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ITEM 1. SCHEDULE OF INVESTMENTS.

The Schedule(s) of Investments is attached herewith.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited)

The unaudited consolidated schedule of investments of Partners Group Private Equity (Master Fund), LLC (the “Fund”), a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company, as of June 30, 2025, is set forth below:

INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS

Industry

Acquisition
Date

Fair
Value

Public Investments (11.82%)

Common Stocks (3.91%)

North America (2.24%)

American Tower Corp.

Communication

05/29/20

102,489

22,640,845

American Water Works Co., Inc.

Utilities

02/16/16

142,675

19,841,812

Apollo Global Management, LLC

Diversified Financial Services

09/05/23

148,123

21,012,729

Ares Capital Corp.

Diversified Financial Services

02/16/16

454,447

9,975,112

Ares Management Corp.

Diversified Financial Services

06/28/19

66,086

11,430,895

Atmos Energy Corp.

Utilities

02/16/16

107,922

16,621,067

Blackstone Group, Inc.

Diversified Financial Services

07/12/19

89,658

13,410,147

Blue Owl Capital, Inc.

Financials

10/21/24

389,366

7,475,827

Brookfield Corp.

Diversified Financial Services

12/12/22

126,980

7,849,904

Canadian National Railway Co.

Transportation

05/14/19

141,161

14,634,437

CMS Energy Corp.

Utilities

11/01/19

208,087

14,412,106

Crown Castle International Corp.

Communication

02/16/16

93,228

9,573,583

CSX Corp.

Transportation

11/28/23

285,577

9,312,666

Equinix Inc.

Diversified Financial Services

07/31/20

16,442

13,073,199

HarbourVest Global Private Equity

Diversified Financial Services

12/21/18

526,232

17,987,924

KKR & Co., Inc.

Diversified Financial Services

02/16/16

120,962

16,077,060

Old Dominion Freight Line, Inc.

Transportation

09/25/24

68,718

11,152,931

Onex Corp.

Diversified Financial Services

02/16/16

188,589

15,439,310

Republic Services Inc.

Commercial & Professional Services

08/28/17

73,014

17,999,411

SBA Communications Corp.

Real Estate

09/05/23

48,314

11,338,813

Sempra Energy

Utilities

06/28/23

148,586

11,252,418

TC Energy Corp.

Utilities

11/01/19

221,786

10,762,572

The Williams Companies, Inc.

Utilities

03/20/23

306,883

19,263,046

TPG Inc.

Financials

09/25/24

122,745

6,433,066

Union Pacific Corp.

Transportation

06/29/16

73,917

17,000,910

Waste Management Inc.

Utilities

07/02/20

54,299

12,423,068

Total North America (2.24%)

358,394,858

Western Europe (1.67%)

3i Group Plc

Diversified Financial Services

10/01/20

348,421

19,666,850

Aena SA

Transportation

12/21/18

747,020

19,858,399

Cellnex Telecom SA

Communication

05/15/19

779,183

30,116,951

CVC Capital Partners Plc

Financials

04/26/24

663,187

13,524,889

Elia System Operator SA/NV

Utilities

11/03/22

84,060

9,636,779

EQT AB

Diversified Financial Services

04/06/20

247,644

8,284,882

Eurazeo SA

Financials

12/12/16

210,922

14,985,939

Ferrovial SA

Industrials

04/15/24

213,483

11,335,217

HBM Healthcare Investments AG

Diversified Financial Services

04/07/20

33,059

7,098,301

HgCapital Trust PLC

Diversified Financial Services

02/12/16

2,874,996

20,285,126

Infrastrutture Wireless Italiane S.p.A.

Communication

09/26/24

787,122

9,587,102

Intermediate Capital Group PLC

Diversified Financial Services

12/12/16

688,252

18,170,314

Investor AB

Diversified Financial Services

08/28/17

417,059

12,235,887

National Grid PLC

Utilities

02/12/16

1,150,321

16,729,089

NB Private Equity Partners Ltd.

Diversified Financial Services

11/06/19

319,232

6,228,015

Pantheon International Participations Plc

Diversified Financial Services

11/04/19

1,773,858

7,631,005

Terna Rete Elettrica Nazionale SpA

Utilities

01/05/18

1,600,405

16,375,491

Vinci SA

Transportation

02/12/16

164,113

24,090,634

Total Western Europe (1.67%)

265,840,870

Total Common Stocks (Cost $573,341,899)(3.91%)

624,235,728

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 —

June 30, 2025 (Unaudited) (continued)

	Interest	Acquisition Date	Maturity Date	Investment Type	Principal		Fair Value^**
Public Investments (continued)
High Yield Bonds (1.07%)
North America (0.18%)
Acrisure LLC / Acrisure Finance, Inc. ^{***, +}	7.50%	06/05/24	11/06/30	Senior	$	3,000,000	$	3,085,926
Beach Acquisition Bidco, LLC ^{+, f}	0.0525	06/26/25	07/15/32		€	1,500,000		1,778,809
Camelot Return Merger Sub Inc. ^{***, +}	Cash 8.75% + SFvvv	07/20/22	08/01/28	Senior	$	1,500,000		1,371,037
Clarios Global LP / Clarios US Finance Co ^{***, +}	Cash 6.75% + SFvvv	01/14/25	02/15/30	Senior		400,000		411,516
Clarios Global LP / Clarios US Finance Co. ^{***, +}	4.375%	06/21/24	05/15/26	Senior	€	1,575,000		1,850,238
CommScope LLC ^{***, +}	Cash 9.50% + SFvvv	12/17/24	12/17/31	Senior	$	718,000		712,910
Olympus Water US Holding Corporation ^{***, +}	0.0425	05/22/25	10/01/28			3,077,000		2,925,746
Quikrete Holdings Inc. ^{***, +}	Cash 6.38% + SFvvv	01/31/25	03/01/32	Senior		933,000		952,968
Radiology Partners, Inc. ^{***, +}	0.085	06/26/25	07/15/32			3,554,000		3,594,800
Radiology Partners, Inc. ⁺	8.50%	04/22/24	01/31/29	Senior		7,715,086		7,099,564
Raven Acquisition Holdings LLC ^{***, +}	6.87%	10/14/24	11/15/31	Senior		1,200,000		1,207,910
UPCB Finance VII Ltd. ^{***, +}	3.625%	06/24/24	06/15/29	Senior	€	3,646,000		4,251,496
Total North America (0.18%)								29,242,920
Western Europe (0.89%)
AccorInvest Group S.A. ^{***, +, d}	6.375%	09/18/24	10/15/29	Senior		738,000		914,564
AccorInvest Group SA ⁺	3.75% + E##	05/08/25	05/15/32			3,140,000		3,732,283
Albion Financing 1 S.a r.l. ^{***, +}	0.07	05/14/25	05/21/30		$	1,062,000		1,088,549
Belron UK Finance PLC ^{***, +, d}	5.75%	10/02/24	10/15/29	Senior		3,667,000		3,689,677
Deuce Finco Plc ⁺	5.50%	06/24/24	06/15/27	Senior	£	6,000,000		8,191,027
Deuce Finco Plc ^{***, +}	5.50%	05/01/24	06/15/27	Senior		5,000,000		6,825,856
Dolcetto Holdco SPA ^{***, +, f}	0.05625	06/26/25	07/14/32		€	3,555,000		4,226,543
Dolcetto Holdco SPA ^{***, +, f}	3.63% + E##	06/25/25	07/14/32			2,630,000		3,086,055
Flos B&B Italia Spa ^{***, +}	6.38% + E##	05/14/25	12/17/29			5,000,000		5,678,227
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		5,187,430
IMA Industria Macchine ^{***, +}	3.75%	06/20/24	01/15/28	Senior	€	6,000,000		7,006,234
INEOS Finance Plc ^{***, +}	7.50%	01/31/24	04/15/29	Senior	$	1,800,000		1,814,186
Luna 2.5 S.a r.l. ^{+, f}	0.055	06/18/25	07/01/32		€	962,000		1,128,815
Mehilainen Yhtiot Oy ⁺	0.05125	06/11/25	06/30/32			749,000		884,923
Mehilainen Yhtiot Oy ⁺	0.03375	06/11/25	06/30/32			1,817,000		2,143,828
Miller Homes Group Finco Plc ⁺	7.00%	02/26/24	05/15/29	Senior	£	3,500,000		4,826,611
Nobian Finance B.V. ^{***, +}	3.625%	06/19/24	07/15/26	Senior	€	10,000,000		11,734,050
ONE Hotels GmbH ^{***, +}	7.75%	05/02/24	04/02/31	Senior		2,000,000		2,526,990
Opal Bidco SAS ^{***, +}	0.065	03/31/25	03/31/32		$	6,666,000		6,769,650
Rossini S.à.r.l. ^{***, +}	6.75%	07/11/24	12/31/29	Senior	€	906,000		1,124,958
Rossini S.à.r.l. ^{***, +}	3.875% + E##	07/11/24	12/31/29	Senior		2,840,000		3,373,876
Sammontana Italia S.p.A. ^{***, +, d}	3.75% + E##	10/02/24	08/15/31	Senior		3,294,000		3,860,606
Sherwood Financing PLC ^{+, d}	6.00%	12/03/24	11/15/26	Senior	£	4,000,000		5,446,167
Sherwood Financing PLC ^{***, +}	5.55% + E##	11/28/24	12/15/29	Senior	€	4,800,000		5,639,244
Summer BC Holdco A S.à.r.l. ⁺	9.25%	05/08/24	10/31/27	Senior		2,703,158		3,181,692
Teamsystem S.P.A. ^{***, +, f}	0.05281	06/18/25	07/01/32			4,078,000		4,779,997
Teamsystem S.P.A. ^{***, +, f}	0.05	06/18/25	07/01/31			2,418,000		2,845,943

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 —

June 30, 2025 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Public Investments (continued)

High Yield Bonds (continued)

Western Europe (continued)

TeamSystem SpA ^{***, +}

3.50% + E##

07/17/24

07/31/31

Senior

€

3,830,000

4,505,174

TeamSystem SpA ^{***, +}

3.50%

06/20/24

02/15/28

Senior

6,000,000

7,002,541

Verisure Holding AB ^{***, +}

3.25%

06/20/24

02/15/27

Senior

10,000,000

11,725,199

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

5.50%

05/29/24

01/15/30

Senior

6,000,000

7,072,156

Total Western Europe (0.89%)

142,013,051

Total High Yield Bonds (Cost $159,209,157)(1.07%)

171,255,971

Asset-Backed Securities (0.49%)

North America (0.37%)

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

6.50% + SFvv

04/11/24

04/20/37

Series 2020-9A, Class ER

3,500,000

3,602,457

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

6.00% + SFvv

04/09/24

04/18/37

Series 2024-21A, Class E

3,000,000

3,104,446

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

6.35% + SFvv

08/21/24

10/17/34

Series 2015-AA, Class ER3

1,967,607

2,056,162

Ballyrock CLO 18 Ltd . ^{***, +}

5.75+ SFvv

03/21/25

04/15/38

Series 2021-18A, Class DR

2,260,000

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

6.20% + SFvv

09/18/24

10/15/36

Series 2022-20A, Class DR2

3,000,000

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

6.70% + SFvv

03/22/24

07/25/37

Series 2024-34A, Class E

1,000,000

1,039,634

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

0.00%

03/22/24

07/25/37

Series 2024-34A, Class SUB

2,500,000

2,027,525

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

6.25% + SFvv

05/22/24

07/16/37

Series 2019-6A, Class ER

1,200,000

1,242,350

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

6.00% + SFvv

06/03/24

07/25/37

Series 2021-1A, Class ER

2,500,000

2,586,741

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

6.20%+ SFvv

04/08/25

07/23/37

Series 2021-4A, Class ER

1,000,000

965,701

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

6.51% + SFvv

09/22/21

10/15/34

Series 2021-6A, Class E

1,500,000

1,540,727

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

7.00% + SFvv

04/20/22

07/16/35

Series 2022-4A, Class E

1,250,000

1,285,754

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

0.00%

04/01/24

04/22/37

Series 2024-2A, Class SUBB

3,000,000

2,462,940

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

7.27% + SFvv

04/05/22

04/21/35

Series 2022-3A, Class E

1,000,000

1,028,970

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

6.45% + SFvv

02/15/24

04/18/37

Series 2024-1A, Class E

2,500,000

2,595,642

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

6.00% + SFvv

04/19/24

04/17/37

Series 2024-4A, Class E

1,400,000

1,455,715

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

5.90% + SFvv

09/26/24

10/17/37

Series 2020-4A, Class ERR

3,750,000

3,715,621

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

5.95%+ SFvv

06/23/25

07/20/38

Series 2021-3A, Class ER2

2,000,000

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

5.85% + SFvv

04/05/24

07/20/37

Series 2021-3A, Class ER

4,500,000

4,599,234

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

6.40% + SFvv

02/04/22

04/15/35

Series 2019-24A, Class ER

4,000,000

4,102,552

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

5.60% + SFvv

05/31/24

07/20/37

Series 2024-19A, Class E

950,000

987,082

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

5.25%+ SFvv

10/11/24

10/20/37

Series 2020-6A, Class ER2

2,000,000

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

5.75% + SFvv

05/06/24

04/20/37

Series 2015-11A, Class ER2

2,000,000

2,047,106

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

5.70% + SFvv

05/30/24

07/20/37

Series 2024-2A, Class E

4,000,000

4,145,820

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

6.51% + SFvv

11/16/21

07/20/32

Series 2019-4A, Class ER

800,000

811,378

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

6.76% + SFvv

03/12/21

04/19/34

Series 2021-25A, Class E

752,616

734,220

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

6.30% + SFvv

07/25/24

07/15/37

Series 2021-1A, Class ER

2,000,000

2,082,199

Total North America (0.37%)

59,479,976

Western Europe (0.12%)

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

6.16% + E##

03/08/21

04/17/34

Series 5A, Class ER

€

1,500,000

1,805,928

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

5.86% + E##

02/04/22

05/15/34

Series 7A, Class E

1,521,243

1,798,560

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

9.12% + E##

02/23/22

04/15/35

Series 26A, Class F

1,200,000

1,453,065

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

6.51% + E##

02/23/22

04/15/35

Series 26A, Class E

750,000

906,340

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

6.26% + E##

02/03/22

01/20/36

Series 8A, Class ER

1,000,000

1,203,809

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

6.25% + SFvv

01/28/22

04/21/35

Series 2022-1A, Class E

2,625,000

2,686,183

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

6.50% + SFvv

03/15/24

04/19/37

Series 2024-1A, Class E

1,000,000

1,038,844

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 —

June 30, 2025 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Public Investments (continued)

Asset-Backed Securities (continued)

Western Europe (continued)

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

6.12% + E##

05/01/21

04/15/34

Series 2021-1A, Class D

€

333,000

398,964

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

0.00%

01/20/22

01/16/33

Series 2015-1A, Class SUB

3,000,000

685,034

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

5.50% + E##

01/20/22

01/16/33

Series 2015-1A, Class DR

1,502,063

1,760,417

Carysfort Park CLO ^{***, +}

6.14% + E##

03/12/21

07/28/34

Series 2021-1A, Class D

500,000

601,868

Otranto Park CLO ^{***, +}

7.05% + E##

03/04/22

05/15/35

Series 1A, Class E

1,172,000

1,413,148

Otranto Park CLO ^{***, +}

4.15% + E##

03/04/22

05/15/35

Series 1A, Class D

750,000

900,263

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

5.90% + E##

02/03/22

10/15/31

Series 2022-1A, Class E

667,000

803,564

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

8.05% + E##

02/03/22

10/15/31

Series 2022-1A, Class F

500,000

600,781

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

6.15% + SFvv

09/17/24

10/15/37

Series 2022-1A, Class ER

1,500,000

Total Western Europe (0.12%)

19,556,768

Total Asset-Backed Securities (Cost $78,419,057)(0.49%)

79,036,744

Floating Rate Loans (6.35%)

North America (4.63%)

AAL Delaware Holdco, Inc. ⁺

2.75% + SFv

01/31/25

07/30/31

Senior

794,010

797,615

Acrisure, LLC ⁺

3.00% + SFv

05/06/25

11/06/30

Senior

13,625,277

13,644,489

Acrisure, LLC ⁺

3.25% + SFv

06/05/25

06/21/32

Senior

2,200,000

2,211,704

AEA International Holdings (Lux) S.à.r.l. ⁺

2.75% + SFvv

05/06/25

09/07/28

Senior

2,220,303

2,236,955

Ahead DB Holdings, LLC ⁺

Cash 3.00% + SF (0.75% Floor)vv

03/26/25

02/01/31

Senior

1,994,987

2,002,010

Aimbridge Acquisition Co., Inc. ⁺

1.50% + SFvv

03/11/25

03/11/30

Senior

571,001

568,386

AIT Worldwide Logistics, Inc ⁺

4.00% + SFvv

05/06/25

04/08/30

Senior

3,980,000

4,001,412

Alera Group, Inc. ^{+, f}

05/30/25

05/31/32

Senior

3,000,000

3,022,740

Alliant Holdings Intermediate LLC ⁺

3.00% + SFv

09/12/24

09/19/31

Senior

6,231,342

6,258,635

Alpha Generation LLC ^{+, f}

05/30/25

09/30/31

Senior

5,400,000

5,386,500

Alpha Generation LLC ^{+, f}

2.75% + SFv

09/19/24

09/30/31

Senior

6,577,432

6,591,837

Altera Corporation ^{+, f}

3.00% + SFvv

06/18/25

06/21/32

Senior

4,500,000

4,515,975

Amentum Government Services Holdings LLC ⁺

2.25% + SFv

07/30/24

09/29/31

Senior

944,167

945,234

American Airlines, Inc. ^{+, f}

05/09/25

05/28/32

Senior

1,900,000

1,916,150

Amneal Pharmaceuticals LLC ⁺

5.50% + SFv

05/06/25

05/04/28

Senior

8,094,184

8,240,932

Archkey Solutions LLC ^{+, e}

Cash 4.75% + SFvv

03/03/25

11/01/31

Senior

2,893,500

2,612,213

Aspire Bakeries Holdings LLC ⁺

4.25% + SFv

12/31/24

12/13/30

Senior

994,975

1,000,736

Auris Luxembourg III S.à.r.l. ⁺

3.75% + SFvvv

05/06/25

02/28/29

Senior

5,234,374

5,270,386

Avalara, Inc. ^{+, e}

Cash 3.25% + SFvv

03/21/25

03/26/32

Senior

5,155,044

4,529,937

BCPE Empire Holdings, Inc. ⁺

3.25% + SFvv

03/04/25

12/11/30

Senior

4,544,321

4,553,683

Beach Acquisition Bidco, LLC ^{+, f}

3.25% + SFvv

06/26/25

06/25/32

Senior

1,850,000

1,863,116

Bella Holding Company, LLC ⁺

Cash 3.25% + SF (0.75% Floor)vv

03/31/25

05/10/28

Senior

8,913,569

8,959,563

Belron Finance 2019 LLC ^{+, d}

2.75% + SFvv

10/02/24

10/16/31

Senior

8,237,750

8,289,236

Blackhawk Network Holdings, Inc ⁺

4.00% + SFv

05/06/25

03/12/29

Senior

6,138,155

6,185,664

Boost Newco Borrower, LLC ⁺

2.00% + SFvv

05/06/25

01/31/31

Senior

1,791,011

1,799,590

Boxer Parent Company Inc. ⁺

3.00% + SFvv

05/06/25

07/30/31

Senior

4,350,938

4,351,286

Bracket Intermediate Holding Corp ⁺

4.25% + SFvv

05/06/25

05/08/28

Senior

5,444,129

5,476,521

Brown Group Holding, LLC ^{+, f}

05/30/25

07/01/31

Senior

1,837,000

1,830,111

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 —

June 30, 2025 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Public Investments (continued)

Floating Rate Loans (continued)

North America (continued)

Cablevision Lightpath LLC ⁺

3.00% + SFv

05/06/25

11/30/27

Senior

7,917,979

7,948,939

Calpine Corporation ⁺

1.75% + SFv

05/06/25

01/31/31

Senior

9,950,000

9,961,840

Carestream Dental Technology, Inc. ⁺

6.25% + SFv

05/06/25

08/30/30

Senior

3,513,857

3,566,565

CCC Intelligent Solutions Inc. ⁺

2.00% + SFv

03/31/25

01/23/32

Senior

995,000

998,940

Cengage Learning, Inc. ^{+, f}

3.50% + SFvv

11/14/24

03/24/31

Senior

3,000,000

2,998,125

CFC Bidco 2022 Ltd. ^{+, f}

05/30/25

05/30/32

Senior

11,300,000

Charlotte Buyer, Inc. ⁺

4.25% + SFv

05/06/25

02/11/28

Senior

4,036,413

4,043,356

Charter NEX US, Inc. ⁺

2.75% + SFv

05/06/25

11/29/30

Senior

1,397,940

1,405,489

CHG Healthcare Services Inc. ⁺

3.00% + SFvv

02/28/25

09/29/28

Senior

1,781,978

1,792,313

Chrysaor Bidco Sarl ^{+, e}

05/06/25

10/30/31

Senior

192,814

—

Citrin Cooperman Advisors LLC ^{+, e}

Cash 3.00% + SFvv

03/06/25

04/01/32

Senior

4,200,000

3,963,108

Clarios Global LP ⁺

4.5% + SFv

03/31/25

01/28/32

Senior

2,100,000

2,110,941

Clydesdale Acquisition Holdings Inc. ⁺

Cash 3.25% + SF (0.50% Floor)vv

03/27/25

04/01/32

Senior

3,046,735

3,049,081

Clydesdale Acquisition Holdings Inc. ⁺

Cash 3.25% + SF (0.50% Floor)vv

03/27/25

04/01/32

Senior

53,265

53,306

Colossus Acquireco LLC ^{+, f}

1.75% + SFvv

06/12/25

06/11/32

Senior

3,800,000

3,793,920

CommScope, Inc. ^{+, f}

5.25% + SFv

05/02/25

12/17/29

Senior

4,231,835

4,289,811

Conservice Midco, LLC ⁺

3.00% + SFv

05/06/25

05/13/30

Senior

1,620,202

1,627,639

Cotiviti Corporation ⁺

Cash 2.75% + SFvv

02/14/25

03/26/32

Senior

4,500,000

4,485,015

CPPIB Capital, Inc. ⁺

3.25% + SFvv

09/30/24

08/20/31

Senior

1,389,503

1,393,852

CQP Holdco LP ⁺

2.00% + SFvv

05/06/25

12/31/30

Senior

7,878,685

7,906,969

Crown Subsea Communications Holding,Inc. ⁺

4.00% + SFvv

05/06/25

01/30/31

Senior

12,812,146

12,894,913

Cube Industrials Buyer Inc. ⁺

3.50% + SFvv

10/28/24

10/17/31

Senior

997,500

1,003,734

Delta 2 (LUX) S.à.r.l. ^{+, d}

09/10/24

09/30/31

Senior

1,033,333

1,037,694

Delta 2 (LUX) S.à.r.l. ⁺

2.00% + SFvv

09/10/24

09/10/31

Senior

2,066,667

2,075,388

Delta TopCo, Inc. ⁺

2.75% + SFvv

05/06/25

11/30/29

Senior

6,571,073

6,569,035

Dotdash Meredith Inc ⁺

3.50% + SFvv

06/05/25

06/17/32

Senior

783,000

786,915

Dragon Buyer, Inc. ⁺

3.00% + SFvv

09/24/24

09/30/31

Senior

5,771,000

5,789,063

DTI Holdco, Inc. ⁺

4.00% + SFv

05/06/25

04/26/29

Senior

6,869,939

6,815,530

Dynamo Newco II GmbH ⁺

4.00% + SFvvv

09/25/24

09/26/31

Senior

4,615,125

4,651,215

ECI Macola Max Holding, LLC ⁺

3.25% + SFvv

05/06/25

05/09/30

Senior

1,632,373

1,638,935

ECO Material Tech Inc. ⁺

Cash 3.25% + SFvv

03/31/25

02/12/32

Senior

2,000,000

2,013,760

Epic Crude Services, LP ⁺

3.00% + SFvv

10/22/24

10/15/31

Senior

2,244,375

2,258,425

Fiesta Purchaser, Inc. ⁺

3.25% + SFv

05/06/25

02/12/31

Senior

6,237,118

6,266,058

Filtration Group Corporation ⁺

3.00% + SFv

05/06/25

10/21/28

Senior

2,026,500

2,039,530

First Brands Group, LLC ⁺

5.00% + SFvv

11/15/24

03/30/27

Senior

1,244,144

1,208,512

First Brands Group, LLC ⁺

5.00% + SFvv

11/12/24

03/30/27

Senior

740,042

718,951

Flash Charm, Inc. ⁺

3.50% + SFvv

05/06/25

03/02/28

Senior

1,219,933

1,147,286

Focus Financial Partners, LLC ^{+, f}

05/30/25

09/15/31

Senior

4,800,000

4,764,000

Focus Financial Partners, LLC ^{+, f}

Cash 2.75% + SFvv

01/28/25

09/15/31

Senior

8,879,500

8,889,623

Fortis 333, Inc. ^{+, f}

3.50% + SFv

02/06/25

03/29/32

Senior

3,000,000

3,018,750

Froneri International Ltd. ^{+, d}

2.00% + SFvv

09/17/24

09/17/31

Senior

7,959,273

7,862,090

Fugue Finance B.V. ⁺

3.25% + SFvv

05/06/25

01/09/32

Senior

13,360,196

13,430,604

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

05/30/25

01/09/32

Senior

2,600,000

2,613,702

Genesys Cloud Services Holdings II LLC ⁺

Cash 2.50% + SFvv

03/31/25

01/30/32

Senior

6,583,500

6,606,345

GFL Environmental Inc. ⁺

Cash 2.50% + SFvv

03/07/25

02/04/32

Senior

1,200,000

1,201,956

Gloves Buyer, Inc. ^{+, f}

4.00% + SFv

01/17/25

01/17/32

Senior

3,400,000

3,350,428

Golden State Food LLC ⁺

4.25% + SFv

12/12/24

12/04/31

Senior

2,630,191

2,647,761

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 —

June 30, 2025 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Public Investments (continued)

Floating Rate Loans (continued)

North America (continued)

Grant Thornton Advisors LLC ⁺

2.75% + SFv

05/06/25

06/02/31

Senior

3,870,799

3,884,734

Grant Thornton Advisors LLC ^{+, f}

05/08/25

06/02/31

Senior

5,000,000

5,035,950

Hanger, Inc. ^{+, e}

3.50% + SFv

12/31/24

10/23/31

Senior

1,944,177

1,954,559

Hanger, Inc. ^{+, e}

3.50% + SFv

10/16/24

10/23/31

Senior

250,856

36,707

Heartland Dental, LLC ⁺

4.50% + SFvv

05/17/24

04/28/28

Senior

8,440,347

8,468,875

Help/Systems Holdings, Inc. ⁺

4.00% + SFvv

05/11/21

11/19/26

Senior

4,019,697

3,840,418

Herc Holdings Inc ⁺

2.00% + SFvv

05/16/25

06/02/32

Senior

1,000,000

1,005,420

Herschend Entertainment Company, LLC ^{+, f}

05/15/25

05/27/32

Senior

600,000

606,000

Hobbs & Associates LLC ^{+, e}

3.25% + SFv

09/30/24

07/23/31

Senior

6,078,690

5,525,962

Holding Socotec ^{+, d}

3.75% + SF

11/22/24

06/30/28

Senior

1,440,244

1,453,753

Howden Group Holdings Ltd. ⁺

3.50% + SFv

05/06/25

04/18/30

Senior

3,071,040

3,094,349

HUB International Limited ⁺

2.50% + SFvv

05/06/25

06/20/30

Senior

927,241

932,972

Hunter Douglas Inc. ^{+, f}

3.25% + SFvv

05/06/25

01/20/32

Senior

9,386,807

9,419,098

Husky Injection Molding Systems Ltd. (Yukon Acquisition Inc.) ⁺

4.50% + SFvv

02/02/24

02/15/29

Senior

200,000

Illuminate Buyer, LLC ^{+, d}

10/10/24

12/31/29

Senior

1,588,000

1,597,306

Imagine Learning LLC ^{+, f}

3.50% + SFv

05/06/25

12/21/29

Senior

8,978,026

8,823,424

Inception Holdco S.à.r.l. ⁺

3.75% + SFvv

05/06/25

04/09/31

Senior

1,089,000

1,099,901

Inception Holdco S.à.r.l. ^{+, f}

05/30/25

04/18/31

Senior

300,000

303,003

Ineos US Finance LLC ^{+, f}

05/02/25

11/08/28

Senior

857,143

839,914

Inmar, Inc. ⁺

5.00% + SFv

12/31/24

10/30/31

Senior

2,288,500

2,309,966

International Entertainment JJCo 3 Ltd. ^{+, f}

3.75% + SFvv

05/02/25

04/29/32

Senior

4,600,000

4,634,500

Iridium Satellite LLC ⁺

4.75% + SFv

03/26/25

09/20/30

Senior

2,473,176

2,484,973

John Bean Technologies Corp ^{+, d}

2.00% + SFv 2.75% + SFv2.75% + SFv

05/06/25

01/02/23

Senior

997,500

1,002,986

Kaman Corporation ^{+, e}

2.75% + SFvvv

01/30/25

02/26/32

Senior

2,500,000

2,291,981

Kaseya Inc. ⁺

Cash 3.25% + SFvv

03/31/25

03/20/32

Senior

5,286,750

5,326,031

kdc/one Development Corporation, Inc. ⁺

4.00% + SFv

05/06/25

08/15/28

Senior

3,676,919

3,693,685

KKR Apple Bidco, LLC ⁺

3.25% + SFv

02/14/25

09/23/31

Senior

4,477,500

4,495,052

Lernen Bidco Ltd. ⁺

4.00% + SFvv

11/04/24

10/27/31

Senior

4,179,026

4,209,491

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

CME Term SOFR + 4.25%

10/11/24

12/02/31

Senior

6,800,000

6,825,500

Madison IAQ LLC ⁺

Cash 3.25% + SF (0.50% Floor)vv

03/28/25

03/28/32

Senior

6,000,000

6,038,760

Madison Safety & Flow LLC ⁺

Cash 2.75% + SFvv

09/26/24

09/26/31

Senior

1,985,000

1,996,176

Matador Bidco S.a.r.l. ⁺

4.25% + SFv

05/06/25

07/30/29

Senior

8,523,676

8,587,604

Mavis Tire Express Services Corp. ^{+, f}

06/10/25

05/04/28

Senior

2,593,500

2,607,142

McAfee, LLC ⁺

3.00% + SFv

05/06/25

03/01/29

Senior

3,130,881

3,067,292

MDVIP, Inc. ⁺

2.75% + SFv

05/06/25

10/16/28

Senior

2,765,105

2,772,045

Minimax Viking GmbH ⁺

Cash 2.25% + SFvv

03/27/25

03/17/32

Senior

2,100,000

2,114,448

MJH Healthcare Holdings, LLC ⁺

Cash 3.25% + SFvv

03/26/25

01/28/29

Senior

3,635,082

3,660,092

Motion Finco Sarl ⁺

3.50% + SFvv

05/06/25

11/12/29

Senior

2,952,774

2,843,285

Naked Juice LLC ⁺

3.25% + SFvv

04/09/25

01/24/29

Senior

1,326,995

984,192

Naked Juice LLC ⁺

6.00% + SFvv

05/06/25

01/24/30

Senior

335,121

157,088

NEP Group, Inc. ⁺

3.25% + SFvv

05/06/25

08/19/26

Senior

1,071,076

996,101

Newly Weds Foods Inc. ⁺

Cash 2.25% + SFvv

03/19/25

03/15/32

Senior

4,500,000

4,522,500

Nielsen Consumer Inc. ⁺

5.00% + SFv

03/31/25

03/06/28

Senior

4,588,500

4,607,863

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 —

June 30, 2025 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Public Investments (continued)

Floating Rate Loans (continued)

North America (continued)

Nomad Foods US LLC ⁺

2.50% + SFvvv

05/06/25

11/12/29

Senior

1,161,379

1,162,831

Nouryon Finance B.V. ⁺

3.25% + SFvv

05/06/25

04/03/28

Senior

2,364,165

2,379,981

Nouryon Finance B.V. ⁺

3.25% + SFvv

05/06/25

04/03/28

Senior

2,641,535

2,661,346

NSM Top Holdings Corp. ⁺

4.75% + SFvv

06/13/25

05/14/29

Senior

3,307,548

3,331,032

Nuvei Technologies Corp. ⁺

3.00% + SFv

12/13/24

11/15/31

Senior

3,740,625

3,752,745

Nvent Electric Public Limited Company ⁺

Cash 3.50% + SFvv

03/31/25

01/30/32

Senior

1,850,000

1,861,304

Olympus Water US Holding Corporation ⁺

3.00% + SFvv

05/06/25

06/20/31

Senior

1,370,234

1,362,451

OneDigital Borrower LLC ⁺

3.00% + SFv

05/06/25

07/02/31

Senior

5,247,000

5,255,185

Opal Bidco SAS ^{+, f}

05/02/25

04/28/32

Senior

6,100,000

6,149,593

Orion US Finco Inc. ^{+, f}

05/20/25

05/20/32

Senior

4,800,000

4,834,272

Paint Intermediate III LLC ⁺

3.00% + SFvv

09/11/24

09/11/31

Senior

1,296,750

1,294,727

Pegasus BidCo BV ⁺

3.25% + SFvv

05/06/25

07/12/29

Senior

6,932,546

6,997,574

Plano HoldCo, Inc. ⁺

3.50% + SFvv

08/02/24

08/15/31

Senior

4,788,000

4,620,420

Primary Products Finance LLC ⁺

3.25% + SFv

05/06/25

04/01/29

Senior

2,567,565

2,568,926

Primo Brands Corporation ⁺

2.25% + SFvv

05/06/25

03/31/28

Senior

1,344,250

1,351,576

Proampac PG Borrower LLC ⁺

4.00% + SFvv

05/06/25

09/15/28

Senior

1,977,736

1,989,859

Project Alpha Intermediate Holding, Inc. ⁺

3.25% + SFvv

05/06/25

10/26/30

Senior

6,320,240

6,364,102

Prometric Holdings, Inc. ^{+, f}

3.75% + SFvv

06/18/25

06/25/32

Senior

5,400,000

5,427,000

Prometric Holdings, Inc. ⁺

05/06/25

01/31/28

Senior

5,820,874

5,712,483

Proofpoint, Inc. ^{+, f}

3.00% + SFvv

06/18/25

08/31/28

Senior

1,500,000

1,509,390

Quartz Acquireco LLC ⁺

Cash 2.25% + SFvv

03/25/25

06/28/30

Senior

4,974,684

4,996,473

Quikrete Holdings, Inc. ⁺

Cash 2.25% + SFvv

03/31/25

02/10/32

Senior

2,872,800

2,879,637

QXO Inc ⁺

3.00% + SFvv

04/23/25

04/30/32

Senior

453,333

457,540

Radiology Partners Inc ⁺

5.00% + SFvv

05/06/25

01/31/29

Senior

2,158,969

2,157,338

Radiology Partners Inc ^{+, f}

06/26/25

06/25/32

Senior

7,400,000

7,407,326

Rand Parent, LLC ⁺

3.00% + SFvv

05/06/25

03/18/30

Senior

5,537,640

5,516,929

Raven Acquisition Holdings LLC ^{+, e}

3.25% + SFv

12/31/24

11/19/31

Senior

2,993,000

2,798,469

Recess Holdings, Inc. ⁺

Cash 3.75% + SF (1.00% Floor)vv

01/24/25

02/20/30

Senior

8,795,271

8,845,668

Red Planet Borrower, LLC ⁺

5.25% + SFv

12/31/24

10/02/28

Senior

3,192,000

3,213,291

Rohm Holding GmbH ⁺

Cash 5.50% + SFvvv; PIK 1.49%

02/19/25

01/31/29

Senior

6,720,353

6,532,721

Ryan Specialty Group LLC ⁺

2.25% + SFv

09/10/24

09/15/31

Senior

995,000

999,975

Saphilux S.à.r.l. ^{+, f}

05/22/25

07/18/28

Senior

4,500,000

4,533,750

Sauer Brands Inc. ^{+, e}

Cash 3.25% + SFvv

03/31/25

02/04/32

Senior

1,000,000

919,864

SCIH Salt Holdings Inc. ⁺

3.00% + SFvv

05/28/25

01/31/29

Senior

498,747

500,597

Shift4 Payments, LLC ^{+, f}

05/08/25

06/30/32

Senior

900,000

910,125

Skopima Merger Sub Inc. ⁺

3.75% + SFv

05/06/25

05/12/28

Senior

12,708,332

12,590,526

Snacking Investments Bidco Pty Limited ⁺

4.00% + SFvv

05/06/25

12/18/26

Senior

1,231,750

1,242,996

Southern Veterinary Partners, LLC ⁺

3.25% + SFvv

12/05/24

12/04/31

Senior

1,895,250

1,904,802

Sovos Compliance, LLC ⁺

4.00% + SFv

05/06/25

08/13/29

Senior

4,604,115

4,639,290

Spa Holdings 3 Oy ⁺

05/23/35

05/23/30

Senior

6,700,000

6,720,971

Spring Education Group, Inc. ^{+, e}

4.00% + SFvv

09/29/23

10/04/30

Senior

7,720,636

7,776,148

Stonepeak Nile Parent LLC ⁺

2.75% + SFv

02/03/25

04/09/32

Senior

1,800,000

1,809,000

Storable, Inc. ⁺

Cash 3.25% + SFvv

03/31/25

04/16/31

Senior

2,793,000

2,801,742

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 —

June 30, 2025 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Public Investments (continued)

Floating Rate Loans (continued)

North America (continued)

Student Transportation of America Holdings, Inc ^{+, e, f}

06/10/25

06/24/32

Senior

900,000

785,945

Summer (BC) Holdco B S.a r.l ⁺

5.00% + SFvv

05/06/25

02/15/29

Senior

5,651,011

5,621,446

Summer (BC) Holdco B S.a r.l ⁺

5.00% + SFvv

05/06/25

02/15/29

Senior

5,665,281

5,707,771

Summit Acquisition Inc. ⁺

3.75% + SFvv

12/31/24

10/16/31

Senior

997,500

1,002,488

Sunrise Financing Partnership ⁺

2.50% + SFvvv

03/28/25

02/15/32

Senior

4,300,000

4,304,386

Surgery Center Holdings, Inc. ⁺

2.75% + SFv

05/06/25

12/19/30

Senior

885,875

890,863

Tacala, LLC ⁺

3.50% + SFv

05/06/25

01/31/31

Senior

2,370,090

2,388,506

Tecta America Corp. ⁺

Cash 3.00% + SFvv

02/12/25

02/18/32

Senior

1,400,000

1,408,540

Terex Corporation ⁺

2.00% + SFv

12/31/24

10/08/31

Senior

1,995,000

2,009,763

Thevelia (US) LLC ⁺

3.00% + SFvv

09/30/24

06/18/29

Senior

8,945,498

8,995,861

Tidal Waste & Recycling Holdings LLC ⁺

3.50% + SFvv

12/31/24

10/24/31

Senior

997,500

1,007,016

TK Elevator Midco GmbH ⁺

3.00% + SFv

03/04/25

04/30/30

Senior

9,732,095

9,806,254

TMF Group Holding B.V. ⁺

2.75% + SFvv

01/15/25

05/03/28

Senior

1,943,464

1,955,611

TransDigm, Inc. ⁺

2.50% + SFvv

09/25/24

01/19/32

Senior

4,664,750

4,684,249

Trident TPI Holdings, Inc. ⁺

3.75% + SFvv

05/06/25

09/15/28

Senior

1,646,246

1,627,364

Trucordia Insurance Holdings LLC ⁺

3.25% + SFv

06/12/25

06/17/32

Senior

6,500,000

6,558,955

Truist Insurance Holdings LLC ⁺

2.75% + SFvv

05/30/25

05/06/31

Senior

900,000

901,692

Truist Insurance Holdings LLC ^{+, f}

06/05/25

05/06/31

Senior

900,000

897,750

UKG Inc. ⁺

3.00% + SFv

05/06/25

02/10/31

Senior

3,909,630

3,934,652

Upfield B.V. ⁺

3.75% + SFvv

05/06/25

01/03/28

Senior

12,952,468

12,987,569

USALCO LLC ^{+, d, e}

4.00% + SFv

09/17/24

09/17/31

Senior

1,642,521

1,498,420

Varsity Brands, Inc. ⁺

Cash 3.50% + SFvv

08/26/24

08/26/31

Senior

3,790,500

3,805,207

Verifone Systems, Inc. ⁺

5.50% + SFvv

04/07/25

08/18/28

Senior

2,000,000

1,945,000

Virtusa Corporation ⁺

3.25% + SFvv

06/14/24

02/15/29

Senior

3,017,800

3,021,602

Vision Solutions, Inc. ⁺

4.00% + SFvv

05/06/25

04/24/28

Senior

3,284,383

3,194,063

Voyager Parent, LLC ^{+, f}

05/08/25

05/09/32

Senior

3,000,000

2,993,700

VS Buyer, LLC ⁺

2.75% + SFvv

05/06/25

04/12/31

Senior

3,791,398

3,816,686

Waystar Technologies, Inc. ⁺

2.25% + SFv

05/06/25

10/22/29

Senior

2,974,149

2,992,738

Windsor Holdings III, LLC ⁺

2.75% + SFv

05/06/25

08/01/30

Senior

2,260,993

2,267,301

WOOF Holdings, Inc ^{+, f}

3.95% + SFvv

05/30/25

12/31/29

Senior

3,902,067

3,326,512

WOOF Holdings, Inc ⁺

3.75% + SFvv

05/30/25

12/31/29

Senior

1,138,830

632,996

Worldwide Express Operations, LLC ^{+, f}

4.00%+SFvv

12/31/24

07/26/28

Senior

12,371,478

12,396,592

Zacapa S.à.r.l. ⁺

3.75% + SFvv

12/31/24

03/22/29

Senior

9,186,295

9,224,235

Total North America (4.63%)

740,736,834

Western Europe (1.72%)

AD Education ^{+, d}

4.00% + E####

10/22/24

11/14/31

Senior

€

4,500,000

5,303,133

ADB Safegate BV ^{+, f}

05/23/25

05/24/32

Senior

1,800,000

2,126,323

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

05/09/25

09/30/28

Senior

4,300,000

5,072,585

Albion Financing 3 S.à.r.l. ⁺

Cash 3.00% + SF (0.50% Floor)vv

02/14/25

08/16/29

Senior

4,893,223

4,882,847

Apleona Holding GmbH ^{+, e, f}

05/02/25

04/10/32

Senior

€

4,600,000

5,021,190

Artemis Acquisitions (UK) Limited ⁺

3.00% + E##

05/06/25

07/07/31

Senior

4,000,000

4,632,603

Artemis Bidco SAS ^{+, f}

05/28/25

05/28/32

Senior

3,600,000

4,240,099

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 —

June 30, 2025 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Public Investments (continued)

Floating Rate Loans (continued)

Western Europe (continued)

Athena Holdco S.A.S. ⁺

3.25% + E##

05/06/25

04/14/31

Senior

€

3,400,000

4,003,620

Auris Luxembourg III S.à.r.l. ⁺

4.00% + E###

05/06/25

02/28/29

Senior

4,000,000

4,709,907

AutoForm Engineering GmbH ⁺

3.75% + E##

04/02/25

02/28/29

Senior

3,300,000

3,895,431

Care Bidco SAS ^{+, d, f}

3.50% + E##

05/13/24

11/06/28

Senior

2,100,000

2,474,278

Casper BidCo SAS ⁺

3.75% + E#

05/06/25

03/21/31

Senior

5,900,000

6,929,874

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

5.50% + SF>>

05/06/25

06/21/28

Senior

5,500,000

7,544,639

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

4.75% + SF>>>>

05/06/25

04/29/29

Senior

6,500,000

8,890,388

Cerelia ^{+, f}

06/03/25

06/24/32

Senior

€

2,600,000

3,062,294

Chrysaor Bidco S.à.r.l. ⁺

SFv

05/15/24

05/14/24

2,594,166

2,615,724

Clarios Global LP ⁺

3.00% + E#

05/06/25

07/16/31

Senior

€

7,012,491

8,227,998

Colosseum Dental Finance B.V. ^{+, f}

3.75% + E###

06/23/25

03/22/32

Senior

1,900,000

2,240,171

Eagle Bidco Limited ⁺

3.25% + E#

05/06/25

03/20/28

Senior

6,900,000

8,079,168

Elsan SAS ⁺

3.50% + E##

05/06/25

06/16/31

Senior

5,000,000

5,874,359

Finco Utilitas BV ^{+, f}

05/30/25

09/30/30

Senior

4,300,000

5,055,127

Fugue Finance B.V. ⁺

3.25% + E##

04/04/25

01/09/32

Senior

3,000,000

3,524,369

HBX Group International PLC ⁺

Cash 2.75% + E###

03/26/25

02/18/32

Senior

5,200,000

6,109,333

IGT Holding IV AB ⁺

Cash 3.50% + SF (0.50% Floor)vvv

03/19/25

09/01/31

Senior

3,324,000

3,355,179

Inspired FinCo Holdings Ltd. ^{+, f}

Cash 3.25% + E###

02/06/25

02/28/31

Senior

€

244,444

286,474

Inspired Finco Holdings Ltd. ^{+, f}

3.25% + E##

02/06/25

02/28/31

Senior

2,037,037

2,390,269

Inspired Finco Holdings Ltd. ^{+, f}

Cash 3.25% + E###

02/06/19

02/28/31

Senior

1,018,519

1,195,135

International Entertainment JJCo 3 Ltd. ^{+, f}

4.75% + SF>>>>

05/02/25

04/29/32

Senior

2,500,000

3,447,945

Lernen Bidco Limited ⁺

4.00% + E###

05/06/25

04/25/29

Senior

€

6,000,000

7,066,832

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

4.175% + E##

05/07/24

04/12/28

Senior

5,000,000

5,843,029

Luna 2.5 S.à.r.l. ^{+, f}

06/18/25

06/28/32

Senior

1,600,000

1,882,818

MasOrange Finco Plc ⁺

Cash 2.75% + E##

02/21/25

03/25/31

Senior

24,197,458

28,204,317

Motel One GmbH ^{+, f}

4.50% + E##

05/02/25

05/03/32

Senior

8,300,000

9,800,132

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

05/30/25

07/01/29

Senior

3,200,000

3,750,615

Nobian Finance B.V. ⁺

Cash 3.50% + E##

03/04/25

07/31/30

Senior

5,400,000

6,307,683

Platin2025 Holdings S.a r.l. ⁺

3.15% + E##

05/06/25

12/29/28

Senior

6,000,000

6,989,880

Prosol SAS ^{+, f}

06/04/25

07/12/31

Senior

2,100,000

2,470,311

Prosol SAS ⁺

3.50% + E##

05/06/25

07/12/28

Senior

4,800,000

5,646,425

Quimper AB ^{+, d}

3.75% + E#

05/17/24

03/15/30

Senior

7,000,000

8,232,727

Rohm Holding GmbH ⁺

5.00% + E##

05/06/25

01/31/29

Senior

6,010,086

6,813,053

Rubix Group Midco 3 Limited ^{+, f}

05/23/25

09/30/28

Senior

6,400,000

7,547,416

Speedster Bidco GmbH ^{+, d}

3.75% + E##

10/18/24

10/17/31

Senior

10,000,000

11,775,002

Sport Group Holding GmbH ⁺

Cash 4.00% + E###

01/08/25

07/08/31

Senior

2,600,000

3,064,704

Summer (BC) Holdco B S.à.r.l. ⁺

4.50% + E##

05/07/24

01/31/29

Senior

570,642

666,246

Summer (BC) Holdco B S.à.r.l. ⁺

Cash 4.50% + E###

03/04/25

01/31/29

Senior

3,737,050

4,363,148

Talbot Participation S.A.S ^{+, f}

3.50% + E###

06/27/25

06/25/32

Senior

6,200,000

7,299,337

team.blue Finco Sarl ⁺

3.45% + E##

05/06/25

09/30/29

Senior

10,700,000

12,506,844

Thyme HoldCo S.a r.l. ^{+, f}

3.50% + E##

06/27/25

06/28/32

Senior

5,800,000

6,835,558

TMF Group Holding B.V. ⁺

3.25% + E##

05/06/25

05/03/28

Senior

2,000,000

2,355,352

Total Western Europe (1.72%)

274,611,891

Total Floating Rate Loans (Cost $984,544,750)(6.35%)

1,015,348,725

Total Public Investments (Cost $1,795,514,863)(11.82%)

1,889,877,168

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 —

June 30, 2025 (Unaudited) (continued)

	Investment Type	Acquisition Date	Shares		Cost		Fair Value^**
Private Equity Investments (94.44%)
Direct Investments ^* (63.25%)
Direct Equity (57.08%)
Asia - Pacific (3.34%)
AAVAS Financiers Limited ^{+, a, e}	Common equity	03/28/18		2,623,753	$	11,186,881	$	3,071,382
Argan Mauritius Limited ^{+, a, e}	Common equity	05/09/16		106,215		10,621,500		14,228,402
Compass Education ^{+, a, e}	Common equity	01/21/25		19,328,293		19,328,293		19,663,716
Continuity CNC Capital Limited ^{+, a}	Common equity	03/01/18		1,021		1,021		1
GreenSquare Operating HoldCo Pte. Ltd. ^{+, a, e}	Preferred equity	03/06/25		389,330		246,903		254,810
GreenSquare Operating HoldCo Pte. Ltd. ^{+, a, e}	Common equity	03/06/25		7,946		5,039		5,200
Huntress Co-Investment L.P., 1 ^{+, a, c}	Limited partnership interest	04/08/16		—		1		1
KKR Pebble Co-Invest L.P. ^{+, a, c, e}	Limited partnership interest	05/13/21		—		29,283,000		30,975,265
Murra Warra Asset Hold Trust ^{+, a, e}	Common equity	09/10/18		1		1		1
Murra Warra II Asset Hold Trust ^{+, a, e}	Common equity	07/30/20		1		11,765		12,149
Murra Warra II Project Hold Trust ^{+, a, e}	Common equity	07/30/20		1		2,942		3,038
Murra Warra Project Hold Trust ^{+, a, e}	Common equity	09/10/18		1		—		1
Partners Terra Pte. Ltd. ^{+, a, b, e}	Common equity	05/14/21		7,980,885		8,322,911		11,578,834
PG Esmeralda Pte. Ltd. ^{+, a, b, e}	Common equity	03/03/21		5,433,284		5,429,378		—
PG Esmeralda Pte. Ltd. ^{+, a, b, e}	Preferred equity	03/03/21		7,421,005		63,570,472		21,544,599
PG Loa Pte. Ltd. ^{+, a}	Common equity	04/25/22		1,209,387		1,207,432		1,547,669
PG Loa Pte. Ltd. ^{+, a}	Preferred equity	04/25/22		22,978,363		23,054,747		29,405,707
PG Power Pte. Ltd. ^{+, a, e}	Common equity	10/30/24		3,026,755		2,064,013		2,374,664
Platform Hold Trust ^{+, a, e}	Preferred equity	03/06/25		17,921,420		1,203,367		1,241,907
Sunsure Energy Private Limited ^{+, a, b, c, e}	Member interest	12/27/22		—		11,944,526		11,944,526
Sunsure Energy Private Limited ^{+, a, b, e}	Common equity	12/27/22		1,571,724		1,704,922		8,488,441
Sunsure Energy Private Limited ^{+, a, b, e}	Preferred equity	12/27/22		3,371,095		3,379,594		3,379,594
TPG Upswing Co-Invest, L.P. ^{+, a, c}	Limited partnership interest	01/10/19		—		18,518,292		15,921,139
Zenith Longitude Limited ^{+, a, b, e}	Common equity	08/13/21		26,838,037		126,985,067		357,612,934
Total Asia - Pacific (3.34%)								533,253,980
North America (26.10%)
Aimbridge Acquisition Co., Inc. ^{+, a}	Common equity	03/11/25		4,145,864		3,866,765		3,866,765
Alliant Holdings, L.P. ^{+, a, c}	Limited partnership interest	12/01/21		—		24,784,703		43,078,416
Allied Benefit Systems Holdings LP ^{+, a, c}	Limited partnership interest	10/22/24		—		30,810,000		38,819,398
AmSurg HoldCo, LLC ^{+, a}	Common equity	11/03/23		896,098		27,959,148		36,778,067
AP VIII Prime Security Services Holdings, L.P. ^{+, a, c, e}	Limited partnership interest	05/02/16		—		5,925,072		4,142,769
AppLogic Networks OpCo I LLC ^{+, a}	Common equity	03/03/25		351,924		351,924		351,924
Astorg VII Co-Invest ERT ^{+, a, c}	Limited partnership interest	04/28/21		—		44,578,381		94,465,676
BCPE Hercules Holdings, LP ^{+, a}	Common equity	07/30/18		869,932		869,932		2,048,080
BI Gen Holdings, Inc. ^{+, a}	Common equity	01/01/21		14,561		150,000		283,296
CapitalSpring Finance Company, LLC ^{+, a, b}	Common equity	03/01/17		3,020,546		4,168,272		2,251,984
Carestream Dental Technology, Inc. ^{+, a}	Common equity	08/30/24		306,125		4,205,000		4,205,000
CB Poly Holdings, LLC ^{+, a, e}	Preferred equity	08/16/16		171,270		17,127,003		25,715,733
CB Titan MidCo Holdings, Inc. ^{+, a}	Common equity	01/01/21		56,634		56,634		1
CBI Parent, L.P. ^{+, a, c}	Limited partnership interest	01/06/21		—		117,093,144		—
CBI Parent, L.P. ^{+, a}	Preferred equity	10/17/22		5,611,689		5,611,689		—
CD&R Mercury Co-Investor, L.P. ^{+, a, c, e}	Limited partnership interest	10/14/20		—		53,921,126		174,415,430
Checkers Topco, LLC ^{+, a}	Common equity	06/16/23		9,517		94,154		78,697
Clarience Technologies, LLC ^{+, a}	Common equity	03/05/24		3,429		8,436,000		15,350,011
Confluent Health Holdings LP ^{+, a, b}	Common equity	05/30/19		30,344		33,244,066		71,541,690
ConvergeOne Holdings, Inc. ^{+, a}	Common equity	06/06/24		248,182		2,154,218		1,292,367
Cowboy Topco, Inc. ^{+, a}	Common equity	05/18/22		1,348,750		1,348,750		1,933,124

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 —

June 30, 2025 (Unaudited) (continued)

	Investment Type	Acquisition Date	Shares		Cost		Fair Value^**
Private Equity Investments (continued)
Direct Investments ^* (continued)
Direct Equity (continued)
Cure Holdings, LLC ^{+, a}	Common equity	05/13/21		263,891	$	3,602,070	$	1,272,313
Cure Holdings, LLC ^{+, a, e}	Common equity	05/13/21		2,723		27,230		13,129
Dermatology Holdings, L.P. ^{+, a, b, c, e}	Limited partnership interest	04/01/22		—		120,019,757		172,024,077
DIF VI Co-Invest Project 2C C.V. ^{+, a, c, e}	Limited partnership interest	03/15/22		—		38,954,116		64,868,458
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		107,129,344		105,968,114
ECP Parent, LLC ^{+, a, b, e}	Preferred equity	12/21/23		8,508,337		8,508,422		10,912,939
EdgeCore Holdings, L.P. ^{+, a, b, c, e}	Limited partnership interest	11/10/22		—		97,807,196		179,037,128
Elgin Co-Investment, L.P.2 ^{+, a}	Common equity	11/28/16		1		1		1
Encore Holdings LP ^{+, a, b, e}	Common equity	07/01/22		67,986		77,931,448		160,442,304
EnfraGen LLC ^{+, a, b, e}	Common equity	09/17/19		37,786		37,061,706		90,590,928
EQT Infrastructure IV Co-Investment (B) SCSp ^{+, a, c}	Limited partnership interest	03/09/20		—		94,861,790		140,680,414
EQT IX Co-Investment (F) SCSp ^{+, a, c, e}	Limited partnership interest	11/15/21		—		103,097,510		148,386,700
EQT VIII Co-Investment (C) SCSp ^{+, a, c, e}	Limited partnership interest	01/25/19		—		56,985,983		58,598,743
EQT X Co-Investment (A) SCSp ^{+, a, c, e}	Limited partnership interest	07/02/24		—		20,475,870		24,321,464
EXW Coinvest L.P. ^{+, a, c}	Limited partnership interest	06/17/16		—		9,367,969		—
FH EP Parent L.P. ^{+, a, c, e}	Limited partnership interest	03/12/24		—		8,915,101		15,810,174
FRP Investors II, L.P. ^{+, a, c, e}	Limited partnership interest	09/16/22		—		47,761,620		78,266,203
Gateway Fleets Holdings, LP ^{+, a, b, c, e}	Limited partnership interest	09/30/24		—		1,833,960		1,816,000
Halo Parent Newco, LLC ^{+, a}	Preferred equity	02/22/22		1,109		15,617,280		17,004,407
Icebox Holdco I Inc. ^{+, a, b, c}	Member interest	03/01/22		—		62,643,771		62,997,708
Icebox Parent L.P. ^{+, a, b, c}	Limited partnership interest	12/22/21		—		122,197,759		304,299,059
Idera Parent L.P. ^{+, a, b, c, e}	Limited partnership interest	03/02/21		—		151,702,453		168,681,143
KDOR Merger Sub Inc. ^{+, a}	Common equity	05/11/18		481		250,000		1
KENE Holdings, L.P. ^{+, a, c}	Limited partnership interest	08/08/19		—		1		448,243
KKR Cavalry Co-Invest Blocker Parent L.P. ^{+, a, c}	Limited partnership interest	03/24/22		—		56,035,477		97,137,219
KKR Enterprise Co-Invest AIV A L.P. ^{+, a, c}	Limited partnership interest	07/31/20		—		716,331		126,657
KPOCH Holdings, L.P. ^{+, a, b, c}	Limited partnership interest	11/10/22		—		187,500,000		199,935,000
KPSKY Holdings L.P. ^{+, a, b, c}	Limited partnership interest	10/19/21		—		61,566,000		45,338,495
KSLB Holdings, LLC ^{+, a}	Common equity	07/30/18		252,000		252,000		1
LTF Holdings, Inc. ^{+, a}	Common equity	01/06/20		3,122,345		56,008,500		64,441,194
LTF Holdings, Inc. ^{+, a, e}	Common equity	01/06/20		2,351,867		4,128,245		6,843,891
Lumin Digital, LLC ^{+, a}	Preferred equity	02/12/25		5,098,332		6,117,996		6,666,370
Lumin Digital, LLC ^{+, a, e}	Preferred equity	11/20/24		—		24,471,996		26,665,494
Matterhorn Topco, L.P. ^{+, a, c}	Limited partnership interest	12/27/23		—		11,341,677		20,647,367
Mesa Natural Gas Solutions ^{+, a, e}	Limited partnership interest	02/25/25		—		6,070,655		11,223,792
MHS Acquisition Holdings, LLC ^{+, a, b}	Common equity	08/18/17		356		317,827		284,784
MHS Acquisition Holdings, LLC ^{+, a, b}	Preferred equity	03/10/17		35,285		172,633		154,685
MHS Blocker Purchaser L.P. ^{+, a, b, c}	Limited partnership interest	03/10/17		—		37,921,966		33,979,373
Milestone Investment Holdings, LLC ^{+, a, e}	Common equity	09/23/21		22,293,150		22,375,189		30,506,690
NC Ocala Co-Invest Alpha, L.P. ^{+, a, c}	Limited partnership interest	11/24/21		—		60,534,545		87,124,344
OMNIA Coinvest L.P. ^{+, a, c, e}	Limited partnership interest	10/23/20		—		15,306,665		29,509,704
Onecall Holdings, L.P. ^{+, a}	Common equity	11/29/17		1		—		435,437
Onex Fox, L.P. ^{+, a, c, e}	Limited partnership interest	04/25/19		—		45,225,381		106,820,270
Orion Opportunity L.P. ^{+, a, c, e}	Limited partnership interest	09/01/21		—		40,513,413		58,117,261
PG BRPC Investment, LLC ^{+, a, b}	Common equity	08/01/19		32,079		32,126,730		79,140,601
PG Delta HoldCo, LLC ^{+, a, b, e}	Common equity	06/24/21		42,616		48,694,632		101,432,330
Raptor Holding Parent, L.P. ^{+, a}	Common equity	04/01/22		11,209		1,120,924		1,117,568
Real Hero Topco, L.P. ^{+, a, c}	Limited partnership interest	04/01/21		—		13,722,831		19,382,593
Real Hero Topco, L.P. ^{+, a, c, e}	Limited partnership interest	02/24/25		—		1,113,032		1,572,084
Safari Co-Investment L.P. ^{+, a, c, e}	Limited partnership interest	03/14/18		—		6,996,130		5,632,193
Safari Co-Investment L.P. ^{+, a, c}	Limited partnership interest	03/14/18		—		2,361,000		1,900,709

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 —

June 30, 2025 (Unaudited) (continued)

	Investment Type	Acquisition Date	Shares		Cost		Fair Value^**
Private Equity Investments (continued)
Direct Investments ^* (continued)
Direct Equity (continued)
Sandvine Corporation ^{+, a}	Common equity	03/03/25		50,291	$	923,247	$	923,247
SC Landco Parent, LLC ^{+, a}	Common equity	11/28/16		2,672		3		484,494
SC Landco Parent, LLC ^{+, a}	Preferred equity	04/21/17		—		1		1
Shermco Intermediate Holdings, Inc. ^{+, a, e}	Common equity	06/05/18		11,525		1,201,845		2,829,842
Shingle Coinvest LP ^{+, a, c, e}	Limited partnership interest	05/29/18		—		—		1
SIH RP HoldCo L.P. ^{+, a, e}	Common equity	09/10/19		5,995,126		47,032,038		83,412,919
SLP West Holdings Co-Invest Feeder II, L.P. ^{+, a, c, e}	Limited partnership interest	08/18/17		—		23,429		1
SLP West Holdings Co-Invest Feeder II, L.P. ^{+, a, c}	Limited partnership interest	08/18/17		—		1,946		1
SnackTime PG Holdings, Inc. ^{+, a, b, e}	Common equity	05/23/18		12		55,011,041		—
SnackTime PG Holdings, Inc. ^{+, a, b, c, e}	Member interest	05/23/18		—		14,874,473		—
Space Co-Invest LP ^{+, a, c, e}	Limited partnership interest	01/17/25		—		20,339,023		20,284,311
Specialty Pharma Holdings LP ^{+, a, b, c}	Limited partnership interest	04/01/21		—		90,509,738		143,833,911
Starfish Intermediate, Inc. ^{+, a}	Preferred equity	06/06/22		7,136,374		178,485,000		238,372,072
Stonepeak Tiger (Co-Invest) Holdings (I-B) L.P. ^{+, a, c, e}	Limited partnership interest	08/17/21		—		33,561,996		33,870,498
SureWerx Topco, L.P. ^{+, a, b, c}	Limited partnership interest	12/28/22		—		54,353,000		69,985,412
SureWerx Topco, L.P. ^{+, a, b, c, e}	Limited partnership interest	04/30/24		—		301,146		387,759
Surveyor Co-Invest SCSp ^{+, a, c, e}	Limited partnership interest	10/17/24		—		22,552,209		25,336,730
T-VIII Mercury Co-Invest L.P. ^{+, a, c, e}	Limited partnership interest	07/29/21		—		5,017,926		9,121,310
Thermostat Purchaser, L.P. ^{+, a, b, c}	Limited partnership interest	08/31/21		—		71,817,900		113,845,160
TKC Topco LLC ^{+, a}	Common equity	10/14/16		4,632,829		4,632,829		2,556,122
VEEF II Co-Invest 2-A, L.P. ^{+, a, c}	Limited partnership interest	03/15/22		—		3,627,408		7,724,373
Velocity Holdings US LP ^{+, a, c, e}	Limited partnership interest	08/31/22		—		22,348,477		28,998,476
VEPF VII Co-Invest 2-A, LP ^{+, a, c, e}	Limited partnership interest	09/10/21		—		18,807,918		12,620
VEPF VII Co-Invest 2-A, LP ^{+, a, c}	Limited partnership interest	04/06/21		—		45,804,840		30,460
Vistra Group Holdings (BVI) II Limited ^{+, a}	Common equity	11/04/15		7,428		7,428		1
WHCG Purchaser, L.P. ^{+, a, b, e}	Preferred equity	08/02/24		10,934,833		10,934,833		11,929,454
WHCG Purchaser, L.P. ^{+, a, b}	Preferred equity	08/02/24		—		3,088,000		3,368,881
WHCG Purchaser, L.P. ^{+, a, b, c}	Limited partnership interest	06/22/21		—		68,399,200		10,685,186
Woof Parent L.P. ^{+, a}	Common equity	12/21/20		1,441		1,441,200		19,437
Total North America (26.10%)								4,171,330,453
Rest of World (1.38%)
Carlyle Retail Turkey Partners, L.P. ^{+, a, c}	Limited partnership interest	07/11/13		—		7,070,769		9,189,150
PG Investment Company 1113B S.à r.l. ^{+, a, e}	Common equity	10/01/24		63,259,178		70,080,810		198,976,814
PG Investment Company 53 S.à.r.l. ^{+, a}	Preferred equity	03/04/24		6,084,618		6,624,409		8,420,611
PG Investment Company 53 S.à.r.l. ^{+, a}	Common equity	03/04/24		711,884		774,648		4,349,335
Velvet LP SCS ^{+, a, c}	Limited partnership interest	03/04/24		—		144,157		200,250
Total Rest of World (1.38%)								221,136,160
South America (0.03%)
Centauro Co-Investment Fund, L.P. ^{+, a, c}	Limited partnership interest	11/28/13		—		6,014,065		4,407,173
Total South America (0.03%)								4,407,173
Western Europe (26.23%)
Akur8 SAS ^{+, a, e}	Common equity	08/28/24		684,686		7,094,033		8,954,637
Akur8 SAS ^{+, a, e}	Preferred equity	08/28/24		876,616		9,728,692		11,464,791
Ark EquityCo SAS ^{+, a, c, e}	Limited partnership interest	02/21/22		—		12,366,563		18,269,872
Aston Lux Acquisitions S.à.r.l. ^{+, a, c}	Limited partnership interest	11/28/19		—		3,796,283		4,331,441
Aston Lux Acquisitions S.à.r.l. ^{+, a}	Common equity	01/11/21		218,625		264,490		294,826
Astorg VIII Co-Invest Open Health ^{+, a, c}	Limited partnership interest	08/04/22		—		21,849,512		12,877,059
Astorg VIII Co-Invest Open Health ^{+, a, c, e}	Limited partnership interest	07/14/23		—		402,797		216,003
Audiotonix Co-Invest SCSp ^{+, a, c, e}	Limited partnership interest	07/23/24		—		13,873,440		17,433,805

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 —

June 30, 2025 (Unaudited) (continued)

	Investment Type	Acquisition Date	Shares		Cost		Fair Value^**
Private Equity Investments (continued)
Direct Investments ^* (continued)
Direct Equity (continued)
BC European Capital X - Ceramtec Co-Investment (1) LP ^{+, a, e}	Common equity	02/06/18		575,918	$	700,484	$	1
Blackstone Cornerstone Co-Invest (CYM) L.P. ^{+, a, c, e}	Limited partnership interest	04/16/24		—		22,246,954		27,315,211
Bock Capital JVCo Nature S.à.r.l. ^{+, a, b}	Common equity	07/01/21		12,590,000,000		149,423,941		295,181,507
Camelia Investment 1 Limited ^{+, a, e}	Common equity	10/12/17		3,082		4,087		—
Capri Acquisitions Topco Limited ^{+, a, e}	Common equity	11/01/17		8,345,985		83,995,867		35,887,748
CD&R Market Co-Investor, L.P. ^{+, a, c, e}	Limited partnership interest	11/10/21		—		78,514,453		71,266,548
Ciddan S.à.r.l. ^{+, a, e}	Preferred equity	09/15/17		23,249,522		27,818,080		30,298,791
Ciddan S.à.r.l. ^{+, a, e}	Common equity	09/15/17		12,263,240		14,672,982		52,916,562
Climeworks AG ^{+, a}	Common equity	04/25/22		18,455		465,142		23,814
Climeworks AG ^{+, a, e}	Preferred equity	04/25/22		8,155,043		68,066,218		80,273,374
EQT Future Co-Investment (C) SCSp ^{+, a, c}	Limited partnership interest	02/15/23		—		47,438,430		96,680,122
EQT Jaguar Co-Investment SCSp ^{+, a, c, e}	Limited partnership interest	11/30/18		—		32,709,803		77,185,584
EQT Jaguar Co-Investment SCSp ^{+, a, c}	Limited partnership interest	04/18/24		—		711,598		858,126
EQT VIII Co-Investment (D) SCSp ^{+, a, c, e}	Limited partnership interest	10/01/19		—		40,813,520		215,832,350
EQT VIII Co-Investment (D) SCSp ^{+, a, c}	Limited partnership interest	10/01/19		—		5,830,047		10,435,203
Fides S.p.A ^{+, a}	Common equity	12/15/16		78,505		745,309		252,799
Five Arrows Royal FAPI IV Co Invest SCSp ^{+, a, c, e}	Limited partnership interest	07/05/24		—		4,660,720		4,888,834
Global Blue Group Holding AG ^{+, a}	Common equity	09/11/20		97,250		1,045,423		730,307
Global Blue Holding L.P. ^{+, a, c}	Limited partnership interest	07/31/12		—		1		11,057,755
Green DC LuxCo S.à.r.l. ^{+, a, b, c, e}	Member interest	01/20/22		—		37,402,098		42,712,934
Green DC LuxCo S.à.r.l. ^{+, a, b, c, e}	Member interest	03/31/24		—		19,648,729		20,324,574
Green DC LuxCo S.à.r.l. ^{+, a, b, e}	Common equity	03/31/24		19,465,958		43,438,321		57,985,919
Green DC LuxCo S.à.r.l. ^{+, a, b}	Common equity	01/20/22		26,701,331		52,426,568		159,899,250
Hera Co-investment LP ^{+, a, c, e}	Limited partnership interest	10/25/24		—		16,395,896		16,338,314
KKR Pegasus Co-Invest L.P. ^{+, a, c}	Limited partnership interest	07/07/22		—		11,664,381		20,241,404
KKR Sprint Co-Invest L.P. ^{+, a, c}	Limited partnership interest	09/29/22		—		42,840,839		—
KKR Traviata Co-invest L.P. ^{+, a, c}	Limited partnership interest	12/18/19		—		92,759,254		166,890,062
Luxembourg Investment Company 261 S.à.r.l. ^{+, a}	Common equity	07/31/18		1,484		21,615,986		70,798,332
Luxembourg Investment Company 261 S.à.r.l. ^{+, a, c}	Member interest	07/31/18		—		48,949,162		74,230,968
Luxembourg Investment Company 285 S.à.r.l. ^{+, a, b}	Preferred equity	08/22/19		7,865,820		17,052,864		—
Luxembourg Investment Company 285 S.à.r.l. ^{+, a, b, c}	Member interest	08/22/19		—		17,052,864		6,038,310
Luxembourg Investment Company 285 S.à.r.l. ^{+, a, b}	Common equity	08/22/19		6,999,953		3,377,868		—
Luxembourg Investment Company 293 S.à.r.l. ^{+, a, b, e}	Common equity	06/26/19		9,789,622		18,472,753		37,060,187
Luxembourg Investment Company 293 S.à.r.l. ^{+, a, b, c, e}	Member interest	06/26/19		—		1,328,931		1,482,127
Luxembourg Investment Company 314 S.à.r.l. ^{+, a, b}	Common equity	08/22/19		192,000		7,793		1
Luxembourg Investment Company 404 S.à.r.l. ^{+, a, b, e}	Common equity	02/14/23		145,800		1,663,357		8,378,593
Luxembourg Investment Company 404 S.à.r.l. ^{+, a, b, e}	Preferred equity	02/14/23		—		14,746,472		17,546,746
Luxembourg Investment Company 414 S.à.r.l. ^{+, a, b, c, e}	Member interest	07/02/21		—		40,092,414		47,030,890
Luxembourg Investment Company 414 S.à.r.l. ^{+, a, b, e}	Common equity	07/02/21		12,316,087		9,766,168		79,071,261
Luxembourg Investment Company 430 S.à.r.l. ^{+, a, b, e}	Common equity	05/10/21		52,594,635		64,616,036		66,400,975
Luxembourg Investment Company 430 S.à.r.l. ^{+, a, b, c, e}	Member interest	05/10/21		—		15,139,432		18,161,107
Magnesium Co-Invest SCSp ^{+, a, c, e}	Limited partnership interest	05/19/22		—		78,803,152		127,558,584

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 —

June 30, 2025 (Unaudited) (continued)

	Investment Type	Acquisition Date	Shares		Cost		Fair Value^**
Private Equity Investments (continued)
Direct Investments ^* (continued)
Direct Equity (continued)
Mauritius (Luxemburg) Investments S.à.r.l. ^{+, a}	Common equity	10/19/21		11,698	$	13,620	$	1
Menrva Co-Investment, L.P. ^{+, a, c}	Limited partnership interest	11/22/24		—		11,034,169		11,063,763
Nerve Co-Invest SCSp ^{+, a, c, e}	Limited partnership interest	01/27/21		—		41,647,590		71,092,519
Nerve Co-Invest SCSp ^{+, a, c}	Limited partnership interest	01/27/21		—		5,073,504		9,635,580
Oakley Capital V Co-Investment (A) SCSp ^{+, a, c, e}	Limited partnership interest	04/19/24		—		51,641,872		84,715,157
Orbiter Investments S.à.r.l. ^{+, a, b, e}	Common equity	12/17/21		5,699,625		95,734,502		151,186,285
Orbiter Investments S.à.r.l. ^{+, a, b}	Common equity	12/17/21		2,869,232		93,661,837		76,108,251
OT Luxco 3 & Cy S.C.A. ^{+, a}	Warrants	12/01/17		844,553		—		844,235
Partners Group Satellite HoldCo S.à.r.l. ^{+, a, b, e}	Common equity	03/22/23		7,017,978		4,767,325		—
Partners Group Satellite HoldCo S.à.r.l. ^{+, a, b, e}	Preferred equity	03/22/23		7,975,901		48,753,622		43,332,412
Partners Group Satellite Warehouse S.C.S. ^{+, a, b, c}	Member interest	03/22/23		—		1,455,807		1,128,010
PG Investment Company 18 S.à.r.l. ^{+, a, b, e}	Preferred equity	07/07/22		113,856,528		115,820,054		187,312,118
PG Investment Company 18 S.à.r.l. ^{+, a, b, e}	Common equity	07/07/22		12,650,109		128,268		63,550,652
PG Investment Company 24 S.à.r.l. ^{+, a, b, e}	Common equity	07/13/22		883,460		1,135,700		16,881,044
PG Investment Company 24 S.à.r.l. ^{+, a, b, e}	Preferred equity	07/13/22		101,367,616		102,497,783		157,803,507
PG Investment Company 60 S.à r.l. ^{+, a, b, e}	Common equity	01/31/24		109,610		119,065		819,437
PG Investment Company 60 S.à r.l. ^{+, a, b, e}	Preferred equity	01/31/24		784,765		7,491,845		9,005,830
PG Investment Company 67 S.à.r.l. ^{+, a, e}	Preferred equity	07/16/24		9,255,649		12,743,394		15,069,577
PG Investment Company 67 S.à.r.l. ^{+, a, e}	Common equity	07/16/24		1,029,239		1,414,770		4,612,822
PG Investment Company 69 S.à.r.l. ^{+, a}	Preferred equity	07/16/24		646,265		328,227		115,390
PG Investment Company 69 S.à.r.l. ^{+, a}	Common equity	07/16/24		187,735		580,738		114,149
PG Investment Company 71 S.à.r.l. ^{+, a, e}	Common equity	09/26/24		6,385,371		7,129,193		8,550,497
PG Investment Company 76 S.à.r.l. ^{+, a, b, e}	Common equity	09/03/24		358,449		395,093		1
PG Investment Company 76 S.à.r.l. ^{+, a, b, e}	Preferred equity	09/03/24		43,478,798		48,005,615		52,518,920
PG Lion Management Warehouse S.C.S ^{+, a, b, c}	Limited partnership interest	08/22/19		—		1,063,586		54,500
PG Polaris TopCo S.à r.l. ^{+, a, e}	Common equity	03/27/24		1,941,043		1,941,291		14,861,668
PG Polaris TopCo S.à r.l. ^{+, a}	Preferred equity	03/27/24		36,879,822		36,879,819		32,645,905
PG Polaris Warehouse SCSp ^{+, a, c, d}	Limited partnership interest	03/27/24		—		748,547		1,036,153
PG TLP S.à.r.l. ^{+, a, b, c, e}	Member interest	04/14/21		—		5,331,705		76,134,804
PG TLP S.à.r.l. ^{+, a, b, e}	Common equity	04/14/21		6,473,126		88,269,190		86,551,928
PG Wave Limited ^{+, a, b, e}	Common equity	02/03/22		53,215,581		73,161,629		110,269,718
Pharmathen GP S.à.r.l. ^{+, a, b}	Common equity	01/20/22		110,300		1,773		1
Pharmathen Topco S.à r.l. ^{+, a, b}	Preferred equity	02/21/25		3,560,390		3,722,755		4,483,810
Pharmathen Topco S.à r.l. ^{+, a}	Preferred equity	02/21/25		4,069,017		4,685,043		4,879,102
Pharmathen Topco S.à.r.l. ^{+, a, b}	Preferred equity	01/20/22		98,858,068		112,190,937		146,636,629
Pharmathen Topco S.à.r.l. ^{+, a, b}	Common equity	01/20/22		79,910		85,739		1
Polyusus Lux XVI S.à.r.l. ^{+, a, b}	Preferred equity	07/05/24		22		24		1
Polyusus Lux XVI S.à.r.l. ^{+, a, b, e}	Preferred equity	05/23/18		489,319,992		26,882,311		3,257,450
Polyusus Lux XVI S.à.r.l. ^{+, a, b, e}	Common equity	05/23/18		44,442,345		6,275,980		—
Polyusus Lux XVI S.à.r.l. ^{+, a, b, c}	Member interest	10/03/22		—		333,654		1
Polyusus Lux XVI S.à.r.l. ^{+, a, b, c, e}	Member interest	10/01/22		—		857,580		1
Polyusus Lux XXIII S.à.r.l. ^{+, a, e}	Preferred equity	04/11/22		1,155,552		42,946		63,317
Polyusus Lux XXIII S.à.r.l. ^{+, a}	Preferred equity	08/19/21		11,772,986		694,245		242,940
Polyusus Lux XXIII S.à.r.l. ^{+, a}	Common equity	08/19/21		3,936,244		231,415		45,351
Polyusus Lux XXIII S.à.r.l. ^{+, a, e}	Preferred equity	08/19/21		1,341,978		77,113		871,490
Polyusus Lux XXIII S.à.r.l. ^{+, a, e}	Common equity	08/19/21		447,324		25,704		162,685
Quadriga Capital IV Investment Holding II LP ^{+, a, e}	Common equity	01/15/18		238,583		282,465		2
Quadriga Capital IV Investment Holding II LP ^{+, a}	Common equity	09/09/16		1,432,376		1,595,951		2
Refresco 2 Co-Invest SCSp ^{+, a, c}	Limited partnership interest	07/12/22		—		33,461,675		59,261,788
Rivage Luxco S.à.r.l. ^{+, a}	Common equity	02/22/22		450,000		51,009,931		63,281,075
Rivage Luxco S.à.r.l. ^{+, a, e}	Common equity	06/28/23		450,000		312,165		402,698
Root JVCo S.à.r.l. ^{+, a, b, c}	Member interest	09/29/20		—		36,261,531		46,613,475
Root JVCo S.à.r.l. ^{+, a, b}	Common equity	02/07/23		2,362,997		2,896,582		29,011,964

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 —

June 30, 2025 (Unaudited) (continued)

	Investment Type	Acquisition Date	Shares		Cost		Fair Value^**
Private Equity Investments (continued)
Direct Investments ^* (continued)
Direct Equity (continued)
Root JVCo S.à.r.l. ^{+, a, b}	Preferred equity	02/07/23		27,236,127	$	42,469,064	$	63,915,415
Strider Investment 2 ^{+, a, e}	Preferred equity	04/01/23		278,539		302,803		1,116,516
Strider Investment 3 ^{+, a, e}	Preferred equity	04/01/23		24,476		26,591		28,720
Strider Topco S.a.s. ^{+, a, c}	Member interest	04/01/23		—		3,389,622		4,456,971
Strider Topco S.a.s. ^{+, a, e}	Common equity	04/01/23		8,138,656		8,834,459		32,554,973
Strider Topco S.a.s. ^{+, a, e}	Preferred equity	04/01/23		52,067,087		56,579,460		77,616,117
Surfaces SLP (SCSp) ^{+, a, b, c}	Limited partnership interest	10/01/20		—		34,731,898		24,190,930
Vanquish Bidco ^{+, a, c}	Member interest	05/25/23		—		3,381,170		4,131,280
Vanquish Topco ^{+, a}	Common equity	05/25/23		379,731		936,729		1
Vanquish Topco ^{+, a}	Preferred equity	05/25/23		34,851,987		42,986,878		35,397,052
Veonet Co-Invest SCSp (Lux) ^{+, a, c, e}	Limited partnership interest	03/09/22		—		26,379,481		47,185,646
Zephyr Syndication L.P. ^{+, a, c, e}	Limited partnership interest	08/08/24		—		12,374,422		17,492,543
Zoncolan Topco S.à.r.l. ^{+, a, b, c}	Member interest	10/28/21		—		61,194,518		62,048,702
Zoncolan Topco S.à.r.l. ^{+, a, b, e}	Common equity	10/28/21		20,383,872		40,500,847		46,058,287
Zoncolan Topco S.à.r.l. ^{+, a, b, e}	Preferred equity	08/01/24		5,384,750		5,822,805		6,898,669
Total Western Europe (26.23%)								4,192,398,046
Total Direct Equity (57.08%)					$	6,319,406,965	$	9,122,525,812

Direct Debt (6.17%)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Cost

Fair
Value^**

Asia - Pacific (0.29%)

BYJU's Alpha, Inc. ^{+, a}

Cash 8.00% + P (0.75% Floor)

01/19/22

11/24/26

Senior

—

FFML Holdco Limited ^{+, a}

Cash 6.25% + BBSY (0.75% Floor)††

11/30/22

11/30/28

Senior

11,564,338

11,307,338

11,262,861

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

Cash 4.50% + SF (0.50% Floor)vv

03/10/23

01/31/28

Senior

5,433,680

26,553

—

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

Cash 5.75% + BBSY††

04/10/24

04/10/30

Senior

966,531

928,385

Fugue Finco Pty Ltd. ^{+, a}

Cash 5.75% + BBSY††

04/10/24

05/30/30

Senior

3,621,280

3,512,641

3,604,502

Fugue NZ Bidco Limited ^{+, a}

Cash 5.75% + BBSY††

04/10/24

05/30/30

Senior

2,370,912

2,299,785

2,377,079

Global Academic Group Limited ^{+, a}

Cash 6.00% + BBSY (0.50% Floor)††

07/26/22

07/26/27

Senior

12,728,400

12,636,901

12,369,172

Global Academic Group Limited ^{+, a}

Cash 4.91% + BBSY ††

01/30/25

07/26/27

Senior

653,208

645,121

686,661

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

Cash 6.00% + BBSY (0.50% Floor)††

07/26/22

07/26/27

Senior

395,158

425,417

Global Academic Group Limited ^{+, a}

Cash 6.00% + BBSY (0.50% Floor)††

07/29/22

07/29/27

Senior

4,651,970

4,617,822

4,371,407

Greencross Limited ^{+, a}

Cash 5.75% + BBSY (0.75% Floor)††

09/30/24

03/23/28

Senior

9,364,117

9,314,051

8,810,628

UP Education ^{+, a, e}

12/16/24

07/29/27

Senior

—

Voyage Australia Pty Ltd. ^{+, a}

Cash 3.50% + SF (0.50% Floor)vv

07/23/21

06/18/28

Senior

1,640,500

1,628,223

1,646,477

Total Asia - Pacific (0.29%)

46,482,589

North America (3.79%)

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

Cash 7.5% + SFv

03/11/25

03/11/30

Senior

1,680,143

1,129,238

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

Cash 5.5% + SFv

03/20/25

03/11/30

Senior

564,906

566,319

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

Cash 4.25% + SF (1.00% Floor)vv

02/25/21

10/02/25

Senior

7,978,852

195,052

—

AlixPartners, LLP ^{+, a}

Cash 2.50% + SF (0.50% Floor)v

06/12/24

02/04/28

Senior

4,935,555

4,960,045

4,963,343

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 —

June 30, 2025 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Cost

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

Allied Universal Holdco LLC ^{+, a}

Cash 3.75% + SFv

06/12/24

05/12/28

Senior

—

2,781

—

American Airlines, Inc. ^{+, a}

Cash 2.50% + SFvv

09/06/24

06/04/29

Senior

4,950,000

4,955,229

4,932,774

Apex Tool Group ^{+, a}

Cash 5.25% + SF (0.50% Floor)v

02/22/22

02/08/29

Senior

3,186,576

3,015,192

1,680,516

Apro, LLC ^{+, a}

Cash 3.75% + SFvv

06/26/24

07/09/31

Senior

3,275,250

3,267,926

3,274,595

Aptean, Inc ^{+, a}

Cash 4.75% + SF (0.75% Floor)vv

01/30/24

01/30/31

Senior

7,040,312

6,983,738

7,022,711

Aptean, Inc ^{+, a, e}

Cash 4.75% + SF (0.75% Floor)vv

01/30/24

01/30/31

Senior

1,231,353

1,225,635

1,228,274

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

Cash 4.25% + SF (0.50% Floor)vv

03/18/21

03/03/28

Senior

—

athenahealth Group, Inc. ^{+, a}

Cash 3.25% + SF (0.50% Floor)vv

02/23/22

02/15/29

Senior

10,535,778

10,493,926

10,563,487

Barracuda Networks, Inc. ^{+, a}

Cash 7.00% + SF (0.50% Floor)vvv

05/17/22

08/15/30

Second Lien

2,000,000

1,955,783

1,248,140

Bausch & Lomb Inc. ^{+, a}

Cash 3.25% + SF (0.50% Floor)vv

05/18/22

05/10/27

Senior

11,156,431

10,612,337

Bausch + Lomb Corp. ^{+, a}

Cash 4.00% + SFv

09/14/23

09/14/28

Senior

1,965,000

1,951,391

1,969,913

BlueConic Holding, Inc. ^{+, a}

Cash 6.50% + SF (0.75% Floor)vv

01/27/22

01/27/28

Senior

18,912,000

18,722,542

18,835,436

BlueConic Holding, Inc. ^{+, a}

Cash 6.50% + SF (0.75% Floor)vv

06/13/23

01/27/28

Senior

7,092,000

6,960,441

7,063,288

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

Cash 4.50% + SF (0.50% Floor)vv

04/19/24

08/01/30

Senior

6,788,695

6,702,081

5,769,836

Brown Group Holding, LLC ^{+, a}

Cash 3.00% + SF (0.50% Floor)v

06/09/22

07/02/29

Senior

2,165,884

2,138,815

2,169,497

Brown Group Holding, LLC ^{+, a}

Cash 2.75% + SFv

05/23/24

06/07/28

Senior

2,976,794

2,980,616

2,983,419

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

Cash 8.90% + SF (1.00% Floor)vv

01/01/21

11/06/26

Second Lien

1,856,677

1,854,325

1,699,925

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

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

01/01/21

11/06/26

Second Lien

232,085

8,396

212,491

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

PIK 5.00%

03/01/17

02/10/25

Mezzanine

3,146,434

3,213,295

3,213,253

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

Cash 4.00% + SFv

03/15/24

03/25/31

Senior

1,782,000

3,752,491

3,747,525

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

Cash 2.00% + SFv

05/23/24

05/01/31

Senior

2,977,500

6,255,330

6,276,583

Cengage Learning, Inc. ^{+, a, f}

Cash 3.5% + SF (1.00% Floor)v

03/28/24

03/18/31

Senior

—

2,990,611

3,007,623

Central Parent LLC ^{+, a}

Cash 3.25% + SFvv

05/28/24

07/06/29

Senior

—

1,968,654

1,624,345

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

Cash 7.00% + SFvv

06/16/23

06/16/27

Senior

4,456

4,462

4,284

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

Cash 3.675% + SF (0.50% Floor)vv

04/19/22

04/13/29

Senior

5,309,787

5,297,084

5,318,442

ConnectWise, LLC ^{+, a}

Cash 3.50% + SF (0.76% Floor)vv

10/06/21

09/29/28

Senior

1,644,750

3,611,709

3,644,494

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

Cash 3.25% + SFv

06/24/24

04/12/28

Senior

2,969,072

3,419,077

3,151,157

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

Cash 4.50% + SFv

05/17/24

05/15/31

Senior

1,691,500

1,679,888

1,455,253

Cornerstone OnDemand, Inc. ^{+, a}

Cash 3.75% + SF (0.50% Floor)v

10/22/21

10/16/28

Senior

1,164,000

1,157,949

1,100,779

Cornerstone OnDemand, Inc. ^{+, a}

Cash 6.00% + SF (1.00% Floor)v

09/07/23

10/16/28

Senior

2,947,500

2,878,331

2,804,310

Critical Start, Inc. ^{+, a}

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

03/27/23

05/17/28

Senior

4,852,224

4,803,003

4,772,902

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 —

June 30, 2025 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Cost

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

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

Cash 6.25% + SF (0.75% Floor)vv

03/27/23

05/17/28

Senior

10,248,409

9,756,492

9,621,264

CSC Holdings, LLC ^{+, a}

Cash 2.50% + SFv

08/11/21

04/15/27

Senior

—

CSC Holdings, LLC ^{+, a}

Cash 4.50% + SFvv

12/07/18

01/15/26

Senior

3,081

—

Datix Bidco Limited ^{+, a}

Cash 5.50% + S>>>

04/25/24

04/30/31

Senior

901,982

883,942

976,385

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

Cash 6.75% + SF (0.75% Floor)vv

12/23/22

12/22/28

Senior

4,360,460

5,661,014

5,286,873

Dentive Capital, LLC ^{+, a}

Cash 6.75% + SF (0.75% Floor)vv

12/23/22

12/22/28

Senior

9,897,599

9,751,794

9,134,430

Dentive, LLC ^{+, a, e}

Cash 6.75% + SFvv

05/03/24

12/23/28

Senior

3,917,430

3,837,091

3,615,371

Dexko Global, Inc. ^{+, a, f}

Cash 3.75% + SF (0.50% Floor)vv

10/07/21

10/04/28

Senior

1,556,000

3,938,215

3,893,488

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

Cash 3.75% + SF (0.76% Floor)v

04/23/21

03/31/28

Senior

—

9,171,097

9,177,772

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

Cash 5.25% + SF (1.00% Floor)vv

12/19/23

12/19/29

Senior

436,086

429,135

429,109

Diligent Corporation ^{+, a}

Cash 5.00% + SFvv + PIK 3.00%

05/02/24

08/02/30

Senior

3,575,690

3,553,740

3,524,827

Diligent Corporation ^{+, a, e}

Cash 5.00% + SFvv

04/30/24

08/04/30

Senior

20,857,887

20,895,610

21,018,681

Discovery Energy Holding Corporation ^{+, a, f}

Cash 4.75% + SFv

05/14/24

01/30/31

Senior

4,396,553

6,251,702

6,434,549

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

Cash 3.75% + P

03/31/25

07/20/29

Senior

13,438,345

174,196

174,801

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

Cash 3.00% + SF (0.75% Floor)vv

04/24/24

11/12/27

Senior

4,948,320

4,919,793

4,929,281

Element Materials Technology ^{+, a, e}

Cash 4.25% + SFvv

08/17/22

06/22/29

Senior

5,886,839

5,846,260

5,919,982

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

Cash 3.50% + SF (0.75% Floor)vv

04/28/21

02/10/28

Senior

2,049,998

5,222,773

4,208,875

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

Cash 3.75% + SF (0.75% Floor)vv

08/16/21

05/21/28

Senior

1,548,000

1,540,276

1,557,109

Evergreen Services Group LLC ^{+, a}

Cash 6.25% + SF (0.75% Floor)vv

06/15/22

06/15/29

Senior

9,629,273

9,527,989

9,601,393

Evergreen Services Group, LLC ^{+, a}

Cash 6.25% + SF (0.75% Floor)vv

07/31/23

06/15/29

Senior

4,247,852

4,225,764

4,235,552

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

Cash 5.75% + SFvv

02/26/24

06/15/29

Senior

3,985,586

3,953,144

3,974,046

Flynn Restaurant Group LP ^{+, a}

Cash 4.25% + SF (0.50% Floor)vv

12/10/21

11/22/28

Senior

3,308,456

3,281,981

3,310,665

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

Cash 4.00% + SFv

03/06/24

01/29/31

Senior

3,857,437

5,791,133

5,727,151

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

Cash 4.75% + SFvv

04/18/24

10/31/28

Senior

13,799,850

13,191,707

13,846,974

GoTo Group, Inc. ^{+, a}

Cash 4.75% + SFv

02/05/24

04/30/28

Senior

—

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

Cash 4.75% + SFvv

09/10/24

09/10/31

Senior

8,283,538

8,201,509

8,277,150

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

Cash 6.75% + SF (1.00% Floor)vv

11/08/22

12/15/26

Senior

11,730,000

11,604,178

11,410,925

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

Cash 6.75% + SF (0.75% Floor)vv

11/05/21

11/19/27

Second Lien

3,600,000

2,745,000

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

Cash 5.25% + SF (1.00% Floor)vv

12/19/23

12/19/29

Senior

369,102

365,979

363,196

High Bar Brands Operating LLC ^{+, a}

Cash 5.25% + SF (1.00% Floor)vv

12/19/23

12/19/29

Senior

2,093,215

2,061,727

2,059,723

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

Cash 5.25% + SF (1.00% Floor)vv

12/19/23

12/19/29

Senior

436,086

37,639

37,594

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

Cash 5.00% + SFvvv

02/01/24

02/01/29

Senior

2,475,000

2,466,966

2,488,266

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 —

June 30, 2025 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Cost

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

Ineos Quattro Holdings UK Limited ^{+, a}

Cash 4.25% + SF (0.50% Floor)v

03/07/24

01/29/26

Senior

3,258,750

3,207,681

3,069,351

Iris Holdings Inc. ^{+, a}

Cash 4.75% + SF (0.50% Floor)vv

06/15/22

06/28/28

Senior

—

5,530,632

5,632,635

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

Cash 1.00% + SF (1.00% Floor)vv

12/23/20

06/30/27

Senior

—

236

—

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

Cash 5.50% + SF (1.00% Floor)vv

02/13/24

02/07/31

Senior

3,941,187

3,702,582

3,723,635

Kingpin Intermediate Holdings LLC ^{+, a}

Cash 3.50% + SFvv

10/05/18

02/08/28

Senior

8,199,534

8,175,437

8,168,529

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

Cash 4.50% + SFv

06/24/22

12/22/25

Senior

1,476,919

693

—

KSLB Holdings, LLC ^{+, a}

Cash 8.75% + SF (1.00% Floor)vv

01/01/21

01/26/28

Second Lien

3,212,308

3,195,163

2,814,070

Lakeshore Learning Materials, LLC ^{+, a}

Cash 3.50% + SFv

06/06/24

09/29/28

Senior

984,681

981,182

771,596

LBM Acquisition, LLC ^{+, a}

Cash 3.75% + SFv

08/02/24

06/06/31

Senior

9,730,130

9,617,205

9,289,832

Magenta Buyer LLC ^{+, a}

Cash 1.50% + SFvv; PIK 6.25%

10/01/24

07/27/29

Senior

—

Magenta Buyer LLC ^{+, a}

Cash 1.50% + SFvv; PIK 5.50%

10/01/24

07/27/29

Senior

984,699

993,876

253,707

Maverick Bidco, Inc. ^{+, a}

Cash 6.75% + SF (0.75% Floor)vv

05/26/21

05/18/29

Second Lien

6,603,000

6,583,728

6,508,115

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

Cash 5.00% + SF (0.50% Floor)vv

10/11/23

10/03/30

Senior

4,950,000

4,737,508

4,923,083

McAfee Corp. ^{+, a}

Cash 3.5% + SFvv

05/22/24

03/01/29

Senior

31,489

10,306,736

9,068,981

Mitchell International, Inc. ^{+, a}

Cash 3.25% + SFv

06/21/24

06/06/31

Senior

4,975,000

4,940,769

4,962,450

Naked Juice LLC ^{+, a}

Cash 3.25% + SF (0.50% Floor)vv

05/23/24

01/24/29

Senior

1,979,644

311,217

—

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

Cash 3.75% + SF (0.75% Floor)vv

04/26/21

03/02/28

Senior

1,984,930

1,922,986

1,930,409

Nelipak Holding Company ^{+, a, e}

Cash 5.50% + SF (1.00% Floor)vv

04/04/24

03/26/31

Senior

2,744,904

3,400,905

3,338,571

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

Cash 4.75% + SFvv

06/05/24

05/08/30

Senior

2,878,250

2,858,769

2,891,355

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

Cash 3.50% + SF (0.05% Floor)vv

01/06/22

12/15/28

Senior

—

1,984,951

1,998,213

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

Cash 4.50% + SF (0.50% Floor)vv

02/08/24

04/29/29

Senior

7,397,324

7,459,656

6,917,533

Pactiv Evergreen Inc. ^{+, a}

Cash 2.50% + SFv

06/12/24

09/24/28

Senior

1,511,789

484

—

Pascal Midco 2, LLC ^{+, a}

Cash 5.75% + SF (0.75% Floor)vv

07/01/22

07/21/27

Senior

13,438,344

13,276,043

13,316,000

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

Cash 5.50% + SF (0.75% Floor)vv

02/06/24

02/01/31

Senior

6,435,871

6,381,333

6,397,256

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

Cash 5.50% + SF (0.75% Floor)vv

02/01/24

02/03/31

Senior

2,415,447

2,696,741

2,694,057

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

Cash 3.25% + SFvv

08/05/24

12/29/28

Senior

3,959,184

5,279,878

4,722,467

Peraton Corp. ^{+, a}

Cash 3.75% + SF (0.75% Floor)v

04/12/21

02/01/28

Senior

886,611

5,659,216

5,337,693

PetSmart LLC ^{+, a}

Cash 3.75% + SF (0.75% Floor)v

05/22/24

02/11/28

Senior

5,953,728

5,958,304

5,912,353

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

10,680,025

10,641,039

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 —

June 30, 2025 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Cost

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

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

Cash 3.75% + SF (0.50% Floor)v

01/18/22

12/14/29

Senior

—

318

—

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

Cash 5.25% + SFv

05/31/24

08/05/28

Senior

11,873,644

5,994,211

6,009,141

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

Cash 6.75% + SF (0.50% Floor)vv

10/05/21

10/01/29

Second Lien

1,800,000

1,788,906

311,634

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

Cash 3.50% + SFvv

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

2,564,791

1,760,967

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

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

10/06/23

07/31/28

Mezzanine

8,577,963

8,699,475

8,848,240

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

Cash 3.25% + SFvv + PIK 1.75%

04/09/24

04/09/30

Senior

27,442,289

27,386,654

27,373,684

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

Cash 6.75% + SFvv + PIK 1.75%

04/09/24

04/09/30

Senior

2,729,579

572,660

572,067

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

Cash 5.50% + SF (0.75% Floor)vv

12/01/22

04/01/29

Senior

1,120,924

347,537

342,815

Radwell Parent, LLC ^{+, a}

Cash 6.525% + SF (0.75% Floor)vv

04/06/22

04/01/29

Senior

13,792,374

13,663,965

13,792,374

Radwell Parent, LLC ^{+, a}

Cash 6.75% + SF (0.75% Floor)vv

12/01/22

04/01/29

Senior

5,851,446

5,734,535

5,851,446

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

Cash 6.525% + SF (0.75% Floor)vv

04/06/22

04/01/29

Senior

1,522,996

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

Cash 4.00% + SFv

06/17/22

08/29/25

Senior

—

375

—

Red Planet Borrower, LLC ^{+, a}

Cash 3.75% + SF (0.50% Floor)v

10/04/21

10/02/28

Senior

6,065,553

6,673,415

6,763,532

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

Cash 4.75% + SF (0.75% Floor)vv

05/10/21

04/27/28

Senior

1,083,705

1,079,899

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

2,473,916

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

Cash 5.25% + SFvv

03/19/24

03/19/31

Senior

2,683,067

2,904,571

2,905,991

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

Cash 5.50% + SFvvv

04/25/24

04/30/31

Senior

2,399,040

2,356,881

2,370,911

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

1,816,298

1,785,518

Ryan, LLC ^{+, a, e}

Cash 4.50% + SF (0.50% Floor)v

11/20/23

11/14/30

Senior

4,031,585

3,993,360

4,041,986

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% + SFvv; PIK 5.00%

03/03/25

03/01/30

Senior

593,695

557,209

534,325

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

Cash 3.75% + SFvv

08/09/24

02/24/28

Senior

1,741,250

8,391,938

8,462,141

Senneca Holdings, Inc. ^{+, a}

PIK 10.00%

01/01/21

11/11/25

1.5 Lien

1,515,278

1,509,733

395,365

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

1,267,187

Sound Inpatient Physicians, Inc ^{+, a}

Cash 3.5% + SFv

07/01/24

06/28/28

Senior

1,000,422

3,788,855

4,830,736

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

Cash 5.50% + SF (1.00% Floor)vv

06/04/24

06/28/28

Senior

578,825

551,584

605,010

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

Cash 2.00% + SFv

05/14/24

04/29/31

Senior

3,405,337

3,374,841

3,396,170

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

Cash 5.75% + SF (0.75% Floor)vv

04/11/22

03/31/28

Senior

20,899,620

20,669,790

19,931,900

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 —

June 30, 2025 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Cost

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

Telenet Financing USD LLC ^{+, a}

Cash 2.00% + SFv

04/27/20

04/30/28

Senior

5,400,000

5,308,502

5,311,116

Tivity Health Inc ^{+, a}

Cash 6.00% + SF (0.75% Floor)vv

06/28/22

06/28/29

Senior

20,388,166

20,239,765

20,272,374

Tory Burch LLC ^{+, a}

Cash 3.50% + SF (0.50% Floor)v

04/30/21

04/16/28

Senior

962,500

955,626

962,880

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

Cash 6.25% + SF (0.75% Floor)vv

06/02/22

05/27/29

Senior

5,119,570

5,533,158

5,605,141

Trilon Group, LLC ^{+, a}

Cash 6.25% + SF (0.75% Floor)vv

06/02/22

05/27/29

Senior

5,106,609

5,045,906

5,125,999

Upstream Newco, Inc. ^{+, a}

Cash 4.25% + SFvv

08/04/21

11/20/26

Senior

6,125,783

6,019,306

4,819,162

Utz Quality Foods, LLC ^{+, a}

Cash 3.00% + SFvv

01/29/21

01/20/28

Senior

2,932,943

2,929,923

2,936,609

Verde Purchaser, LLC ^{+, a}

Cash 4.125%

05/02/24

11/15/28

Senior

356,000

4,735,677

4,838,882

Verde Purchaser, LLC ^{+, a}

Cash 4.50% + SFvv

05/10/24

11/30/30

Senior

6,666,500

6,661,904

6,693,638

Virgin Media Bristol LLC ^{+, a}

2.50% + SFv

05/06/25

01/31/28

Senior

5,500,000

5,498,686

5,471,180

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

Cash 3.25% + SFv

06/06/24

10/19/29

Senior

4,577,000

4,570,614

4,565,466

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

Cash 5.75% + SF (1.00% Floor)v

12/01/23

12/01/29

Senior

6,053,284

5,943,114

5,832,528

Total North America (3.79%)

606,153,780

Rest of World (0.04%)

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

Cash 5.00% + E#

05/17/24

09/30/28

Senior

5,437,714

5,448,090

5,887,618

Total Rest of World (0.04%)

5,887,618

Western Europe (2.05%)

AD Education ^{+, a}

PIK 8.50%

06/21/22

03/30/29

Mezzanine

16,736,735

16,660,045

18,275,098

Alloheim Senioren-Residenzen AG ^{+, a}

Cash 5.00% + E#

04/16/25

05/19/28

Senior

1,296,982

1,092,728

1,337,393

Anticimex Global AB ^{+, a}

Cash 3.40% + SFvv

06/18/24

11/16/28

Senior

8,552,267

5,651,229

5,685,100

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

Cash 5.50% + E##

03/15/22

03/15/29

Senior

13,721,320

13,532,108

14,666,751

Aston Finco S.à.r.l. ^{+, a}

Cash 4.25% + SFv

11/14/19

10/09/26

Senior

1,558,774

1,555,379

1,509,096

Aston Finco S.à.r.l. ^{+, a}

Cash 8.25% + S>

10/25/19

10/09/27

Second Lien

36,733,592

36,325,484

36,131,679

Athena BidCo GmbH ^{+, a}

Cash 2.75% + E###

05/22/24

03/31/27

Senior

264,895

4,631

—

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

Cash 3.25% + SFvv

04/29/24

03/30/31

Senior

2,189,000

—

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

Cash 4.00% + E###

06/03/24

02/12/27

Senior

4,325,208

4,101,138

4,581,396

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

Cash 4.75% + E##

03/22/24

10/30/26

Senior

39,824

4,160,413

4,274,670

CAB ^{+, a}

Cash 3.50% + E##

06/12/24

02/09/28

Senior

7,463,202

7,284,091

7,838,561

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

PIK 8.25% + E###

02/28/22

08/31/30

Mezzanine

1,119,808

—

Constellation BidCo GmbH ^{+, a}

Cash 5.25% + E##

10/26/22

06/27/29

Senior

26,760,488

26,333,447

31,092,353

Constellation HoldCo GmbH ^{+, a, e}

Cash 5.15% + E##

08/08/24

08/08/31

Senior

1,110,043

1,100,935

1,165,963

CTEC III GmbH ^{+, a}

Cash 3.50% + E##

03/29/18

03/16/29

Senior

14,847,781

14,567,197

14,926,545

DataCo AcquiCo GmbH ^{+, a}

Cash 6.00% + E##

01/26/24

01/31/31

Senior

2,580,666

2,549,231

2,746,404

DataCo AcquiCo GmbH ^{+, a}

Cash 6.00% + E###

01/26/24

01/31/31

Senior

6,892,466

6,731,992

7,360,364

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

Cash 3.25% + E###

06/25/24

03/30/29

Senior

5,374,619

5,397,491

5,880,108

Europa University Education Group ^{+, a}

Cash 3.75% + E###

06/13/24

06/13/31

Senior

3,300,000

3,554,594

3,890,204

Financiere Astek ^{+, a, e}

Cash 6.50% + E##

04/25/24

04/25/31

Senior

2,722,290

2,679,777

2,896,423

Financiere Astek ^{+, a}

Cash 6.50% + E##

04/25/24

04/25/31

Senior

6,333,943

6,159,759

6,916,876

Financière Mendel ^{+, a}

Cash 3.25% + SFvv

12/06/23

11/12/30

Senior

—

Fusilli AcquiCo S.à.r.l. ^{+, a}

Cash 5.25% + E###

01/27/22

04/12/26

Senior

6,845,735

6,567,424

7,153,143

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

Cash 7.12% + E###

06/28/19

11/30/27

Senior

450,931

445,106

397,964

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

Cash 7.75% + E##

06/28/19

11/30/27

Senior

503,895

496,933

444,707

Gulfstream Bidco AS ^{+, a}

Cash 4.5% + SFvv

01/19/24

01/17/31

Senior

2,757,000

2,722,537

2,733,199

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 —

June 30, 2025 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Cost

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

Gulfstream Bidco AS ^{+, a}

Cash 5.00% + SFvv

01/19/24

01/19/31

Senior

3,847,647

3,597,724

3,644,265

Gulfstream Bidco AS ^{+, a}

Cash 5.0% + SFvv

04/14/25

01/23/31

Senior

1,296,982

2,431,674

2,459,879

HomeVi SAS ^{+, a}

Cash 3.25% + E##

05/10/24

10/31/26

Senior

4,817,846

9,884,332

11,560,174

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

Cash 4.25% + SF (0.50% Floor)vv

08/26/21

08/19/28

Senior

10,285,188

10,227,946

9,925,206

Ineos Quattro Holdings UK Limited ^{+, a}

Cash 3.75% + SFv

03/17/23

03/01/30

Senior

1,960,000

1,945,749

1,804,023

Infinity Bidco 1 Limited ^{+, a}

Cash 3.40% + E#

07/03/24

07/06/28

Senior

3,241,938

3,240,320

3,527,713

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

Cash 3.50% + E###

06/12/24

09/01/28

Senior

5,423,992

5,390,734

5,855,291

Nord Anglia Education PLC ^{+, a}

PIK 10.50%

01/13/25

01/13/33

Mezzanine

11,463,751

390,021

11,441,744

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

Cash 3.50% + E##

06/20/24

04/03/28

Senior

33,194

2,100,000

2,475,757

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

Cash 4.00% + SFvvv

03/30/22

03/01/29

Senior

2,439,279

2,429,183

2,442,718

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

Cash 4.00% + E##

06/06/24

02/26/29

Senior

7,940,783

7,639,704

8,207,018

Piolin II S.à.r.l. ^{+, a}

Cash 4.50% + E###

06/11/24

09/16/29

Senior

10,240,413

7,980,248

8,875,709

Planet US Buyer LLC ^{+, a}

Cash 3.50% + SFvv

02/20/24

02/07/31

Senior

2,878,250

2,864,988

2,887,881

Rainbow Jvco Ltd. ^{+, a}

Cash 7.25% + E##; PIK 7.25%

02/24/22

02/24/30

Mezzanine

212,930

4,179

—

Rainbow UK Holdco Limited ^{+, a}

Cash 3.75% + E###

05/31/24

02/26/29

Senior

11,935,918

11,947,094

12,883,318

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

Cash 6.25% + E##

12/19/23

12/18/30

Senior

9,234,378

9,023,518

9,610,293

Sevetys Invest ^{+, a, e}

Cash 6.25% + E##

12/16/22

08/03/29

Senior

17,686,276

17,371,604

19,171,871

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

Cash 4.25% + SFvvv

08/26/24

01/03/28

Senior

2,970,266

4,051,195

Skywalker BidCo GmbH ^{+, a}

Cash 6.00% + E##

12/20/23

12/20/30

Senior

2,225,494

2,198,269

2,410,064

Skywalker BidCo GmbH ^{+, a}

Cash 6.00% + E###

12/20/23

12/20/30

Senior

6,537,633

6,395,326

6,968,637

Virgin Media Bristol LLC ^{+, a}

Cash 3.25% + SFv

06/25/24

01/31/29

Senior

10,000,000

9,963,546

9,978,400

Ziggo Financing Partnership ^{+, a}

Cash 2.50% + SFv

02/27/20

04/30/28

Senior

6,000,000

6,030,115

5,897,220

Total Western Europe (2.05%)

327,982,374

Total Direct Debt (6.17%)

974,409,729

986,506,361

Total Direct Investments (63.25%)

7,293,816,694

10,109,032,173

Secondary Investments ^*, c (16.89%)	Acquisition Date	Cost		Fair Value
Asia - Pacific (1.30%)
Affinity Asia Pacific Fund IV (No.2) L.P. ^{+, a, e}	09/30/24	$	2,284,329	$	4,649,814
Archer Capital Fund 5 ^{+, a, e}	09/30/24		1		59,144
Bain Capital Asia Fund II, L.P. ^{+, a, e}	03/31/25		455,319		946,298
Baring Asia Private Equity Fund IV, L.P. ^{+, a, e}	11/24/09		5,345		1
Carlyle Asia Partners IV, L.P. ^{+, a, e}	12/31/24		635,001		866,591
Carlyle Asia Partners V, L.P. ^{+, a, e}	12/31/24		2,094,748		1,767,259
Crescent Capital Partners IV, LP ^{+, a, e}	09/30/24		200,112		109,346
CVC Capital Partners Asia Pacific III, L.P. ^{+, a, e}	01/11/13		1,258,462		246,272
CVC Capital Partners Asia Pacific IV, L.P. ^{+, a, e}	12/31/24		1,445,497		1,812,020
Hony Capital Fund VIII (Cayman), L.P. ^{+, a, e}	12/31/24		767,204		1,089,432
KKR Asian Fund III L.P. ^{+, a, e}	12/31/24		372,023		445,903
KV Asia Capital Fund I L.P. ^{+, a, e}	09/30/24		104,571		981,099
MBK Partners Colonel Fund, L.P. ^{+, a, e}	09/20/21		47,367,427		77,268,542
Navis Asia Fund VII, L.P. ^{+, a, e}	03/31/25		10,362,003		16,041,261
North Haven Private Equity Asia III, L.P. ^{+, a, e}	03/31/25		1		370,393
Primavera Capital Fund III L.P. ^{+, a, e}	12/31/24		1,139,379		1,247,781
The Baring Asia Private Equity Fund VII, L.P. ^{+, a, e}	03/31/24		4,719,912		5,691,094

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 —

June 30, 2025 (Unaudited) (continued)

	Acquisition Date	Cost		Fair Value
Private Equity Investments (continued)
Secondary Investments *^{, c}** (continued)
Asia - Pacific (continued)
Tiara CG Private Equity Fund 2017, L.P. ^{+, a, e}	03/31/25	$	7,037,359	$	11,941,787
Tiara CG Private Equity Fund 2019, L.P. ^{+, a, e}	03/31/25		16,187,760		22,441,891
Tiara CG Private Equity Fund 2019S, L.P. ^{+, a, e}	03/31/25		5,423,912		7,456,211
TPG Asia VII (B), L.P. ^{+, a, e}	12/07/18		7,909,741		17,361,090
TRG Growth Partnership (Offshore) II, L.P. ^{+, a, e}	08/02/10		1		10,342
TRG Growth Partnership (Offshore), L.P. ^{+, a, e}	08/02/10		46,978		1
TRG Growth Partnership II, L.P. ^{+, a, e}	07/08/10		1		8,038
Warburg Pincus China L.P. ^{+, a}	12/31/24		1,459,768		1,629,521
Yunfeng Capital Fund III, L.P. ^{+, a, e}	05/18/21		31,458,156		28,723,467
Yunfeng Capital Fund IV, L.P. ^{+, a, e}	05/31/21		5,461,757		5,086,141
Total Asia - Pacific (1.30%)					208,250,739
North America (11.35%)
Abingworth Bioventures V, L.P. ^{+, a, e}	06/30/12		1,760		1
ACP Investment Fund, L.P. ^{+, a}	09/30/24		83,355		132,245
APH Extended Value Fund H LP (US) ^{+, a, e}	12/13/24		33,157,420		36,732,950
Apollo Investment Fund IX, L.P. ^{+, a, e}	01/01/25		793,231		957,115
Apollo Investment Fund VI, L.P. ^{+, a, e}	01/01/25		219,534		315,614
Apollo Investment Fund VII, L.P. ^{+, a, e}	07/01/10		60,993		1
Apollo Overseas Partners (Delaware) VII, L.P. ^{+, a, e}	10/01/09		1		1
Ardian Co-Investment Fund IV ^{+, a, e}	12/31/24		3,545,824		5,572,897
Ares Corporate Opportunities Fund V, L.P. ^{+, a, e}	01/01/25		1,449,927		1,718,333
Ares PE Extended Value Fund, L.P. ^{+, a, e}	11/14/19		24,017,734		37,987,576
Arroyo Investors Fund IV, L.P. ^{+, a, e}	02/25/25		4,498,160		4,871,291
ASP SEC Exchange Fund II LP ^{+, a, e}	09/30/24		6,068,544		9,518,978
August Capital V Special Opportunities, L.P. ^{+, a, e}	10/01/24		71,291		71,849
Avenue Golden Continuation Fund PV, L.P. ^{+, a, e}	04/26/22		2		10,600,000
Bain Capital Fund VII, L.P. ^{+, a}	12/31/24		462,822		721,269
Bain Capital Fund X, L.P. ^{+, a, e}	06/30/11		471,221		3,540,726
Bain Capital Fund XI, L.P. ^{+, a, e}	12/31/24		398,358		468,882
Bain Capital Fund XII, L.P. ^{+, a, e}	12/31/24		754,937		1,125,574
Bain Capital Venture Fund 2009, L.P. ^{+, a, e}	09/30/24		1		61,655
Bain Capital Venture Fund 2012, L.P. ^{+, a}	09/30/24		1,419,228		1,858,301
Bain Capital VIII Coinvestment Fund, L.P. ^{+, a, e}	12/31/15		282		1
BC X Private Investors, L.P. ^{+, a, e}	12/31/24		327,077		452,279
BC XI Private Investor, L.P. ^{+, a, e}	12/31/24		996,001		1,302,960
Berkshire Fund VIII, L.P. ^{+, a, e}	09/03/21		1		10,647,740
Berkshire Fund VIII, L.P. ^{+, a, e}	09/30/24		39,775		567,000
Berkshire Fund X-A, L.P. ^{+, a, e}	09/03/21		19,344,684		22,697,098
Bertram Growth Capital II-A, L.P. ^{+, a, e}	09/30/15		1		1
Birch Hill Equity Partners (US) IV, LP ^{+, a, e}	01/13/25		1		172,020
Blackstone Capital Partners IV, L.P. ^{+, a, e}	03/31/25		7,263		11,465
Blackstone Capital Partners V, L.P. ^{+, a, e}	03/31/25		256		10,851
Blackstone Capital Partners V-S, L.P. ^{+, a, e}	03/31/25		—		1
Blackstone Capital Partners VIII ^{+, a, e}	03/31/25		2,084,820		1,913,071
BSI II Graduate Co-Invest I L.P. ^{+, a, e}	05/29/25		36,342,779		49,008,201
Carlyle Partners V, L.P. ^{+, a, e}	12/31/24		416,540		350,113
Carlyle Partners VII, L.P. ^{+, a, e}	03/31/24		39,123,042		50,363,677
Carlyle Partners VIII, L.P. ^{+, a, e}	03/10/23		4,036,335		5,390,360
Carlyle Syniverse Co-Investment, L.P. ^{+, a}	12/31/24		105,536		97,310
CCMP Capital Investors III, L.P. ^{+, a, e}	12/31/24		7,517		12,537
Centerbridge Seaport Acquisition Fund, L.P. ^{+, a, e}	05/12/22		27,422		139,753
Clayton, Dubilier & Rice Fund VIII, L.P. ^{+, a, e}	03/29/12		2		2

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 —

June 30, 2025 (Unaudited) (continued)

	Acquisition Date	Cost		Fair Value
Private Equity Investments (continued)
Secondary Investments *^{, c}** (continued)
North America (continued)
Clayton, Dubilier & Rice Fund X, L.P. ^{+, a, e}	12/31/24	$	797,604	$	1,025,701
Cortec Group Fund V, L.P. ^{+, a, e}	09/30/24		1		106
Court Square Capital Partners V ^{+, a, e}	12/20/24		—		—
DST Opportunities Access Offshore L.P. ^{+, a, e}	09/30/20		1		9,301,003
ECP Terra-Gen Growth Fund, L.P. ^{+, a, e}	03/23/21		1		62,947
EETF Sidecar, L.P. ^{+, a, e}	04/30/21		72,245		5,641,919
EnCap Energy Co-Investment Fund I-C, L.P. ^{+, a, e}	04/30/21		2,311		780,154
EnCap Energy Transition Fund I, L.P. ^{+, a, e}	04/30/21		102,336		1,854,323
Energy Capital Partners Credit Solutions II, L.P. ^{+, a, e}	02/03/21		2,083,512		2,630,159
Energy Capital Partners III, L.P. ^{+, a, e}	02/01/21		1		4,999,188
Fengate Everest Continuation Fund L.P. ^{+, a, e, d}	06/17/24		20,843,716		28,382,523
FFL Capital Partners IV ^{+, a, e}	12/31/24		744,428		1,134,090
FFL Parallel Fund CF, L.P. ^{+, a, e}	12/31/24		3,573,994		5,273,739
Frazier Healthcare VI, L.P. ^{+, a}	06/30/12		1		1
FS Equity Partners V, L.P. ^{+, a, e}	08/07/12		204,488		—
FullBloom ^{+, a}	07/17/19		234,811		1
GA Continuity Fund I L.P. (Bermuda) ^{+, a, e}	06/30/21		65,737,481		92,891,333
General Atlantic Investment Partners 2021, L.P. ^{+, a, e}	07/02/21		9,047,653		9,802,517
General Atlantic Investment Partners 2023, L.P. ^{+, a, e}	12/01/22		2,970,827		3,260,379
Genstar Capital Partners IX, L.P. ^{+, a, e}	03/31/24		2,239,158		2,833,699
Genstar Capital Partners V, L.P. ^{+, a, e}	09/30/15		1		1
Genstar IX Opportunities Fund I ^{+, a, e}	03/31/24		1,187,451		1,444,969
Gores Capital Partners III, L.P. ^{+, a, e}	01/01/25		41,404		146,814
Green Equity Investors Side CF, L.P. ^{+, a, e}	04/16/21		19,775,525		46,822,787
Gridiron Energy Feeder I, L.P. ^{+, a, e}	05/15/17		18,635,379		55,977,939
Gridiron Energy, LLC ^{+, a}	10/01/24		11,956,199		28,852,557
Gryphon Partners 3.5, L.P. ^{+, a, e}	05/21/13		1		66,852
Gryphon Partners IV L.P. ^{+, a, e}	02/08/16		116,996		13,883,744
H.I.G. Bayside Debt & LBO Fund II, L.P. ^{+, a, e}	12/30/10		1		89,356
Icon Partners IV, L.P. ^{+, a, e}	05/26/21		33,752,699		37,200,436
Icon Partners V, L.P. ^{+, a, e}	12/27/21		75,612,686		102,429,958
Index Ventures Life VI (Jersey), L.P. ^{+, a, e}	09/30/24		345,231		532,705
Insight Venture Partners Continuation Fund, L.P. ^{+, a, e}	09/09/19		14,163,763		51,620,585
Insight Venture Partners X, L.P. (Project Solace) ^{+, a, e}	04/01/25		9,990,546		12,520,413
Investcorp Technology Partners III (Cayman), L.P. ^{+, a, e}	08/19/11		1		1
J.C. Flowers III-B L.P. ^{+, a, e}	12/31/24		24,111		40,449
J.C. Flowers IV L.P. ^{+, a, e}	12/31/24		735,925		914,950
JVP International 2019E, L.P. ^{+, a}	12/31/24		1,135,156		2,083,692
JVP Media V, L.P. ^{+, a}	12/31/24		704,405		882,770
JVP VII Opportunity, L.P. ^{+, a, e}	12/31/24		3,055,335		4,518,780
KKR Americas Fund XII (EEA) L.P. ^{+, a, e}	12/31/24		1,579,705		2,375,821
KKR Associates Indigo Equity Partners, L.P. ^{+, a}	06/09/22		123,149,784		140,385,827
KSL Capital Partners CV I, L.P. ^{+, a, e}	05/23/22		35,822,715		64,882,353
Lee Equity Partners II, L.P. ^{+, a, e}	06/30/17		62,679		2,473,549
Lee Equity Partners Realization Fund, L.P. ^{+, a}	06/30/17		1		2,475,617
LEP Captive Co-Invest II, L.P. ^{+, a}	07/01/22		13,746,296		19,713,879
LS Power Equity Partners III Feeder 1, L.P. ^{+, a, e}	01/01/25		5,899,032		9,060,984
Madison Dearborn Capital Partners V, L.P. ^{+, a, e}	03/31/11		4		4
Madison Dearborn Capital Partners VIII, L.P. ^{+, a, e}	03/15/21		7,981,415		10,562,692
Mainsail Partners III, L.P. ^{+, a, e}	09/30/24		346,868		231,899
Marlin Equity III, L.P. ^{+, a, e}	09/30/24		24,892		29,006
MidOcean Partners III, L.P. ^{+, a, e}	06/30/11		1		1
MidOcean Partners V, L.P. ^{+, a, e}	12/31/24		1,233,084		1,412,723

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 —

June 30, 2025 (Unaudited) (continued)

	Acquisition Date	Cost		Fair Value
Private Equity Investments (continued)
Secondary Investments *^{, c}** (continued)
North America (continued)
Monomoy Capital Partners II, L.P. ^{+, a, e}	09/30/15	$	13,021	$	126,579
New Enterprise Associates 14, L.P. ^{+, a, e}	10/01/24		3,750,356		5,498,743
New Enterprise Associates 17, L.P. ^{+, a, e}	09/30/20		5,902,708		7,279,025
New Mountain Capital V, L.P. ^{+, a, e}	12/31/24		336,332		423,673
NewView Capital Fund I, L.P. ^{+, a, e}	01/01/25		8,657,632		9,177,531
NGP Natural Resources X, L.P. ^{+, a, e}	09/30/24		192,667		275,780
Northgate Growth Fund, L.P. ^{+, a}	12/20/19		6,880,500		9,360,446
Northlane Capital Partners II LP ^{+, a, e}	12/31/24		2,173,012		2,763,094
NVP VIII PG, L.P. ^{+, a, e}	05/31/19		41,920,638		91,581,293
Oaktree Opportunities Fund Xb, L.P. ^{+, a, e}	01/01/25		2,803,118		1,671,559
Onex Partners V LP ^{+, a, e}	12/31/24		1,827,005		2,270,523
Overbay Capital Partners 2024 Fund Aggregator (AIV IV) LP ^{+, a, e}	12/31/24		14,549,760		20,628,883
Overbay Capital Partners 2024 Fund Offshore LP ^{+, a, e}	12/31/24		13,839,281		16,100,592
Palladium Equity Partners III, L.P. ^{+, a, e}	08/02/10		1		1
Performance Direct Investments V, L.P. ^{+, a, e}	05/01/25		1,660,718		1,660,718
Performance Venture Capital Reinvestment Fund, L.P. ^{+, a, e}	03/12/25		66,182,820		92,578,051
Performance Venture Capital VI, L.P. ^{+, a, e}	04/18/25		1,462,739		1,462,739
PlayCore CV, L.P. ^{+, a, e}	11/21/24		18,658,615		24,111,054
Providence Equity Partners IV, L.P. ^{+, a, e}	01/01/25		1		8,915
Providence Equity Partners V, L.P. ^{+, a, e}	06/30/11		404,780		—
Providence Equity Partners VI -A, L.P. ^{+, a, e}	01/01/25		14,673		15,306
Providence Equity Partners VI-A, L.P. ^{+, a, e}	06/30/13		2		4,319
Providence Equity Partners VII-A, L.P. ^{+, a, e}	06/30/13		1		1
PT2, L.P. ^{+, a, e}	12/21/21		9,302,852		12,520,290
Redpoint Omega II, L.P. ^{+, a}	09/30/24		1,271,287		2,454,943
Redpoint Ventures IV, L.P. ^{+, a}	09/30/24		532,193		533,367
Revelstoke EPIC Fund I, L.P. ^{+, a, e}	11/20/19		44,353,234		66,487,050
Riverstone Global Energy and Power Fund VI, L.P. ^{+, a, e}	01/01/25		837,511		729,466
RoundTable Healthcare Partners III, L.P. ^{+, a, e}	09/30/24		388,157		908,098
Samson Partners, L.P. ^{+, a, e}	12/21/20		31,364,096		55,273,887
SCP Dragon, L.P. ^{+, a}	06/16/25		3,891,463		3,891,463
SCP Shield, L.P. ^{+, a}	06/16/25		1,881,276		1,881,276
Sigma Partners 6, L.P. ^{+, a}	09/30/24		379,874		654,066
Sigma Partners 7, L.P. ^{+, a}	09/30/24		211,205		177,281
Sigma Partners 8, L.P. ^{+, a}	09/30/24		366,206		653,017
Silver Lake Partners III, L.P. ^{+, a, e}	03/31/13		4		839,567
Silver Lake Partners V, L.P. ^{+, a, e}	03/31/24		6,940,605		10,526,747
Silver Lake Partners VI, L.P. ^{+, a, e}	09/30/22		39,682,475		44,240,361
SL SPV-1, L.P. ^{+, a}	12/01/17		116,072		5
SL SPV-2, L.P. ^{+, a}	06/30/10		4		6,502,561
Springcoast Partners I-A, L.P. ^{+, a, e}	06/17/25		3,768,494		3,768,494
Sterling Capital Partners IV, L.P. ^{+, a, e}	12/01/24		320,943		1
Sterling Partners – Small Market Growth 2009, L.P. ^{+, a, e}	12/01/24		285,021		587,804
STG IV, L.P. ^{+, a, e}	09/30/24		123,084		225,173
Summit Partners Growth Equity Fund IX-B, L.P. ^{+, a, e}	12/31/24		1,025,958		1,228,678
Summit Partners Growth Equity Fund VIII-B, L.P. ^{+, a, e}	12/31/24		97,514		145,024
Summit Partners Venture Capital Fund III-B, L.P. ^{+, a, e}	12/31/24		176,460		286,387
Sun Capital Partners V, L.P. ^{+, a, e}	09/30/13		14,639,947		—
SV Life Sciences Fund IV CF, L.P. ^{+, a, e}	12/31/24		3,368,192		3,877,352
SV Life Sciences Fund IV, L.P. ^{+, a, e}	12/31/24		22,386		76,162
TA Atlantic & Pacific VI, L.P. ^{+, a, e}	09/30/15		1		50,044
TA Atlantic and Pacific VII-A L.P. ^{+, a, e}	09/30/24		1,285,296		3,009,985
TA Subordinated Debt Fund III, L.P. ^{+, a, e}	09/30/24		1		13,531

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 —

June 30, 2025 (Unaudited) (continued)

	Acquisition Date	Cost		Fair Value
Private Equity Investments (continued)
Secondary Investments *^{, c}** (continued)
North America (continued)
TA XI, L.P. ^{+, a, e}	09/30/15	$	189,098	$	804,235
TCV VII (A), L.P. ^{+, a, e}	09/30/13		1		1
Thomas H. Lee Parallel (Cayman) Fund VII, L.P. ^{+, a, e}	01/01/25		2,783,114		3,696,346
Thomas H. Lee Parallel Fund VII, L.P. ^{+, a, e}	01/01/25		981,706		1,334,225
Thomas H. Lee Parallel Fund VIII, L.P. ^{+, a, e}	01/01/25		1,030,261		1,118,329
TorQuest Partners Fund (U.S.) II, L.P. ^{+, a, e}	09/30/15		895,011		211,622
TPG Healthcare Partners, L.P. ^{+, a, e}	04/01/24		2,792,250		3,221,310
TPG Partners V, L.P. ^{+, a, e}	07/11/11		1,066,609		1
TPG Partners VI, L.P. ^{+, a, e}	12/31/12		3		252,045
TPG Partners VII, L.P. ^{+, a, e}	01/01/25		3,168,946		7,132,697
TPG Partners VIII, L.P. ^{+, a, e}	04/01/24		12,700,115		15,647,039
Trident VIII, L.P. ^{+, a, e}	09/30/22		21,361,581		30,874,577
Trinity Ventures 2024, L.P. ^{+, a, e}	12/20/24		38,680,007		49,941,769
Trivest Fund V, L.P. ^{+, a, e}	10/01/24		356,877		836,627
TSCP CV II, L.P. ^{+, a}	09/09/24		4,016,292		4,590,023
TSCP CV II, L.P. ^{+, a, e}	09/09/24		67,203		31,684
Vector Capital V, L.P. ^{+, a, e}	02/26/25		16,526,250		19,668,882
Vector Capital VI, L.P. ^{+, a, e}	02/26/25		1,585,379		1,585,379
Vista Equity Partners Fund VII, L.P. ^{+, a, e}	04/01/25		7,911,977		8,620,653
Vista Equity Partners Fund VIII, L.P. ^{+, a, e}	04/01/25		6,162,362		6,713,086
Vistria Fund III, L.P. ^{+, a, e}	07/29/19		10,076,545		14,128,989
Vistria Fund IV, L.P. ^{+, a, e}	10/01/22		35,069,457		42,642,916
Vistria Fund V, L.P. ^{+, a, e}	03/31/23		4,136,937		3,832,371
Warburg Pincus Global Growth, L.P. ^{+, a, e}	12/31/24		3,212,740		4,598,606
Warburg Pincus Private Equity X, L.P. ^{+, a}	09/28/12		1		203,238
Warburg Pincus Private Equity XI, L.P. ^{+, a}	01/01/25		164,203		270,781
Warburg Pincus Private Equity XII, L.P. ^{+, a, e}	03/31/25		6,142,861		8,464,272
Welsh, Carson, Anderson & Stowe XI, L.P. ^{+, a}	09/30/24		27,573		5,069
Welsh, Carson, Anderson & Stowe XII, L.P. ^{+, a, e}	12/31/18		1		27,970,299
Welsh, Carson, Anderson & Stowe XIII, L.P. ^{+, a, e}	12/20/18		1,850,238		4,607,938
Total North America (11.35%)					1,814,445,507
Rest of World (0.25%)
Advent Latin American Private Equity Fund V, L.P. ^{+, a, e}	10/01/24		562,178		884,882
Advent Latin American Private Equity Fund VI-B L.P. ^{+, a, e}	03/31/25		9,049,850		12,252,329
Advent Latin American Private Equity Fund VII-A SCSp ^{+, a, e}	03/31/25		14,481,798		17,090,751
Carlyle Global Financial Services Partners III, L.P. ^{+, a, e}	12/31/24		3,473,559		2,945,901
NG Capital Partners I, L.P. ^{+, a, e}	12/31/24		1		885
Pitango Venture Capital Fund VI L.P. ^{+, a, e}	09/30/24		4,137,429		5,875,298
Victoria South American Partners II, L.P. ^{+, a, e}	09/30/24		422,104		123,062
Total Rest of World (0.25%)					39,173,108
Western Europe (3.99%)
3i Eurofund Vb, L.P. ^{+, a}	09/30/09		3		183
3i Growth Capital B, L.P. ^{+, a, e}	10/01/14		1		1
Abingworth Bioventures III, L.P. ^{+, a, e}	09/30/15		1		3,668
Abingworth Bioventures V Co-Investment Growth Equity Fund, L.P. ^{+, a, e}	06/30/12		1		1
Abingworth Bioventures VI LP ^{+, a, e}	10/01/24		163,953		327,706
Advent International GPE IX-A ^{+, a, e}	12/31/24		2,016,904		2,678,444
Advent International GPE VI, L.P. ^{+, a}	09/30/10		2,178		364,638
Advent International GPE VI, L.P. ^{+, a, e}	10/01/24		110,957		148,175
Advent International GPE VII-E, L.P. ^{+, a, e}	10/01/24		169,489		365,813

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 —

June 30, 2025 (Unaudited) (continued)

	Acquisition Date	Cost		Fair Value

Private Equity Investments (continued)
Secondary Investments *^{, c}** (continued)
Western Europe (continued)
Alchemy Special Opportunities Fund II L.P. ^{+, a, e}	09/30/24	$	302,746	$	445,131
Aparca8 Capital Estacionamientos, S.C.R., S.A. ^{+, a, e, d}	12/15/23		6,498,738		10,197,176
Apax Europe VI - A, L.P. ^{+, a, e}	07/01/11		2		32,317
APAX Europe VII - B, L.P. ^{+, a, e}	01/01/25		28,576		55,335
Apax Europe VII - B, L.P. ^{+, a, e}	04/30/11		332,524		10,244
Apax IX USD (Feeder) L.P. ^{+, a, e}	01/01/25		901,567		1,209,449
Apax VIII - A L.P. ^{+, a, e}	01/01/25		408,001		365,670
Apax X USD L.P. ^{+, a, e}	01/01/25		1,924,234		2,083,984
Astorg IQ-EQ Fund SCSp ^{+, a, e}	01/13/22		12,749,518		33,430,820
Astorg V FCPR ^{+, a, e}	09/30/24		14,942		9,606
Astorg V FCPR ^{+, a}	09/30/15		1		9,935
August Capital V, L.P. ^{+, a, e}	10/01/24		857,687		747,766
Bain Capital Europe Fund III, L.P. ^{+, a, e}	03/31/25		1		1,595
Bain Capital Europe Fund V, SCSp ^{+, a, e}	12/31/24		1,195,555		1,805,196
BC European Capital IX, L.P. ^{+, a, e}	10/01/24		371,045		1,542,012
BC European Capital X LP ^{+, a, e}	12/31/24		1,069,226		1,825,040
Carlyle Europe Partners II, L.P. ^{+, a, e}	12/28/12		60,330		32,016
Carlyle Europe Partners III, L.P. ^{+, a, e}	09/30/14		1,924,891		157,904
Carlyle Europe Partners IV, L.P. ^{+, a, e}	12/31/24		8,716,159		7,432,059
Carlyle Europe Partners V, L.P. ^{+, a, e}	12/31/24		2,253,178		1,757,281
CCP IX L.P. No.2 ^{+, a}	09/30/14		1,997,564		2
CD&R Value Building Partners I, L.P. ^{+, a}	12/17/21		36,983,903		65,100,657
Charterhouse Capital Partners IX ^{+, a, e}	09/30/24		16,749		21,125
Charterhouse Capital Partners X L.P. ^{+, a, e}	12/31/24		5,466,582		7,548,255
CVC Capital Partners Pachelbel (A) SCSp ^{+, a, e}	07/08/24		1,610,663		2,160,263
CVC Capital Partners VII L.P. ^{+, a, e}	03/31/24		11,514,161		16,330,510
CVC Capital Partners VIII, L.P. ^{+, a, e}	03/31/24		11,960,042		13,794,130
CVC European Equity Partners III L.P. ^{+, a, e}	12/31/24		247,167		428,124
CVC European Equity Partners V, L.P. ^{+, a, e}	12/28/12		1		1
Daiwa ICP European Infrastructure 1, L.P. ^{+, a, e}	12/22/22		33,258,286		65,377,386
DBAG Fund VI (Guernsey) L.P. ^{+, a, e}	09/30/24		322,750		451,148
Elvaston Capital Fund V ^{+, a, e}	03/31/25		16,898,142		22,295,877
EPIC I-b Fund SLP ^{+, a, e}	11/30/20		8,978,333		29,306,426
EQT IX, L.P. (EUR) ^{+, a, e}	03/31/25		30,792,320		38,953,389
ESP Golden Bear Europe Fund ^{+, a, e}	12/31/16		1		317,564
Eurazeo Capital IV B SCSp ^{+, a, e}	12/31/24		8,537,079		9,281,204
F2i III ^{+, a, e}	07/01/24		2,669,193		5,257,884
Fourth Cinven Fund, L.P. ^{+, a, e}	04/16/10		83,945		636
France Special Situations Fund I FPCI ^{+, a, e}	10/01/24		751,333		88,066
G Square Capital I ^{+, a}	12/01/24		1,875		1,315
Galileo III FCPR ^{+, a, e}	09/30/15		1		31,616
Graphite Capital Partners VII, L.P. ^{+, a, e}	09/30/15		1		254,692
HitecVision Asset Solutions, L.P. ^{+, a, e}	09/30/24		1		3,518
HitecVision SpringPoint L.P. ^{+, a, e}	09/30/24		—		1,617
HitecVision V, L.P. ^{+, a, e}	09/30/24		99,185		2,338
HitecVision VI, L.P. ^{+, a, e}	09/30/24		1,387,998		1,374,912
Index Ventures Growth II (Jersey), L.P. ^{+, a}	09/30/24		1,494,223		1,376,509
Index Ventures VI (Jersey), L.P. ^{+, a, e}	09/30/24		11,606,964		15,541,513
Industrial Opportunity Partners II, L.P. ^{+, a, e}	09/30/24		61,236		175,773
Investindustrial V L.P. ^{+, a, e}	09/30/24		1,157,013		1,024,732
Italian Private Equity Fund IV, L.P. ^{+, a, e}	01/29/16		1		4,173
KKR European Fund III, L.P. ^{+, a, e}	10/01/14		563		7,494
KKR European Fund III, L.P. (USD) ^{+, a, e}	12/31/24		1		22,071

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 —

June 30, 2025 (Unaudited) (continued)

	Acquisition Date	Cost		Fair Value
Private Equity Investments (continued)
Secondary Investments *^{, c}** (continued)
Western Europe (continued)
KKR European Fund IV (EEA) L.P. ^{+, a, e}	12/31/24	$	15,658,846	$	17,048,285
KKR European Fund V (EUR) SCSp ^{+, a, e}	12/31/24		3,730,311		4,512,515
L Capital 3 FPCI ^{+, a, e}	12/02/24		288,770		466,055
Latour Capital I ^{+, a}	12/31/24		71,613		4,418
Living Bridge 5 L.P. ^{+, a, e}	10/01/24		313,338		759,005
Montagu III, L.P. ^{+, a, e}	12/09/09		72,602		1
Montagu V L.P. ^{+, a, e}	12/31/24		2,426,353		3,029,816
Montagu+ SCSp ^{+, a, e}	12/06/21		38,226,197		81,145,972
Oaktree European Principal Fund IV Feeder (Cayman), L.P. ^{+, a, e}	01/01/25		893,496		1,058,407
PAI Europe VI, L.P. ^{+, a, e}	12/31/24		1,973,177		2,660,570
PAI Europe VII-1 ^{+, a, e}	12/31/24		370,816		494,977
Permira Europe II, L.P. ^{+, a}	11/29/13		77,176		—
Permira Europe III, L.P. ^{+, a}	09/30/13		352,692		2,495
Permira Europe III, L.P. ^{+, a, e}	01/01/25		30,535		54,969
Permira VI L.P. 1 ^{+, a, e}	01/01/25		2,001,586		2,147,591
Permira VII L.P. ^{+, a, e}	09/29/22		35,457,714		47,817,668
Permira VIII SCSp ^{+, a, e}	03/30/25		11,868,550		14,009,590
Phoenix Equity Partners 2010 LP ^{+, a}	09/30/24		1		4,864
Piper Private Equity Fund V L.P. ^{+, a, e}	10/01/24		213,513		52,062
Prime Ventures IV C.V. ^{+, a, e}	09/30/24		815,255		1,836,142
PSC III G, LP ^{+, a, e}	12/31/24		4,454,538		5,184,190
Rivean Special Opportunity Fund I Coöperatief U.A. ^{+, a, e}	11/29/22		22,713,138		25,284,512
Riverside Europe Fund IV, L.P. ^{+, a, e}	09/30/14		103,961		1
Sixth Cinven Fund (No.2) Limited Partnership ^{+, a, e}	03/31/24		2,011,656		3,821,135
STG Alternative Investments S.C.A. SICAV-RAIF ^{+, a, e}	09/17/21		17,305,825		35,835,663
Summit Partners Europe Private Equity Fund, L.P. ^{+, a, e}	03/31/25		1		1
TDR Capital III 'B' L.P. ^{+, a, e}	10/01/24		2,336,090		2,971,595
The Seventh Cinven Fund, L.P. ^{+, a, e}	03/31/24		7,928,084		11,051,145
Trilantic Capital Partners V (Europe) S.C.A., SICAR ^{+, a, e}	11/20/20		3,668,622		4,440,178
Trilantic Europe VI SCSp ^{+, a, e}	12/10/20		4,166,613		4,449,667
Turkish Private Equity Fund III L.P. ^{+, a, e}	09/30/24		1,968,049		2,940,306
WPEF V Feeder LP ^{+, a, e}	01/01/25		73,398		137,961
Total Western Europe (3.99%)					636,795,841
Total Secondary Investments (16.89%)		$	1,802,751,212	$	2,698,665,195
Primary Investments *^{, c}** (14.30%)
Asia - Pacific (0.88%)
Bain Capital Asia V, L.P. ^{+, a, e}	09/01/23		328,908		396,431
Baring Asia Private Equity Fund IX, L.P. ^{+, a, e}	12/23/24		—		—
Baring Asia Private Equity Fund V, L.P. ^{+, a, e}	12/01/10		1		217,233
BGH Capital Fund I ^{+, a, e}	03/01/18		13,984,785		18,284,173
BGH Capital VCLP II ^{+, a, e}	02/01/22		1,197,454		835,995
CPEChina Fund III, L.P. ^{+, a, e}	03/28/18		18,351,734		31,019,074
CVC Capital Partners Asia VI L.P. ^{+, a, e}	12/23/22		819,904		701,965
Hony Capital Fund VIII, L.P. ^{+, a, e}	10/30/15		7,636,632		9,156,428
Hony Capital Partners V, L.P. ^{+, a, e}	12/15/11		4,634,657		2,271,524
J-STAR No.4-C, L.P. ^{+, a, e}	08/02/19		1,707,367		13,368,152
J-STAR No.5-B, L.P. ^{+, a, e}	02/28/22		3,726,936		4,120,642
Kedaara Capital Growth Fund IV ^{+, a, e}	04/03/24		388,233		318,805
Kedaara Capital III Limited ^{+, a, e}	06/17/21		6,472,945		7,317,140
KKR Asian Fund IV SCSp ^{+, a, e}	05/29/20		3,508,241		5,362,536
Primavera Capital Fund III L.P. ^{+, a, e}	05/09/18		7,770,937		10,487,314
Primavera Capital Fund IV, L.P. ^{+, a, e}	05/20/21		6,947,263		5,020,134

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 —

June 30, 2025 (Unaudited) (continued)

	Acquisition Date	Cost		Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
Asia - Pacific (continued)
Southern Capital Fund IV L.P. ^{+, a, e}	01/26/18	$	5,464,380	$	5,578,225
The Baring Asia Private Equity Fund VII, L.P. ^{+, a, e}	07/10/18		2,517,343		9,566,388
Tiara CG Private Equity Fund 2024, L.P. ^{+, a, e}	11/29/24		26,534		28,600
TPG ASIA VIII (B), L.P. ^{+, a, e}	07/01/22		7,535,001		8,499,270
Trustbridge Partners VI, L.P. ^{+, a, e}	04/12/18		7,401,515		7,914,181
Total Asia - Pacific (0.88%)					140,464,210
North America (8.41%)
Advent Global Technology, L.P. ^{+, a, e}	06/25/19		2,124,384		3,185,416
AEA Investors Fund VII L.P. ^{+, a, e}	02/08/19		3,335,269		3,630,370
American Industrial Partners Capital Fund VII, L.P. ^{+, a, e}	03/29/19		13,336,759		28,319,887
American Industrial Partners Capital Fund VIII, L.P. ^{+, a, e}	07/10/23		533,032		563,304
Apollo Investment Fund IX, L.P ^{+, a, e}	06/01/17		15,098,443		33,593,144
Apollo Investment Fund VIII, L.P. ^{+, a, e}	06/28/13		1		2,617,014
Ares Corporate Opportunities Fund IV, L.P. ^{+, a, e}	04/19/12		1		1,584,732
Ares Corporate Opportunities Fund V, L.P. ^{+, a, e}	12/28/15		5,419,361		8,665,326
Ares Corporate Opportunities Fund VI, L.P. ^{+, a, e}	06/02/20		1,745,593		2,807,861
Avista Capital Partners II, L.P. ^{+, a, e}	01/01/14		94,819		1
Bain Capital Fund XII, L.P. ^{+, a, e}	06/30/17		1		16,555,344
Bain Capital Fund XIII, L.P. ^{+, a, e}	08/07/20		17,253,219		19,466,462
Bain Capital Fund XIV, L.P. ^{+, a, e}	04/01/25		—		—
Barings Transportation Fund, L.P. ^{+, a, e}	09/23/21		6,282,518		12,232,635
Berkshire Fund IX, L.P. ^{+, a, e}	03/18/16		4,735,936		14,066,378
Berkshire Fund XI-TE, L.P. ^{+, a, e}	12/18/23		488,779		488,779
Caltius Partners V-A, L.P. ^{+, a, e}	12/02/14		1,068,047		6,275,741
Carlyle Partners VII, L.P. ^{+, a, e}	11/29/17		35,085,227		55,969,673
Carlyle Partners VIII, L.P. ^{+, a, e}	09/10/21		6,157,429		6,377,379
Centerbridge Seaport Acquisition Fund, L.P. ^{+, a}	04/27/22		988,701		1,097,058
Clayton, Dubilier & Rice Fund IX, L.P. ^{+, a, e}	07/31/13		40,903		5,310,729
Clayton, Dubilier & Rice Fund X, L.P. ^{+, a, e}	12/13/16		1		18,189,859
Clayton, Dubilier & Rice Fund XI, L.P. ^{+, a, e}	05/15/20		17,378,069		19,497,950
Clayton, Dubilier & Rice Fund XII, L.P. ^{+, a, e}	09/02/22		8,905,003		11,338,767
Clearlake Capital Partners V, L.P. ^{+, a, e}	12/15/17		1		27,406,898
Clearlake Capital Partners VI, L.P. ^{+, a, e}	12/10/19		14,325,635		21,131,730
Clearlake Capital Partners VII, L.P. ^{+, a, e}	09/23/21		11,006,401		12,028,004
Clearlake Capital Partners VIII, L.P. ^{+, a, e}	04/05/24		1,617,637		1,360,331
Crescent Mezzanine Partners VI, L.P. ^{+, a, e}	03/30/12		1		269,033
Cressey & Company Fund VII-A L.P. ^{+, a, e}	06/30/22		1,417,065		977,201
ECP V, LP ^{+, a, e}	08/19/22		3,296,092		3,653,174
Frazier Healthcare Growth Buyout Fund X, L.P. ^{+, a, e}	03/10/21		10,473,534		12,844,062
Frazier Healthcare Growth Buyout Fund XI, L.P. ^{+, a, e}	09/20/24		—		—
Genstar AMBA CV, L.P. ^{+, a}	04/01/23		376,953		589,460
Genstar Capital Partners IX, L.P. ^{+, a, e}	02/21/19		4,396,214		25,103,766
Genstar Capital Partners VI, L.P. ^{+, a, e}	09/01/12		1		207,665
Genstar Capital Partners VII, L.P. ^{+, a, e}	06/26/15		1		5,650,025
Genstar Capital Partners VIII, L.P. ^{+, a, e}	03/23/17		74,702		33,548,254
Genstar Capital Partners X, L.P. ^{+, a, e}	04/01/21		10,471,892		11,502,410
Genstar Capital Partners XI, L.P. ^{+, a, e}	04/26/23		759,600		823,557
Genstar X Opportunities Fund, L.P. ^{+, a, e}	08/13/21		2,265,591		2,775,641
Genstar XI Opportunities Fund, L.P. ^{+, a, e}	04/26/23		534,168		625,358
GI Data Infrastructure Fund II LP ^{+, a, e, d}	01/27/23		2,584,376		2,740,873
GoldPoint Mezzanine Partners IV, L.P. ^{+, a, e}	12/30/15		326,664		5,190,542
Green Equity Investors IX, L.P. ^{+, a, e}	03/01/22		8,973,340		10,081,296

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 —

June 30, 2025 (Unaudited) (continued)

	Acquisition Date	Cost		Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
North America (continued)
Green Equity Investors Side VIII, L.P. ^{+, a, e}	10/18/19	$	22,439,943	$	36,026,117
Gryphon Heritage Partners, L.P. ^{+, a, e}	12/17/20		1,007,440		5,557,990
Gryphon Partners V, L.P. ^{+, a, e}	02/23/18		3,550,731		8,575,960
Gryphon Partners VI, L.P. ^{+, a, e}	12/17/20		8,577,414		9,299,024
Harvest Partners IX, L.P. ^{+, a, e}	09/24/21		6,088,418		6,298,000
Harvest Partners VII, L.P. ^{+, a, e}	12/14/15		900,652		10,208,801
Harvest Partners VIII, L.P. ^{+, a, e}	12/19/18		9,563,093		20,230,149
Hellman & Friedman Capital Partners VII, L.P. ^{+, a, e}	06/30/14		1		1
Hellman & Friedman Capital Partners X, L.P. ^{+, a, e}	05/10/21		12,240,248		13,935,852
Hellman & Friedman Capital Partners XI, LP ^{+, a, e}	03/31/23		7,690		7,690
HGGC Fund IV, L.P. ^{+, a, e}	04/08/22		1,185,097		2,423,022
Icon Partners IV, L.P. ^{+, a, e}	09/01/21		5,754,300		6,343,989
Icon Partners V, L.P. ^{+, a, e}	12/27/21		7,430,156		10,068,433
Insight Partners XII (Co-Investors), L.P. ^{+, a, e}	06/07/21		1,643,762		2,124,752
Insight Partners XIII, L.P. ^{+, a, e}	12/23/22		2,553,744		2,503,825
Insight Venture Partners X, L.P. ^{+, a, e}	07/06/18		1		12,721,783
Insight Venture Partners XI, L.P. ^{+, a, e}	12/17/19		4,643,830		7,895,709
Insight Ventures Partners XII, L.P. ^{+, a, e}	06/07/21		6,729,777		6,809,465
Jade Equity Investors II, L.P. ^{+, a, e}	03/01/22		922,767		1,023,554
K6 Private Investors, L.P. ^{+, a, e}	06/28/24		—		—
Khosla Ventures VIII, L.P. ^{+, a, e}	01/06/23		1,328,861		1,430,058
KKR Americas Fund XII L.P. ^{+, a, e}	01/31/18		2,617,507		29,788,910
KKR Associates Indigo Equity Partners, L.P. ^{+, a}	10/01/22		1,785,110		2,066,793
KKR North America Fund XI, L.P. ^{+, a, e}	02/01/12		6,190		3,891,597
KKR North America Fund XIII, SCSP ^{+, a, e}	04/06/21		8,626,025		10,220,321
KKR North America Fund XIV ^{+, a, e}	12/19/24		—		—
Kleiner Perkins Caufield & Byers XIX LLC ^{+, a, e}	03/05/20		7,942,500		13,494,562
Kleiner Perkins Select Fund III, LLC ^{+, a, e}	06/28/24		2,600,000		2,600,000
KLEINER PERKINS XXI, LLC ^{+, a, e}	06/28/24		1,787,500		1,787,500
Kohlberg TE Investors IX, L.P. ^{+, a, e}	12/20/19		15,535,018		26,414,206
Kohlberg TE Investors VIII, L.P. ^{+, a, e}	08/04/16		5,508,972		24,033,662
Kohlberg TE Investors X, L.P. ^{+, a, e}	10/06/23		340,405		367,001
Lee Equity Partners IV, L.P. ^{+, a, e}	06/28/24		5,537,640		4,780,872
Leeds Equity Partners VI, L.P. ^{+, a, e}	11/25/16		796,703		17,578,595
Lerer Hippeau Select Fund III, L.P. ^{+, a, e}	12/20/19		4,471,898		6,295,180
Lerer Hippeau VII, L.P. ^{+, a, e}	12/20/19		3,825,000		3,566,529
Lux Total Opportunities, L.P. ^{+, a, e}	05/28/21		3,375,000		4,034,897
Lux Ventures VII, L.P. ^{+, a, e}	05/28/21		968,750		1,599,981
Lux Ventures VIII, L.P. ^{+, a, e}	04/03/23		1,952,680		2,543,385
Madison Dearborn Capital Partners VIII, L.P. ^{+, a, e}	03/20/20		7,546,878		10,012,036
Mayfield Select III, L.P. ^{+, a, e}	05/01/23		250,000		250,000
Mayfield XVII, L.P. ^{+, a, e}	05/01/23		210,001		217,899
Nautic Partners IX-A, L.P. ^{+, a, e}	03/12/19		2,907,347		8,387,658
Nautic Partners VII-A, L.P. ^{+, a, e}	06/27/14		357,845		2,101,200
Nautic Partners X-A, L.P. ^{+, a, e}	07/19/21		8,868,728		10,942,228
NEA 18 Venture Growth Equity, L.P. ^{+, a, e}	12/22/21		2,961,000		2,813,877
New Enterprise Associates 14, L.P. ^{+, a, e}	05/04/12		1		6,791,680
New Enterprise Associates 17, L.P. ^{+, a, e}	06/06/19		7,537,707		9,188,442
New Enterprise Associates 18, L.P. ^{+, a, e}	12/22/21		1,868,596		2,921,019
New Mountain Capital V, L.P. ^{+, a, e}	06/29/17		172,601		15,263,864
New Mountain Partners VI, L.P. ^{+, a, e}	10/16/20		16,489,294		24,652,632
New Mountain Partners VII, L.P. ^{+, a, e}	04/06/23		1,466,268		1,442,415
NexPhase Capital Fund III-A, L.P. ^{+, a, e}	09/01/16		1		11,980,417

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 —

June 30, 2025 (Unaudited) (continued)

	Acquisition Date	Cost		Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
North America (continued)
NexPhase Capital Fund V, L.P. ^{+, a, e}	08/04/23	$	325,785	$	285,467
Novacap International Technologies VII L.P. ^{+, a, e}	05/30/25		—		—
Oak Hill Capital Partners IV, L.P. ^{+, a, e}	04/28/17		1		5,252,105
Oak Hill Capital Partners V, L.P. ^{+, a, e}	12/21/18		23,220,537		37,534,233
Oak Hill Capital Partners VI, L.P. ^{+, a, e}	02/25/22		2,874,793		3,376,240
Pamlico Capital V, L.P. ^{+, a, e}	02/03/20		4,417,810		4,779,107
Pamlico Capital VI, L.P. ^{+, a, e}	12/17/24		—		—
PennantPark Credit Opportunities Fund II, L.P. ^{+, a, e}	08/03/12		1		663,541
Revelstoke Capital Partners Fund III, L.P ^{+, a, e}	02/23/22		6,055,257		6,676,254
Silver Lake Partners IV, L.P. ^{+, a, e}	07/30/12		1		11,010,429
Silver Lake Partners V, L.P. ^{+, a, e}	03/31/17		18,154,264		45,581,254
Silver Lake Partners VI, L.P. ^{+, a, e}	06/04/20		5,994,592		7,585,610
Silver Lake Partners VII, L.P. ^{+, a, e}	05/26/22		4,807,135		5,595,784
Spark Capital Growth Fund IV, L.P. ^{+, a, e}	10/14/21		5,740,500		7,857,723
Spark Capital Growth Fund V, L.P. ^{+, a, e}	02/29/24		740,000		728,447
Spark Capital VII, L.P. ^{+, a, e}	10/14/21		2,660,000		3,456,037
Spark Capital VIII, L.P. ^{+, a, e}	02/29/24		315,000		314,500
Sumeru Equity Partners Fund, L.P. ^{+, a, e}	04/27/15		8,323		3,589,674
Summit Partners Growth Equity Fund XI, L.P. ^{+, a, e}	10/01/21		2,366,837		2,549,026
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		2,701,875		2,797,416
TA XIII-B, L.P. ^{+, a, e}	05/02/19		4,012,500		18,129,783
TA XIV-B, L.P. ^{+, a, e}	05/27/21		10,321,250		11,758,587
TCV X, L.P. ^{+, a, e}	08/31/18		3,325,954		14,870,371
TCV XI (A), L.P. ^{+, a, e}	10/02/20		8,689,126		10,000,533
Thompson Street Capital Partners IV, L.P. ^{+, a, e}	12/10/15		1		6,269,934
Thompson Street Capital Partners V, L.P. ^{+, a, e}	05/04/18		1,354,320		8,531,011
Thompson Street Capital Partners VI, L.P. ^{+, a, e}	06/11/21		12,999,081		12,114,182
TPG Partners IX, L.P. ^{+, a, e}	12/23/22		1,287,907		1,408,331
TPG Partners VII, L.P. ^{+, a, e}	03/01/16		1		2,997,435
TPG Partners VIII, L.P. ^{+, a, e}	01/31/19		6,818,270		11,571,593
Trident IX, L.P. ^{+, a, e}	11/19/21		14,038,927		17,943,951
Trident VII, L.P. ^{+, a, e}	09/22/16		1,193,097		38,826,169
Trident VIII, L.P. ^{+, a, e}	04/05/19		13,125,517		24,941,594
Trident X, L.P. ^{+, a, e}	06/24/24		—		—
Vista Equity Partners Fund VII, L.P. ^{+, a, e}	08/31/18		17,467,290		20,990,669
Vista Equity Partners Fund VIII, L.P. ^{+, a, e}	04/28/22		17,310,960		19,879,300
Vistria Fund II, L.P. ^{+, a, e}	12/19/17		293,590		11,771,837
Vistria Fund III, L.P. ^{+, a, e}	06/19/19		10,076,545		14,128,989
Vistria Fund IV, L.P. ^{+, a, e}	03/31/21		12,415,512		15,310,436
Vistria Fund V, L.P. ^{+, a, e}	10/31/23		482,769		599,536
Warburg Pincus Global Growth 14, L.P. ^{+, a, e}	01/31/22		6,219,000		7,838,826
Warburg Pincus Global Growth, L.P. ^{+, a, e}	11/20/18		5,333,215		11,574,639
Welsh, Carson, Anderson & Stowe XII, L.P. ^{+, a}	12/19/14		1		7,156,124
Welsh, Carson, Anderson & Stowe XIII, L.P. ^{+, a, e}	12/20/18		6,660,857		16,588,578
Welsh, Carson, Anderson & Stowe XIV, L.P. ^{+, a, e}	01/19/22		2,157,385		2,153,776
West Street Offshore Infrastructure Partners IV ^{+, a, e}	11/02/22		8,335,974		9,153,158
Windjammer Senior Equity Fund IV, L.P. ^{+, a, e}	02/06/13		4,855		3,057,987
Total North America (8.41%)					1,345,056,797
Rest of World (0.56%)
Advent Latin American Private Equity Fund VI-H L.P. ^{+, a, e}	10/17/14		662,130		8,502,598
Patria - Brazilian Private Equity Fund IV, L.P. ^{+, a, e}	06/30/11		4,737,450		3,295,930

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 —

June 30, 2025 (Unaudited) (continued)

	Acquisition Date	Cost		Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
Rest of World (continued)
Polish Enterprise Fund VIII, L.P. ^{+, a, e}	09/15/17	$	38,254,188	$	77,129,643
Total Rest of World (0.56%)					88,928,171
Western Europe (4.45%)
Adagia Capital Europe S.L.P. ^{+, a, e}	06/01/21		5,476,103		7,211,088
Advent International GPE IX-C, L.P. ^{+, a, e}	05/31/19		15,380,794		28,091,944
Advent International GPE VII-B, L.P. ^{+, a, e}	07/01/12		1		1,010,464
Advent International GPE VIII-C, L.P ^{+, a, e}	03/22/16		1		6,741,694
Advent International GPE X (USD) ^{+, a, e}	05/31/22		9,529,257		11,411,286
Advent International GPE XI-C SCSp ^{+, a, e}	06/20/25		—		—
Apax X USD L.P. ^{+, a, e}	07/16/19		16,557,941		21,018,485
APAX XI USD L.P. ^{+, a, e}	06/30/22		7,540,761		8,567,164
Astorg Mid-Cap ^{+, a, e}	02/22/21		4,736,829		5,196,248
Astorg VI, FCPI ^{+, a, e}	06/30/16		1		3,838,282
Astorg VIII S.à.r.l. ^{+, a, e}	12/17/21		9,499,004		10,828,706
Axcel VI K/S ^{+, a, e}	02/21/20		11,584,808		24,830,003
Axcel VII K/S ^{+, a, e}	05/17/23		466,435		609,020
Bain Capital Europe Fund IV, L.P. ^{+, a, e}	09/01/14		1		2,938,646
Bain Capital Europe Fund VI, SCSp ^{+, a, e}	06/30/22		2,104,733		2,445,504
BC Partners XI, L.P. ^{+, a, e}	12/15/21		21,097,413		27,268,876
Bregal Unternehmerkapital IV-A SCSP ^{+, a, e}	05/23/24		1,296,558		601,116
CapVest Equity Partners III B, L.P. ^{+, a, e}	08/30/13		1		17,166
Capvis Equity V L.P. ^{+, a, e}	01/17/18		12,151,342		22,201,434
Carlyle Europe Partners IV, L.P. ^{+, a, e}	08/27/13		1		1
Carlyle Europe Partners V, L.P. ^{+, a, e}	04/23/18		7,269,598		7,538,851
CD&R Value Building Partners I, L.P. ^{+, a}	12/17/21		4,595,805		8,097,588
Charterhouse Capital Partners XI ^{+, a, e}	11/26/21		4,865,444		6,491,853
CVC Capital Partners IX L.P. ^{+, a, e}	05/12/23		140,086		149,858
CVC Capital Partners VI (A) L.P. ^{+, a, e}	07/05/13		39,622		6,198,028
CVC Capital Partners VIII, L.P. ^{+, a, e}	06/19/20		2,024,086		2,508,005
DPE Deutschland IV ^{+, a, e}	08/24/20		3,807,616		4,719,524
Egeria Private Equity Fund VI Coöperatief U.A. ^{+, a, e}	04/14/25		1,782,837		1,837,822
EPIC Fund III, SLP ^{+, a, e}	06/25/24		1,576,591		1,445,394
EQT IX, L.P. (USD) ^{+, a, e}	05/15/20		18,109,404		23,677,954
EQT Mid-Market (No.1) Feeder L.P. ^{+, a, e}	07/01/16		1		12,487,625
EQT X, L.P. (USD) ^{+, a, e}	04/28/22		12,017,054		12,562,628
Exponent Private Equity Partners V, L.P. ^{+, a, e}	06/28/24		2,964,382		3,743,396
GHO Capital IV ^{+, a, e}	04/11/25		—		—
Gilde Buy-Out Fund VI C.V. ^{+, a, e}	06/28/19		19,734,153		26,317,802
Graphite Capital Partners IX L.P. ^{+, a, e}	04/11/18		10,452,452		14,453,348
Hg Genesis 10 L.P. ^{+, a, e}	04/14/22		3,844,170		4,848,356
Hg Mercury 4 L.P. ^{+, a, e}	01/12/23		2,269,704		2,621,964
Hg Saturn 3 L.P. ^{+, a, e}	02/25/22		12,589,286		15,804,096
Hg Saturn 4 L.P. ^{+, a, e}	03/01/25		—		—
Hg Saturn I L.P. ^{+, a, e}	06/28/18		1		12,874,434
HgCapital 8 L.P. ^{+, a, e}	12/19/16		1		15,642,640
HgCapital Mercury 2 ^{+, a, e}	02/15/17		1		16,752,405
Impilo Healthcare AB ^{+, a, e}	02/28/25		—		—
Index Ventures Growth III (Jersey) L.P. ^{+, a}	03/18/15		1		25,621,344
KKR European Fund V (EUR) SCSp ^{+, a, e}	11/05/18		17,783,555		30,723,083
KKR European Fund VI (USD) ^{+, a, e}	11/01/21		14,707,823		12,860,140
Livingbridge 7 L.P. ^{+, a, e}	09/04/20		10,418,659		11,356,155
MCH Iberian Capital Fund V FCR ^{+, a, e}	12/10/21		12,177,145		21,152,290

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 —

June 30, 2025 (Unaudited) (continued)

	Acquisition Date	Cost		Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
Western Europe (continued)
Nordic Capital Evo GP, SCSp ^{+, a, e}	06/30/21	$	6,291,608	$	8,098,142
Nordic Capital Evolution II ^{+, a, e}	12/14/24		—		—
Nordic Capital IX, L.P. ^{+, a, e}	07/18/17		12,416,891		38,495,868
Nordic Capital X, L.P. ^{+, a, e}	09/30/20		15,071,651		25,328,275
Nordic Capital XI, L.P. ^{+, a, e}	05/01/22		19,112,165		22,861,472
Oakley Capital Fund V, SCSp ^{+, a, e}	04/28/22		5,646,414		6,583,787
Oakley Capital Private Equity Fund VI ^{+, a, e}	12/17/24		243,774		253,249
PAI Europe VI-1, L.P. ^{+, a, e}	03/12/15		1		4,027,696
PAI Partners VIII-1 SCSp ^{+, a, e}	05/12/22		10,598,970		12,328,049
Permira VII L.P. ^{+, a, e}	06/21/19		23,338,239		32,806,208
Permira VIII SCSp ^{+, a, e}	02/10/22		12,662,258		15,573,297
ProA Capital Iberian Buyout Fund IV, F.C.R. ^{+, a, e}	05/31/23		3,427,558		3,223,132
Rivean Capital Fund VII Cooperatief U.A. ^{+, a, e}	05/24/23		6,949,788		7,914,819
Sixth Cinven Fund (No.3) L.P. ^{+, a, e}	05/01/16		1		5,338,683
The Eighth Cinven Fund, L.P. ^{+, a, e}	07/05/22		2,424,726		2,429,014
The Paragon Partners Fund IV GmbH & Co. KG ^{+, a, e}	04/29/22		1,738,260		1,732,669
The Seventh Cinven Fund, L.P. ^{+, a, e}	04/16/19		23,504,783		34,806,019
Vitruvian Investment Partnership V ^{+, a, e}	10/07/22		2,520,530		2,450,371
Total Western Europe (4.45%)					711,564,460
Total Primary Investments (14.30%)		$	1,242,772,684	$	2,286,013,638

Total Private Equity Investments (Cost $10,339,340,590)(94.44%)				$	15,093,711,006

Total Investments (Cost $12,134,855,453)(106.26%)					16,983,588,174

Other Assets in Excess of Liabilities ((6.26)%)					(1,000,533,666	)

Net Assets^g (100.00%)				$	15,983,054,508

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

**	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 June 30, 2025, the aggregate value of these securities is $ 211,878,996 or 1.28% of the Fund's net assets.

#	As of June 30, 2025, 1 month EURIBOR was 1.93%.

##	As of June 30, 2025, 3 month EURIBOR was 1.94%.

###	As of June 30, 2025, 6 month EURIBOR was 2.05%.

####	As of June 30, 2025, 12 month EURIBOR was 2.07%.

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 —

June 30, 2025 (Unaudited) (continued)

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

†	As of June 30, 2025, 1 month Bank Bill Swap Rate was 3.61%.

††	As of June 30, 2025, 3 month Bank Bill Swap Rate was 3.60%.

>	As of June 30, 2025, 1 month Sterling Overnight Interbank Average Rate was 4.21%.

>>	As of June 30, 2025, 3 month Sterling Overnight Interbank Average Rate was 4.31%.

>>>	As of June 30, 2025, 6 month Sterling Overnight Interbank Average Rate was 4.43%.

¤ ¤	As of June 30, 2025, 3 month Stockholm Interbank Offered Rate was 2.14%.

v	As of June 30, 2025, 1 month Secured Overnight Financing Rate was 4.32%.

vv	As of June 30, 2025, 3 month Secured Overnight Financing Rate was 4.29%.

vvv	As of June 30, 2025, 6 month Secured Overnight Financing Rate was 4.15%.

vvvv	As of June 30, 2025, 12 month Secured Overnight Financing Rate was 3.88%.

a	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 June 30, 2025 was is $15,093,711,006 or 94.44% of net assets. Total aggregated cost of restricted securities as of June 30, 2025 was $10,339,340,590.

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 June 30, 2025.

g	Net Assets include $562,326,905 of Repurchase amounts payable for tender offers.

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

Forward Foreign Currency Contracts

Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
July 16, 2025	BNY Mellon	$	25,624,402	zl	100,000,000	$	26,779,076	$	(1,154,673	)
July 16, 2025	BNY Mellon	zl	90,000,000	$	24,102,174	$	24,101,168	$	(1,006	)
July 16, 2025	BNY Mellon	zl	10,000,000	$	2,678,020	$	2,677,907	$	(112	)
July 16, 2025	Barclays	$	98,285,733	€	90,000,000	$	102,954,383	$	(4,668,650	)
July 16, 2025	Barclays	$	32,762,016	€	30,000,000	$	34,318,128	$	(1,556,112	)
July 16, 2025	Barclays	$	43,569,240	£	33,000,000	$	44,588,194	$	(1,018,954	)
July 16, 2025	Barclays	£	20,000,000	$	27,023,746	$	27,023,148	$	(598	)
July 16, 2025	Barclays	£	13,000,000	$	17,565,435	$	17,565,046	$	(389	)
July 16, 2025	Barclays	€	70,000,000	$	80,045,182	$	80,075,631	$	30,449
July 16, 2025	Barclays	€	80,000,000	$	91,485,816	$	91,515,007	$	29,191
July 16, 2025	ING Barings (U.S.) Capital Markets	$	51,501,825	€	45,000,000	$	51,477,192	$	24,633
July 16, 2025	ING Barings (U.S.) Capital Markets	$	51,501,825	€	45,000,000	$	51,477,192	$	24,633

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 —

June 30, 2025 (Unaudited) (continued)

Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
July 16, 2025	ING Barings (U.S.) Capital Markets	€	60,000,000	$	68,618,010	$	68,636,255	$	18,245
July 16, 2025	Nomura International PLC	$	98,254,800	€	90,000,000	$	102,954,383	$	(4,699,583	)
July 16, 2025	Nomura International PLC	€	45,000,000	$	51,521,400	$	51,477,192	$	(44,208	)
July 16, 2025	Nomura International PLC	€	45,000,000	$	51,521,400	$	51,477,192	$	(44,208	)
July 23, 2025	BNY Mellon	$	25,638,153	zl	100,000,000	$	26,785,130	$	(1,146,977	)
July 23, 2025	BNY Mellon	zl	39,200,000	$	10,496,973	$	10,499,771	$	2,798
July 23, 2025	BNY Mellon	zl	20,000,000	$	5,355,598	$	5,357,026	$	1,428
July 23, 2025	BNY Mellon	zl	80,000,000	$	21,434,458	$	21,428,104	$	(6,354	)
July 23, 2025	Bank of America	$	21,887,455	Fr.	18,000,000	$	22,038,474	$	(151,019	)
July 23, 2025	Bank of America	Fr.	18,000,000	$	22,037,766	$	22,038,474	$	708
July 23, 2025	Barclays	$	98,338,761	€	90,000,000	$	103,043,787	$	(4,705,026	)
July 23, 2025	Barclays	$	32,787,315	€	30,000,000	$	34,347,929	$	(1,560,614	)
July 23, 2025	Barclays	$	98,335,665	€	90,000,000	$	103,043,787	$	(4,708,122	)
July 23, 2025	Barclays	$	10,121,917	zl	39,200,000	$	10,499,770	$	(377,853	)
July 23, 2025	Barclays	$	24,316,816	Fr.	20,000,000	$	24,487,193	$	(170,377	)
July 23, 2025	Barclays	Fr.	20,000,000	$	24,488,350	$	24,487,194	$	(1,156	)
July 23, 2025	Barclays	€	60,000,000	$	68,638,386	$	68,695,858	$	57,472
July 23, 2025	Barclays	€	70,000,000	$	80,151,813	$	80,145,168	$	(6,645	)
July 23, 2025	Barclays	€	80,000,000	$	91,660,624	$	91,594,477	$	(66,147	)
July 30, 2025	BNY Mellon	$	48,658,722	Fr.	40,000,000	$	49,011,066	$	(352,344	)
July 30, 2025	BNY Mellon	Fr.	30,000,000	$	36,758,444	$	36,758,299	$	(145	)
July 30, 2025	BNY Mellon	Fr.	10,000,000	$	12,253,266	$	12,252,766	$	(499	)
July 30, 2025	Bank of America	$	20,970,482	zl	80,000,000	$	21,436,335	$	(465,853	)
July 30, 2025	Bank of America	$	26,152,494	zl	100,000,000	$	26,795,420	$	(642,925	)
July 30, 2025	Bank of America	zl	60,000,000	$	16,075,874	$	16,077,252	$	1,378
July 30, 2025	Bank of America	zl	30,000,000	$	8,042,238	$	8,038,626	$	(3,612	)
July 30, 2025	Bank of America	zl	70,000,000	$	18,754,176	$	18,756,793	$	2,617
July 30, 2025	Bank of America	zl	20,000,000	$	5,361,492	$	5,359,084	$	(2,408	)
July 30, 2025	Barclays	$	16,804,696	£	13,000,000	$	17,569,167	$	(764,471	)
July 30, 2025	Barclays	$	98,407,413	€	90,000,000	$	103,201,565	$	(4,794,152	)
July 30, 2025	Barclays	$	76,531,651	€	70,000,000	$	80,267,884	$	(3,736,233	)
July 30, 2025	Barclays	$	35,649,650	£	27,000,000	$	36,489,807	$	(840,157	)
July 30, 2025	Barclays	£	20,000,000	$	27,030,952	$	27,029,487	$	(1,465	)
July 30, 2025	Barclays	£	20,000,000	$	27,030,952	$	27,029,487	$	(1,465	)
July 30, 2025	Barclays	€	10,000,000	$	11,469,133	$	11,466,841	$	(2,292	)
July 30, 2025	Barclays	€	70,000,000	$	80,262,833	$	80,267,884	$	5,051
July 30, 2025	Barclays	€	80,000,000	$	91,753,064	$	91,734,725	$	(18,339	)
August 13, 2025	BNY Mellon	$	36,555,497	Fr.	30,000,000	$	37,861,652	$	(1,306,155	)
August 13, 2025	BNY Mellon	$	26,221,324	zl	100,000,000	$	27,626,526	$	(1,405,202	)
August 13, 2025	BNY Mellon	$	36,823,144	Fr.	30,000,000	$	37,861,653	$	(1,038,508	)
August 13, 2025	Bank of America	$	44,473,236	€	40,000,000	$	47,053,643	$	(2,580,407	)
August 13, 2025	Bank of America	$	5,245,392	zl	20,000,000	$	5,525,306	$	(279,913	)
August 13, 2025	Barclays	$	76,767,294	£	60,000,000	$	82,191,192	$	(5,423,898	)
August 13, 2025	Barclays	$	100,421,127	€	90,000,000	$	105,870,697	$	(5,449,570	)
August 13, 2025	Barclays	$	77,827,925	€	70,000,000	$	82,343,876	$	(4,515,951	)
August 13, 2025	Barclays	$	12,186,743	Fr.	10,000,000	$	12,620,551	$	(433,808	)
August 13, 2025	Macquarie Bank Limited	$	81,040,050	€	70,000,000	$	82,343,876	$	(1,303,826	)
August 13, 2025	Macquarie Bank Limited	€	70,000,000	$	80,907,540	$	82,343,876	$	1,436,336
August 20, 2025	Bank of America	$	23,462,056	zl	90,000,000	$	24,859,798	$	(1,397,742	)
August 20, 2025	Bank of America	$	18,744,750	zl	70,000,000	$	19,335,399	$	(590,649	)
August 20, 2025	Bank of America	$	5,358,634	zl	20,000,000	$	5,524,399	$	(165,766	)
August 20, 2025	Barclays	$	84,761,258	Fr.	70,000,000	$	88,412,760	$	(3,651,502	)
August 20, 2025	Barclays	$	100,471,428	€	90,000,000	$	105,915,904	$	(5,444,476	)
August 20, 2025	Barclays	$	22,246,118	€	20,000,000	$	23,536,868	$	(1,290,750	)

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 —

June 30, 2025 (Unaudited) (continued)

Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
August 20, 2025	Barclays	$	33,399,213	€	30,000,000	$	35,305,301	$	(1,906,088	)
August 20, 2025	ING Barings (U.S.) Capital Markets	$	19,584,282	€	17,500,000	$	20,594,760	$	(1,010,478	)
August 20, 2025	Macquarie Bank Limited	$	81,076,450	€	70,000,000	$	82,379,037	$	(1,302,587	)
August 20, 2025	Macquarie Bank Limited	€	70,000,000	$	80,962,910	$	82,379,037	$	1,416,127
August 27, 2025	Bank of America	$	25,592,748	zl	100,000,000	$	27,610,473	$	(2,017,726	)
August 27, 2025	Barclays	$	84,808,291	Fr.	70,000,000	$	88,486,306	$	(3,678,015	)
August 27, 2025	Barclays	$	100,596,033	€	90,000,000	$	105,957,624	$	(5,361,591	)
August 27, 2025	Barclays	$	55,690,730	€	50,000,000	$	58,865,346	$	(3,174,616	)
August 27, 2025	Macquarie Bank Limited	$	81,112,850	€	70,000,000	$	82,411,485	$	(1,298,635	)
August 27, 2025	Macquarie Bank Limited	€	85,000,000	$	98,355,540	$	100,071,089	$	1,715,549
September 10, 2025	Bank of America	$	2,614,110	zl	10,000,000	$	2,760,597	$	(146,487	)
September 10, 2025	Bank of America	$	20,937,059	zl	80,000,000	$	22,084,777	$	(1,147,718	)
September 10, 2025	Bank of America	$	16,060,791	zl	60,000,000	$	16,563,583	$	(502,792	)
September 10, 2025	Bank of America	$	8,034,376	zl	30,000,000	$	8,281,791	$	(247,415	)
September 10, 2025	Barclays	$	52,820,420	£	40,000,000	$	54,811,811	$	(1,991,391	)
September 10, 2025	Barclays	$	27,039,178	£	20,000,000	$	27,405,906	$	(366,728	)
September 10, 2025	Barclays	$	91,829,960	€	80,000,000	$	94,277,379	$	(2,447,419	)
September 10, 2025	ING Barings (U.S.) Capital Markets	$	89,525,072	€	80,000,000	$	94,277,379	$	(4,752,307	)
September 10, 2025	ING Barings (U.S.) Capital Markets	$	89,582,712	€	80,000,000	$	94,277,379	$	(4,694,667	)
September 10, 2025	ING Barings (U.S.) Capital Markets	€	80,000,000	$	91,399,240	$	94,277,379	$	2,878,139
September 10, 2025	ING Barings (U.S.) Capital Markets	€	80,000,000	$	91,349,400	$	94,277,379	$	2,927,979
September 10, 2025	ING Barings (U.S.) Capital Markets	$	68,867,214	€	60,000,000	$	70,708,034	$	(1,840,820	)
September 10, 2025	Macquarie Bank Limited	$	81,188,450	€	70,000,000	$	82,492,706	$	(1,304,256	)
September 10, 2025	Macquarie Bank Limited	€	85,000,000	$	98,452,950	$	100,169,715	$	1,716,765
September 10, 2025	Nomura International PLC	$	28,771,150	€	25,700,000	$	30,286,608	$	(1,515,458	)
September 10, 2025	Nomura International PLC	$	62,231,215	€	55,700,000	$	65,640,625	$	(3,409,410	)
September 10, 2025	Nomura International PLC	$	5,592,900	€	5,000,000	$	5,892,336	$	(299,436	)
September 10, 2025	Nomura International PLC	€	8,640,000	$	94,582,080	$	101,819,569	$	7,237,489
September 17, 2025	BNY Mellon	$	10,484,266	zl	39,200,000	$	10,819,227	$	(334,961	)
September 17, 2025	BNY Mellon	$	5,349,116	zl	20,000,000	$	5,520,013	$	(170,898	)
September 17, 2025	Bank of America	$	19,469,386	zl	74,400,000	$	20,534,451	$	(1,065,065	)
September 17, 2025	Bank of America	$	4,081,227	zl	15,600,000	$	4,305,611	$	(224,384	)
September 17, 2025	Barclays	$	26,411,446	£	20,000,000	$	27,406,600	$	(995,154	)
September 17, 2025	Barclays	$	26,410,966	£	20,000,000	$	27,406,600	$	(995,634	)
September 17, 2025	Barclays	$	27,040,454	£	20,000,000	$	27,406,600	$	(366,146	)
September 17, 2025	Barclays	$	80,383,961	€	70,000,000	$	82,520,930	$	(2,136,969	)
September 17, 2025	Barclays	$	80,453,667	€	70,000,000	$	82,520,930	$	(2,067,263	)
September 17, 2025	ING Barings (U.S.) Capital Markets	$	70,020,094	€	62,500,000	$	73,679,402	$	(3,659,308	)
September 17, 2025	ING Barings (U.S.) Capital Markets	$	19,611,016	€	17,500,000	$	20,630,232	$	(1,019,216	)
September 17, 2025	ING Barings (U.S.) Capital Markets	$	89,683,560	€	80,000,000	$	94,309,634	$	(4,626,074	)
September 17, 2025	ING Barings (U.S.) Capital Markets	€	80,000,000	$	91,448,320	$	94,309,634	$	2,861,314
September 17, 2025	ING Barings (U.S.) Capital Markets	€	80,000,000	$	91,285,560	$	94,309,634	$	3,024,074
September 17, 2025	Macquarie Bank Limited	$	34,810,500	€	30,000,000	$	35,366,113	$	(555,613	)
September 17, 2025	Macquarie Bank Limited	€	15,000,000	$	17,385,000	$	17,683,056	$	298,056

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 —

June 30, 2025 (Unaudited) (continued)

Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
September 17, 2025	Macquarie Bank Limited	€	15,000,000	$	17,386,650	$	17,683,056	$	296,406
September 24, 2025	BNY Mellon	$	12,339,600	Fr.	10,000,000	$	12,683,903	$	(344,302	)
September 24, 2025	Bank of America	$	7,959,186	zl	30,400,000	$	8,388,095	$	(428,909	)
September 24, 2025	Bank of America	$	3,979,594	zl	15,200,000	$	4,194,047	$	(214,454	)
September 24, 2025	Bank of America	$	5,236,307	zl	20,000,000	$	5,518,484	$	(282,177	)
September 24, 2025	Bank of America	$	6,376,904	zl	24,400,000	$	6,732,550	$	(355,646	)
September 24, 2025	Barclays	$	48,995,950	Fr.	40,000,000	$	50,735,608	$	(1,739,658	)
September 24, 2025	Barclays	$	52,823,468	£	40,000,000	$	54,814,544	$	(1,991,076	)
September 24, 2025	Barclays	$	27,036,440	£	20,000,000	$	27,407,272	$	(370,832	)
September 24, 2025	Barclays	$	24,682,411	Fr.	20,000,000	$	25,367,804	$	(685,393	)
September 24, 2025	Barclays	$	68,929,908	€	60,000,000	$	70,760,619	$	(1,830,711	)
September 24, 2025	Barclays	$	92,049,672	€	80,000,000	$	94,347,492	$	(2,297,820	)
September 24, 2025	ING Barings (U.S.) Capital Markets	$	70,116,456	€	62,500,000	$	73,708,978	$	(3,592,522	)
September 24, 2025	ING Barings (U.S.) Capital Markets	$	19,616,840	€	17,500,000	$	20,638,514	$	(1,021,674	)
September 24, 2025	ING Barings (U.S.) Capital Markets	$	89,779,064	€	80,000,000	$	94,347,492	$	(4,568,428	)
September 24, 2025	ING Barings (U.S.) Capital Markets	€	80,000,000	$	91,435,400	$	94,347,492	$	2,912,092
September 24, 2025	ING Barings (U.S.) Capital Markets	€	80,000,000	$	91,341,080	$	94,347,492	$	3,006,412
September 24, 2025	Macquarie Bank Limited	$	81,260,900	€	70,000,000	$	82,554,055	$	(1,293,155	)
September 24, 2025	Macquarie Bank Limited	€	85,000,000	$	98,566,850	$	100,244,210	$	1,677,360
October 22, 2025	BNY Mellon	$	24,053,174	zl	90,000,000	$	24,820,401	$	(767,227	)
October 22, 2025	Bank of America	$	22,290,177	Fr.	18,000,000	$	22,907,087	$	(616,910	)
October 22, 2025	Barclays	$	11,534,303	€	10,000,000	$	11,816,465	$	(282,162	)
October 22, 2025	Barclays	$	92,274,424	€	80,000,000	$	94,531,718	$	(2,257,294	)
October 29, 2025	BNY Mellon	$	2,672,255	zl	10,000,000	$	2,757,339	$	(85,083	)
October 29, 2025	BNY Mellon	$	21,392,010	zl	80,000,000	$	22,058,706	$	(666,696	)
October 29, 2025	Barclays	$	17,577,879	£	13,000,000	$	17,819,829	$	(241,950	)
October 29, 2025	Barclays	$	80,756,669	€	70,000,000	$	82,749,717	$	(1,993,048	)
December 10, 2025	ING Barings (U.S.) Capital Markets	$	91,941,856	€	80,000,000	$	93,035,728	$	(1,093,872	)
December 10, 2025	ING Barings (U.S.) Capital Markets	$	99,189,180	€	85,700,000	$	99,664,523	$	(475,343	)
December 10, 2025	ING Barings (U.S.) Capital Markets	€	85,700,000	$	99,900,490	$	99,664,523	$	(235,967	)
December 10, 2025	ING Barings (U.S.) Capital Markets	€	80,000,000	$	93,256,000	$	93,035,728	$	(220,272	)
December 10, 2025	Nomura International PLC	$	56,813,913	€	50,700,000	$	58,961,392	$	(2,147,479	)
December 10, 2025	Nomura International PLC	$	39,238,850	€	35,000,000	$	40,703,131	$	(1,464,281	)
December 10, 2025	Nomura International PLC	€	85,700,000	$	99,259,454	$	99,664,523	$	405,069
March 11, 2026	ING Barings (U.S.) Capital Markets	$	92,447,536	€	80,000,000	$	95,210,334	$	(2,762,798	)
March 11, 2026	Nomura International PLC	$	62,576,165	€	55,700,000	$	66,290,195	$	(3,714,030	)
March 11, 2026	Nomura International PLC	$	23,268,870	€	20,700,000	$	24,635,674	$	(1,366,804	)
March 11, 2026	Nomura International PLC	$	11,228,500	€	10,000,000	$	11,901,292	$	(672,792	)
June 10, 2026	ING Barings (U.S.) Capital Markets	$	92,853,800	€	80,000,000	$	95,633,501	$	(2,779,701	)
June 10, 2026	Macquarie Bank Limited	$	100,073,050	€	85,000,000	$	101,610,595	$	(1,537,545	)
June 10, 2026	Nomura International PLC	$	45,076,000	€	40,000,000	$	47,816,750	$	(2,740,750	)
June 10, 2026	Nomura International PLC	$	51,526,979	€	45,700,000	$	54,630,637	$	(3,103,658	)
September 9, 2026	ING Barings (U.S.) Capital Markets	$	93,260,776	€	80,000,000	$	96,085,472	$	(2,824,696	)

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 —

June 30, 2025 (Unaudited) (continued)

Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
September 9, 2026	Macquarie Bank Limited	$	100,480,200	€	85,000,000	$	102,090,814	$	(1,610,614	)
September 9, 2026	Nomura International PLC	$	62,872,768	€	55,700,000	$	66,899,510	$	(4,026,742	)
September 9, 2026	Nomura International PLC	$	17,735,505	€	15,700,000	$	18,856,774	$	(1,121,269	)
September 9, 2026	Nomura International PLC	$	16,950,450	€	15,000,000	$	18,016,026	$	(1,065,576	)
December 2, 2026	ING Barings (U.S.) Capital Markets	$	93,487,960	€	80,000,000	$	96,426,658	$	(2,938,698	)
December 2, 2026	Macquarie Bank Limited	$	100,839,886	€	85,000,000	$	102,453,324	$	(1,613,438	)
December 2, 2026	Nomura International PLC	$	93,757,943	€	85,700,000	$	103,297,058	$	(9,539,115	)
March 10, 2027	ING Barings (U.S.) Capital Markets	$	93,825,448	€	80,000,000	$	96,675,315	$	(2,849,867	)
March 10, 2027	Macquarie Bank Limited	$	83,361,278	€	70,000,000	$	84,590,901	$	(1,229,623	)
March 10, 2027	Macquarie Bank Limited	$	17,873,400	€	15,000,000	$	18,126,622	$	(253,222	)
March 10, 2027	Nomura International PLC	$	96,847,488	€	86,400,000	$	104,409,340	$	(7,561,852	)
June 16, 2027	ING Barings (U.S.) Capital Markets	$	102,532,637	€	85,700,000	$	103,923,166	$	(1,390,529	)
June 16, 2027	ING Barings (U.S.) Capital Markets	$	95,697,080	€	80,000,000	$	97,011,123	$	(1,314,043	)
June 16, 2027	Macquarie Bank Limited	$	83,694,506	€	70,000,000	$	84,884,733	$	(1,190,227	)
June 16, 2027	Macquarie Bank Limited	$	17,938,350	€	15,000,000	$	18,189,586	$	(251,236	)
								$	(195,641,387	)

Legend:

£	- British Pound

€	- Euro

BBSY	- Bank Bill Swap Rate

E	- EURIBOR

Fr.	- Swiss Franc

PIK	- Payment-in-kind

S	- Sterling Overnight Interbank Average Rate

SF	- Secured Overnight Financing Rate

SR	- Stockholm Interbank Offered Rate

zl	- Polish Zloty

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

The information contained in this section should be read in conjunction with the Fund’s audited consolidated financial statements contained in its annual report for the year ended March 31, 2025.

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”).

Partners Group (USA) Inc. (the “Adviser”) determines the fair value of the Fund’s Private Equity Investments in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and the Fund's valuation procedures (the “Valuation Procedures”), which have been approved by the board of managers of the Fund (the “Board”). As authorized by the Valuation Procedures, the Adviser values the Fund’s Private Equity Investments in consultation with its affiliates. 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.

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 the valuation attributable to the same Private Equity Investment held by another client or by one of its affiliates or by a client of one of its affiliates might differ due to differences in accounting, regulatory and other factors applicable to the Fund and to such other client or the Adviser’s affiliate.

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 (A) 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 (B) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs). This distinction determines the classification of fair value measurements for disclosure purposes.

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

●

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 June 30, 2025:

Investments	Level 1		Level 2			Level 3		Total
Common Stocks	$	624,235,728	$	—		$	—	$	624,235,728
High Yield Bonds		—		171,255,971			—		171,255,971
Asset-Backed Securities		—		—			79,036,744		79,036,744
Floating Rate Loans		—		—			1,015,348,725		1,015,348,725
Direct Investments:		—		—			—		—
Direct Equity		71,285,085		730,307			9,050,510,420		9,122,525,812
Direct Debt		—		4,838,882			981,667,479		986,506,361
Total Direct Investments	$	71,285,085	$	5,569,189		$	10,032,177,899	$	10,109,032,173
Secondary Investments		—		—			2,698,665,195		2,698,665,195
Primary Investments		—		—			2,286,013,638		2,286,013,638
Total Investments	$	695,520,813	$	176,825,160		$	16,111,242,201	$	16,983,588,174
Other Financial Instruments
Assets
Foreign Currency Exchange Contracts	$	—	$	34,007,770		$	—	$	34,007,770
Total Assets	$	—	$	34,007,770		$	—	$	34,007,770
Liabilities
Foreign Currency Exchange Contracts	$	—	$	(229,649,157	)	$	—	$	(229,649,157	)
Total Liabilities	$	—	$	(229,649,157	)	$	—	$	(229,649,157	)
Total Investments Net of Foreign Currency Exchange Contracts	$	695,520,813	$	(18,816,227	)	$	16,111,242,201	$	16,787,946,787

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

	Balance as of April 1, 2025		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 June 30, 2025
Asset-Backed Securities	$	77,121,627	$	25,928		$	1,438,251	$	3,930,000	$	(3,483,468	)	$	4,406	$	—		$	79,036,744
Floating Rate Loans	$	326,426,005	$	(106,987	)	$	30,268,268	$	964,726,363	$	(309,406,982	)	$	480,055	$	2,962,003		$	1,015,348,725
Direct Investments:
Direct Equity Investments	$	8,585,997,164	$	78,798,842		$	458,976,986	$	81,044,995	$	(154,307,567	)	$	—	$	—		$	9,050,510,420
Direct Debt Investments	$	1,404,999,348	$	213,101		$	33,602,653	$	468,847,917	$	(923,826,973	)	$	793,436	$	(2,962,003	)	$	981,667,479
Total Direct Investments*	$	9,990,996,512	$	79,011,943		$	492,579,639	$	549,892,912	$	(1,078,134,540	)	$	793,436	$	(2,962,003	)	$	10,032,177,899
Secondary Investments*	$	2,671,931,827	$	1,000,570		$	43,475,873	$	100,564,765	$	(118,307,840	)	$	—	$	—		$	2,698,665,195
Primary Investments*	$	2,201,976,666	$	251,178		$	60,008,183	$	59,794,006	$	(36,016,395	)	$	—	$	—		$	2,286,013,638
Total	$	15,268,452,637	$	80,182,632		$	627,770,214	$	1,678,908,046	$	(1,545,349,225	)	$	1,277,897	$	—		$	16,111,242,201

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; 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. 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. For the three months ended June 30, 2025, transfers out of Level 3 were due to increased price transparency.

The amount of the net change in unrealized appreciation (depreciation) for the three months ended June 30, 2025 relating to investments in Level 3 assets still held at June 30, 2025 is $612,621,000, which is included as a component of net change in accumulated unrealized depreciation on investments on the Consolidated Statement of Operations.

The following is a summary of quantitative information about significant unobservable valuation inputs approved by the Adviser for Level 3 Fair Value Measurements for investments held as of June 30, 2025:

Type of Security	Fair Value at June 30, 2025 (000’s)*		Valuation Technique(s)	Unobservable Input	Range (weighted average)
Asset Backed Securities	$	79,037	Adjusted reported net asset value	Reported net asset value	n/a
Floating Rate Loans	$	406,088	Adjusted reported net asset value	Reported net asset value	n/a
Direct Equity	$	1,015,349	Discounted cash flow	Discount factor	9.20% – 20.31% (15.56%)
		7,158,019	Market comparable companies	Enterprise value to EBITDA multiple	3.20x – 32.50x (17.59x)
		106,820	Market comparable companies	Price to book ratio	1.90x – 1.90x (1.90x)
		224,899	Exit price	Recent transaction price	n/a
		553,550	Recent financing/transaction	Recent transaction price	n/a
		7,865	Reported fair value	Reported fair value	n/a
		168,761	Market comparable companies	Enterprise value to sales multiple	1.34x– 18.50x (10.28x)
Direct Debt	$	524,398	Broker quotes	Indicative quotes for an inactive market	n/a
		370,182	Discounted cash flow	Discount factor	8.00% – 28.00% (9.87%)
		738	Market comparable companies	Enterprise value to EBITDA multiple	8.00x – 14.00x (10.79x)
		46,538	Exit price	Recent transaction price	n/a
		30,190	Recent financing/transaction	Recent transaction price	n/a
		9,621	Market comparable companies	Enterprise value to sales multiple	14.10x – 14.10x (14.10x)
Primary and Secondary Investments	$	4,984,679	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.

Forward Foreign Currency Exchange Contracts

The Fund may enter into 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 into a closing transaction or by the delivery or receipt of the currency. The potential inability of counterparties to meet the terms of their contracts and 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 three months ended June 30, 2025, the Fund entered into 192 long/short forward foreign currency exchange contracts. The Fund had $(120,416,671) in net realized gains (losses) and $(141,904,903) net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts. The outstanding forward foreign currency exchange contract amounts at June 30, 2025 are representative of contract amounts during the period.

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 June 30, 2025:

	Shares/ Principal as of June 30, 2025		Fair Value as of March 31, 2025		Gross Additions⁽¹⁾			Gross Reductions⁽²⁾			Realized Gains/ Losses			Change in Unrealized Gains (Losses)			Fair Value as of June 30, 2025		Affiliated Income/ Accretion of Discount
Non-Controlled Affiliates
Bock Capital JVCo Nature S.à.r.l.		12,590,000,000	$	241,107,667	$	-		$	-		$	-		$	54,073,840		$	295,181,507	$	-
CapitalSpring Finance Company, LLC		6,166,980		5,209,283		155,851			-			-			100,103			5,465,237		155,851
Confluent Health Holdings LP		30,344		70,678,267		-			-			-			863,423			71,541,690		400,432
Dermatology Holdings, L.P.⁽⁴⁾		-		171,952,426		-			-			-			71,651			172,024,077		-
Ecom Express Private Limited⁽⁴⁾⁽⁵⁾		63,417		7,672,908		1			-			-			(7,672,909	)		-		-
ECP Parent, LLC		114,028,360		116,129,850		-			-			-			751,203			116,881,053		162,120
EdgeCore Holdings LP⁽⁴⁾		-		155,593,184		2,386,547			-			-			21,057,397			179,037,128		-
Encore Holdings LP		67,986		151,981,910		-			-			-			8,460,394			160,442,304		-
EnfraGen LLC		37,786		90,596,577		32,063			-			-			(37,712	)		90,590,928		2,138,365
Gateway Fleets Holdings, LP⁽⁴⁾		-		1,816,000		17,960			-			-			(17,960	)		1,816,000		-
Green DC LuxCo Sarl		46,167,289		249,885,870		5,124,990			(6,156	)		-			25,917,973			280,922,677		-
Icebox Holdco I Inc⁽⁴⁾		-		62,798,626		-			-			-			199,082			62,997,708		760,180
Icebox Parent LP⁽⁴⁾		-		303,143,923		-			-			-			1,155,136			304,299,059		-
Idera, Inc.⁽⁴⁾		-		1,136,766		-			(1,219,975	)		-			83,209			-		732,017
Idera Parent L.P.⁽⁴⁾		-		180,121,935		-			-			-			(11,440,792	)		168,681,143		203,748
KPOCH Holdings, L.P.⁽⁴⁾		-		200,518,312		-			-			-			(583,312	)		199,935,000		1,279,511
KPSKY Holdings L.P.⁽⁴⁾		-		45,279,023		-			-			-			59,472			45,338,495		148,950
Luxembourg Investment Company 285 S.à.r.l.⁽⁶⁾		14,865,773		9,221,658		-			-			-			(3,183,348	)		6,038,310		-
Luxembourg Investment Company 293 S.à.r.l.		9,789,622		53,001,474		1			(7,909,820	)		(1,135,995	)		(5,413,346	)		38,542,314		-
Luxembourg Investment Company 314 S.à.r.l.⁽⁶⁾		192,000		1		-			-			-			-			1		-
Luxembourg Investment Company 404 S.à r.l.		145,800		23,771,673		-			(4,659	)		197			2,158,128			25,925,339		-
Luxembourg Investment Company 414 S.à r.l.		12,316,087		113,657,149		-			(3,927	)		(229	)		12,449,158			126,102,151		-
Luxembourg Investment Company 430 S.à r.l.		52,594,635		79,722,892		-			(2,874	)		(249	)		4,842,313			84,562,082		62,148
MHS Acquisition Holdings, LLC		35,641		510,423		-			-			-			(70,954	)		439,469		-
MHS Blocker Purchaser L.P.⁽⁴⁾		-		39,465,468		-			-			-			(5,486,095	)		33,979,373		-
Orbiter Investments S.à.r.l.		8,568,857		225,400,615		-			-			-			1,893,921			227,294,536		-
Partners Group Satellite HoldCo S.à.r.l.		14,993,879		39,639,485		27,940			-			-			3,664,987			43,332,412		-
Partners Group Satellite Warehouse S.C.S.⁽⁴⁾		-		1,061,955		677			-			-			65,378			1,128,010		-
Partners Terra Pte. Ltd.		7,980,885		11,267,935		-			(5,004	)		(838	)		316,741			11,578,834		-
PG BRPC Investment, LLC		32,079		76,446,421		-			-			-			2,694,180			79,140,601		402,739
PG Delta Holdco, LLC		42,616		111,748,823		-			-			-			(10,316,493	)		101,432,330		461,039
PG Esmeralda Pte. Ltd.		12,790,872		13,641,842		-			(3,906	)		-			7,906,663			21,544,599		-
PG Investment Company 18 S.à.r.l.		126,506,637		221,932,059		-			(455	)		41			28,931,125			250,862,770		483,074
PG Investment Company 24 S.à.r.l.		102,251,076		152,967,457		-			-			-			21,717,094			174,684,551		700,666
PG Investment Company 60 S.à.r.l.		894,375		6,835,284		1,677,409			-			-			1,312,574			9,825,267		-
PG Investment Company 76 S.à.r.l.		43,837,247		47,907,475		-			(686	)		9			4,612,123			52,518,921		-
PG Lion Management Warehouse S.C.S⁽⁴⁾⁽⁶⁾		-		64,839		-			-			-			(10,339	)		54,500		-
PG TLP S.à r.l.		6,473,126		141,565,096		(1	)		(5,193	)		(361	)		21,127,191			162,686,732		-
PG Wave Limited		53,215,581		103,594,992		-			-			-			6,674,726			110,269,718		-
Pharmathen GP S.à r.l.		110,300		1		-			-			-			-			1		-
Pharmathen Topco S.à r.l.		102,498,368		132,405,722		-			(3,128	)		(45	)		18,717,890			151,120,439		-
Polyusus Lux XVI S.à.r.l.		533,762,359		2,998,142		7,961			(434	)		53			251,731			3,257,453		-
Root JVCo S.à r.l.		29,599,124		126,884,066		40,865			(3,021	)		(104	)		12,619,048			139,540,854		125,018
SnackTime PG Holdings, Inc.		12		-		(1	)		-			-			1			-		54,523
Specialty Pharma Holdings LP⁽⁴⁾		-		143,805,401		-			-			-			28,510			143,833,911		225,908
Sunsure Energy Private Limited		4,942,819		22,603,243		6,857			(2,288	)		-			1,204,749			23,812,561		71,700
SureWerx Topco, L.P.⁽⁴⁾		-		65,339,470		-			-			-			5,033,701			70,373,171		335,299
Surfaces SLP (SCSp)⁽⁴⁾		-		23,277,717		-			-			-			913,213			24,190,930		-
Thermostat Purchaser, L.P.⁽⁴⁾		-		113,403,193		-			-			-			441,967			113,845,160		-
WHCG Purchaser, L.P.		10,934,833		27,437,454		-			-			-			(1,453,933	)		25,983,521		-
Zenith Longitude Limited		26,838,037		364,712,669		-			-			-			(7,099,735	)		357,612,934		4,299,165
Zoncolan Topco S.à r.l.		25,768,622		105,475,627		33,891,851			(33,899,088	)		(2,397,778	)		11,935,046			115,005,658		-
Total Non-Controlled Affiliates			$	4,657,390,248	$	43,370,971		$	(43,070,614	)	$	(3,535,299	)	$	231,518,113		$	4,885,673,419	$	13,202,453

⁽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 June 30, 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.

Subsequent Events

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