# EDGAR Filing Document

**Accession Number:** 0001862281
**File Stem:** 0001193125-25-188715
**Filing Date:** 2025-8
**Character Count:** 47585
**Document Hash:** 85bf354c7f2a7e0ed0d006c594bee2f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-188715.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001193125-25-188715

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286321
- **FILM NUMBER:** 251257897

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

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

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

?xml version='1.0' encoding='ASCII'? ADAMS STREET PRIVATE EQUITY NAVIGATOR FUND LLC

#### As filed with the Securities and Exchange Commission on August 26, 2025
Securities Act File No. 333-286321

Investment Company Act File No. 811-24072

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM N-2
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒

Pre-Effective Amendment No. ☐

Post-Effective Amendment No. 1 ☒

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒

Amendment No. 4 ☒

### ADAMS STREET PRIVATE EQUITY

### NAVIGATOR FUND LLC
(Registrant Exact Name as Specified in Charter)

#### One North Wacker Drive, Suite 2700

#### Chicago, IL 60606
(Address of Principal Executive Offices)

(312) 553-7890

(Registrant's Telephone Number, including Area Code)

#### Eric R. Mansell

#### Adams Street Advisors, LLC

#### One North Wacker Drive, Suite 2700

#### Chicago, IL 60606
(Name and Address of Agent for Service)

Copies to:

#### Nicole M. Runyan, P.C.

#### Brad A. Green, P.C.

#### Kirkland & Ellis LLP

#### 601 Lexington Avenue

#### New York, NY 10022

#### Approximate Date of Commencement of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.

------

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. 

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. 

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. 

#### It is proposed that this filing will become effective (check appropriate box):
☐ when declared effective pursuant to Section 8(c) of the Securities Act

#### If appropriate, check the following box:
☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:

☒ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: 333-286321.

#### Check each box that appropriately characterizes the Registrant:
☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). 

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act").

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.

☒ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

------

#### EXPLANATORY NOTE
This Post-Effective Amendment No. 1 to the Registration Statement ("Post-Effective Amendment No. 1") on Form N-2 (File Nos. 333-286321 and 811-24072) of Adams Street Private Equity Navigator Fund LLC (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "1933 Act"), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note and Part C of the Registration Statement on Form N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 1 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the 1933 Act, this Post-Effective Amendment No. 1 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

------

#### PART C: OTHER INFORMATION

#### Item 25. Financial Statements and Exhibits
(1) Financial Statements: [Audited financial statements and related report of Independent Registered Public Accounting Firm](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001862281/000119312525142850/d936961dn2a.htm) <sup>(3)</sup>

(2) Exhibits:

(a)(1) [Certificate of Formation](http://www.sec.gov/Archives/edgar/data/1862281/000119312525070555/d860308dex99a1.htm)<sup>(1)</sup>

(a)(2) [Second Amended and Restated Limited Liability Company Agreement](http://www.sec.gov/Archives/edgar/data/1862281/000119312525152393/d904650dex99a2.htm)<sup>(4)</sup>

(b) Not applicable

(c) Not applicable

(d) [Amended and Restated Rule 18f-3 Plan](d12045dex99d.htm) \*

(e) [Distribution Reinvestment Plan](http://www.sec.gov/Archives/edgar/data/1862281/000119312525070555/d860308dex99e.htm) <sup>(1)</sup>

(f) Not applicable

(g)(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1862281/000119312525070555/d860308dex99g1.htm)<sup>(1)</sup>

(g)(2) [Expense Limitation Agreement](http://www.sec.gov/Archives/edgar/data/1862281/000119312525070555/d860308dex99g2.htm)<sup>(1)</sup>

(h)(1) [Distribution Agreement](http://www.sec.gov/Archives/edgar/data/1862281/000119312525070555/d860308dex99h1.htm)<sup>(1)</sup>

(h)(2) [Form of Selling Agreement](http://www.sec.gov/Archives/edgar/data/1862281/000119312525070555/d860308dex99h2.htm)<sup>(1)</sup>

(h)(3) [Form of Dealer Agreement](http://www.sec.gov/Archives/edgar/data/1862281/000119312525070555/d860308dex99h3.htm)<sup>(1)</sup>

(h)(4) [Amended and Restated Distribution and Servicing Plan](d12045dex99h4.htm)\*

(i) Not applicable

(j) [Custody Agreement](http://www.sec.gov/Archives/edgar/data/1862281/000119312525119005/d948234dex99j.htm) <sup>(2)</sup>

(k)(1) [Administration Agreement](http://www.sec.gov/Archives/edgar/data/1862281/000119312525119005/d948234dex99k1.htm)<sup>(2)</sup>

(k)(2) [Sub-Administration Agreement](http://www.sec.gov/Archives/edgar/data/1862281/000119312525070555/d860308dex99k2.htm)<sup>(1)</sup>

(k)(3) [Transfer Agency and Service Agreement](http://www.sec.gov/Archives/edgar/data/1862281/000119312525070555/d860308dex99k3.htm)<sup>(1)</sup>

(k)(4) [Trademark License Agreement](http://www.sec.gov/Archives/edgar/data/1862281/000119312525070555/d860308dex99k4.htm)<sup>(1)</sup>

(l) [Opinion and Consent of Counsel](http://www.sec.gov/Archives/edgar/data/1862281/000119312525142850/d936961dex99l.htm) <sup>(3)</sup>

(m) Not applicable

(n) [Consent of Independent Registered Public Accounting Firm](http://www.sec.gov/Archives/edgar/data/1862281/000119312525142850/d936961dex99n.htm) <sup>(3)</sup>

(o) Not applicable

------

(p) [Subscription Agreement](http://www.sec.gov/Archives/edgar/data/1862281/000119312525142850/d936961dex99p.htm) <sup>(3)</sup>

(q) Not applicable

(r)(1) [Code of Ethics of the Registrant](http://www.sec.gov/Archives/edgar/data/1862281/000119312525119005/d948234dex99r1.htm)<sup>(2)</sup>

(r)(2) [Code of Ethics of the Adviser](http://www.sec.gov/Archives/edgar/data/1862281/000119312525119005/d948234dex99r2.htm)<sup>(2)</sup>

(s) [Filing Fee Table](http://www.sec.gov/Archives/edgar/data/1862281/000119312525070555/d860308dexfilingfees.htm) <sup>(1)</sup>

(t)(1) [Power of Attorney dated March 27, 2025](http://www.sec.gov/Archives/edgar/data/1862281/000119312525070555/d860308dex99t.htm)<sup>(1)</sup>

(t)(2) [Power of Attorney dated August 26, 2025](d12045dex99t2.htm)\*

\* Filed herewith.

(1) Incorporated by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2, filed on April 1, 2025 (the "Registration Statement").

(2) Incorporated by reference to the corresponding exhibit of Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2, filed on May 14, 2025.

(3) Incorporated by reference to the corresponding exhibit of Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2, filed on June 20, 2025.

(4) Incorporated by reference to the corresponding exhibit of Pre-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2, filed on June 30, 2025.

#### Item 26. Marketing Arrangements
See the Distribution Agreement and Forms of Dealer Agreement and Selling Agreement, forms of which are filed as Exhibits (h)(1), (h)(2) and (h)(3), respectively, to the Registration Statement.

#### Item 27. Other Expenses of Issuance and Distribution
Not Applicable.

#### Item 28. Persons Controlled By Or Under Common Control with Registrant
The Registrant does not expect that any person will be directly or indirectly under common control with the Registrant, except that: (i) each of Adams Street Private Equity Navigator Lev Facilitation LLC and Adams Street Private Equity Navigator Blocker LLC, each a Delaware limited liability company, is a wholly-owned subsidiary of the Registrant and is consolidated for financial reporting purposes; and (ii) the Registrant, Adams Street Private Equity Navigator Lev Facilitation LLC and Adams Street Private Equity Navigator Blocker LLC may be deemed to be controlled by Adams Street Advisors, LLC, the Registrant's investment adviser (the "Adviser"). Information regarding the ownership of the Adviser is set forth in its Form ADV as filed with the Securities and Exchange Commission (the "SEC") (File No. 801-131949), and is incorporated herein by reference.

#### Item 29. Number of Holders of Securities
As of July 31, 2025:

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record<br>Holders** |
|  Class S | 0 |

---

------

---

| | |
|:---|:---|
|  Class D | 0.0 |
|  Class I | 5.0 |
|  Class M | 0.0 |

---

#### Item 30. Indemnification
Reference is made to Section 3.7 of the Registrant's Amended and Restated Limited Liability Company Agreement, incorporated by reference to Exhibit (a)(2) to the Registration Statement. In addition, the Registrant's various agreements with its service providers contain indemnification provisions. The Registrant hereby undertakes that it will apply these indemnification provisions in a manner consistent with Release No. IC-11330 of the SEC under the Investment Company Act of 1940, as amended (the "1940 Act"), so long as the interpretation of Section 17(h) and 17(i) of the 1940 Act remains in effect.

The Registrant maintains insurance on behalf of any person who is or was a director, officer, employee or agent of the Registrant against certain liability asserted against and incurred by, or arising out of, his or her position. However, in no event will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person for any act for which the Registrant itself is not permitted to indemnify.

Insofar as indemnification for liability arising under the 1933 Act, may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described above, or otherwise, the Registrant has been advised that, in the opinion of the SEC such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person in the successful defense of any action, suit or proceeding) is asserted against the Registrant by a director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

#### Item 31. Business and Other Connections of Investment Adviser
A description of any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each member, director, executive officer or partner of the Adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of member, director, officer, employee, partner or director, will be set forth in the Prospectus in the section entitled "Management of the Fund." Information as to the members and officers of the Adviser is included in its Form ADV as filed with the SEC (File No. 801-131949), and is incorporated herein by reference.

#### Item 32. Location of Accounts and Records
The Registrant's accounts, books or other documents required to be maintained by Section 31(a) of the 1940 Act and the rules promulgated thereunder are maintained at the offices of: c/o Adams Street Advisors, LLC, One North Wacker Drive, Suite 2700, Chicago, IL 60606; the Custodian at One Congress Street, Suite 1, Boston, MA 02114; or the Transfer Agent at One Heritage Drive Building, 1 Heritage Drive, Mail Stop OHD0100, North Quincy, MA 02171.

#### Item 33. Management Services
Not Applicable.

#### Item 34. Undertakings
1. Not applicable.

2. Not applicable.

------

3. Registrant undertakes:

a. To file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

(1) to include any prospectus required by Section 10(a)(3) of 1933 Act;

(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) under the 1933 Act if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" in the effective registration statement; and

(3) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

b. That, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof.

c. To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

d. That, for the purpose of determining liability under the 1933 Act to any purchaser:

(1) if the Registrant is relying on Rule 430B under the 1933 Act:

(A) each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(B) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) under the 1933 Act for the purpose of providing the information required by Section 10(a) of the 1933 Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in

------

the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

(2) if the Registrant is subject to Rule 430C under the 1933 Act: each prospectus filed pursuant to Rule 424(b) under the 1933 Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or prospectuses filed in reliance on Rule 430A under the 1933 Act, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and

e. That for the purpose of determining liability of the Registrant under the 1933 Act to any purchaser in the initial distribution of securities, undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the 1933 Act;

(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;

(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the 1933 Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

4. Not applicable.

5. Not applicable.

6. Not applicable.

7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or statement of additional information.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, and State of Illinois, on August 26, 2025.

---

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

---

Pursuant to the requirements of the Securities Act of 1933, this amendment to the registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ James F. Walker | Director, President and Chief Executive Officer | August 26, 2025 |
| James F. Walker |  |  |
| \*/s/ Shannon Carlin | Vice President, Chief Financial Officer and Treasurer | August 26, 2025 |
| Shannon Carlin |  |  |
| \*/s/ William Adams IV | Director | August 26, 2025 |
| William Adams IV |  |  |
| \*/s/ Miguel F. Gonzalo | Director | August 26, 2025 |
| Miguel F. Gonzalo |  |  |
| \*/s/ Victoria J. Herget | Director | August 26, 2025 |
| Victoria J. Herget |  |  |
| \*/s/ Frank M. Porcelli | Director | August 26, 2025 |
| Frank M. Porcelli |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ James F. Walker |
|  | James F. Walker |
|  | Attorney-in-Fact |

---

------

#### EXHIBIT INDEX
(d) [Amended and Restated Rule 18f-3 Plan](d12045dex99d.htm)

(h)(4) [Amended and Restated Distribution and Servicing Plan](d12045dex99h4.htm)

(t)(2) [Power of Attorney dated August 26, 2025](d12045dex99t2.htm)

## Ex-99.(D)

**ADAMS STREET PRIVATE EQUITY NAVIGATOR FUND LLC** 

**AMENDED AND RESTATED MULTIPLE CLASS PLAN ADOPTED PURSUANT TO RULE 18F-3** 

August 19, 2025

WHEREAS, Adams Street Private Equity Navigator Fund LLC (the "<u>Fund</u>") is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and

WHEREAS, the Fund is permitted to rely on an exemptive order from Securities and Exchange Commission (the "<u>SEC</u>") to offer multiple classes of shares (the "<u>Order</u>");

WHEREAS, pursuant to the Order, the Fund must comply with the provisions of Rule 18f-3 under the 1940 Act as if it were an open-end management investment company;

WHEREAS, Rule 18f-3 requires that a board of directors of an investment company desiring to offer multiple classes of shares pursuant to said Rule adopt a plan setting forth the differences among the classes with respect to shareholder services, distribution arrangements, expense allocations and any related conversion features or exchange privileges; and

WHEREAS, the Board of Directors of the Fund (the "<u>Board</u>") voluntarily adopted a plan pursuant to Rule 18f-3 on March 27, 2025 (the "<u>Initial Plan</u>"), so that the Fund may issue multiple classes of shares of limited liability company interests ("<u>Shares</u>") in compliance with the Order.

NOW, THEREFORE, the Fund hereby seeks to amend and restate that Initial Plan (as amended and restated, the "<u>Plan</u>") on the following terms and conditions:

**A.**  **<u>Class Designation; General Description of Classes</u>** 

The Fund offers four (4) classes of Shares: Class D, Class I, Class M and Class S Shares. In general, Shares of each class shall be identical except for different expense variables (which will result in different yields or total returns for each class), certain related rights and certain shareholder services.

In addition, pursuant to Rule 12b-1 under the 1940 Act, the Fund has adopted a Distribution and Servicing Plan (the "<u>12b-1 Plan</u>") under which Class D, Class M and Class S Shares are subject to a distribution and servicing fee. A general description of the fees applicable to each class of Shares is set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Class I Shares</u>. Class I Shares are not subject to a sales load or a distribution and servicing fee under the 12b-1 Plan. Class I Shares require a minimum initial investment of $1,000,000 and a minimum subsequent investment of $10,000, except as described in the Fund's then-current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Class D Shares</u>. Class D Shares are not subject to a sales load. Under the 12b-1 Plan, Class D Shares are subject to a distribution and servicing fee at the annual rate of 0.25% based on the aggregate net assets of the Fund attributable to Class D Shares, to be calculated, accrued and paid monthly. Class D Shares require a minimum initial investment of $25,000 and a minimum subsequent investment of $10,000, except as described in the Fund's then-current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Class M Shares</u>. Class M Shares are subject to a sales load of up to 3.50% of the purchase amount. Under the 12b-1 Plan, Class M Shares are subject to a distribution and servicing fee at the annual

------

rate of 0.50% based on the aggregate net assets of the Fund attributable to Class M Shares, to be calculated, accrued and paid monthly. Class M Shares require a minimum initial investment of $25,000 and a minimum subsequent investment of $10,000, except as described in the Fund's then-current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Class S Shares</u>. Class S Shares are subject to a sales load of up to 3.50% of the purchase amount. Under the 12b-1 Plan, Class S Shares are subject to a distribution and servicing fee at the annual rate of 0.75% based on the aggregate net assets of the Fund attributable to Class S Shares, to be calculated, accrued and paid monthly. Class S Shares require a minimum initial investment of $25,000 and a minimum subsequent investment of $10,000, except as described in the Fund's then-current prospectus.

The ability of the Fund to waive or adjust the minimum initial and subsequent investments shall be disclosed by the Fund in its then-current prospectus.

A 2.00% early repurchase fee payable to the Fund will be charged 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 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, including for repurchase requests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● arising from the death or qualified disability of a shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● submitted by discretionary model portfolio management programs (and similar arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● from feeder funds (or similar vehicles) primarily created to hold the Shares, which are offered to non-U.S. persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in the event that a shareholder's Shares are repurchased because the shareholder has failed to maintain
the $10,000 minimum account balance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● as otherwise described in the Fund's then-current prospectus.

To the extent the Fund determines to waive, impose scheduled variations of, or eliminate an early repurchase fee, it will do so consistently with the requirements of Rule 22d-1 under the 1940 Act, and the Fund's waiver of, scheduled variation in, or elimination of, the early repurchase fee will apply uniformly to all shareholders regardless of Share class.

**B.**  **<u>Expense Allocation of Each Class</u>** 

Class-specific expenses of the Fund shall be allocated to the specific class of Shares of the Fund. Non-class specific expenses shall be allocated in accordance with Rule 18f-3 and any related guidance from the SEC or its staff. All expenses incurred by the Fund will be allocated, as provided for herein, among its classes of Shares based on the respective net assets of the Fund attributable to each such class. The value of the Fund's net assets attributable to each class of Shares shall be computed in the manner specified in the Fund's then-current prospectus for the computation of the Fund's net asset value.

In addition to different expenses associated with the 12b-1 Plan, each class of Shares may pay a different amount of the following expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. administrative and/or accounting or similar fees incurred by a specific class;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. legal, printing and postage expenses related to preparing and distributing to current shareholders of a
specific class materials such as shareholder reports, prospectuses and proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Blue Sky fees incurred by a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. SEC registration fees incurred by a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. expenses of administrative personnel and services required to support the shareholders of a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. directors' fees incurred as a result of issues relating to a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. auditor's fees, litigation expenses and other legal fees and expenses relating to a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. transfer agent fees and shareholder servicing expenses identified as being attributable to a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. account expenses relating solely to a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. expenses incurred in connection with any shareholder meetings as a result of issues relating to a specific
class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. any such other expenses (not including advisory or custodial fees or other expenses related to the
management of the Fund's assets) actually incurred in a different amount by a class or related to a class's receipt of services of a different kind or to a different degree than another class, including reimbursement for any expense
support provided to such class.

**C.**  **<u>Waivers and Reimbursements</u>** 

Fees and expenses may be waived or reimbursed by Adams Street Advisors, LLC, the Fund's investment adviser, or its affiliates, or any other service provider to the Fund. Such waiver or reimbursement may be applicable to some or all of the classes and may be in different amounts for one or more classes.

**D.**  **<u>Income, Gains and Losses</u>** 

Income, realized gains and losses and unrealized appreciation and depreciation shall be allocated to each class on the basis of the net asset value of that class in relation to the net asset value of the Fund, in each case in accordance with U.S. Generally Accepted Accounting Principles.

**E.**  **<u>Class Designation</u>** 

Subject to approval by the Board, the Fund may alter the nomenclature for the designations of one or more of its classes of Shares.

**F.**  **<u>Conversion Features; Exchange Privileges</u>** 

Shares of one class may be exchanged, including at the shareholder's option, for Shares of another class of the Fund (an "<u>intra-Fund exchange</u>"), if and to the extent an applicable intra-Fund exchange privilege is disclosed in the Fund's then-current prospectus and subject to the terms and conditions (including the imposition or waiver of any sales load or repurchase fee) set forth in the Fund's then-current prospectus,

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provided that the shareholder requesting the intra-Fund exchange meets the eligibility requirements of the class into which such shareholder seeks to exchange.

Assuming the intra-Fund exchange meets the eligibility requirements of the class into which such shareholder seeks to exchange and the Fund has received proper instruction from the financial intermediary to effect such intra-Fund exchange and consents to such intra-Fund exchange, (i) a financial intermediary may, in its discretion, determine to exchange a shareholder's Shares at such shareholder's request and (ii) in certain cases, where a holder of Class S Shares, Class M Shares or Class D Shares no longer is eligible to hold such class of Shares based on the shareholder's arrangements with its financial intermediary, (a) such holder's Class S Shares may be exchanged into an equivalent net asset value amount of Class M, Class D Shares or Class I Shares, (b) such holder's Class M Shares may be exchanged into an equivalent net asset value amount of Class D Shares or Class I Shares and (c) such holder's Class D Shares may be exchanged into an equivalent net asset value amount of Class I Shares.

**G.**  **<u>Additional Information</u>** 

This Plan is qualified by and subject to the terms of the then-current prospectus for the applicable classes; provided, however, that none of the terms set forth in any such prospectus shall be inconsistent with the terms of the classes contained in this Plan.

**H.**  **<u>Effective Date; Amendments</u>** 

This Plan shall become effective upon its approval, or otherwise at such time as is specified, by the Board. This Plan may be terminated or amended at any time with respect to the Fund or a class of Shares thereof by a vote of a majority of the Board, including a majority of the Directors who are not considered "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund.

## Ex-99.(H)(4)

**ADAMS STREET PRIVATE EQUITY NAVIGATOR FUND LLC** 

**AMENDED AND RESTATED DISTRIBUTION AND SERVICING PLAN ADOPTED PURSUANT TO RULE 12b-1** 

WHEREAS, Adams Street Private Equity Navigator Fund LLC (the "<u>Fund</u>") is engaged in business as a closed-end management investment company, and is registered as such under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the Fund is permitted to rely on an exemptive order issued by the Securities and Exchange Commission (the "<u>SEC</u>") to offer multiple classes of shares of limited liability company interests of the Fund (the "<u>Shares</u>") with, among other things, asset-based distribution and/or service fees (the "<u>Order</u>");

WHEREAS, reliance on the Order requires the Fund to comply with the provisions of Rule 12b-1 under the 1940 Act as if it were an open-end management investment company;

WHEREAS, the Fund employs Foreside Fund Services, LLC ("<u>Foreside</u>") as distributor of the Shares of each Class (as defined below) of the Fund; and

WHEREAS, on March 27, 2025, the Fund voluntarily adopted a distribution and servicing plan pursuant to Rule 12b-1 under the 1940 Act (the "<u>Initial Plan</u>"), with respect to the classes of Shares set forth on Exhibit A hereto, as such Exhibit may be amended from time to time (each, a "<u>Class</u>").

NOW, THEREFORE, the Fund, with respect to each Class, hereby seeks to amend and restate that Initial Plan (as amended and restated, the "<u>Plan</u>") on the following terms and conditions:

1. Each Class shall pay to Foreside, to compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of shareholders who own such Class, a fee at the annual rate set forth in <u>Exhibit A</u> hereto, based on the aggregate net assets of the Fund attributable to each such Class, respectively, to be calculated as of the beginning of the first calendar day of each applicable month, and payable monthly in arrears. For purposes of calculating such fee, net asset value will be calculated prior to any reduction for any fees and expenses of the Fund, including, without limitation, the fees payable hereunder. In addition, the value of the Fund's net assets attributable to each Class shall be computed in the manner specified in the Fund's then-current prospectus for the computation of the Fund's net asset value.

2. As distributor of the Fund's Shares, Foreside may spend such amounts hereunder as it deems appropriate on any activities or expenses primarily intended to result in the sale of each Class, including, but not limited to: compensation to qualifying financial intermediaries that engage in or support the distribution of Shares; expenses of such other financial intermediaries and entities, including overhead and telephone and other communication expenses; the printing and distribution of prospectuses and shareholder reports other than for existing shareholders of the Fund; and the preparation and distribution of sales literature and advertising materials. This section does not preclude Foreside or its affiliates from making additional payments outside of the Plan.

3. Foreside may spend such amounts hereunder as the Fund deems appropriate on the administration and servicing of each Class's shareholder accounts, including, but not limited to: responding to inquiries from shareholders or their representatives requesting information regarding matters such as shareholder account or transaction status, net asset value of Shares, performance, services, plans and options, investment policies, portfolio holdings, and distributions and taxation thereof; and dealing with complaints and correspondence of shareholders; compensating financial intermediaries and their employees who service each Class's shareholder accounts; and paying expenses of such financial intermediaries, including overhead and telephone and other communications expenses. This section does not preclude Foreside or its affiliates from making additional payments outside of the Plan.

4. This Plan and any related agreements shall become effective upon their approval, or otherwise at such time as is specified, by Board of Directors of the Fund (the "<u>Board</u>") and shall continue in effect for successive periods of

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one year for so long as such continuance is specifically approved at least annually by votes of a majority of both (a) the Board and (b) those Directors who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund and who have no direct or indirect financial interest in the operation of this Plan or any agreements related to it (the "<u>Rule 12b-1 Directors</u>"), cast in person or as otherwise permitted by the SEC at a meeting or meetings called for the purpose of voting on this Plan and such related agreements; and only if the Directors who approve the implementation or continuation of the Plan have reached the conclusion required by Rule 12b-1(e) under the 1940 Act.

5. Any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement shall provide to the Board, and the Board shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

6. As to each Class, this Plan may be terminated at any time without penalty by vote of a majority of the Rule 12b-1 Directors or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of such Class.

7. As to each Class, this Plan may not be amended to increase materially the amount of fees to be paid by the Fund hereunder unless such amendment is approved by a vote of a majority of the outstanding securities (as defined in the 1940 Act) of such Class, and no material amendment to the Plan shall be made unless such amendment is approved in the manner provided in Paragraph 4 hereof for annual approval.

8. While this Plan is in effect, the selection and nomination of Directors who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund shall be committed to the discretion of Directors who are themselves not interested persons.

9. The Fund shall preserve copies of this Plan and any related agreements for a period of not less than six years from the date of expiration of the Plan or agreement, as the case may be, the first two years in an easily accessible place; and shall preserve copies of each report made pursuant to Paragraph 5 hereof for a period of not less than six years from the date of such report, the first two years in an easily accessible place.

*[Remainder of page intentionally left blank.]* 

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IN WITNESS WHEREOF, the Fund has executed this Plan as of the date set forth below.

Dated: August 19, 2025

**Adams Street Private Equity Navigator Fund LLC** 

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| | | |
|:---|:---|:---|
| By: | /s/ Eric R. Mansell | /s/ Eric R. Mansell |
|  | Name: | Eric R. Mansell |
|  | Title: | Vice President, Chief Legal Officer and Secretary |

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Agreed and assented to:

**Foreside Fund Services, LLC** 

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| | | |
|:---|:---|:---|
| By: | /s/ Teresa Cowan | /s/ Teresa Cowan |
|  | Name: | Teresa Cowan |
|  | Title: | President |

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*[Signature Page to Distribution and Servicing Plan]* 

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**EXHIBIT A** 

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| | |
|:---|:---|
| **Name of Class** | **Fee Rate** |
|  Class D Shares | 0.25% |
|  Class M Shares | 0.50% |
|  Class S Shares | 0.75% |

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## Ex-99.(T)(2)

**POWER OF ATTORNEY** 

Each officer and director of Adams Street Private Equity Navigator Fund LLC (the "Fund") whose signature appears below constitutes and appoints James Walker, Eric Mansell and Lizzie Gomez, and each of them to act without the other, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and revocation, for him or her and in his or her name, place, and stead, in any and all capacities, to sign any registration statement of the Fund on Form N-2, any and all amendments to such registration statement (including, without limitation, pre- and post-effective amendments), any and all supplements or other instruments in connection therewith, any and all agreements, filings, documents, registrations, notices, and other instruments required or permitted to be filed pursuant to the Federal Securities Laws (as that term is defined in Rule 38a-1 under the Investment Company Act of 1940, as amended), and the rules thereunder, the Commodities Exchange Act, as amended, and/or any rules or regulations passed or adopted by the National Futures Association ("NFA"), the Financial Industry Regulatory Authority ("FINRA"), and/or any other self-regulatory organization (each, an "SRO") to whose authority the Fund is subject, and any and all agreements, filings, documents, registrations, notices, and other instruments required or permitted to be filed to comply with the statutes, rules, regulations or law of any state or jurisdiction, including those required to qualify to do business in any such state or jurisdiction (collectively, the "Applicable Laws"), and to file the same, with all exhibits thereto, and other agreements, documents and other instruments in connection therewith, with the appropriate regulatory body including, but not limited to, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the NFA, FINRA, and any SRO, and/or the securities regulators or other agency or regulatory body of the appropriate states and territories, and generally to do all such things in his or her name and on his or her behalf in connection therewith as such attorney deems necessary or appropriate to comply with the Applicable Laws and all related requirements, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, lawfully could do or cause to be done by virtue hereof.

This Power of Attorney shall not in any manner revoke in whole or in part any power of attorney that the persons whose signatures appear below previously executed. This Power of Attorney shall not be revoked by any subsequent power of attorney that the persons whose signatures appear below may execute, unless such subsequent power specifically provides that it revokes this Power of Attorney by referring to the date of execution of this document or specifically states that the instrument is intended to revoke all prior powers of attorney.

*[Remainder of page intentionally left blank.]* 

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This Power of Attorney has been signed by the following persons in the capacities indicated on August 26, 2025. This document may be executed by the signatories hereto on any number of counterparts, all of which constitute one and the same instrument.

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| | |
|:---|:---|
| /s/ Shannon Carlin |  |
| Shannon Carlin | Vice President, Chief Financial Officer and Treasurer |

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