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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22241

______________________________________________

Partners Group Private Equity (Master Fund), LLC

______________________________________________________________________________

(Exact name of registrant as specified in charter)

c/o Partners Group (USA) Inc.

1114 Avenue of the Americas, 37th Floor

New York, NY 10036

______________________________________________________________________________

(Address of principal executive offices) (zip code)

Robert M. Collins

1114 Avenue of the Americas, 37th Floor

New York, NY 10036

________________________________________

(Name and address of agent for service)

Copy to:

Joshua B. Deringer, Esq.

Faegre Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103-6996

(215) 988-2700

Registrant’s telephone number, including area code: (212) 908-2600

Date of fiscal year end: March 31

Date of reporting period: March 31, 2025

Item 1. Reports to Shareholders.

(a) The Reports to Shareholders are attached herewith.

PARTNERS GROUP PRIVATE EQUITY (MASTER FUND), LLC
(a Delaware Limited Liability Company)

Annual Report

For the Year Ended March 31, 2025

See the inside front cover for important information about access to your Fund’s annual and semiannual shareholder reports.

Important information about access to shareholder reports

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

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

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Table of Contents
For the Year Ended March 31, 2025


Report of Independent Registered Public Accounting Firm	1
Management’s Discussion of Fund Performance	2-5
Consolidated Schedule of Investments	6-39
Consolidated Statement of Assets and Liabilities	40-41
Consolidated Statement of Operations	42
Consolidated Statements of Changes in Net Assets	43
Consolidated Statement of Cash Flows	44-45
Consolidated Financial Highlights	46-47
Notes to Consolidated Financial Statements	48-64
Fund Management	65-67
Other Information	68-72

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Report of Independent Registered Public Accounting Firm
For the Year Ended March 31, 2025

To the Board of Managers and Members of
Partners Group Private Equity (Master Fund), LLC

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Partners Group Private Equity (Master Fund), LLC and its subsidiaries (the “Fund”) as of March 31, 2025, the related consolidated statements of operations and cash flows for the year ended March 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, portfolio company investees private equity funds or agent banks; when replies were not received from the custodian, portfolio company investees, private equity funds or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
Dallas, Texas
May 30, 2025

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

Partners Group Private Equity (Master Fund), LLC

Management’s Discussion of Fund Performance (Unaudited)
March 31, 2025

Dear Members¹,

Partners Group is pleased to present the Partners Group Private Equity (Master Fund), LLC (the “Fund”) annual report for the fiscal year ending March 31, 2025. The Fund (Class I)² produced a 5.8% total return for the fiscal year and finished the year with USD 15.8 billion in net assets. It was the Fund’s fifteenth consecutive year of positive performance. The Fund intends to declare dividends each year equal to all or substantially all its taxable income. As such, in December 2024 the Fund distributed $0.0362 per share to investors, entirely composed of long-term capital gains.

Management commentary

In 2024, the global economy reached a balance between growth and easing inflation; however, it displayed a mix of resilience and divergence across regions. The United States continued to outperform Europe, driven by strong private consumption and robust private sector balance sheets. Global Private Equity buyout activity rebounded in 2024 after two years of subdued activity. The year began with a slow start in Q1, but activity surged in Q2. This momentum largely sustained through Q3, albeit at a level slightly below the prior quarter. This increased activity was supported by recalibrated valuations, improved financing availability alongside declining cost of financing, and the substantial pool of dry powder available for transactions. Despite these signs of normalization, Q4 saw a notable slowdown. As 2024 progressed, momentum built, although global Private Equity exit activity remained below pandemic-era levels. Overall, exit activity demonstrated “slow but steady” growth throughout the year as market conditions gradually improved. Trade sales continued to be the most common form of exit, followed by secondary buyouts. The global secondaries market enjoyed sustained growth in 2024, driven by the necessity for sellers to liquidate assets, alongside favorable public market conditions and reduced interest rates which enhanced investor confidence. The Fund’s performance in 2024 was driven by fundamental earnings growth in the portfolio more than by multiple expansion or exit activity. The Private Equity Direct portfolio in the Fund achieved 9.8%³ growth in EBITDA during the 2024 calendar year while maintaining robust EBITDA margins of 32.3%³. We believe this is strong investment performance in a challenging environment.

The public equity markets experienced a rally in 2024 following the strong performance in 2023: the MSCI World Index (NDDUWI) posted a 18.7% return⁴ in the calendar year 2024, propelled by the technology industry (especially the “Magnificent Seven” stocks). In contrast to private markets, the public market returns in 2024 were primarily valuation-driven, building on the gains of 2023 and continuing the rebound from the lows of 2022. Notwithstanding the volatility in public market prices, we continued to see stronger growth and positioning from the companies in the Fund’s portfolio compared to public companies. For example, as of December 31, 2024, the MSCI World Index saw EBITDA growth of approximately 8.6% in the 2024 calendar year⁴, compared to 9.8% in the Fund’s Private Equity Direct portfolio⁶. The Fund’s portfolio also maintained margins more effectively, with 32.3%³ average EBITDA margin vs. 18.7%⁴ in the public index in the 2024 calendar year. We believe that focusing on market-leading businesses and taking an active investing approach fosters long-term business growth, leading to outperformance.

While the Fund’s existing portfolio continues to create value for investors, the Adviser was selective in pursuing new investment opportunities in 2024. We remained disciplined in our rigorous underwriting and found select attractive opportunities. We also focused on maintaining a high investment level with less than 10% cash in any given month. Financial markets are adjusting to a new era defined by macroeconomic volatility and elevated uncertainty. In this “brave new world”, investors can no longer solely rely on high levels of real growth or low interest rates to drive returns. For private markets, this shift emphasizes the importance of value creation through asset transformation and identifying investment themes supported by long-term secular trends.

Partners Group Private Equity (Master Fund), LLC

Management’s Discussion of Fund Performance (Unaudited)
March 31, 2025 (continued)

	Annualized Total Return as of 31 March 2025⁵
	1 Year	5 Year	10 Year
PGPE Class I NAV Based TR	5.8%	13.6%	10.7%
PGPE Class A NAV Based TR	5.1%	12.8%	n.a.⁶
PGPE Class A NAV Based TR with Sales Load⁷	1.4%	12.0%	n.a.⁶
MSCI World TR⁴	7.0%	16.1%	9.5%

Portfolio positioning

As has been the case since the Fund’s inception, the Adviser’s relative value views will vary across asset class, investment type, geography, or position in the capital structure. We believe that the flexibility afforded by the Fund’s ability to make Direct Investments and primary and secondary Private Equity Fund Investments in a variety of markets, regions, and sectors, will continue to help the Fund achieve its investment objectives. Private Equity Secondary and Direct Investments were the investment focus of 2024. This approach allowed to capitalize on the appealing opportunities within the secondary market, while also continuing to leverage direct investments, which we believe will be the key driver of returns in the future.

As of March 31, 2025, the Fund has direct and indirect exposure to more than 3,000 portfolio companies with the top 20 representing 25.0% of the portfolio. Geographic splits are North America (53%), Europe (38%), Asia-Pacific (6%), and other regions (3%). Of these, the Fund held direct interests in 417 assets (64% of portfolio value), 223 primary commitments (14%), 81 stakes in secondary investments (16%), and 110 listed investments (6%). The Fund is further diversified across more than 15 different vintage years.

We expect to maintain a structural overweight to Private Equity Direct investments and opportunistic secondaries in 2025. While secondaries can be an attractive source of returns in the near-term if LP portfolios are acquired at a discount, we believe that ultimately the value created by direct investments is essential for long-term performance of the Fund.

Private Equity

In 2024, the Fund maintained an overweight allocation in Private Equity, with direct investments complemented by exposure to secondary and primary investments. Private Equity Direct Investments were the largest contributor to the positive performance during the year, accounting for about 35% of the Fund’s investment value creation.

Partners Group Private Equity (Master Fund), LLC

Management’s Discussion of Fund Performance (Unaudited)
March 31, 2025 (continued)

Within our Private Equity portfolio, our strategy is a defensive and disciplined approach in how we select and manage our portfolio companies. We buy market-leading business in non-cyclical sectors that are poised for future expansion, and we reenforce these already-strong companies with expertise that our network of experienced Operating Directors brings. We aim to capitalize on organic growth by harnessing transformation and digitalization in sectors that have the potential to become less labor-intensive and where a greater reliance on technology-enabled solutions is appealing.

During the fiscal year, the portfolio companies in the Fund exhibited remarkable EBITDA growth despite the market volatility. We believe this demonstrates the expertise of the investment team in identifying and capitalizing on non-cyclical themes such as technology and industrial sectors. The active involvement of the investment team with portfolio companies also played a crucial role in driving EBITDA growth, showing the value of hands-on management in the success of a company. Furthermore, our active involvement in risk management ensured that a substantial majority of our Private Equity Direct portfolio is protected against fluctuations in variable interest rates with interest rate hedges in place and debt maturities in 2028 and beyond.

Private Debt

Private Debt continued to be appealing in 2024 due to the favorable environment of relatively higher interest rates. The yield in the Private Debt portfolio provided attractive risk-adjusted return, and we added to this position to capitalize on the trend, particularly while the buyout transaction volumes remained below pre-pandemic levels. The direct lending market has been steadily growing, capturing market share from the traditional bank-led syndicated loan market and positioning itself as a credible alternative to conventional bank lending, particularly for large financing transactions.

Given these trends, the Fund maintained its tactical target allocation to Private Debt throughout the financial year. Our approach involved a thematic analysis, focusing on specific sectors and companies and benefiting from our direct underwriting capabilities. We actively sought opportunities characterized by substantial equity cushions, moderate leverage, and contractual safeguards. The Fund’s portfolio reflects both high diversification and selectivity, allowing us to mitigate risks associated with lower-rated issuers.

Private Infrastructure

During the financial year, the Fund’s allocation to Private Infrastructure remains well-positioned. Private Infrastructure’s inherent link to inflation and essential services has effectively shielded it from inflationary pressures and demand challenges. Consequently, the asset class was the second largest contributor to the positive performance during the year, accounting for about 20% of the Fund’s investment value creation.

To build value in our infrastructure businesses, we focus on platform expansion coupled with entrepreneurship at scale to cultivate businesses within high-conviction thematic areas. We do so at reasonable valuations by buying mid-stage companies with future value-add potential, rather than paying premiums for established (“core”) infrastructure businesses. Our value-add approach to infrastructure earns returns that are attractive in the Fund’s Private Equity-focused portfolio, while providing diversification of return drivers.

Other investments

A considerably smaller portion of the Fund’s investments is allocated to other liquid assets, including Common Stocks (both listed infrastructure and listed Private Equity). Additionally, to a lesser degree, the Fund also invests nominal amounts in Asset-Backed Securities

In 2024, the liquid portion of the fund experienced strong single digit performance with a bifurcation in performance between listed Private Equity and infrastructure. The Private Equity listed portfolio fared better than the infrastructure listed portfolio during this period. Asset managers played a pivotal role in the strong performance of listed Private Equity assets. This was fueled by robust credit fundraising, their expansion into the insurance sector, and the anticipation that several key holdings might be included in the S&P 500 index.

Looking ahead

At a macro level, the global economy continues to display signs of overall resilience, but the outlook is heavily dependent on US policy shifts, notably regarding tariffs which is fueling uncertainty. Inflation has moderated across major developed economies, but recent upticks in the US in particular highlight ongoing challenges in fully cooling price growth. Central banks are navigating this complex landscape with cautious monetary policy adjustments. In its base case, Partners Group anticipates

Partners Group Private Equity (Master Fund), LLC

Management’s Discussion of Fund Performance (Unaudited)
March 31, 2025 (continued)

an investment landscape characterized by inflation and interest rate volatility, which will lead to fluctuations in valuations and cash flows. This situation reinforces the need for disciplined underwriting, with a careful approach to leverage as well as a focus on margin resilience.

Since the announcement by the US administration of new tariffs on April 2, we have witnessed increased volatility in public markets and rising levels of uncertainty in the macro-economic environment. The impact of new tariffs announced by the US administration on the Fund is low. 86% of PGPE’s control direct Private Equity portfolio is either out of tariff scope or expected to see limited impact, with significant diversification across sectors like Industrial Services, Information Technology, and Health Care. The Fund is purpose-built from 20+ years of experience learned from past crises like the global financial crisis and COVID-19 pandemic. The fund is well-positioned to weather market volatility with a diversified portfolio of high-quality assets, ample liquidity, and flexibility to take advantage of attractive investment opportunities that arise from market dislocation.

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

Sincerely,

Partners Group (USA) Inc.

Note: Data as of March 31, 2025.

1.	Terms used but not defined in this letter have the meanings set forth in the Notes to the Fund’s Financial Statements for the fiscal year ended March 31, 2025 hereinafter appearing.

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

3.	Data as of December 31, 2024. The Fund’s LTM EBITDA margins (%), Private Equity Direct portfolio companies, NAV-weighted. The Fund’s LTM EBITDA margins (%), PG Private Equity Direct portfolio companies, NAV-weighted.

The MSCI World Index captures large and mid cap representation across 23 Developed Markets (DM) countries. With 1,539 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. The MSCI World Index was launched on Mar 31, 1986. Data prior to the launch date is back-tested data (i.e. calculations of how the index might have performed over that time period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance — whether actual or back-tested — is no indication or guarantee of future performance. The index is unmanaged and does not include fees. Investors may not invest in the index directly. The index does not serve as a benchmark for the Fund and the index performance is presented for illustrative purposes only.

6.	The inception date of Class A is December 31, 2016.

7.	Assumes Maximum Placement Fee for Class A of 3.50%.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025

INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS

Public Investments (8.26%)
Common Stocks (4.89%)

North America (2.85%)

Industry

Acquisition
Date

Shares

Fair
Value

American Tower Corp.

Communication

05/29/20

144,186

31,389,292

American Water Works Co., Inc.

Utilities

02/16/16

184,163

27,178,776

Apollo Global Management, LLC

Diversified Financial Services

09/05/23

160,529

21,982,841

Ares Capital Corp.

Diversified Financial Services

02/16/16

463,366

10,268,191

Ares Management Corp.

Diversified Financial Services

06/28/19

80,588

11,806,948

Atmos Energy Corp.

Utilities

02/16/16

148,398

22,937,879

Blackstone Group, Inc.

Diversified Financial Services

07/12/19

97,638

13,643,934

Blue Owl Capital, Inc.

Financials

10/21/24

245,311

4,916,033

Brookfield Corp.

Diversified Financial Services

12/12/22

160,530

8,411,772

Canadian National Railway Co.

Transportation

05/14/19

209,549

20,351,526

CMS Energy Corp.

Utilities

11/01/19

280,605

21,079,048

Crown Castle International Corp.

Communication

02/16/16

118,153

12,318,632

CSX Corp.

Transportation

11/28/23

509,003

14,969,778

Equinix Inc.

Diversified Financial Services

07/31/20

22,565

18,382,803

Golub Capital BDC Inc.

Diversified Financial Services

02/24/22

686,115

10,380,920

HarbourVest Global Private Equity

Diversified Financial Services

12/21/18

552,038

18,066,835

KKR & Co., Inc.

Diversified Financial Services

02/16/16

136,879

15,824,581

Old Dominion Freight Line, Inc.

Transportation

09/25/24

58,456

9,666,284

Onex Corp.

Diversified Financial Services

02/16/16

160,988

10,742,733

Republic Services Inc.

Commercial & Professional Services

08/28/17

104,545

25,327,072

SBA Communications Corp.

Real Estate

09/05/23

71,489

15,728,295

Sempra Energy

Utilities

06/28/23

224,963

16,046,611

TC Energy Corp.

Utilities

11/01/19

426,965

20,147,521

Tempus AI, Inc.

Health Care

03/17/25

4,126

198,915

The Williams Companies, Inc.

Utilities

03/20/23

307,168

18,350,216

TPG Inc.

Financials

09/25/24

142,760

6,765,396

Union Pacific Corp.

Transportation

06/29/16

107,665

25,432,626

Waste Management Inc.

Utilities

07/02/20

78,590

18,188,870

Total North America (2.85%)

450,504,328

Western Europe (2.04%)

3i Group Plc

Diversified Financial Services

10/01/20

450,987

21,053,659

Aena SA

Transportation

12/21/18

128,065

29,957,877

Cellnex Telecom SA

Communication

05/15/19

1,162,869

41,230,994

CVC Capital Partners Plc

Financials

04/26/24

635,527

12,509,031

Elia System Operator SA/NV

Utilities

11/03/22

121,217

10,492,747

EQT AB

Diversified Financial Services

04/06/20

249,557

7,563,547

Eurazeo SA

Financials

12/12/16

160,485

11,803,307

Ferrovial SA

Industrials

04/15/24

340,864

15,159,665

HBM Healthcare Investments AG

Diversified Financial Services

04/07/20

37,705

7,713,161

HgCapital Trust PLC

Diversified Financial Services

02/12/16

3,449,053

22,486,735

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Public Investments (continued)
Common Stocks (continued)

Western Europe (continued)

Industry

Acquisition
Date

Shares

Fair
Value

Infrastrutture Wireless Italiane S.p.A.

Communication

09/26/24

1,308,378

13,826,625

Intermediate Capital Group PLC

Diversified Financial Services

12/12/16

764,172

19,277,505

Investor AB

Diversified Financial Services

08/28/17

436,532

12,973,928

National Grid PLC

Utilities

02/12/16

1,866,431

24,312,983

NB Private Equity Partners Ltd.

Diversified Financial Services

11/06/19

338,673

6,611,005

Pantheon International Participations Plc

Diversified Financial Services

11/04/19

1,963,880

7,593,587

Terna Rete Elettrica Nazionale SpA

Utilities

01/05/18

2,764,278

24,963,991

Vinci SA

Transportation

02/12/16

255,603

32,090,836

Total Western Europe (2.04%)

321,621,183

Total Common Stocks (Cost $723,505,433)(4.89%)

772,125,511

High Yield Bonds (0.81%)	Interest	Acquisition Date		Maturity Date		Investment Type	Principal		Fair Value^**
North America (0.18%)
Acrisure LLC / Acrisure Finance, Inc. ^{***, +}	7.50%		06/05/24		11/06/30	Senior	$	3,000,000	$	3,141,025
Camelot Return Merger Sub Inc. ^{***, +}	Cash 8.75% + SF^vvv		07/20/22		08/01/28	Senior		1,500,000		1,237,335
Clarios Global LP / Clarios US Finance Co ^{***, +}	Cash 6.75% + SF^vvv		01/14/25		02/15/30	Senior		400,000		404,256
Clarios Global LP / Clarios US Finance Co. ^{***, +}	4.375%		06/21/24		05/15/26	Senior	€	1,575,000		1,727,089
CommScope LLC ^{***, +}	Cash 9.50% + SF^vvv		12/17/24		12/17/31	Senior	$	718,000		712,767
Pactiv Evergreen Group ^{***, +}	4.00%		06/20/24		10/15/27	Senior		7,941,333		8,227,555
Quikrete Holdings Inc. ^{***, +}	Cash 6.38% + SF^vvv		01/31/25		03/01/32	Senior		933,000		938,645
Radiology Partners, Inc. ⁺	8.50%		04/22/24		01/31/29	Senior		7,715,086		7,743,304
Raven Acquisition Holdings LLC ^{***, +}	6.87%		10/14/24		11/15/31	Senior		1,200,000		1,169,100
UPCB Finance VII Ltd. ^{***, +}	3.625%		06/24/24		06/15/29	Senior	€	3,525,287		3,869,434
Total North America (0.18%)										29,170,510

Western Europe (0.63%)
AccorInvest Group S.A. ^{***, +, d}	6.375%		09/18/24		10/15/29	Senior		738,000		822,853
Belron UK Finance PLC ^{***, +, d}	5.75%		10/02/24		10/15/29	Senior	$	3,667,000		3,644,045
Deuce Finco Plc ⁺	5.50%		06/24/24		06/15/27	Senior	£	5,873,770		6,450,171
Deuce Finco Plc ^{***, +}	5.50%		05/01/24		06/15/27	Senior		4,991,735		7,740,206
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC ^{***, +}	7.25%		05/08/24		02/15/31	Senior	$	5,000,000		5,099,737
IMA Industria Macchine ^{***, +}	3.75%		06/20/24		01/15/28	Senior	€	6,000,000		6,446,490
INEOS Finance Plc ^{***, +}	7.50%		01/31/24		04/15/29	Senior	$	1,800,000		1,857,015
Ineos Quattro Finance 2 ^{***, +}	2.50%		06/19/24		01/15/26	Senior	€	—		—
Miller Homes Group Finco Plc ⁺	7.00%		02/26/24		05/15/29	Senior	£	3,570,097		4,477,970
Nobian Finance B.V. ^{***, +}	3.625%		06/19/24		07/15/26	Senior	€	10,000,000		10,837,134
ONE Hotels GmbH ^{***, +}	7.75%		05/02/24		04/02/31	Senior		2,000,000		2,377,835
Rossini S.à.r.l. ^{***, +}	6.75%		07/11/24		12/31/29	Senior		906,000		1,023,212
Rossini S.à.r.l. ^{***, +}	3.875% + E^##		07/11/24		12/31/29	Senior		2,840,000		3,087,860
Sammontana Italia S.p.A. ^{***, +, d}	3.75% + E^##		10/02/24		08/15/31	Senior		3,294,000		3,574,012
Sherwood Financing PLC ^{+, d}	6.00%		12/03/24		11/15/26	Senior	£	3,883,333		5,255,640
Sherwood Financing PLC ^{***, +}	5.55% + E^##		11/28/24		12/15/29	Senior	€	4,800,000		5,194,243
Summer BC Holdco A S.à.r.l. ⁺	9.25%		05/08/24		10/31/27	Senior		2,695,170		3,383,654
TeamSystem SpA ^{***, +}	3.50% + E^##		07/17/24		07/31/31	Senior		3,830,000		4,145,317
TeamSystem SpA ^{***, +}	3.50%		06/20/24		02/15/28	Senior		5,959,726		6,462,050

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Public Investments (continued)
Common Stocks (continued)

High Yield Bonds (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Verisure Holding AB ^{***, +}

3.25%

06/20/24

02/15/27

Senior

10,000,000

10,703,543

Wp/ap Telecom Holdings III B.V. ^{***, +}

5.50%

05/29/24

01/15/30

Senior

€

5,874,875

6,509,838

Total Western Europe (0.63%)

99,092,825

Total High Yield Bonds (Cost $122,837,666)(0.81%)

128,263,335

Asset-Backed Securities (0.49%)
North America (0.35%)

AGL CLO 9 Ltd. ^{***, +}

6.50% + SF^vv

04/11/24

04/20/37

Series 2020-9A, Class ER

3,500,000

3,619,076

AIMCO CLO 21 Ltd. ^{***, +}

6.00% + SF^vv

04/09/24

04/18/37

Series 2024-21A, Class E

3,000,000

3,096,498

AIMCO CLO Series 2015-A ^{***, +}

6.35% + SF^vv

08/21/24

10/17/34

Series 2015-AA, Class ER3

1,967,607

1,979,465

Ballyrock CLO 18 Ltd . ⁺

5.25+ SF^vv

03/21/25

04/15/38

Series 2021-18A, Class DR

2,260,000

2,276,153

Ballyrock CLO 20 Ltd. ^{***, +}

6.20% + SF^vv

09/18/24

10/15/36

Series 2022-20A, Class DR2

3,000,000

3,006,586

Benefit Street Partners CLO XXXIV Ltd. ^{***, +}

6.70% + SF^vv

03/22/24

07/25/37

Series 2024-34A, Class E

1,000,000

1,033,283

Benefit Street Partners CLO XXXIV Ltd. ^{***, +}

0.00%

03/22/24

07/25/37

Series 2024-34A, Class SUB

2,500,000

1,896,750

CIFC Funding 2019-VI Ltd. ^{***, +}

6.25% + SF^vv

05/22/24

07/16/37

Series 2019-6A, Class ER

1,200,000

1,232,669

CIFC Funding 2021-I Ltd. ^{***, +}

6.00% + SF^vv

06/03/24

07/25/37

Series 2021-1A, Class ER

2,500,000

2,563,165

CIFC Funding 2021-VI Ltd. ^{***, +}

6.51% + SF^vv

09/22/21

10/15/34

Series 2021-6A, Class E

1,500,000

1,534,067

CIFC Funding 2022-IV Ltd. ^{***, +}

7.00% + SF^vv

04/20/22

07/16/35

Series 2022-4A, Class E

1,250,000

1,284,532

CIFC Funding 2024-II Ltd. ^{***, +}

0.00%

04/01/24

04/22/37

Series 2024-2A, Class SUBB

3,000,000

2,413,500

CIFC Funding Ltd. ^{***, +}

7.27% + SF^vv

04/05/22

04/21/35

Series 2022-3A, Class E

1,000,000

1,029,887

Elmwood CLO 26 Ltd. ^{***, +}

6.45% + SF^vv

02/15/24

04/18/37

Series 2024-1A, Class E

2,500,000

2,563,891

Elmwood CLO 28 Ltd. ^{***, +}

6.00% + SF^vv

04/19/24

04/17/37

Series 2024-4A, Class E

1,400,000

1,446,540

Elmwood CLO VII Ltd. ^{***, +}

5.90% + SF^vv

09/26/24

10/17/37

Series 2020-4A, Class ERR

2,750,000

2,750,057

Elmwood CLO X Ltd. ^{***, +}

5.85% + SF^vv

04/05/24

07/20/37

Series 2021-3A, Class ER

4,500,000

4,462,217

Magnetite XXIV Ltd. ^{***, +}

6.40% + SF^vv

02/04/22

04/15/35

Series 2019-24A, Class ER

4,000,000

4,106,983

OHA Credit Funding 19 Ltd. ^{***, +}

5.60% + SF^vv

05/31/24

07/20/37

Series 2024-19A, Class E

950,000

979,483

OHA Credit Funding 6 Ltd. ^{***, +}

5.25%+ SF^vv

10/11/24

10/20/37

Series 2020-6A, Class ER2

2,000,000

2,010,456

OHA Credit Partners XI Ltd. ^{***, +}

5.75% + SF^vv

05/06/24

04/20/37

Series 2015-11A, Class ER2

2,000,000

2,047,192

Palmer Square CLO 2024-2 Ltd. ^{***, +}

5.70% + SF^vv

05/30/24

07/20/37

Series 2024-2A, Class E

4,000,000

4,118,553

Southwick Park CLO LLC ^{***, +}

6.51% + SF^vv

11/16/21

07/20/32

Series 2019-4A, Class ER

800,000

794,739

Symphony CLO XXV Ltd. ^{***, +}

6.76% + SF^vv

03/12/21

04/19/34

Series 2021-25A, Class E

752,616

762,459

Wellman Park CLO Ltd. ^{***, +}

6.30% + SF^vv

07/25/24

07/15/37

Series 2021-1A, Class ER

2,000,000

2,054,385

Total North America (0.35%)

55,062,586

Western Europe (0.14%)

Aurium CLO V Designated Activity Co. ^{***, +}

6.16% + E^##

03/08/21

04/17/34

Series 5A, Class ER

€

1,500,000

1,644,234

Aurium CLO VII DAC ^{***, +}

5.86% + E^##

02/04/22

05/15/34

Series 7A, Class E

1,521,243

1,628,745

Avoca CLO XXVI DAC ^{***, +}

9.12% + E^##

02/23/22

04/15/35

Series 26A, Class F

1,200,000

1,325,955

Avoca CLO XXVI DAC ^{***, +}

6.51% + E^##

02/23/22

04/15/35

Series 26A, Class E

750,000

829,124

Blackrock European CLO VIII DAC ^{***, +}

6.26% + E^##

02/03/22

01/20/36

Series 8A, Class ER

1,000,000

1,089,977

Boyce Park CLO Ltd. ^{***, +}

6.25% + SF^vv

01/28/22

04/21/35

Series 2022-1A, Class E

2,625,000

2,668,271

Brookhaven Park CLO Ltd. ^{***, +}

6.50% + SF^vv

03/15/24

04/19/37

Series 2024-1A, Class E

1,000,000

1,037,740

Carlyle Euro CLO 2021-1 DAC ^{***, +}

6.12% + E^##

05/01/21

04/15/34

Series 2021-1A, Class D

€

333,000

366,131

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Public Investments (continued)
Asset-Backed Securities (continued)

Western Europe (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Carlyle Global Market Strategies 2015-1 Ltd. ^{***, +}

0.00%

01/20/22

01/16/33

Series 2015-1A, Class SUB

3,000,000

818,745

Carlyle Global Market Strategies 2015-1 Ltd. ^{***, +}

5.50% + E^##

01/20/22

01/16/33

Series 2015-1A, Class DR

1,502,063

1,644,689

Carysfort Park CLO ^{***, +}

6.14% + E^##

03/12/21

07/28/34

Series 2021-1A, Class D

500,000

553,521

Octagon 58 Ltd. ^{***, +}

7.20% + SF^vv

04/21/22

07/15/37

Series 2022-1A, Class E

2,140,000

2,191,387

Otranto Park CLO ^{***, +}

7.05% + E^##

03/04/22

05/15/35

Series 1A, Class E

€

1,172,000

1,302,183

Otranto Park CLO ^{***, +}

4.15% + E^##

03/04/22

05/15/35

Series 1A, Class D

750,000

822,725

Palmer Square European Loan Funding 2022-1 DAC ^{***, +}

5.90% + E^##

02/03/22

10/15/31

Series 2022-1A, Class E

667,000

736,141

Palmer Square European Loan Funding 2022-1 DAC ^{***, +}

8.05% + E^##

02/03/22

10/15/31

Series 2022-1A, Class F

500,000

547,984

Palmer Square European Loan Funding 2024-1 DAC ^{***, +}

6.75% + E^##

02/22/24

08/15/33

Series 2024-1A, Class E

1,230,000

1,343,140

Storm King Park CLO Ltd. ^{***, +}

6.15% + SF^vv

09/17/24

10/15/37

Series 2022-1A, Class ER

1,500,000

1,508,349

Total Western Europe (0.14%)

22,059,041

Total Asset-Backed Securities (Cost $77,942,191)(0.49%)

77,121,627

Floating Rate Loans (2.07%) North America (1.53%)

AAL Delaware Holdco, Inc. ⁺

3.50% + SF^v

09/30/24

07/30/31

Senior

798,000

793,268

Ahead DB Holdings, LLC ^{+, f}

Cash 3.00% + SF (0.75% Floor)^vv

03/26/25

02/01/31

Senior

2,000,000

1,998,920

AIT Worldwide Logistics, Inc. ⁺

4.75% + SF^vv

12/09/24

04/08/30

Senior

3,990,000

3,992,075

Alliant Holdings Intermediate LLC ⁺

3.00% + SF^v

09/12/24

09/19/31

Senior

4,975,000

4,950,125

Alpha Generation LLC ⁺

2.75% + SF^v

09/19/24

09/30/31

Senior

1,194,000

1,195,875

Amentum Government Services Holdings LLC ⁺

2.25% + SF^v

07/30/24

09/29/31

Senior

997,500

966,647

Archkey Solutions LLC ^{+, e}

Cash 4.75% + SF^vv

03/03/25

11/01/31

Senior

2,600,000

2,600,201

Aspire Bakeries Holdings LLC ⁺

4.25% + SF^v

12/31/24

12/13/30

Senior

994,975

998,706

Avalara, Inc. ^{+, e, f}

Cash 3.25% + SF^vv

03/21/25

03/26/32

Senior

4,500,000

4,482,590

BCPE Empire Holdings, Inc. ⁺

3.50% + SF^v

12/31/24

12/11/28

Senior

2,300,000

2,271,250

Bella Holding Company, LLC ⁺

Cash 3.25% + SF (0.75% Floor)^vv

03/31/25

05/10/28

Senior

3,482,019

3,479,372

Belron Finance 2019 LLC ^{+, d}

2.75% + SF^vv

10/02/24

10/16/31

Senior

8,258,500

8,254,701

CCC Intelligent Solutions Inc. ⁺

2.00% + SF^v

03/31/25

01/23/32

Senior

997,500

996,881

CHG Healthcare Services, Inc. ⁺

3.00% + SF^v

09/30/24

09/29/28

Senior

1,790,955

1,790,614

Citrin Cooperman Advisors LLC ^{+, f}

Cash 3.00% + SF^vv

03/06/25

04/01/32

Senior

254,545

253,036

Citrin Cooperman Advisors LLC ^{+, f}

Cash 3.00% + SF^vv

03/06/25

04/01/32

Senior

3,945,455

3,922,058

Clarios Global LP ⁺

4.5% + SF^v

03/31/25

01/28/32

Senior

2,100,000

2,072,007

Clydesdale Acquisition Holdings Inc. ^{+, f}

Cash 3.25% + SF (0.50% Floor)^vv

03/27/25

04/01/32

Senior

53,265

53,032

Clydesdale Acquisition Holdings Inc. ^{+, f}

Cash 3.25% + SF (0.50% Floor)^vv

03/27/25

04/01/32

Senior

3,046,735

3,033,421

Cotiviti Corporation ^{+, f}

Cash 2.75% + SF^vv

02/14/25

03/26/32

Senior

4,500,000

4,404,375

CPPIB Capital, Inc. ⁺

3.25% + SF^vv

09/30/24

08/20/31

Senior

1,393,001

1,385,744

Cube Industrials Buyer Inc. ⁺

3.50% + SF^vv

10/28/24

10/17/31

Senior

1,000,000

994,590

Delta 2 (LUX) S.à.r.l. ^{+, d}

09/10/24

09/30/31

Senior

1,033,333

1,033,013

Delta 2 (LUX) S.à.r.l. ⁺

2.00% + SF^vv

09/10/24

09/10/31

Senior

2,061,434

2,060,794

Dragon Buyer, Inc. ⁺

3.00% + SF^vv

09/24/24

09/30/31

Senior

5,785,500

5,749,341

Dynamo Newco II GmbH ⁺

4.00% + SF^vvv

09/25/24

09/26/31

Senior

4,626,750

4,636,883

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Public Investments (continued)
Floating Rate Loans (continued)

North America (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

ECO Material Tech Inc. ⁺

Cash 3.25% + SF^vv

03/31/25

02/12/32

Senior

2,000,000

1,995,640

Epic Crude Services, LP ⁺

3.00% + SF^vv

10/22/24

10/15/31

Senior

2,250,000

2,252,002

First Brands Group, LLC ⁺

5.00% + SF^vv

11/15/24

03/30/27

Senior

1,247,392

1,162,033

First Brands Group, LLC ⁺

5.00% + SF^vv

11/12/24

03/30/27

Senior

742,598

692,012

Focus Financial Partners, LLC ^{+, f}

Cash 2.75% + SF^vv

01/28/25

09/15/31

Senior

949,615

941,581

Focus Financial Partners, LLC ⁺

5.00% + P

02/24/25

09/15/31

Senior

3,148,005

3,121,373

Fortis 333, Inc. ⁺

3.50% + SF^v

02/06/25

03/29/32

Senior

1,600,000

1,592,000

Froneri International Ltd. ^{+, d}

2.00% + SF^vv

09/17/24

09/17/31

Senior

4,000,000

3,979,240

Genesys Cloud Services Holdings II LLC ⁺

Cash 2.50% + SF^vv

03/31/25

01/30/32

Senior

6,600,000

6,538,752

GFL Environmental Inc. ⁺

Cash 2.50% + SF^vv

03/07/25

02/04/32

Senior

1,200,000

1,191,000

Gloves Buyer, Inc. ^{+, f}

4.00% + SF^v

01/17/25

01/17/32

Senior

3,400,000

3,278,178

Golden State Food LLC ⁺

4.25% + SF^v

12/12/24

12/04/31

Senior

2,636,816

2,648,629

Hanger, Inc. ^{+, e}

3.50% + SF^v

12/31/24

10/23/31

Senior

1,949,049

1,950,063

Hanger, Inc. ^{+, e}

3.50% + SF^v

10/16/24

10/23/31

Senior

250,951

36,648

Hobbs & Associates LLC ⁺

3.25% + SF^vv

07/16/24

07/23/31

Senior

498,750

492,516

Hobbs & Associates LLC ^{+, e}

3.25% + SF^v

09/30/24

07/23/31

Senior

5,000,000

4,934,000

Holding Socotec ^{+, d}

3.75% + SF

11/22/24

06/30/28

Senior

1,455,000

1,457,735

Illuminate Buyer, LLC ^{+, d}

10/10/24

12/31/29

Senior

1,592,000

1,590,010

Inmar, Inc. ⁺

5.00% + SF^v

12/31/24

10/30/31

Senior

2,288,500

2,290,651

Iridium Satellite LLC ^{+, f}

4.75% + SF^v

03/26/25

09/20/30

Senior

2,992,424

2,948,017

John Bean Technologies Corp ^{+, d, f}

10/09/24

10/09/31

Senior

1,000,000

1,000,730

Kaman Corporation ^{+, e}

Cash 2.75% + SF (0.50% Floor)^vv

03/06/25

02/26/32

Senior

2,500,000

2,256,617

Kaseya Inc. ⁺

Cash 3.25% + SF^vv

03/31/25

03/20/32

Senior

5,300,000

5,290,089

KKR Apple Bidco, LLC ⁺

3.25% + SF^v

02/14/25

09/23/31

Senior

4,500,000

4,472,595

Lernen Bidco Ltd. ⁺

4.00% + SF^vv

11/04/24

10/27/31

Senior

4,189,500

4,192,139

LSF12 Crown US Commercial Bidco LLC ^{+, d}

CME Term SOFR + 4.25%

10/11/24

12/02/31

Senior

6,800,000

6,692,356

Madison IAQ LLC ^{+, f}

Cash 3.25% + SF (0.50% Floor)^vv

03/28/25

03/28/32

Senior

6,000,000

5,940,000

Madison Safety & Flow LLC ^{+, f}

Cash 2.75% + SF^vv

09/26/24

09/26/31

Senior

1,990,000

1,985,025

Minimax Viking GmbH ⁺

Cash 2.25% + SF^vv

03/27/25

03/17/32

Senior

2,100,000

2,096,073

MJH Healthcare Holdings, LLC ^{+, f}

Cash 3.25% + SF^vv

03/26/25

01/28/29

Senior

1,994,975

1,986,676

Newly Weds Foods Inc. ⁺

Cash 2.25% + SF^vv

03/19/25

03/15/32

Senior

4,500,000

4,477,500

Nielsen Consumer Inc. ⁺

5.00% + SF^v

03/31/25

03/06/28

Senior

4,600,000

4,590,800

NSM Top Holdings Corp. ⁺

5.25% + SF^vv

08/05/24

05/14/29

Senior

1,890,500

1,904,679

Nuvei Technologies Corp. ⁺

3.00% + SF^v

12/13/24

11/15/31

Senior

3,750,000

3,730,200

Nvent Electric Public Limited Company ⁺

Cash 3.50% + SF^vv

03/31/25

01/30/32

Senior

1,850,000

1,851,924

Paint Intermediate III LLC ⁺

3.00% + SF^vv

09/11/24

09/11/31

Senior

1,300,000

1,300,819

Plano HoldCo, Inc. ⁺

3.50% + SF^vv

08/02/24

08/15/31

Senior

4,800,000

4,788,000

Quartz Acquireco LLC ^{+, f}

Cash 2.25% + SF^vv

03/25/25

06/28/30

Senior

4,987,342

4,962,405

Quikrete Holdings, Inc. ⁺

Cash 2.25% + SF^vv

03/31/25

02/10/32

Senior

2,880,000

2,851,286

Raven Acquisition Holdings LLC ^{+, e}

3.25% + SF^v

12/31/24

11/19/31

Senior

3,000,000

2,768,733

Recess Holdings, Inc. ⁺

Cash 3.75% + SF (1.00% Floor)^vv

01/24/25

02/20/30

Senior

2,481,250

2,485,915

Red Planet Borrower, LLC ⁺

5.25% + SF^v

12/31/24

10/02/28

Senior

3,200,000

3,201,344

Rohm Holding GmbH ^{+, f}

Cash 5.50% + SF^vvv; PIK 1.49%

02/19/25

01/31/29

Senior

2,000,000

1,926,260

Ryan Specialty Group LLC ⁺

2.25% + SF^v

09/10/24

09/15/31

Senior

997,500

996,383

Sauer Brands Inc. ⁺

Cash 3.25% + SF^vv

02/04/25

02/05/32

Senior

86,207

86,228

Sauer Brands Inc. ⁺

Cash 3.25% + SF^vv

03/31/25

02/04/32

Senior

913,793

914,022

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Public Investments (continued)
Floating Rate Loans (continued)

North America (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Southern Veterinary Partners, LLC ⁺

3.25% + SF^vv

12/05/24

12/04/31

Senior

1,900,000

1,896,960

Stonepeak Nile Parent LLC ⁺

2.75% + SF^v

02/03/25

04/09/32

Senior

1,800,000

1,795,230

Storable, Inc. ⁺

Cash 3.25% + SF^vv

03/31/25

04/16/31

Senior

2,800,000

2,786,896

Summer (BC) Holdco B S.à.r.l. ⁺

Cash 8.75% + SF^vvv

03/31/25

02/15/29

Senior

4,700,000

4,698,073

Summit Acquisition Inc. ⁺

3.75% + SF^vv

12/31/24

10/16/31

Senior

1,000,000

1,001,250

Sunrise Financing Partnership ⁺

2.50% + SF^vvv

03/28/25

02/15/32

Senior

4,300,000

4,264,310

Tecta America Corp. ⁺

Cash 3.00% + SF^vv

02/12/25

02/18/32

Senior

2,800,000

2,782,864

Terex Corporation ⁺

2.00% + SF^v

12/31/24

10/08/31

Senior

2,000,000

2,005,000

Thevelia (US) LLC ⁺

3.00% + SF^vv

09/30/24

06/18/29

Senior

2,183,417

2,181,605

Thunder Generation Funding LLC ⁺

3.00% + SF^vv

09/27/24

09/27/31

Senior

5,970,000

5,976,567

Tidal Waste & Recycling Holdings LLC ⁺

3.50% + SF^vv

12/31/24

10/24/31

Senior

1,000,000

1,002,030

TK Elevator Midco GmbH ^{+, f}

3.00% + SF^v

03/04/25

04/30/30

Senior

2,575,000

2,571,318

TMF Group Holding B.V. ^{+, f}

Cash 2.75% + SF^vv

01/15/25

05/03/28

Senior

563,000

560,421

TransDigm, Inc. ⁺

2.50% + SF^vv

09/25/24

01/19/32

Senior

4,676,500

4,657,654

USALCO LLC ^{+, d, e, f}

4.00% + SF^v

09/17/24

09/17/31

Senior

1,646,260

1,493,592

Varsity Brands, Inc. ^{+, f}

Cash 3.50% + SF^vv

08/26/24

08/26/31

Senior

3,800,000

3,732,322

Worldwide Express Operations, LLC ⁺

4.00%+SF^vv

12/31/24

07/26/28

Senior

3,581,491

3,540,913

Zacapa S.à.r.l. ⁺

3.75% + SF^vv

12/31/24

03/22/29

Senior

1,591,803

1,592,137

Total North America (1.53%)

240,749,539

Western Europe (0.54%)

AccorInvest Group SA ⁺

5.25% + E^##

02/28/25

06/10/27

Senior

€

542,075

587,634

AD Education ^{+, d}

4.00% + E^####

10/22/24

11/14/31

Senior

4,500,000

4,863,041

Albion Financing 3 S.à.r.l. ⁺

Cash 3.00% + SF (0.50% Floor)^vv

02/14/25

08/16/29

Senior

1,000,000

1,002,190

Care Bidco SAS ^{+, d, f}

3.50% + E^##

05/13/24

11/06/28

Senior

€

2,100,000

2,267,990

CD&R Firefly Bidco Ltd. ^{+, d, f}

5.50% + S^>>

04/03/24

04/29/29

Senior

5,000,000

6,460,037

Chrysaor Bidco S.à.r.l. ⁺

SF^v

05/15/24

05/14/24

2,626,875

2,609,029

Elsan SAS ⁺

3.35% + E^##

09/26/24

06/16/28

Senior

€

5,000,000

5,372,329

HBX Group International PLC ^{+, f}

Cash 2.75% + E^###

03/26/25

02/18/32

Senior

5,200,000

5,622,996

IGT Holding IV AB ^{+, f}

Cash 3.50% + SF (0.50% Floor)^vvv

03/19/25

09/01/31

Senior

1,500,000

1,503,750

Inspired FinCo Holdings Ltd. ^{+, f}

Cash 3.25% + E^###

02/06/25

02/28/31

Senior

€

3,300,000

3,551,226

Inspired Finco Holdings Ltd. ^{+, f}

Cash 3.25% + E^###

02/06/19

02/28/31

Senior

1,018,519

1,096,058

Inspired Finco Holdings Ltd. ^{+, f}

3.25% + E^##

02/06/25

02/28/31

Senior

2,037,037

2,192,115

Lorca Holdco Ltd. ⁺

3.70% + E^##

09/24/24

09/17/27

Senior

2,709,458

2,904,431

LSF10 XL Bidco S.C.A. ^{+, d}

4.175% + E^##

05/07/24

04/12/28

Senior

5,000,000

5,265,680

MasOrange Finco Plc ^{+, f}

Cash 2.75% + E^##

02/21/25

03/25/31

Senior

8,100,000

8,682,878

Nobian Finance B.V. ^{+, f}

Cash 3.50% + E^##

03/04/25

07/31/30

Senior

5,400,000

5,810,864

Quimper AB ^{+, d}

3.75% + E^#

05/17/24

03/15/30

Senior

7,000,000

7,588,923

Speedster Bidco GmbH ^{+, d, f}

3.75% + E^##

10/18/24

10/17/31

Senior

10,000,000

10,829,007

Sport Group Holding GmbH ⁺

Cash 4.00% + E^###

01/08/25

07/08/31

Senior

2,600,000

2,815,907

Summer (BC) Holdco B S.à.r.l. ⁺

Cash 4.50% + E^###

03/04/25

01/31/29

Senior

3,737,050

4,034,343

Summer (BC) Holdco B S.à.r.l. ⁺

4.50% + E^##

05/07/24

01/31/29

Senior

570,642

616,038

Total Western Europe (0.54%)

85,676,466

Total Floating Rate Loans (Cost $325,890,297)(2.07%)

326,426,005

Total Public Investments (Cost $1,250,175,587)(8.26%)

1,303,936,478

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (94.72%)
Direct Investments * (63.82%)

Direct Equity (54.88%)

Investment Type

Acquisition
Date

Shares

Fair
Value^**

Asia - Pacific (3.62%)

AAVAS Financiers Limited ^{+, a, e}

Common equity

03/28/18

2,623,753

37,972,607

Argan Mauritius Limited ^{+, a, e}

Common equity

05/09/16

106,215

14,005,149

Compass Education ^{+, a, e}

Common equity

01/21/25

19,328,293

Continuity CNC Capital Limited ^{+, a}

Common equity

03/01/18

1,021

GreenSquare Operating HoldCo Pte. Ltd. ^{+, a, e}

Preferred equity

03/06/25

388,906

242,231

GreenSquare Operating HoldCo Pte. Ltd. ^{+, a, e}

Common equity

03/06/25

7,937

4,944

Huntress Co-Investment L.P., 1 ^{+, a, c}

Limited partnership interest

04/08/16

—

KKR Pebble Co-Invest L.P. ^{+, a, c, e}

Limited partnership interest

05/13/21

—

30,977,607

Murra Warra Asset Hold Trust ^{+, a, e}

Common equity

09/10/18

Murra Warra II Asset Hold Trust ^{+, a, e}

Common equity

07/30/20

7,786

Murra Warra II Project Hold Trust ^{+, a, e}

Common equity

07/30/20

1,947

Murra Warra Project Hold Trust ^{+, a, e}

Common equity

09/10/18

Partners Terra Pte. Ltd. ^{+, a, b, e}

Common equity

05/14/21

7,980,885

11,267,935

PG Esmeralda Pte. Ltd. ^{+, a, b, e}

Common equity

03/03/21

5,433,284

—

PG Esmeralda Pte. Ltd. ^{+, a, b, e}

Preferred equity

03/03/21

7,421,005

21,314,750

PG Loa Pte. Ltd. ^{+, a}

Common equity

04/25/22

1,209,387

1,494,133

PG Loa Pte. Ltd. ^{+, a}

Preferred equity

04/25/22

22,978,363

28,388,532

PG Power Pte. Ltd. ^{+, a, e}

Common equity

10/30/24

3,026,755

1,970,348

Platform Hold Trust ^{+, a, e}

Preferred equity

03/06/25

1,895,469

1,180,597

Sunsure Energy Private Limited ^{+, a, b, c, e}

Member interest

12/27/22

—

11,912,651

Sunsure Energy Private Limited ^{+, a, b, e}

Common equity

12/27/22

481,884

7,319,498

Sunsure Energy Private Limited ^{+, a, b, e}

Preferred equity

12/27/22

1,927,535

3,371,094

TPG Upswing Co-Invest, L.P. ^{+, a, c}

Limited partnership interest

01/10/19

—

14,831,393

Zenith Longitude Limited ^{+, a, b, e}

Common equity

08/13/21

26,838,037

364,712,669

Total Asia - Pacific (3.62%)

570,304,168

North America (25.83%)

Alliant Holdings, L.P. ^{+, a, c}

Limited partnership interest

12/01/21

—

41,673,173

Allied Benefit Systems Holdings LP ^{+, a, c}

Limited partnership interest

10/22/24

—

36,199,840

AmSurg HoldCo, LLC ^{+, a}

Common equity

11/03/23

896,098

33,609,935

AP VIII Prime Security Services Holdings, L.P. ^{+, a, c, e}

Limited partnership interest

05/02/16

—

8,686,530

Astorg VII Co-Invest ERT ^{+, a, c}

Limited partnership interest

01/31/20

—

89,713,097

BCPE Hercules Holdings, LP ^{+, a}

Common equity

07/30/18

869,932

1,953,768

BI Gen Holdings, Inc. ^{+, a}

Common equity

01/01/21

14,561

290,601

CapitalSpring Finance Company, LLC ^{+, a, b}

Common equity

03/01/17

3,020,546

2,251,984

Carestream Dental Technology, Inc. ^{+, a}

Common equity

08/30/24

4,205,000

2,453,050

CB Poly Holdings, LLC ^{+, a, e}

Preferred equity

08/16/16

171,270

26,089,273

CB Titan MidCo Holdings, Inc. ^{+, a}

Common equity

01/01/21

56,634

CBI Parent, L.P. ^{+, a, c}

Limited partnership interest

01/06/21

—

CBI Parent, L.P. ^{+, a}

Preferred equity

10/17/22

5,611,689

—

CD&R Mercury Co-Investor, L.P. ^{+, a, c, e}

Limited partnership interest

10/14/20

—

166,444,216

Checkers Topco, LLC ^{+, a}

Common equity

06/16/23

9,517

86,769

Clarience Technologies, LLC ^{+, a}

Common equity

03/05/24

3,429

10,455,629

Confluent Health Holdings LP ^{+, a, b}

Common equity

05/30/19

30,362

70,678,267

ConvergeOne Holdings, Inc. ^{+, a}

Common equity

06/06/24

2,154,218

1,377,125

Cowboy Topco, Inc. ^{+, a}

Common equity

05/18/22

1,348,750

1,852,304

Cure Holdings, LLC ^{+, a, e}

Common equity

05/13/21

2,723

9,249

Cure Holdings, LLC ^{+, a}

Common equity

05/13/21

238,834

896,341

Dermatology Holdings, L.P. ^{+, a, b, c, e}

Limited partnership interest

04/01/22

—

171,952,426

DIF VI Co-Invest Project 2C C.V. ^{+, a, c, e}

Limited partnership interest

03/15/22

—

60,831,604

ECP Holding Company, LLC ^{+, a, c, e}

Member interest

03/15/16

—

123,590

ECP Parent, LLC ^{+, a, b, e}

Common equity

11/15/21

105,520,023

105,669,367

ECP Parent, LLC ^{+, a, b, e}

Preferred equity

12/21/23

4,250,000

10,460,483

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued)
Direct Investments * (continued)

Direct Equity (continued)

Investment Type

Acquisition
Date

Shares

Fair
Value^**

North America (continued)

EdgeCore Holdings, L.P. ^{+, a, b, c, e}

Limited partnership interest

08/22/24

—

155,593,184

Elgin Co-Investment, L.P.2 ^{+, a}

Common equity

11/28/16

Encore Holdings LP ^{+, a, b, e}

Common equity

07/01/22

60,573

151,981,910

EnfraGen LLC ^{+, a, b, e}

Common equity

09/17/19

37,786

90,596,577

EQT Infrastructure IV Co-Investment (B) SCSp ^{+, a, c}

Limited partnership interest

03/09/20

—

141,579,799

EQT IX Co-Investment (F) SCSp ^{+, a, c, e}

Limited partnership interest

11/15/21

—

147,110,456

EQT VIII Co-Investment (C) SCSp ^{+, a, c, e}

Limited partnership interest

01/25/19

—

57,389,273

EQT X Co-Investment (A) SCSp ^{+, a, c, e}

Limited partnership interest

07/02/24

—

21,519,853

EXW Coinvest L.P. ^{+, a, c}

Limited partnership interest

06/17/16

—

FH EP Parent L.P. ^{+, a, c, e}

Limited partnership interest

03/12/24

—

16,960,982

FRP Investors II, L.P. ^{+, a, c, e}

Limited partnership interest

09/16/22

—

71,637,989

Gateway Fleets Holdings, LP ^{+, a, b, c, e}

Limited partnership interest

09/30/24

—

1,816,000

Halo Parent Newco, LLC ^{+, a}

Preferred equity

02/22/22

1,109

14,304,257

Icebox Holdco I Inc. ^{+, a, b, c}

Member interest

03/01/22

—

62,798,626

Icebox Parent L.P. ^{+, a, b, c}

Limited partnership interest

12/22/21

—

303,143,923

Idera Parent L.P. ^{+, a, b, c, e}

Limited partnership interest

03/02/21

—

180,121,935

KDOR Merger Sub Inc. ^{+, a}

Common equity

05/11/18

481

KENE Holdings, L.P. ^{+, a, c}

Limited partnership interest

08/08/19

—

444,341

KKR Cavalry Co-Invest Blocker Parent L.P. ^{+, a, c}

Limited partnership interest

03/24/22

—

96,631,051

KKR Enterprise Co-Invest AIV A L.P. ^{+, a, c}

Limited partnership interest

07/31/20

—

126,657

KPOCH Holdings, L.P. ^{+, a, b, c}

Limited partnership interest

11/10/22

—

200,518,312

KPSKY Holdings L.P. ^{+, a, b, c}

Limited partnership interest

10/19/21

—

45,279,023

KSLB Holdings, LLC ^{+, a}

Common equity

07/30/18

252,000

19,253

LTF Holdings, Inc. ^{+, a, e}

Common equity

01/06/20

247,131

6,816,811

LTF Holdings, Inc. ^{+, a}

Common equity

01/06/20

3,122,345

64,186,048

Lumin Digital, LLC ^{+, a, e}

Preferred equity

11/20/24

24,471,996

24,474,052

Lumin Digital, LLC ^{+, a}

Preferred equity

02/12/25

6,117,996

6,118,510

Matterhorn Topco, L.P. ^{+, a, c}

Limited partnership interest

04/04/23

—

18,275,868

MHS Acquisition Holdings, LLC ^{+, a, b}

Common equity

03/10/17

356

330,763

MHS Acquisition Holdings, LLC ^{+, a, b}

Preferred equity

03/10/17

35,285

179,660

MHS Blocker Purchaser L.P. ^{+, a, b, c}

Limited partnership interest

03/10/17

—

39,465,468

Milestone Investment Holdings, LLC ^{+, a, e}

Common equity

09/23/21

22,293,150

30,375,437

NC Ocala Co-Invest Alpha, L.P. ^{+, a, c}

Limited partnership interest

11/24/21

—

85,696,092

OMNIA Coinvest L.P. ^{+, a, c, e}

Limited partnership interest

10/23/20

—

29,178,070

Onecall Holdings, L.P. ^{+, a}

Common equity

11/29/17

435,437

Onex Fox, L.P. ^{+, a, c, e}

Limited partnership interest

04/25/19

—

104,756,093

Orion Opportunity L.P. ^{+, a, c, e}

Limited partnership interest

09/01/21

—

57,953,273

PG BRPC Investment, LLC ^{+, a, b}

Common equity

08/01/19

32,079

76,446,421

PG Delta HoldCo, LLC ^{+, a, b, e}

Common equity

06/24/21

40,952

111,748,823

Raptor Holding Parent, L.P. ^{+, a}

Common equity

04/01/22

11,209

1,136,735

Real Hero Topco, L.P. ^{+, a, c}

Limited partnership interest

04/01/21

—

18,188,336

Real Hero Topco, L.P. ^{+, a, c, e}

Limited partnership interest

02/24/25

—

1,475,220

Safari Co-Investment L.P. ^{+, a, c}

Limited partnership interest

03/14/18

—

1,654,414

Safari Co-Investment L.P. ^{+, a, c, e}

Limited partnership interest

03/14/18

—

4,902,370

Sandvine Corporation ^{+, a}

Common equity

03/03/25

923,247

163,446

SC Landco Parent, LLC ^{+, a}

Common equity

11/28/16

2,672

484,601

SC Landco Parent, LLC ^{+, a}

Preferred equity

04/21/17

—

Shermco Intermediate Holdings, Inc. ^{+, a, e}

Common equity

06/05/18

11,525

2,765,517

Shingle Coinvest LP ^{+, a, c, e}

Limited partnership interest

05/29/18

—

SIH RP HoldCo L.P. ^{+, a, e}

Common equity

09/10/19

5,995,126

78,203,932

SLP West Holdings Co-Invest Feeder II, L.P. ^{+, a, c, e}

Limited partnership interest

08/18/17

—

SLP West Holdings Co-Invest Feeder II, L.P. ^{+, a, c}

Limited partnership interest

08/18/17

—

SnackTime PG Holdings, Inc. ^{+, a, b, e}

Common equity

05/23/18

—

SnackTime PG Holdings, Inc. ^{+, a, b, c, e}

Member interest

05/23/18

—

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued)
Direct Investments * (continued)

Direct Equity (continued)

Investment Type

Acquisition
Date

Shares

Fair
Value^**

North America (continued)

Space Co-Invest LP ^{+, a, c, e}

Limited partnership interest

01/17/25

—

20,339,023

Specialty Pharma Holdings LP ^{+, a, b, c}

Limited partnership interest

04/01/21

—

143,805,401

Starfish Intermediate, Inc. ^{+, a}

Preferred equity

06/06/22

7,136,374

233,506,214

Stonepeak Tiger (Co-Invest) Holdings (I-B) L.P. ^{+, a, c, e}

Limited partnership interest

08/17/21

—

33,837,771

SureWerx Topco, L.P. ^{+, a, b, c, e}

Limited partnership interest

04/30/24

—

360,024

SureWerx Topco, L.P. ^{+, a, b, c}

Limited partnership interest

12/28/22

—

64,979,446

Surveyor Co-Invest SCSp ^{+, a, c, e}

Limited partnership interest

10/17/24

—

24,418,404

T-VIII Mercury Co-Invest L.P. ^{+, a, c, e}

Limited partnership interest

07/29/21

—

8,492,942

Thermostat Purchaser, L.P. ^{+, a, b, c}

Limited partnership interest

08/31/21

—

113,403,193

TKC Topco LLC ^{+, a}

Common equity

10/14/16

4,632,829

1,159,949

VEEF II Co-Invest 2-A, L.P. ^{+, a, c}

Limited partnership interest

03/15/22

—

7,074,131

Velocity Holdings US LP ^{+, a, c, e}

Limited partnership interest

08/31/22

—

27,092,184

VEPF VII Co-Invest 2-A, LP ^{+, a, c, e}

Limited partnership interest

09/10/21

—

12,620

VEPF VII Co-Invest 2-A, LP ^{+, a, c}

Limited partnership interest

04/06/21

—

30,460

Vistra Group Holdings (BVI) II Limited ^{+, a}

Common equity

11/04/15

7,428

WHCG Purchaser, L.P. ^{+, a, b, c}

Limited partnership interest

06/22/21

—

12,488,736

WHCG Purchaser, L.P. ^{+, a, b, e}

Preferred equity

08/02/24

10,934,833

11,656,827

WHCG Purchaser, L.P. ^{+, a, b}

Preferred equity

08/02/24

3,088,000

3,291,891

Woof Parent L.P. ^{+, a}

Common equity

12/21/20

1,441

Total North America (25.83%)

4,074,692,644

Rest of World (1.26%)

Carlyle Retail Turkey Partners, L.P. ^{+, a, c}

Limited partnership interest

07/11/13

—

9,444,243

PG Investment Company 1113B S.à r.l. ^{+, a, e}

Common equity

10/01/24

63,259,178

177,256,748

PG Investment Company 53 S.à.r.l. ^{+, a}

Preferred equity

03/04/24

6,084,438

7,514,376

PG Investment Company 53 S.à.r.l. ^{+, a}

Common equity

03/04/24

711,862

4,191,655

Velvet LP SCS ^{+, a, c}

Limited partnership interest

03/04/24

—

192,534

Total Rest of World (1.26%)

198,599,556

South America (0.02%)

Centauro Co-Investment Fund, L.P. ^{+, a, c}

Limited partnership interest

11/28/13

—

3,841,211

Total South America (0.02%)

3,841,211

Western Europe (24.15%)

Akur8 SAS ^{+, a, e}

Common equity

08/28/24

6,271,791

8,089,649

Akur8 SAS ^{+, a, e}

Preferred equity

08/28/24

8,741,790

10,357,323

Ark EquityCo SAS ^{+, a, c, e}

Limited partnership interest

02/21/22

—

16,852,999

Aston Lux Acquisitions S.à.r.l. ^{+, a, c}

Limited partnership interest

11/28/19

—

3,899,942

Aston Lux Acquisitions S.à.r.l. ^{+, a}

Common equity

01/11/21

218,625

265,456

Astorg VIII Co-Invest Open Health ^{+, a, c}

Limited partnership interest

08/04/22

—

14,841,587

Astorg VIII Co-Invest Open Health ^{+, a, c, e}

Limited partnership interest

07/14/23

—

248,956

Audiotonix Co-Invest SCSp ^{+, a, c, e}

Limited partnership interest

07/23/24

—

14,752,597

BC European Capital X - Ceramtec Co-Investment (1) LP ^{+, a, e}

Common equity

02/06/18

575,918

Blackstone Cornerstone Co-Invest (CYM) L.P. ^{+, a, c, e}

Limited partnership interest

04/16/24

—

25,281,883

Bock Capital JVCo Nature S.à.r.l. ^{+, a, b}

Common equity

07/01/21

12,590,000,000

241,107,667

Capri Acquisitions Topco Limited ^{+, a, e}

Common equity

11/01/17

8,345,985

32,799,703

CD&R Market Co-Investor, L.P. ^{+, a, c, e}

Limited partnership interest

11/10/21

—

59,744,631

Ciddan S.à.r.l. ^{+, a, e}

Preferred equity

09/15/17

23,249,522

27,886,840

Ciddan S.à.r.l. ^{+, a, e}

Common equity

09/15/17

12,263,240

49,262,449

Climeworks AG ^{+, a}

Common equity

04/25/22

18,455

85,623

Climeworks AG ^{+, a, e}

Preferred equity

04/25/22

2,288,663

65,623,142

EQT Future Co-Investment (C) SCSp ^{+, a, c}

Limited partnership interest

02/15/23

—

95,497,209

EQT Jaguar Co-Investment SCSp ^{+, a, c}

Limited partnership interest

04/18/24

—

776,008

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued)
Direct Investments * (continued)

Direct Equity (continued)

Investment Type

Acquisition
Date

Shares

Fair
Value^**

Western Europe (continued)

EQT Jaguar Co-Investment SCSp ^{+, a, c, e}

Limited partnership interest

11/30/18

—

69,799,300

EQT VIII Co-Investment (D) SCSp ^{+, a, c, e}

Limited partnership interest

10/01/19

—

212,945,596

EQT VIII Co-Investment (D) SCSp ^{+, a, c}

Limited partnership interest

10/01/19

—

10,295,629

Fides S.p.A ^{+, a}

Common equity

12/15/16

78,505

167,171

Five Arrows Royal FAPI IV Co Invest SCSp ^{+, a, c, e}

Limited partnership interest

07/05/24

—

5,082,981

Global Blue Group Holding AG ^{+, a}

Common equity

09/11/20

97,250

731,400

Global Blue Holding L.P. ^{+, a, c}

Limited partnership interest

07/31/12

—

11,057,762

Green DC LuxCo S.à.r.l. ^{+, a, b, c, e}

Member interest

01/20/22

—

42,064,345

Green DC LuxCo S.à.r.l. ^{+, a, b}

Common equity

01/20/22

26,701,331

141,522,437

Green DC LuxCo S.à.r.l. ^{+, a, b, c, e}

Member interest

03/31/24

—

14,977,351

Green DC LuxCo S.à.r.l. ^{+, a, b, e}

Common equity

03/31/24

19,465,958

51,321,737

Hera Co-investment LP ^{+, a, c, e}

Limited partnership interest

10/25/24

—

16,355,415

KKR Pegasus Co-Invest L.P. ^{+, a, c}

Limited partnership interest

07/07/22

—

17,666,050

KKR Sprint Co-Invest L.P. ^{+, a, c}

Limited partnership interest

09/29/22

—

KKR Traviata Co-invest L.P. ^{+, a, c}

Limited partnership interest

12/18/19

—

151,924,007

Luxembourg Investment Company 261 S.à.r.l. ^{+, a}

Common equity

07/31/18

1,484

62,718,113

Luxembourg Investment Company 261 S.à.r.l. ^{+, a, c}

Member interest

07/31/18

—

67,305,479

Luxembourg Investment Company 285 S.à.r.l. ^{+, a, b}

Preferred equity

08/22/19

7,865,820

—

Luxembourg Investment Company 285 S.à.r.l. ^{+, a, b, c}

Member interest

08/22/19

—

9,221,658

Luxembourg Investment Company 285 S.à.r.l. ^{+, a, b}

Common equity

08/22/19

6,999,953

—

Luxembourg Investment Company 293 S.à.r.l. ^{+, a, b, e}

Common equity

06/26/19

9,789,622

40,305,579

Luxembourg Investment Company 293 S.à.r.l. ^{+, a, b, c, e}

Member interest

06/26/19

—

12,695,895

Luxembourg Investment Company 314 S.à.r.l. ^{+, a, b}

Common equity

08/22/19

192,000

Luxembourg Investment Company 404 S.à.r.l. ^{+, a, b, e}

Common equity

02/14/23

145,800

7,809,693

Luxembourg Investment Company 404 S.à.r.l. ^{+, a, b, e}

Preferred equity

02/14/23

—

15,961,980

Luxembourg Investment Company 414 S.à.r.l. ^{+, a, b, c, e}

Member interest

07/02/21

—

42,746,135

Luxembourg Investment Company 414 S.à.r.l. ^{+, a, b, e}

Common equity

07/02/21

12,316,087

70,911,014

Luxembourg Investment Company 430 S.à.r.l. ^{+, a, b, e}

Common equity

05/10/21

52,594,635

63,306,634

Luxembourg Investment Company 430 S.à.r.l. ^{+, a, b, c, e}

Member interest

05/10/21

—

16,416,258

Magnesium Co-Invest SCSp ^{+, a, c, e}

Limited partnership interest

05/19/22

—

115,415,806

Mauritius (Luxemburg) Investments S.à.r.l. ^{+, a}

Common equity

10/19/21

11,698

Menrva Co-Investment, L.P. ^{+, a, c}

Limited partnership interest

11/22/24

—

11,034,170

Nerve Co-Invest SCSp ^{+, a, c, e}

Limited partnership interest

01/27/21

—

65,449,727

Nerve Co-Invest SCSp ^{+, a, c}

Limited partnership interest

01/27/21

—

8,870,780

Oakley Capital V Co-Investment (A) SCSp ^{+, a, c, e}

Limited partnership interest

12/12/22

—

76,412,733

Orbiter Investments S.à.r.l. ^{+, a, b, e}

Common equity

12/17/21

4,898,329

149,926,532

Orbiter Investments S.à.r.l. ^{+, a, b}

Common equity

12/17/21

3,670,528

75,474,083

OT Luxco 3 & Cy S.C.A. ^{+, a}

Warrants

12/01/17

844,553

965,514

Partners Group Satellite HoldCo S.à.r.l. ^{+, a, b, e}

Common equity

03/22/23

7,017,978

—

Partners Group Satellite HoldCo S.à.r.l. ^{+, a, b, e}

Preferred equity

03/22/23

7,975,901

39,639,485

Partners Group Satellite Warehouse S.C.S. ^{+, a, b, c}

Member interest

03/22/23

—

1,061,955

PG Investment Company 18 S.à.r.l. ^{+, a, b, e}

Preferred equity

07/07/22

113,856,528

167,783,721

PG Investment Company 18 S.à.r.l. ^{+, a, b, e}

Common equity

07/07/22

12,650,106

54,148,338

PG Investment Company 24 S.à.r.l. ^{+, a, b, e}

Common equity

07/13/22

889,862

11,028,453

PG Investment Company 24 S.à.r.l. ^{+, a, b, e}

Preferred equity

07/13/22

101,367,616

141,939,004

PG Investment Company 60 S.à r.l. ^{+, a, b, e}

Common equity

01/31/24

109,610

485,577

PG Investment Company 60 S.à r.l. ^{+, a, b, e}

Preferred equity

01/31/24

269,765

6,349,707

PG Investment Company 67 S.à.r.l. ^{+, a, e}

Preferred equity

07/16/24

9,255,649

10,693,404

PG Investment Company 67 S.à.r.l. ^{+, a, e}

Common equity

07/16/24

1,029,239

1,189,119

PG Investment Company 69 S.à.r.l. ^{+, a}

Preferred equity

07/16/24

301,734

347,840

PG Investment Company 69 S.à.r.l. ^{+, a}

Common equity

07/16/24

533,864

615,712

PG Investment Company 71 S.à.r.l. ^{+, a, e}

Common equity

09/26/24

6,385,371

6,841,302

PG Investment Company 76 S.à.r.l. ^{+, a, e}

Common equity

09/03/24

360,670

PG Investment Company 76 S.à.r.l. ^{+, a, b, e}

Preferred equity

09/03/24

43,748,069

47,907,474

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued)
Direct Investments * (continued)

Direct Equity (continued)

Investment Type

Acquisition
Date

Shares

Fair
Value^**

Western Europe (continued)

PG Lion Management Warehouse S.C.S ^{+, a, b, c}

Limited partnership interest

08/22/19

—

64,839

PG Polaris TopCo S.à r.l. ^{+, a, e}

Common equity

03/27/24

1,941,043

15,921,982

PG Polaris TopCo S.à r.l. ^{+, a}

Preferred equity

03/27/24

36,879,822

31,736,412

PG Polaris Warehouse SCSp ^{+, a, c}

Limited partnership interest

03/27/24

—

1,063,405

PG TLP S.à.r.l. ^{+, a, b, c, e}

Member interest

04/14/21

—

61,903,419

PG TLP S.à.r.l. ^{+, a, b, e}

Common equity

04/14/21

6,473,126

79,661,677

PG Wave Limited ^{+, a, b, e}

Common equity

02/03/22

53,215,581

103,594,992

Pharmathen GP S.à.r.l. ^{+, a, b}

Common equity

01/20/22

110,300

Pharmathen Topco S.à r.l. ^{+, a, b}

Preferred equity

02/21/25

3,560,390

3,964,237

Pharmathen Topco S.à.r.l. ^{+, a, b}

Preferred equity

01/20/22

98,858,068

128,441,484

Pharmathen Topco S.à.r.l. ^{+, a, b}

Common equity

01/20/22

79,910

Polyusus Lux XVI S.à.r.l. ^{+, a, b, e}

Common equity

05/23/18

44,442,345

—

Polyusus Lux XVI S.à.r.l. ^{+, a, b, e}

Preferred equity

07/05/24

247,436,062

2,998,139

Polyusus Lux XVI S.à.r.l. ^{+, a, b, c}

Member interest

10/03/22

—

Polyusus Lux XVI S.à.r.l. ^{+, a, b, c, e}

Member interest

10/01/22

—

Polyusus Lux XVI S.à.r.l. ^{+, a, b}

Preferred equity

07/05/24

Polyusus Lux XXIII S.à.r.l. ^{+, a, e}

Preferred equity

04/11/22

1,155,552

56,911

Polyusus Lux XXIII S.à.r.l. ^{+, a}

Common equity

08/19/21

3,936,244

46,199

Polyusus Lux XXIII S.à.r.l. ^{+, a, e}

Preferred equity

08/19/21

1,341,978

783,302

Polyusus Lux XXIII S.à.r.l. ^{+, a, e}

Common equity

08/19/21

447,324

165,724

Polyusus Lux XXIII S.à.r.l. ^{+, a}

Preferred equity

08/19/21

11,772,986

218,356

Quadriga Capital IV Investment Holding II LP ^{+, a, e}

Common equity

09/28/18

238,583

Quadriga Capital IV Investment Holding II LP ^{+, a}

Common equity

09/09/16

1,432,376

Refresco 2 Co-Invest SCSp ^{+, a, c}

Limited partnership interest

07/12/22

—

51,721,770

Rivage Luxco S.à.r.l. ^{+, a}

Common equity

02/22/22

450,000

58,532,039

Rivage Luxco S.à.r.l. ^{+, a, e}

Common equity

06/28/23

450,000

372,477

Root JVCo S.à.r.l. ^{+, a, b, c}

Member interest

09/29/20

—

42,403,456

Root JVCo S.à.r.l. ^{+, a, b}

Common equity

02/07/23

2,362,997

26,809,385

Root JVCo S.à.r.l. ^{+, a, b}

Preferred equity

02/07/23

27,236,127

57,671,225

Strider Investment 2 ^{+, a, e}

Preferred equity

04/01/23

278,539

973,946

Strider Investment 3 ^{+, a, e}

Preferred equity

04/01/23

24,476

26,434

Strider Topco S.a.s. ^{+, a, c}

Member interest

04/01/23

—

4,015,055

Strider Topco S.a.s. ^{+, a, e}

Common equity

04/01/23

8,138,656

28,398,971

Strider Topco S.a.s. ^{+, a, e}

Preferred equity

04/01/23

52,067,087

69,586,241

Surfaces SLP (SCSp) ^{+, a, b, c}

Limited partnership interest

10/01/20

—

23,277,717

Vanquish Bidco ^{+, a, c}

Member interest

05/25/23

—

3,893,018

Vanquish Topco ^{+, a}

Preferred equity

05/25/23

34,851,987

33,151,245

Vanquish Topco ^{+, a}

Common equity

05/25/23

379,731

Veonet Co-Invest SCSp (Lux) ^{+, a, c, e}

Limited partnership interest

03/09/22

—

42,495,175

Zephyr Syndication L.P. ^{+, a, c, e}

Limited partnership interest

08/08/24

—

14,605,252

Zoncolan Topco S.à.r.l. ^{+, a, b, c}

Member interest

10/28/21

—

57,109,304

Zoncolan Topco S.à.r.l. ^{+, a, b, e}

Common equity

10/28/21

23,234,622

42,249,376

Zoncolan Topco S.à.r.l. ^{+, a, b, e}

Preferred equity

08/01/24

2,850,750

6,116,947

Total Western Europe (24.15%)

3,810,293,844

Total Direct Equity (54.88%)

8,657,731,423

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued)
Direct Investments * (continued)

Direct Debt (8.94%)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Asia - Pacific (0.37%)

FFML Holdco Limited ^{+, a}

Cash 6.25% + BBSY (0.75% Floor)^††

11/30/22

11/30/28

Senior

11,564,338

10,508,855

Fugue Finance B.V. ^{+, a}

Cash 4.50% + SF (0.50% Floor)^vv

03/10/23

01/31/28

Senior

5,433,680

5,434,957

Fugue Finance B.V. ^{+, a}

Cash 3.75% + SF^vv

03/06/24

02/26/31

Senior

7,960,000

7,961,871

Fugue Finco Pty Ltd. ^{+, a, e}

Cash 5.75% + BBSY^††

04/10/24

04/10/30

Senior

966,531

883,528

Fugue Finco Pty Ltd. ^{+, a}

Cash 5.75% + BBSY^††

04/10/24

05/30/30

Senior

3,621,280

3,430,340

Fugue NZ Bidco Limited ^{+, a}

Cash 5.75% + BBSY^††

04/10/24

05/30/30

Senior

2,370,912

2,219,194

Global Academic Group Limited ^{+, a}

Cash 6.00% + BBSY (0.50% Floor)^††

07/26/22

07/26/27

Senior

12,728,400

11,541,103

Global Academic Group Limited ^{+, a}

Cash 4.91% + BBSY ^††

01/30/25

07/26/27

Senior

653,208

652,762

Global Academic Group Limited ^{+, a, e}

Cash 6.00% + BBSY (0.50% Floor)^†

07/26/22

07/26/27

Senior

395,158

396,937

Global Academic Group Limited ^{+, a}

Cash 6.00% + BBSY (0.50% Floor)^††

07/29/22

07/29/27

Senior

4,651,970

4,155,599

Greencross Limited ^{+, a}

Cash 5.75% + BBSY (0.75% Floor)^††

09/30/24

03/23/28

Senior

9,386,799

8,397,309

Snacking Investments BidCo Pty Limited ^{+, a}

Cash 4.00% + SF (1.00% Floor)^v

01/15/20

12/18/26

Senior

1,235,000

1,241,947

Voyage Australia Pty Ltd ^{+, a}

Cash 3.50% + SF (0.50% Floor)^vv

07/23/21

06/18/28

Senior

1,640,500

1,646,143

Total Asia - Pacific (0.37%)

58,470,545

North America (5.45%)

Acrisure, LLC ^{+, a}

Cash 3.50% + SF^v

03/27/20

02/15/27

Senior

13,661,512

13,593,204

Aimbridge Acquisition Co., Inc. ^{+, a}

Cash 3.75% + SF^vv

04/26/23

02/02/26

Senior

4,429,930

4,083,976

Aimbridge Acquisition Co., Inc. ^{+, a}

Cash 5.5% + SF^vv

03/20/25

03/11/30

Senior

401,995

562,082

Air Medical Group Holdings, Inc. ^{+, a}

Cash 4.25% + SF (1.00% Floor)^vv

02/25/21

10/02/25

Senior

7,978,852

7,987,709

AlixPartners, LLP ^{+, a}

Cash 2.50% + SF (0.50% Floor)^v

06/12/24

02/04/28

Senior

4,948,444

4,952,230

Alliant Holdings Intermediate, LLC ^{+, a}

Cash 3.50% + SF (0.50% Floor)^v

12/08/21

11/05/27

Senior

1,272,014

1,268,788

Allied Universal Holdco LLC ^{+, a}

Cash 3.75% + SF^v

06/12/24

05/12/28

Senior

—

Alter Domus ^{+, a, e}

01/31/25

10/30/31

Senior

—

American Airlines, Inc. ^{+, a}

Cash 2.50% + SF^vv

09/06/24

06/04/29

Senior

4,950,000

4,891,837

Amneal Pharmaceuticals, Inc. ^{+, a, e}

Cash 5.50% + SF^v

06/03/22

05/04/25

Senior

8,146,744

8,302,061

Apex Tool Group ^{+, a}

Cash 5.25% + SF (0.50% Floor)^v

02/22/22

02/08/29

Senior

3,194,643

2,204,304

Apro, LLC ^{+, a}

Cash 3.75% + SF^vv

06/26/24

07/09/31

Senior

3,283,500

3,277,360

Aptean, Inc ^{+, a, e}

Cash 4.75% + SF (0.75% Floor)^vv

01/30/24

01/30/31

Senior

1,037,286

Aptean, Inc ^{+, a}

Cash 4.75% + SF (0.75% Floor)^vv

01/30/24

01/30/31

Senior

7,047,349

AQA Acquisition Holding, Inc. ^{+, a}

Cash 4.25% + SF (0.50% Floor)^vv

03/18/21

03/03/28

Senior

—

ArchKey Solutions ^{+, a, e}

12/11/24

10/10/31

Senior

—

athenahealth Group, Inc. ^{+, a}

Cash 3.25% + SF (0.50% Floor)^vv

02/23/22

02/15/29

Senior

10,562,183

10,475,309

Banff Merger Sub Inc. ^{+, a}

Cash 4.25% + SF^vv

01/31/22

10/02/25

Senior

4,361,843

4,296,677

Barracuda Networks, Inc. ^{+, a}

Cash 7.00% + SF (0.50% Floor)^vvv

05/17/22

08/15/30

Second Lien

2,000,000

1,395,000

Bausch & Lomb Inc. ^{+, a}

Cash 3.25% + SF (0.50% Floor)^vv

05/18/22

05/10/27

Senior

11,156,431

11,137,075

Bausch + Lomb Corp. ^{+, a}

Cash 4.00% + SF^v

09/14/23

09/14/28

Senior

1,970,000

1,970,010

BCPE Empire Holdings, Inc. ^{+, a}

Cash 4.00% + SF (0.50% Floor)^v

06/07/23

12/11/28

Senior

2,261,489

2,234,476

Bella Holding Company, LLC ^{+, a, e}

Cash 3.75% + SF (0.75% Floor)^v

05/13/21

04/01/28

Senior

5,453,946

5,449,774

BI Gen Holdings, Inc. ^{+, a}

Cash 5.00% + SF^vv

10/04/18

09/05/25

Senior

5,457,842

5,486,605

Blackhawk Network Holdings, Inc. ^{+, a}

Cash 5.00% + SF (1.00% Floor)^v

03/18/24

02/27/29

Senior

6,153,578

6,143,670

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued)
Direct Investments * (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

North America (continued)

BlueConic Holding, Inc. ^{+, a}

Cash 6.50% + SF (0.75% Floor)^vv

01/27/22

01/27/28

Senior

18,912,000

18,861,798

BlueConic Holding, Inc. ^{+, a}

Cash 6.50% + SF (0.75% Floor)^vv

06/13/23

01/27/28

Senior

7,092,000

7,073,174

Brand Industrial Services, Inc. ^{+, a, f}

Cash 4.50% + SF (0.50% Floor)^vv

04/19/24

08/01/30

Senior

6,805,838

6,445,515

Brown Group Holding, LLC ^{+, a}

Cash 3.00% + SF (0.50% Floor)^vv

06/09/22

07/02/29

Senior

2,165,884

2,153,929

Brown Group Holding, LLC ^{+, a}

Cash 2.75% + SF^vv

05/23/24

06/07/28

Senior

2,976,794

2,964,500

Cablevision Lightpath LLC ^{+, a}

Cash 3.25% + SF^v

05/29/24

11/30/27

Senior

7,937,824

7,939,808

Calpine Corporation ^{+, a, e}

Cash 2.00% + SF^v

06/14/24

01/31/31

Senior

9,950,000

9,928,209

Campaign Monitor (UK) Limited ^{+, a}

Cash 8.90% + SF (1.00% Floor)^vv; PIK 14.795%

01/01/21

11/06/26

Second Lien

223,688

200,796

Campaign Monitor (UK) Limited ^{+, a}

Cash 8.90% + SF (1.00% Floor)^vv

01/01/21

11/06/26

Second Lien

1,789,508

1,606,369

CapitalSpring Finance Company, LLC ^{+, a, b}

PIK 5.00%

03/01/17

02/10/25

Mezzanine

2,996,971

2,957,299

Carestream Dental Technology, Inc. ^{+, a}

Cash 6.25% + SF^v

08/30/24

08/30/30

Senior

3,513,857

3,538,805

CD&R Hydra Buyer, Inc. ^{+, a}

Cash 4.00% + SF^v

03/15/24

03/25/31

Senior

1,782,000

3,630,438

Cedar Fair, L.P. ^{+, a}

Cash 2.00% + SF^v

05/23/24

05/01/31

Senior

2,977,500

2,972,289

Central Parent LLC ^{+, a}

Cash 3.25% + SF^vv

12/11/24

07/06/29

Senior

568,571

1,720,040

Charlotte Buyer Inc ^{+, a}

Cash 5.25% + SF (0.50% Floor)^vv

08/16/22

02/11/28

Senior

4,046,555

4,028,507

Charter NEX US, Inc. ^{+, a}

Cash 3.50% + SF (0.75% Floor)^v

05/31/19

12/01/27

Senior

1,401,599

1,400,920

Checkers Drive-in Restaurants, Inc. ^{+, a}

Cash 7.00% + SF^vv

06/16/23

06/16/27

Senior

4,416

4,423

Cheniere Energy Partners ^{+, a}

Cash 3.50% + SF (0.50% Floor)^vvvv

06/09/21

06/04/28

Senior

7,898,431

7,889,190

Clarios Global LP ^{+, a}

Cash 3.00% + E^#

05/16/24

04/30/26

Senior

7,622,168

7,519,009

Clydesdale Acquisition Holdings, Inc. ^{+, a}

Cash 3.675% + SF (0.50% Floor)^vv

04/19/22

04/13/29

Senior

5,309,787

5,292,079

CommScope, Inc. ^{+, a}

Cash 3.25% + SF^v

04/26/19

04/06/26

Senior

2,231,835

2,225,787

ConnectWise, LLC ^{+, a}

Cash 3.50% + SF (0.76% Floor)^vv

10/06/21

09/29/28

Senior

1,644,750

3,631,909

Conservice Midco, LLC ^{+, a}

Cash 4.00% + SF^vv

05/18/20

05/13/27

Senior

1,624,273

1,617,873

Cornerstone Building Brands, Inc. ^{+, a}

Cash 3.25% + SF^v

06/24/24

04/12/28

Senior

2,969,072

2,940,468

Cornerstone Building Brands, Inc. ^{+, a}

Cash 4.50% + SF^v

05/17/24

05/15/31

Senior

1,691,500

1,404,554

Cornerstone OnDemand, Inc. ^{+, a}

Cash 3.75% + SF (0.50% Floor)^v

10/22/21

10/16/28

Senior

1,164,000

1,016,684

Cornerstone OnDemand, Inc. ^{+, a}

Cash 6.00% + SF (1.00% Floor)^v

09/07/23

10/16/28

Senior

2,947,500

2,812,159

Critical Start, Inc. ^{+, a, e}

Cash 6.25% + SF (0.75% Floor)^vv

03/27/23

05/17/28

Senior

10,168,480

8,620,782

Critical Start, Inc. ^{+, a}

Cash 3.125% + SF (0.75% Floor)^vv + PIK 3.125%

03/27/23

05/17/28

Senior

4,808,645

4,711,028

Crown Subsea Communications Holding, Inc. ^{+, a}

Cash 4.75% + SF (0.75% Floor)^v

02/07/24

01/30/31

Senior

7,363,000

7,383,248

CSC Holdings, LLC ^{+, a}

Cash 2.50% + SF^v

08/11/21

04/15/27

Senior

—

CSC Holdings, LLC ^{+, a}

Cash 4.50% + SF^vv

12/07/18

01/15/26

Senior

—

Datix Bidco Limited ^{+, a}

Cash 5.50% + S>>>

04/25/24

04/30/31

Senior

901,982

920,277

Delta TopCo, Inc. ^{+, a}

Cash 3.50% + SF^vv

05/13/24

12/24/29

Senior

2,878,286

2,851,130

Dentive Capital, LLC ^{+, a}

Cash 6.75% + SF (0.75% Floor)^vv

12/23/22

12/22/28

Senior

9,922,912

9,893,812

Dentive Capital, LLC ^{+, a, e}

Cash 6.75% + SF (0.75% Floor)^vv

12/23/22

12/22/28

Senior

4,371,511

5,596,486

Dentive, LLC ^{+, a, e}

Cash 6.75% + SF^vv

05/03/24

12/23/28

Senior

3,927,307

3,915,790

Dexko Global, Inc. ^{+, a}

Cash 3.75% + SF (0.50% Floor)^vv

10/07/21

10/04/28

Senior

1,556,000

1,455,140

DG Investment Intermediate Holdings 2, Inc. ^{+, a}

Cash 3.75% + SF (0.76% Floor)^v

04/23/21

03/31/28

Senior

9,169,152

9,178,688

Dieter’s Metal Fabricating Limited ^{+, a}

Cash 5.25% + SF (1.00% Floor)^vv

12/19/23

12/19/29

Senior

437,193

Diligent Corporation ^{+, a}

Cash 5.00% + SF^vv + PIK 3.00%

05/02/24

08/02/30

Senior

3,575,690

3,546,067

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued)
Direct Investments * (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

North America (continued)

Diligent Corporation ^{+, a, e}

Cash 5.00% + SF^vv

04/30/24

08/04/30

Senior

20,857,887

20,842,574

Discovery Energy Holding Corporation ^{+, a}

Cash 4.75% + SF^v

05/14/24

01/30/31

Senior

4,396,553

4,330,605

Dwyer Instruments, Inc. ^{+, a, e}

Cash 3.75% + P

03/31/25

07/20/29

Senior

1,382,680

61,967

Eagle Broadband Investments, LLC ^{+, a, e}

Cash 3.00% + SF (0.75% Floor)^vv

04/24/24

11/12/27

Senior

4,948,320

4,936,469

ECI Macola/Max Holding, LLC ^{+, a}

Cash 3.75% + SF (0.75% Floor)^vv

09/13/21

11/09/27

Senior

1,636,485

1,639,889

Element Materials Technology ^{+, a, e}

Cash 4.25% + SF (0.50% Floor)^vv

08/17/22

06/22/29

Senior

1,863,768

1,863,181

Element Materials Technology ^{+, a, e}

Cash 4.25% + SF^vv

08/17/22

06/22/29

Senior

4,038,165

4,036,893

Endurance International Group Holdings, Inc. ^{+, a}

Cash 3.50% + SF (0.75% Floor)^vv

04/28/21

02/10/28

Senior

2,049,998

1,393,999

Engineered Machinery Holdings, Inc. ^{+, a}

Cash 3.75% + SF (0.75% Floor)^vv

08/16/21

05/21/28

Senior

1,548,000

1,550,786

Epiq Systems ^{+, a}

Cash 4.75% + SF (0.75% Floor)^v

06/02/22

04/26/29

Senior

6,887,157

6,841,530

Evergreen Services Group, LLC ^{+, a}

Cash 6.25% + SF (0.75% Floor)^vv

06/15/22

06/15/29

Senior

13,912,398

13,869,404

Evergreen Services Group, LLC ^{+, a, e}

Cash 5.75% + SF^vv

02/26/24

06/15/29

Senior

3,995,578

3,983,231

Fiesta Purchaser, Inc. ^{+, a}

Cash 4.00% + SF^v

02/15/24

02/12/31

Senior

6,252,829

6,206,589

Filtration Group Corp. ^{+, a}

Cash 3.50% + SF (0.50% Floor)^v

11/01/21

10/21/28

Senior

2,031,750

2,032,553

Flynn Restaurant Group LP ^{+, a}

Cash 4.25% + SF (0.50% Floor)^vv

12/10/21

11/22/28

Senior

3,308,456

3,313,998

Foundation Building Materials, Inc. ^{+, a}

Cash 4.00% + SF^v

03/06/24

01/29/31

Senior

3,857,437

5,370,411

Global Medical Response, Inc. ^{+, a, f}

Cash 4.75% + SF^vv

04/18/24

10/31/28

Senior

2,787,709

2,782,723

Global Medical Response, Inc. ^{+, a}

Cash 4.25% + SF (1.00% Floor)^vv

03/27/24

10/31/28

Senior

3,003,903

3,007,237

GoTo Group, Inc. ^{+, a}

Cash 4.75% + SF^v

02/05/24

04/30/28

Senior

—

Grant Thornton Advisors LLC ^{+, a}

Cash 3.25% + SF^vv

06/05/24

06/02/31

Senior

3,880,524

3,862,461

GTCR W Merger Sub, LLC ^{+, a}

Cash 3.00% + SF^vv

02/06/24

01/31/31

Senior

1,795,500

1,785,966

Gurobi Optimization, LLC ^{+, a, e}

Cash 4.75% + SF^vv

09/10/24

09/10/31

Senior

8,463,615

8,331,363

Hanger, Inc. ^{+, a, e}

11/12/24

10/23/31

Senior

—

Heartland Dental Holdings, Inc. ^{+, a}

Cash 5.00% + SF (0.75% Floor)^vv

05/15/18

04/28/28

Senior

8,396,497

8,464,591

Heartland Home Services, Inc. ^{+, a}

Cash 6.75% + SF (1.00% Floor)^vv

11/08/22

12/15/26

Senior

11,760,000

11,542,485

Help/Systems Holdings, Inc. ^{+, a}

Cash 6.75% + SF (0.75% Floor)^v

11/05/21

11/19/27

Second Lien

3,600,000

2,507,994

Help/Systems Holdings, Inc. ^{+, a}

Cash 4.00% + SF (1.00% Floor)^v

05/25/21

11/19/26

Senior

4,030,303

3,699,818

High Bar Brands Operating LLC ^{+, a, e}

Cash 5.25% + SF (1.00% Floor)^vv

12/19/23

12/19/29

Senior

370,031

High Bar Brands Operating, LLC ^{+, a, e}

Cash 5.25% + SF (1.00% Floor)^vv

12/19/23

12/19/29

Senior

2,535,720

2,163,486

Howden Group Holdings Ltd. ^{+, a}

Cash 4.00% + SF (0.50% Floor)^vv

02/14/24

04/18/30

Senior

1,378,894

1,380,432

Hub International Ltd. ^{+, a}

Cash 3.25% + SF (0.75% Floor)^vv

06/08/23

06/20/30

Senior

1,086,312

1,083,319

Husky Injection Molding Systems Ltd. ^{+, a}

Cash 5.00% + SF^vvv

02/01/24

02/01/29

Senior

2,481,250

2,473,757

Husky Injection Molding Systems Ltd. ^{+, a}

Cash 9.00%

02/01/24

02/15/29

Senior

200,000

203,161

Idera, Inc. ^{+, a, b}

Cash 3.50% + SF (0.75% Floor)^vv

12/17/18

03/02/28

Senior

1,223,033

1,136,766

Ineos Quattro Holdings UK Limited ^{+, a}

Cash 4.25% + SF (0.50% Floor)^v

03/07/24

01/29/26

Senior

3,267,000

3,152,655

Iris Holdings Inc. ^{+, a}

Cash 4.75% + SF (0.50% Floor)^vv

06/15/22

06/28/28

Senior

1,802,773

5,477,970

Kaman Corporation ^{+, a, e}

03/06/25

01/30/32

Senior

—

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued)
Direct Investments * (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

North America (continued)

KCIBT Intermediate II, Inc. ^{+, a}

Cash 1.00% + SF (1.00% Floor)^vv

12/23/20

06/30/27

Senior

—

KDC/ONE Development Corporation, Inc. ^{+, a}

Cash 4.50% + SF^v

06/11/24

08/15/28

Senior

2,200,000

2,202,948

Kene Acquisition, Inc. ^{+, a, e}

Cash 5.50% + SF (1.00% Floor)^vv

02/13/24

02/07/31

Senior

3,951,135

3,729,888

Kingpin Intermediate Holdings LLC ^{+, a}

Cash 3.50% + SF^vv

10/05/18

02/08/28

Senior

8,199,534

8,173,952

Knowlton Development Corp. Inc. ^{+, a}

Cash 4.50% + SF^v

06/24/22

12/22/25

Senior

1,476,919

1,478,898

KSLB Holdings, LLC ^{+, a}

Cash 8.75% + SF (1.00% Floor)^vv

01/01/21

01/26/28

Second Lien

3,212,308

2,703,607

Lakeshore Learning Materials, LLC ^{+, a}

Cash 3.50% + SF^v

06/06/24

09/29/28

Senior

984,681

953,910

LBM Acquisition, LLC ^{+, a}

Cash 3.75% + SF^v

08/02/24

06/06/31

Senior

9,730,130

9,021,047

Magenta Buyer LLC ^{+, a}

Cash 1.50% + SF^vv; PIK 6.25%

10/01/24

07/27/29

Senior

—

Magenta Buyer LLC ^{+, a}

Cash 1.50% + SF^vv; PIK 5.50%

10/01/24

07/27/29

Senior

971,490

8,752

Mamba Purchaser, Inc. ^{+, a}

Cash 3.25% + SF (0.50% Floor)^v

06/07/24

10/16/28

Senior

2,772,070

2,771,488

Maverick Bidco, Inc. ^{+, a}

Cash 6.75% + SF (0.75% Floor)^vv

05/26/21

05/18/29

Second Lien

6,603,000

6,495,701

Max US BidCo, Inc. ^{+, a}

Cash 5.00% + SF (0.50% Floor)^vv

10/11/23

10/03/30

Senior

4,950,000

4,870,825

McAfee Corp. ^{+, a}

Cash 3.50% + E^#

06/07/24

03/01/29

Senior

10,580,728

9,382,541

McAfee Inc. ^{+, a}

Cash 3.75% + SF (0.50% Floor)^vv

03/09/22

03/01/29

Senior

3,146,614

3,016,832

Mitchell International, Inc. ^{+, a}

Cash 3.25% + SF^v

06/21/24

06/06/31

Senior

4,975,000

4,923,807

MJH Healthcare Holdings, LLC ^{+, a}

Cash 3.50% + SF (0.50% Floor)^vv

04/08/22

01/28/29

Senior

1,649,287

1,642,418

Motion Acquisition Limited ^{+, a}

Cash 3.50% + SF^vv

01/24/24

11/12/29

Senior

2,960,175

2,875,070

Naked Juice LLC ^{+, a}

Cash 3.25% + SF (0.50% Floor)^vv

05/23/24

01/24/29

Senior

1,979,644

1,063,059

National Mentor Holdings, Inc. ^{+, a}

Cash 3.75% + SF (0.75% Floor)^vv

04/26/21

03/02/28

Senior

1,984,930

1,928,062

Navicure, Inc. ^{+, a}

Cash 4.00% + SF^vv

11/19/19

10/22/26

Senior

2,981,643

2,974,189

Nelipak Holding Company ^{+, a, e}

Cash 5.50% + SF (1.00% Floor)^vv

04/04/24

03/26/31

Senior

3,350,915

3,318,275

NEP Group, Inc. ^{+, a}

Cash 4.00% + SF (0.50% Floor)^vv

12/06/21

08/19/26

Senior

1,900,633

5,049

NEP Group, Inc. ^{+, a}

Cash 3.25% + SF^vv + PIK 1.50%

02/10/22

08/19/26

Senior

1,069,776

1,000,291

NorthStar Group Services, Inc. ^{+, a}

Cash 4.75% + SF^vv

06/05/24

05/08/30

Senior

2,878,250

2,897,434

NSM Top Holdings Corp. ^{+, a}

Cash 5.25% + SF^vv

11/26/19

11/16/26

Senior

1,425,338

1,435,429

OceanKey (U.S.) II Corp. ^{+, a}

Cash 3.50% + SF (0.05% Floor)^vv

01/06/22

12/15/28

Senior

2,000,000

1,998,360

Olympus Water US Holding Corp. ^{+, a}

Cash 5.00% + SF (1.50% Floor)^vv

05/24/23

11/09/28

Senior

1,373,677

1,354,796

OneDigital Borrower, LLC ^{+, a}

Cash 3.25% + SF (0.50% Floor)^v

06/13/24

06/13/31

Senior

4,512,130

4,488,712

Oscar AcquisitionCo, LLC ^{+, a, e}

Cash 4.50% + SF (0.50% Floor)^vv

02/08/24

04/29/29

Senior

7,416,340

6,960,754

Pactiv Evergreen Inc. ^{+, a}

Cash 2.50% + SF^v

06/12/24

09/24/28

Senior

1,511,789

1,511,207

Pascal Midco 2, LLC ^{+, a}

Cash 5.75% + SF (0.75% Floor)^vv

07/01/22

07/21/27

Senior

13,472,898

13,346,485

PDI TA Holdings, Inc. ^{+, a}

Cash 5.50% + SF (0.75% Floor)^vv

02/06/24

02/01/31

Senior

6,451,509

6,419,251

PDI TA Holdings, Inc. ^{+, a, e}

Cash 5.50% + SF (0.75% Floor)^vv

02/01/24

02/03/31

Senior

1,676,603

1,761,795

Pediatric Associates Holding Company, LLC ^{+, a}

Cash 3.25% + SF^vv

08/05/24

12/29/28

Senior

3,959,184

3,700,847

Peraton Corp. ^{+, a}

Cash 3.75% + SF (0.75% Floor)^v

04/12/21

02/01/28

Senior

886,611

5,326,078

PetSmart LLC ^{+, a}

Cash 3.75% + SF (0.75% Floor)^v

05/22/24

02/11/28

Senior

5,953,728

5,874,335

Pre-Paid Legal Services, Inc. ^{+, a, e}

Cash 3.75% + SF (0.50% Floor)^v

01/18/22

12/15/28

Senior

10,675,568

10,588,829

Pre-Paid Legal Services, Inc. ^{+, a}

Cash 3.75% + SF (0.50% Floor)^v

01/18/22

12/14/29

Senior

—

Premier Care Dental Management, LLC ^{+, a, e}

Cash 5.25% + SF^v

05/31/24

08/05/28

Senior

7,651,248

3,979,737

Pretium PKG Holdings, Inc. ^{+, a}

Cash 6.75% + SF (0.50% Floor)^vv

10/05/21

10/01/29

Second Lien

1,800,000

423,747

Primary Products Finance, LLC ^{+, a, e}

Cash 3.50% + SF (0.50% Floor)^vv

06/06/24

04/01/29

Senior

2,574,033

2,561,626

ProAmpac PG Borrower, LLC ^{+, a}

Cash 4.50% + SF (0.75% Floor)^vv

09/26/23

09/15/28

Senior

1,982,743

1,979,441

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued)
Direct Investments * (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

North America (continued)

Project Alpha Intermediate Holding, Inc. ^{+, a}

Cash 4.75% + SF (0.50% Floor)^vv

10/31/23

10/28/30

Senior

6,336,160

6,331,123

Project Boost Purchaser, LLC ^{+, a, e}

Cash 3.50% + SF^vv

07/29/24

07/16/31

Senior

—

Project Leopard Holdings, Inc. ^{+, a}

Cash 5.25% + SF (0.50% Floor)^vv

06/15/22

07/20/29

Senior

2,730,384

2,374,164

Prometric Holdings PIK, Inc. ^{+, a}

Cash 7.50% + SF (1.00% Floor)^vv; PIK 9.25%

10/06/23

07/31/28

Mezzanine

8,286,825

8,544,821

Prometric Holdings, Inc. ^{+, a}

Cash 3.00% + SF (1.00% Floor)^v

10/26/23

01/31/28

Senior

5,820,874

5,857,255

PT Intermediate Holdings III, LLC ^{+, a}

Cash 3.25% + SF^vv + PIK 1.75%

04/09/24

04/09/30

Senior

27,321,430

PT Intermediate Holdings III, LLC ^{+, a, e}

Cash 6.75% + SF^vv + PIK 1.75%

04/09/24

04/09/30

Senior

570,975

Radiology Partners, Inc. ^{+, a}

Cash 4.00% + SF^vv

01/01/21

01/31/29

Senior

2,156,078

2,088,701

Radwell Parent, LLC ^{+, a, e}

Cash 5.50% + SF (0.75% Floor)^vv

12/01/22

04/01/29

Senior

1,120,924

304,059

Radwell Parent, LLC ^{+, a}

Cash 6.525% + SF (0.75% Floor)^vv

04/06/22

04/01/29

Senior

13,827,852

Radwell Parent, LLC ^{+, a}

Cash 6.75% + SF (0.75% Floor)^vv

12/01/22

04/01/29

Senior

5,866,450

Rand Parent, LLC ^{+, a, e}

Cash 3.75% + SF^vv

08/09/24

03/17/30

Senior

2,574,016

5,491,012

Raptor Parent, LLC ^{+, a, e}

Cash 6.525% + SF (0.75% Floor)^vv

04/06/22

04/01/29

Senior

1,526,914

Recess Holdings, Inc. ^{+, a}

Cash 4.50% + SF (1.00% Floor)^vv

03/01/24

02/20/30

Senior

6,352,000

6,352,667

Recorded Books Inc. ^{+, a, d}

Cash 4.00% + SF^v

06/17/22

08/29/25

Senior

—

Red Planet Borrower, LLC ^{+, a}

Cash 3.75% + SF (0.50% Floor)^v

10/04/21

10/02/28

Senior

6,065,553

6,693,050

Redstone Holdco 2 L.P. ^{+, a}

Cash 4.75% + SF (0.75% Floor)^vv

05/10/21

04/27/28

Senior

1,083,705

599,234

Redstone Holdco 2 L.P. ^{+, a, e}

Cash 7.75% + SF (0.75% Floor)^vv

05/03/21

04/16/29

Second Lien

2,500,000

981,250

Rent-A-Center, Inc. ^{+, a}

Cash 2.75% + SF (0.75% Floor)^vv

03/02/21

02/17/28

Senior

912,374

—

Riverside Assessments, LLC ^{+, a, e}

Cash 5.25% + SF^vv

03/19/24

03/19/31

Senior

2,787,709

2,806,070

RL Datix Holdings (USA), Inc. ^{+, a}

Cash 5.50% + SF^vvv

04/25/24

04/30/31

Senior

2,399,040

2,370,777

Rocket Software, Inc. ^{+, a}

Cash 4.25% + SF (0.00% Floor)^v

12/05/18

11/28/28

Senior

—

Rough Country, LLC ^{+, a}

Cash 3.50% + SF (0.75% Floor)^v

08/03/21

07/26/28

Senior

1,833,197

1,795,387

Ryan LLC ^{+, a, e}

Cash 4.50% + SF (0.50% Floor)^v

11/20/23

11/14/30

Senior

151,997

151,759

Ryan, LLC ^{+, a, e}

Cash 4.50% + SF (0.50% Floor)^v

11/20/23

11/14/30

Senior

661,289

3,882,902

Sabre GLBL Inc. ^{+, a}

Cash 3.50% + SF (0.50% Floor)^v

08/09/21

12/17/27

Senior

—

Sandvine Corporation ^{+, a}

Cash 1.00% + SF^vv; PIK 5.00%

03/03/25

03/01/30

Senior

593,695

588,582

Sauer Brands ^{+, a, e}

03/04/25

02/19/32

Senior

—

Sedgwick Claims Management Services, Inc. ^{+, a, f}

Cash 3.75% + SF^vv

08/09/24

02/24/28

Senior

1,741,250

8,423,691

Senneca Holdings, Inc. ^{+, a}

PIK 10.00%

01/01/21

11/11/25

1.5 Lien

1,490,000

Senneca Holdings, Inc. ^{+, a}

PIK 11.00%

01/01/21

05/11/26

Second Lien

—

Senneca Holdings, Inc. ^{+, a, d}

PIK 11.00%

01/01/21

05/11/26

Second Lien

1,276,647

Skopima Consilio Parent LLC ^{+, a}

Cash 4.00% + SF (0.76% Floor)^vvvv

05/18/21

04/30/28

Senior

12,740,263

12,673,121

Sound Inpatient Physicians, Inc. ^{+, a}

Cash 3.50% + SF^v

07/01/24

06/28/28

Senior

3,034,027

3,809,736

Sound Inpatient Physicians, Inc. ^{+, a}

Cash 5.50% + SF (1.00% Floor)^vv

06/04/24

06/28/28

Senior

578,825

602,557

Sovos Compliance, LLC ^{+, a}

Cash 4.50% + SF (0.50% Floor)^v

08/16/21

08/11/28

Senior

4,618,300

4,604,191

SS&C Technologies, Inc. ^{+, a}

Cash 2.00% + SF^v

05/14/24

04/29/31

Senior

3,405,337

3,406,767

SSH Group Holdings, Inc. ^{+, a}

Cash 4.25% + SF^vv

06/05/19

07/30/25

Senior

7,740,232

7,742,283

Star US Bidco, LLC ^{+, a}

Cash 4.25% + SF (1.00% Floor)^v

04/24/20

03/17/27

Senior

1,825,242

1,827,241

Surgery Center Holdings, Inc. ^{+, a}

Cash 3.50% + SF^v

01/02/24

12/19/30

Senior

890,361

890,615

Tacala Investment Corp. ^{+, a}

Cash 4.00% + SF (0.75% Floor)^v

02/08/24

01/31/31

Senior

2,376,060

2,378,365

Tank Holding Corp. ^{+, a, e}

Cash 5.75% + SF (0.75% Floor)^vv

03/31/22

03/31/28

Senior

20,953,485

20,248,511

Telenet Financing USD LLC ^{+, a}

Cash 2.00% + SF^v

04/27/20

04/30/28

Senior

5,400,000

5,239,134

Thevelia (US), LLC ^{+, a}

Cash 3.75% + SF^vv

03/29/23

06/18/29

Senior

6,784,786

6,780,681

Tivity Health Inc ^{+, a}

Cash 6.00% + SF (0.75% Floor)^vv

06/28/22

06/28/29

Senior

20,439,652

20,303,399

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued)
Direct Investments * (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

North America (continued)

Tory Burch LLC ^{+, a}

Cash 3.50% + SF (0.50% Floor)^v

04/30/21

04/16/28

Senior

962,500

959,747

Trident TPI Holdings, Inc. ^{+, a}

Cash 4.00% + SF (0.50% Floor)^v

09/22/21

09/15/28

Senior

1,650,383

1,597,653

Trilon Group, LLC ^{+, a}

Cash 6.25% + SF (0.75% Floor)^vv

06/02/22

05/27/29

Senior

5,119,538

5,140,191

Trilon Group, LLC ^{+, a, e}

Cash 6.25% + SF (0.75% Floor)^vv

06/02/22

05/27/29

Senior

5,132,531

5,146,769

Triton Water Holdings, Inc. ^{+, a}

Cash 3.25% + SF (0.50% Floor)^vv

04/19/21

03/31/28

Senior

1,347,627

1,344,359

UKG Inc. ^{+, a}

Cash 3.50% + SF (0.75% Floor)^vv

07/13/20

05/04/26

Senior

3,919,503

3,916,485

UP Education ^{+, a, e}

12/16/24

07/29/27

Senior

—

Upstream Newco, Inc. ^{+, a}

Cash 4.25% + SF^vv

08/04/21

11/20/26

Senior

6,125,783

5,076,743

USALCO ^{+, a, e}

10/04/24

09/18/31

Senior

—

Utz Quality Foods, LLC ^{+, a}

Cash 3.00% + SF^vv

01/29/21

01/20/28

Senior

2,932,943

—

Verde Purchaser, LLC ^{+, a}

Cash 4.125%

05/02/24

11/15/28

Senior

5,000,000

4,843,667

Verde Purchaser, LLC ^{+, a}

Cash 4.50% + SF^vv

05/10/24

11/30/30

Senior

6,666,500

6,639,934

Virtusa Corp. ^{+, a}

Cash 3.75% + SF (0.75% Floor)^vv

02/28/22

02/11/28

Senior

3,025,440

3,022,611

Vision Solutions, Inc. ^{+, a}

Cash 4.00% + SF (0.75% Floor)^vv

05/06/21

04/24/28

Senior

3,292,914

3,191,723

Vision Solutions, Inc. ^{+, a}

Cash 7.25% + SF (0.75% Floor)^vv

09/07/21

04/23/29

Second Lien

—

VS Buyer, LLC ^{+, a}

Cash 3.25% + SF^vv

04/10/20

02/28/27

Senior

3,800,924

3,803,318

Weld North Education LLC ^{+, a, e}

Cash 3.50% + SF (0.75% Floor)^vv

01/06/21

12/21/27

Senior

8,170,755

8,149,307

White Cap Supply Holdings, LLC ^{+, a}

Cash 3.25% + SF^v

06/06/24

10/19/29

Senior

2,892,750

4,460,911

Windsor Holdings III, LLC ^{+, a}

Cash 4.50% + SF^v

08/07/23

08/01/30

Senior

2,266,674

2,247,317

Woof Holdings, Inc. ^{+, a}

Cash 3.75% + SF (0.75% Floor)^vv

09/26/23

12/21/27

Senior

2,948,810

1,568,767

WWEX UNI TopCo Holdings, LLC ^{+, a}

Cash 4.25% + SF (0.75% Floor)^vv

08/03/21

07/26/28

Senior

2,612,250

2,582,314

YI Group Midco, LLC ^{+, a, e}

Cash 5.75% + SF (1.00% Floor)^v

12/01/23

12/01/29

Senior

6,068,647

5,832,065

Zacapa S.à.r.l. ^{+, a}

Cash 4.25% + SF (0.50% Floor)^vv

07/31/18

03/22/29

Senior

7,618,207

7,631,310

Total North America (5.45%)

859,344,647

Rest of World (0.03%)

AI Sirona (Luxembourg) Acquisition S.à.r.l. ^{+, a}

Cash 5.00% + E^#

05/17/24

09/30/28

Senior

5,437,714

5,408,863

Total Rest of World (0.03%)

5,408,863

Western Europe (3.09%)

AD Education ^{+, a}

PIK 8.50%

06/21/22

03/30/29

Mezzanine

14,770,114

16,383,962

AEA International Holdings (Luxembourg) S.à.r.l. ^{+, a}

Cash 3.75% + SF (0.50% Floor)^vv

09/15/21

09/07/28

Senior

2,225,910

2,206,433

AI PLEX AcquiCo GmbH ^{+, a}

Cash 5.00% + SF^v

08/23/19

07/31/26

Senior

4,742,367

4,573,420

Albion Financing 3 S.à.r.l ^{+, a}

Cash 5.51% + SF (0.50% Floor)^vv

01/14/22

08/17/26

Senior

3,908,018

3,916,557

Anticimex Global AB ^{+, a}

Cash 3.40% + SF^vv

06/18/24

11/16/28

Senior

2,673,000

5,662,611

Artemis Acquisitions (UK) Limited ^{+, a}

Cash 3.75% + E^##

06/25/24

06/26/31

Senior

4,000,000

4,303,782

Asgard Investments B.V. ^{+, a}

Cash 5.50% + E^##

03/15/22

03/15/29

Senior

13,721,320

13,498,698

Aston Finco S.à.r.l. ^{+, a}

Cash 4.25% + SF^v

11/14/19

10/09/26

Senior

1,562,887

1,494,675

Aston Finco S.à.r.l. ^{+, a}

Cash 8.25% + S>

10/25/19

10/09/27

Second Lien

36,733,592

33,841,162

Athena Bidco ^{+, a}

Cash 4.00% + E^###

03/06/24

04/14/31

Senior

3,691,558

3,679,147

Athena BidCo GmbH ^{+, a}

Cash 2.75% + E^#

05/22/24

03/31/27

Senior

264,895

—

Auris Luxembourg III S.à.r.l. ^{+, a, e}

Cash 3.75% + SF^vvv

04/04/19

02/27/26

Senior

5,247,559

Auris Luxembourg III S.à.r.l. ^{+, a}

Cash 4.50% + E^###

06/12/24

02/27/26

Senior

4,339,194

4,326,269

Babar Bidco ^{+, a}

Cash 4.00% + E^###

12/04/20

11/17/27

Senior

171,647

Barentz Midco B.V. ^{+, a}

Cash 3.25% + SF^vv

04/29/24

03/30/31

Senior

2,189,000

2,180,332

Biscuit Holding S.A.S ^{+, a, e}

Cash 4.00% + E^###

06/03/24

02/12/27

Senior

4,325,208

4,233,606

BME Group Holding B.V. ^{+, a}

Cash 4.75% + E^##

03/22/24

10/30/26

Senior

4,324,150

3,942,650

CAB ^{+, a}

Cash 3.50% + E^##

06/12/24

02/09/28

Senior

7,463,202

7,168,084

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued)
Direct Investments * (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Western Europe (continued)

Casper Bidco SAS ^{+, a}

Cash 3.75% + E^#

03/01/24

03/21/31

Senior

6,305,908

6,361,845

CD&R Firefly Bidco Limited ^{+, a}

Cash 6.00% + S>>

08/31/18

06/23/25

Senior

7,113,072

7,116,196

CD&R Firefly Bidco Limited ^{+, a}

Cash 5.75% + S>>

03/16/24

06/21/28

Senior

1,907,075

1,938,011

CEP V Investment 22 S.à.r.l. (Lux) ^{+, a}

PIK 8.25% + SF^v

02/28/22

08/31/30

Mezzanine

8,008,804

CEP V Investment 22 S.à.r.l. (Lux) ^{+, a}

PIK 8.25% + E^###

02/28/22

08/31/30

Mezzanine

1,119,808

1,090,720

Cidron Kuma 2 S.à.r.l. ^{+, a}

Cash 13.00% + E (0.50% Floor)^####

01/01/21

02/28/26

Second Lien

1,353,600

1,203,303

Constellation Automotive Group Limited ^{+, a}

Cash 4.75% + S^>>>

09/03/21

07/28/28

Senior

1,387,192

1,288,715

Constellation Automotive Limited ^{+, a}

Cash 7.50% + S>

10/18/21

07/30/29

Second Lien

1,372,084

1,290,058

Constellation BidCo GmbH ^{+, a}

Cash 5.25% + E^##

10/26/22

06/27/29

Senior

26,760,488

28,650,479

Constellation HoldCo GmbH ^{+, a, e}

Cash 5.15% + E^##

08/08/24

08/08/31

Senior

1,110,043

1,074,393

CTEC III GmbH ^{+, a}

Cash 3.50% + E^##

03/29/18

03/16/29

Senior

14,737,672

14,137,143

DataCo AcquiCo GmbH ^{+, a}

Cash 6.00% + E^###

01/26/24

01/31/31

Senior

9,473,132

9,296,595

Dorna Sports, S.L. ^{+, a}

Cash 3.25% + E^###

06/25/24

03/30/29

Senior

5,374,619

5,410,537

Eagle Bidco Limited ^{+, a}

Cash 3.75% + E^#

09/07/23

03/20/28

Senior

7,386,454

7,434,162

Europa University Education Group ^{+, a}

Cash 3.75% + E^###

06/13/24

06/13/31

Senior

3,300,000

3,584,050

Financiere Astek ^{+, a, e}

Cash 6.50% + E^##

04/25/24

04/25/31

Senior

1,913,950

1,907,659

Financiere Astek ^{+, a}

Cash 6.50% + E^##

04/25/24

04/25/31

Senior

6,333,943

6,367,231

Financiere Mendel ^{+, a}

Cash 3.25% + SF^vv

12/06/23

11/12/30

Senior

—

Froneri International Limited ^{+, a, e}

Cash 2.25% + SF^v

07/05/24

01/29/27

Senior

3,979,221

3,959,504

Fusilli AcquiCo S.à.r.l. ^{+, a}

Cash 5.25% + E^###

01/27/22

04/12/26

Senior

6,845,735

6,900,125

Grupo Iberica de Congelados, SA ^{+, a}

Cash 7.12% + E^#

06/28/19

11/30/27

Senior

453,937

—

Grupo Iberica de Congelados, SA ^{+, a}

Cash 7.75% + E^##

06/28/19

11/30/27

Senior

507,254

—

Gulfstream Bidco AS ^{+, a}

Cash 5.00% + SF^vv

01/19/24

01/19/31

Senior

3,676,000

3,643,707

HomeVi SAS ^{+, a}

Cash 3.25% + E^##

05/10/24

10/31/29

Senior

10,533,054

10,619,958

Hunter Douglas NV ^{+, a}

Cash 3.50% + SF (0.50% Floor)^vv

03/07/22

02/26/29

Senior

7,905,892

7,596,257

Hunter Holdco 3 Limited ^{+, a, e}

Cash 4.25% + SF (0.50% Floor)^vv

08/26/21

08/19/28

Senior

10,285,188

9,886,636

IGT Holding IV AB ^{+, a}

Cash 5.31% + SF (0.50% Floor)^vv

07/21/21

03/31/28

Senior

1,824,000

1,828,560

Inception Finco S.à r.l. ^{+, a}

Cash 4.50% + SF^vv

03/15/24

04/18/31

Senior

1,091,750

1,094,992

Ineos Quattro Holdings UK Limited ^{+, a}

Cash 3.75% + SF^v

03/17/23

03/01/30

Senior

1,965,000

1,856,925

Infinity Bidco 1 Limited ^{+, a}

Cash 3.40% + E^#

07/03/24

07/06/28

Senior

3,241,938

3,219,414

Lernen Bidco Ltd. ^{+, a}

Cash 4.25% + E^###

06/16/23

04/24/29

Senior

6,523,196

6,507,969

Loire UK Midco 3 Limited ^{+, a}

Cash 3.75% + SF (0.75% Floor)^vv

07/09/21

04/21/27

Senior

—

Lorca Holdco Limited ^{+, a}

Cash 3.50% + E^###

07/02/24

03/25/31

Senior

11,600,226

14,351,410

Mar Bidco S.à.r.l. ^{+, a}

Cash 4.25% + SF^vv

07/30/21

07/06/28

Senior

—

Matador Bidco S.à.r.l. ^{+, a}

Cash 4.25% + SF^v

08/01/24

07/16/29

Senior

8,523,676

8,523,719

Nobel Bidco B.V. ^{+, a}

Cash 3.50% + E^###

06/12/24

09/01/28

Senior

5,423,992

5,343,982

Nomad Foods Limited ^{+, a}

Cash 3.75% + SF (0.50% Floor)^vvv

12/09/22

11/12/29

Senior

1,161,379

Nord Anglia Education PLC ^{+, a}

PIK 10.50%

01/13/25

01/13/33

Mezzanine

11,167,351

11,145,082

Nouryon Finance B.V. ^{+, a}

Cash 3.50% + E^##

06/20/24

04/03/28

Senior

2,100,000

2,271,371

Nouryon Finance B.V. ^{+, a}

Cash 4.00% + SF^vv

03/03/23

04/03/28

Senior

2,370,105

2,374,561

One Hotels GmbH ^{+, a}

Cash 4.50% + E^##

06/12/24

04/02/31

Senior

6,725,751

6,730,660

PEARLS (Netherlands) Bidco B.V. ^{+, a}

Cash 4.00% + SF^vvv

03/30/22

03/01/29

Senior

2,447,803

2,417,218

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued)
Direct Investments * (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Western Europe (continued)

PEARLS (Netherlands) Bidco B.V. ^{+, a}

Cash 4.00% + E^##

06/06/24

02/26/29

Senior

7,614,628

7,521,605

Pegasus BidCo B.V. ^{+, a}

Cash 3.75% + SF (0.50% Floor)^vv

02/14/24

07/12/29

Senior

6,950,009

Piolin II S.à.r.l. ^{+, a}

Cash 4.50% + E^###

06/11/24

09/16/29

Senior

10,240,413

10,366,202

Planet US Buyer LLC ^{+, a}

Cash 3.50% + SF^vv

02/20/24

02/07/31

Senior

2,878,250

2,873,760

Platin2025 Acquisition S.à.r.l. ^{+, a}

Cash 3.90% + E^##

05/28/24

12/29/28

Senior

6,524,382

6,469,543

Rainbow Jvco Ltd. ^{+, a}

Cash 7.25% + E^##; PIK 7.25%

02/24/22

02/24/30

Mezzanine

212,930

4,129

Rainbow UK Holdco Limited ^{+, a}

Cash 3.75% + E^###

05/31/24

02/26/29

Senior

11,935,918

11,823,823

RC Acquisition II B.V. ^{+, a}

Cash 6.25% + E^##

12/19/23

12/18/30

Senior

9,234,378

9,078,014

Rohm Holding GmbH ^{+, a}

Cash 4.50% + E^### + PIK 0.25%

06/28/24

01/31/29

Senior

6,441,470

6,222,039

Sapphire Bidco B.V. ^{+, a}

Cash 3.00% + E^##

05/25/18

05/03/28

Senior

2,271,578

2,159,452

Sevetys Invest ^{+, a, e}

Cash 6.25% + E^##

12/16/22

08/03/29

Senior

17,672,953

17,632,378

Sigma Holdco B.V. ^{+, a}

Cash 4.75% + SF^vvv

09/20/23

01/02/28

Senior

5,890,753

5,864,981

Sigma Holdco B.V. ^{+, a}

Cash 4.25% + SF^vvv

08/26/24

01/03/28

Senior

2,970,266

7,031,685

Skywalker BidCo GmbH ^{+, a}

Cash 6.00% + E^###

12/20/23

12/20/30

Senior

8,763,127

8,632,466

Starfruit Finco B.V. ^{+, a, e}

Cash 3.50% + SF^vv

11/14/18

10/01/25

Senior

2,648,236

2,644,925

Summer (BC) Bidco B LLC ^{+, a}

Cash 5.00% + SF (0.75% Floor)^vv

09/08/21

12/04/26

Senior

965,281

965,132

team.blue Finco S.à.r.l. ^{+, a}

Cash 3.20% + E^#

06/25/21

03/27/28

Senior

11,959,050

11,566,068

TK Elevator Midco GmbH ^{+, a}

Cash 3.50% + SF (0.5% Floor)^vvv

03/11/24

04/30/30

Senior

7,181,486

7,169,601

TMF Sapphire Bidco B.V. ^{+, a}

Cash 5.00% + SF^vv

07/25/23

05/03/28

Senior

1,382,570

1,376,238

Virgin Media Bristol LLC ^{+, a}

Cash 3.25% + SF^v

06/25/24

01/31/29

Senior

10,000,000

9,822,750

Virgin Media Bristol, LLC ^{+, a}

Cash 2.50% + SF^v

02/07/18

01/31/28

Senior

5,486,250

5,363,930

ZF Invest ^{+, a}

Cash 3.475% + E^##

06/04/24

07/12/28

Senior

5,222,419

5,162,363

Ziggo Financing Partnership ^{+, a}

Cash 2.50% + SF^v

02/27/20

04/30/28

Senior

6,000,000

5,868,750

Total Western Europe (3.09%)

486,822,121

Total Direct Debt (8.94%)

1,410,046,176

Total Direct Investments (63.82%)

10,067,777,599

Secondary Investments ^{, c} (16.94%)*	Acquisition Date		Fair Value
Asia - Pacific (1.36%)
Affinity Asia Pacific Fund IV (No.2) L.P. ^{+, a, e}		09/30/24	$	4,657,457
Archer Capital Fund 5 ^{+, a, e}		09/30/24		58,119
Bain Capital Asia Fund II, L.P. ^{+, a, e}		03/31/25		1,013,721
Baring Asia Private Equity Fund IV, L.P. ^{+, a, e}		11/24/09		1
Carlyle Asia Partners IV, L.P. ^{+, a, e}		12/31/24		1,618,711
Carlyle Asia Partners V, L.P. ^{+, a, e}		12/31/24		2,005,515
Crescent Capital Partners IV, LP ^{+, a, e}		09/30/24		38,196
CVC Capital Partners Asia Pacific III, L.P. ^{+, a, e}		01/11/13		246,272
CVC Capital Partners Asia Pacific IV, L.P. ^{+, a, e}		12/31/24		1,786,429
Hony Capital Fund VIII (Cayman), L.P. ^{+, a, e}		12/31/24		1,074,388
KKR Asian Fund III L.P. ^{+, a, e}		12/31/24		425,374
KV Asia Capital Fund I L.P. ^{+, a, e}		09/30/24		1,524,589
MBK Partners Colonel Fund, L.P. ^{+, a, e}		09/20/21		79,207,338
Navis Asia Fund VII, L.P. ^{+, a, e}		03/31/25		16,958,288
North Haven Private Equity Asia III, L.P. ^{+, a, e}		03/31/25		370,393
Primavera Capital Fund III L.P. ^{+, a, e}		12/31/24		1,382,779
The Baring Asia Private Equity Fund VII, L.P. ^{+, a, e}		03/31/24		5,243,446
Tiara CG Private Equity Fund 2017, L.P. ^{+, a, e}		03/31/25		12,243,269
Tiara CG Private Equity Fund 2019, L.P. ^{+, a, e}		03/31/25		25,368,422
Tiara CG Private Equity Fund 2019S, L.P. ^{+, a, e}		03/31/25		7,201,185

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued) Secondary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
Asia - Pacific (continued)
TPG Asia VII (B), L.P. ^{+, a, e}		12/07/18	$	16,422,400
TRG Growth Partnership (Offshore) II, L.P. ^{+, a, e}		08/02/10		17,050
TRG Growth Partnership (Offshore), L.P. ^{+, a, e}		08/02/10		1
TRG Growth Partnership II, L.P. ^{+, a, e}		07/08/10		41,996
Warburg Pincus China L.P. ^{+, a}		12/31/24		1,652,153
Yunfeng Capital Fund III, L.P. ^{+, a, e}		05/18/21		28,822,734
Yunfeng Capital Fund IV, L.P. ^{+, a, e}		05/31/21		5,219,077
Total Asia - Pacific (1.36%)				214,599,303

North America (11.64%)
Abingworth Bioventures V, L.P. ^{+, a, e}		06/30/12		1
ACP Investment Fund, L.P. ^{+, a}		09/30/24		133,418
APH Extended Value Fund H LP (US) ^{+, a, e}		12/13/24		33,157,420
Apollo Investment Fund IX, L.P. ^{+, a, e}		01/01/25		950,661
Apollo Investment Fund VI, L.P. ^{+, a, e}		01/01/25		315,613
Apollo Investment Fund VII, L.P. ^{+, a, e}		07/01/10		1
Apollo Overseas Partners (Delaware) VII, L.P. ^{+, a, e}		10/01/09		1
Ardian Co-Investment Fund IV ^{+, a, e}		12/31/24		4,988,340
Ares Corporate Opportunities Fund V, L.P. ^{+, a, e}		01/01/25		1,840,078
Ares PE Extended Value Fund, L.P. ^{+, a, e}		11/14/19		37,506,981
Arroyo Investors Fund IV, L.P. ^{+, a, e}		02/25/25		5,580,217
ASP SEC Exchange Fund II LP ^{+, a, e}		09/30/24		9,735,850
August Capital V Special Opportunities, L.P. ^{+, a, e}		10/01/24		76,894
Avenue Golden Continuation Fund PV, L.P. ^{+, a, e}		04/26/22		170,494,719
Bain Capital Fund VII, L.P. ^{+, a}		12/31/24		331,507
Bain Capital Fund X, L.P. ^{+, a, e}		06/30/11		3,306,323
Bain Capital Fund XI, L.P. ^{+, a, e}		12/31/24		529,350
Bain Capital Fund XII, L.P. ^{+, a, e}		12/31/24		1,117,021
Bain Capital Venture Fund 2009, L.P. ^{+, a, e}		09/30/24		58,871
Bain Capital Venture Fund 2012, L.P. ^{+, a}		09/30/24		1,843,774
Bain Capital VIII Coinvestment Fund, L.P. ^{+, a, e}		12/31/15		1
BC X Private Investors, L.P. ^{+, a, e}		12/31/24		452,279
BC XI Private Investor, L.P. ^{+, a, e}		12/31/24		1,396,319
Berkshire Fund VIII, L.P. ^{+, a, e}		09/03/21		14,042,265
Berkshire Fund VIII, L.P. ^{+, a, e}		09/30/24		751,865
Berkshire Fund X-A, L.P. ^{+, a, e}		09/03/21		21,802,514
Bertram Growth Capital II-A, L.P. ^{+, a, e}		09/30/15		1
Birch Hill Equity Partners (US) IV, LP ^{+, a, e}		01/13/25		949,275
Blackstone Capital Partners IV, L.P. ^{+, a, e}		03/31/25		11,465
Blackstone Capital Partners V, L.P. ^{+, a, e}		03/31/25		10,015
Blackstone Capital Partners VIII ^{+, a, e}		03/31/25		1,816,330
Carlyle Partners V, L.P. ^{+, a, e}		12/31/24		479,484
Carlyle Partners VII, L.P. ^{+, a, e}		02/15/23		31,075,618
Carlyle Partners VIII, L.P. ^{+, a, e}		03/10/23		5,389,204
Carlyle Syniverse Co-Investment, L.P. ^{+, a}		12/31/24		97,362
CCMP Capital Investors III, L.P. ^{+, a, e}		12/31/24		12,562
Centerbridge Seaport Acquisition Fund, L.P. ^{+, a, e}		05/12/22		134,001
Clayton, Dubilier & Rice Fund VIII, L.P. ^{+, a, e}		03/29/12		2
Clayton, Dubilier & Rice Fund X, L.P. ^{+, a, e}		12/31/24		1,045,154
Cortec Group Fund V, L.P. ^{+, a, e}		09/30/24		106
Court Square Capital Partners V ^{+, a, e}		12/20/24		—
DST Opportunities Access Offshore L.P. ^{+, a, e}		09/30/20		9,301,003
ECP Terra-Gen Growth Fund, L.P. ^{+, a, e}		03/23/21		24,788
EETF Sidecar, L.P. ^{+, a, e}		04/30/21		5,284,293
EnCap Energy Co-Investment Fund I-C, L.P. ^{+, a, e}		04/30/21		790,161

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued) Secondary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
North America (continued)
EnCap Energy Transition Fund I, L.P. ^{+, a, e}		04/30/21	$	1,889,711
Energy Capital Partners Credit Solutions II, L.P. ^{+, a, e}		02/03/21		2,646,208
Energy Capital Partners III, L.P. ^{+, a, e}		02/01/21		10,316,499
Fengate Everest Continuation Fund L.P. ^{+, a, e}		06/17/24		26,199,448
FFL Capital Partners IV ^{+, a, e}		12/31/24		1,101,174
FFL Parallel Fund CF, L.P. ^{+, a, e}		12/31/24		5,240,694
Frazier Healthcare VI, L.P. ^{+, a}		06/30/12		1
FS Equity Partners V, L.P. ^{+, a, e}		08/07/12		6
FullBloom ^{+, a}		07/17/19		1
GA Continuity Fund I L.P. (Bermuda) ^{+, a, e}		06/30/21		90,820,105
General Atlantic Investment Partners 2021, L.P. ^{+, a, e}		07/02/21		9,311,600
General Atlantic Investment Partners 2023, L.P. ^{+, a, e}		12/01/22		2,677,561
Genstar Capital Partners IX, L.P. ^{+, a, e}		03/31/24		2,718,077
Genstar Capital Partners V, L.P. ^{+, a, e}		09/30/15		1
Genstar IX Opportunities Fund I ^{+, a, e}		03/31/24		1,339,170
Gores Capital Partners III, L.P. ^{+, a, e}		01/01/25		148,052
Green Equity Investors Side CF, L.P. ^{+, a, e}		04/16/21		46,986,232
Gridiron Energy Feeder I, L.P. ^{+, a, e}		05/15/17		36,119,837
Gridiron Energy, LLC ^{+, a}		10/01/24		18,437,834
Gryphon Partners 3.5, L.P. ^{+, a, e}		05/21/13		66,069
Gryphon Partners IV L.P. ^{+, a, e}		02/08/16		14,325,478
H.I.G. Bayside Debt & LBO Fund II, L.P. ^{+, a, e}		12/30/10		120,183
Icon Partners IV, L.P. ^{+, a, e}		05/26/21		34,677,843
Icon Partners V, L.P. ^{+, a, e}		12/27/21		102,612,997
Index Ventures Life VI (Jersey), L.P. ^{+, a, e}		09/30/24		570,684
Insight Venture Partners Continuation Fund, L.P. ^{+, a, e}		09/09/19		51,898,337
Investcorp Technology Partners III (Cayman), L.P. ^{+, a, e}		08/19/11		1
J.C. Flowers III-B L.P. ^{+, a, e}		12/31/24		39,298
J.C. Flowers IV L.P. ^{+, a, e}		12/31/24		935,092
JVP International 2019E, L.P. ^{+, a}		12/31/24		1,430,494
JVP Media V, L.P. ^{+, a}		12/31/24		882,770
JVP VII Opportunity, L.P. ^{+, a, e}		12/31/24		3,890,093
KKR Americas Fund XII (EEA) L.P. ^{+, a, e}		12/31/24		2,422,383
KKR Associates Indigo Equity Partners, L.P. ^{+, a}		06/09/22		140,391,316
KSL Capital Partners CV I, L.P. ^{+, a, e}		05/23/22		62,413,813
Lee Equity Partners II, L.P. ^{+, a, e}		06/30/17		5,664,683
Lee Equity Partners Realization Fund, L.P. ^{+, a}		06/30/17		3,121,331
LEP Captive Co-Invest II, L.P. ^{+, a}		07/01/22		18,928,283
LS Power Equity Partners III Feeder 1, L.P. ^{+, a, e}		01/01/25		6,525,497
Madison Dearborn Capital Partners V, L.P. ^{+, a, e}		03/31/11		4
Madison Dearborn Capital Partners VIII, L.P. ^{+, a, e}		03/15/21		9,882,043
Mainsail Partners III, L.P. ^{+, a, e}		09/30/24		250,718
Marlin Equity III, L.P. ^{+, a, e}		09/30/24		29,446
Mesa Natural Gas Solutions ^{+, a, e}		02/25/25		9,806,786
MidOcean Partners III, L.P. ^{+, a, e}		06/30/11		1
MidOcean Partners V, L.P. ^{+, a, e}		12/31/24		1,464,005
Monomoy Capital Partners II, L.P. ^{+, a, e}		09/30/15		128,941
New Enterprise Associates 14, L.P. ^{+, a, e}		10/01/24		6,308,411
New Enterprise Associates 17, L.P. ^{+, a, e}		09/30/20		7,109,499
New Mountain Capital V, L.P. ^{+, a, e}		12/31/24		615,222
NewView Capital Fund I, L.P. ^{+, a, e}		01/01/25		9,343,464
NGP Natural Resources X, L.P. ^{+, a, e}		09/30/24		281,914
Northgate Growth Fund, L.P. ^{+, a}		12/20/19		8,210,170
Northlane Capital Partners II LP ^{+, a, e}		12/31/24		2,692,583
NVP VIII PG, L.P. ^{+, a, e}		05/31/19		84,925,889

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued) Secondary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
North America (continued)
Oak Investment Partners XII, L.P. ^{+, a}		06/28/12	$	1,035
Oaktree Opportunities Fund Xb, L.P. ^{+, a, e}		01/01/25		1,770,116
Onex Partners V LP ^{+, a, e}		12/31/24		2,270,523
Overbay Capital Partners 2024 Fund Aggregator (AIV IV) LP ^{+, a, e}		12/31/24		18,259,949
Overbay Capital Partners 2024 Fund Offshore LP ^{+, a, e}		12/31/24		12,311,594
Palladium Equity Partners III, L.P. ^{+, a, e}		08/02/10		1
Performance Venture Capital Reinvestment Fund, L.P. ^{+, a, e}		03/12/25		99,323,882
PlayCore CV, L.P. ^{+, a, e}		11/21/24		18,539,820
Providence Equity Partners IV, L.P. ^{+, a, e}		06/30/11		8,915
Providence Equity Partners V, L.P. ^{+, a, e}		06/30/11		1
Providence Equity Partners VI -A, L.P. ^{+, a, e}		01/01/25		15,549
Providence Equity Partners VI-A, L.P. ^{+, a, e}		06/30/11		4,392
Providence Equity Partners VII-A, L.P. ^{+, a, e}		06/30/13		1
PT2, L.P. ^{+, a, e}		12/21/21		12,822,809
Redpoint Omega II, L.P. ^{+, a}		09/30/24		1,658,314
Redpoint Ventures IV, L.P. ^{+, a}		09/30/24		596,448
Revelstoke EPIC Fund I, L.P. ^{+, a, e}		11/20/19		66,492,018
Riverstone Global Energy and Power Fund VI, L.P. ^{+, a, e}		01/01/25		648,838
RoundTable Healthcare Partners III, L.P. ^{+, a, e}		09/30/24		913,032
Samson Partners, L.P. ^{+, a, e}		12/21/20		52,065,152
Sigma Partners 6, L.P. ^{+, a}		09/30/24		654,129
Sigma Partners 7, L.P. ^{+, a}		09/30/24		189,123
Sigma Partners 8, L.P. ^{+, a}		09/30/24		650,334
Silver Lake Partners III, L.P. ^{+, a, e}		03/31/13		844,388
Silver Lake Partners V, L.P. ^{+, a, e}		09/30/20		9,907,812
Silver Lake Partners VI, L.P. ^{+, a, e}		09/30/22		43,977,586
SL SPV-1, L.P. ^{+, a}		12/01/17		5
SL SPV-2, L.P. ^{+, a}		06/30/10		6,160,754
Sterling Capital Partners IV, L.P. ^{+, a, e}		12/01/24		270,606
Sterling Partners - Small Market Growth 2009, L.P. ^{+, a, e}		12/01/24		338,651
STG IV, L.P. ^{+, a, e}		09/30/24		233,704
Summit Partners Growth Equity Fund IX-B, L.P. ^{+, a, e}		12/31/24		1,262,233
Summit Partners Growth Equity Fund VIII-B, L.P. ^{+, a, e}		12/31/24		274,300
Summit Partners Venture Capital Fund III-B, L.P. ^{+, a, e}		12/31/24		284,844
Sun Capital Partners V, L.P. ^{+, a, e}		09/30/13		—
SV Life Sciences Fund IV CF, L.P. ^{+, a, e}		12/31/24		3,882,805
SV Life Sciences Fund IV, L.P. ^{+, a, e}		12/31/24		76,315
TA Atlantic & Pacific VI, L.P. ^{+, a, e}		09/30/15		49,935
TA Atlantic and Pacific VII-A L.P. ^{+, a, e}		09/30/24		2,946,670
TA Subordinated Debt Fund III, L.P. ^{+, a, e}		09/30/24		13,531
TA XI, L.P. ^{+, a, e}		09/30/15		715,685
TCV VII (A), L.P. ^{+, a, e}		09/30/13		1
Thomas H. Lee Parallel (Cayman) Fund VII, L.P. ^{+, a, e}		01/01/25		3,783,485
Thomas H. Lee Parallel Fund VII, L.P. ^{+, a, e}		01/01/25		1,334,225
Thomas H. Lee Parallel Fund VIII, L.P. ^{+, a, e}		01/01/25		1,118,329
TorQuest Partners Fund (U.S.) II, L.P. ^{+, a, e}		09/30/15		200,661
TPG Healthcare Partners, L.P. ^{+, a, e}		04/01/24		3,320,520
TPG Partners V, L.P. ^{+, a, e}		07/11/11		1
TPG Partners VI, L.P. ^{+, a, e}		12/31/12		239,105
TPG Partners VII, L.P. ^{+, a, e}		01/01/25		10,282,148
TPG Partners VIII, L.P. ^{+, a, e}		04/01/24		15,724,930
Trident VIII, L.P. ^{+, a, e}		09/30/22		31,626,063
Trinity Ventures 2024, L.P. ^{+, a, e}		12/20/24		53,782,133
Trivest Fund V, L.P. ^{+, a, e}		10/01/24		1,296,781
TSCP CV II, L.P. ^{+, a, e}		09/09/24		21,182

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued) Secondary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
North America (continued)
TSCP CV II, L.P. ^{+, a}		09/09/24	$	4,890,426
Vector Capital V, L.P. ^{+, a, e}		02/26/25		21,271,250
Vector Capital VI, L.P. ^{+, a, e}		02/26/25		1,736,799
Vista Equity Partners Fund VII, L.P. ^{+, a, e}		01/01/25		1,246,309
Vistria Fund III, L.P. ^{+, a, e}		07/29/19		14,071,492
Vistria Fund IV, L.P. ^{+, a, e}		10/01/22		44,357,034
Vistria Fund V, L.P. ^{+, a, e}		03/31/23		3,603,067
Warburg Pincus Global Growth, L.P. ^{+, a, e}		12/31/24		4,465,281
Warburg Pincus Private Equity X, L.P. ^{+, a}		09/28/12		202,917
Warburg Pincus Private Equity XI, L.P. ^{+, a}		01/01/25		293,486
Warburg Pincus Private Equity XII, L.P. ^{+, a, e}		03/31/25		9,967,830
Welsh, Carson, Anderson & Stowe XI, L.P. ^{+, a}		09/30/24		5,438
Welsh, Carson, Anderson & Stowe XII, L.P. ^{+, a, e}		12/31/18		26,650,007
Welsh, Carson, Anderson & Stowe XIII, L.P. ^{+, a, e}		12/20/18		5,008,495
Total North America (11.64%)				1,835,686,253

Rest of World (0.24%)
Advent Latin American Private Equity Fund V, L.P. ^{+, a, e}		10/01/24		838,167
Advent Latin American Private Equity Fund VI-B L.P. ^{+, a, e}		03/31/25		11,813,411
Advent Latin American Private Equity Fund VII-A SCSp ^{+, a, e}		03/31/25		16,579,573
Carlyle Global Financial Services Partners III, L.P. ^{+, a, e}		12/31/24		2,896,253
NG Capital Partners I, L.P. ^{+, a, e}		12/31/24		1
Pitango Venture Capital Fund VI L.P. ^{+, a, e}		09/30/24		5,875,299
Victoria South American Partners II, L.P. ^{+, a, e}		09/30/24		506,858
Total Rest of World (0.24%)				38,509,562

Western Europe (3.70%)
3i Eurofund Vb, L.P. ^{+, a}		09/30/09		4,922
3i Growth Capital B, L.P. ^{+, a, e}		10/01/14		1
Abingworth Bioventures III, L.P. ^{+, a, e}		09/30/15		3,668
Abingworth Bioventures V Co-Investment Growth Equity Fund, L.P. ^{+, a, e}		06/30/12		1
Abingworth Bioventures VI LP ^{+, a, e}		10/01/24		375,142
Advent International GPE IX-A ^{+, a, e}		12/31/24		2,461,462
Advent International GPE VI, L.P. ^{+, a}		09/30/10		320,663
Advent International GPE VI, L.P. ^{+, a, e}		10/01/24		130,305
Advent International GPE VII-E, L.P. ^{+, a, e}		10/01/24		459,933
Alchemy Special Opportunities Fund II L.P. ^{+, a, e}		09/30/24		419,672
Aparca8 Capital Estacionamientos, S.C.R., S.A. ^{+, a, e}		12/15/23		9,156,965
Apax Europe VI - A, L.P. ^{+, a, e}		07/01/11		33,827
Apax Europe VII - B, L.P. ^{+, a, e}		04/30/11		9,434
APAX Europe VII - B, L.P. ^{+, a, e}		10/01/24		50,788
Apax IX USD (Feeder) L.P. ^{+, a, e}		01/01/25		1,334,339
Apax VIII - A L.P. ^{+, a, e}		01/01/25		358,747
Apax X USD L.P. ^{+, a, e}		01/01/25		2,076,748
Astorg IQ-EQ Fund SCSp ^{+, a, e}		01/13/22		28,926,833
Astorg V FCPR ^{+, a}		09/30/15		9,144
Astorg V FCPR ^{+, a, e}		09/30/24		8,842
August Capital V, L.P. ^{+, a, e}		10/01/24		405,264
Bain Capital Europe Fund III, L.P. ^{+, a, e}		03/31/25		481
Bain Capital Europe Fund V, SCSp ^{+, a, e}		12/31/24		1,655,911
BC European Capital IX, L.P. ^{+, a, e}		09/30/14		1,178,420
BC European Capital X LP ^{+, a, e}		12/31/24		2,031,988
Carlyle Europe Partners II, L.P. ^{+, a, e}		12/28/12		29,696
Carlyle Europe Partners III, L.P. ^{+, a, e}		12/28/12		145,193
Carlyle Europe Partners IV, L.P. ^{+, a, e}		12/31/24		6,127,775

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued) Secondary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
Western Europe (continued)
Carlyle Europe Partners V, L.P. ^{+, a, e}		12/31/24	$	1,631,940
CCP IX L.P. No.2 ^{+, a}		09/30/14		2
CD&R Value Building Partners I, L.P. ^{+, a}		12/17/21		61,004,807
Charterhouse Capital Partners IX ^{+, a, e}		09/30/24		19,444
Charterhouse Capital Partners X L.P. ^{+, a, e}		12/31/24		6,266,322
CVC Capital Partners Pachelbel (A) SCSp ^{+, a, e}		07/08/24		1,956,107
CVC Capital Partners VII L.P. ^{+, a, e}		03/31/24		14,862,565
CVC Capital Partners VIII, L.P. ^{+, a, e}		03/31/24		12,733,295
CVC European Equity Partners III L.P. ^{+, a, e}		12/31/24		428,124
CVC European Equity Partners V, L.P. ^{+, a, e}		12/28/12		1
Daiwa ICP European Infrastructure 1, L.P. ^{+, a, e}		12/22/22		66,273,309
DBAG Fund VI (Guernsey) L.P. ^{+, a, e}		09/30/24		390,584
Elvaston Capital Fund V ^{+, a, e}		03/31/25		18,552,656
EPIC I-b Fund SLP ^{+, a, e}		11/30/20		27,289,717
EQT IX, L.P. (EUR) ^{+, a, e}		03/31/25		34,217,073
ESP Golden Bear Europe Fund ^{+, a, e}		12/31/16		391,347
Eurazeo Capital IV B SCSp ^{+, a, e}		12/31/24		8,542,369
F2i III ^{+, a, e}		07/01/24		7,228,191
Fourth Cinven Fund, L.P. ^{+, a, e}		04/16/10		589
France Special Situations Fund I FPCI ^{+, a, e}		10/01/24		183,154
G Square Capital I ^{+, a}		12/01/24		1,210
Galileo III FCPR ^{+, a, e}		09/30/15		29,472
Graphite Capital Partners VII, L.P. ^{+, a, e}		09/30/15		240,003
HitecVision Asset Solutions, L.P. ^{+, a, e}		09/30/24		3,518
HitecVision SpringPoint L.P. ^{+, a, e}		09/30/24		2,239
HitecVision V, L.P. ^{+, a, e}		09/30/24		5,253
HitecVision VI, L.P. ^{+, a, e}		09/30/24		1,408,199
Index Ventures Growth II (Jersey), L.P. ^{+, a}		09/30/24		1,197,032
Index Ventures VI (Jersey), L.P. ^{+, a, e}		09/30/24		10,258,698
Industrial Opportunity Partners II, L.P. ^{+, a, e}		09/30/24		167,081
Investindustrial V L.P. ^{+, a, e}		09/30/24		1,122,088
Italian Private Equity Fund IV, L.P. ^{+, a, e}		01/29/16		3,840
KKR European Fund III, L.P. ^{+, a, e}		11/01/10		42,295
KKR European Fund III, L.P. (USD) ^{+, a, e}		12/31/24		478,676
KKR European Fund IV (EEA) L.P. ^{+, a, e}		12/31/24		15,441,620
KKR European Fund V (EUR) SCSp ^{+, a, e}		12/31/24		4,024,569
L Capital 3 FPCI ^{+, a, e}		12/02/24		428,955
Latour Capital I ^{+, a}		12/31/24		76,346
Living Bridge 5 L.P. ^{+, a, e}		10/01/24		599,146
Montagu III, L.P. ^{+, a, e}		12/09/09		1
Montagu V L.P. ^{+, a, e}		12/31/24		2,916,066
Montagu+ SCSp ^{+, a, e}		12/06/21		70,566,587
Oaktree European Principal Fund IV Feeder (Cayman), L.P. ^{+, a, e}		01/01/25		974,153
PAI Europe VI, L.P. ^{+, a, e}		12/31/24		2,411,295
PAI Europe VII-1 ^{+, a, e}		12/31/24		504,642
Permira Europe II, L.P. ^{+, a}		11/29/13		4,558
Permira Europe III, L.P. ^{+, a}		09/30/13		2,296
Permira Europe III, L.P. ^{+, a, e}		01/01/25		50,593
Permira VI L.P. 1 ^{+, a, e}		01/01/25		2,163,032
Permira VII L.P. ^{+, a, e}		09/29/22		43,454,741
Permira VIII SCSp ^{+, a, e}		03/30/25		10,869,391
Phoenix Equity Partners 2010 LP ^{+, a}		09/30/24		4,583
Piper Private Equity Fund V L.P. ^{+, a, e}		10/01/24		151,050
Prime Ventures IV C.V. ^{+, a, e}		09/30/24		1,599,108
PSC III G, LP ^{+, a, e}		12/31/24		4,916,276

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued) Secondary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
Western Europe (continued)
Rivean Special Opportunity Fund I Coöperatief U.A. ^{+, a, e}		11/29/22	$	23,571,160
Riverside Europe Fund IV, L.P. ^{+, a, e}		09/30/14		1
Sixth Cinven Fund (No.2) Limited Partnership ^{+, a, e}		03/31/24		3,582,729
STG Alternative Investments S.C.A. SICAV-RAIF ^{+, a, e}		09/17/21		32,982,962
Summit Partners Europe Private Equity Fund, L.P. ^{+, a, e}		03/31/25		1
TDR Capital III ‘B’ L.P. ^{+, a, e}		10/01/24		2,720,560
The Seventh Cinven Fund, L.P. ^{+, a, e}		03/31/24		10,814,242
Trilantic Capital Partners V (Europe) S.C.A., SICAR ^{+, a, e}		11/20/20		5,936,358
Trilantic Europe VI SCSp ^{+, a, e}		12/10/20		3,922,032
Turkish Private Equity Fund III L.P. ^{+, a, e}		09/30/24		3,701,466
WPEF V Feeder LP ^{+, a, e}		01/01/25		98,826
Total Western Europe (3.70%)				583,136,709

Total Secondary Investments (16.94%)			$	2,671,931,827

Primary Investments ^{, c} (13.96%)*
Asia - Pacific (0.88%)
Bain Capital Asia V, L.P. ^{+, a, e}		09/01/23		466,431
Baring Asia Private Equity Fund V, L.P. ^{+, a, e}		12/01/10		222,195
BGH Capital Fund I ^{+, a, e}		03/01/18		18,022,204
BGH Capital VCLP II ^{+, a, e}		02/01/22		508,456
CPEChina Fund III, L.P. ^{+, a, e}		03/28/18		31,995,276
CVC Capital Partners Asia VI L.P. ^{+, a, e}		12/23/22		585,278
Hony Capital Fund VIII, L.P. ^{+, a, e}		10/30/15		9,029,988
Hony Capital Partners V, L.P. ^{+, a, e}		12/15/11		2,275,093
J-STAR No.4-C, L.P. ^{+, a, e}		08/02/19		13,594,524
J-STAR No.5-B, L.P. ^{+, a, e}		02/28/22		4,279,967
Kedaara Capital Growth Fund IV ^{+, a, e}		04/03/24		204,161
Kedaara Capital III Limited ^{+, a, e}		06/17/21		7,242,300
KKR Asian Fund IV SCSp ^{+, a, e}		05/29/20		4,594,333
Primavera Capital Fund III L.P. ^{+, a, e}		05/09/18		11,621,939
Primavera Capital Fund IV, L.P. ^{+, a, e}		05/20/21		4,990,914
Southern Capital Fund IV L.P. ^{+, a, e}		01/26/18		5,018,026
The Baring Asia Private Equity Fund VII, L.P. ^{+, a, e}		07/10/18		8,813,977
Tiara CG Private Equity Fund 2024, L.P. ^{+, a, e}		11/29/24		27,621
TPG ASIA VIII (B), L.P. ^{+, a, e}		07/01/22		6,998,300
Trustbridge Partners VI, L.P. ^{+, a, e}		04/12/18		7,954,238
Total Asia - Pacific (0.88%)				138,445,221

North America (8.40%)
Advent Global Technology, L.P. ^{+, a, e}		06/25/19		3,080,502
AEA Investors Fund VII L.P. ^{+, a, e}		02/08/19		3,574,268
American Industrial Partners Capital Fund VII, L.P. ^{+, a, e}		03/29/19		28,195,718
American Industrial Partners Capital Fund VIII, L.P. ^{+, a, e}		07/10/23		469,260
Apollo Investment Fund IX, L.P ^{+, a, e}		06/01/17		33,366,669
Apollo Investment Fund VIII, L.P. ^{+, a, e}		06/28/13		2,586,963
Ares Corporate Opportunities Fund IV, L.P. ^{+, a, e}		04/19/12		1,604,325
Ares Corporate Opportunities Fund V, L.P. ^{+, a, e}		12/28/15		9,279,121
Ares Corporate Opportunities Fund VI, L.P. ^{+, a, e}		06/02/20		2,777,714
Avista Capital Partners II, L.P. ^{+, a, e}		01/01/14		1
Bain Capital Fund XII, L.P. ^{+, a, e}		06/30/17		16,429,532
Bain Capital Fund XIII, L.P. ^{+, a, e}		08/07/20		18,953,008
Baring Asia Private Equity Fund IX, L.P. ^{+, a, e}		12/23/24		—
Barings Transportation Fund, L.P. ^{+, a, e}		09/23/21		11,166,897
Berkshire Fund IX, L.P. ^{+, a, e}		03/18/16		14,064,686

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued) Primary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
North America (continued)
Berkshire Fund XI-TE, L.P. ^{+, a, e}		12/18/23	$	—
Caltius Partners V-A, L.P. ^{+, a, e}		12/02/14		6,005,034
Carlyle Partners VII, L.P. ^{+, a, e}		11/29/17		56,433,709
Carlyle Partners VIII, L.P. ^{+, a, e}		09/10/21		6,376,012
Centerbridge Seaport Acquisition Fund, L.P. ^{+, a}		04/27/22		1,051,907
Clayton, Dubilier & Rice Fund IX, L.P. ^{+, a, e}		07/31/13		5,630,309
Clayton, Dubilier & Rice Fund X, L.P. ^{+, a, e}		12/13/16		18,534,829
Clayton, Dubilier & Rice Fund XI, L.P. ^{+, a, e}		05/15/20		19,460,430
Clayton, Dubilier & Rice Fund XII, L.P. ^{+, a, e}		09/02/22		8,472,441
Clearlake Capital Partners V, L.P. ^{+, a, e}		12/15/17		30,158,572
Clearlake Capital Partners VI, L.P. ^{+, a, e}		12/10/19		21,619,332
Clearlake Capital Partners VII, L.P. ^{+, a, e}		09/23/21		11,464,514
Clearlake Capital Partners VIII, L.P. ^{+, a, e}		04/05/24		1,144,969
Crescent Mezzanine Partners VI, L.P. ^{+, a, e}		03/30/12		278,091
Cressey & Company Fund VII-A L.P. ^{+, a, e}		06/30/22		1,060,757
ECP V, LP ^{+, a, e}		08/19/22		3,698,545
Frazier Healthcare Growth Buyout Fund X, L.P. ^{+, a, e}		03/10/21		12,688,930
Frazier Healthcare Growth Buyout Fund XI, L.P. ^{+, a, e}		09/20/24		—
Genstar AMBA CV, L.P. ^{+, a}		04/01/23		587,807
Genstar Capital Partners IX, L.P. ^{+, a, e}		02/21/19		24,077,183
Genstar Capital Partners VI, L.P. ^{+, a, e}		09/01/12		207,665
Genstar Capital Partners VII, L.P. ^{+, a, e}		06/26/15		5,819,383
Genstar Capital Partners VIII, L.P. ^{+, a, e}		03/23/17		33,585,905
Genstar Capital Partners X, L.P. ^{+, a, e}		04/01/21		11,295,949
Genstar Capital Partners XI, L.P. ^{+, a, e}		04/26/23		776,069
Genstar X Opportunities Fund, L.P. ^{+, a, e}		08/13/21		2,728,436
Genstar XI Opportunities Fund, L.P. ^{+, a, e}		04/26/23		607,781
GHO Capital IV ^{+, a, e}		12/27/24		—
GI Data Infrastructure Fund II LP ^{+, a, e}		01/27/23		1,792,559
GoldPoint Mezzanine Partners IV, L.P. ^{+, a, e}		12/30/15		5,561,053
Green Equity Investors IX, L.P. ^{+, a, e}		03/01/22		9,789,878
Green Equity Investors Side VIII, L.P. ^{+, a, e}		10/18/19		37,693,896
Gryphon Heritage Partners, L.P. ^{+, a, e}		12/17/20		5,644,111
Gryphon Partners V, L.P. ^{+, a, e}		02/23/18		8,667,090
Gryphon Partners VI, L.P. ^{+, a, e}		12/17/20		8,637,450
Harvest Partners IX, L.P. ^{+, a, e}		09/24/21		6,179,154
Harvest Partners VII, L.P. ^{+, a, e}		12/14/15		9,764,027
Harvest Partners VIII, L.P. ^{+, a, e}		12/19/18		19,992,191
Hellman & Friedman Capital Partners VII, L.P. ^{+, a, e}		06/30/14		1
Hellman & Friedman Capital Partners X, L.P. ^{+, a, e}		05/10/21		12,786,114
Hellman & Friedman Capital Partners XI, LP ^{+, a, e}		03/31/23		—
Hg Saturn 4 L.P. ^{+, a, e}		03/01/25		—
HGGC Fund IV, L.P. ^{+, a, e}		04/08/22		2,560,705
Icon Partners IV, L.P. ^{+, a, e}		09/01/21		5,913,791
Icon Partners V, L.P. ^{+, a, e}		12/27/21		10,086,420
Impilo Healthcare AB ^{+, a, e}		02/28/25		—
Insight Partners XII (Co-Investors), L.P. ^{+, a, e}		05/14/21		2,114,114
Insight Partners XIII, L.P. ^{+, a, e}		12/23/22		1,487,487
Insight Venture Partners X, L.P. ^{+, a, e}		07/06/18		14,044,686
Insight Venture Partners XI, L.P. ^{+, a, e}		12/17/19		7,444,116
Insight Ventures Partners XII, L.P. ^{+, a, e}		05/14/21		6,693,345
Jade Equity Investors II, L.P. ^{+, a, e}		03/01/22		1,020,948
K6 Private Investors, L.P. ^{+, a, e}		06/28/24		—
Khosla Ventures VIII, L.P. ^{+, a, e}		01/06/23		1,081,197
KKR Americas Fund XII L.P. ^{+, a, e}		01/31/18		30,426,359

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued) Primary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
North America (continued)
KKR Associates Indigo Equity Partners, L.P. ^{+, a}		10/01/22	$	2,066,807
KKR North America Fund XI, L.P. ^{+, a, e}		02/01/12		3,780,622
KKR North America Fund XIII, SCSP ^{+, a, e}		04/06/21		8,596,150
KKR North America Fund XIV ^{+, a, e}		12/19/24		—
Kleiner Perkins Caufield & Byers XIX LLC ^{+, a, e}		03/05/20		13,436,623
Kleiner Perkins Select Fund III, LLC ^{+, a, e}		06/28/24		1,283,750
KLEINER PERKINS XXI, LLC ^{+, a, e}		06/28/24		1,202,500
Kohlberg TE Investors IX, L.P. ^{+, a, e}		12/20/19		26,444,717
Kohlberg TE Investors VIII, L.P. ^{+, a, e}		08/04/16		23,719,525
Kohlberg TE Investors X, L.P. ^{+, a, e}		10/06/23		231,036
Lee Equity Partners IV, L.P. ^{+, a, e}		06/28/24		4,824,026
Leeds Equity Partners VI, L.P. ^{+, a, e}		11/25/16		17,185,730
Lerer Hippeau Select Fund III, L.P. ^{+, a, e}		12/20/19		6,208,746
Lerer Hippeau VII, L.P. ^{+, a, e}		12/20/19		3,469,647
Lux Total Opportunities, L.P. ^{+, a, e}		05/28/21		3,385,763
Lux Ventures VII, L.P. ^{+, a, e}		05/28/21		1,450,109
Lux Ventures VIII, L.P. ^{+, a, e}		04/03/23		2,170,705
Madison Dearborn Capital Partners VIII, L.P. ^{+, a, e}		03/20/20		9,366,868
Mayfield Select III, L.P. ^{+, a, e}		05/01/23		—
Mayfield XVII, L.P. ^{+, a, e}		05/01/23		163,149
Nautic Partners IX-A, L.P. ^{+, a, e}		03/12/19		8,507,323
Nautic Partners VII-A, L.P. ^{+, a, e}		06/27/14		2,101,200
Nautic Partners X-A, L.P. ^{+, a, e}		07/19/21		10,513,134
Nautic Partners XI-A, L.P. ^{+, a, e}		06/21/24		—
NEA 18 Venture Growth Equity, L.P. ^{+, a, e}		12/22/21		2,616,117
New Enterprise Associates 14, L.P. ^{+, a, e}		05/04/12		6,530,649
New Enterprise Associates 17, L.P. ^{+, a, e}		06/06/19		8,958,821
New Enterprise Associates 18, L.P. ^{+, a, e}		12/22/21		2,547,765
New Mountain Capital V, L.P. ^{+, a, e}		06/29/17		22,126,606
New Mountain Partners VI, L.P. ^{+, a, e}		10/16/20		24,824,000
New Mountain Partners VII, L.P. ^{+, a, e}		04/06/23		1,020,617
NexPhase Capital Fund III-A, L.P. ^{+, a, e}		09/01/16		12,338,272
NexPhase Capital Fund V, L.P. ^{+, a, e}		08/04/23		83,282
Nordic Capital Evolution II ^{+, a, e}		12/14/24		—
Oak Hill Capital Partners IV, L.P. ^{+, a, e}		04/28/17		5,198,154
Oak Hill Capital Partners V, L.P. ^{+, a, e}		12/21/18		37,114,179
Oak Hill Capital Partners VI, L.P. ^{+, a, e}		02/25/22		3,264,272
Oakley Capital Private Equity Fund VI ^{+, a, e}		03/21/25		—
Pamlico Capital V, L.P. ^{+, a, e}		02/03/20		4,403,036
Pamlico Capital VI, L.P. ^{+, a, e}		12/17/24		—
PennantPark Credit Opportunities Fund II, L.P. ^{+, a, e}		08/03/12		719,566
Revelstoke Capital Partners Fund III, L.P ^{+, a, e}		02/23/22		6,362,592
Silver Lake Partners IV, L.P. ^{+, a, e}		07/30/12		10,582,266
Silver Lake Partners V, L.P. ^{+, a, e}		03/31/17		42,900,922
Silver Lake Partners VI, L.P. ^{+, a, e}		06/04/20		7,540,587
Silver Lake Partners VII, L.P. ^{+, a, e}		05/26/22		5,395,366
Spark Capital Growth Fund IV, L.P. ^{+, a, e}		10/14/21		6,829,643
Spark Capital Growth Fund V, L.P. ^{+, a, e}		02/29/24		558,447
Spark Capital VII, L.P. ^{+, a, e}		10/14/21		3,273,164
Spark Capital VIII, L.P. ^{+, a, e}		02/29/24		222,889
Sumeru Equity Partners Fund, L.P. ^{+, a, e}		04/27/15		3,665,411
Summit Partners Growth Equity Fund XI, L.P. ^{+, a, e}		10/01/21		2,178,882
Summit Partners Growth Equity Fund XII, L.P. ^{+, a, e}		10/01/24		—
TA Select Opportunities Fund II-B, L.P. ^{+, a, e}		05/27/21		2,780,386
TA XIII-B, L.P. ^{+, a, e}		05/02/19		17,864,752

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued) Primary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
North America (continued)
TA XIV-B, L.P. ^{+, a, e}		05/27/21	$	11,213,153
TCV X, L.P. ^{+, a, e}		08/31/18		14,375,322
TCV XI (A), L.P. ^{+, a, e}		10/02/20		9,114,729
The Veritas Capital Fund IX, L.P. ^{+, a, e}		07/01/24		57,612
Thompson Street Capital Partners IV, L.P. ^{+, a, e}		12/10/15		6,334,591
Thompson Street Capital Partners V, L.P. ^{+, a, e}		05/04/18		9,037,731
Thompson Street Capital Partners VI, L.P. ^{+, a, e}		06/11/21		12,422,988
TPG Partners IX, L.P. ^{+, a, e}		12/23/22		1,180,198
TPG Partners VII, L.P. ^{+, a, e}		03/01/16		4,322,751
TPG Partners VIII, L.P. ^{+, a, e}		01/31/19		11,626,571
Trident IX, L.P. ^{+, a, e}		11/19/21		15,697,370
Trident VII, L.P. ^{+, a, e}		09/22/16		36,724,122
Trident VIII, L.P. ^{+, a, e}		04/05/19		25,548,671
Trident X, L.P. ^{+, a, e}		05/23/24		—
Vista Equity Partners Fund VII, L.P. ^{+, a, e}		08/31/18		20,949,551
Vista Equity Partners Fund VIII, L.P. ^{+, a, e}		04/28/22		16,029,831
Vistria Fund II, L.P. ^{+, a, e}		12/19/17		12,217,043
Vistria Fund III, L.P. ^{+, a, e}		06/19/19		14,071,492
Vistria Fund IV, L.P. ^{+, a, e}		03/31/21		15,925,858
Vistria Fund V, L.P. ^{+, a, e}		10/31/23		623,606
Warburg Pincus Global Growth 14, L.P. ^{+, a, e}		01/31/22		6,927,565
Warburg Pincus Global Growth, L.P. ^{+, a, e}		11/20/18		11,239,784
Welsh, Carson, Anderson & Stowe XII, L.P. ^{+, a}		12/19/14		6,821,042
Welsh, Carson, Anderson & Stowe XIII, L.P. ^{+, a, e}		12/20/18		18,030,584
Welsh, Carson, Anderson & Stowe XIV, L.P. ^{+, a, e}		01/19/22		1,970,350
West Street Offshore Infrastructure Partners IV ^{+, a, e}		11/02/22		8,615,212
Windjammer Senior Equity Fund IV, L.P. ^{+, a, e}		02/06/13		3,188,736
Total North America (8.40%)				1,324,969,151

Rest of World (0.55%)
Advent Latin American Private Equity Fund VI-H L.P. ^{+, a, e}		10/17/14		8,282,184
Patria - Brazilian Private Equity Fund IV, L.P. ^{+, a, e}		06/30/11		3,191,066
Polish Enterprise Fund VIII, L.P. ^{+, a, e}		09/15/17		75,513,120
Total Rest of World (0.55%)				86,986,370

Western Europe (4.13%)
Adagia Capital Europe S.L.P. ^{+, a, e}		06/01/21		6,637,046
Advent International GPE IX-C, L.P. ^{+, a, e}		05/31/19		26,843,500
Advent International GPE VII-B, L.P. ^{+, a, e}		07/01/12		1,256,592
Advent International GPE VIII-C, L.P ^{+, a, e}		03/22/16		7,903,446
Advent International GPE X (USD) ^{+, a, e}		05/31/22		10,962,724
Apax X USD L.P. ^{+, a, e}		07/16/19		20,945,503
APAX XI USD L.P. ^{+, a, e}		06/30/22		7,809,062
Astorg Mid-Cap ^{+, a, e}		02/22/21		4,449,920
Astorg VI, FCPI ^{+, a, e}		06/30/16		3,511,790
Astorg VIII S.à.r.l. ^{+, a, e}		12/17/21		7,600,947
Axcel VI K/S ^{+, a, e}		02/21/20		27,282,897
Axcel VII K/S ^{+, a, e}		05/17/23		332,229
Bain Capital Europe Fund IV, L.P. ^{+, a, e}		09/01/14		2,766,699
Bain Capital Europe Fund VI, SCSp ^{+, a, e}		06/30/22		2,435,167
BC Partners XI, L.P. ^{+, a, e}		12/18/20		23,597,429
Bregal Unternehmerkapital IV-A SCSP ^{+, a, e}		05/23/24		611,019
CapVest Equity Partners III B, L.P. ^{+, a, e}		08/30/13		15,799
Capvis Equity V L.P. ^{+, a, e}		01/17/18		20,388,574
Carlyle Europe Partners IV, L.P. ^{+, a, e}		08/27/13		1

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Private Equity Investments (continued) Primary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
Western Europe (continued)
Carlyle Europe Partners V, L.P. ^{+, a, e}		04/23/18	$	7,006,274
CD&R Value Building Partners I, L.P. ^{+, a}		12/17/21		7,588,121
Charterhouse Capital Partners XI ^{+, a, e}		11/26/21		5,599,110
CVC Capital Partners IX L.P. ^{+, a, e}		05/12/23		144,633
CVC Capital Partners VI (A) L.P. ^{+, a, e}		07/05/13		5,673,802
CVC Capital Partners VIII, L.P. ^{+, a, e}		06/19/20		2,310,816
DPE Deutschland IV ^{+, a, e}		08/24/20		4,349,997
EPIC Fund III, SLP ^{+, a, e}		06/25/24		1,330,334
EQT IX, L.P. (USD) ^{+, a, e}		05/15/20		22,672,267
EQT Mid-Market (No.1) Feeder L.P. ^{+, a, e}		07/01/16		10,969,533
EQT X, L.P. (USD) ^{+, a, e}		04/28/22		9,057,159
Exponent Private Equity Partners V, L.P. ^{+, a, e}		09/14/23		3,538,737
Gilde Buy-Out Fund VI C.V. ^{+, a, e}		06/28/19		23,985,686
Graphite Capital Partners IX L.P. ^{+, a, e}		04/11/18		14,592,615
Hg Genesis 10 L.P. ^{+, a, e}		04/14/22		4,300,379
Hg Mercury 4 L.P. ^{+, a, e}		01/12/23		1,925,819
Hg Saturn 3 L.P. ^{+, a, e}		02/25/22		14,702,771
Hg Saturn I L.P. ^{+, a, e}		06/28/18		14,478,272
HgCapital 8 L.P. ^{+, a, e}		12/19/16		16,533,184
HgCapital Mercury 2 ^{+, a, e}		02/15/17		14,650,027
Index Ventures Growth III (Jersey) L.P. ^{+, a}		03/18/15		22,837,487
KKR European Fund V (EUR) SCSp ^{+, a, e}		11/05/18		27,400,994
KKR European Fund VI (USD) ^{+, a, e}		11/01/21		7,521,117
Livingbridge 7 L.P. ^{+, a, e}		09/04/20		13,026,677
MCH Iberian Capital Fund V FCR ^{+, a, e}		12/10/21		19,248,029
Nordic Capital Evo GP, SCSp ^{+, a, e}		06/30/21		7,075,617
Nordic Capital IX, L.P. ^{+, a, e}		07/18/17		38,892,955
Nordic Capital X, L.P. ^{+, a, e}		09/30/20		23,662,512
Nordic Capital XI, L.P. ^{+, a, e}		05/01/22		17,821,579
Oakley Capital Fund V, SCSp ^{+, a, e}		04/28/22		6,016,084
Oakley Capital Private Equity Fund VI ^{+, a, e}		12/17/24		91,400
PAI Europe VI-1, L.P. ^{+, a, e}		03/12/15		3,650,223
PAI Partners VIII-1 SCSp ^{+, a, e}		12/17/21		10,963,374
Permira VII L.P. ^{+, a, e}		06/21/19		29,812,399
Permira VIII SCSp ^{+, a, e}		02/10/22		12,113,629
ProA Capital Iberian Buyout Fund IV, F.C.R. ^{+, a, e}		05/31/23		1,970,538
Rivean Capital Fund VII Cooperatief U.A. ^{+, a, e}		05/24/23		7,281,615
Sixth Cinven Fund (No.3) L.P. ^{+, a, e}		05/01/16		5,021,276
The Eighth Cinven Fund, L.P. ^{+, a, e}		07/05/22		911,315
The Paragon Partners Fund IV GmbH & Co. KG ^{+, a, e}		04/29/22		16,631
The Seventh Cinven Fund, L.P. ^{+, a, e}		04/16/19		34,059,793
Vitruvian Investment Partnership V ^{+, a, e}		10/07/22		1,420,800
Total Western Europe (4.13%)				651,575,924

Total Primary Investments (13.96%)			$	2,201,976,666

Total Private Equity Investments (Cost $10,780,359,996)(94.72%)			$	14,941,686,092

Total Investments (Cost $12,030,535,583)(102.98%)				16,245,622,570

Other Assets in Excess of Liabilities ((2.98)%)				(470,507,457	)

Net Assets (100.00%)			$	15,775,115,113

*	Direct Investments are private investments directly into the equity or debt of selected operating companies, often together with the management of the company. Primary Investments are investments in newly established private equity partnerships

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

where underlying portfolio companies are not known as of the time of investment. Secondary Investments are portfolios of assets on the secondary market.

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

***

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). These securities may be sold in certain transactions in reliance on an exemption from registration (normally to “qualified institutional buyers” in accordance with Rule 144(a)(1) under the Securities Act). At March 31, 2025, the aggregate value of these securities is $175,798,070 or 1.11% of the Fund’s net assets.

^#	As of March 31, 2025, 1 month EURIBOR was 2.36%.

^##	As of March 31, 2025, 3 month EURIBOR was 2.34%.

^###	As of March 31, 2025, 6 month EURIBOR was 2.34%.

^####

As of March 31, 2025, 12 month EURIBOR was 2.31%.

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

^†	As of March 31, 2025, 1 month Bank Bill Swap Rate was 4.10%.

^††	As of March 31, 2025, 3 month Bank Bill Swap Rate was 4.13%.

^>	As of March 31, 2025, 1 month Sterling Overnight Interbank Average Rate was 4.46%.

^>>	As of March 31, 2025, 3 month Sterling Overnight Interbank Average Rate was 4.56%.

^>>>	As of March 31, 2025, 6 month Sterling Overnight Interbank Average Rate was 4.69%.

^{¤ ¤}

As of March 31, 2025, 3 month Stockholm Interbank Offered Rate was 2.35%.

^v	As of March 31, 2025, 1 month Secured Overnight Financing Rate was 4.32%.

^vv	As of March 31, 2025, 3 month Secured Overnight Financing Rate was 4.29%.

^vvv	As of March 31, 2025, 6 month Secured Overnight Financing Rate was 4.19%.

^vvvv

As of March 31, 2025, 12 month Secured Overnight Financing Rate was 4.01%.

Private equity investments are generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Schedule of Investments. Total fair value of restricted investments as of March 31, 2025 was $14,941,686,092, or 94.72% of net assets. As of March 31, 2025, the aggregate cost of each investment restricted to resale was $11,186,881, $10,621,500, $19,328,293, $1,021, $246,903, $5,039, $1, $29,283,000, $1, $7,899, $1,975, $0, $8,328,753, $5,433,284, $1,475,400, $62,095,072, $1,213,408, $23,054,747, $1,992,104, $1,203,367, $11,939,384, $1,706,867, $3,378,222, $18,518,292, $7,428, $126,985,067, $24,784,703, $30,810,000, $27,959,148, $9,524,381, $44,578,381, $869,932, $150,000, $4,168,272, $4,205,000, $17,127,003, $56,634, $117,093,144, $5,611,689, $53,921,126, $94,154, $8,436,000, $33,244,066, $2,154,218, $1,348,750, $27,230, $3,602,070, $120,019,757, $38,954,115, $0, $7,120,999, $8,508,337, $85, $100,008,345, $95,420,649, $1, $77,931,448, $37,029,643, $94,861,790, $103,097,510, $56,985,983, $20,475,870, $9,367,969, $10,422,000, $47,761,620, $1,816,000, $15,617,280, $62,643,771, $122,197,759, $151,702,453, $250,000, $1, $56,035,477, $716,331, $187,500,000, $61,566,000, $252,000, $3,959,873, $52,809,507, $24,471,996, $6,117,996, $11,341,677, $317,827, $172,633, $37,921,966, $22,375,189, $60,534,545, $15,306,665, $0, $45,225,381, $40,504,218, $32,126,730, $48,694,632, $1,120,924, $13,722,831, $1,113,032, $2,361,000, $6,996,130, $923,247, $3, $1, $1,201,845, $0, $39,540,146, $7,491,892, $20,019, $2,218, $55,011,041, $14,874,473, $20,339,023, $90,509,738, $178,485,000, $32,836,010, $301,146, $54,353,000, $22,552,209, $5,017,926, $71,817,900, $4,632,829, $3,627,408, $22,347,898, $18,807,918, $45,804,840, $68,399,200, $10,934,833, $3,088,000, $1,441,200, $7,070,769, $70,080,810, $6,624,409, $775,038, $144,157, $6,014,065, $7,094,033, $9,728,692, $12,366,563, $3,796,283, $264,490, $21,849,512, $402,797, $13,873,440, $700,484, $22,280,716, $149,423,941, $83,995,867, $78,514,453, $27,818,080, $14,672,982, $465,142, $60,730,492, $47,337,703, $711,598, $32,709,803, $57,670,611, $6,710,154, $745,309, $4,660,720, $1,045,423, $1, $37,402,098, $52,429,641, $14,523,738, $43,441,404, $16,395,896, $11,664,381, $42,840,839, $92,759,254, $21,615,986, $48,949,162, $17,052,864, $17,052,864, $3,377,868, $18,476,616, $10,370,882, $7,793, $1,667,819, $14,746,472, $40,092,414, $9,770,324, $64,619,159, $15,139,432, $78,803,152, $13,620, $11,034,169, $41,647,590, $5,073,504, $51,641,872, $95,734,502, $93,661,837, $0, $4,764,565, $48,728,442, $1,455,130, $115,820,054, $128,682, $1,135,700, $102,497,783, $119,065, $5,814,436, $9,896,019, $1,101,070, $328,227, $580,738, $6,726,235, $395,770, $48,005,615, $1,063,586, $1,941,291, $36,879,819, $748,547, $5,337,259, $88,269,190, $73,161,629, $1,773, $3,722,755, $112,190,937, $88,912, $6,275,980, $26,882,311, $333,654, $850,000, $24, $42,946, $231,415, $77,113, $25,704, $694,245, $282,465, $1,595,951, $33,461,675, $51,009,931, $312,165, $36,261,531, $2,858,842, $42,469,064, $302,803, $26,591, $3,389,622, $8,834,459, $56,519,570, $34,731,898, $3,381,170, $42,986,878, $936,729, $26,379,481, $12,374,422, $97,483,897, $6,616,483, $5,822,805, $11,294,543,

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

$5,454,677, $7,942,532, $966,531, $3,512,641, $2,299,785, $12,627,224, $644,090, $395,158, $4,614,439, $9,338,118, $1,231,469, $1,631,824, $13,722,969, $5,671,986, $564,906, $7,965,719, $4,975,069, $1,274,487, $2,781, $0, $4,955,543, $8,153,316, $3,003,935, $3,275,883, $1,032,354, $6,988,253, $6, $0, $10,516,807, $4,311,354, $1,953,879, $11,122,344, $1,955,378, $2,226,860, $5,461,613, $5,430,738, $6,051,866, $18,706,458, $6,949,329, $6,721,037, $2,144,830, $2,988,557, $0, $7,716,457, $10,037,119, $223,688, $1,785,490, $3,057,444, $3,426,010, $3,761,619, $2,970,812, $1,980,860, $3,972,574, $1,401,599, $4,423, $7,949,934, $7,632,117, $5,296,300, $2,175,672, $3,620,472, $1,595,475, $3,425,102, $1,683,840, $1,160,723, $2,881,356, $8,767,805, $4,751,912, $7,298,570, $27, $3,078, $883,942, $2,872,053, $9,759,574, $5,541,931, $3,840,578, $1,551,460, $9,196,713, $429,915, $3,552,692, $20,709,673, $4,277,359, $61,672, $4,930,692, $1,634,541, $1,850,033, $4,008,444, $2,045,916, $1,543,960, $6,844,452, $13,766,818, $3,961,369, $6,198,111, $2,028,867, $3,289,259, $5,793,637, $2,692,774, $3,003,903, $1, $3,880,524, $1,787,689, $8,377,380, $0, $8,455,740, $11,622,070, $3,600,000, $4,030,303, $366,660, $2,127,430, $1,370,082, $1,077,566, $2,472,675, $200,000, $1,219,975, $3,212,664, $5,526,461, $0, $236, $2,200,000, $3,709,645, $8,196,102, $1,469,140, $3,190,974, $983,655, $9,637,728, $0, $8,757, $2,760,240, $6,582,727, $4,741,140, $9,584,967, $3,138,681, $4,952,390, $1,649,077, $2,962,003, $1,933,342, $1,922,957, $2,981,268, $583,333, $2,714,896, $7,042, $1,067,522, $2,865,418, $1,421,354, $1,995,025, $1,323,455, $4,491,410, $7,481,343, $1,512,273, $13,301,918, $6,394,951, $1,761,970, $3,931,565, $5,647,723, $5,959,657, $10,707,720, $318, $3,953,475, $1,788,319, $2,565,161, $1,967,997, $6,261,200, $1, $2,596,314, $8,331,952, $5,702,379, $27,263,377, $570,356, $2,153,192, $306,404, $13,692,055, $5,742,856, $5,587,715, $1,526,914, $6,270,683, $375, $6,681,741, $1,297,569, $2,472,574, $-2,084, $2,804,994, $2,355,570, $68, $1,830,720, $149,143, $3,851,321, $49, $536,019, $0, $8,412,088, $0, $1,482,855, $1,266,194, $12,554,060, $3,967,942, $550,035, $4,605,079, $3,405,337, $7,714,982, $1,819,067, $882,748, $2,370,885, $20,704,958, $5,300,526, $6,725,752, $20,283,057, $957,742, $1,648,911, $5,055,466, $5,075,977, $1,344,343, $3,917,172, $0, $6,019,157, $0, $-1,365, $4,717,246, $6,679,103, $3,012,283, $3,284,655, $42, $3,797,330, $8,180,949, $4,574,369, $2,236,238, $2,561,079, $2,598,143, $5,953,150, $7,639,179, $5,448,887, $16,065,373, $2,213,895, $4,617,834, $3,896,484, $5,665,443, $4,287,002, $13,519,588, $1,558,833, $36,285,409, $3,691,558, $4,631, $5,241,117, $4,353,289, $-819, $2,178,880, $4,078,986, $4,153,693, $7,281,848, $6,249,694, $7,102,759, $1,883,515, $7,967,480, $1,106,501, $1,343,206, $1,379,034, $1,362,815, $26,306,409, $1,100,313, $14,567,329, $9,274,444, $5,398,826, $7,054,160, $3,554,594, $1,881,626, $6,159,759, $1, $4,009,554, $6,625,111, $1, $1, $3,595,886, $9,858,091, $7,938,079, $10,223,616, $1,821,701, $1,086,782, $1,950,024, $3,239,847, $6,424,042, $-235, $14,344,082, $0, $8,484,128, $5,387,735, $1,127,513, $11,093,401, $2,100,000, $2,354,676, $6,658,493, $2,437,017, $7,641,182, $6,925,831, $10,151,206, $2,871,977, $6,525,814, $4,179, $11,947,474, $9,015,604, $6,200,538, $2,330,990, $17,334,584, $5,787,363, $7,080,136, $8,587,883, $2,644,160, $962,637, $11,899,081, $7,097,512, $1,363,406, $9,959,807, $5,498,416, $5,082,522, $6,031,188, $2,284,329, $1, $455,319, $5,345, $1,452,079, $2,215,711, $214,056, $1,258,462, $1,506,292, $767,204, $371,506, $763,398, $47,367,427, $10,362,003, $1, $1,206,678, $4,719,912, $7,037,360, $20,360,726, $5,423,912, $8,358,923, $1, $46,978, $1, $1,459,768, $31,837,313, $5,651,257, $1,761, $83,355, $33,157,420, $801,789, $219,534, $60,993, $1, $3,545,824, $1,597,422, $24,017,734, $4,732,290, $6,285,419, $71,291, $68,872,230, $462,822, $471,221, $435,702, $773,375, $1, $1,419,228, $282, $327,077, $1,089,361, $186,446, $121,018, $20,043,423, $1, $354,336, $7,263, $256, $2,013,717, $416,540, $21,052,748, $3,917,575, $105,536, $7,517, $27,422, $2, $818,888, $1, $0, $1, $1, $72,245, $2,311, $102,336, $2,139,275, $1, $20,843,716, $748,369, $3,573,994, $1, $204,488, $234,811, $65,675,607, $8,632,811, $2,570,172, $2,233,879, $1, $1,185,660, $41,404, $19,775,525, $18,635,379, $11,956,199, $1, $116,996, $1, $32,242,262, $75,189,856, $345,231, $14,163,763, $1, $24,111, $772,157, $1,135,156, $704,405, $3,055,335, $1,611,335, $123,070,390, $35,810,529, $413,420, $1, $13,932,792, $5,916,151, $4, $7,300,763, $346,868, $24,892, $6,070,655, $1, $1,293,691, $13,021, $3,750,356, $5,902,708, $494,250, $8,657,632, $192,667, $6,880,500, $2,102,501, $41,920,638, $1,008,832, $1,898,833, $1,827,005, $14,549,760, $10,050,281, $1, $72,928,665, $18,539,820, $1, $404,780, $14,673, $2, $1, $9,302,852, $1,271,287, $532,193, $44,353,234, $844,467, $388,157, $31,364,096, $379,874, $211,205, $366,206, $4, $6,940,605, $39,618,188, $116,073, $4, $322,819, $285,021, $131,615, $1,101,589, $92,701, $176,460, $14,639,947, $3,368,192, $22,386, $1, $1,285,296, $1, $189,098, $1, $2,783,114, $981,706, $1,030,261, $895,011, $2,763,328, $1,066,609, $3, $5,728,521, $12,671,012, $22,172,117, $38,570,837, $882,596, $56,701, $4,016,292, $16,526,250, $1,736,799, $1,086,804, $10,076,545, $36,970,726, $3,915,271, $3,349,170, $1, $164,203, $7,690,954, $27,573, $1, $2,181,595, $562,178, $9,049,849, $14,481,798, $3,473,559, $1, $4,137,429, $513,958, $3, $1, $1, $1, $163,953, $2,016,904, $2,178, $110,957, $302,215, $302,746, $6,498,738, $1, $332,524, $28,576, $1,074,706, $408,001, $1,916,999, $12,749,518, $1, $14,942, $857,687, $1, $1,195,555, $371,045, $1,409,987, $60,330, $1,924,891, $7,650,524, $2,224,688, $1,997,564, $37,465,221, $16,749, $5,122,248, $1,610,663, $11,737,112, $11,973,964, $247,167, $1, $41,818,643, $322,750, $16,898,142, $8,919,013, $30,792,320, $1, $8,537,079, $5,145,015, $83,945, $751,333, $1,875, $1, $1, $1, $0, $102,569, $1,453,010, $1,494,223, $11,606,964, $80,907, $1,157,013, $1, $563, $232,211, $15,621,320, $3,724,292, $288,770, $71,613, $313,338, $72,602, $2,426,353, $38,178,331, $893,496, $1,973,177, $421,061, $83,196, $352,692, $30,535, $2,099,795, $35,457,713, $9,726,490, $1, $213,513, $814,818, $4,454,538, $22,713,138, $103,961, $2,126,405, $17,305,825, $1, $2,336,090, $8,567,627, $5,688,697, $3,767,305, $1,968,049, $73,398, $398,908, $1, $15,585,891, $902,389, $18,351,734, $839,591, $7,636,632, $4,634,657, $1,666,037, $3,696,970, $241,472, $6,472,945, $3,380,361, $8,336,566, $6,860,438, $4,866,068, $2,517,343, $26,534, $6,458,809, $7,401,515, $2,081,159, $3,288,734, $13,789,768, $490,224, $15,398,833, $1, $1, $6,163,158, $1,856,545, $94,819, $1, $16,318,219, $0, $6,277,071, $4,659,307, $0, $1,068,047, $36,615,569, $6,137,881, $988,701, $40,903, $1, $17,378,069, $6,265,366, $1, $14,325,635, $10,218,701, $1,200,473, $1, $1,417,065, $3,296,092, $10,656,000, $0, $375,419, $4,349,294, $1, $1, $46,538, $10,259,299, $713,833, $2,277,091, $532,868, $0, $1,710,433, $642,712, $8,973,340, $24,496,837, $1,007,440, $3,550,731, $7,472,270, $6,088,418, $900,652, $9,563,093, $1, $11,255,204, $0, $0, $1,322,506, $5,496,717, $7,388,593, $0, $1,643,762, $1,561,937, $495,336, $4,643,830, $6,621,777, $922,767, $0,

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

$980,000, $3,027,243, $1,783,129, $5,545, $7,428,116, $0, $7,717,500, $1,283,750, $1,202,500, $15,535,018, $4,973,047, $218,724, $5,537,640, $575,011, $4,359,398, $3,712,500, $3,375,000, $893,750, $1,580,000, $6,901,709, $0, $150,000, $3,027,013, $357,845, $8,439,634, $0, $2,745,000, $1, $7,537,707, $1,544,596, $1, $18,086,716, $1,164,908, $1, $123,040, $0, $1, $23,092,834, $2,790,551, $0, $4,098,364, $0, $1, $6,055,258, $1, $18,154,264, $5,983,567, $4,735,103, $5,506,875, $570,000, $2,477,125, $235,000, $8,323, $1,996,173, $0, $2,701,875, $4,762,500, $10,838,750, $3,601,700, $8,689,126, $57,612, $1, $1,367,402, $12,913,373, $1,056,937, $1, $6,796,748, $11,956,871, $1,413,908, $13,780,297, $0, $17,467,290, $13,800,997, $203,697, $10,076,545, $13,098,140, $430,145, $5,555,367, $5,677,215, $1, $7,853,743, $2,097,525, $8,335,974, $1, $662,130, $4,737,450, $38,254,188, $5,476,103, $15,380,794, $1, $1, $9,529,257, $16,484,967, $7,540,761, $4,565,709, $1, $6,851,830, $15,618,700, $277,924, $1, $2,347,610, $20,184,969, $1,044,098, $1, $12,151,342, $1, $7,156,987, $4,655,674, $4,449,052, $148,042, $39,622, $2,026,590, $3,757,943, $1,576,591, $18,109,404, $1, $9,624,024, $2,748,895, $19,734,153, $11,700,836, $3,670,250, $1,779,255, $12,589,286, $1, $1, $1, $1, $17,744,805, $10,673,189, $12,618,586, $12,025,199, $5,884,526, $16,026,671, $15,071,651, $16,653,294, $5,646,414, $91,798, $1, $10,598,970, $23,338,239, $10,317,738, $2,366,441, $6,947,365, $1, $1,376,191, $132,781, $25,584,912 and $1,653,280, respectively, totaling $10,780,359,996.

^b	Represents an affiliated issuer.

^c	Investment does not issue shares.

^d	Non-income producing.

^e	Investment has been committed to but has not been fully funded by the Fund.

^f	Security or a portion thereof is unsettled at March 31, 2025.

A summary of outstanding financial instruments at March 31, 2025 is as follows:

Forward Foreign Currency Contracts
Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
April 9, 2025	BNY Mellon	$	9,843,813	zl	39,200,000	$	10,163,247	$	(319,434	)
April 9, 2025	BNY Mellon	zl	39,200,000	$	10,163,421	$	10,163,247	$	(174	)
April 9, 2025	Barclays	$	73,555,265	€	70,000,000	$	76,052,367	$	(2,497,102	)
April 9, 2025	Barclays	$	94,746,825	€	90,000,000	$	97,781,615	$	(3,034,790	)
April 9, 2025	Barclays	$	70,165,402	€	67,000,000	$	72,792,980	$	(2,627,578	)
April 9, 2025	Barclays	$	13,620,585	€	13,000,000	$	14,124,011	$	(503,426	)
April 9, 2025	Barclays	€	90,000,000	$	97,760,412	$	97,781,615	$	21,203
April 9, 2025	Barclays	€	90,000,000	$	97,808,166	$	97,781,615	$	(26,551	)
April 9, 2025	Barclays	€	30,000,000	$	32,600,019	$	32,593,872	$	(6,147	)
April 9, 2025	Barclays	€	30,000,000	$	32,587,107	$	32,593,872	$	6,765
April 15, 2025	Barclays	$	42,852,065	€	40,700,000	$	44,225,750	$	(1,373,685	)
April 15, 2025	Barclays	$	30,839,718	€	29,300,000	$	31,838,194	$	(998,476	)
April 15, 2025	Barclays	$	20,954,506	€	20,000,000	$	21,732,555	$	(778,049	)
April 15, 2025	Barclays	€	90,000,000	$	97,804,584	$	97,796,500	$	(8,084	)
April 15, 2025	Nomura International PLC	$	94,812,804	€	90,000,000	$	97,796,500	$	(2,983,696	)
April 15, 2025	Nomura International PLC	€	90,000,000	$	97,794,000	$	97,796,500	$	2,500
April 24, 2025	Barclays	$	28,740,404	€	27,280,000	$	29,662,122	$	(921,718	)
April 24, 2025	Barclays	$	45,006,969	€	42,720,000	$	46,450,362	$	(1,443,393	)
April 24, 2025	Barclays	$	94,867,380	€	90,000,000	$	97,858,908	$	(2,991,528	)
April 24, 2025	Barclays	$	16,360,483	£	13,000,000	$	16,806,752	$	(446,269	)
April 24, 2025	Barclays	€	90,000,000	$	97,853,832	$	97,858,908	$	5,076
April 24, 2025	Barclays	£	13,000,000	$	16,807,402	$	16,806,752	$	(650	)
April 24, 2025	Barclays	€	70,000,000	$	76,125,364	$	76,112,484	$	(12,880	)
May 7, 2025	BNY Mellon	$	44,805,838	€	42,500,000	$	45,981,782	$	(1,175,944	)
May 7, 2025	BNY Mellon	$	78,321,679	Fr.	70,000,000	$	79,439,849	$	(1,118,170	)
May 7, 2025	BNY Mellon	$	25,082,887	zl	100,000,000	$	25,742,293	$	(659,406	)
May 7, 2025	Bank of America	$	24,764,588	zl	100,000,000	$	25,742,293	$	(977,705	)
May 7, 2025	Bank of America	$	24,831,932	zl	100,000,000	$	25,742,293	$	(910,361	)
May 7, 2025	Bank of America	$	5,016,923	zl	20,000,000	$	5,148,459	$	(131,535	)

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Forward Foreign Currency Contracts
Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
May 7, 2025	Barclays	$	94,886,739	€	90,000,000	$	97,373,185	$	(2,486,446	)
May 7, 2025	Barclays	$	28,842,025	€	27,500,000	$	29,752,918	$	(910,893	)
May 14, 2025	BNY Mellon	$	70,013,184	€	66,360,000	$	71,822,866	$	(1,809,682	)
May 14, 2025	Barclays	$	14,385,448	€	13,640,000	$	14,762,868	$	(377,420	)
May 14, 2025	Barclays	$	83,986,848	€	80,000,000	$	86,585,734	$	(2,598,886	)
May 14, 2025	Barclays	$	75,533,142	£	60,000,000	$	77,446,087	$	(1,912,945	)
May 21, 2025	BNY Mellon	$	78,448,425	Fr.	70,000,000	$	79,569,052	$	(1,120,627	)
May 21, 2025	Barclays	$	83,994,264	€	80,000,000	$	86,617,886	$	(2,623,622	)
May 21, 2025	Nomura International PLC	$	84,418,184	€	80,000,000	$	86,617,886	$	(2,199,702	)
June 11, 2025	Bank of America	$	20,224,776	Fr.	18,000,000	$	20,510,307	$	(285,531	)
June 11, 2025	Barclays	$	94,634,055	€	90,000,000	$	97,576,210	$	(2,942,155	)
June 11, 2025	Barclays	$	75,519,816	£	60,000,000	$	77,439,263	$	(1,919,447	)
June 11, 2025	Barclays	$	73,566,374	€	70,000,000	$	75,892,608	$	(2,326,234	)
June 11, 2025	Barclays	$	19,009,095	€	17,500,000	$	18,973,152	$	35,943
June 11, 2025	Nomura International PLC	$	33,490,800	€	30,000,000	$	32,525,403	$	965,397
June 11, 2025	Nomura International PLC	$	62,126,109	€	55,700,000	$	60,388,832	$	1,737,277
June 11, 2025	Nomura International PLC	€	85,700,000	$	91,047,680	$	92,914,235	$	1,866,555
June 18, 2025	BNY Mellon	$	68,600,450	Fr.	61,000,000	$	69,563,050	$	(962,600	)
June 18, 2025	BNY Mellon	$	10,121,367	Fr.	9,000,000	$	10,263,401	$	(142,034	)
June 18, 2025	BNY Mellon	$	22,390,556	zl	89,600,000	$	23,025,144	$	(634,588	)
June 18, 2025	Bank of America	$	25,042,773	zl	100,000,000	$	25,697,706	$	(654,933	)
June 18, 2025	Bank of America	$	25,032,185	zl	100,000,000	$	25,697,706	$	(665,521	)
June 18, 2025	Bank of America	$	7,596,721	zl	30,400,000	$	7,812,103	$	(215,382	)
June 18, 2025	Barclays	$	94,637,016	€	90,000,000	$	97,590,210	$	(2,953,194	)
June 18, 2025	Barclays	$	67,342,092	£	53,500,000	$	69,048,357	$	(1,706,265	)
June 18, 2025	Barclays	$	8,181,189	£	6,500,000	$	8,389,053	$	(207,864	)
June 18, 2025	Barclays	$	73,589,705	€	70,000,000	$	75,903,497	$	(2,313,792	)
June 25, 2025	Bank of America	$	25,120,048	zl	100,000,000	$	25,690,666	$	(570,618	)
June 25, 2025	Bank of America	$	25,120,048	zl	100,000,000	$	25,690,666	$	(570,618	)
June 25, 2025	Bank of America	$	15,193,268	Fr.	13,500,000	$	15,407,459	$	(214,191	)
June 25, 2025	Bank of America	$	63,589,870	Fr.	56,500,000	$	64,483,069	$	(893,199	)
June 25, 2025	Bank of America	$	41,020,184	€	39,000,000	$	42,305,123	$	(1,284,939	)
June 25, 2025	Bank of America	$	94,661,964	€	90,000,000	$	97,627,208	$	(2,965,244	)
June 25, 2025	Bank of America	$	23,925,612	zl	95,600,000	$	24,560,277	$	(634,665	)
June 25, 2025	Bank of America	$	6,091,680	zl	24,400,000	$	6,268,523	$	(176,842	)
June 25, 2025	Barclays	$	63,247,338	£	50,250,000	$	64,852,226	$	(1,604,888	)
June 25, 2025	Barclays	$	12,272,922	£	9,750,000	$	12,583,268	$	(310,346	)
June 25, 2025	Barclays	$	32,605,849	€	31,000,000	$	33,627,149	$	(1,021,300	)
July 16, 2025	Barclays	$	98,285,733	€	90,000,000	$	97,782,251	$	503,482
July 16, 2025	Barclays	$	32,762,016	€	30,000,000	$	32,594,084	$	167,932
July 16, 2025	Nomura International PLC	$	98,254,800	€	90,000,000	$	97,782,251	$	472,549
July 23, 2025	BNY Mellon	$	10,121,917	zl	39,200,000	$	10,063,013	$	58,904
July 23, 2025	Barclays	$	98,338,761	€	90,000,000	$	97,821,947	$	516,814
July 23, 2025	Barclays	$	32,787,315	€	30,000,000	$	32,607,316	$	179,999
July 23, 2025	Barclays	$	98,335,665	€	90,000,000	$	97,821,947	$	513,718
July 30, 2025	Barclays	$	16,804,695	£	13,000,000	$	16,781,062	$	23,633
July 30, 2025	Barclays	$	98,407,413	€	90,000,000	$	97,861,518	$	545,895

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2025 (continued)

Forward Foreign Currency Contracts
Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
July 30, 2025	Barclays	$	76,531,651	€	70,000,000	$	76,114,514	$	417,137
September 10, 2025	Nomura International PLC	$	28,771,150	€	25,700,000	$	28,139,635	$	631,515
September 10, 2025	Nomura International PLC	$	62,231,215	€	55,700,000	$	60,987,458	$	1,243,757
September 10, 2025	Nomura International PLC	$	5,592,900	€	5,000,000	$	5,474,637	$	118,263
September 10, 2025	Nomura International PLC	€	86,400,000	$	94,582,080	$	94,601,729	$	19,649
December 10, 2025	Nomura International PLC	$	56,813,913	€	50,700,000	$	55,558,555	$	1,255,358
December 10, 2025	Nomura International PLC	$	39,238,850	€	35,000,000	$	38,354,032	$	884,818
March 11, 2026	Nomura International PLC	$	62,576,165	€	55,700,000	$	61,327,426	$	1,248,739
March 11, 2026	Nomura International PLC	$	23,268,871	€	20,700,000	$	22,791,342	$	477,529
March 11, 2026	Nomura International PLC	$	11,228,500	€	10,000,000	$	11,010,310	$	218,190
June 10, 2026	Nomura International PLC	$	45,076,000	€	40,000,000	$	44,205,236	$	870,764
June 10, 2026	Nomura International PLC	$	51,526,979	€	45,700,000	$	50,504,482	$	1,022,497
September 9, 2026	Nomura International PLC	$	62,872,766	€	55,700,000	$	61,788,863	$	1,083,903
September 9, 2026	Nomura International PLC	$	17,735,506	€	15,700,000	$	17,416,251	$	319,255
September 9, 2026	Nomura International PLC	$	16,950,450	€	15,000,000	$	16,639,730	$	310,720
December 2, 2026	Nomura International PLC	$	93,757,941	€	85,700,000	$	95,345,203	$	(1,587,262	)
March 10, 2027	Nomura International PLC	$	96,847,488	€	86,400,000	$	96,579,082	$	268,406
								$	(53,736,484	)

Legend:

£ - British Pound

€ - Euro

BBSY - Bank Bill Swap Rate

E - EURIBOR

Fr. - Swiss Franc

I - Indian Rupee

PIK - Payment-in-kind

P - PRIME

S - Sterling Overnight Interbank Average Rate

SF - Secured Overnight Financing Rate

SR - Stockholm Interbank Offered Rate

zl - Polish Zloty

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statement of Assets and Liabilities –
March 31, 2025

Assets
Unaffiliated Private Equity Investments, at fair value (cost $7,423,060,385)	$	10,284,295,844
Affiliated Private Equity Investments, at fair value (cost of $3,357,299,611)		4,657,390,248
Common stocks, at fair value (cost $723,505,433)		772,125,511
High Yield Bonds, at fair value (cost $122,837,666)		128,263,335
Asset-Backed Securities, at fair value (cost $77,942,191)		77,121,627
Floating Rate Loans, at fair value (cost $325,890,297)		326,426,005
Cash and cash equivalents		236,741,344
Cash denominated in foreign currencies (cost $39,413,185)		42,189,697
Investment sales receivable		13,078,681
Unaffiliated dividends and interest receivable		43,669,506
Affiliated interest receivable		961,632
Due from broker		75,630,000
Unrealized appreciation on forward foreign currency contracts		18,014,142
Other receivable		23,468,351
Receivable for fund units sold		244,584
Prepaid expenses		437,732
Total Assets	$	16,700,058,239

Liabilities
Investment purchases payable		219,535,572
Distribution, servicing and transfer agency fees payable		18,466,099
Unrealized depreciation on forward foreign currency contracts		71,750,626
Repurchase amounts payable for tender offers		483,273,906
Due to affiliates		120,000
Incentive fee payable		22,960,888
Management fees payable		44,135,063
Dividends payable		78,541
Professional fees payable		476,010
Line of credit fees payable		12,887,600
Interest expense payable		3,996,964
Accounting and administration fees payable		6,980,479
Custodian fees payable		431,788
Deferred tax liability, net		33,656,755
Other payable		6,192,835
Total Liabilities	$	924,943,126

Commitments and contingencies (See note 11)

Net Assets	$	15,775,115,113

Net Assets consists of:
Paid-in capital	$	12,616,274,978
Distributable earnings (accumulated loss)		3,158,840,135
Total Net Assets	$	15,775,115,113

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statement of Assets and Liabilities –
March 31, 2025 (continued)

Class A Units
Net assets	$	8,583,218,907
Units outstanding		4,143,977,069
Net asset value per unit	$	2.07
Class I Units
Net assets	$	7,191,896,206
Units outstanding		3,307,771,127
Net asset value per unit	$	2.17

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statement of Operations –
For the Year Ended March 31, 2025

Investment Income
Dividends from unaffiliated investments (net of $603,914 withholding tax)	$	76,395,555
Dividends from affiliated investments		5,937,921
Interest from unaffiliated investments		209,892,001
Interest from affiliated investments		2,295,667
Transaction fee income from unaffiliated issuers		3,751,335
Transaction fee income from affiliated issuers		6,777,047
Other fee income		7,784,662
Total Investment Income		312,834,188

Operating Expenses
Management fees		251,737,540
Incentive fees		99,456,006
Line of credit fees		13,517,167
Professional fees		10,170,367
Accounting and administration fees		7,500,752
Board of Managers’ fees		530,000
Custodian fees		486,161
Insurance expense		393,402
Interest expense		13,475
Distribution and servicing fees
Class A Units		58,995,659
Transfer agency fees
Class A Units		1,270,679
Class I Units		849,693
Other expenses		1,753,132
Total Expenses		446,674,033

Net Investment Loss		(133,839,845	)

Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments, Forward Foreign Currency Contracts and Foreign Currency
Net realized gain from investments		453,830,979
Net realized gain from affiliated investments		69,764,959
Net realized loss on foreign currency transactions		(6,917,754	)
Net realized gain on forward foreign currency contracts		106,893,375
Net realized gain distributions from primary and secondary investments		156,954,028
Net change in accumulated unrealized appreciation (depreciation) on:
Unaffiliated investments		82,410,129
Affiliated investments		189,805,281
Foreign currency translation		2,013,342
Forward foreign currency contracts		(82,967,210	)
Deferred income tax expense on unrealized appreciation		(3,774,940	)

Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments, Forward Foreign Currency Contracts and Foreign Currency		968,012,189

Net Increase (Decrease) in Net Assets From Operations	$	834,172,344

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statements of Changes in Net Assets –

	For the Year Ended March 31, 2025			For the Year Ended March 31, 2024
Increase (decrease) in Net Assets resulting from operations:
Net investment loss	$	(133,839,845	)	$	(153,954,880	)
Net realized gain (loss) on investments, foreign currency transactions and forward foreign currency contracts		780,525,587			193,797,042
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward foreign currency contracts		187,486,602			796,526,277
Net increase in Net Assets resulting from operations	$	834,172,344		$	836,368,439

Distributions to Members from:
Distributable earnings		(275,119,177	)		(400,009,858	)
Total distributions to Members	$	(275,119,177	)	$	(400,009,858	)

Capital transactions (See note 5):
Issuance of common Units
Class A Units	$	897,386,781		$	867,184,668
Class I Units		838,147,453			728,148,848
Reinvestment of common Units
Class A Units		141,591,539			207,209,706
Class I Units		104,103,438			152,280,709
Redemption of common Units
Class A Units		(693,458,689	)		(438,997,302	)
Class I Units		(876,816,689	)		(554,919,154	)
Exchanges of common Units
Class A Units		(42,299,009	)		(62,024,192	)
Class I Units		42,299,009			62,024,192
Total increase in Net Assets resulting from capital transactions	$	410,953,833		$	960,907,475

Total increase in Net Assets	$	970,007,000		$	1,397,266,056

Net Assets at beginning of year	$	14,805,108,113		$	13,407,842,057
Net Assets at end of year	$	15,775,115,113		$	14,805,108,113

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statement of Cash Flows –
For the Year Ended March 31, 2025

CASH FLOWS FROM OPERATING ACTIVITIES
Net Increase in Net Assets from Operations	$	834,172,344
Adjustments to reconcile Net Increase (Decrease) in Net Assets from Operations to net cash provided by (used in) operating activities:
Net change in accumulated unrealized (appreciation) depreciation on investments		(272,215,410	)
Net change in unrealized (appreciation) depreciation on forward foreign currency contracts		82,967,210
Net realized (gain) loss from investments and foreign currency transactions		(516,678,184	)
Purchases of investments		(3,489,311,392	)
Interest income pay-in-kind		710,443
Proceeds from sales of investments		2,197,056,663
Sales and amortization of short-term investments		74,236,426
Amortization of premium and accretion of discount		(5,807,971	)
Decrease in deposit for investments		656,586
Increase in dividends and interest receivable		(27,386,835	)
Increase in due from broker		(75,630,000	)
Increase in other receivable		(19,434,865	)
Increase in prepaid expenses		(353,799	)
Increase in dividends payable		73,554
Increase in due to affiliates		120,000
Decrease in due to broker		(26,320,000	)
Increase in incentive fees payable		5,898,495
Increase in management fees payable		5,770,596
Increase in distribution, servicing and transfer agency fees payable		928,960
Decrease in professional fees payable		(2,060,021	)
Increase in line of credit fees payable		10,147,133
Increase in interest expense payable		3,985,353
Increase in accounting and administrative fees payable		1,901,922
Increase in custodian fees payable		117,685
Increase in deferred tax liability, net		3,774,940
Increase in other payable		6,145,198
Net Cash (Used in) Operating Activities		(1,206,534,969	)

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statement of Cash Flows –
For the Year Ended March 31, 2025 (continued)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of Units	$	1,735,289,650
Distributions paid		(29,424,200	)
Payments for Units redeemed		(1,394,038,636	)
Net Cash Provided by Financing Activities		311,826,814

Net change in cash and cash equivalents		(894,708,155	)

Effect of exchange rate changes on cash		(6,917,754	)

Cash and cash equivalents at beginning of year⁽¹⁾		1,180,556,950
Cash and cash equivalents at end of year⁽²⁾	$	278,931,041

Supplemental and non-cash financing activities
Cash paid during the year for interest	$	(3,971,878	)
Reinvestment of common Units	$	245,694,977

(1)	Balance includes cash and cash equivalents and cash denominated in foreign currencies of $1,163,033,562 and $17,523,388 respectively.

(2)	Balance includes cash and cash equivalents and cash denominated in foreign currencies of $236,741,344 and $42,189,697, respectively.

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Financial Highlights –

	Class A
	Year Ended March 31, 2025*			Year Ended March 31, 2024*			Year Ended March 31, 2023*			Year Ended March 31, 2022*			Year Ended March 31, 2021*
Per Unit Operating Performance:⁽¹⁾
Net asset value, beginning of year	$	2.01		$	1.95		$	1.98		$	1.78		$	1.33
Income from investment operations:
Net investment loss⁽²⁾		(0.03	)		(0.03	)		(0.03	)		(0.06	)		(0.05	)
Net realized and unrealized gains (losses) on investments⁽²⁾		0.13			0.15			0.06			0.38			0.53
Net increase (decrease) in net assets resulting from operations		0.10			0.12			0.03			0.32			0.48
Distributions from:
Net realized gains		(0.04	)		(0.06	)		(0.06	)		(0.12	)		(0.03	)
Total distributions		(0.04	)		(0.06	)		(0.06	)		(0.12	)		(0.03	)
Net asset value, end of year	$	2.07		$	2.01		$	1.95		$	1.98		$	1.78

Total Return⁽³⁾		5.07	%		5.68	%		1.96	%		18.12	%		36.48	%

Ratios and supplemental data:
Net assets, end of year in thousands (000’s)	$	8,583,219		$	8,007,550		$	7,228,144		$	6,367,381		$	4,098,863
Net investment income (loss) to average net assets before Incentive Fee		(0.55	)%		(0.71	)%		(1.28	)%		(1.29	)%		(1.00	)%
Ratio of gross expenses to average net assets, excluding Incentive Fee⁽⁴⁾⁽⁵⁾		2.56	%		2.58	%		2.67	%		2.72	%		2.77	%
Ratio of Incentive Fee to average net assets		0.64	%		0.70	%		0.33	%		1.88	%		2.10	%
Ratio of gross expenses and Incentive Fee to average net assets⁽⁴⁾⁽⁵⁾		3.20	%		3.28	%		3.00	%		4.60	%		4.87	%
Ratio of expense waivers to average net assets		—	%		—	%		—	%		—	%		—	%
Ratio of net expenses and Incentive Fee to average net assets⁽⁵⁾		3.20	%		3.28	%		3.00	%		4.60	%		4.87	%
Ratio of net expenses to average net assets, excluding Incentive Fee⁽⁵⁾		2.56	%		2.58	%		2.67	%		2.72	%		2.77	%

Portfolio Turnover		15.04	%		12.48	%		10.26	%		20.77	%		19.36	%

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

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

⁽²⁾	Calculated using average units outstanding.

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

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

⁽⁵⁾	Ratio does not include expenses of Primary and Secondary Investments.

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Financial Highlights –

	Class I
	Year Ended March 31, 2025*			Year Ended March 31, 2024*			Year Ended March 31, 2023*			Year Ended March 31, 2022*			Year Ended March 31, 2021*
Per Unit Operating Performance:⁽¹⁾
Net asset value, beginning of year	$	2.09		$	2.02		$	2.03		$	1.80		$	1.34
Income from investment operations:
Net investment income (loss)⁽²⁾		(0.01	)		(0.01	)		(0.02	)		(0.05	)		(0.04	)
Net realized and unrealized gain (loss) on investments⁽²⁾		0.13			0.14			0.07			0.40			0.53
Net Increase in Net Assets from Operations		0.12			0.13			0.05			0.35			0.49
Distributions from:
Net realized gains		(0.04	)		(0.06	)		(0.06	)		(0.12	)		(0.03	)
Total distributions		(0.04	)		(0.06	)		(0.06	)		(0.12	)		(0.03	)
Net asset value, end of year	$	2.17		$	2.09		$	2.02		$	2.03		$	1.80

Total Return after Incentive Fee⁽³⁾		5.80	%		6.42	%		2.68	%		18.95	%		37.44	%

Ratio and Supplemental Data:
Net assets, end of period in thousands (000’s)	$	7,191,896		$	6,797,558		$	6,179,698		$	5,703,697		$	3,688,456
Net investment income (loss) to average net assets before Incentive Fee⁽⁴⁾⁽⁵⁾		0.16	%		(0.01	)%		(0.57	)%		(0.56	)%		(0.29	)%
Ratio of gross expenses to average net assets, excluding Incentive Fee⁽⁴⁾⁽⁵⁾		1.86	%		1.88	%		1.96	%		2.00	%		2.05	%
Ratio of Incentive Fee to average net assets		0.64	%		0.70	%		0.33	%		1.89	%		2.12	%
Ratio of gross expenses and Incentive Fee to average net assets⁽⁴⁾⁽⁵⁾		2.50	%		2.58	%		2.29	%		3.89	%		4.17	%
Ratio of expense waivers to average net assets		—	%		—	%		—	%		—	%		—	%
Ratio of net expenses and Incentive Fee to average net assets⁽⁵⁾		2.50	%		2.58	%		2.29	%		3.89	%		4.17	%
Ratio of net expenses to average net assets, excluding Incentive Fee⁽⁵⁾		1.86	%		1.88	%		1.96	%		2.00	%		2.05	%

Portfolio Turnover		15.04	%		12.48	%		10.26	%		20.77	%		19.36	%

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

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

⁽²⁾	Calculated using average units outstanding.

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

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

⁽⁵⁾	Ratio does not include expenses of Primary and Secondary Investments.

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025

1. Organization

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

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

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

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

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

2. Significant Accounting Policies

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

2.a. Basis of Accounting

The Fund’s accounting and reporting policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”).

2.b. Valuation of Investments

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

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

2. Significant Accounting Policies (continued)

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

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

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

Direct Investments

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

Private Equity Fund Investments

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

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

Public Investments

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

2. Significant Accounting Policies (continued)

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

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

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

2.c. Cash and Cash Equivalents

In the normal course of its business the Fund holds cash, including foreign currencies, in short-term interest-bearing deposit accounts, and short-term U.S. Treasury Bills (“T-Bills”) to provide liquidity pending investment in Private Equity Investments. T-Bills are valued at amortized cost which is close to or a proxy for fair value. At times, the amounts held in these accounts may exceed applicable federally insured limits. The Fund has not experienced any losses in these accounts and does not believe that it is exposed to significant credit risk in these accounts.

2.d. Foreign Currency Translation

The books and records of the Fund are maintained in U.S. Dollars. Generally, valuations of assets and liabilities denominated in currencies other than the U.S. Dollar are translated into U.S. Dollar equivalents using valuation date exchange rates, while purchases, realized gains and losses, income and expenses are translated at transaction date exchange rates. As of March 31, 2025, the Fund’s investments denominated in foreign currencies were as follows:

Currency	Number of investments
Australian Dollars		17
Brazilian Reals		1
Canadian Dollars		6
Euros		353
Indian Rupees		2
Japanese Yen		6
New Zealand Dollars		4
Norwegian Kroner		2
Philippine Pesos		1
Pounds Sterling		45
Swedish Kronor		2
Swiss Francs		7

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

2. Significant Accounting Policies (continued)

2.e. Forward Foreign Currency Exchange Contracts

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

During the year ended March 31, 2025, the Fund entered 427 long/short forward foreign currency exchange contracts. As disclosed in the Consolidated Statement of Assets and Liabilities, the Fund had $18,014,142 in unrealized appreciation and $(71,750,626) in unrealized depreciation on forward foreign currency exchange contracts. As disclosed in the Consolidated Statement of Operations, the Fund had $106,893,375 in net realized gains (losses) and $(82,967,210) change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

2.f. Investment Income

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

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

2.g. Interest and Dividend Income

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

2.h. Fund Expenses

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

2.i. Expenses Relating to Purchases of Secondary Investments

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

2. Significant Accounting Policies (continued)

2.j. Income Taxes

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

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

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

The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by U.S. federal, state, local and foreign jurisdictions, where applicable. As of March 31, 2025, the tax years from 2019 forward remain subject to examination by the major tax jurisdictions in which the Fund is subject to examination.

During the year ended March 31, 2025 the Fund reclassified $99,702,655 of undistributed net investment income, $(363,785,140) of accumulated net realized gain (loss) on investments and forward foreign currency contracts, $0 of accumulated net unrealized appreciation on investments and forward foreign currency contracts, and $0 of foreign currency translation, to paid-in capital.

2.k. Use of Estimates

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

2.l. Consolidated Financial Statements

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

2.m. Disclosures about Offsetting Assets and Liabilities

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

2. Significant Accounting Policies (continued)

For financial reporting purposes, the Fund does not offset derivative assets and liabilities that are subject to Master Netting Agreements (“MNA”) or similar arrangements in the Consolidated Statement of Assets and Liabilities. The table below presents the amounts of the Fund’s derivative assets and liabilities as of March 31, 2025: gross, net of amounts available for offset under a MNA, and net of the related collateral received and/or pledged, if any, by the Fund:

Counterparty	Derivative Assets Subject to a MNA with Counterparty		Financial Instruments Available for Offset		Collateral Received¹		Net Amount²
Barclays	$	2,937,597	$	2,937,597	$	—	$	—
BNY Mellon		58,904		58,904		—		—
Nomura International PLC		15,017,641		6,770,660		—		8,246,981

Counterparty	Derivative Liabilities Subject to a MNA with Counterparty		Financial Instruments Available for Offset		Collateral Pledged¹		Net Amount³
Bank of America	$	11,151,284	$	—	$	11,151,284	$	—
Barclays		45,886,023		2,937,597		42,948,426		—
BNY Mellon		7,942,659		58,904		7,883,755		—
Nomura International PLC		6,770,660		6,770,660		—		—

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

²	Net amount represents the net amount receivable from the counterparty in the event of default.

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

2.n. Recently Adopted Accounting Pronouncements

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted the notes to the Consolidated Financial Statements only and did not affect the Fund’s financial position or the results of its operations. The Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation. The Fund represents a single operating segment, as the CODM monitors and assesses the operating results of the Fund as a whole, based on a defined investment objective of the Fund. The Fund’s portfolio composition, total returns, expense ratios and changes in net assets are used by the CODM to assess segment performance and make sure resource allocations are consistent with the information presented within the Fund’s Consolidated Financial Statements. The accompanying Consolidated Financial Statements detail the Fund’s segment assets, liabilities, revenues, and expenses.

3. Fair Value Measurements

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

3. Fair Value Measurements (continued)

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

Valuation of Investments

●

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

●

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

●

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

Due to the inherent uncertainty of estimates, fair value determinations based on estimates may materially differ from the values that would have been used had a ready market for the securities existed. The following is a summary of the Fund’s investments classified in the fair value hierarchy as of March 31, 2025:

Investments	Level 1		Level 2		Level 3		Total
Common Stocks	$	772,125,511	$	—	$	—	$	772,125,511
High Yield Bonds		—		128,263,335		—		128,263,335
Asset-Backed Securities		—		—		77,121,627		77,121,627
Floating Rate Loans		—		—		326,426,005		326,426,005
Direct Investments:
Direct Equity		71,002,859		731,400		8,585,997,164		8,657,731,423
Direct Debt		—		5,046,828		1,404,999,348		1,410,046,176
Total Direct Investments*	$	71,002,859	$	5,778,228	$	9,990,996,512	$	10,067,777,599
Secondary Investments*		—		—		2,671,931,827		2,671,931,827
Primary Investments*		—		—		2,201,976,666		2,201,976,666
Total Investments	$	843,128,370	$	134,041,563	$	15,268,452,637	$	16,245,622,570

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

3. Fair Value Measurements (continued)

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Assets
Foreign Currency Exchange Contracts**	$	—	$	18,014,142		$	—	$	18,014,142
Total Assets	$	—	$	18,014,142		$	—	$	18,014,142
Liabilities
Foreign Currency Exchange Contracts**	$	—	$	(71,750,626	)	$	—	$	(71,750,626	)
Total Liabilities	$	—	$	(71,750,626	)	$	—	$	(71,750,626	)
Total Investments net of Foreign Currency Exchange Contracts	$	843,128,370	$	80,305,079		$	15,268,452,637	$	16,191,886,086

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

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

The following is a reconciliation of the amount of the account balances on April 1, 2024 and March 31, 2025 of those investments in which significant unobservable inputs (Level 3) were used in determining value:

	Balance as of April 1, 2024		Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)			Gross Purchases		Gross Sales			Net Amortization of Discount/ (Premium)		Net Transfers In or Out of Level 3		Balance as of March 31, 2025
Asset-Backed Securities	$	61,753,834	$	327,296		$	(1,245,596	)	$	41,327,500	$	(25,083,797	)	$	42,390	$	—	$	77,121,627
Floating Rate Loans	$	—	$	(1,055	)	$	535,708		$	326,216,975	$	(423,349	)	$	97,726	$	—	$	326,426,005
Direct Investments:
Direct Equity Investments	$	8,531,221,626	$	568,836,741		$	(110,292,360	)	$	507,752,679	$	(949,473,427	)	$	—	$	37,951,905	$	8,585,997,164
Direct Debt Investments	$	1,251,252,987	$	(41,635,506	)	$	31,377,199		$	713,506,255	$	(554,226,605	)	$	4,725,018	$	—	$	1,404,999,348
Total Direct Investments*	$	9,782,474,613	$	527,201,235		$	(78,915,161	)	$	1,221,258,934	$	(1,503,700,032	)	$	4,725,018	$	37,951,905	$	9,990,996,512
Secondary Investments*	$	1,827,755,657	$	(1,161,351	)	$	248,610,499		$	734,845,063	$	(138,118,041	)	$	—	$	—	$	2,671,931,827
Primary Investments*	$	2,123,078,112	$	(5,169,712	)	$	28,575,799		$	234,811,714	$	(179,319,247	)	$	—	$	—	$	2,201,976,666
Total	$	13,795,062,216	$	521,196,413		$	197,561,249		$	2,558,460,186	$	(1,846,644,466	)	$	4,865,134	$	37,951,905	$	15,268,452,637

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

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

The amount of the net change in unrealized appreciation (depreciation) for the year ended March 31, 2025 relating to investments in Level 3 assets still held at March 31, 2025 is $ 747,070,177, which is included as a component of net change in accumulated unrealized depreciation on investments on the Consolidated Statement of Operations.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

3. Fair Value Measurements (continued)

The following is a summary of quantitative information about significant unobservable valuation inputs approved by the Adviser for Level 3 Fair Value Measurements for investments held as of March 31, 2025:

Type of Security	Fair Value at March 31, 2025 (000’s)*		Valuation Technique^(s)	Unobservable Input	Range (weighted average)
Asset-Backed Securities	$	77,122	Reported fair value	Reported fair value	n/a
Floating Rate Loans	$	326,426	Broker quotes	Indicative quotes for an inactive market	n/a
Direct Investments:
Direct Equity	$	786,695	Discounted cash flow	Discount factor	9.33% – 20.68% (13.59%)
		6,796,522	Market comparable companies	Enterprise value to EBITDA multiple	3.10x – 32.80x (17.43x)
		104,756	Market comparable companies	Price to book ratio	1.90x – 1.90x (1.90x)
		202,934	Exit price	Recent transaction price	n/a
		119,817	Recent financing/transaction	Recent transaction price	n/a
		448,729	Reported fair value	Reported fair value	n/a
		126,543	Market comparable companies	Enterprise value to sales multiple	1.26x – 19.00x (10.23x)
Direct Debt	$	967,591	Broker quotes	Indicative quotes for an inactive market	n/a
		396,314	Discounted cash flow	Discount factor	8.00% – 28.00% (10.06%)
		5,212	Market comparable companies	Enterprise value to EBITDA multiple	5.75x – 14.00x (6.87x)
		27,262	Recent financing/transaction	Recent transaction price	n/a
		8,621	Market comparable companies	Enterprise value to sales multiple	14.0x – 14.0x (14.0x)
Primary and Secondary Investments	$	4,873,908	Adjusted reported net asset value	Reported net asset value	n/a

*	Level 3 fair value includes accrued interest.

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

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

4. Revolving Credit Agreement

The Fund has a secured, committed multicurrency revolving line of credit (“LOC”) facility with Lloyds Bank Corporate Markets plc (successor of Lloyds Bank plc), NatWest Markets plc (successor of The Royal Bank of Scotland plc), Barclays Bank plc, UBS AG, and Bank of America, N.A. in the aggregate maximum principal amount of $1,261,000,000. The Fund anticipates that this LOC facility will be used primarily for working capital requirements and for financing investments and funding associated costs and expenses. The Fund will incur additional interest and other expenses for the use of this and other future line of credit facilities. Borrowings under this facility had been charged a rate of interest per annum that was the aggregate of the applicable margin of 3.25% which was until June 30, 2023, London Interbank Offered Rate (LIBOR), after June 30, 2023, Secured Overnight Financing Rate (SOFR), or, in relation to any loan in Euros, the Euro Interbank Offered Rate (EURIBOR), and a commitment fee of 1.20% per annum on the daily unused portion. For the year ended March 31, 2025, the Fund did not have any borrowings and did not incur any interest expense under the LOC facility. In addition to the commitment fee under the LOC facility the Fund agrees to pay arrangement fees based on the rate agreed to with the various lenders, agency fees of $25,000 per annum, monitoring fees of $25,000 per annum and trustee fees of $15,000 per annum. The term of the LOC facility runs until January 29, 2027.

5. Unit Transactions/Subscription and Repurchase of Units

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

Pursuant to the conditions of an exemptive order issued by the SEC, and in compliance with Rule 12b-1 under the Investment Company Act, the Fund has adopted a Distribution and Service Plan for the Class A Units (the “Distribution Plan”). The Distribution Plan allows the Fund to pay distribution fees for the promotion and distribution of its Class A Units and the provision of personal services to holders of Class A Units. Under the Distribution Plan, the Fund may pay as compensation an amount up to 0.70% on an annualized basis of the value of the Fund’s net asset attributable to Class A Units (the “Distribution Fee”). Payment of the Distribution Fee is governed by the Distribution Plan. The Distribution Fee is paid out of the Fund’s assets and decreases the net profits or increases the net losses of the Fund solely with respect to Class A Units. For the year ended March 31, 2025, the Fund accrued distribution fees of $58,995,659 which were attributable to Class A Units. Class I Units are not subject to the Distribution Plan or the Distribution Fee and do not bear any expenses associated therewith. In addition, under the Distribution Plan, subscriptions for Class A Units may be subject to a placement fee (the “Placement Fee”) of up to 3.50% of the subscription amount. No Placement Fee may be charged without the consent of the placement agent.

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

Transactions in Units were as follows:

	For the Year Ended March 31, 2025*						For the Year Ended March 31, 2024*
	Units			Dollar Amounts			Units			Dollar Amounts
Class A Units
Sales		3,373,450,989		$	897,386,781			435,055,860		$	867,184,668
Reinvestments		69,126,368			141,591,539			104,139,872			207,209,706
Repurchases		(284,950,289	)		(693,458,689	)		(218,882,176	)		(438,997,302	)
Class exchanges		(11,533,916	)		(42,299,009	)		(30,924,852	)		(62,024,192	)
Net increase (decrease)		3,146,093,152		$	303,220,622			289,388,704		$	573,372,880

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

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

	For the Year Ended March 31, 2025*						For the Year Ended March 31, 2024*
	Units			Dollar Amounts			Units			Dollar Amounts
Class I Units
Sales		2,777,388,918		$	838,147,453			352,539,664		$	728,148,848
Reinvestments		48,501,415			104,103,438			73,606,452			152,280,709
Repurchases		(342,426,840	)		(876,816,689	)		(266,162,372	)		(554,919,154	)
Class exchanges		11,034,226			42,299,009			29,826,636			62,024,192
Net increase (decrease)		2,494,497,719		$	107,733,211			189,810,380		$	387,534,595

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

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

Under the terms of the Investment Management Agreement the Adviser is responsible for providing day-to-day investment management and certain other services to the Fund, subject to the ultimate supervision of and to any policies established by the Board. Accordingly, the Adviser is responsible for developing, implementing and supervising the Fund’s investment program. As consideration for its investment management services under the Investment Management Agreement, the Fund pays the Adviser a monthly management fee equal to 1/12th of 1.50% (1.50% on an annualized basis) of the greater of (i) the Fund’s net asset value and (ii) the Fund’s net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment. However, the Adviser has agreed that in no event will the management fee exceed 1.75% as a percentage of the Fund’s net asset value. For the year ended March 31, 2025, the Fund incurred $251,737,540 in management fees payable to the Adviser.

In addition to the monthly management fee, at the end of each calendar quarter (and at certain other times), the Adviser will be entitled to receive an Incentive Fee equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the New Loss Recovery Account (as defined below). For the purposes of calculating the Incentive Fee, the term “net profits” means the amount by which the net asset value of the Fund on the last day of the relevant period exceeds the net asset value of the Fund as of the beginning of the same period, including any net change in unrealized appreciation or depreciation of investments, realized gains or losses, investment income, expenses, while excluding contributions and withdrawals from the calculation of the Incentive Fee. The Fund maintains a memorandum account (the “New Loss Recovery Account”), which had an initial balance of zero and will be (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Members will benefit from the New Loss Recovery Account in proportion to their holdings of Units. For the year ended March 31, 2025, the Fund incurred $99,456,006 in Incentive Fees due to the Adviser.

The Adviser has entered into an expense limitation agreement (the “Expense Limitation Agreement”) with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a “Waiver”), if required to ensure the Total Annual Expenses (excluding taxes, interest, brokerage commissions, certain transaction related expenses arising out of investments made by the Fund, extraordinary expenses, the Incentive Fee, and any acquired fund fees and expenses) do not exceed 3.00% on an annualized basis with respect to Class A Units and 2.30% on an annualized basis with respect to Class I Units (the “Expense Limit”). For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to affect such recoupment without causing the Fund’s expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation Agreement may be terminated by the Adviser or the Fund upon thirty days’ written notice to the other party. During the year ended March 31, 2025, the Adviser did not waive any fees and the Fund did not pay any recoupment of existing waivers pursuant to the Expense Limitation Agreement.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

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

Each Independent Manager is paid an annual fee. Effective January 1, 2025, the Fund increased the annual fee from $150,000 to $160,000. The Fund pays an additional fee of $10,000 to the Chairman of the Board, the Chairman of the Audit Committee, the Chairman of the Nominating Committee, and to each Independent Manager that is not the Chair of a Committee. The Fund also reimburses the expenses of the Independent Managers incurred in connection with their services as Independent Managers. The Independent Managers do not receive any pension or retirement benefits from the Fund.

7. Affiliated Investments

Under Section 2(a)(3) of the Investment Company Act, a portfolio company is considered “affiliated” with the Fund if the Fund owns five percent or more of such portfolio company’s outstanding voting securities. The Fund held at least five percent of the outstanding voting securities of the following portfolio companies as of March 31, 2025:

	Shares/ Principal as of March 31, 2025		Fair Value as of March 31, 2024		Gross Additions⁽¹⁾			Gross Reductions⁽²⁾			Realized Gains/ Losses			Change in Unrealized Gains (Losses)			Fair Value as of March 31, 2025		Affiliated Income/ Accretion of Discount
Non-Controlled Affiliates
Bock Capital JVCo Nature S.à.r.l.		12,590,000,000	$	184,424,230	$	—		$	—		$	—		$	56,683,437		$	241,107,667	$	—
Camelia Investment 1 Limited⁽³⁾⁽⁴⁾		—		161,208,496		—			(161,259,391	)		72,124,832			(72,073,937	)		—		533,328
CapitalSpring Finance Company, LLC		6,017,517		8,205,962		266,281			(3,450,517	)		(4,795	)		192,352			5,209,283		316,090
Confluent Health Holdings LP		30,362		75,177,581		216,482			(203,671	)		—			(4,512,125	)		70,678,267		400,432
Dermatology Holdings, L.P.⁽⁴⁾		—		144,036,748		41,324			—			—			27,874,354			171,952,426		—
Ecom Express Private Limited⁽⁵⁾		63,417		9,410,364		1			—			—			(1,737,457	)		7,672,908		—
ECP Parent, LLC		109,770,023		102,237,386		5,402			—			—			13,887,062			116,129,850		162,120
EdgeCore Holdings, L.P.⁽⁴⁾		—		103,722,191		19,701,846			—			—			32,169,147			155,593,184		—
Encore Holdings LP⁽⁴⁾		60,573		103,191,531		17,300,000			(10,380	)		—			31,500,759			151,981,910		—
EnfraGen LLC		37,786		90,545,380		—			(5,148,343	)		—			5,199,540			90,596,577		2,138,365
Gateway Fleets Holdings, LP⁽⁴⁾		—		—		1,816,000			—			—			—			1,816,000		—
Green DC LuxCo Sarl		46,167,289		154,904,427		57,965,142			—			—			37,016,301			249,885,870		—
Icebox Holdco I Inc⁽⁴⁾		—		62,800,836		12,228			—			—			(14,438	)		62,798,626		1,548,751
Icebox Parent LP⁽⁴⁾		—		218,133,631		—			—			—			85,010,292			303,143,923		—
Idera, Inc.		1,223,033		1,229,521		(2,934	)		(9,242	)		23			(80,602	)		1,136,766		827,371
Idera Parent L.P.⁽⁴⁾		—		270,973,196		—			—			—			(90,851,261	)		180,121,935		203,748
KPOCH Holdings, L.P.⁽⁴⁾		—		170,690,437		—			—			—			29,827,875			200,518,312		1,279,511
KPSKY Holdings L.P.⁽⁴⁾		—		76,653,056		—			—			—			(31,374,033	)		45,279,023		148,950
Luxembourg Investment Company 285 S.à.r.l.⁽⁶⁾		14,865,773		28,178,939		—			—			—			(18,957,281	)		9,221,658		—
Luxembourg Investment Company 293 S.à.r.l.		9,789,622		50,762,648		—			—			—			2,238,826			53,001,474		—

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

7. Affiliated Investments (continued)

	Shares/ Principal as of March 31, 2025		Fair Value as of March 31, 2024		Gross Additions⁽¹⁾		Gross Reductions⁽²⁾			Realized Gains/ Losses			Change in Unrealized Gains (Losses)			Fair Value as of March 31, 2025		Affiliated Income/ Accretion of Discount
Luxembourg Investment Company 314 S.à.r.l.⁽⁶⁾		192,000	$	1	$	—	$	—		$	—		$	—		$	1	$	—
Luxembourg Investment Company 404 S.à r.l.		145,800		24,435,176		—		(16,590	)		(133	)		(646,780	)		23,771,673		—
Luxembourg Investment Company 414 S.à r.l.		12,316,087		101,514,227		—		—			—			12,142,922			113,657,149		—
Luxembourg Investment Company 430 S.à r.l.		52,594,635		76,366,764		—		—			—			3,356,128			79,722,892		62,148
MHS Acquisition Holdings, LLC		35,641		985,319		—		—			—			(474,896	)		510,423		—
MHS Blocker Purchaser L.P.⁽⁴⁾		—		76,184,208		—			^—		—			(36,718,740	)		39,465,468		—
Orbiter Investments S.à.r.l.		8,568,857		273,466,108		—		—			—			(48,065,493	)		225,400,615		—
Partners Group Satellite HoldCo S.à.r.l.		14,993,879		53,842,689		53,303		—			—			(14,256,507	)		39,639,485		—
Partners Group Satellite Warehouse S.C.S.⁽⁴⁾		—		1,174,555		1,293		—			—			(113,893	)		1,061,955		—
Partners Terra Pte. Ltd.		7,980,885		9,130,863		859,665		—			—			1,277,407			11,267,935		—
PG BRPC Investment, LLC		32,079		84,594,435		—		—			—			(8,148,014	)		76,446,421		402,739
PG Delta Holdco, LLC		40,952		87,245,404		4,383,782		—			—			20,119,637			111,748,823		461,039
PG Esmeralda Pte. Ltd.		12,790,872		42,748,489		6,853,838		—			—			(35,960,485	)		13,641,842		—
PG Investment Company 18 S.à.r.l.		126,506,634		170,136,983		—		—			—			51,795,076			221,932,059		483,074
PG Investment Company 24 S.à.r.l.		102,257,478		152,072,826		—		—			—			894,631			152,967,457		700,666
PG Investment Company 60 S.à.r.l.		379,375		1,928,633		3,994,425		—			—			912,226			6,835,284		—
PG Investment Company 76 S.à.r.l.		44,108,739		—		48,700,262		(280,328	)		(18,549	)		(493,910	)		47,907,475		—
PG Lion Management Warehouse S.C.S⁽⁴⁾⁽⁶⁾		—		232,873		—		—			—			(168,034	)		64,839		—
PG TLP S.à r.l.		6,473,126		114,276,166		190,038		—			—			27,098,892			141,565,096		—
PG Wave Limited		53,215,581		86,899,848		—		—			—			16,695,144			103,594,992		—
Pharmathen GP S.à r.l.		110,300		1		—		—			—			—			1		—
Pharmathen Topco S.à r.l.		102,498,368		160,504,707		3,722,755		—			—			(31,821,740	)		132,405,722		—
Polyusus Lux XVI S.à.r.l.		291,878,429		2		3,005,381		—			—			(7,241	)		2,998,142		—

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

7. Affiliated Investments (continued)

	Shares/ Principal as of March 31, 2025		Fair Value as of March 31, 2024		Gross Additions⁽¹⁾		Gross Reductions⁽²⁾			Realized Gains/ Losses			Change in Unrealized Gains (Losses)			Fair Value as of March 31, 2025		Affiliated Income/ Accretion of Discount
Root JVCo S.à r.l.		29,599,124	$	111,951,014	$	—	$	—		$	—		$	14,933,052		$	126,884,066	$	125,018
SnackTime PG Holdings, Inc.		12		10,573,061		4,028		—			—			(10,577,089	)		—		54,523
Specialty Pharma Holdings LP⁽⁴⁾		—		145,782,767		—		—			—			(1,977,366	)		143,805,401		225,908
Sunsure Energy Private Limited		2,409,419		12,075,632		7,253,437		—			—			3,274,174			22,603,243		71,700
SureWerx Topco, L.P.⁽⁴⁾		—		59,814,352		3,367,000		—			—			2,158,118			65,339,470		335,299
Surfaces SLP (SCSp)⁽⁴⁾		—		29,161,781		—		—			—			(5,884,064	)		23,277,717		—
Thermostat Purchaser, L.P.⁽⁴⁾		—		90,401,213		—		—			—			23,001,980			113,403,193		—
WHCG Purchaser, Inc.⁽³⁾		—		3,407,722		169,919		(3,577,641	)		—			—			—		230,690
WHCG Purchaser, Inc.⁽³⁾⁽⁴⁾		—		2,377,506		20,419		—			(2,336,419	)		(61,506	)		—		—
WHCG Purchaser, L.P.		14,022,833		12,901,389		14,022,833		—			—			513,232			27,437,454		—
Zenith Longitude Limited		26,838,037		262,470,388		—		—			—			102,242,281			364,712,669		4,299,165
Zoncolan Topco S.à r.l.		26,085,372		96,885,494		5,822,805		—			—			2,767,328			105,475,627		—
Total Non-Controlled Affiliates			$	4,372,029,156	$	199,746,955	$	(173,956,103	)	$	69,764,959		$	189,805,281		$	4,657,390,248	$	15,010,635

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

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

⁽³⁾	Investment was exited during the period ended March 31, 2025.

⁽⁴⁾	Investment does not issue shares.

⁽⁵⁾	This investment is associated with PG Esmeralda Pte. Ltd.

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

8. Accounting and Administration Agreement

The Administrator serves as administrator and accounting agent to the Fund and provides certain accounting, record keeping and investor related services pursuant to an Accounting and Administration Agreement between the Fund and the Administrator. For its services the Administrator receives a monthly fee that is based upon the average net assets of the Fund, fees on portfolio transactions, as well as reasonable out of pocket expenses. For the year ended March 31, 2025, the Fund incurred $7,500,752 in administration and accounting fees due to the Administrator.

9. Investment Transactions

Total purchases of investments for the year ended March 31, 2025 amounted to $3,649,274,563. Total distribution proceeds from sale, redemption, or other disposition of investments for the year ended March 31, 2025 amounted to $2,276,899,313. The cost of investments for U.S. federal income tax purposes is adjusted for items of taxable income allocated to the Fund from such investments. The Fund relies upon actual and estimated tax information provided by the managers of the Private Equity Fund Investments as to the amounts of taxable income allocated to the Fund as of March 31, 2025.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

10. Indemnification

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

11. Commitments

As of March 31, 2025, the Fund had funded $16,871,397,248 or 90.3% of the $18,686,122,949 of its total commitments to Private Equity Investments. With respect to its (i) Direct Investments it had funded $12,016,257,236 of $12,512,311,232 in total commitments, (ii) Secondary Investments it had funded $2,807,903,422 of $3,187,256,875 in total commitments, and (iii) Primary Investments it had funded $2,047,236,590 of $2,986,554,842 in total commitments, in each case, as of March 31, 2025.

12. Risk Factors

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

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

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

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

12. Risk Factors (continued)

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

13. Tax Information

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

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

For the tax year ended October 31, 2024, for U.S. federal income tax purposes, the Fund’s aggregate unrealized appreciation and depreciation on its investments based on cost were as follows:

	Investments			Forward Foreign Currency Contracts
Tax Cost	$	10,127,743,748		$	5,038,649,875
Gross unrealized appreciation		5,652,282,265			38,000,714
Gross unrealized depreciation		(130,115,692	)		(447,089	)
Net unrealized investment appreciation	$	5,522,166,573		$	37,553,625

For the tax year ended October 31, 2024, the Fund made the following permanent book-tax differences and reclassifications. These reclassifications were due to differences between book and tax accounting, primarily for partnership investments, net operating losses, and distribution-related adjustments. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

Paid in capital excess of par value		$	264,082,485
Distributable earnings (accumulated loss)			(264,082,485	)

For the tax year ended October 31, 2024, the Fund’s tax year end components of distributable earnings on a tax basis are as follows:

Late Year Ordinary Loss Deferral	$	(253,693,857	)
Net Tax Appreciation/(Depreciation)		5,521,358,421
Undistributed Capital Gains		60,527,142
Capital Loss Carryover		—

The tax character of distributions for the tax years ended October 31, 2024 and 2023, was as follows:

		2024				2023
Long-term capital gains		$	275,119,177			$	400,009,858

ASC Topic 740, “Accounting for Uncertainty in Income Taxes” (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2025 (continued)

13. Tax Information (continued)

prior years, as applicable), the Adviser has concluded that the Fund does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

As of March 31, 2025, the deferred tax liability within the Onshore Subsidiary amounts to $33,656,755 which is primarily related to net unrealized gains on investments.

14. Stock Split

Effective as of the close of business on the date listed in the subsequent table, the Fund’s units underwent a stock split. There was no impact to the aggregate market value of units outstanding. The historical per unit data presented within the Financial Highlights has been retroactively adjusted to reflect the stock split. The stock split ratios, net effect on the NAV per unit, and the number of units outstanding as of the date indicated were as follows:

Date

Share Split
Ratio

Shares Prior
to Stock Split

Shares After
Stock Split

Increase
(Decrease)
in Net Asset
Value per
Share

Increase
(Decrease)
in Net Shares
Outstanding

Class A

July 2, 2024

1 for 4

1,025,821,220

4,103,284,880

Decrease

Increase

Class I

July 2, 2024

1 for 4

834,063,251

3,336,253,004

Decrease

Increase

15. Subsequent Events

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

Revolving Credit Agreement

On May 15, 2025, the Partners Group Private Equity (BSL), LLC entered into a secured revolving credit facility agreement with Bank of America, N.A. The total original commitment under the secured revolving credit facility is $250,000,000. As of the date of these financial statements the total principal amount outstanding under the secured revolving credit facility is $241,341,017.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Fund Management (Unaudited)

INDEPENDENT MANAGERS
NAME, ADDRESS AND YEAR OF BIRTH	POSITION(S) HELD WITH THE FUND	TERM OF OFFICE* AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND OTHER DIRECTORSHIPS** HELD BY MANAGER	NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY MANAGER***
James F. Munsell Year of Birth: 1941 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Chairman and Manager	Since inception	Senior Counsel, Cleary Gottlieb Steen & Hamilton LLP (2001-Present); Senior Managing Director, Brock Capital Group LLC (2008-2023).	3
Lewis R. Hood, Jr. Year of Birth: 1956 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Manager	Since 2017	Retired; Managing Director and Chief Investment Officer (CIO Emeritus from 2014), ERISA Plans, Prudential Insurance Company of America (2002-2015).	3
Stephen G. Ryan Year of Birth: 1959 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Manager	Since 2017	Professor of Accounting, Stern School of Business, New York University (1995-Present).	3
Thomas M. Fortin Year of Birth: 1963 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Manager	Since 2024	Retired; Managing Partner and Chief Operating Officer (2017-2021), Managing Partner and Chief Information Officer (2021-2024), iCapital, Inc. (2017-2024).	3

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

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

***	The Fund Complex consists of Partners Group Private Equity (Master Fund), LLC, Partners Group Next Generation Infrastructure, LLC, and Partners Group Growth, LLC.

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Fund Management (Unaudited) (continued)

INTERESTED MANAGERS AND OFFICERS
NAME, ADDRESS AND YEAR OF BIRTH	POSITION(S) HELD WITH THE FUND	TERM OF OFFICE* AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND OTHER DIRECTORSHIPS** HELD BY MANAGER	NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY MANAGER OR OFFICER***
Robert Collins⁽¹⁾ Year of Birth: 1976 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Manager; President	Indefinite length—since inception	Partner, Partners Group (2021–Present); Partners Group (2005–Present).	3
Brian J. Igoe Year of Birth: 1986 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Chief Financial Officer	Indefinite length—since 2022	Partners Group (2015-Present)	3
Helen Yankilevich Year of Birth: 1983 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Chief Operating Officer	Indefinite length—since 2021	Partners Group (2014-Present)	3
Brian Kawakami Year of Birth: 1950 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Chief Compliance Officer	Indefinite length—since 2013	Manager, Brian Kawakami LLC (2015–Present).	3

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Fund Management (Unaudited) (continued)

INTERESTED MANAGERS AND OFFICERS (continued)

NAME, ADDRESS AND
YEAR OF BIRTH

POSITION(S)
HELD WITH
THE FUND

TERM
OF OFFICE*
AND LENGTH
OF TIME
SERVED

PRINCIPAL OCCUPATION(S)
DURING PAST 5 YEARS AND
OTHER DIRECTORSHIPS**
HELD BY MANAGER

NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
OVERSEEN BY
MANAGER OR
OFFICER***

Vilma DeVooght
Year of Birth: 1977

c/o Partners Group (USA) Inc.
1114 Avenue of the Americas 37th Floor
New York, NY 10036

Secretary

Indefinite length—since 2021

Senior Compliance Officer, Partners Group (2021-Present); Senior Counsel, ALPS Fund Services, Inc. (2014-2021).

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

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

***	The Fund Complex consists of Partners Group Private Equity (Master Fund), LLC, Partners Group Next Generation Infrastructure, LLC, and Partners Group Growth, LLC

⁽¹⁾	Mr. Collins is deemed an “interested person” of the Fund due to his position as a Partner of the Adviser.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Other Information (Unaudited)

Proxy Voting

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

Availability of Quarterly Portfolio Schedules

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

Federal Tax Information (Unaudited)

For the tax year ended October 31, 2024, the amount of long-term capital gains designated by the Fund was $275,119,230.

Approval of Investment Management Agreement

At a meeting of the Board held on December 13, 2023, the Board, including a majority of the Independent Managers, approved by a unanimous vote the continuation of the Second Amended and Restated Investment Management Agreement (the “Agreement”).

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

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

Discussion of Factors Considered

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

The Independent Managers concluded that the nature, extent, and quality of the services provided by the Adviser to the Fund is appropriate and consistent with the terms of the limited liability company agreement of the Fund, that the quality of those services is consistent with industry norms and that the Fund benefits from the Adviser’s management of the Fund’s investment program. In this regard, they took into account the scope of services provided to the Fund by the Adviser under the Agreement and the complexity of the Fund’s investment program. The Independent Managers noted that, as compared to a group of other similar funds, the Fund generally underperformed for the 2023 fiscal year and generally outperformed for the 2022 fiscal year. The Independent Managers also considered that the performance of the Fund was positive for the one-, three-, five- and ten-year periods ended September 30, 2023 and had been positive since inception. The Independent Managers considered that on a regular basis they received and reviewed information from the Fund’s CCO regarding the Fund’s compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act. In this regard, the Independent Managers considered the Adviser’s initiatives undertaken in order for the Fund to comply with the SEC rules related to fair valuation and derivatives.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Other Information (Unaudited) (continued)

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

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

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

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

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

Conclusion

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Other Information (Unaudited) (continued)

Privacy Policy

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

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

Questions?

Call 1-877-748-7209

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Other Information (Unaudited) (continued)

Privacy Policy (continued)

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Other Information (Unaudited) (continued)

Privacy Policy (continued)

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

(b) Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $1,116,002 for 2024 and $1,257,065 for 2025.

(b) Audit-Related Fees.

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $45,000 for 2024 and $10,000 for 2025.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2024 and $0 for 2025.

(d) All Other Fees.

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2024 and $0 for 2025. The registrant's independent registered public accounting firm provides reasonable assurances on the correctness of the processes and procedures leading to the fair value of the investments calculated by Partners Group (USA) Inc. as well as the calculation itself, in accordance with their quarterly fair valuation process.

(e)(1) Audit Committee Pre-Approval Policies and Procedures.

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

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

(e)(2) Percentage of Services.

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

(b) 0%

(d) 100%

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

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2024 and $0 for 2025.

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

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committees of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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 Proxy Voting Policies are attached herewith.

PROXY VOTING POLICY

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

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

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

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

1. Scope of Policy

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

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

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

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

2. Proxy Guidelines

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

I. Election of Board of Directors

The Adviser will generally vote in support of management’s nominees for the board of directors, and in favor of proposals that support board independence.

II. Appointment of Independent Auditors

The Adviser will generally support the recommendation of the board of directors.

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

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

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

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

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

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

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

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

Reincorporation in a jurisdiction which has more stringent anti-takeover and related provisions.

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

Establishment of classified boards of directors.

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

Capitalization changes that add “blank check” classes of stock or classes that dilute the voting interests of existing shareholder/interest holders.

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

Elimination of shareholder/interest holders’ right to call special meetings.

Excessive compensation.

“Other business as properly comes before the meeting” proposals which extend “blank check” powers to those acting as proxy.

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

IV. Mergers and Acquisitions

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

V. Executive and Director Equity-Based Compensation

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

VI. Corporate Social and Policy Issues

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

VII. Matters Arising in Respect of Private Market Investments

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

3. Conflicts

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

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

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

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

4. Proxy Voting Procedures

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

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

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

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

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

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

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

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

The Adviser will retain (i) a copy of each proxy statement that the Adviser receives regarding the Fund's securities; (ii) a record of each vote cast by the Adviser on behalf of the Fund; (iii) a copy of any document created by the Adviser that was material to making a decision how to vote proxies on behalf of the Fund or that memorializes the basis for that decision; (iv) a copy of each written client request for information on how the Adviser voted proxies on behalf of the Fund, and (v) a copy of any written response by the Adviser to any (written or oral) client request for information on how the Adviser voted proxies on behalf of the requesting Fund investor.

The Adviser will periodically review these policies and procedures to ensure compliance.

5. Obtaining Proxy Voting Information

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

Partners Group Private Equity (Master Fund), LLC

1114 Avenue of the Americas, 37^th Floor

New York, NY 10036

Attn: Chief Compliance Officer

Re: Proxy voting information request

6. Recordkeeping

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

Adopted: November 2, 2023

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

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

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

Name of Investment Committee Member	Title	Length of Time of Service to the Fund	Business Experience During the Past 5 Years	Role of Investment Committee Member
Robert Collins	Partner	Since Inception*	Partner, Partners Group (2021-Present); Managing Director, Partners Group (2012-2021); Partners Group (2005-Present).	Portfolio Management
Thomas Stein	Partner	Since 2021	Partner, Partners Group (2023-Present); Managing Director, Partners Group (2018-2023).	Portfolio Management
Adam Howarth	Partner	Since Inception**	Partner, Partners Group (2022-Present); Partners Group (2007-Present).	Portfolio Management
Joel Schwartz	Partner	Since 2015	Partner, Partners Group (2017-Present); Partners Group (2013-Present).	Portfolio Management
Anthony Shontz	Partner	Since 2012	Partner, Partners Group (2022-Present); Partners Group (2007-Present); Director, Board of Partners Group (USA) Inc. (2018-2023).	Portfolio Management
Robin Shelley	Managing Director	Since 2024	Managing Director, Partners Group (2024-Present); Senior Investment Leader, Partners Group (2021-2023); Investment Leader, Partners Group (2020).	Portfolio Management
Todd Bright	Partner	Since 2016	Partner, Partners Group (2018-Present); Partners Group (2014-Present); Director, Board of Partners Group (USA) Inc. (2018-2023).	Portfolio Management
Ron Lamontagne	Managing Director	Since 2016	Managing Director, Partners Group (2015-Present); Partners Group (2015-Present).	Portfolio Management

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

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

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

Name of Investment Committee Member	Title	Length of Time of Service to the Fund	Business Experience During the Past 5 Years	Role of Investment Committee Member
Benjamin Lorenz	Senior Portfolio Manager - LIPM	Since 2022	Senior Portfolio Manager, Partners Group, (2024-Present); Portfolio Manager, Partners Group (2022-2024); Senior Investment Analyst, Partners Group (2019-2021); Partners Group (2011-Present).	Portfolio Management – LIPM
Lorenzo Papi	Portfolio Manager – LIPM	Since 2023	Portfolio Manager, Partners Group, (2023-Present); Investment Associate, Partners Group (2020-2023); Investment Analyst, Partners Group (2018-2020).	Portfolio Management – LIPM
Henrik Stutz	Senior Investment Analyst – LIPM	Since 2023	Senior Investment Analyst, Partners Group (2021-Present); Associate Investment Analyst, Partners Group (2017-2021).	Portfolio Management – LIPM

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

The following table provides information about portfolios and accounts, other than Partners Group Private Equity (Master Fund), LLC, for which the members of the Investment Committee of the Adviser are jointly and primarily responsible for the day-to-day portfolio management as of March 31, 2025:

NAME OF PORTFOLIO MANAGEMENT TEAM MEMBER

NUMBER OF OTHER ACCOUNTS MANAGED AND TOTAL VALUE OF ASSETS^† BY ACCOUNT TYPE FOR WHICH THERE IS NO PERFORMANCE-BASED FEE

NUMBER OF OTHER ACCOUNTS AND TOTAL VALUE OF ASSETS^† FOR WHICH ADVISORY FEE IS PERFORMANCE-BASED:

	Registered investment companies	Other pooled investment vehicles	Other accounts	Registered investment companies	Other pooled investment vehicles	Other accounts
Todd Bright	Zero accounts	Zero accounts	Zero accounts	2 Registered investment companies with a value of $205million	16 pooled investment vehicles with a value of $5.5 billion	41 accounts with a value of $5.5 billion
Robert Collins	Zero accounts	Zero accounts	Zero accounts	2 Registered investment companies with a value of $205million	16 pooled investment vehicles with a value of $5.5 billion	41 accounts with a value of $5.5 billion
Robin Shelley	Zero accounts	Zero accounts	Zero accounts	2 Registered investment companies with a value of $205million	16 pooled investment vehicles with a value of $5.5 billion	41 accounts with a value of $5.5 billion
Thomas Stein	Zero accounts	Zero accounts	Zero accounts	2 Registered investment companies with a value of $205million	16 pooled investment vehicles with a value of $ billion	41 accounts with a value of $ 5.5 billion
Adam Howarth	Zero accounts	Zero accounts	Zero accounts	2 Registered investment companies with a value of $205million	16 pooled investment vehicles with a value of $5.5 billion	41 accounts with a value of $5.5 billion

Ron Lamontagne	Zero accounts	Zero accounts	Zero accounts	2 Registered investment companies with a value of $205million	16 pooled investment vehicles with a value of $5.5 billion	41 accounts with a value of $5.5 billion
Joel Schwartz	Zero accounts	Zero accounts	Zero accounts	2 Registered investment companies with a value of $205million	16 pooled investment vehicles with a value of $5.5 billion	41 accounts with a value of $5.5 billion
Anthony Shontz	Zero accounts	Zero accounts	Zero accounts	2 Registered investment companies with a value of $205million	16 pooled investment vehicles with a value of $5.5 billion	41 accounts with a value of $5.5 billion
Benjamin Lorenz*	Zero accounts	Zero accounts	Zero accounts	2 Registered investment companies with a value of $205million**	16 pooled investment vehicles with a value of $5.5 billion**	Zero accounts
Lorenzo Papi*	Zero accounts	Zero accounts	Zero accounts	2 Registered investment companies with a value of $205million**	16 pooled investment vehicles with a value of $5.5 billion**	Zero accounts
Henrik Stutz*	Zero accounts	Zero accounts	Zero accounts	2 Registered investment companies with a value of $205million**	16 pooled investment vehicles with a value of $5.5 billion**	Zero accounts

^†

Approximate

Member of the Liquid Private Markets Investment Committee

Only the listed portions of the relevant registered investment company's or pooled investment vehicle's portfolios are managed by this member.

Potential Conflicts of Interests

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

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

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

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

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

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

(a)(4) Disclosure of Securities Ownership

The following table sets forth the dollar range of equity securities beneficially owned by each member of the Investment Committee of the Adviser indirectly in the Master Fund as of March 31, 2025:

Investment Committee Member	Dollar Range of Fund Shares Beneficially Owned
Robert Collins	Over $1,000,000
Robin Shelley	None
Thomas Stein	None
Adam Howarth	$100,001 - $500,000
Joel Schwartz	None
Anthony Shontz	None
Todd Bright	None
Ron Lamontagne	None
Benjamin Lorenz	None
Lorenzo Papi	None
Henrik Stutz	None

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

Not applicable.

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

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

Item 16. Controls and Procedures

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

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

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

Not applicable.

Item 19. Exhibits

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2) Not applicable.

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

(a)(4) Not applicable.

(a)(5) Not applicable.

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

SIGNATURES

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

Partners Group Private Equity (Master Fund), LLC

By (Signature and Title):		/s/ Robert M. Collins
		Robert M. Collins, President &
		Chief Executive Officer
		(Principal Executive Officer)

Date:		June 9, 2025

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

By (Signature and Title):		/s/ Robert M. Collins
		Robert M. Collins, President &
		Chief Executive Officer
		(Principal Executive Officer)

Date:		June 9, 2025

By (Signature and Title):		/s/ Brian Igoe
		Brian Igoe, Chief Financial Officer
		(Principal Financial Officer)

Date:		June 9, 2025