial statements reflect all adjustments and reclassifications, which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All intercompany balances and transactions have been eliminated.

**b) Valuation of Investments**

The Fund values its investments monthly at fair value consistent with the principles of ASC Topic 820, Fair Value Measurements. The Fund has written valuation policies and procedures (the "Valuation Procedures"), which have been approved by the Board. The Adviser is designated as the Valuation Designee (the "Valuation Designee") for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact the fair value of securities. The Fund generally uses the latest net asset value ("NAV") provided by the manager or general partner of a Portfolio Fund (the "Portfolio Fund Manager") as a practical expedient to determine the fair value of its investments in Portfolio Funds and certain Co-Investments held through investment vehicles. Ordinarily, the fair value of a Portfolio Fund or Co-Investment held by the Fund is based on the NAV of that Portfolio Fund or Co-Investment reported by the Portfolio Fund Manager. If the Adviser determines that the most recent NAV reported by the Portfolio Fund Manager does not represent the fair value or if the Portfolio Fund Manager fails to report a NAV to the Fund, a fair value determination is made by the Adviser with oversight from the Board in accordance with the Fund's valuation procedures. This may include adjusting the previous NAV provided by a Portfolio Fund Manager with other relevant information available at the time the Fund values its portfolio, including capital activity and events occurring between the reference dates of the Portfolio Fund Manager's valuation and the relevant valuation date, to the extent that the Adviser is aware of such information.

The amounts shown in the accompanying financial statements include adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

**c) Use of Estimates**

The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of increases or decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund's consolidated financial statements are stated in United States Dollars ("USD").

**d) Cash**

In order to maintain liquidity pending investment in private assets, the Fund uses non-interest bearing accounts at State Street Bank and Trust Company and only earns interest on amounts moved to money market funds.

**e) Liquid Assets**

To manage the liquidity of its investment portfolio, the Fund may invest a portion of its assets. The Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds).

------

**North Haven Private Assets Fund**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**March 31, 2026**

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

**f) Federal Income Taxes**

The Fund intends to meet the requirements of the Code, applicable to regulated investment companies, and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders annually and to meet certain diversification and income requirements with respect to investment companies. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements.

The Fund intends to make distributions in one or more payments on an annual basis in aggregate amounts representing substantially all of the Fund's "investment company taxable income" (including realized short-term capital gains), if any, earned during the year. Distributions may also include net capital gains, if any.

Because the Fund intends to qualify annually as a RIC for U.S. federal income tax purposes under Subchapter M of the Code, the Fund intends to distribute at least 90% of its annual net taxable income to its Shareholders. Nevertheless, there can be no assurance that the Fund will pay distributions to Shareholders at any particular rate.

The Fund cannot guarantee that it will make distributions. The Fund may finance its cash distributions to Shareholders from any sources of funds available to the Fund, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets (including fund investments), non-capital gains proceeds from the sale of assets (including fund investments), dividends or other distributions paid to the Fund on account of preferred and common equity investments by the Fund in Portfolio Funds and/or Co-Investments and expense reimbursements from the Adviser.

The Fund has not established limits on the amount of funds the Fund may use from available sources to make distributions. The repayment of any amounts owed to the Adviser or its affiliates will reduce future distributions to which you would otherwise be entitled.

The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by U.S. federal, state, local and foreign jurisdictions, where applicable.

**g) Organizational and Offering Costs**

*Organizational Expenses* — Organizational costs are expensed as incurred and consist of costs incurred to establish the Fund and enable it to legally do business. For the year ended March 31, 2026, the Fund incurred organizational costs of $222,099. These costs, which have been incurred through March 31, 2026 have been and will continue to be paid by the Adviser. These costs will be subject to recoupment in accordance with the Fund's Expense Limitation Agreement, as discussed in Note 6.

*Offering Costs* — Offering costs are deferred until the Fund commences operations and then amortized over the first 12 months of operations on a straight-line basis. Offering costs consist of costs incurred in connection with the Fund's initial public offering of Shares, such as preparation of the Fund's registration statement. For the year ended March 31, 2026, the Fund incurred offering costs of $1,323,806. These costs, which have been incurred through March 31, 2026, have been and will continue to be paid by the Adviser. These costs will be subject to recoupment in accordance with the Fund's Expense Limitation Agreement, as discussed in Note 6.

**h) Short-term Investments**

Short-term investments represent investments in money market instruments and money market mutual funds, which are recorded at NAV per share and approximate fair value. Money market instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include U.S. Government securities, commercial paper, certificates of deposit and bankers' acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements. There are no restrictions on the short-term investments held by the Fund.

------

**North Haven Private Assets Fund**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**March 31, 2026**

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

**i) Consolidation of Subsidiary**

The consolidated financial statements of the Fund include the Fund and NHPAF Holdco LLC (a Delaware Limited Liability Company), NHPAF Blocker LLC (a Delaware Limited Liability Company), NHPAF GP LLC (a Delaware Limited Liability Company), and NHPAF Aggregator LP (a Delaware Limited Partnership), each a wholly-owned subsidiary of Fund. Inter-company balances and transactions have been eliminated in consolidation.

**j) Foreign Currency Translation**

The books and records of the Fund are maintained in USD. Generally, valuations of assets and liabilities denominated in currencies other than the USD are translated into USD equivalents using valuation date exchange rates, while purchases, realized gains and losses, income and expenses are translated at transaction date exchange rates.

The Fund does not isolate the portion of the results of operations due to fluctuations in foreign exchange rates from other changes in fair values of the investments during the period.

**k) Income Recognition and Expenses**

Income is recognized on an accrual basis as earned. Expenses are recognized on an accrual basis as incurred. Distributions from Portfolio Funds occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received, including return of capital, realized gains and dividend income and interest, is based on information received from the investment managers of the Portfolio Funds at the time of distribution. The change in unrealized appreciation (depreciation) on investments and foreign currency translation within the Consolidated Statement of Operations includes the Fund's share of unrealized gains and losses, realized undistributed gains and losses and the undistributed net investment income or loss on investments for the relevant period.

**l) Dividends and Distributions**

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

**m) Segment Reporting**

During the year ended March 31, 2026, the Fund adopted FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Consolidated Financials. In connection with the adoption of ASU 2023-07, the Fund's President has been designated as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's Consolidated Financial Statements.

**n) Recently Announced Accounting Pronouncements**

ASU 2023-09 enhances income tax disclosures under ASC 740 by requiring greater disaggregation and transparency, particularly in effective tax rate reconciliation and income taxes paid. The ASU introduces tabular rate reconciliation with detailed categories (for PBEs), jurisdiction-level disclosures of income taxes paid, and enhanced qualitative disclosures. It is effective from FY 2025 for PBEs and FY 2026 for non-PBEs, and does not impact tax recognition or measurement.

------

**North Haven Private Assets Fund**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**March 31, 2026**

**3. Fair Value Measurements**

The Fund follows the provisions of ASC 820-10, *Fair Value Measurements and Disclosures* ("ASC 820-10"), which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Fund has considered its principal market as the market in which the Fund exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

The three-tier hierarchy of inputs is summarized below:

• Level 1 — Inputs that reflect unadjusted quoted prices in active markets for identical financial instruments that the reporting entity has the ability to access at the measurement date.

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the financial instrument, either directly or indirectly. Level 2 inputs also include quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active.

• Level 3 — Significant unobservable inputs for the financial instrument (including management's own assumptions in determining the fair value of investments).

Investments in Portfolio Funds are recorded at fair value, using the Portfolio Funds' net asset value as a "practical expedient," in accordance with ASC 820-10 and are excluded from leveling classification noted above.

Investments in Portfolio Funds generally are restricted securities that are subject to substantial holding periods and are not traded in public markets. Accordingly, the Fund may not be able to resell or realize some of its investments for extended periods, which may be several years. The types of Portfolio Funds that the Fund may make investments in include Co-Investments, Primary Partnership Interests and Secondary Partnership Interests.

The fair value relating to certain underlying investments of these Portfolio Funds, for which there is no public market, has been estimated by the respective Portfolio Fund Manager and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a public market for the investments existed. These differences could be material.

Portfolio Funds measure their investment assets at fair value, and typically report a NAV per share on a calendar quarterly basis. In accordance with ASC 820-10, the Fund has elected to apply the practical expedient methodology and to value its investments in Portfolio Funds at their respective NAVs typically at each quarter.

The amounts shown in the accompanying financial statements include adjustments in accordance with accounting principles generally accepted in the United States of America and known through the date of issuance of these financial statements as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

------

**North Haven Private Assets Fund**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**March 31, 2026**

**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 in Portfolio Funds which are classified in the fair value hierarchy as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Investments<br>Valued at NAV** | **Total** |
| Secondary Investments | $— | $— | $— | $359592251 | $359592251 |
| Co-Investments |  |  |  | 69997128 | 69997128 |
| Primary Investments |  |  |  | 1850507 | 1850507 |
| Short-Term Investments | 65228144 |  |  |  | 65228144 |
| **Total** | $**65228144** | $**—** | $**—** | $**431439886** | $**496668030** |

---

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 values at the beginning of the reporting period in which they occur.

**4. Unfunded Commitments**

The Fund had the following unfunded commitments and unrealized appreciation/depreciation by investments as of March 31, 2026. The Fund maintains sufficient cash on hand, available borrowings and liquid securities to fund any unfunded commitments should the need arise.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Fair Value** | **Unfunded<br>Commitments** | **Redemption<br>Frequency** | **Redemption<br>Restrictions Terms\*** |
| Co-Investments | $69997128 | $8129550 |  | Liquidity in the form of<br>distributions from private<br>equity investments |
| Primary Partnership Interests | 1850507 | 5938759 |  | Liquidity in the form of<br>distributions from private<br>equity investments |
| Secondary Partnership Interests | 359592251 | 43175038 |  | Liquidity in the form of<br>distributions from private<br>equity investments |

---

\* Distributions from private assets occur at irregular intervals, and the exact timing of distributions from private assets cannot be determined. It is estimated that distributions will occur over the life of the private assets.

**5. Credit Facility**

On August 5, 2025, the Fund entered into a revolving credit facility with JPMorgan Chase Bank, N.A. with permitted borrowings of $40.0 million and maturity of August 4, 2028. The purpose of the facility is to provide working capital to support the Fund's liquidity and investment activities, including acquiring new investments and funding existing investments. Borrowings bear interest equal to the Secured Overnight Financing Rate (SOFR) plus 2.95% per annum and a commitment fee of 1.25% that varies depending on the amount outstanding.

As of March 31, 2026, there were no borrowings outstanding under the facility. For the year ended March 31, 2026, the Fund recognized $1,199,155 of credit facility expenses. The Fund was in compliance with all applicable covenants as of March 31, 2026.

------

**North Haven Private Assets Fund**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**March 31, 2026**

**6. Advisory Fee, Incentive Fee, Related Party Transactions and Other**

**a) Advisory Fee**

In consideration of the advisory services provided by the Adviser, the Fund pays the Adviser a quarterly Advisory Fee at an annual rate of 1.25% based on the value of the Fund's net assets less cash and Cash Equivalents calculated and accrued monthly as of the last business day of each month (the "Advisory Fee"). For purposes of calculating the Advisory Fee, "Cash Equivalents" means any short-term investment securities with maturity periods of 90 days or less, including, for example, bank certificates of deposit, banker's acceptances, digitized fixed or tethered currency assets, Treasury bills, and commercial paper. For the avoidance of doubt, cash equivalents do not include investments in money market funds. For purposes of determining the Advisory Fee payable to the Adviser, the value of the Fund's net assets will be calculated prior to the inclusion of the Advisory Fee and Incentive Fee (as defined below), if any, payable to the Adviser or to any purchases or repurchases of Shares of the Fund or any distributions by the Fund. The Advisory Fee will be payable in arrears within five (5) business days after the completion of the net asset value computation for the quarter. The Advisory Fee is paid to the Adviser out of the Fund's assets, and therefore decreases the net profits or increases the net losses of the Fund.

Under the terms of the Investment Advisory Agreement, the Adviser will allocate the Fund's assets, determine which investments will be purchased, sold or exchanged and will implement such decisions in a manner consistent with the Fund's investment objective. The Adviser has contractually agreed to waive its Advisory Fee for twelve (12) months from July 1, 2025 ("Initial Closing"). For the year ended March 31, 2026, the Fund incurred $2,667,189 in Advisory Fees all of which was waived by the Adviser.

**b) Incentive Fee**

The Adviser will be entitled to receive an incentive fee (the "Incentive Fee"), at the end of each calendar quarter, equal to 12.50% of the excess, if any, of (i) the Net Profits (as defined below) of the Fund for the relevant period over (ii) the then balance, if any, of the sum of the Hurdle Amount (as defined below) and the Loss Recovery Account (as defined below). The Adviser has contractually agreed to waive its Incentive Fee for twelve (12) months from the Initial Closing.

Specifically, the Adviser is entitled to receive an Incentive Fee in an amount equal to:

• First, if the Net Profits for the applicable period exceeds the sum of the Hurdle Amount for that period and the Loss Recovery Account (any such excess, "Excess Profits"), 100% of such Excess Profits until the total amount allocated to the Adviser equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to the Adviser pursuant to this clause (any such amount, the "Catch-Up"); and

• Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.

"Net Profits" shall mean the amount by which (i) the sum of (A) the net asset value of the Fund as of the end of such month, (B) the aggregate repurchase price of all shares repurchased by the Fund during such month and (C) the amount of dividends and other distributions paid in respect of the Fund during such month and not reinvested in additional shares through the DRIP exceeds (ii) the sum of (X) the net asset value of the Fund as of the beginning of such month and (Y) the aggregate issue price of shares of the Fund issued during such month (excluding any Shares of such class issued in connection with the reinvestment through the DRIP of dividends paid, or other distributions made, by the Fund through the DRIP).

"Hurdle Amount" means, for any month, that amount that results in a 5.00% annualized rate of return on the net asset value of the Fund as of the beginning of the month and the aggregate issue price of shares of the Fund issued during such month, taking into account: (i) the timing and amount of all distributions accrued or paid (without duplication) on all shares of the Fund minus Fund expenses (excluding Distribution and Servicing Fees); and (ii) all issuances of shares of the Fund over the period.

The ending net asset value of shares of the Fund used in calculating the total return will be calculated before giving effect to any allocation/accrual to the Incentive Fee and applicable expenses for the Distribution and Servicing Fees. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude any shares of the Fund repurchased during such period.

------

**North Haven Private Assets Fund**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**March 31, 2026**

**6. Advisory Fee, Incentive Fee, Related Party Transactions and Other (Continued)**

Except as described in Loss Recovery Account below, any amount by which Net Profits falls below the Hurdle Amount will not be carried forward to subsequent periods.

"Loss Recovery Account" means a memorandum account maintained by the Fund, which will have an initial balance of zero and will be (i) increased upon the close of each calendar month of the Fund by the amount of the net losses of the Fund for the month, before giving effect to any repurchases or distributions for such month, and (ii) decreased (but not below zero) upon the close of each calendar month by the amount of the net profits of the Fund for the month. For purposes of the Loss Recovery Account, the term "net losses" shall mean the amount by which (i) the sum of (A) the net asset value of the Fund as of the beginning of such month and (B) the aggregate issue price of shares of the Fund issued during such month (excluding any Shares of such class issued in connection with the reinvestment of dividends paid, or other distributions made, by the Fund through the DRIP) exceeds (ii) the sum of (X) the net asset value of the Fund as of the end of such month, (Y) the aggregate repurchase price of all shares repurchased by the Fund during such month and (Z) the amount of dividends and other distributions paid in respect of the Fund during such month and not reinvested in additional shares through the DRIP. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares. For purposes of the "net losses" calculation, the net asset value shall include unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (including offering and organizational expenses). Incentive Fees are accrued monthly and paid quarterly. For purposes of calculating Incentive Fees, such accruals are not deducted from net asset value. For the year ended March 31, 2026, the Fund incurred $6,111,859 in Incentive Fees all of which was waived by the Adviser.

**c) Expense Limitation Agreement**

Pursuant to an expense limitation agreement (the "Expense Limitation Agreement") with the Fund, effective December 31, 2024 until July 31, 2026, the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund, if required to ensure certain annual operating expenses (excluding the Advisory Fee, Incentive Fee, any Distribution and Servicing Fee, interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, borrowing costs, merger or reorganization expenses, shareholder meetings expenses, litigation expenses, expenses associated with the acquisition and disposition of investments (including interest and structuring costs for borrowings and line(s) of credit), valuation service providers and extraordinary expenses, if any; collectively, the "Excluded Expenses") do not exceed 0.50% per annum (excluding Excluded Expenses) of the Fund's average monthly net assets of each class of Shares. With respect to each class of Shares, the Fund agrees to repay the Adviser any fees waived or expenses assumed under the Expense Limitation Agreement for such class of Shares, provided the repayments do not cause the Fund's annual operating expenses (excluding Excluded Expenses) for that class of Shares to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Adviser, whichever is lower. Any such repayments must be made within thirty-six months after the months in which the Adviser incurred the expense. The Adviser may extend the term for a period of one year on an annual basis. Only the Fund's Board of Trustees may terminate the Expense Limitation Agreement during its term. For the year ended March 31, 2026, the Adviser has reimbursed $3,843,390 to the Fund which is subject to recoupment by the Adviser.

---

| | |
|:---|:---|
| **Expiration Period** | **Expiration Period** |
| April 1, 2026 - March 31, 2027 | $— |
| April 1, 2027 - March 31, 2028 | 1582623 |
| April 1, 2028 - March 31, 2029 | 3843390 |
| **Total** | $**5426013** |

---

**d) Distribution and Servicing Fee**

Class S and Class D Shares are subject to an ongoing distribution and shareholder servicing fee (the "Distribution and Servicing Fee") to compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of Shareholders who own Class S or Class D Shares of the Fund. Although the Fund is not an open-end investment company, it will comply with the terms of Rule 12b-1 as a condition of the SEC exemptive relief, which permits the Fund to have, among other things, a multi-class structure and distribution and shareholder servicing fees. Accordingly, the Fund has adopted a distribution and servicing plan for its Class S Shares and Class D Shares (the "Distribution and Servicing Plan") and pays the Distribution and Servicing Fee with respect to its Class S and Class D Shares. The Distribution and Servicing Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act.

------

**North Haven Private Assets Fund**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**March 31, 2026**

**6. Advisory Fee, Incentive Fee, Related Party Transactions and Other (Continued)**

Class S Shares and Class D Shares will pay a Distribution and Servicing Fee to Morgan Stanley Distribution, Inc., an affiliate of the Fund and the Adviser, as the distributor of the Fund, at an annual rate of 0.75% and 0.25%, respectively, based on the aggregate net assets of the Fund attributable to such class. For purposes of determining the Distribution and Servicing Fee, net asset value will be calculated prior to any reduction for any fees and expenses, including, without limitation, the Distribution and Servicing Fee payable.

Class I Shares are not subject to a Distribution and Servicing Fee.

**e) Administrative Fees**

The Fund has retained State Street Bank and Trust Company (the "Administrator") to provide it with certain administrative services, including fund administration and fund accounting services. The Fund compensates the Administrator for these services and reimburses the Administrator for certain out-of-pocket expenses (the "Administration Fee"). The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund.

**f) Transfer Agent**

State Street Bank and Trust Company (the "Transfer Agent") serves as the transfer agent to the Fund. Under the Services Agreement with the Fund, SSB is responsible for maintaining all shareholder records of the Fund.

**g) Custodian**

State Street Bank and Trust Company (the "Custodian") serves as custodian to the Fund. Under the Custody Agreement with the Fund, the Custodian is responsible for the holding and safekeeping of the Fund's assets.

**7. Capital Shares**

Shares are generally offered for purchase as of the first business day of each calendar month at the NAV per Share on that date. Fractions of Shares will be issued to one one-hundredth of a Share.

No Shareholder will have the right to require the Fund to redeem Shares. With very limited exceptions, Shares are not transferable, and liquidity for investments in Shares may be provided only through periodic offers by the Fund to repurchase Shares from Shareholders.

Shares are not listed on any securities exchange, and it is not anticipated that a secondary market for Shares will develop. Shares are subject to limitations on transferability, and liquidity will be provided only through limited repurchase offers.

To provide a limited degree of liquidity to Shareholders, at the sole discretion of the Fund's Board of Trustees, the Fund may from time to time offer to repurchase Shares pursuant to written tenders by Shareholders.

The Adviser expects, generally, to recommend to the Fund's Board of Trustees that, under normal market circumstances, the Fund conducts repurchase offers of no more than 5% of the Fund's net assets on a quarterly basis. The Adviser currently expects to recommend to the Fund's Board of Trustees that the Fund conducts its first repurchase offer following the second full quarter of Fund operations after the initial closing (or such earlier or later date as the Fund's Board of Trustees may determine).

A Shareholder who tenders some but not all of its Shares for repurchase will be required to maintain a minimum account balance of $10,000. Such minimum ownership requirement may be waived by the Board, in its sole discretion. If such requirement is not waived by the Board, the Fund may redeem all of the Shareholder's Shares. To the extent a Shareholder seeks to tender all of the Shares they own and the Fund repurchases less than the full amount of Shares that the Shareholder requests to have repurchased, the Shareholder may maintain a balance of Shares of less than $10,000 following such Share repurchase.

------

**North Haven Private Assets Fund**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**March 31, 2026**

**7. Capital Shares (Continued)**

A 2% early repurchase fee (the "Early Repurchase Fee") may be charged by the Fund with respect to any repurchase of Shares from a Shareholder at any time prior to the day immediately preceding the one-year anniversary of the Shareholder's purchase of the Shares. Shares tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. An Early Repurchase Fee payable by a Shareholder may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended<br>March 31, 2026** | **For the year ended<br>March 31, 2026** | **For the Period from December 31, 2024<br>(Commencement of Operations) to<br>March 31, 2025** | **For the Period from December 31, 2024<br>(Commencement of Operations) to<br>March 31, 2025** |
| | **Shares** | **Dollar Amounts** | **Shares** | **Dollar Amounts** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Sales | 7514848 | $162597830 | 7495000 | $149900000 |
| Shares Reinvested | 83824 | 1952947 |  |  |
| Shares Repurchased | (6251318) | (125031276) |  |  |
| Net increase (decrease) | 1347354 | $39519501 | 7495000 | $149900000 |

---

---

| | | |
|:---|:---|:---|
| | **For the period from July 1, 2025<br>(Commencement of Operations) to<br>March 31, 2026** | **For the period from July 1, 2025<br>(Commencement of Operations) to<br>March 31, 2026** |
| | **Shares** | **Dollar Amounts** |
| **Class S** | **Class S** | **Class S** |
| Sales | 11818667 | $246810066 |
| Shares Reinvested | 105599 | 2457632 |
| Shares Repurchased | (7655) | (181155) |
| Net increase (decrease) | 11916611 | $249086543 |

---

**8. Investment Transactions**

Total purchases of investments for the year ended March 31, 2026 amounted to $322,387,080. Total distribution proceeds from sale, redemption, or other disposition of investments for the year ended March 31, 2026 amounted to $14,881,421. 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 Portfolio Fund Managers as to the amounts of taxable income allocated to the Fund as of March 31, 2026.

**9. Indemnification**

In the normal course of business, the Fund may enter into 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. Market Risk**

The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Investments in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and

------

**North Haven Private Assets Fund**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**March 31, 2026**

**10. Market Risk (Continued)**

political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell investments and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate pre-existing risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

**11. Dividend Reinvestment Plan**

The Fund operates under a DRIP administered by State Street Bank and Trust Company Pursuant to the DRIP, the Fund's distributions, net of any applicable U.S. withholding tax, are reinvested in the same class of Shares of the Fund. Shareholders automatically participate in the DRIP, unless and until an election is made to withdraw from the plan on behalf of such participating shareholder. A shareholder who does not wish to have distributions automatically reinvested may terminate participation in the DRIP at any time by written instructions to that effect to State Street Bank and Trust Company Shareholders who elect not to participate in the DRIP will receive all distributions in cash paid to the shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). Such written instructions must be received by State Street Bank and Trust Company 30 days prior to the record date of the distribution or the shareholder will receive such distribution in Shares through the DRIP. Under the DRIP, the Fund's distributions to shareholders are automatically reinvested in full and fractional Shares as described below. When the Fund declares a distribution, State Street Bank and Trust Company, on the shareholder's behalf, will receive additional authorized Shares from the Fund either newly issued or repurchased from shareholders by the Fund and held as treasury stock. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution by the Fund's net asset value per Share for the relevant class of Shares.

**12. Tax Information**

The Fund is classified as a corporation for federal income tax purposes, and has elected to be treated, and expects each year to qualify as a RIC under Subchapter M of the Code. The Fund has elected to have a tax year end of September 30. The Fund intends to annually distribute to its Shareholders substantially all of its ordinary income and net realized gains sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for U.S. federal income or excise tax has been recorded in these consolidated financial statements. Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations that may differ in various (or significant) respects from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book- tax differences. These adjustments have no impact on net asset values or results of operations. Management has analyzed the Fund's tax positions taken, or to be taken, on federal income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements. The Fund's federal and state tax returns are subject to examination by the Internal Revenue Service and state tax authorities for a period of three fiscal years after they are filed.

The tax year of the Fund is the 12-month period ending on September 30. The tax year-end of the fund will be September 30, 2026.

NHPAF Blocker LLC, a wholly owned subsidiary formed in 2024, is a Delaware LLC which has elected to be treated as a corporation for U.S. tax purposes. As such, NHPAF Blocker LLC is subject to U.S. federal, state and local taxes. The NHPAF Blocker LLC has elected to have a tax year end of September 30. For year ended March 31, 2026, NHPAF Blocker LLC activity did not result in a material provision for income taxes.

------

**North Haven Private Assets Fund**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)**

**March 31, 2026**

**12. Tax Information (Continued)**

The cost of investments for federal income tax purposes is adjusted for items of taxable income allocated to the Fund from the Portfolio Funds. The allocated taxable income is reported to the Fund by the Portfolio Funds on Schedule K-1. As of March 31, 2026, the Fund's allocable share of the cost and unrealized appreciation/(depreciation) of its investments based on cost for federal income tax purposes as of September 30, 2025 were as follows:

---

| | |
|:---|:---|
| Cost of investments | $448102089 |
| Gross unrealized appreciation | 58165520 |
| Gross unrealized depreciation | (9599579) |
| Net unrealized appreciation/depreciation | $48565941 |

---

The financial statements are typically adjusted for permanent book tax differences allocated to the Fund from the Portfolio Funds. The allocated permanent book tax differences are reported to the Fund by the Portfolio Funds on Schedule K-1. For the tax year ended September 30, 2025, the Fund recorded a permanent reclassification primarily related to the Subsidiary as follows:

---

| | |
|:---|:---|
| Total distributable earnings | $81908 |
| Paid-in capital | $(81908) |

---

The distributable earnings for federal income tax purposes are adjusted for items of taxable income allocated to the Fund from the Portfolio Funds. The allocated taxable income is reported to the Fund by the Portfolio Funds on Schedule K-1.

The ultimate tax character of the 2025 distributions was reported to investors in early 2026. For the year ended March 31, 2026, the tax character of the Fund's distributions were as follows:

---

| | |
|:---|:---|
| Ordinary income | $5313925 |
| Long-term capital gains | $— |

---

The components of accumulated earnings for federal income tax purposes are adjusted for items of taxable income allocated to the Fund from the Portfolio Funds. The allocated taxable income is reported to the Fund by the Portfolio Funds on Schedule K-1. For the tax year ended September 30, 2025, the components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $29210 |
| Unrealized gain/loss | $48565941 |
| Capital loss carryover | $— |

---

**13. Subsequent Events**

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

------

**North Haven Private Assets Fund**

**INFORMATION CONCERNING TRUSTEES AND OFFICERS (Unaudited)**

**March 31, 2026**

**BOARD OF TRUSTEES**

The Trustees of the Fund, their ages, addresses, positions held, lengths of time served, their principal business occupations during the past five years, the number of portfolios in the Fund Complex overseen by each Trustee and other Trusteeships, if any, held by the Trustees, are shown below. The Trustees have been divided into two groups — Interested Trustees and Independent Trustees. As set forth in the Fund's Declaration of Trust, each Trustee's term of office shall continue until his or her death, resignation or removal. The address of each Trustee is care of the Secretary of the Fund at 100 Front Street, Suite 700, West Conshohocken, Pennsylvania 19428.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Position(s)<br>Held with Registrant<br>and Year of Birth\*** | **Length of<br>Time Served** | **Principal<br>Occupation<br>During Past<br>5 Years** | **Number<br>of Funds<br>in Fund<br>Complex<br>Overseen by<br>Trustee\*\*** | **Other Directorships<br>Held by<br>Trustee During<br>Past 5 Years** |
| *Independent Trustees* |  |  |  |  |
| Sanjeev Handa (1961) | Since April 2026 | Managing Member, Old Orchard Lane, LLC (2014–Present); Adjunct Professor, Fairfield University (2020–Present).  | 1 | Independent Director of OHA CLO Enhanced Equity II Genpar LLP (2021–Present); Audit Committee Chair and Independent Trustee of Total Fund Solution (2023–Present); Audit Committee Chair and Independent Trustee of Carlyle Credit Income Fund (2023–Present); Independent Director of OHA CLO Enhanced Equity III Genpar LLP (2024–Present); Advisory Board Member of White Oak Partners (2021–2025); Independent Director of Alti Private Equity and Commitments Access Fund (2023–2023); Audit Committee Chair and Independent Director of Carlyle Tactical Private Credit Fund (2018–Present). |
| Arthur Lev (1961) | Since inception | Independent Board Member and Adviser, (2016–Present).  | 1 | Director, Morgan Stanley Liquidity Funds (Luxembourg) (July 2021–Present); Director, Morgan Stanley Investment Funds (Luxembourg) (May 2021–Present); Director, Techstars Holdings LLC (2016–2019, 2024–Present); Director, Emerald Acquisition Limited, Russell Investments Group, Ltd, Russell Investments Cayman Midco, Ltd, Russell Investments UK Midco Limited, Russell Investments US Institutional Holdco, Inc and Russell Investments US Retail Holdco, Inc. (2016–Present); Director, NextCapital Group, Inc. (August 2020–August 2022). |
| Maureen O'Toole (1957) | Since inception | Retired (May 2023–Present); Managing Director and Head of Americas Sales, Actis (April 2019–May 2023).  | 1 | Director, SEG Partners Long/Short Equity Fund (January 2025–Present); Director, Bridge Investment Group Industrial Real Estate Income Trust (December 2023–Present); Director, AOG Institutional Fund (March 2023–Present); ALTI Private Equity Access & Commitments Fund (June 2022–Present). |
| *Interested Trustee*\*\*\* |  |  |  |  |
| Neha Markle (1977) | Since inception | Managing Director and Head of Morgan Stanley Private Equity Solutions, Morgan Stanley (2006–Present).  | 1 | None. |

---

\* Each of the Independent Trustees serves on the Board's Audit and Nominating and Governance Committees. Sanjeev Handa serves as the Chairperson of the Board's Audit Committee.

\*\* "Fund Complex" comprises registered investment companies for which the Adviser or an affiliate of the Adviser serves as investment adviser.

\*\*\* "Interested person," as defined in the 1940 Act, of the Fund. Neha Markle is an interested person of the Fund due to her affiliation with the Adviser.

------

**North Haven Private Assets Fund**

**INFORMATION CONCERNING TRUSTEES AND OFFICERS (Unaudited) (continued)**

**March 31, 2026**

**OFFICERS**

Certain biographical and other information relating to the officers of the Fund who are not Trustees, is set forth below, including their ages, addresses, positions held, lengths of time served and their principal business occupations during the past five years.

---

| | | |
|:---|:---|:---|
| **Name, Position(s) Held with<br>Registrant and Year of Birth\*** | **Length of<br>Time Served** | **Principal Occupation<br>During Past 5 Years** |
| Neha Markle<br>Chief Executive Officer & President<br>(1977) | Since inception | Managing Director and Head of Private Equity Solutions, MSIM (August 2006–Present). |
| Anmol Darooka<br>Chief Financial Officer & Treasurer<br>(1979) | Since inception | Executive Director, Private Equity Solutions, MSIM (2007–Present). |
| Kara Fricke<br>Chief Legal Officer<br>(1974) | Since inception | Managing Director, Co-Head of Legal, Private Investing, MSIM (2015–Present). |
| Christopher Wasilewski<br>Chief Operating Officer<br>(1983) | Since inception | Executive Director, Private Equity Solutions, MSIM (2011–Present). |
| Laura T. Donovan<br>Chief Compliance Officer<br>(1976) | Since January 2026 | Executive Director and Head of Compliance Program Oversight, MSIM (March 2021–Present) |
| Patrick Quinn<br>Secretary<br>(1988) | Since inception | Vice President, Private Equity Solutions, MSIM (September 2022–Present); Vice President, Client Solutions, Hamilton Lane Advisors, L.L.C. (November 2016–August 2022). |

---

\* The address of each officer is care of the Secretary of the Fund at 100 Front Street, Suite 700, West Conshohocken, Pennsylvania 19428.

------

**North Haven Private Assets Fund**

**March 31, 2026**

Quarterly Portfolio Schedule (Unaudited)

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form NPORT. The Fund's Form N-PORT reports are available on the SEC's website at http://www.sec.gov. The Fund's quarterly holdings can be found by visiting the Fund's website at https://www.morganstanley.com/im/NHPAF.

Proxy Voting Policies and Procedures and Proxy Voting Record (Unaudited)

A copy of proxy policies and procedures is available without charge upon request by calling (617) 662-7100 and on the Fund's website at https://www.morganstanley.com/im/NHPAF. A description of such policies and procedures is on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund's voting record for the most recent 12-month period ended June 30 is available on the SEC's website at www.sec.gov or at the Fund's website at https://www.morganstanley.com/im/NHPAF no later than August 31 of each year. The Fund's proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

------

(b) Not Applicable.

**Item 2. Code of Ethics.**

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

(b) Not applicable.

(c) The Fund's Code of Ethics was amended to update certain information and make other non-material
changes.

(d) The Fund has not granted any waivers, including an implicit waiver, from a provision of the Code of Ethics.

(e) Not applicable.

(f) The Code of Ethics is included with this Form N-CSR as Exhibit 19(a)(1).

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

(a)(1) The Board of Trustees of the Fund (the "Board") has determined that the Fund has at least one "audit committee financial expert" serving on the audit committee of the Board (the "Audit Committee"), as such term is defined for purposes of Item 3 of Form N-CSR.

---

| | |
|:---|:---|
| (a)(2) | The Board has determined that Sanjeev Handa is an audit committee financial expert. The Board has determined that Sanjeev Handa "independent" in that, (i) other than in his capacity as a member of the Audit Committee and the Board of Trustees of the registrant, he has not accepted, directly or indirectly, any consulting, advisory or other compensatory fee from the registrant, and (ii) he is not an "interested person" of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"). |

---

(a)(3) Not applicable.

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

(a) Audit Fees. The aggregate fees billed to the Fund for the period December 31, 2024 (commencement
of operations) through March 31, 2025 and the fiscal year ended March 31, 2026, for professional services rendered by Ernst &
Young LLP ("EY"), the Fund's independent registered public accounting firm, for the audit of the Fund's annual
financial statements and services that are normally provided by EY in connection with statutory and regulatory filings or engagements
were $185,000 and $210,000, respectively.

(b) Audit-Related Fees. The aggregate fees billed to the Fund for the period December 31, 2024 (commencement
of operations) through March 31, 2025 and the fiscal year ended March 31, 2026, for assurance and related services by EY that
were reasonably related to the performance of the audit of the Fund's financial statements and not reported in Item 4(a) above
were $0 and $0, respectively.

(c) Tax Fees. The aggregate fees billed to the Fund for the period December 31, 2024 (commencement of
operations) through March 31, 2025 and the fiscal year ended March 31, 2026, for professional services rendered by EY for tax
compliance, tax advice and tax planning were $0 and $0, respectively.

(d) All Other Fees. No fees were billed to the Fund for the period December 31, 2024 (commencement of
operations) through March 31, 2025 and the fiscal year ended March 31, 2026, for products and services provided by EY, other
than the services reported in Items 4(a) through (c) above.

---

| | |
|:---|:---|
| (e)(1) | The registrant's audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant's principal accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee. |

---

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant's audit committee at least annually. The registrant's audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant's principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant's audit committee pursuant to the "de minimis exception" set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax,
and other services) billed to the registrant by EY for the registrant's fiscal years ended March 31, 2025 and March 31,
2026; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Covered Entities
by EY for the same time period.

---

| | | |
|:---|:---|:---|
| Fiscal Years Ended | 3/31/2025 | 3/31/2026 |
| Registrant | $0.00 | $0.00 |
| Covered Entities(1) | $0.00 | $0.00 |

---

(1) Covered Entities include the Adviser and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the registrant.

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

(i) Not applicable.

(j) Not applicable.

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

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

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

**Item 6. Investments.**

(a) The Fund's Consolidated Schedule of Investments as of March 31, 2026 is included as part of
the Report to Shareholders filed under Item 1(a) of this Form.

(b) Not applicable.

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

(a) Not applicable.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

The Fund has delegated its proxy voting responsibility to the Adviser, pursuant to the proxy voting policies and procedures of the Adviser. The Adviser's proxy voting policies and procedures are attached as [Exhibit 99.PROXYPOL](tm2615677d1_ex99-proxyvote.htm).

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

---

| | |
|:---|:---|
| (a)(1) | As of March 31, 2026, the following personnel of the Adviser are jointly and primarily responsible for the day-to-day management of the Fund's portfolio (each a "portfolio manager" and together the "portfolio managers"). Each portfolio manager has been a portfolio manager since the Fund's inception |

---

**Neha Champaneria Markle**

*Trustee, Chief Executive Officer & President*

Neha Champaneria Markle is a Managing Director and the Head of Morgan Stanley Private Equity Solutions. Prior to joining the firm, Ms. Markle served on the investment teams at Apax Partners and Pomona Capital. She also served on the management team for Springboard Enterprises, Inc., a non-profit organization focused on improving female entrepreneurs' access to venture capital. Ms. Markle started her career as part of the financial analyst program at Morgan Stanley. Ms. Markle received a B.S. magna cum laude in economics from the University of Pennsylvania and an M.B.A. with honors from the Wharton School of the University of Pennsylvania.

**Michael Carroll**

*Investment Committee Member*

Michael Carroll is a Managing Director and Partner with the Private Equity Solutions team. Prior to joining the firm, Mr. Carroll served on the investment teams at Davidson Kempner Capital Management and Tennenbaum Capital Partners. He began his career as an investment banking analyst at J.P. Morgan. Mr. Carroll received a B.B.A. with high distinction from the University of Michigan and an M.B.A. from the Wharton School of the University of Pennsylvania.

**Onyekwere Randy Ojukwu**

*Investment Committee Member*

Randy Ojukwu is a Managing Director and Partner with the Private Equity Solutions team. Prior to joining the firm, Mr. Ojukwu was a management consultant with Bain & Company, working with clients in several different industries including healthcare, education, and financial services, while also spending time in Bain & Company's Private Equity Group, performing due diligence on industries and potential investment targets for leading private equity firms. Mr. Ojukwu received an A.B. in economics from Harvard College, a master's in public policy from the Harvard John F. Kennedy School of Government and an M.B.A. from Harvard Business School.

---

| | |
|:---|:---|
| (a)(2) | The portfolio managers also manage other registered investment companies, other pooled investment vehicles and other accounts, as indicated below. The following table identifies, as of March 31, 2026: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by each portfolio manager; (ii) the total assets of such companies, vehicles, and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance, unless otherwise noted: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Number of<br> Accounts** | **Assets of<br> Accounts** | **Number of Accounts<br> Subject to a<br> Performance Fee** | **Assets Subject to a<br> Performance Fee** |
| **Neha Champaneria Markle** |  |  |  |  |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 12 | $7563350832 |
| Other Accounts | 6 | $1080868593 | 12 | $4611989805 |
| **Michael Carroll** |  |  |  |  |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 12 | $7563350832 |
| Other Accounts | 6 | $1080868593 | 12 | $4611989805 |
| **Onyekwere Randy Ojukwu** |  |  |  |  |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 12 | $7563350832 |
| Other Accounts | 6 | $1080868593 | 12 | $4611989805 |

---

(a)(2)(iv):

*Potential Conflicts of Interest*

In addition to responsibilities with respect to the management and investment activities of the Fund, the Adviser and its affiliates may have similar responsibilities with respect to various other existing and future pooled investment vehicles and client accounts. Such other private investment funds, registered investment companies and any other existing or future pooled investment vehicles and separately managed accounts advised or managed by the Adviser or any of its affiliates are referred to in this report collectively as the "Other Accounts." The existence of such multiple vehicles and accounts necessarily creates a number of potential conflicts of interest. In the course of providing investment advisory or other services to Other Accounts, the Adviser and its affiliates might come into possession of material, nonpublic information that affects the Adviser's ability to buy, sell or hold Fund investments. In addition, affiliates of the Adviser might own, and effect transactions in, securities of companies which the Adviser and/or its affiliates cover in investment research materials or to whom affiliates of the Adviser provide investment banking services or make a market in such securities, or in which the Adviser, its affiliates and their respective shareholders, members, managers, partners, directors, officers and employees have positions of influence or financial interests. As a result, such persons might possess information relating to such securities that is not known to the individuals of the Adviser responsible for managing the Fund's investments, or might be subject to confidentiality or other restrictions by law, contract or internal procedures. The terms under which the Adviser and its affiliates provide management and other services to Other Accounts may differ significantly from those applicable to the Fund. In particular, arrangements with certain Other Accounts might provide for the Adviser and its affiliates to receive fees that are higher than the Advisory Fees payable by shareholders of the Fund. The Adviser does not receive performance-based compensation in respect of its investment management activities on behalf of the Fund, but may simultaneously manage Other Accounts for which the Adviser receives greater fees or other compensation (including performance-based fees or allocations) than it receives in respect of the Fund, which may create a conflict of interest.

Potential conflicts also may arise due to the fact that certain securities or instruments may be held in some Other Accounts but not in the Fund, or certain Other Accounts may have different levels of holdings in certain securities or instruments than those of the Fund. In addition, the Adviser or its affiliates may give advice or take action with respect to the investments of one or more Other Accounts that may not be given or taken with respect to the Fund or Other Accounts with similar investment programs, objectives, and strategies. Accordingly, the Fund and Other Accounts with similar strategies may not hold the same securities or instruments or achieve the same performance. The Adviser and its affiliates also may advise Other Accounts with conflicting programs, objectives or strategies. Different clients, including funds advised by the Adviser or an affiliate, may invest in different classes of securities of the same issuer, depending on the respective client's investment objectives and policies. As a result, the Adviser and its affiliates may at times seek to satisfy their fiduciary obligations to certain Other Accounts owning one class of securities of a particular issuer by pursuing or enforcing rights on behalf of such Other Accounts with respect to such class of securities, and those activities may have an adverse effect on the Fund or certain Other Accounts, which may own a different class of securities of such issuer.

(a)(3) The following description regarding compensation of the portfolio managers is provided as of March 31, 2026:

The Adviser's compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

The Adviser's disciplined pay-for-performance framework focuses on total compensation—base salary and incentive pay - so that pay is commensurate with the overall performance of the Adviser, respective businesses and individual performance. This includes a discretionary approach to assess the employee's performance throughout the year against four broad dimensions - business results, client/customer/stakeholder, teamwork and leadership, and risk, controls and conduct. These performance dimensions consider short, medium and long-term priorities that drive sustained shareholder value, while accounting for risk, controls, and conduct objectives. To seek to promote a proper pay-for-performance alignment, the Adviser does not assign relative weightings to these dimensions and also considers other relevant factors, including market practices. When conducting this assessment of performance, for select portfolio managers, regard is given to the performance of relevant funds/ strategies managed by the portfolio manager.

An individual performance assessment, in addition to the overall performance of the relevant business unit and investment team, is integrated into the final assessment of incentive compensation for an individual portfolio manager as part of the assessment of business results.

Feedback from the Adviser's risk and control professionals is considered in assessing performance.

The Adviser seeks to maintain a balanced total compensation program comprised of a mix of fixed compensation (including a competitive base salary and, for certain employees, a fixed cash allowance), and variable compensation in the form of cash incentives, and long-term incentives in the form of equity based and/or fund-tracking incentives that vest over time.

---

| | |
|:---|:---|
| (a)(4) | The following table indicates the dollar range of securities beneficially owned by each portfolio manager, as of March 31, 2026. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Aggregate Dollar Range of Securities in the Fund** |
| &nbsp;&nbsp;**Neha Champaneria Markle** | &nbsp;&nbsp;$100001-$500000 |
| &nbsp;&nbsp;**Michael Carroll** | &nbsp;&nbsp;$500001-$1000000 |
| &nbsp;&nbsp;**Onyekwere Randy Ojukwu** |  |

---

(b) Not applicable.

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

No such purchases were made by or on behalf of the Fund during the period covered by this Form N-CSR filing.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board during the period covered by this Form N-CSR filing.

**Item 16. Controls and Procedures.**

It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(a) There have been no changes 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 have materially affected, or are reasonably likely to materially affect, the registrant's internal control
over financial reporting.

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

(a) Not applicable.

(b) Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

[(a)(1)](tm2615677d1_ex99-codeeth.htm) [The Fund's Code of Ethics is included herein.](tm2615677d1_ex99-codeeth.htm)

(a)(2) Not applicable.

[(a)(3)](tm2615677d1_ex99-cert.htm) [The certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto.](tm2615677d1_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm2615677d1_ex99-906cert.htm) [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.](tm2615677d1_ex99-906cert.htm)

**SIGNATURES**

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

(Registrant) North Haven Private Assets Fund

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Neha Champaneria Markle |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neha Champaneria Markle, Chief Executive Officer & President |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

Date: <u>June 4, 2026</u>

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Neha Champaneria Markle |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neha Champaneria Markle, Chief Executive Officer & President |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

Date: <u>June 4, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Anmol Darooka |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anmol Darooka, Chief Financial Officer & Treasurer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---

Date: <u>June 4, 2026</u>

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

Exhibit 19(a)(1)

![](tm2615677d1_ex99codeethimg01.jpg)

Fund Compliance Manual

**1.4.20 Code of Ethics for Principal Executives and Senior Financial Officers**

---

| | |
|:---|:---|
| **1** | **Executive Summary** |

---

This Code of Ethics (the "Code") for each of the registered investment companies managed by Morgan Staney Investment Management Inc., Morgan Stanley AIP GP, LP, Eaton Vance Management, Boston Management and Research and Calvert Research and Management (each, a "Fund" and collectively, the "Funds") applies to each Fund's Principal Executive Officer, President, Principal Accounting Officer and Treasurer (or persons performing similar functions) ("Covered Officers"). Unless otherwise designated by the applicable Board of Directors/Independent Trustees of each Fund (hereinafter, the "Board"), the President is the Principal Executive Officer, and the Treasurer is the Principal Financial and Accounting Officer. The purpose of the Code is to deter wrongdoing and to promote:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Compliance with applicable laws
and governmental rules and regulations;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accountability for adherence to
the Code.

---

| | |
|:---|:---|
| **2** | **Policy** |

---

2.1 Policies and Procedures

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Any question about the application of the Code should be referred to the General Counsel or his/her designee.

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

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act") and the regulations thereunder that address conflicts of interest. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Fund. The Fund's and its investment adviser's compliance programs and procedures adopted pursuant to the Investment Company Act and the Investment Advisers Act, are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of the Code, unless or until the General Counsel (or designee) determines that any violation of such programs and procedures is also a violation of the Code.

**FOR INTERNAL USE ONLY 1**

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Fund Compliance Manual

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Fund and its investment adviser of which the Covered Officers are also officers or employees. As a result, the Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Fund and its investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more investment companies covered by the Code or other codes of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conflicts
 of interest other than those arising from the relationships described above are covered by
 the Code, even if such conflicts of interest are not subject to provisions in the Investment
 Company Act and the Investment Advisers Act or the regulations thereunder. In general, a
 Covered Officer must not place his/her personal interest improperly before the interest of
 the Fund. In particular, and by way of illustration and not limitation, each Covered Officer
 must not:

(A) use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

(B) cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Fund; or (C) use material non-public knowledge of portfolio transactions made by or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions, in a manner that violates the applicable Fund Code of Ethics<sup>2</sup>, the Morgan Stanley Investment Management Public Side Code of Ethics and Personal Trading Guidelines, the Morgan Stanley Code of Conduct, the Global Confidential and Material Non-Public Information Policy, or other policies regarding insider trading.

Each Covered Officer must, at the time of signing the Code, report to the General Counsel (or designee) all affiliations or significant business relationships outside of the Morgan Stanley complex Funds and must update the report annually.

Conflict of interest situations should always be approved by the General Counsel (or designee) and communicated to the relevant Fund Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship.

<sup>2</sup> Pursuant to Rule 17j-1 under the Investment Company Act, the registered investment companies managed by each of Morgan Stanley Investment Management, Inc., Calvert Research and Management, Eaton Vance Management, Boston Management and Research and Morgan Stanley AIP GP LP separately maintain a Funds Code of Ethics in compliance with Rule 17j-1.

**FOR INTERNAL USE ONLY 2**

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Fund Compliance Manual

Examples of these include:

Service or significant business relationships as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accepting
 directly or indirectly, anything of value, including gifts and gratuities in excess of $100
 per year from any person or entity with which the Fund has current or prospective business
 dealings, not including occasional meals or tickets for theatre or sporting events or other
 similar entertainment; provided it is business-related, reasonable in cost, appropriate as
 to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any ownership interest in, or
any consulting or employment relationship with, any of the Fund's service providers, other than its investment adviser, principal
underwriter, or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial
interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming
shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

---

| | |
|:---|:---|
| **3** | **Disclosure and Compliance** |

---

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Familiarize himself/herself with
the disclosure and compliance requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Not knowingly misrepresent, or
cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Directors/Trustees
and auditors, or to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To the extent appropriate within
his area of responsibility, consult with other officers and employees of the Funds and their investment advisers with the goal of promoting
full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and
in other public communications made by the Funds; and

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

---

| | |
|:---|:---|
| **4** | **Form N-CSR Requirements** |

---

The Funds must comply with requirements of Form N-CSR regarding the Code, including the following: (i) disclosure in its Form N-CSR that it has adopted the Code; and (ii) in the event of any amendments to, or waivers (including implicit waivers)<sup>3</sup> from, provisions in the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· File a copy of the Code, with
any amendments or waivers (i.e., a description and date of the waiver and the name of the person who received the waiver), as an exhibit
to its annual report on Form N-CSR;

<sup>3</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics.

**FOR INTERNAL USE ONLY 3**

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Fund Compliance Manual

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Post the text of the Code on its
website and disclose, in its most recent report on Form N-CSR, its internet address and the fact that the Code is posted on the
website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Undertake in its most recent Form N-CSR
to provide to any person without charge, upon request, a copy of the Code and explain the manner in which such request may be made.

---

| | |
|:---|:---|
| **5** | **Reference Information** |

---

The Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment advisers, principal underwriters, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to the Code, they are superseded by the Code to the extent that they overlap or conflict with the provisions of the Code unless any provision of the Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment advisers' and principal underwriters' codes of ethics under Rule 17j-1 under the Investment Company Act and Morgan Stanley's Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of the Code.

---

| | |
|:---|:---|
| **6** | **Roles and Responsibilities** |

---

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Upon
 adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), and promptly
 upon first becoming a Covered Officer, affirm in writing to the respective Board that he/she
 has received, read and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Annually
 thereafter affirm in writing to the respective Board that he/she has complied with the requirements
 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Not
 retaliate against any other Covered Officer, other officer or any employee of the Funds or
 their affiliated persons for reports of potential violations that are made in good faith;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Notify
 the General Counsel (or designee) promptly if he/she knows or suspects of any violation of
 the Code. Failure to do so is itself a violation of the Code.

A member of the Legal and Compliance Division will be responsible for obtaining the attestation from any newly appointed Covered Officer and for obtaining the annual attestation that is included in the Funds' annual Form N-CSR filing.

The General Counsel (or designee) is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation. In addition, the Legal Department is responsible for coordinating any applicable reporting (i.e., violations, certifications, etc.) to or requests for waivers<sup>4</sup> or exceptions from, the respective Fund Boards.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics",

**FOR INTERNAL USE ONLY 4**

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Fund Compliance Manual

The Fund Administration Department, in consultation with the Legal Department, is responsible for making the necessary Form N-CSR disclosures and fulfills applicable filing requirements

The Funds will follow these procedures in investigating alleged or possible violations of the Code and in enforcing the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The General Counsel (or designee)
will take all appropriate action to investigate any potential violations reported to him/her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If, after such investigation,
the General Counsel (or designee) believes that no violation has occurred, the General Counsel (or designee) is not required to take
any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any matter that the General Counsel
(or designee) believes is a violation will be reported to the relevant Fund's Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the independent directors/trustees/managing
general partners who are not "interested persons" as defined by the Investment Company Act (the "Independent Directors/Trustees/Managing
General Partners") of the relevant Fund concur that a violation has occurred, they will consider appropriate action, which may
include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the
investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Independent Directors/Trustees/Managing
General Partners of the relevant Fund will be responsible for approving and granting waivers of the Code, as appropriate; and

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

---

| | |
|:---|:---|
| **7** | **Amendments** |

---

The Compliance Department, in consultation with the Legal Department, amends and updates the Code. Any amendments to the Code must be approved or ratified by a majority vote of the Board of each Fund, including a majority of Independent Directors/Trustees/Managing General Partners.

---

| | |
|:---|:---|
| **8** | **Confidentiality** |

---

All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the Independent Directors/Trustees/Managing General Partners of the relevant Fund or Funds and their counsel, the relevant Fund or Funds and their counsel and the relevant investment adviser and its counsel.

---

| | |
|:---|:---|
| **9** | **Internal Use** |

---

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

**FOR INTERNAL USE ONLY 5**

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Fund Compliance Manual

---

| | | |
|:---|:---|:---|
| **10** | **Policy Governance** |  |
|  | **Effective Date:** | September 2025 |
|  | **Last Update:** | September 2025 |
|  | **Relevant Law and Other Sources:** | Section 406 of Sarbanes-Oxley Act of 2002, Form N-CSR |
|  | **Owner:** | Head of IM Policies, Training and Regulatory Developments |
|  |  | Chief Compliance Officer of MS Funds and MSIM Inc., |
|  | **Approver(s):** | Chief Compliance Officer of Eaton Vance Funds and Eaton Vance Management, |
|  |  | Chief Compliance Officer of Calvert Funds and Calvert Research and Management, |
|  |  | Chief Compliance Officer of North Haven Private Assets Fund and MS AIP GP LP |
|  | **Contact Information:** | <u>im_compliance_policies@morganstanley.com</u> |
|  | **Intranet Location:** | <u>http://policypreview/2217227</u> |

---

Adopted by the Morgan Stanley Funds on September 28, 2004 and amended September 20, 2005, December 1, 2006, January 1, 2008, September 25, 2008, April 23, 2009 and March 18, 2010, September 17, 2025.

Adopted by the North Haven Private Asset Fund Board on December 16, 2024.

Adopted by the Calvert Funds Board on September 9, 2025.

Adopted by the Eaton Vance Funds Board on October 16, 2025.

**FOR INTERNAL USE ONLY 6**

## Ex-99.Cert

**Exhibit 99.CERT**

Exhibit 19(a)(3)

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Neha Champaneria Markle, Chief Executive Officer & President of North Haven Private Assets Fund, certify that:

1. I have reviewed this report on Form N-CSR of North Haven Private Assets Fund;

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

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the 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: | &nbsp;&nbsp;&nbsp;June 4, 2026 | /s/ Neha Champaneria Markle |
|  |  | Neha Champaneria Markle, Chief Executive Officer & President |
|  |  | (principal executive officer) |

---

Exhibit 19(a)(3)

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Anmol Darooka, Chief Financial Officer & Treasurer of North Haven Private Assets Fund, certify that:

1. I have reviewed this report on Form N-CSR of North Haven Private Assets Fund;

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

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the 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: | &nbsp;&nbsp;&nbsp;June 4, 2026 | /s/ Anmol Darooka |
|  |  | Anmol Darooka, Chief Financial Officer & Treasurer |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

Exhibit 19(b)

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Neha Champaneria Markle, Chief Executive Officer and President of North Haven Private Assets Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Annual Report of the Registrant on Form N-CSR for the period ended March 31, 2026 (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 for such period.

---

| | | |
|:---|:---|:---|
| Date: | &nbsp;&nbsp;&nbsp;June 4, 2026 | /s/ Neha Champaneria Markle |
|  |  | Neha Champaneria Markle, Chief Executive Officer & President |
|  |  | (principal executive officer) |

---

I, Anmol Darooka, Chief Financial Officer and Treasurer of North Haven Private Assets Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Annual Report of the Registrant on Form N-CSR for the period ended March 31, 2026 (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 for such period.

---

| | | |
|:---|:---|:---|
| Date: | &nbsp;&nbsp;&nbsp;June 4, 2026 | /s/ Anmol Darooka |
|  |  | Anmol Darooka, Chief Financial Officer & Treasurer |
|  |  | (principal financial officer) |

---

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

## Ex-99.Proxyvote

**Exhibit 99.PROXYPOL**

![](tm2615677d1_ex99-proxyimg01.jpg)

**Morgan Stanley**

**Investment Management**

**Equity Proxy Voting**

**Policy and Procedures**

**January 2026**

EQUITY PROXY VOTING POLICY AND PROCEDURES (MSIM)

**Contents**

**Introduction**

A. Morgan Stanley Investment Management (MSIM) Approach to Proxy Voting 3 <br> B. Applicability of Policy 3

**Proxy Voting Procedures**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Proprietary Proxy Voting System | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Proxy Services Provided by Third Parties | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Proxy Voting Operations | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Proxy Voting Oversight | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Securities Lending | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Market and Operational Limitations | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Conflicts of Interest | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Proxy Voting Reporting & Recordkeeping | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Review of Policy | 5 |

---

**MSIM Proxy Voting Guidelines**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Board of Directors | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Auditors | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Executive & Director Compensation | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Shareholder Rights and Defenses | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Capital Structure | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Corporate Transactions & Proxy Fights | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Shareholder Proposals | 7 |

---

EQUITY PROXY VOTING POLICY AND PROCEDURES (MSIM)

**INTRODUCTION**

This Equity Proxy Voting Policy and Procedures ("Policy") sets out Morgan Stanley Investment Management's ("MSIM")<sup>1</sup> approach to Proxy Voting, the procedures it follows with respect to Proxy Voting and the guidelines used to inform voting on key issues. The Policy is reviewed annually and updated as necessary to address new and evolving proxy voting issues and standards.

**A. MSIM APPROACH TO PROXY VOTING**

MSIM will vote proxies in a prudent and diligent manner and in the best interests of clients in accordance with its fiduciary duties, consistent with the objectives of the relevant investment strategy ("Client Proxy Standard"). MSIM will generally seek to vote proxies in accordance with the Proxy Voting Guidelines set out below.

MSIM has a decentralized approach towards investment management, consisting of independent investment teams. Investment teams seek to integrate this Policy with their investment goals and client expectations, using their vote to support sound corporate governance with the aim of enhancing long-term shareholder value, providing a high standard of transparency, and enhancing companies' economic value. To that end, investment teams retain the overall vote decision.

Under this Policy, proxy voting is led by our investment teams with support from the Global Stewardship Team ("GST"). The GST supports investment teams to vote in accordance with the Client Proxy Standard and comprises individuals who are separate from our investment teams. The GST is also responsible for the consistent application of this Policy and the Proxy Voting Guidelines and for providing voting recommendations to investment teams. The GST also oversees the proxy voting operational processes, vote execution and research.

As a result of MSIM's independent investment team structure, a situation may emerge in which different investment teams have different views on how to vote the same proxy in the best interest of their respective clients. Under these circumstances, each investment team will vote according to their views, subject to market rules.

**B. APPLICABILITY OF POLICY**

This Policy<sup>2</sup> applies to proxy voting activities across MSIM. MSIM votes proxies on behalf of its sponsored funds and advisory clients that have granted it the authority to do so and will vote the proxies in accordance with this Policy unless otherwise agreed with the client.

Certain MSIM exchange-traded funds ("ETFs") will follow Calvert Research and Management's ("Calvert") Proxy Voting Policies and Procedures and the Global Proxy Voting Guidelines set forth in Appendix A of the Calvert Proxy Voting Policies and Procedures. MSIM's oversight of Calvert's proxy voting and engagement is ongoing pursuant to the 40 Act Fund Service Provider and Vendor Oversight Policy.

**PROXY VOTING PROCEDURES**

MSIM follows the following procedures when voting proxies:

**A. PROPRIETARY PROXY VOTING PLATFORM**

MSIM uses a proprietary management system, Provosys<sup>3</sup>, when voting proxies. Provosys streamlines our proxy voting process by providing a centralized platform for research, vote instruction and management of conflicts of interests. We believe that the internal management of this process provides us with enhanced quality control, as well as oversight and independence of the proxy administration process. Our proprietary system also handles workflow around proxy voting, documenting the views of various investment teams and the GST where relevant.

**B. PROXY SERVICES PROVIDED BY THIRD PARTIES**

MSIM also retains the services of Institutional Shareholder Services ("ISS") and Glass Lewis (collectively, the "Proxy Service Providers<sup>4</sup>") for proxy vote execution, reporting, record-keeping, and where appropriate, to provide company-level reports that summarize key data elements within an issuer's proxy statement or on specific thematic/market topics.

MSIM performs periodic due diligence on the Proxy Service Providers as part of ongoing oversight. Topics of the reviews include, but are not limited to, the Proxy Service Providers' management of conflicts of interest, methodologies for developing their policies, research, and resources.

<sup>1</sup> The MSIM entities covered by this Equity Proxy Voting Policy and Procedures (the "Policy") include the following: Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Saudi Arabia, MSIM Fund Management (Ireland) Limited, Morgan Stanley Asia Limited, Morgan Stanley Investment Management (Japan) Co. Limited, Morgan Stanley Investment Management Private Limited, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C, Morgan Stanley Eaton Vance CLO Manager LLC, Eaton Vance Management, Boston Management and Research, Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Morgan Stanley Eaton Vance CLO CM LLC, Parametric SAS, Parametric Portfolio Associates LLC, and Atlanta Capital Management Company LLC (each an "MSIM Affiliate" and collectively referred to as the "MSIM Affiliates" or as "we" below.)

<sup>2</sup> This Policy does not apply to MSIM's authority to exercise certain decision-making rights associated with investments in loans and other fixed-income instruments (collectively, "Fixed Income Instruments"). Instead, MSIM's Policy for Exercising Consents Related to Fixed Income Instruments applies to MSIM's exercise of discretionary authority or other investment management services, to the extent MSIM has been granted authority to exercise consents for an account with respect to any Fixed Income Instruments held therein.

<sup>3</sup> Not applicable for Morgan Stanley AIP GP LP, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C.

<sup>4</sup> Not applicable for Morgan Stanley AIP GP LP, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C.

**3** MORGAN STANLEY INVESTMENT MANAGEMENT

EQUITY PROXY VOTING POLICY AND PROCEDURES (MSIM)

While MSIM utilizes certain services from the Proxy Service Providers, all voting decisions are made by MSIM's investment teams.

**C. PROXY VOTING OPERATIONS**

The GST<sup>5</sup> is responsible for ensuring that voting instructions from investment teams and clients (where applicable) are communicated to our Proxy Service Provider responsible for proxy vote execution (currently, ISS serves in this capacity) and that adequate controls are in place to ensure instructions communicated electronically are accurately recorded in ISS systems for execution (including scenarios where votes have been split because of client preference or differing investment team convictions).

Additionally, the GST conducts monthly reviews of a vote audit report provided by ISS, confirming the execution status for meetings and conducts ex-post reviews to confirm that ISS has accurately implemented voting instructions.

**D. PROXY VOTING OVERSIGHT**

The Proxy Review Committee ("PRC") has overall responsibility for this Policy. The PRC consists of investment professionals who represent the different investment disciplines and/or geographic locations of MSIM and members of the GST. Additionally, the GST administers and implements the Policy through consultation with PRC members and MSIM investment teams, as well as monitors services provided by the Proxy Service Providers and any other research providers used in the proxy voting process.

**E. SECURITIES LENDING**

Accounts or funds sponsored, managed, or advised by MSIM may participate in a securities lending program through a third-party provider. The voting rights for shares that are out on loan are transferred to the borrower and therefore, the lender is not entitled to vote the lent shares at the company meeting.

However, in certain circumstances a portfolio manager may seek to recall shares for the purposes of voting. In this event, the handling of such recall requests would be on a reasonable efforts basis.

**F. MARKET AND OPERATIONAL LIMITATIONS**

Voting proxies of companies located in some jurisdictions may involve several issues that can restrict or prevent the ability to vote such proxies or entail significant costs. These issues include, but are not limited to: (i) proxy statements and ballots being written in a language other than English; (ii) untimely and/or inadequate notice of shareholder meetings; (iii) restrictions on the ability of holders outside the issuer's jurisdiction of the listing organization to exercise votes; (iv) requirements to vote proxies in person; (v) the imposition of restrictions on the sale of the securities for a period of time in proximity to the shareholder meeting; and (vi) requirements to provide local agents with power of attorney to facilitate our voting instructions.

As a result, MSIM will use reasonable efforts to vote clients' non-U.S. proxies, after weighing the costs and benefits of voting such proxies, consistent with the Client Proxy Standard.

**G. CONFLICTS OF INTEREST**

MSIM is part of Morgan Stanley, a global financial services group, and, as such, MSIM faces potential conflicts due to the role of other Morgan Stanley divisions which may have commercial relationships with companies in which MSIM may invest. Such potential conflicts of interest involving divisions of Morgan Stanley outside MSIM are managed through the operation of various policies and procedures, including (among others) those creating and enforcing information barriers between MSIM and other Morgan Stanley divisions.

MSIM has also enacted policies and procedures to address potential conflicts resulting from its own commercial or other relationships and to manage conflicts of interests so that proxies are voted in accordance with the Client Proxy Standard. The GST administers Policy implementation and is responsible for providing investment teams with voting recommendations in accordance with this Policy and the Proxy Voting Guidelines. The Head of GST may convene a special committee to oversee how a proxy should be voted in accordance with the Client Proxy Standard, in certain situations including circumstances where a potential material conflict of interest is not addressed by such policies and procedures. Any determinations of the special committee regarding a material conflict of interest will be reported to any applicable Fund Board, where appropriate.

MSIM also faces potential conflicts of interest when voting proxies of its parent company Morgan Stanley. In such situations, MSIM will seek to vote its shares in the same proportion as other holders of Morgan Stanley's shares ("echo vote").

**H. PROXY VOTING REPORTING & RECORDKEEPING**

We will promptly provide a copy of this Policy to any client requesting it. We will also, upon client request, promptly provide a report indicating how each proxy was voted with respect to securities held in that client's account. MSIM files an annual Form N-PX on behalf of each MSIM affiliate for which such filing is required, indicating how proxies were voted with respect to each MSIM affiliate fund's or advisor's holdings.

The GST will maintain requisite proxy voting books and records, including but not limited to: (1) proxy voting policies and procedures, (2) proxy statements received on behalf of client accounts, (3) proxies voted, (4) copies of any relevant research documents and (5) PRC and Special Committee decisions and actions. This documentation will be maintained for such period as required by relevant law and regulation.

<sup>5</sup> Not applicable for Morgan Stanley AIP GP LP, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C.

MORGAN STANLEY INVESTMENT MANAGEMENT **4**

EQUITY PROXY VOTING POLICY AND PROCEDURES (MSIM)

MSIM also maintains rationales for its voting decisions at shareholder meetings (including votes against management) in a searchable database on an external website, which is updated on a rolling 12-month basis.

Records are retained in accordance with Morgan Stanley's Global Information Management Policy, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance. The Global Information Management Policy incorporates Morgan Stanley's Master Retention Schedule, which lists various record classes and associated retention periods on a global basis.

**I. REVIEW OF POLICY**

The PRC through consultation with PRC members, and in conjunction with the Legal and Compliance Division, reviews this Policy annually to ensure that it remains consistent with clients' best interests, regulatory requirements, investment team considerations, governance trends and industry best practices.

**MSIM PROXY VOTING GUIDELINES**

MSIM<sup>6</sup> (also defined as "We" within this section) will vote proxies in a prudent and diligent manner and in the best interests of clients in accordance with its fiduciary duties, consistent with the Client Proxy Standard.

Our proxy voting principles are rooted in the tenets of accountability, transparency and protection of shareholder rights. Stock ownership represents an opportunity to participate in the economic rewards of a long-lived asset and shareholder rights represent an important path to maximizing these rewards. When reviewing proposals, MSIM considers the financial materiality, including the company's exposure to the risk or opportunity, the management of such issues and company's current disclosures.

MSIM therefore expects the companies in which it invests to adhere to effective governance practices and to protect their shareholders' interests. In addition to these proxy voting guidelines, MSIM may review publicly disclosed information from the issuer, research, and other sources. Investment teams will independently make voting decisions as appropriate for their strategies.

**A. BOARD OF DIRECTORS**

The board of directors plays a key role in overseeing management and ensuring effective execution of strategies to achieve long-term shareholder value creation. The board has several important responsibilities including, but not limited to, selecting the executive leadership, monitoring and incentivizing performance, succession planning, and overseeing company strategy. In order to effectively carry out its fiduciary duties, we believe it is crucial for the board to have the right mix of skills, be sufficiently independent, and have the proper accountability mechanisms in place.

**1.** **BOARD COMPOSITION:** The role of the board of directors is to provide governance oversight and guidance to position the company for strategic success
and drive long term value creation for shareholders. We believe that diverse perspectives on the board help directors assess and manage
risks and opportunities comprehensively. Diversity on a board can include diversity of thought, background, skills, and experiences.
Directors with a mix of tenures can also be beneficial to balance new perspectives with industry experience and knowledge. We generally
expect the board to be composed of directors with adequate skill sets and diversity to provide oversight of the business, and in line
with any local market regulations. Additionally, we expect the audit committee to have directors with appropriate financial expertise
to serve on the committee.

**2.** **BOARD INDEPENDENCE:** We generally expect boards to adhere at a minimum to their prevalent market or regulatory standards on board independence. In most
markets, a majority independent board is considered best practice. When assessing independence of directors, we may consider relevant
circumstances and relationships with the company and related parties such as senior management or large shareholders.

In our experience, the right leadership structure is critical to a strong board. When voting on matters related to board leadership, we may consider company performance and any evidence of entrenchment or perceived risk indicating power may be overly concentrated in a single individual. We also generally expect key board committees to be comprised of independent board members.

**3.** **BOARD ACCOUNTABILITY:** Director elections are the primary mechanism for shareholders to hold board members accountable. Therefore, we generally expect directors
to be elected annually to serve on the board by majority vote. We generally expect directors who fail to receive majority shareholder support should resign from their position unless there is sufficient
disclosure concerning the reasons why they failed to get support from a majority of the shareholders.

<sup>6</sup> The MSIM entities covered by this Equity Proxy Voting Policy and Procedures (the "Policy") currently include the following: Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Saudi Arabia, MSIM Fund Management (Ireland) Limited, Morgan Stanley Asia Limited, Morgan Stanley Investment Management (Japan) Co. Limited, Morgan Stanley Investment Management Private Limited, Mesa West Capital, LLC, Morgan Stanley Infrastructure Inc, Morgan Stanley Private Equity Asia Inc, Morgan Stanley Real Estate Advisor, Inc, MS Capital Partners Adviser Inc, MSREF Real Estate Advisor, Inc, MSRESS III Manager, L.L.C, Morgan Stanley Eaton Vance CLO Manager LLC, Eaton Vance Management, Boston Research Management, Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Morgan Stanley Eaton Vance CLO CM LLC, Parametric SAS, Parametric Portfolio Associates LLC, and Atlanta Capital Management Company LLC (each an "MSIM Affiliate" and collectively referred to as the "MSIM Affiliates" or as "we" below).

**5** MORGAN STANLEY INVESTMENT MANAGEMENT

EQUITY PROXY VOTING POLICY AND PROCEDURES (MSIM)

Boards should take into consideration the views of their long-term shareholders to ensure alignment, and to make appropriate efforts to communicate their plans and views broadly. To that end, we generally expect the board to engage meaningfully with long-term shareholders, especially to address concerns on matters that may affect the long-term value creation of the company.

We may consider withholding support for directors where we have significant concerns due to inadequate risk oversight of potentially financially material issues<sup>7</sup>. We may consider withholding support for Audit Committee members for failure to address accounting irregularities or financial misstatements over consecutive years.

Directors should dedicate adequate time to their role and consider any other existing commitments alongside their board and/or committee memberships. We may look at meeting attendance to determine whether directors have adequate time for their responsibilities.

**B. AUDITORS**

Investors rely on auditors to attest to the integrity of a company's financial statements, without which the business could not be properly evaluated. It is essential that auditors be independent, accurate, fair in the fees charged, and not subject to conflicts of interest. We therefore expect auditors to be independent in order to provide an objective opinion and assurance. We may consider non-audit related business, length of service and any other relevant context when assessing auditor independence. We generally expect non-audit related fees to be less than 50% of the total fee.

**C. EXECUTIVE & DIRECTOR COMPENSATION**

Properly structured compensation is essential to attracting and retaining effective corporate management. Poorly structured compensation plans can create perverse incentives. We expect compensations plans to be reasonable, and appropriately incentivize executives to make risk-reward decisions that align with the business strategy and goals, and long-term shareholder value creation. Compensation plans should also build in retention mechanisms for high performing executives. We generally expect compensation plan payouts to align with performance and long-term value creation.

We expect director compensation to follow market best practice and be aligned with long-term shareholder interests. For executives and directors who gain shares through equity compensation plans, we generally expect reasonable guidelines and holding requirements. Typically, stock options issued to executives should be priced at fair market value on the date of the grant and any re-pricing should not incur a significant cost to shareholders.

We generally expect employee ownership, retirement and severance plans to be designed in a manner that does not disadvantage shareholders. These plans should not be excessively dilutive or incur a high cost. We generally expect discounted employee stock purchase plans to be broad-based and include non-executive employees. Discount rates should be in line with market best practice and not excessive.

For compensation plans with performance metrics, in instances where performance milestones are not met, we may expect reasonable claw back provisions for executive or director compensation related to these missed milestones depending on the circumstances.

We generally evaluate each compensation plan and any related proposals, including shareholder proposals, within the context of the market and the company. In order to make a suitable evaluation about compensation and related matters, we expect appropriate disclosures on relevant aspects.

**D. SHAREHOLDER RIGHTS AND DEFENSES**

Companies should take actions and make decisions with the intent of maximizing long-term shareholder value creation. We generally support proposals that enhance shareholder rights and vote against those that seek to undermine them. We believe that in most cases, each common share should have one vote, and that a simple majority of voting shares should be what is required to effect change.

**1.** **SHAREHOLDER RIGHTS PLANS:** Shareholder rights plans, commonly known as poison pills, and similar take-over defenses should aim to promote long-term
shareholder value creation. When designing plans and defenses, companies should ensure that they do not suppress potential value by unduly
discouraging acquirers. We generally expect companies to seek shareholder approval or ratification of shareholder rights plans.

**2.** **UNEQUAL VOTING RIGHTS:** We generally expect companies to adhere to the one share one vote principle. When companies have dual-class structures, they
should ensure that such structures are not misused to support instances where a few insiders may benefit at the cost of other shareholders.
Ultimately, structures should strive to create alignment between the shareholders' economic interests and their voting power.

**3.** **VOTING REQUIREMENTS:** We typically prefer a majority vote standard for binding votes. We also expect management to be responsive to non-binding votes that
have received majority support. We generally expect companies to protect minority shareholder rights as their primary goal when considering
supermajority vote requirements.

**4.** **RIGHT TO CALL SPECIAL MEETINGS:** We generally expect companies to allow large shareholders to call special meetings. A large shareholder may be
defined by a reasonable threshold or in line with prevalent market practices.

**5.** **PROXY ACCESS:** We generally consider ownership thresholds, holding periods, the number of directors that shareholders may nominate and any restrictions
on forming a group in our evaluation of proposals related to proxy access.

<sup>7</sup> For example, we may withhold support for a director we believe is responsible for a company's involvement/remediation of breach of global conventions such as UN Global Compact Principles on Human Rights, Labor Standards, Environment and Business Malpractice.

MORGAN STANLEY INVESTMENT MANAGEMENT **6**

EQUITY PROXY VOTING POLICY AND PROCEDURES (MSIM)

**E. CAPITAL STRUCTURE**

We expect any changes to the capital structure to be driven by legitimate business needs and not as a means of anti-takeover defense. We generally expect companies to ensure that such changes do not disadvantage shareholders.

Companies should provide a clear business rationale when requesting the authorization, or increase in authorization, of new shares or new share classes. They ought to request a reasonable number of shares in relation to the purpose outlined. Companies should follow prevalent market practices, such as offering pre-emptive rights, to ensure shareholders are not excessively diluted, unless required by specific circumstances which are clearly stated.

We generally consider specific company and market context when we evaluate proposals on dividend payout ratios and related matters.

**F. CORPORATE TRANSACTIONS & PROXY FIGHTS**

We expect companies to provide a clear economic and strategic rationale for proposed transactions. We also expect disclosure of any financial benefits to the board or executives from any proposed transaction and will generally look for assurances that shareholder interests were prioritized. We generally assess company-specific circumstances when evaluating voting matters related to mergers, acquisitions, other special corporate transactions, and contested elections.

**G. SHAREHOLDER PROPOSALS**

In assessing shareholder proposals, we will carefully consider the potential financial materiality (as appropriate to the investment strategy of MSIM's investment teams and relevant advisory affiliates) of the issues raised in the proposal, as well as the company's exposure to relevant risks and opportunities, current disclosures on the topic, and the sector and geography in which the company operates. We generally seek to balance concerns of reputational, operational, litigation and other risks that lie behind the proposal against costs of implementation.

We generally support proposals that seek to enhance useful disclosure on potentially financially material issues (as appropriate to the investment strategy of MSIM's investment teams and relevant advisory affiliates), including but not limited to climate, biodiversity, human rights, supply chain, workplace safety, human capital management and pay equity. We focus on understanding the company's business and commercial context and recognize that there is no one size fits all that can be applied across the board.

We generally do not support shareholder proposals on matters best left to the board's discretion, or addressed via legislation or regulation, or that would be considered unduly burdensome.

We also generally do not support shareholder proposals related to matters that we do not consider to be financially material (as appropriate to the investment strategy of MSIM's investment teams and relevant advisory affiliates) for the company.

**APPENDIX A**

**POLICY STATEMENT**

The Policy, with respect to securities held in the accounts of clients applies to those MSIM entities that provide discretionary investment management services and for which an MSIM entity has authority to vote proxies. For purposes of this Policy, clients shall include: Morgan Stanley U.S. registered investment companies, other Morgan Stanley pooled investment vehicles, and MSIM separately managed accounts (including accounts for Employee Retirement Income Security ("ERISA") clients and ERISA-equivalent clients). This Policy is reviewed and updated as necessary to address new and evolving proxy voting issues and standards.

This Policy applies to the MSIM Affiliates set out in Section 1 of this Policy.

Each MSIM Affiliate will use its best efforts to vote proxies as part of its authority to manage, acquire and dispose of account assets.

· With respect to the U.S. registered investment companies sponsored,
managed or advised by any MSIM Affiliate (the "Morgan Stanley Funds"), each MSIM Affiliate will vote proxies under this Policy
pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized
by the Board of Directors/Trustees of the Morgan Stanley Funds.

· For other pooled investment vehicles (e.g., UCITS), each MSIM
Affiliate will vote proxies under this Policy pursuant to authority granted under its applicable investment advisory agreement or, in
the absence of such authority, as authorized by the relevant governing board.

· For separately managed accounts (including ERISA and ERISA-equivalent
clients), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under the applicable investment advisory
agreement or investment management agreement. Where an MSIM Affiliate has the authority to vote proxies on behalf of ERISA and ERISA-equivalent
clients, the MSIM Affiliate must do so in accordance with its fiduciary duties under ERISA (and the Internal Revenue Code).

· In certain situations, a client or its fiduciary may reserve
the authority to vote proxies for itself or an outside party or may provide an MSIM Affiliate with a statement of proxy voting policy.
The MSIM Affiliate will comply with the client's policy.

· Certain ETFs will follow Calvert's Global Proxy Voting
Guidelines set forth in Appendix A of Calvert's Proxy Voting Policies and Procedures and the proxy voting guidelines discussed
below do not apply to such ETFs. See Appendix A of Calvert's Proxy Voting Policies and Procedures for a general discussion of the
proxy voting guidelines to which these ETFs will be subject.

**7** MORGAN STANLEY INVESTMENT MANAGEMENT

EQUITY PROXY VOTING POLICY AND PROCEDURES (MSIM)

· For the Investment Management Private Side clients, each adviser
will, as a fiduciary to its clients, vote proxies in the best interest of its clients in a manner consistent with the objective of maximizing
long-term investment returns. The "Proxy Vote Designee" will be the professional responsible for overseeing the investment
for which a proxy vote is required. The Proxy Vote Designee will typically be the asset manager (for Real Estate Investing or Infrastructure)
or the investment professional (for Private Credit and Equity). The Proxy Vote Designee will vote proxies in accordance with any applicable
stockholder or similar agreement, the business plan associated with an investment (if applicable), and if necessary, with the advice
of senior management of the applicable client, all in a manner consistent with these procedures. Additionally, each adviser reserves
the right to depart from these procedures in order to avoid voting decisions that it believes may be contrary to its clients' best
interests.

In circumstances in which (i) an adviser has determined to consider a matter on a case-by-case basis; (ii) the subject matter is not covered by these procedures; (iii) a material conflict of interest is present; or (iv) an adviser might find it necessary to vote contrary to the general guidelines outlined in these procedures to maximize shareholder value and vote in the best interests of the client, the Proxy Vote Designee may consult with their coverage attorney regarding appropriate internal process, decisions and completion of the proxy material.

For IM Private Side clients, potential conflicts of interest may occur where an adviser or any of its affiliates or their respective employees has a direct or indirect economic stake in the outcome of a proxy vote that is different from a client's stake. When such a potential conflict arises between an adviser and any of its affiliates or their respective employees on the one hand and one or more of the clients on the other, a designee, in consultation with their coverage attorney, will evaluate the matter to determine whether an actual conflict exists. Where an actual conflict exists, the adviser will take necessary and appropriate steps to address the conflict. If more than one client invests in the same portfolio company, or Morgan Stanley (or one or more of its affiliates or their respective employees or other clients) invests in the same portfolio company, Morgan Stanley (or one or more of its affiliates or their respective employees or other clients) and the two or more clients may have different investment objectives, client-specific voting policies or ultimate economic interests. In these situations, opposing votes may be cast by the relevant investors. Potential conflicts or the appearance of conflicts of interests will be disclosed in the applicable client's private placement memorandum, Form ADV Part 2A, as well as in the client's partnership agreement or, in the case of separate account clients, the investment management agreement consistent with the adviser's obligations under the Investment Advisers Act of 1940, as amended

An MSIM Affiliate will not vote proxies unless the investment management agreement, investment advisory agreement or other authority explicitly authorizes the MSIM Affiliate to vote proxies.

In addition to voting proxies of portfolio companies, MSIM routinely engages with, or, in some cases, may engage a third party to engage with, the management or board of companies in which we invest on a range of environmental, social and governance issues. Governance is a window into or proxy for management and board quality. MSIM engages with companies where we have larger positions, voting issues are material or where we believe we can make a positive impact on the governance structure. MSIM's engagement process, through private communication with companies, allows us to understand the governance structures at investee companies and better inform our voting decisions. In certain situations, a client or its fiduciary may provide an MSIM Affiliate with a proxy voting policy. In these situations, the MSIM Affiliate will comply with the client's policy.

**APPENDIX B**

Appendix A applies to the following accounts managed by Morgan Stanley AIP GP LP (i) closed-end funds registered under the Investment Company Act of 1940, as amended; (ii) discretionary separate accounts; (iii) unregistered funds; and (iv) non-discretionary accounts offered in connection with AIP's Custom Advisory Portfolio Solutions service. Generally, AIP will follow the guidelines set forth in Section II of MSIM's Proxy Voting Policy and Procedures. To the extent that such guidelines do not provide specific direction, or AIP determines that consistent with the Client Proxy Standard, the guidelines should not be followed, the Proxy Review Committee has delegated the voting authority to vote securities held by accounts managed by AIP to the Fund of Hedge Funds investment team, the Private Markets investment team or the Portfolio Solutions team of AIP. A summary of decisions made by the applicable investment teams will be made available to the Proxy Review Committee for its information at the next scheduled meeting of the Proxy Review Committee.

In certain cases, AIP may determine to abstain from determining (or recommending) how a proxy should be voted (and therefore abstain from voting such proxy or recommending how such proxy should be voted), such as where the expected cost of giving due consideration to the proxy does not justify the potential benefits to the affected account(s) that might result from adopting or rejecting (as the case may be) the measure in question.

MORGAN STANLEY INVESTMENT MANAGEMENT **8**

EQUITY PROXY VOTING POLICY AND PROCEDURES (MSIM)

**WAIVER OF VOTING RIGHTS**

For regulatory reasons, AIP may either 1) invest in a class of securities of an underlying fund (the "Fund") that does not provide for voting rights; or 2) waive 100% of its voting rights with respect to the following:

**1.** Any rights with
respect to the removal or replacement of a director, general partner, managing member or other person acting in a similar capacity for
or on behalf of the Fund (each individually a "Designated Person," and collectively, the "Designated Persons"),
which may include, but are not limited to, voting on the election or removal of a Designated Person in the event of such Designated Person's
death, disability, insolvency, bankruptcy, incapacity, or other event requiring a vote of interest holders of the Fund to remove or replace
a Designated Person; and

**2.** Any rights in connection
with a determination to renew, dissolve, liquidate, or otherwise terminate or continue the Fund, which may include, but are not limited
to, voting on the renewal, dissolution, liquidation, termination or continuance of the Fund upon the occurrence of an event described
in the Fund's organizational documents; provided, however, that, if the Fund's organizational documents require the consent
of the Fund's general partner or manager, as the case may be, for any such termination or continuation of the Fund to be effective,
then AIP may exercise its voting rights with respect to such matter.

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