Partners Group Private Equity (Master Fund), LLC Form NPORT-P Filed 2024-02-29

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 —

December 31, 2023 (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 December 31, 2023, is set forth below:

INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS

Industry

Acquisition
Date

Fair
Value

Common Stocks (1.24%)

North America (0.68%)

American Tower Corp.

Communication

05/29/20

34,189

7,386,533

American Water Works Co., Inc.

Utilities

02/16/16

53,279

7,032,295

Apollo Global Management, LLC

Diversified Financial Services

09/05/23

31,608

2,944,917

Ares Capital Corp.

Diversified Financial Services

02/16/16

141,722

2,838,692

Ares Management Corp.

Diversified Financial Services

06/28/19

20,960

2,492,144

Atmos Energy Corp.

Utilities

02/16/16

35,557

4,121,056

Blackstone Group, Inc.

Diversified Financial Services

07/12/19

30,514

3,995,198

Brookfield Asset Management, Inc.

Diversified Financial Services

07/18/22

28,626

1,149,580

Brookfield Corp.

Diversified Financial Services

12/12/22

30,526

1,224,703

Canadian National Railway Co.

Transportation

05/14/19

33,222

4,186,534

CMS Energy Corp.

Utilities

11/01/19

87,915

5,103,466

Crown Castle International Corp.

Communication

02/16/16

30,977

3,567,621

CSX Corp.

Transportation

11/28/23

66,772

2,314,985

Equinix Inc.

Diversified Financial Services

07/31/20

4,650

3,745,063

Fortis Inc.

Utilities

12/18/17

78,949

3,257,422

Golub Capital BDC Inc.

Diversified Financial Services

02/24/22

189,765

2,865,452

HarbourVest Global Private Equity

Diversified Financial Services

12/21/18

82,676

2,486,448

KKR & Co., Inc.

Diversified Financial Services

02/16/16

71,534

5,925,877

Oaktree Specialty Lending Corp.

Financials

04/07/21

114,385

2,335,721

Onex Corporation

Diversified Financial Services

02/16/16

26,142

1,829,481

Republic Services Inc.

Commercial & Professional Services

08/28/17

35,956

5,928,785

SBA Communications Corp.

Real Estate

09/05/23

13,622

3,455,629

Sempra Energy

Utilities

06/28/23

28,100

2,100,756

TC Energy Corp.

Utilities

11/01/19

45,416

1,780,852

The Williams Companies, Inc.

Utilities

03/20/23

54,869

1,911,087

TPG Specialty Lending, Inc.

Diversified Financial Services

01/25/23

104,644

2,258,218

Udemy, Inc.

Transportation

12/14/23

884

Union Pacific Corp.

Transportation

06/29/16

19,401

4,766,244

Waste Management Inc.

Utilities

07/02/20

17,423

3,122,899

Total North America (0.68%)

96,128,542

Western Europe (0.56%)

3i Group Plc

Diversified Financial Services

10/01/20

175,294

5,405,930

Aena SA

Transportation

12/21/18

39,774

7,209,326

Apax Global Alpha Ltd.

Diversified Financial Services

01/19/21

485,904

993,214

BBGI SICAV S.A.

Diversified Financial Services

03/21/19

2,930,094

5,287,286

Cellnex Telecom SA

Communication

05/15/19

228,106

8,984,945

Elia System Operator SA/NV

Utilities

11/03/22

25,487

3,182,119

EQT AB

Diversified Financial Services

04/06/20

69,107

1,947,235

HBM Healthcare Investments AG

Diversified Financial Services

04/07/20

5,024

1,086,658

HgCapital Trust PLC

Diversified Financial Services

02/12/16

1,142,673

6,232,377

HICL Infrastructure Co Ltd.

Diversified Financial Services

03/30/16

2,266,101

4,002,492

ICG Graphite Enterprise Trust PLC

Diversified Financial Services

02/12/16

119,861

1,863,484

Intermediate Capital Group PLC

Diversified Financial Services

12/12/16

130,026

2,783,732

Investment AB Kinnevik

Diversified Financial Services

04/06/20

287,319

3,076,924

Investor AB

Diversified Financial Services

08/28/17

164,963

3,817,271

National Grid PLC

Utilities

02/12/16

366,270

4,938,272

NB Private Equity Partners Ltd.

Diversified Financial Services

11/06/19

72,012

1,530,696

Orsted AS

Utilities

06/15/21

24,183

1,341,362

Pantheon International Participations Plc

Diversified Financial Services

11/04/19

413,440

1,628,017

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 —

December 31, 2023 (Unaudited) (continued)

Industry

Acquisition
Date

Fair
Value

Public Investments (continued)

Common Stocks (continued)

Western Europe (continued)

Terna Rete Elettrica Nazionale SpA

Utilities

01/05/18

620,822

5,178,849

Vinci SA

Transportation

02/12/16

64,738

8,132,778

Total Western Europe (0.56%)

78,622,967

Total Common Stocks (Cost $145,954,179)(1.24%)

174,751,509

Asset-Backed Securities (0.37%)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

North America (0.17%)

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

6.51% + SFvv

09/22/21

10/15/34

Series 2021-6A, Class E

1,500,000

1,505,313

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

7.00% + SFvv

04/20/22

07/16/35

Series 2022-4A, Class E

1,250,000

1,295,917

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

7.27% + SFvv

04/05/22

04/21/35

Series 2022-3A, Class E

1,000,000

1,026,985

Madison Park Funding LX Ltd. ⁺

5.50% + SFvv

11/28/22

10/25/35

Series 2022-60A, Class D

1,000,000

1,022,965

Madison Park Funding LX Ltd. ⁺

8.95% + SFvv

11/28/22

10/25/35

Series 2022-60A, Class E

1,250,000

1,320,235

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

6.46% + SFvv

10/01/21

10/25/34

Series 2021-30A, Class E

1,625,000

1,641,693

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

6.40% + SFvv

02/04/22

04/15/35

Series 2019-24A, Class ER

4,000,000

3,982,296

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

6.21% + SFvv

08/02/21

07/25/34

Series 2020-26A, Class ER

1,000,000

1,003,484

Neuberger Berman CLO XXI Ltd. ^{***, +}

3.56% + SFvv

04/02/21

04/20/34

Series 2016-21A, Class DR2

500,000

501,376

Neuberger Berman CLO XXI Ltd. ^{***, +}

6.72% + SFvv

04/02/21

04/20/34

Series 2016-21A, Class ER2

1,000,000

1,008,382

Neuberger Berman Loan Advisers CLO 45 Ltd. ^{***, +}

6.51% + SFvv

10/07/21

10/14/35

Series 2021-45A, Class E

1,000,000

1,010,656

Ocean Trails CLO IX ^{***, +}

7.71% + SFvv

09/22/21

10/15/34

Series 2020-9A, Class ER

2,647,264

2,526,404

Ocean Trails CLO XII Ltd. ^{***, +}

8.11% + SFvv

05/13/22

07/20/35

Series 2022-12A, Class E

1,000,000

997,243

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

6.51% + SFvv

11/16/21

07/20/32

Series 2019-4A, Class ER

800,000

792,659

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

6.76% + SFvv

03/12/21

04/19/34

Series 2021-25A, Class E

752,616

754,486

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

7.10% + SFvv

04/27/22

04/24/35

Series 2022-33A, Class E

1,250,000

1,281,396

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

6.61% + SFvv

04/09/21

04/20/34

Series 2021-1A, Class E

500,000

511,721

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

6.51% + SFvv

05/10/21

07/15/34

Series 2021-1A, Class E

1,000,000

1,022,389

Total North America (0.17%)

23,205,600

Western Europe (0.20%)

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

6.16% + E##

03/08/21

04/17/34

Series 5A, Class ER

1,500,000

1,646,030

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

5.86% + E##

02/04/22

05/15/34

Series 7A, Class E

1,521,243

1,575,423

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Public Investments (continued)

Asset-Backed Securities (continued)

Western Europe (continued)

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

9.12% + E##

02/23/22

04/15/35

Series 26A, Class F

1,200,000

1,271,811

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

6.51% + E##

02/23/22

04/15/35

Series 26A, Class E

750,000

812,844

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

3.30% + E##

02/03/22

01/20/36

Series 8A, Class DR

1,000,000

1,027,158

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

6.26% + E##

02/03/22

01/20/36

Series 8A, Class ER

2,500,000

2,566,338

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

6.25% + SFvv

01/28/22

04/21/35

Series 2022-1A, Class E

2,625,000

2,542,460

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

6.12% + E##

05/01/21

04/15/34

Series 2021-1A, Class D

333,000

344,558

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

0.00%

01/20/22

01/16/33

Series 2015-1A, Class SUB

3,000,000

1,202,563

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

5.50% + E##

01/20/22

01/16/33

Series 2015-1A, Class DR

1,502,063

1,577,340

Carysfort Park CLO ^{***, +}

6.14% + E##

03/12/21

07/28/34

Series 2021-1A, Class D

500,000

542,847

CVC Cordatus Loan Fund ⁺

6.16% + E##

11/07/22

01/15/37

Series 26A, Class D1

1,100,000

1,258,413

CVC Cordatus Loan Fund ⁺

7.73% + E##

11/07/22

01/15/37

Series 26A, Class D2

400,000

461,847

Edmondstown Park CLO DAC ⁺

6.19% + E##

11/18/22

07/21/35

Series 1A, Class D

1,100,000

1,250,694

Edmondstown Park CLO DAC ⁺

6.77% + E##

11/18/22

07/21/35

Series 1A, Class E

1,250,000

1,439,034

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

7.20% + SFvv

04/21/22

07/15/37

Series 2022-1A, Class E

2,140,000

2,139,050

Otranto Park CLO ^{***, +}

7.05% + E##

03/04/22

05/15/35

Series 1A, Class E

1,172,000

1,281,551

Otranto Park CLO ^{***, +}

4.15% + E##

03/04/22

05/15/35

Series 1A, Class D

750,000

824,942

Palmer Square European Loan Funding 2021-1 DAC ^{***, +}

5.95% + E##

08/02/21

04/15/31

Series 2021-1A, Class E

714,000

773,301

Palmer Square European Loan Funding 2021-2 DAC ^{***, +}

8.05% + E##

10/15/21

07/15/31

Series 2021-2A, Class F

375,000

389,489

Palmer Square European Loan Funding 2021-2 DAC ^{***, +}

5.90% + E##

10/15/21

07/15/31

Series 2021-2A, Class E

625,000

670,945

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

5.90% + E##

02/03/22

10/15/31

Series 2022-1A, Class E

667,000

711,911

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

8.05% + E##

02/03/22

10/15/31

Series 2022-1A, Class F

500,000

517,074

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

7.37% + E##

03/17/22

10/15/31

Series 2022-2A, Class E

1,500,000

1,648,493

Total Western Europe (0.20%)

28,476,116

Total Asset-Backed Securities (Cost $52,195,404)(0.37%)

51,681,716

Private Equity Investments (96.15%)

Direct Investments ^* (69.20%)

Direct Equity (61.26%)

Investment Type

Acquisition
Date

Fair
Value^**

Asia - Pacific (3.85%)

AAVAS Financiers Limited ^{+, a}

Common equity

06/23/16

3,891,752

64,932,449

Argan Mauritius Limited ^{+, a}

Common equity

05/09/16

106,215

19,059,581

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

Limited partnership interest

05/13/21

—

31,268,793

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

Common equity

05/14/21

5,486,085

8,218,337

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

Common equity

03/03/21

5,433,284

4,070,464

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 —

December 31, 2023 (Unaudited) (continued)

Investment Type

Acquisition
Date

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Equity (continued)

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

Preferred equity

03/03/21

488,996

36,634,175

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

Preferred equity

09/26/22

78,171

9,922,069

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

Common equity

04/25/22

118,793

1,448,554

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

Preferred equity

04/25/22

2,257,072

27,522,517

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

Member interest

12/27/22

—

7,523,306

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

Common equity

12/27/22

481,884

541,475

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

Preferred equity

12/27/22

1,927,535

2,006,215

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

Limited partnership interest

01/10/19

—

23,310,548

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

Common equity

08/13/21

26,838,037

305,779,788

Total Asia - Pacific (3.85%)

542,238,271

North America (29.50%)

Alliant Insurance Services, Inc. ^{+, a, c, e}

Limited partnership interest

12/01/21

—

36,727,088

AmSurg HoldCo, LLC ^{+, a}

Common equity

11/03/23

896,098

31,671,279

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

Limited partnership interest

05/02/16

—

8,608,177

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

Limited partnership interest

01/31/20

—

61,437,252

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

Limited partnership interest

04/28/21

—

12,808,058

BCPE Hercules Holdings, L.P. ^{+, a, c, e}

Limited partnership interest

07/30/18

—

73,458,368

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

Common equity

01/01/21

14,561

316,755

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

Common equity

03/01/17

3,020,546

2,690,874

CB Poly Holdings, LLC ^{+, a}

Preferred equity

08/16/16

171,270

47,967,340

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

Common equity

01/01/21

56,634

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

Common equity

01/06/21

1,145,918

—

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

Member interest

10/17/22

—

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

Limited partnership interest

10/14/20

—

289,847,637

Checkers Topco, LLC ^{+, a}

Common equity

06/16/23

9,517

74,966

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

Common equity

05/30/19

30,362

74,578,745

ConvergeOne Investment L.P. ^{+, a}

Common equity

07/03/19

3,120

—

Cowboy Topco, Inc. ^{+, a}

Common equity

05/18/22

1,348,750

1,562,690

Cure Holdings, LLC ^{+, a}

Common equity

05/13/21

241,557

1,379,360

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

Limited partnership interest

04/01/22

—

130,539,294

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

Limited partnership interest

03/15/22

—

52,590,046

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

Common equity

11/15/21

105,520,023

97,383,093

ECP Parent, LLC ^{+, a}

Preferred equity

12/21/23

4,258,337

4,278,645

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

Limited partnership interest

11/10/22

—

76,404,757

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

Limited partnership interest

07/01/22

—

97,998,407

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

Common equity

09/17/19

37,786

86,795,293

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

Limited partnership interest

03/09/20

—

123,200,707

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

Limited partnership interest

11/15/21

—

127,040,173

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

Limited partnership interest

01/25/19

—

104,137,838

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

Limited partnership interest

06/17/16

—

5,154,865

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

Limited partnership interest

09/16/22

—

57,868,887

Halo Parent Newco, LLC ^{+, a}

Preferred equity

02/22/22

1,109

19,249,906

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

Member interest

03/01/22

—

62,602,357

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

Limited partnership interest

12/22/21

—

193,647,033

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

Limited partnership interest

03/02/21

—

267,175,174

KDOR Merger Sub Inc. ^{+, a}

Common equity

05/11/18

481

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

Limited partnership interest

08/08/19

—

432,845

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

Limited partnership interest

03/24/22

—

57,249,629

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

Limited partnership interest

07/31/20

—

549,611

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

Common equity

10/09/18

9,684

—

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

Limited partnership interest

11/10/22

—

178,972,125

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

Limited partnership interest

10/19/21

—

79,966,908

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 —

December 31, 2023 (Unaudited) (continued)

Investment Type

Acquisition
Date

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Equity (continued)

KSLB Holdings, LLC ^{+, a}

Common equity

07/30/18

252,000

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

Common equity

01/06/20

3,464,630

52,211,958

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

Limited partnership interest

12/27/23

—

15,396,472

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

Common equity

03/10/17

356

565,444

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

Preferred equity

03/10/17

35,285

307,131

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

Limited partnership interest

03/10/17

—

67,466,895

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

Common equity

09/23/21

22,293,150

33,478,085

National Spine & Pain Centers, LLC ^{+, a}

Common equity

04/01/23

43,791

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

Limited partnership interest

11/24/21

—

83,866,617

OHCP IV SF COI, L.P. ^{+, a, b, c, e}

Limited partnership interest

01/31/18

—

70,390,776

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

Limited partnership interest

10/23/20

—

28,256,945

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

Limited partnership interest

04/25/19

—

79,263,722

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

Limited partnership interest

09/01/21

—

45,920,627

Patriot SPV, L.P. ^{+, a, c, e}

Limited partnership interest

03/18/21

—

88,587,126

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

Common equity

08/01/19

32,079

85,184,699

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

Common equity

06/24/21

39,869

82,776,819

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

Common equity

04/01/22

11,209

1,557,861

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

Limited partnership interest

04/01/21

—

15,689,532

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

Limited partnership interest

03/14/18

—

11,056,545

SC Landco Parent, LLC ^{+, a}

Preferred equity

04/21/17

—

SC Landco Parent, LLC ^{+, a}

Common equity

11/21/13

2,672

485,499

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

Common equity

06/05/18

11,525

2,679,492

Shingle Coinvest L.P. ^{+, a, c, d}

Limited partnership interest

05/29/18

—

175,735,176

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

Common equity

09/10/19

5,995,126

63,141,509

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

Limited partnership interest

08/18/17

—

28,691,142

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

Common equity

05/23/18

—

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

Member interest

05/23/18

—

10,218,799

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

Limited partnership interest

04/01/21

—

145,737,422

Starfish Intermediate, Inc. ^{+, a}

Preferred equity

06/06/22

7,136,374

209,123,557

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

Limited partnership interest

08/17/21

—

33,219,000

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

Limited partnership interest

12/28/22

—

52,745,291

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

Limited partnership interest

07/29/21

—

6,913,292

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

Limited partnership interest

08/31/21

—

76,663,526

TKC Topco LLC ^{+, a}

Common equity

10/14/16

4,632,829

—

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

Limited partnership interest

03/15/22

—

4,456,405

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

Limited partnership interest

08/31/22

—

28,977,003

VEPF VII Co-Invest 2-A, L.P. ^{+, a, c}

Limited partnership interest

04/06/21

—

55,499,298

VEPF VII Co-Invest 2-A, L.P. ^{+, a, c, e}

Limited partnership interest

04/06/21

—

22,450,583

WHCG Purchaser, Inc. ^{+, a, b, c}

Member interest

06/14/23

—

2,356,975

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

Limited partnership interest

06/22/21

—

10,386,624

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

Common equity

12/21/20

1,441

1,133,714

Total North America (29.50%)

4,158,957,748

Rest of World (1.74%)

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

Limited partnership interest

07/11/13

—

7,297,988

Zabka Polska SA ^{+, a}

Preferred equity

09/25/19

120,777,003

3,608,945

Zabka Polska SA ^{+, a, e}

Common equity

09/25/19

2,551,723

234,029,482

Total Rest of World (1.74%)

244,936,415

South America (0.02%)

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

Limited partnership interest

11/28/13

—

3,297,127

Total South America (0.02%)

3,297,127

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 —

December 31, 2023 (Unaudited) (continued)

Investment Type

Acquisition
Date

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Equity (continued)

Western Europe (26.15%)

Ark EquityCo SAS ^{+, a, c}

Limited partnership interest

02/21/22

—

15,688,699

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

Limited partnership interest

11/28/19

—

3,518,557

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

Common equity

01/11/21

218,625

239,732

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

Limited partnership interest

08/04/22

—

23,360,205

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

Limited partnership interest

07/14/23

—

391,849

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

Common equity

07/01/21

12,590,000,000

180,862,862

Camelia Investment 1 Limited ^{+, a, b}

Preferred equity

10/12/17

6,768,617,529

155,879,381

Camelia Investment 1 Limited ^{+, a, b}

Common equity

10/12/17

86,516

6,773,078

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

Common equity

11/01/17

8,345,985

77,283,835

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

Limited partnership interest

11/10/21

—

61,584,417

Ciddan S.à.r.l. ^{+, a}

Preferred equity

09/15/17

23,249,522

28,529,658

Ciddan S.à.r.l. ^{+, a}

Common equity

09/15/17

12,263,240

82,521,007

Climeworks AG ^{+, a, e}

Common equity

04/25/22

63,085

698,782

Climeworks AG ^{+, a, e}

Preferred equity

04/25/22

7,823,400

86,658,118

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

Limited partnership interest

02/15/23

—

70,711,225

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

Limited partnership interest

11/30/18

—

45,153,258

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

Limited partnership interest

11/30/18

—

11,775,266

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

Limited partnership interest

10/01/19

—

218,172,872

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

Limited partnership interest

10/01/19

—

13,608,429

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

Common equity

12/15/16

78,505

451,101

Global Blue Group Holding AG ^{+, a, d}

Common equity

09/11/20

97,250

457,369

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

Limited partnership interest

07/31/12

—

7,715,000

Green DC LuxCo S.à.r.l. ^{+, a, b, c}

Member interest

01/20/22

—

23,652,999

Green DC LuxCo S.à.r.l. ^{+, a, b}

Common equity

01/20/22

23,694,756

99,073,775

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

Limited partnership interest

07/07/22

—

16,139,247

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

Limited partnership interest

09/29/22

—

24,076,124

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

Limited partnership interest

12/18/19

—

144,269,037

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

Common equity

07/31/18

1,484

69,872,499

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

Member interest

07/31/18

—

63,336,952

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

Preferred equity

08/22/19

7,865,820

20,456,214

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

Member interest

08/22/19

—

22,005,099

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

Common equity

08/22/19

6,999,953

—

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

Common equity

06/26/19

9,789,622

42,270,237

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

Member interest

06/26/19

—

11,727,699

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

Common equity

08/22/19

192,000

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

Common equity

02/14/23

145,800

6,667,035

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

Preferred equity

02/14/23

—

14,221,469

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

Member interest

07/02/21

—

41,477,597

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

Common equity

07/02/21

12,316,087

60,109,394

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

Common equity

05/10/21

52,594,635

62,274,752

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

Member interest

05/10/21

—

16,067,354

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

Limited partnership interest

05/19/22

—

98,127,415

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

Common equity

10/19/21

11,698

May Co-Investment S.C.A. ^{+, a, b, e}

Common equity

11/09/20

1,059,375

89,529,030

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

Limited partnership interest

01/27/21

—

52,876,857

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

Limited partnership interest

01/31/23

—

7,166,722

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

Limited partnership interest

12/12/22

—

45,939,852

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

Common equity

12/17/21

2,708,100

95,639,541

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

Common equity

12/17/21

5,379,543

189,984,485

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

Warrants

12/01/17

844,553

1,192,847

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

Common equity

03/22/23

7,017,978

625,301

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

Preferred equity

03/22/23

7,975,901

54,132,583

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 —

December 31, 2023 (Unaudited) (continued)

Investment Type

Acquisition
Date

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Equity (continued)

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

Member interest

03/22/23

—

1,234,712

PG Investment Company 1 S.à.r.l. ^{+, a, b, c}

Member interest

10/28/21

—

93,073,129

PG Investment Company 1 S.à.r.l. ^{+, a, b}

Common equity

10/28/21

12,822,040

8,040,831

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

Preferred equity

07/07/22

113,856,528

149,044,747

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

Common equity

07/07/22

12,650,106

19,223,979

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

Common equity

07/13/22

891,924

26,182,301

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

Preferred equity

07/13/22

101,367,616

128,447,213

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

Limited partnership interest

08/22/19

—

410,126

PG TLP S.à.r.l. ^{+, a, b, c, d}

Member interest

04/14/21

—

28,840,473

PG TLP S.à.r.l. ^{+, a, b, d}

Common equity

04/14/21

6,473,126

81,321,746

PG Wave Limited ^{+, a, b}

Common equity

02/03/22

53,215,581

87,587,841

Pharmathen GP S.à.r.l. ^{+, a, b}

Common equity

01/20/22

110,300

Pharmathen Topco S.à.r.l. ^{+, a, b}

Preferred equity

01/20/22

98,858,068

131,393,768

Pharmathen Topco S.à.r.l. ^{+, a, b}

Common equity

01/20/22

79,910

21,604,114

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

Common equity

05/23/18

44,442,345

—

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

Preferred equity

05/23/18

244,659,996

—

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

Member interest

10/01/22

—

629,997

Polyusus Lux XXIII S.à.r.l. ^{+, a}

Preferred equity

04/11/22

1,155,552

51,679

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

Preferred equity

08/19/21

13,114,964

909,612

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

Common equity

08/19/21

3,936,244

34,257

Polyusus Lux XXIII S.à.r.l. ^{+, a}

Common equity

08/19/21

447,324

122,889

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

Limited partnership interest

07/12/22

—

46,122,155

Rivage Luxco S.à.r.l. ^{+, a}

Common equity

02/22/22

900,000

65,487,828

Root JVCo S.à.r.l. ^{+, a, b, c}

Member interest

09/29/20

—

40,820,929

Root JVCo S.à.r.l. ^{+, a, b}

Common equity

02/07/23

2,362,997

639,188

Root JVCo S.à.r.l. ^{+, a, b}

Preferred equity

02/07/23

8,686,753

53,073,397

S.TOUS, S.L ^{+, a}

Common equity

10/06/15

622

19,532,563

Strider Investment 2 ^{+, a, e}

Preferred equity

04/01/23

278,539

845,643

Strider Investment 3 ^{+, a, e}

Preferred equity

04/01/23

24,476

27,043

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

Member interest

04/01/23

—

3,688,930

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

Common equity

04/01/23

8,103,589

24,658,915

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

Preferred equity

04/01/23

52,066,591

62,418,465

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

Limited partnership interest

10/01/20

—

31,967,443

Vanquish Bidco ^{+, a, c}

Member interest

05/25/23

—

3,627,963

Vanquish Topco ^{+, a}

Common equity

05/25/23

379,731

Vanquish Topco ^{+, a}

Preferred equity

05/25/23

34,851,987

46,124,498

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

Limited partnership interest

03/09/22

—

44,369,276

Total Western Europe (26.15%)

3,686,504,470

Total Direct Equity (61.26%)

8,635,934,031

Direct Debt (7.94%)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Asia - Pacific (0.41%)

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

Cash 8.00% + P (0.75% Floor)

01/19/22

11/24/26

Senior

2,707,968

990,670

FFML Holdco Limited ^{+, a}

Cash 6.25% + BBSY (0.75% Floor)††

11/30/22

11/30/28

Senior

12,229,627

12,296,148

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

Cash 3.25% + E##

08/24/20

08/30/24

Senior

1,299,487

1,222,028

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

Cash 4.50% + SF (0.50% Floor)vv

03/10/23

01/31/28

Senior

3,483,725

3,504,139

Global Academic Group Limited ^{+, a}

Cash 6.00% + BBSY (0.50% Floor)††

07/26/22

07/26/27

Senior

12,728,400

12,733,610

Global Academic Group Limited ^{+, a}

Cash 6.00% + BBSY (0.50% Floor)††

07/29/22

07/29/27

Senior

4,651,970

4,488,650

Greencross Limited ^{+, a}

Cash 5.75% + SF (0.75% Floor)vv

03/22/22

03/23/28

Senior

10,261,238

10,191,641

ICON Cancer Care ^{+, a, e}

Cash 7.25% + BBSY (0.50% Floor)†

04/12/22

03/29/30

Second Lien

10,284,819

9,262,006

Snacking Investments BidCo Pty Limited ^{+, a}

Cash 4.00% + SF (1.00% Floor)v

01/15/20

12/18/26

Senior

1,251,250

1,253,077

Voyage Australia Pty Ltd ^{+, a}

Cash 3.50% + SF (0.50% Floor)vv

07/23/21

06/18/28

Senior

1,666,000

1,665,904

Total Asia - Pacific (0.41%)

57,607,873

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 —

December 31, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

North America (5.04%)

Acrisure LLC ^{+, a}

Cash 3.75% + SF (0.50% Floor)v

08/18/21

02/13/27

Senior

2,156,000

2,151,575

Acrisure LLC ^{+, a}

Cash 3.50% + SFv

03/27/20

02/15/27

Senior

1,839,334

1,833,422

Acrisure LLC ^{+, a}

Cash 4.25% + SF (0.50% Floor)v

12/08/21

02/15/27

Senior

982,500

983,680

Acrisure LLC ^{+, a}

Cash 4.50% + SFvv

11/10/23

10/18/30

Senior

1,000,000

1,003,335

ADMI Corp. ^{+, a}

Cash 3.75% + SF (0.50% Floor)vv

07/14/21

12/23/27

Senior

1,372,000

1,304,352

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

Cash 3.75% + SFv

04/26/23

02/02/26

Senior

2,984,456

2,783,199

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

Cash 4.75% + SF (1.00% Floor)vv

02/25/21

10/02/25

Senior

972,500

764,685

AIT Buyer, LLC ^{+, a, e}

Cash 7.50% + SF (0.75% Floor)v

04/06/21

03/30/29

Second Lien

6,860,000

6,838,830

Alliant Holdings Intermediate, LLC ^{+, a}

Cash 3.50% + SF (0.50% Floor)v

12/08/21

11/05/27

Senior

1,568,000

1,292,188

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

Cash 3.50% + SFv

06/03/22

05/04/25

Senior

8,409,542

8,342,518

Apex Group Treasury Limited ^{+, a}

Cash 3.75% + SF (0.50% Floor)vv

08/27/21

07/27/28

Senior

2,060,962

2,050,565

Apex Tool Group ^{+, a}

Cash 5.25% + SF (0.50% Floor)v

02/22/22

02/08/29

Senior

987,500

868,647

Applovin Corporation ^{+, a}

Cash 3.10% + SFv

03/24/21

08/15/25

Senior

972,054

971,571

Applovin Corporation ^{+, a}

Cash 3.10% + SF (0.50% Floor)v

12/08/21

10/25/28

Senior

1,379,000

1,378,168

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

Cash 4.25% + SF (0.50% Floor)vv

03/18/21

03/03/28

Senior

1,075,250

1,073,047

AqGen Island Holdings, Inc. ^{+, a, e}

Cash 6.50% + SF (0.50% Floor)vv

08/19/21

08/02/29

Second Lien

7,049,750

6,798,603

athenahealth Group, Inc. ^{+, a, e}

Cash 3.50% + SF (0.50% Floor)vv

02/23/22

02/15/29

Senior

4,677,344

4,648,007

Banff Guarantor, Inc. ^{+, a}

Cash 5.50% + SF (0.50% Floor)v

01/31/22

02/27/26

Second Lien

1,700,000

Banff Merger Sub Inc. ^{+, a, e}

Cash 3.75% + SFvv

01/31/22

10/02/25

Senior

2,783,762

2,798,557

Barracuda Networks, Inc. ^{+, a}

Cash 7.00% + SF (0.50% Floor)vv

05/17/22

08/15/30

Second Lien

4,000,000

3,575,840

Bausch & Lomb Inc. ^{+, a, e}

Cash 3.25% + SF (0.50% Floor)vvvv

05/18/22

05/10/27

Senior

3,258,750

3,232,289

Bausch + Lomb Corp. ^{+, a}

Cash 4.00% + SFv

09/14/23

09/29/28

Senior

2,000,000

1,997,494

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

Cash 4.75% + SF (0.50% Floor)v

06/07/23

12/11/28

Senior

2,284,275

2,287,527

Bella Holding Company, LLC ^{+, a}

Cash 3.75% + SF (0.75% Floor)v

05/13/21

04/01/28

Senior

3,528,000

3,502,672

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

Cash 4.25% + SFvv

10/04/18

09/05/25

Senior

5,540,815

5,531,543

BlueConic Holding, Inc. ^{+, a}

Cash 6.50% + SF (0.75% Floor)vv

01/27/22

01/27/28

Senior

18,912,000

18,616,453

BlueConic Holding, Inc. ^{+, a}

Cash 6.50% + SF (0.75% Floor)vv

06/13/23

01/27/28

Senior

7,092,000

6,981,170

Brown Group Holding, LLC ^{+, a, e}

Cash 3.75% + SF (0.50% Floor)vv

06/09/22

07/02/29

Senior

1,686,482

1,689,003

Burger Bossco Intermediate, Inc. ^{+, a}

Cash 4.25% + SF (1.00% Floor)vv

01/01/21

04/25/24

Senior

56,834

56,942

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

Cash 8.90% + SF (1.00% Floor)vv

01/01/21

11/06/25

Second Lien

1,650,000

1,640,482

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

PIK 5.00%

03/01/17

02/10/25

Mezzanine

3,841,036

3,361,537

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

Cash 8.00%

03/01/17

02/10/25

Mezzanine

3,767,924

3,560,726

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

Cash 4.50% + SF (0.50% Floor)vv

11/26/21

09/01/24

Senior

1,376,009

1,147,825

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

Cash 8.00% + SF (1.00% Floor)vv

11/26/21

09/01/25

Second Lien

3,000,000

1,350,000

Cengage Learning, Inc. ^{+, a}

Cash 4.75% + SF (1.00% Floor)vv

11/09/23

07/14/26

Senior

1,994,898

2,003,516

Central Parent, Inc. ^{+, a}

Cash 4.50% + SF (0.50% Floor)vv

07/12/22

07/06/29

Senior

992,500

999,269

Charlotte Buyer Inc ^{+, a}

Cash 5.25% + SF (0.50% Floor)vv

08/16/22

02/11/28

Senior

3,392,500

3,402,279

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

Cash 3.75% + SF (0.75% Floor)v

05/31/19

12/01/27

Senior

1,423,557

1,431,792

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 —

December 31, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^*(continued)

Direct Debt (continued)

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

Cash 7.00% + SFvv

06/16/23

06/16/27

Senior

7,136

7,178

Cheniere Energy Partners ^{+, a, e}

Cash 3.75% + SF (0.50% Floor)vvvv

06/09/21

06/04/28

Senior

3,225,750

2,935,180

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

Cash 4.175% + SF (0.50% Floor)vv

04/19/22

04/13/29

Senior

1,283,750

1,287,703

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

Cash 3.25% + SFv

04/26/19

04/06/26

Senior

3,481,865

3,114,666

ConnectWise, LLC ^{+, a}

Cash 3.50% + SF (0.76% Floor)v

10/06/21

09/29/28

Senior

1,670,250

1,666,000

Conservice Midco, LLC ^{+, a}

Cash 4.25% + SFvv

05/18/20

05/13/27

Senior

1,649,000

1,650,968

ConvergeOne Holdings, Inc. ^{+, a}

Cash 5.00% + SFvvv

03/27/19

01/04/26

Senior

2,865,000

1,625,203

ConvergeOne Holdings, Inc. ^{+, a}

Cash 8.50% + SFvv

04/15/19

01/04/27

Second Lien

31,200,000

7,595,328

Convergint Tech LLC ^{+, a}

Cash 6.75% + SF (0.76% Floor)v

04/12/21

03/30/29

Second Lien

1,400,000

1,269,331

Cornerstone OnDemand, Inc. ^{+, a}

Cash 3.75% + SF (0.50% Floor)v

10/22/21

10/16/28

Senior

1,182,000

1,143,630

Cornerstone OnDemand, Inc. ^{+, a}

Cash 6.00% + SF (1.00% Floor)v

09/07/23

10/16/28

Senior

2,992,500

2,903,740

Critical Start ^{+, a}

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

05/18/22

05/18/28

Senior

8,422,318

8,252,443

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

Cash 6.25% + SF (0.75% Floor)vv

05/18/22

05/18/28

Senior

1,348,750

696,530

Critical Start, Inc. ^{+, a}

Cash 6.25% + SF (0.75% Floor)vv

03/27/23

05/17/28

Senior

4,591,970

4,498,210

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

Cash 4.75% + SF (0.75% Floor)v

05/05/21

04/27/27

Senior

4,487,671

4,521,329

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

Cash 2.50% + SFv

08/11/21

04/15/27

Senior

2,020,051

1,916,109

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

Cash 4.50% + SFv

12/07/18

01/15/26

Senior

2,870,649

2,820,413

DCert Buyer, Inc. ^{+, a}

Cash 4.00% + SFv

10/24/19

10/16/26

Senior

1,933,646

1,915,821

Deerfield Dakota Holding, LLC ^{+, a}

Cash 3.75% + SF (1.00% Floor)vv

06/01/20

04/09/27

Senior

967,500

957,159

Delta Topco, Inc. ^{+, a, e}

Cash 3.75% + SF (0.75% Floor)vv

01/06/21

12/01/27

Senior

2,052,750

2,049,036

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

Cash 7.00% + SF (0.75% Floor)vv

12/23/22

12/22/28

Senior

1,557,757

317,272

Dentive Capital, LLC ^{+, a}

Cash 7.00% + SF (0.75% Floor)vv

12/23/22

12/22/28

Senior

12,189,043

12,010,126

Dexko Global, Inc. ^{+, a}

Cash 3.75% + SF (0.50% Floor)vv

10/07/21

10/04/28

Senior

1,576,000

1,565,665

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

Cash 4.75% + SF (0.75% Floor)vv

11/15/22

03/31/28

Senior

2,286,725

2,280,950

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

Cash 3.75% + SF (0.76% Floor)v

04/23/21

03/31/28

Senior

1,270,792

1,259,170

Diamond Parent Midco Inc. ^{+, a}

Cash 6.25% + SF (1.00% Floor)vv

09/01/22

08/04/25

Senior

29,064,529

29,061,900

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

Cash 5.25% + SF (1.00% Floor)vv

12/19/23

12/19/29

Senior

—

433,873

EAB Global, Inc. ^{+, a}

Cash 4.00% + SF (0.75% Floor)v

08/25/21

11/19/26

Senior

—

2,156,000

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

Cash 3.75% + SF (0.75% Floor)vv

09/13/21

11/09/27

Senior

1,661,558

1,660,021

Element Materials Technology ^{+, a, f}

Cash 4.25% + SF (0.50% Floor)vv

08/17/22

06/22/29

Senior

313,421

1,875,804

Element Materials Technology ^{+, a, f}

Cash 4.25% + SFvv

08/17/22

06/22/29

Senior

679,079

4,064,242

Emrld Borrower L.P. ^{+, a, e}

Cash 3.00% + SFvv

05/04/23

05/31/30

Senior

834,862

836,681

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

Cash 3.50% + SF (0.75% Floor)vv

04/28/21

02/10/28

Senior

3,812,250

3,735,367

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

Cash 3.50% + SF (0.75% Floor)vv

08/16/21

05/21/28

Senior

1,572,000

1,561,383

Epiq Systems ^{+, a, e}

Cash 4.75% + SF (0.75% Floor)v

06/02/22

04/26/29

Senior

3,960,000

3,914,035

Evergreen Services Group, LLC ^{+, a}

Cash 6.25% + SF (0.75% Floor)vv

06/15/22

06/15/29

Senior

13,688,425

13,764,742

Explorer Holdings, Inc. ^{+, a}

Cash 8.00% + SF (0.50% Floor)v

02/04/20

02/04/28

Second Lien

19,491,899

18,322,384

Filtration Group Corporation ^{+, a}

Cash 3.50% + SF (0.50% Floor)v

11/01/21

10/21/28

Senior

2,058,000

2,057,882

First Student Bidco Inc. ^{+, a, e}

Cash 3.00% + SF (0.98% Floor)vv

08/11/21

08/21/28

Senior

1,085,622

1,022,258

First Student Bidco, Inc. ^{+, a, e}

Cash 4.00% + SF (0.50% Floor)vv

08/05/22

07/21/28

Senior

927,958

927,378

Flynn Restaurant Group LP ^{+, a}

Cash 4.25% + SF (0.50% Floor)v

12/10/21

11/22/28

Senior

3,359,838

3,372,146

Galls, LLC ^{+, a}

Cash 6.25% + SF (1.00% Floor)vv

12/22/20

01/31/25

Senior

514,031

492,522

GHX Ultimate Parent Corporation ^{+, a}

Cash 4.75% + SF (1.00% Floor)vv

01/01/21

06/22/24

Senior

1,901,058

1,908,586

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 —

December 31, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^*(continued)

Direct Debt (continued)

GHX Ultimate Parent Corporation ^{+, a}

Cash 4.75% + SF (0.50% Floor)v

05/09/23

06/30/27

Senior

—

957,819

Great American Outdoors Group, LLC ^{+, a}

Cash 3.75% + SF (0.75% Floor)vv

05/14/21

03/06/28

Senior

1,750,770

1,748,487

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

Cash 3.00% + SF (0.50% Floor)vv

09/20/23

09/20/30

Senior

1,800,000

1,810,134

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

Cash 5.00% + SF (0.75% Floor)vv

05/15/18

04/30/25

Senior

5,811,426

5,874,821

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

Cash 6.75% + SF (1.00% Floor)vv

11/08/22

12/15/26

Senior

11,940,000

11,916,519

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

Cash 6.75% + SF (0.75% Floor)vv

11/05/21

11/19/27

Second Lien

3,600,000

2,958,192

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

Cash 4.00% + SF (1.00% Floor)vv

05/25/21

11/19/26

Senior

4,093,939

3,873,327

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

Cash 5.25% + SF (1.00% Floor)vv

12/19/23

12/19/29

Senior

442,727

2,089,417

Hornblower Sub, LLC ^{+, a}

Cash 4.50% + SFvv

05/01/19

04/27/25

Senior

931,371

41,139

Howden Group Holdings Ltd. ^{+, a}

01/01/00

04/18/30

1,400,000

1,404,956

Hub International Ltd. ^{+, a, e}

Cash 4.25% + SF (0.75% Floor)vv

06/08/23

06/20/30

Senior

1,100,000

1,103,521

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

Cash 3.00% + SF (1.00% Floor)vv

05/22/19

03/28/25

Senior

4,923,047

4,909,532

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

Cash 3.75% + SF (0.75% Floor)vv

12/17/18

06/27/24

Senior

1,238,627

1,231,590

Indy US Bidco, LLC ^{+, a, e}

Cash 3.75% + SFvv

03/29/21

03/06/28

Senior

975,100

933,222

INNIO Group Holdings GmbH ^{+, a}

Cash 3.25% + E#

11/30/18

10/31/25

Senior

1,415,436

1,383,848

Integrity Marketing Acquisition, LLC ^{+, a}

Cash 6.02% + SF (0.75% Floor)vv

06/21/22

08/27/25

Senior

20,054,413

19,728,705

Integrity Marketing Intermediate, LLC ^{+, a, e}

Cash 6.00% + SF (0.75% Floor)vv

05/23/23

08/27/26

Senior

5,741,423

4,077,877

Iris Holdings Inc. ^{+, a}

Cash 4.75% + SF (0.50% Floor)vv

06/15/22

06/28/28

Senior

1,830,508

1,691,482

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

Cash 1.00% + SF (1.00% Floor)vv

12/23/20

06/01/25

Senior

250,658

158,332

KENE Acquisition, Inc. ^{+, a}

Cash 8.25% + SF (1.00% Floor)vv

01/01/21

08/09/27

Second Lien

1,638,000

1,625,353

KENE Acquisition, Inc. ^{+, a}

Cash 8.25% + SFvv

08/05/22

08/09/27

Second Lien

984,997

977,392

Kingpin Intermediate Holdings LLC ^{+, a}

Cash 3.50% + SFv

10/05/18

07/03/24

Senior

4,302,851

4,297,427

Knowlton Development Corporation Inc. ^{+, a, e}

Cash 3.75% + SFv

06/24/22

12/22/25

Senior

1,480,620

1,470,256

KSLB Holdings, LLC ^{+, a}

Cash 8.75% + SF (1.00% Floor)vv

01/01/21

07/30/26

Second Lien

3,212,308

2,428,762

LBM Acquisition, LLC ^{+, a, e}

Cash 3.25% + SF (0.75% Floor)v

09/07/21

12/17/27

Senior

3,228,376

4,771,300

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

Cash 4.75% + SFvv

09/03/20

08/31/27

Senior

4,845,760

3,221,030

LSCS Holdings, Inc. ^{+, a}

Cash 4.50% + SF (0.50% Floor)vv

02/14/22

12/16/28

Senior

2,554,500

2,515,513

Magenta Buyer LLC ^{+, a}

Cash 8.25% + SF (0.75% Floor)vv

10/13/21

07/27/29

Second Lien

2,000,000

800,000

Magenta Buyer LLC ^{+, a}

Cash 5.00% + SF (0.75% Floor)vv

08/02/21

07/27/28

Senior

3,430,000

2,454,594

Maverick Bidco, Inc. ^{+, a}

Cash 6.75% + SF (0.75% Floor)vv

05/26/21

05/18/29

Second Lien

6,603,000

6,124,282

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

Cash 5.00% + SF (0.50% Floor)vv

10/11/23

10/03/30

Senior

5,000,000

4,686,250

McAfee Inc. ^{+, a}

Cash 3.75% + SF (0.50% Floor)vv

03/09/22

03/01/29

Senior

2,567,500

2,557,274

Medline Borrower, L.P. ^{+, a}

Cash 3.25% + SF (0.50% Floor)v

11/03/21

10/23/28

Senior

1,083,500

1,087,251

Mercury Borrower, Inc. ^{+, a}

Cash 6.50% + SF (0.50% Floor)vv

04/11/22

08/02/29

Second Lien

900,000

867,937

Mitchell International, Inc. ^{+, a}

Cash 3.75% + SF (0.50% Floor)v

10/21/21

10/15/28

Senior

3,743,000

3,737,271

Mitchell International, Inc. ^{+, a}

Cash 6.50% + SF (0.50% Floor)vv

10/26/21

10/15/29

Second Lien

1,000,000

983,855

MJH Healthcare Holdings, LLC ^{+, a, e}

Cash 3.50% + SF (0.50% Floor)vv

04/08/22

01/28/29

Senior

1,674,500

1,666,074

National Spine & Pain Centers, LLC ^{+, a}

Cash 8.50% + SFvv

04/01/23

02/13/26

Senior

463,906

178,609

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

Cash 4.00% + SFvv

11/19/19

10/22/26

Senior

2,907,191

2,907,633

NEP Group, Inc. ^{+, a, e}

Cash 3.25% + SFv + PIK 1.50%

02/10/22

10/20/25

Senior

1,051,205

1,013,091

NEP Group, Inc. ^{+, a}

Cash 4.00% + SF (0.50% Floor)vvvv

12/06/21

10/20/25

Senior

1,866,750

1,810,438

Netsmart Technologies, Inc. ^{+, a}

Cash 3.75% + SF (1.00% Floor)vv

07/16/18

10/01/27

Senior

2,199,735

2,201,127

NSM Top Holdings Corp. ^{+, a}

Cash 5.25% + SFvv

11/26/19

11/16/26

Senior

1,443,750

1,399,803

NSPC Intermediate II, LLC ^{+, a, e}

Cash 8.00% + SF (1.00% Floor)vv

08/15/23

02/13/26

Senior

46,876

42,155

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 —

December 31, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^*(continued)

Direct Debt (continued)

NSPC Intermediate II, LLC ^{+, a}

Cash 8.00% + SF (1.00% Floor)vv

05/08/23

02/13/26

Senior

22,601

20,325

nThrive Health Inc. ^{+, a}

Cash 4.00% + SF (0.50% Floor)vv

05/24/22

12/18/28

Senior

1,970,000

1,570,526

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

Cash 3.50% + SF (0.05% Floor)vv

01/06/22

12/15/28

Senior

1,871,500

1,829,415

Odyssey Logistics & Technology Corp. ^{+, a}

Cash 4.50% + SF (0.50% Floor)vv

08/10/23

10/12/27

Senior

2,524,200

2,503,210

OEConnection LLC ^{+, a}

Cash 4.00% + SFvv

10/28/19

09/25/26

Senior

2,899,151

2,890,624

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

Cash 5.00% + SF (1.50% Floor)vv

05/24/23

11/09/28

Senior

1,500,000

1,506,851

OneDigital Borrower LLC ^{+, a, f}

Cash 4.25% + SF (0.50% Floor)vv

12/11/20

11/16/27

Senior

2,743,862

4,834,580

OneDigital Holdings, LLC ^{+, a}

Cash 6.00% + SF (0.50% Floor)v

03/21/23

11/16/27

Senior

7,646,535

7,519,888

PAI Holdco, Inc. ^{+, a}

Cash 3.75% + SF (1.00% Floor)vv

11/09/20

10/22/27

Senior

1,169,999

1,091,879

Pascal Midco 2, LLC ^{+, a}

Cash 6.00% + SF (0.75% Floor)vv

07/01/22

07/21/27

Senior

13,673,306

13,573,432

PECF USS Intermediate Holding III Corporation ^{+, a, e}

Cash 4.25% + SF (0.50% Floor)vv

10/07/22

12/15/28

Senior

987,437

773,831

Peraton Corp. ^{+, a}

Cash 3.75% + SF (0.75% Floor)v

04/12/21

02/01/28

Senior

1,908,690

1,910,829

Pluto Acquisition I, Inc. ^{+, a, e}

Cash 7.00% + SF (0.50% Floor)v

07/02/21

12/14/29

Senior

3,700,000

1,303,906

Polaris Newco, LLC ^{+, a}

Cash 4.00% + SF (0.50% Floor)v

06/15/21

06/02/28

Senior

1,176,000

1,156,138

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

Cash 7.00% + SF (0.50% Floor)v

01/18/22

12/14/29

Senior

3,700,000

3,385,500

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

Cash 6.75% + SF (0.50% Floor)vv

10/05/21

10/01/29

Second Lien

1,800,000

716,139

ProAmpac PG Borrower, LLC ^{+, a}

Cash 4.50% + SF (0.75% Floor)v

09/26/23

09/15/28

Senior

2,007,790

2,013,653

Procera Networks, Inc. ^{+, a}

Cash 4.50% + SFv

11/20/18

10/31/25

Senior

1,128,717

914,261

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

Cash 4.75% + SF (0.50% Floor)v

10/31/23

10/28/30

Senior

4,500,000

4,535,437

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

Cash 5.25% + SF (0.50% Floor)vv

06/15/22

07/20/29

Senior

2,977,500

2,700,235

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

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

10/06/23

07/31/28

Mezzanine

7,159,000

7,106,662

Prometric Holdings, Inc. ^{+, a}

Cash 3.00% + SF (1.00% Floor)vv

10/26/23

01/31/28

Senior

5,894,407

5,899,948

Prometric Holdings, Inc. ^{+, a}

Cash 7.50% + SF (1.00% Floor)v

10/06/23

01/31/28

Senior

1,632,000

1,633,534

Quintiles IMS Inc. ^{+, a}

Cash 2.00% + E (0.50% Floor)##

06/22/18

06/11/25

Senior

2,803,629

6,399

Radiate HoldCo, LLC ^{+, a}

Cash 3.25% + SF (0.75% Floor)vv

07/16/19

09/25/26

Senior

982,500

789,361

Radiology Partners, Inc. ^{+, a, e}

Cash 4.25% + SFvv

01/01/21

07/09/25

Senior

2,398,864

1,929,892

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

Cash 6.75% + SF (0.75% Floor)vv

12/01/22

04/01/29

Senior

1,120,924

236,480

Radwell Parent, LLC ^{+, a}

Cash 6.75% + SF (0.75% Floor)vv

04/06/22

04/01/29

Senior

14,005,299

14,074,617

Radwell Parent, LLC ^{+, a}

Cash 6.50% + SF (0.75% Floor)vv

12/01/22

04/01/29

Senior

5,956,472

5,986,030

Raptor Parent, LLC ^{+, a}

Cash 5.75% + SF (0.75% Floor)vv

04/06/22

04/01/29

Senior

113,461

114,312

RBMedia ^{+, a, e}

Cash 4.00% + SFv

06/17/22

08/29/25

Senior

1,148,950

—

RC Buyer, Inc. ^{+, a}

Cash 6.25% + SF (0.75% Floor)vv

08/03/21

07/26/29

Second Lien

2,800,000

2,716,000

Recess Holdings, Inc. ^{+, a}

Cash 4.00% + SF (1.00% Floor)vv

09/06/23

03/17/27

Senior

3,800,000

3,823,667

Red Planet Borrower, LLC ^{+, a}

Cash 3.75% + SF (0.50% Floor)v

10/04/21

10/02/28

Senior

3,584,571

4,471,733

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

Cash 4.75% + SF (0.75% Floor)v

05/10/21

04/27/28

Senior

1,083,705

825,902

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

Cash 7.75% + SF (0.75% Floor)v

05/03/21

04/16/29

Second Lien

2,500,000

1,550,000

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

Cash 4.00% + SF (0.75% Floor)vv

03/02/21

02/17/28

Senior

927,340

926,580

Restaurant Technologies, Inc. ^{+, a}

Cash 4.25% + SF (0.50% Floor)vv

04/06/22

04/02/29

Senior

3,447,500

3,415,109

Restoration Hardware, Inc. ^{+, a}

Cash 3.25% + SF (0.50% Floor)vv

05/24/22

10/20/28

Senior

4,455,000

4,360,430

RLG Holdings, LLC ^{+, a}

Cash 4.25% + SF (0.75% Floor)v

07/19/21

07/10/28

Senior

1,965,000

1,848,280

Rocket Software, Inc. ^{+, a, e}

Cash 4.25% + SFv

12/05/18

11/28/25

Senior

5,800,482

5,695,575

Rough Country, LLC ^{+, a}

Cash 3.25% + SF (0.75% Floor)vv

08/03/21

07/26/28

Senior

1,857,250

1,851,446

Ryan, LLC ^{+, a, e}

Cash 4.50% + SF (0.50% Floor)v

11/20/23

11/14/30

Senior

1,447,619

1,454,408

Ryan, LLC ^{+, a}

Cash 4.50% + SF (0.50% Floor)vv

11/09/23

11/14/30

Senior

152,381

Sabre GLBL Inc. ^{+, a, e}

Cash 3.50% + SF (0.50% Floor)v

08/09/21

12/17/27

Senior

1,118,754

983,944

Sabre GLBL Inc. ^{+, a, e}

Cash 3.50% + SF (0.50% Floor)vv

08/09/21

12/17/27

Senior

715,945

628,056

Safe Fleet Holdings LLC ^{+, a, b}

Cash 3.75% + SF (0.50% Floor)vv

03/04/22

02/23/29

Senior

3,841,500

3,847,326

SCIH Salt Holdings, Inc. ^{+, a}

Cash 4.00% + SF (0.75% Floor)v

04/17/20

03/16/27

Senior

795,892

795,819

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 —

December 31, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

Senneca Holdings, Inc. ^{+, a}

PIK 11.00%

01/01/21

05/11/26

Second Lien

1,276,647

Senneca Holdings, Inc. ^{+, a}

PIK 10.00%

01/01/21

11/11/25

1.5 Lien

1,337,500

Shearer's Foods, LLC ^{+, a}

Cash 3.50% + SF (1.00% Floor)v

05/17/18

09/23/27

Senior

3,074,220

3,104,569

Shearer's Foods, LLC ^{+, a}

Cash 7.75% + SF (1.00% Floor)v

10/14/20

09/22/28

Second Lien

720,000

722,704

Skopima Consilio Parent LLC ^{+, a}

Cash 4.00% + SF (0.76% Floor)vvvv

05/18/21

04/30/28

Senior

4,581,190

4,560,935

Skopima Consilio Parent LLC ^{+, a}

Cash 4.50% + SF (0.50% Floor)vv

10/11/23

05/12/28

Senior

8,300,000

8,270,576

Sorenson Communications, LLC ^{+, a}

Cash 5.50% + SF (0.75% Floor)v

03/23/21

03/12/28

Senior

2,231,428

2,170,476

Sound Inpatient Physicians, Inc ^{+, a}

Cash 3.00% + SFvv

08/23/18

06/27/25

Senior

1,326,500

444,382

Sovos Compliance, LLC ^{+, a}

Cash 4.50% + SF (0.50% Floor)v

08/16/21

08/11/28

Senior

1,671,502

1,650,579

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

Cash 4.50% + SFvv

09/29/23

10/04/30

Senior

4,506,049

4,523,510

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

Cash 4.25% + SFv

06/05/19

07/30/25

Senior

3,332,161

3,345,073

Star US Bidco, LLC ^{+, a}

Cash 4.25% + SF (1.00% Floor)v

04/24/20

03/17/27

Senior

1,254,072

1,854,673

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

Cash 3.50% + SFvv

12/05/23

12/19/30

Senior

897,089

901,862

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

Cash 6.00% + SF (0.75% Floor)vv

03/31/22

03/31/28

Senior

—

186,081

Tank Holdings Corporation ^{+, a}

Cash 5.75% + SF (0.75% Floor)vv

04/11/22

03/31/28

Senior

21,276,675

20,373,898

Telenet Financing USD LLC ^{+, a}

Cash 2.00% + SFv

04/27/20

04/30/28

Senior

1,400,000

1,394,575

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

Cash 4.75% + SFvv

03/29/23

06/18/29

Senior

6,887,889

6,900,763

Tivity Health Inc ^{+, a}

Cash 6.00% + SF (0.75% Floor)vv

06/28/22

06/28/29

Senior

15,494,490

15,389,869

TLP Acquisition Holdings, LLC ^{+, a}

Cash 8.00% + SF (1.00% Floor)v

02/26/19

02/26/26

Mezzanine

34,070,313

33,842,655

Tory Burch LLC ^{+, a, e}

Cash 3.50% + SF (0.50% Floor)v

04/30/21

04/16/28

Senior

977,500

974,469

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

Cash 4.00% + SF (0.50% Floor)vv

09/22/21

09/15/28

Senior

1,667,064

1,660,445

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

Cash 6.25% + SF (0.75% Floor)vv

06/02/22

05/27/29

Senior

11,458,125

10,464,747

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

Cash 3.50% + SF (0.50% Floor)vv

04/19/21

03/31/28

Senior

1,368,503

1,354,766

UKG Inc. ^{+, a}

Cash 3.25% + SF (0.75% Floor)vv

07/13/20

05/04/26

Senior

972,693

974,090

Upstream Newco, Inc. ^{+, a}

Cash 4.25% + SFvv

08/04/21

11/20/26

Senior

3,421,250

5,877,635

Utz Quality Foods, LLC ^{+, a}

Cash 3.00% + SFvv

01/29/21

01/20/28

Senior

3,598,263

3,598,238

VeriFone Systems, Inc. ^{+, a}

Cash 4.00% + SFvv

09/25/19

08/20/25

Senior

3,514,708

3,411,463

Virtusa Corporation ^{+, a}

Cash 3.75% + SF (0.75% Floor)vv

02/28/22

02/11/28

Senior

2,167,000

2,166,904

Vision Solutions, Inc. ^{+, a}

Cash 4.25% + SF (0.75% Floor)vv

05/06/21

04/24/28

Senior

3,822,000

3,792,007

Vision Solutions, Inc. ^{+, a}

Cash 7.25% + SF (0.75% Floor)vv

09/07/21

04/23/29

Second Lien

2,300,000

2,118,875

VS Buyer, LLC ^{+, a}

Cash 3.00% + SFvv

04/10/20

02/28/27

Senior

1,930,000

1,928,619

Weld North Education LLC ^{+, a}

Cash 3.75% + SF (0.75% Floor)vv

01/06/21

12/15/27

Senior

1,264,250

1,262,419

Weld North Education LLC ^{+, a}

Cash 3.75% + SF (0.50% Floor)vv

11/27/23

12/21/27

Senior

3,255,859

2,996,357

WHCG Purchaser, Inc. ^{+, a, b}

PIK 20% + SF (1.00% Floor)vv

09/19/23

06/22/28

Senior

3,098,152

3,245,873

Windsor Holdings III, LLC ^{+, a}

Cash 4.50% + SFv

08/07/23

08/01/30

Senior

1,900,000

1,911,833

Woof Holdings, Inc. ^{+, a}

Cash 7.25% + SF (0.75% Floor)vv

01/08/21

12/22/28

Second Lien

7,200,000

5,223,977

Woof Holdings, Inc. ^{+, a}

Cash 3.75% + SF (0.75% Floor)vv

09/26/23

12/21/27

Senior

1,994,885

2,434,050

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

Cash 4.00% + SF (0.75% Floor)vv

08/03/21

07/26/28

Senior

2,652,750

2,599,404

YI Group Midco, LLC ^{+, a}

Cash 5.75% + SF (1.00% Floor)vv

12/01/23

12/01/29

Senior

960,229

6,022,556

Zacapa S.à.r.l. ^{+, a, e}

Cash 4.25% + SF (0.50% Floor)vv

07/31/18

07/02/25

Senior

2,207,878

2,201,051

Total North America (5.04%)

710,828,781

Rest of World (0.02%)

Gems Education ^{+, a, e}

Cash 4.75% + SFv

08/15/22

07/31/26

Senior

1,970,187

1,980,865

Total Rest of World (0.02%)

1,980,865

Western Europe (2.47%)

Acuris Finance US, Inc. ^{+, a}

Cash 4.00% + SF (0.50% Floor)vv

03/11/21

02/16/28

Senior

677,083

677,720

AD Education ^{+, a}

PIK 8.50%

06/21/22

03/30/29

Mezzanine

13,084,544

14,315,000

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

Cash 3.75% + SF (0.50% Floor)vv

09/15/21

09/07/28

Senior

2,259,750

2,262,453

AI PLEX AcquiCo GmbH ^{+, a, e}

Cash 5.00% + SFv

08/23/19

07/31/26

Senior

4,807,218

4,255,296

Albion Financing 3 S.à.r.l ^{+, a}

Cash 5.25% + SF (0.50% Floor)vv

01/14/22

08/17/26

Senior

2,456,250

2,468,890

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 —

December 31, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

Alcumus ^{+, a, e}

Cash 5.75% + S>>

03/09/22

03/09/29

Senior

1,984,236

1,923,771

Altice France S.A. ^{+, a, e}

Cash 5.50% + SFvv

01/27/21

08/14/26

Senior

3,824,170

3,575,064

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

Cash 5.50% + E##

03/15/22

03/15/29

Senior

13,721,320

13,615,048

Aston Finco S.à.r.l. ^{+, a}

Cash 4.25% + SFv

11/14/19

10/09/26

Senior

2,695,000

2,291,222

Aston Finco S.à.r.l. ^{+, a}

Cash 8.25% + S>

10/25/19

10/09/27

Second Lien

36,733,592

31,156,905

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

Cash 3.75% + SFvv

04/04/19

02/27/26

Senior

956,203

5,879,722

Babar Bidco ^{+, a}

Cash 4.00% + E###

12/04/20

11/17/27

Senior

1,214,051

1,106,807

BK LC Lux SPV S.à.r.l. ^{+, a}

Cash 3.25% + SF (0.50% Floor)vv

07/09/21

04/28/28

Senior

1,746,468

741,893

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

Cash 4.75% + S>>

08/31/18

06/23/25

Senior

7,113,072

6,889,551

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

PIK 8.25% + SFv

02/28/22

08/31/30

Mezzanine

6,575,005

6,600,949

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

PIK 8.25% + E###

02/28/22

08/31/30

Mezzanine

940,656

949,925

Cidron Kuma 2 S.à.r.l. ^{+, a}

Cash 7.00% + E (0.50% Floor)###

01/01/21

02/28/26

Second Lien

1,146,938

778,426

Constellation Automotive Group Limited ^{+, a}

Cash 4.75% + S>>>

09/03/21

07/28/28

Senior

1,387,192

1,189,451

Constellation Automotive Limited ^{+, a}

Cash 7.50% + S>>>

10/18/21

07/30/29

Second Lien

1,372,084

928,681

Constellation BidCo GmbH ^{+, a}

Cash 5.25% + E##

10/26/22

06/27/29

Senior

26,760,488

29,275,944

CTEC III GmbH ^{+, a}

Cash 3.75% + E##

03/29/18

03/07/25

Senior

4,055,926

3,522,390

Dragon Bidco Limited ^{+, a}

Cash 5.75% + S>>

03/09/22

03/09/29

Senior

8,941,459

8,595,078

Eagle Bidco Limited ^{+, a}

Cash 3.75% + E#

09/07/23

03/20/28

Senior

7,386,454

7,463,645

Envirotainer ^{+, a, e}

Cash 5.75% + E##

07/29/22

07/27/29

Senior

8,191,195

8,758,109

Envirotainer ^{+, a}

Cash 5.75% + SF (0.75% Floor)vv

07/29/22

07/27/29

Senior

4,089,559

4,032,615

Financière Mendel ^{+, a}

Cash 4.25% + SFvv

12/06/23

11/12/30

Senior

2,400,000

2,407,128

Fusilli AcquiCo S.à.r.l. ^{+, a, e}

Cash 5.25% + E###

01/27/22

04/12/26

Senior

2,764,167

2,527,306

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

Cash 7.12% + E#

06/28/19

11/28/24

Senior

1,074,234

821,289

HIG Finance 2 Limited ^{+, a}

Cash 3.25% + E (0.75% Floor)## + P 2.25% (1.75% Floor)

10/05/21

11/12/27

Senior

3,143,951

3,147,832

HNVR Holdco Limited ^{+, a, e}

Cash 5.50% + E###

01/25/22

09/12/27

Senior

3,321,745

3,318,814

Holding Socotec SAS ^{+, a}

Cash 4.00% + SF (0.75% Floor)vv

09/10/21

06/30/28

Senior

1,470,000

1,458,975

Hunter Douglas NV ^{+, a}

Cash 3.50% + SF (0.50% Floor)vv

03/07/22

02/26/29

Senior

1,777,500

1,769,312

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

Cash 4.25% + SF (0.50% Floor)vv

08/26/21

08/19/28

Senior

3,085,188

3,082,611

IGT Holding IV AB ^{+, a}

Cash 4.80% + SF (0.50% Floor)vv

07/21/21

03/31/28

Senior

1,852,500

1,850,060

Ineos Quattro Holdings UK Limited ^{+, a}

Cash 3.75% + SFv

03/17/23

03/01/30

Senior

1,995,000

1,960,150

INNIO Group Holding GmbH ^{+, a, f}

Cash 4.25% + SFvvv

12/13/23

11/02/28

Senior

2,511,634

2,516,883

International Park Holdings B.V. ^{+, a}

Cash 5.00% + E#

11/16/21

06/13/24

Senior

2,967,557

2,894,987

ION Trading Finance Limited ^{+, a}

Cash 4.75% + SF (1.00% Floor)vv

05/25/21

04/01/28

Senior

2,737,000

2,735,542

Lernen Bidco Ltd. ^{+, a, e}

Cash 4.75% + E##

06/16/23

04/24/29

Senior

6,523,196

6,635,242

Loire UK Midco 3 Limited ^{+, a}

Cash 3.50% + SF (0.75% Floor)vv

07/09/21

04/21/27

Senior

1,264,361

1,235,021

Loire UK Midco 3 Limited ^{+, a}

Cash 3.00% + SFv

06/08/20

04/21/27

Senior

1,355,176

1,323,624

Mar Bidco S.à.r.l. ^{+, a}

Cash 4.25% + SFvv

07/30/21

07/06/28

Senior

2,940,000

2,785,875

Matador Bidco S.à.r.l. ^{+, a}

Cash 4.50% + SF (0.76% Floor)v

11/12/19

10/15/26

Senior

3,023,676

3,043,330

Nomad Foods Limited ^{+, a}

Cash 3.75% + SF (0.50% Floor)vv

12/09/22

11/12/29

Senior

1,173,110

1,178,043

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

Cash 4.00% + SFvv

03/03/23

04/03/28

Senior

2,394,000

2,399,940

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

Cash 8.75% + E (1.00% Floor)###; PIK 9.00%

05/31/17

05/31/27

Mezzanine

29,894,215

30,263,176

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

Cash 4.00% + SFvvv

03/30/22

03/01/29

Senior

1,477,500

1,462,697

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

Cash 4.25% + SF (0.50% Floor)vv

08/08/22

07/12/29

Senior

2,744,630

2,743,274

Rainbow Jvco Ltd. ^{+, a}

Cash 7.25% + E##; PIK 7.25%

02/24/22

02/24/30

Mezzanine

10,163,513

10,288,038

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

Cash 6.25% + E##

12/19/23

12/18/30

Senior

8,405,600

9,031,867

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 —

December 31, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

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

Cash 3.00% + E##

05/25/18

05/05/25

Senior

2,271,578

2,221,006

Seren Bidco AB ^{+, a}

Cash 7.25% + SR ¤¤

11/16/21

11/16/29

Second Lien

16,653,255

14,575,693

Sevetys Invest ^{+, a}

Cash 6.25% + E##

12/16/22

12/07/28

Senior

15,740,503

15,851,351

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

Cash 4.75% + SFvvv

09/20/23

01/02/28

Senior

5,600,000

5,514,600

Skywalker BidCo GmbH ^{+, a}

Cash 6.00% + E###

12/20/23

12/20/30

Senior

6,832,400

7,368,299

Spinnaker DebtCo Limited ^{+, a}

Cash 6.25% + E##

12/21/22

12/14/29

Senior

15,346,207

15,799,625

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

Cash 2.75% + SFvv

11/14/18

10/01/25

Senior

2,743,121

2,750,352

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

Cash 4.50% + SF (0.75% Floor)vv

09/08/21

12/04/26

Senior

980,000

969,406

Sunshine Luxembourg VII S.à.r.l. ^{+, a, e}

Cash 3.50% + SF (0.75% Floor)vv

10/22/19

10/01/26

Senior

2,715,375

2,726,071

team.blue Finco S.à.r.l. ^{+, a}

Cash 3.75% + E#

06/25/21

03/27/28

Senior

4,043,536

3,664,271

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

Cash 5.00% + SFvvv

07/25/23

05/03/28

Senior

1,400,000

1,411,669

Vertical Midco GmbH ^{+, a}

Cash 3.50% + SFvv

09/09/20

07/30/27

Senior

3,881,348

3,886,821

Virgin Media Bristol, LLC ^{+, a}

Cash 2.50% + SFv

02/07/18

01/31/28

Senior

5,486,250

5,489,302

Total Western Europe (2.47%)

348,364,037

Total Direct Debt (7.94%)

1,118,781,556

Total Direct Investments (69.20%)

9,754,715,587

Secondary Investments ^{*, c} (12.18%)

	Acquisition Date	Fair Value
Asia - Pacific (1.08%)
CVC Capital Partners Asia Pacific III, L.P. ^{+, a, e}	01/11/13	$	201,065
MBK Partners Colonel Fund, L.P. ^{+, a, e}	09/20/21		96,683,075
TPG Asia VII (B), L.P. ^{+, a, e}	12/07/18		21,258,607
TRG Growth Partnership (Offshore) II, L.P. ^{+, a, e}	08/02/10		52,022
TRG Growth Partnership (Offshore), L.P. ^{+, a, e}	08/02/10		1
TRG Growth Partnership II, L.P. ^{+, a, e}	07/08/10		148,173
Yunfeng Capital Fund III, L.P. ^{+, a, e}	05/18/21		29,805,231
Yunfeng Capital Fund IV, L.P. ^{+, a, e}	05/31/21		3,734,670
Total Asia - Pacific (1.08%)			151,882,844
North America (8.43%)
Abingworth Bioventures V, L.P. ^{+, a, e}	06/30/12		4,635
Apollo Investment Fund VII, L.P. ^{+, a, e}	07/01/10		9,503
Apollo Overseas Partners (Delaware) VII, L.P. ^{+, a, e}	10/01/09		4,643
Ares PE Extended Value Fund, L.P. ^{+, a, e}	11/14/19		39,959,784
Avenue Golden Continuation Fund PV, L.P. ^{+, a, e}	04/26/22		35,010,607
Avenue Golden Continuation Fund PV, L.P. ^{+, a}	07/29/22		8,752,651
Bain Capital Fund X, L.P. ^{+, a, e}	06/30/11		4,598,744
Berkshire Fund VIII, L.P. ^{+, a, e}	09/03/21		32,817,863
Berkshire Fund X-A, L.P. ^{+, a, e}	09/03/21		13,489,061
Bertram Growth Capital II-A, L.P. ^{+, a, e}	09/30/15		35,946
Carlyle Partners VII, L.P. ^{+, a, e}	02/15/23		25,010,578
Carlyle Partners VIII, L.P. ^{+, a, e}	03/10/23		4,100,969
Centerbridge Seaport Acquisition Fund, L.P. ^{+, a, e}	05/12/22		120,454
Clayton, Dubilier & Rice Fund VIII, L.P. ^{+, a, e}	03/29/12		32,393
DST Opportunities Access Offshore L.P. ^{+, a, e}	09/30/20		6,535,335
ECP Terra-Gen Growth Fund, L.P. ^{+, a, e}	03/23/21		4,035,260
EETF Sidecar, L.P. ^{+, a, e}	04/30/21		5,168,275
EETF Sidecar, L.P. ^{+, a}	04/30/21		847,595
EnCap Energy Co-Investment Fund I-C, L.P. ^{+, a, e}	04/30/21		1,178,672

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 —

December 31, 2023 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Secondary Investments *^{, c}** (continued)
North America (continued)
EnCap Energy Transition Fund I, L.P. ^{+, a, e}	04/30/21	$	2,887,883
Energy Capital Partners Credit Solutions II, L.P. ^{+, a, e}	02/03/21		3,108,215
Energy Capital Partners III, L.P. ^{+, a, e}	02/01/21		5,092,406
Frazier Healthcare VI, L.P. ^{+, a, e}	06/30/12		154,710
FS Equity Partners V, L.P. ^{+, a, e}	08/07/12		220,658
GA Continuity Fund I L.P. (Bermuda) ^{+, a, e}	06/30/21		77,222,567
General Atlantic Investment Partners 2021, L.P. ^{+, a, e}	07/02/21		5,812,400
General Atlantic Investment Partners 2023, L.P. ^{+, a, e}	12/01/22		1,019,625
Genstar Capital Partners V, L.P. ^{+, a, e}	09/30/15		1,863
Green Equity Investors Side CF, L.P. ^{+, a, e}	04/16/21		42,284,810
Gridiron Energy Feeder I, L.P. ^{+, a}	05/15/17		36,507,697
Gryphon Partners 3.5, L.P. ^{+, a, e}	05/21/13		108,211
Gryphon Partners IV L.P. ^{+, a, e}	02/08/16		17,647,358
H.I.G. Bayside Debt & LBO Fund II, L.P. ^{+, a, e}	12/30/10		128,833
Icon Partners IV, L.P. ^{+, a}	05/26/21		31,802,991
Icon Partners V, L.P. ^{+, a}	12/27/21		81,675,544
Insight Venture Partners Continuation Fund, L.P. ^{+, a}	09/09/19		55,606,474
KKR Associates Indigo Equity Partners, L.P. ^{+, a}	06/09/22		122,058,589
KSL Capital Partners CV I, L.P. ^{+, a, e}	05/23/22		34,244,091
Lee Equity Partners II, L.P. ^{+, a, e}	06/30/17		6,570,076
Lee Equity Partners Realization Fund, L.P. ^{+, a, e}	06/30/17		6,574,039
LEP Captive Co-Invest II, L.P. ^{+, a, e}	07/01/22		17,080,163
Madison Dearborn Capital Partners V, L.P. ^{+, a, e}	03/31/11		80,237
Madison Dearborn Capital Partners VIII, L.P. ^{+, a, e}	03/15/21		7,525,581
MidOcean Partners III, L.P. ^{+, a, e}	06/30/11		343
Monomoy Capital Partners II, L.P. ^{+, a, e}	09/30/15		142,506
New Enterprise Associates 17, L.P. ^{+, a}	09/30/20		6,461,372
Northgate Growth Fund, L.P. ^{+, a}	12/20/19		6,709,659
NVP VIII PG, L.P. ^{+, a, e}	05/31/19		88,276,561
Oak Investment Partners XII, L.P. ^{+, a, e}	06/28/12		38,714
Pamlico Capital GP II, LLC ^{+, a, e}	03/31/14		2,523
Providence Equity Partners IV, L.P. ^{+, a, e}	06/30/11		929
Providence Equity Partners V, L.P. ^{+, a, e}	06/30/11		6,682
Providence Equity Partners VI-A, L.P. ^{+, a, e}	06/30/11		224,944
Providence Equity Partners VII-A, L.P. ^{+, a, e}	06/30/13		1,763,865
PT2, L.P. ^{+, a, e}	12/21/21		12,574,678
Revelstoke EPIC Fund I, L.P. ^{+, a, e}	11/20/19		98,978,661
Samson Partners, L.P. ^{+, a}	12/21/20		44,708,201
Silver Lake Partners III, L.P. ^{+, a, e}	03/31/13		874,046
Silver Lake Partners V, L.P. ^{+, a}	09/30/20		5,381,239
Silver Lake Partners VI, L.P. ^{+, a}	09/30/22		31,052,268
SL SPV-1, L.P. ^{+, a, e}	12/01/17		3,066,253
SL SPV-2, L.P. ^{+, a, e}	06/30/10		6,495,994
Sun Capital Partners V, L.P. ^{+, a, e}	09/30/13		1,497,274
TA Atlantic & Pacific VI, L.P. ^{+, a, e}	09/30/15		64,516
TA XI, L.P. ^{+, a, e}	09/30/15		534,594
TCV VII (A), L.P. ^{+, a, e}	09/30/13		291,067
TorQuest Partners Fund (U.S.) II, L.P. ^{+, a, e}	09/30/15		304,239
TPG Partners V, L.P. ^{+, a, e}	07/11/11		5,018
TPG Partners VI, L.P. ^{+, a, e}	12/31/12		334,307
Trident VIII, L.P. ^{+, a}	09/30/22		30,195,107
Vistria Fund III, L.P. ^{+, a}	07/29/19		15,703,686
Vistria Fund IV, L.P. ^{+, a}	10/01/22		39,194,153

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 —

December 31, 2023 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Secondary Investments *^{, c}** (continued)
North America (continued)
Vistria Fund V, L.P. ^{+, a}	03/31/23	$	2,454,997
Warburg Pincus Private Equity X, L.P. ^{+, a, e}	09/28/12		183,120
Welsh, Carson, Anderson & Stowe XII, L.P. ^{+, a, e}	12/31/18		48,967,520
Welsh, Carson, Anderson & Stowe XIII, L.P. ^{+, a}	12/20/18		4,791,365
Total North America (8.43%)			1,188,408,390
Western Europe (2.67%)
3i Eurofund Vb, L.P. ^{+, a, e}	09/30/09		39,150
3i Growth Capital B, L.P. ^{+, a, e}	10/01/14		71,763
Abingworth Bioventures III, L.P. ^{+, a, e}	09/30/15		4,136
Abingworth Bioventures V Co-Investment Growth Equity Fund, L.P. ^{+, a, e}	06/30/12		26,404
Advent International GPE VI, L.P. ^{+, a, e}	09/30/10		296,263
Aparca8 Capital Estacionamientos, S.C.R., S.A. ^{+, a}	12/15/23		14,180,080
Apax Europe VI - A, L.P. ^{+, a, e}	07/01/11		51,596
Apax Europe VII - B, L.P. ^{+, a, e}	04/30/11		5,150
Astorg IQ-EQ Fund SCSp ^{+, a}	01/13/22		24,872,019
BC European Capital IX, L.P. ^{+, a, e}	09/30/14		1,972,904
Carlyle Europe Partners II, L.P. ^{+, a, e}	12/28/12		23,792
Carlyle Europe Partners III, L.P. ^{+, a}	12/28/12		116,860
Carlyle Europe Partners III, L.P. ^{+, a, e}	03/31/13		152,509
CCP IX L.P. No.2 ^{+, a}	09/30/14		28,929
CD&R Value Building Partners I, L.P. ^{+, a, e}	12/17/21		64,300,729
Daiwa ICP European Infrastructure 1, L.P. ^{+, a}	12/22/22		62,056,464
EPIC I-b Fund SLP ^{+, a, e}	11/30/20		21,583,582
ESP Golden Bear Europe Fund ^{+, a, e}	12/31/16		2,175,296
Galileo III FCPR ^{+, a}	09/30/15		30,568
Graphite Capital Partners VII, L.P. ^{+, a, e}	09/30/15		213,128
Italian Private Equity Fund IV, L.P. ^{+, a, e}	01/29/16		16,021
KKR European Fund III, L.P. ^{+, a, e}	11/01/10		100,707
Montagu+ SCSp ^{+, a}	12/06/21		47,635,115
Permira Europe II, L.P. ^{+, a, e}	11/29/13		19,523
Permira Europe III, L.P. ^{+, a}	09/30/15		3,180
Permira Europe III, L.P. ^{+, a, e}	09/30/13		5,047
Permira IV, L.P. ^{+, a, e}	09/30/13		5,552,716
Permira VII L.P. ^{+, a}	09/29/22		37,750,197
Rivean Special Opportunity Fund I Coöperatief U.A. ^{+, a}	11/29/22		52,071,019
Riverside Europe Fund IV, L.P. ^{+, a, e}	09/30/14		368,487
STG Alternative Investments S.C.A. SICAV-RAIF ^{+, a}	09/17/21		29,013,809
Trilantic Capital Partners V (Europe) S.C.A., SICAR ^{+, a, e}	11/20/20		7,070,540
Trilantic Europe VI SCSp ^{+, a, e}	12/10/20		4,718,882
Total Western Europe (2.67%)			376,526,565
Total Secondary Investments (12.18%)		$	1,716,817,799
Primary Investments *^{, c}** (14.77%)
Asia - Pacific (0.95%)
Bain Capital Asia V, L.P. ^{+, a}	09/01/23		29,276
Baring Asia Private Equity Fund V, L.P. ^{+, a, e}	12/01/10		446,947
BGH Capital Fund I ^{+, a, e}	03/01/18		18,579,130
BGH Capital VCLP II ^{+, a, e}	02/01/22		1
CPEChina Fund III, L.P. ^{+, a, e}	03/28/18		31,065,731
CVC Capital Partners Asia VI L.P. ^{+, a, e}	12/23/22		—
Hony Capital Fund VIII, L.P. ^{+, a, e}	10/30/15		8,256,899
Hony Capital Partners V, L.P. ^{+, a, e}	12/15/11		2,786,276

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2023 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
Asia - Pacific (continued)
J-STAR No.4-C, L.P. ^{+, a}	08/02/19	$	19,534,919
J-STAR No.5-B, L.P. ^{+, a}	02/28/22		1,207,682
Kedaara Capital III Limited ^{+, a, e}	06/17/21		5,947,968
KKR Asian Fund IV SCSp ^{+, a, e}	05/29/20		3,382,411
Primavera Capital Fund III L.P. ^{+, a, e}	05/09/18		11,259,620
Primavera Capital Fund IV, L.P. ^{+, a, e}	05/20/21		4,241,311
Southern Capital Fund IV L.P. ^{+, a, e}	01/26/18		2,935,574
The Baring Asia Private Equity Fund VII, L.P. ^{+, a}	07/10/18		9,062,295
TPG ASIA VIII (B), L.P. ^{+, a, e}	07/01/22		4,722,744
Trustbridge Partners VI, L.P. ^{+, a, e}	04/12/18		10,241,408
Total Asia - Pacific (0.95%)			133,700,192
North America (8.90%)
Advent Global Technology, L.P. ^{+, a}	06/25/19		2,800,240
AEA Investors Fund VII L.P. ^{+, a}	02/08/19		4,101,512
American Industrial Partners Capital Fund VII, L.P. ^{+, a}	03/29/19		20,476,600
American Industrial Partners Capital Fund VIII, L.P. ^{+, a}	07/10/23		1
Apollo Investment Fund IX, L.P ^{+, a, e}	06/01/17		35,386,006
Apollo Investment Fund VIII, L.P. ^{+, a, e}	06/28/13		3,118,183
Ares Corporate Opportunities Fund IV, L.P. ^{+, a, e}	04/19/12		1,971,119
Ares Corporate Opportunities Fund V, L.P. ^{+, a, e}	12/28/15		9,704,855
Ares Corporate Opportunities Fund VI, L.P. ^{+, a, e}	06/02/20		2,433,321
Avista Capital Partners II, L.P. ^{+, a, e}	01/01/14		260
Bain Capital Fund XII, L.P. ^{+, a, e}	06/30/17		21,583,242
Bain Capital Fund XIII, L.P. ^{+, a}	08/07/20		13,880,754
Barings Transportation Fund, L.P. ^{+, a, e}	09/23/21		13,438,932
Berkshire Fund IX, L.P. ^{+, a, e}	03/18/16		13,606,991
Berkshire Fund XI-TE, L.P. ^{+, a, e}	12/18/23		—
Caltius Partners V-A, L.P. ^{+, a, e}	12/02/14		7,348,092
Carlyle Partners VII, L.P. ^{+, a}	11/29/17		58,036,127
Carlyle Partners VIII, L.P. ^{+, a, e}	09/10/21		4,851,887
Centerbridge Seaport Acquisition Fund, L.P. ^{+, a, e}	04/27/22		865,188
Clayton, Dubilier & Rice Fund IX, L.P. ^{+, a, e}	07/31/13		7,159,361
Clayton, Dubilier & Rice Fund X, L.P. ^{+, a}	12/13/16		27,205,214
Clayton, Dubilier & Rice Fund XI, L.P. ^{+, a, e}	05/15/20		17,562,049
Clayton, Dubilier & Rice Fund XII, L.P. ^{+, a, e}	09/02/22		1
Clearlake Capital Partners V, L.P. ^{+, a, e}	12/15/17		31,050,955
Clearlake Capital Partners VI, L.P. ^{+, a}	12/10/19		21,856,922
Clearlake Capital Partners VII, L.P. ^{+, a}	09/23/21		9,327,823
Crescent Mezzanine Partners VI, L.P. ^{+, a, e}	03/30/12		582,616
Cressey & Company Fund VII-A L.P. ^{+, a}	06/30/22		1
ECP V, LP ^{+, a, e}	08/19/22		2,360,772
Frazier Healthcare Growth Buyout Fund X, L.P. ^{+, a}	03/10/21		6,486,662
Genstar AMBA CV, L.P. ^{+, a, e}	04/01/23		534,457
Genstar Capital Partners IX, L.P. ^{+, a}	02/21/19		22,828,961
Genstar Capital Partners VI, L.P. ^{+, a, e}	09/01/12		1,051,963
Genstar Capital Partners VII, L.P. ^{+, a}	06/26/15		6,647,614
Genstar Capital Partners VIII, L.P. ^{+, a, e}	03/23/17		32,594,458
Genstar Capital Partners X, L.P. ^{+, a}	04/01/21		10,334,517
Genstar Capital Partners XI, L.P. ^{+, a}	04/26/23		24,652
Genstar X Opportunities Fund, L.P. ^{+, a}	08/13/21		2,450,512
Genstar XI Opportunities Fund, L.P. ^{+, a}	04/26/23		411,746
GI Data Infrastructure Fund II LP ^{+, a, e}	01/27/23		—

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 —

December 31, 2023 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
North America (continued)
GoldPoint Mezzanine Partners IV, L.P. ^{+, a, e}	12/30/15	$	7,984,131
Green Equity Investors IX, L.P. ^{+, a, e}	03/01/22		367,809
Green Equity Investors Side VIII, L.P. ^{+, a, e}	10/18/19		31,820,380
Gryphon Heritage Partners, L.P. ^{+, a, e}	12/17/20		5,466,211
Gryphon Partners V, L.P. ^{+, a, e}	02/23/18		10,840,015
Gryphon Partners VI, L.P. ^{+, a, e}	12/17/20		9,973,928
Harvest Partners IX, L.P. ^{+, a, e}	09/24/21		4,632,404
Harvest Partners VII, L.P. ^{+, a}	12/14/15		10,843,777
Harvest Partners VIII, L.P. ^{+, a}	12/19/18		23,436,794
Hellman & Friedman Capital Partners VII, L.P. ^{+, a, e}	06/30/14		598,532
Hellman & Friedman Capital Partners X, L.P. ^{+, a, e}	05/10/21		11,892,938
Hellman & Friedman Capital Partners XI, LP ^{+, a, e}	03/31/23		—
HGGC Fund IV, L.P. ^{+, a, e}	04/08/22		2,253,283
Icon Partners IV, L.P. ^{+, a, e}	09/01/21		5,423,530
Icon Partners V, L.P. ^{+, a, e}	12/27/21		8,026,110
Insight Partners XII (Co-Investors), L.P. ^{+, a}	05/14/21		1,522,551
Insight Partners XIII, L.P. ^{+, a, e}	12/23/22		—
Insight Venture Partners X, L.P. ^{+, a, e}	07/06/18		15,076,671
Insight Venture Partners XI, L.P. ^{+, a, e}	12/17/19		7,066,443
Insight Ventures Partners XII, L.P. ^{+, a, e}	05/14/21		4,976,755
Jade Equity Investors II, L.P. ^{+, a, e}	03/01/22		1
Khosla Ventures VIII, L.P. ^{+, a, e}	01/06/23		135,678
KKR Americas Fund XII L.P. ^{+, a, e}	01/31/18		30,155,323
KKR Associates Indigo Equity Partners, L.P. ^{+, a, e}	10/01/22		1,754,282
KKR North America Fund XI, L.P. ^{+, a, e}	02/01/12		3,791,853
KKR North America Fund XIII, SCSP ^{+, a, e}	04/06/21		4,749,400
Kleiner Perkins Caufield & Byers XIX LLC ^{+, a}	03/05/20		10,885,624
Kohlberg Investors X, L.P. ^{+, a, e}	10/06/23		—
Kohlberg TE Investors IX, L.P. ^{+, a, e}	12/20/19		26,756,507
Kohlberg TE Investors VIII, L.P. ^{+, a, e}	08/04/16		24,782,574
Leeds Equity Partners VI, L.P. ^{+, a, e}	11/25/16		18,480,455
Lerer Hippeau Select Fund III, L.P. ^{+, a}	12/20/19		6,642,268
Lerer Hippeau VII, L.P. ^{+, a}	12/20/19		3,472,554
Lux Total Opportunities, L.P. ^{+, a}	05/28/21		2,390,503
Lux Ventures VII, L.P. ^{+, a}	05/28/21		793,877
Lux Ventures VIII, L.P. ^{+, a}	04/03/23		318,267
Madison Dearborn Capital Partners VIII, L.P. ^{+, a, e}	03/20/20		7,133,254
Mayfield Select III, L.P. ^{+, a, e}	05/01/23		—
Mayfield XVII, L.P. ^{+, a, e}	05/01/23		—
Nautic Partners IX-A, L.P. ^{+, a}	03/12/19		6,616,707
Nautic Partners VII-A, L.P. ^{+, a, e}	06/27/14		2,617,133
Nautic Partners X-A, L.P. ^{+, a}	07/19/21		5,086,122
NEA 18 Venture Growth Equity, L.P. ^{+, a}	12/22/21		818,145
New Enterprise Associates 14, L.P. ^{+, a}	05/04/12		8,089,036
New Enterprise Associates 17, L.P. ^{+, a}	06/06/19		8,751,861
New Enterprise Associates 18, L.P. ^{+, a}	12/22/21		1,145,958
New Mountain Capital V, L.P. ^{+, a, e}	06/29/17		35,097,076
New Mountain Partners VI, L.P. ^{+, a, e}	10/16/20		18,265,478
New Mountain Partners VII, L.P. ^{+, a, e}	04/06/23		—
NexPhase Capital Fund III-A, L.P. ^{+, a, e}	09/01/16		21,681,310
NexPhase Capital Fund V, L.P. ^{+, a}	08/04/23		8,846
Oak Hill Capital Partners IV, L.P. ^{+, a, e}	04/28/17		13,849,224
Oak Hill Capital Partners V, L.P. ^{+, a, e}	12/21/18		33,276,528

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 —

December 31, 2023 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
North America (continued)
Oak Hill Capital Partners VI, L.P. ^{+, a, e}	02/25/22	$	2,610,127
Pamlico Capital V, L.P. ^{+, a}	02/03/20		3,574,766
PennantPark Credit Opportunities Fund II, L.P. ^{+, a, e}	08/03/12		1,094,413
Revelstoke Capital Partners Fund III, L.P ^{+, a, e}	02/23/22		4,012,923
Silver Lake Partners IV, L.P. ^{+, a, e}	07/30/12		15,415,916
Silver Lake Partners V, L.P. ^{+, a, e}	03/31/17		46,123,966
Silver Lake Partners VI, L.P. ^{+, a, e}	06/04/20		6,114,504
Silver Lake Partners VII, L.P. ^{+, a, e}	05/26/22		1
Spark Capital Growth Fund IV, L.P. ^{+, a}	10/14/21		2,394,060
Spark Capital VII, L.P. ^{+, a}	10/14/21		1,523,010
Sumeru Equity Partners Fund, L.P. ^{+, a, e}	04/27/15		5,189,026
Summit Partners Growth Equity Fund XI, L.P. ^{+, a, e}	10/01/21		1,385,843
TA Select Opportunities Fund II-B, L.P. ^{+, a}	05/27/21		1,610,091
TA XIII-B, L.P. ^{+, a}	05/02/19		19,016,748
TA XIV-B, L.P. ^{+, a}	05/27/21		8,140,002
TCV X, L.P. ^{+, a}	08/31/18		13,439,114
TCV XI (A), L.P. ^{+, a}	10/02/20		6,417,924
Thompson Street Capital Partners IV, L.P. ^{+, a, e}	12/10/15		8,233,994
Thompson Street Capital Partners V, L.P. ^{+, a, e}	05/04/18		8,358,349
Thompson Street Capital Partners VI, L.P. ^{+, a, e}	06/11/21		7,672,811
TPG Partners IX, L.P. ^{+, a, e}	12/23/22		504,927
TPG Partners VII, L.P. ^{+, a, e}	03/01/16		6,125,213
TPG Partners VIII, L.P. ^{+, a}	01/31/19		11,950,069
Trident IX, L.P. ^{+, a, e}	11/19/21		2,436,266
Trident IX, L.P. ^{+, a}	11/19/21		6,334,296
Trident VII, L.P. ^{+, a}	09/22/16		43,348,913
Trident VIII, L.P. ^{+, a}	04/05/19		24,392,700
Vista Equity Partners Fund VII, L.P. ^{+, a, e}	08/31/18		20,615,909
Vista Equity Partners Fund VIII, L.P. ^{+, a, e}	04/28/22		4,608,493
Vistria Fund II, L.P. ^{+, a, e}	12/19/17		12,329,632
Vistria Fund III, L.P. ^{+, a}	06/19/19		15,703,686
Vistria Fund IV, L.P. ^{+, a}	03/31/21		14,072,194
Vistria Fund V, L.P. ^{+, a}	10/31/23		51,240
Warburg Pincus Global Growth 14, L.P. ^{+, a}	01/31/22		2,908,067
Warburg Pincus Global Growth, L.P. ^{+, a}	11/20/18		12,182,514
Welsh, Carson, Anderson & Stowe XII, L.P. ^{+, a, e}	12/19/14		12,471,435
Welsh, Carson, Anderson & Stowe XIII, L.P. ^{+, a}	12/20/18		17,248,916
Welsh, Carson, Anderson & Stowe XIV, L.P. ^{+, a}	01/19/22		1,068,581
West Street Offshore Infrastructure Partners IV ^{+, a, e}	11/02/22		5,923,202
Windjammer Senior Equity Fund IV, L.P. ^{+, a, e}	02/06/13		4,522,522
Total North America (8.90%)			1,254,949,035
Rest of World (0.80%)
Advent Latin American Private Equity Fund VI-H L.P. ^{+, a}	10/17/14		10,972,357
Altra Private Equity Fund II, L.P. ^{+, a, e}	12/07/12		794,847
Patria - Brazilian Private Equity Fund IV, L.P. ^{+, a}	06/30/11		5,143,289
Polish Enterprise Fund VIII, L.P. ^{+, a}	09/15/17		96,394,127
Total Rest of World (0.80%)			113,304,620
Western Europe (4.12%)
Adagia Capital Europe S.L.P. ^{+, a, e}	06/01/21		3,773,711
Advent International GPE IX-C, L.P. ^{+, a}	05/31/19		27,312,244
Advent International GPE VII-B, L.P. ^{+, a}	07/01/12		1,770,587

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 —

December 31, 2023 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
Western Europe (continued)
Advent International GPE VIII-C, L.P ^{+, a}	03/22/16	$	10,712,219
Advent International GPE X (USD) ^{+, a}	05/31/22		6,242,512
Apax X USD L.P. ^{+, a, e}	07/16/19		20,720,863
APAX XI USD L.P. ^{+, a, e}	06/30/22		1
Astorg Mid-Cap ^{+, a, e}	02/22/21		2,418,100
Astorg VI, FCPI ^{+, a}	06/30/16		4,792,414
Astorg VIII S.à.r.l. ^{+, a}	12/17/21		6,356,021
Axcel VI K/S ^{+, a, e}	02/21/20		22,535,275
Axcel VII K/S ^{+, a}	05/17/23		1
Bain Capital Europe Fund IV, L.P. ^{+, a, e}	09/01/14		4,813,986
Bain Capital Europe Fund VI, SCSp ^{+, a, e}	06/30/22		500,050
BC Partners XI, L.P. ^{+, a, e}	12/18/20		21,604,830
CapVest Equity Partners III B, L.P. ^{+, a, e}	08/30/13		3,895,807
Capvis Equity V L.P. ^{+, a, e}	01/17/18		23,267,734
Carlyle Europe Partners IV, L.P. ^{+, a, e}	08/27/13		564,042
Carlyle Europe Partners V, L.P. ^{+, a, e}	04/23/18		7,667,581
CD&R Value Building Partners I, L.P. ^{+, a, e}	12/17/21		7,998,090
Charterhouse Capital Partners XI ^{+, a, e}	11/26/21		3,261,023
CVC Capital Partners IX L.P. ^{+, a, e}	05/12/23		—
CVC Capital Partners VI (A) L.P. ^{+, a, e}	07/05/13		6,807,158
CVC Capital Partners VIII, L.P. ^{+, a, e}	06/19/20		1,757,827
DPE Deutschland IV ^{+, a, e}	08/24/20		3,495,512
EQT IX, L.P. (USD) ^{+, a, e}	05/15/20		21,595,269
EQT Mid-Market (No.1) Feeder L.P. ^{+, a, e}	07/01/16		14,590,182
EQT X, L.P. (USD) ^{+, a, e}	04/28/22		4,013,480
Exponent Private Equity Partners V, L.P. ^{+, a, e}	09/14/23		—
Gilde Buy-Out Fund VI C.V. ^{+, a, e}	06/28/19		26,949,559
Graphite Capital Partners IX L.P. ^{+, a}	04/11/18		12,739,159
Hg Genesis 10 L.P. ^{+, a}	04/14/22		2,797,725
Hg Mercury 4 L.P. ^{+, a, e}	01/12/23		6,348
Hg Saturn 3 L.P. ^{+, a}	02/25/22		7,214,501
Hg Saturn I L.P. ^{+, a, e}	06/28/18		27,065,958
HgCapital 8 L.P. ^{+, a}	12/19/16		22,666,689
HgCapital Mercury 2 ^{+, a, e}	02/15/17		19,476,312
Index Ventures Growth III (Jersey) L.P. ^{+, a}	03/18/15		17,995,949
KKR European Fund V (EUR) SCSp ^{+, a, e}	11/05/18		31,976,736
KKR European Fund VI (USD) ^{+, a, e}	11/01/21		4,047,216
Livingbridge 7 L.P. ^{+, a, e}	09/04/20		12,270,055
MCH Iberian Capital Fund V FCR ^{+, a, e}	12/10/21		14,964,581
Nordic Capital Evo GP, SCSp ^{+, a, e}	06/30/21		2,426,266
Nordic Capital IX, L.P. ^{+, a, e}	07/18/17		40,462,769
Nordic Capital X, L.P. ^{+, a, e}	09/30/20		23,985,991
Nordic Capital XI, L.P. ^{+, a, e}	05/01/22		2,169,689
Oakley Capital Fund V, SCSp ^{+, a, e}	04/28/22		1,599,019
PAI Europe VI-1, L.P. ^{+, a, e}	03/12/15		5,390,090
PAI Partners VIII-1 SCSp ^{+, a, e}	12/17/21		225,638
Permira VII L.P. ^{+, a}	06/21/19		27,451,129
Permira VIII SCSp ^{+, a, e}	02/10/22		7,697,577
ProA Capital Iberian Buyout Fund IV, F.C.R. ^{+, a}	05/31/23		32,221
Rivean Capital Fund VII Cooperatief U.A. ^{+, a}	05/24/23		1
Sixth Cinven Fund (No.3) L.P. ^{+, a}	05/01/16		7,130,182
The Eighth Cinven Fund, L.P. ^{+, a, e}	07/05/22		1
The Paragon Partners Fund IV GmbH & Co. KG ^{+, a, e}	04/29/22		29,364

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 —

December 31, 2023 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
Western Europe (continued)
The Seventh Cinven Fund, L.P. ^{+, a}	04/16/19	$	29,059,893
Vitruvian Investment Partnership V ^{+, a}	10/07/22		662,394
Total Western Europe (4.12%)			580,959,531
Total Primary Investments (14.77%)		$	2,082,913,378

Total Private Equity Investments (Cost $9,632,541,282)(96.15%)		$	13,554,446,764

Total Investments (Cost $9,830,690,865)(97.76%)			13,780,879,989

Other Assets in Excess of Liabilities (2.24%)			316,107,380

Net Assets (100.00%)		$	14,096,987,369

*	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 December 31, 2023, the aggregate value of these securities is $44,928,528 or 0.31% of the Fund's net assets.

#	As of December 31, 2023, 1 month EURIBOR was 3.85%.

##	As of December 31, 2023, 3 month EURIBOR was 3.91%.

###	As of December 31, 2023, 6 month EURIBOR was 3.86%.

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

†	As of December 31, 2023, 1 month Bank Bill Swap Rate was 4.31%.

††	As of December 31, 2023, 3 month Bank Bill Swap Rate was 4.36%.

>	As of December 31, 2023, 1 month Sterling Overnight Interbank Average Rate was 5.19%.

>>	As of December 31, 2023, 3 month Sterling Overnight Interbank Average Rate was 5.19%.

>>>	As of December 31, 2023, 6 month Sterling Overnight Interbank Average Rate was 5.14%.

¤ ¤	As of December 31, 2023, 3 month Stockholm Interbank Offered Rate was 4.05%.

v	As of December 31, 2023, 1 month Secured Overnight Financing Rate was 5.35%.

vv	As of December 31, 2023, 3 month Secured Overnight Financing Rate was 5.33%.

vvv	As of December 31, 2023, 6 month Secured Overnight Financing Rate was 5.16%.

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 —

December 31, 2023 (Unaudited) (continued)

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 December 31, 2023 was $13,554,446,764, or 96.15% of net assets. As of December 31, 2023, the aggregate cost of each investment restricted to resale was $15,568,606, $10,621,500, $26,724,619, $7,101,543, $5,433,284, $48,899,552, $7,817,081, $1,209,388, $22,978,363, $7,228,256, $520,240, $1,927,535, $15,533,913, $126,985,067, $24,784,703, $27,959,148, $10,285,568, $36,322,745, $8,255,636, $35,317,661, $150,000, $4,168,272, $17,127,003, $56,634, $114,646,566, $5,604,217, $122,578,028, $94,154, $33,231,255, $3,120,000, $1,348,750, $3,629,300, $119,978,433, $42,624,450, $107,123,942, $4,258,337, $59,885,470, $60,641,828, $42,177,986, $94,861,790, $103,079,624, $56,985,983, $9,367,969, $47,761,620, $15,617,280, $62,631,543, $122,197,759, $151,702,453, $250,000, $1, $47,583,000, $1,111,078, $9,683,863, $187,500,000, $61,566,000, $252,000, $83,828,190, $11,341,677, $317,827, $172,633, $37,921,966, $22,737,472, $0, $60,534,545, $23,297,435, $15,306,665, $45,225,381, $40,498,701, $38,238,497, $32,126,730, $42,107,458, $1,120,924, $13,722,831, $9,357,130, $1, $3, $1,201,845, $28,760,676, $46,927,567, $28,417,946, $55,007,012, $14,874,473, $90,509,738, $178,485,000, $31,855,184, $51,287,146, $5,013,868, $71,817,900, $4,632,829, $3,612,204, $22,340,802, $45,760,200, $18,765,475, $2,316,000, $68,399,200, $1,441,200, $7,070,769, $17,510,132, $69,246,328, $6,195,472, $12,009,114, $3,796,283, $264,490, $21,810,718, $402,797, $149,423,941, $89,101,353, $33,206, $83,976,881, $78,503,589, $27,818,080, $14,672,982, $465,142, $60,730,492, $47,337,703, $26,042,680, $6,667,123, $88,276,348, $8,322,184, $745,309, $1,045,423, $2,480,124, $22,020,550, $52,429,641, $11,664,382, $42,821,436, $92,759,254, $21,615,986, $48,949,162, $17,052,864, $17,052,864, $3,377,868, $18,476,616, $10,370,882, $7,793, $1,577,860, $13,936,692, $40,092,414, $9,770,324, $64,619,159, $15,139,432, $76,735,181, $13,620, $40,775,357, $41,647,590, $5,073,504, $43,707,097, $93,661,837, $95,734,502, $0, $4,759,308, $48,680,396, $1,453,837, $97,483,897, $6,616,483, $115,820,054, $128,682, $1,135,700, $102,497,783, $1,063,586, $5,337,259, $88,079,152, $73,161,629, $1,773, $112,190,937, $88,912, $6,275,980, $23,877,358, $1,183,250, $40,573, $771,358, $9,449, $247,670, $33,400,016, $51,322,097, $36,261,531, $2,858,842, $42,469,064, $12,156,155, $302,803, $26,591, $3,389,622, $8,834,459, $56,519,570, $34,731,898, $3,381,170, $936,729, $42,986,878, $26,300,998, $2,684,623, $11,821,703, $1,265,160, $3,458,219, $12,582,993, $4,598,548, $10,052,824, $10,201,750, $1,245,341, $1,650,208, $2,137,207, $1,828,724, $975,284, $990,146, $1,363,942, $2,866,912, $968,016, $6,837,095, $1,283,804, $8,194,973, $2,050,950, $981,141, $969,617, $1,372,932, $1,065,663, $7,049,858, $4,562,008, $1,695,309, $2,723,874, $3,893,477, $3,186,140, $1,975,841, $2,234,298, $3,495,301, $5,424,436, $18,633,384, $6,899,057, $1,656,949, $57,549, $1,638,242, $3,899,292, $3,772,719, $1,372,474, $2,977,921, $1,993,357, $967,982, $3,282,228, $1,422,954, $6,894, $2,917,789, $1,254,719, $3,279,990, $1,660,008, $1,600,483, $2,817,737, $30,282,850, $1,394,688, $1,174,716, $2,906,957, $8,358,749, $692,859, $4,505,054, $4,460,382, $2,011,913, $2,860,177, $1,927,020, $959,987, $2,041,623, $284,727, $11,885,436, $1,566,077, $2,235,459, $1,263,119, $28,748,196, $433,911, $2,148,415, $1,654,504, $1,858,704, $4,027,226, $828,081, $3,785,184, $1,562,545, $3,887,555, $13,559,819, $19,271,232, $2,048,986, $1,024,150, $868,532, $3,326,395, $472,062, $1,899,217, $950,001, $1,740,509, $1,791,000, $5,780,054, $11,715,424, $3,600,000, $4,083,333, $2,081,278, $-81, $1,389,548, $1,086,776, $4,743,567, $1,235,151, $969,493, $1,414,921, $19,842,808, $4,071,970, $1,708,237, $242,576, $1,617,690, $965,806, $4,266,210, $1,459,185, $3,171,971, $4,739,372, $4,783,385, $2,538,121, $1,984,056, $3,405,500, $6,578,188, $4,755,494, $2,550,942, $1,076,818, $900,000, $3,712,967, $992,356, $1,668,579, $502,850, $2,887,996, $1,056,331, $1,886,178, $2,186,901, $1,433,249, $45,143, $22,601, $1,890,811, $1,852,714, $2,471,483, $2,883,186, $1,426,463, $4,790,146, $7,481,166, $1,161,744, $13,448,026, $914,916, $1,897,514, $1,657,500, $1,168,977, $3,673,955, $1,785,993, $1,988,437, $1,127,095, $4,411,537, $2,793,065, $6,790,639, $5,729,023, $1,511,915, $-10, $979,903, $2,377,168, $222,315, $13,800,070, $5,786,842, $113,461, $375, $2,789,118, $3,755,677, $4,531,281, $1,295,145, $2,466,522, $921,859, $3,370,006, $4,267,312, $1,956,375, $5,725,865, $1,853,953, $1,419,006, $149,382, $1,116,938, $712,946, $3,816,763, $789,306, $1,264,255, $1,348,386, $3,096,016, $710,062, $4,541,652, $8,141,387, $2,164,327, $1,322,200, $1,661,881, $4,451,543, $3,332,151, $1,840,244, $888,118, $180,761, $20,897,600, $1,397,960, $6,797,156, $15,260,874, $33,846,050, $968,496, $1,660,770, $10,380,291, $1,360,498, $963,752, $6,028,126, $3,583,428, $3,506,122, $2,144,616, $3,799,460, $2,293,104, $1,925,000, $1,257,084, $2,975,134, $3,245,873, $1,858,911, $7,097,455, $2,455,676, $2,627,281, $6,023,806, $2,193,217, $1,920,531, $675,986, $13,815,803, $2,238,122, $4,565,224, $2,427,279, $1,942,744, $3,728,994, $13,460,453, $2,682,848, $36,112,021, $5,858,391, $1,179,025, $736,215, $7,052,851, $6,628,303, $956,841, $1,133,521, $1,376,932, $1,361,138, $26,190,152, $3,874,115, $8,770,111, $6,934,557, $8,020,421, $4,002,672, $2,376,179, $2,618,079, $946,275, $3,113,620, $3,161,354, $1,464,789, $1,766,065, $3,050,073, $1,844,605, $1,971,882, $2,499,076, $2,945,177, $2,725,458, $6,399,264, $1,257,318, $1,351,788, $2,922,564, $3,011,352, $1,131,733, $2,367,010, $30,270,574, $1,470,860, $2,715,354, $10,331,241, $8,981,693, $2,330,990, $16,382,549, $15,365,471, $5,462,871, $7,316,304, $14,868,996, $2,722,432, $973,070, $2,702,800, $4,036,347, $1,374,066, $3,827,499, $5,496,045, $1,137,391, $46,804,094, $12,362,523, $1, $46,978, $1, $32,610,233, $4,018,773, $1, $71,509, $1, $26,860,868, $23,157,476, $5,797,306, $800,155, $14,425,922, $12,346,775, $1, $18,844,704, $3,491,395, $16,717, $2, $2,423,959, $2,569,506, $199,170, $116,928, $1, $1,107,798, $2,810,021, $1, $1, $451,295, $60,617,163, $6,034,306, $1,085,472, $1, $15,800,548, $24,613,529, $1, $1, $1, $31,926,323, $74,601,748, $19,018,947, $122,740,905, $26,011,364, $413,420, $1, $14,173,574, $3, $6,619,538, $1, $13,021, $5,468,153, $6,811,000, $43,968,124, $1,008,832, $1, $8, $411,708, $34,314, $1, $9,327,441, $44,048,346, $31,364,096, $4, $2,563,774, $34,083,857, $2,924,125, $4, $15,822,902, $1, $1, $1, $892,750, $1,072,196, $3, $26,524,932, $12,199,502, $36,591,543, $2,576,416, $1, $1, $2,794,268, $3, $1, $1, $856,679, $2,178, $14,008,222, $10,548, $332,524, $12,749,518, $19,239, $41,331, $1,595,967, $1,537, $2,025,966, $49,209,390, $39,525,874, $8,780,096, $1, $1, $1, $1, $1,046, $32,814,866, $101,953, $1, $356,907, $2,326,146, $34,407,515, $22,475,562, $163,224, $15,198,989, $5,294,958, $3,327,967, $49,500, $1, $15,964,154, $0, $18,713,946, $0, $7,792,402, $5,112,086, $12,567,995, $1,349,353, $5,580,838, $3,016,161, $8,375,606, $5,715,051, $3,745,134, $2,930,524, $5,063,334, $7,678,916, $2,383,735, $3,882,375, $12,047,908, $0, $19,530,232, $1, $1, $6,084,354, $1,877,299, $95,030, $8,369,776, $14,080,000, $6,983,099, $5,031,961, $0, $3,055,896, $45,830,828, $5,633,665, $988,701, $1, $1, $16,514,951, $0, $1, $14,325,635, $8,868,058, $1, $0, $2,148,244, $5,952,000, $367,753, $7,242,036, $1, $1, $1, $9,967,705, $24,652, $2,316,489, $411,746, $0, $3,810,443, $163,477, $26,481,476, $1,059,969, $6,061,594, $8,761,433, $5,047,868, $1,054,530, $14,049,623, $1, $10,824,288, $0, $1,763,912, $5,444,563, $7,330,785, $1,359,362, $0, $3,114,168, $4,833,557, $5,570,354, $0, $140,000, $10,542,551, $1,769,643, $116,571, $4,541,486, $7,155,000, $0, $18,011,034, $5,359,552, $568,477, $4,275,000, $3,375,000, $2,643,750, $718,750, $340,000, $6,256,000, $0, $0, $2,600,108, $372,505, $4,406,610, $1,215,000, $75,001, $7,622,072, $1,089,000, $342,600, $15,782,183, $0, $1, $31,703, $911,728, $22,336,224, $2,763,054, $3,777,709, $1, $3,734,331, $1, $21,610,867, $5,812,553, $0, $2,703,375, $1,662,500, $25,036, $1,283,704, $1,677,500, $8,550,000, $8,395,000, $5,684,532, $7,153,010, $109,820, $1,712,430, $8,071,681, $502,167, $1, $8,113,249, $2,320,149, $6,032,388, $14,908,086, $17,296,659, $16,231,402, $3,469,028, $257,148, $12,199,502, $12,961,999, $51,240, $2,822,900, $8,169,500, $1, $10,059,366, $1,304,271, $6,060,974, $1, $3,584,202, $2,637,866, $4,737,451, $36,923,805, $2,829,619, $18,844,647, $1, $1, $6,588,000, $16,696,908, $0, $2,841,002, $1, $6,498,089, $14,939,896, $0, $464,942, $698,941, $19,530,618, $1, $14,430,200, $1, $6,151,586, $6,120,943, $2,780,674, $0, $1, $1,567,239, $2,963,924, $18,685,684, $166,646, $4,266,369, $0, $22,289,143, $9,614,407, $2,556,692, $66,896, $7,162,608, $9,405,911, $1, $1, $1, $25,503,672, $5,801,285, $12,618,586, $11,418,696, $2,199,128, $19,456,353, $17,926,273, $2,787,856, $1,791,658, $45,087, $510,122, $24,118,422, $6,981,624, $32,061, $0, $739,404, $0, $100,726, $24,345,052, $794,254 and $2,070,000, respectively, totaling $9,632,541,282.

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 —

December 31, 2023 (Unaudited) (continued)

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 December 31, 2023.

Legend:

£	- British Pound

€	- Euro

BBSY	- Bank Bill Swap Rate

E	- EURIBOR

Fr.	- Swiss Franc

I	- Indian Rupee

PIK	- Payment-in-kind

S	- Sterling Overnight Interbank Average Rate

SF	- Secured Overnight Financing Rate

SR	- Stockholm Interbank Offered Rate

zl	- Polish Zloty

A summary of outstanding financial instruments at December 31, 2023 is as follows:

Forward Foreign Currency Contracts

Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
January 2, 2024	Barclays	$	60,127,247	€	55,700,000	$	60,897,461	$	(770,214	)
January 2, 2024	Barclays	$	60,127,247	€	55,700,000	$	60,897,461	$	(770,214	)
January 2, 2024	Barclays	€	55,700,000	$	60,895,094	$	60,897,461	$	2,367
January 2, 2024	Barclays	€	55,700,000	$	60,900,057	$	60,897,461	$	(2,596	)
January 3, 2024	BNY Mellon	€	55,700,000	$	60,891,129	$	60,897,669	$	6,540
January 3, 2024	BNY Mellon	€	55,700,000	$	60,904,552	$	60,897,669	$	(6,883	)
January 3, 2024	Bank of America	$	60,131,258	€	55,700,000	$	60,897,669	$	(766,411	)
January 3, 2024	Bank of America	$	60,128,445	€	55,700,000	$	60,897,669	$	(769,224	)
January 10, 2024	BNY Mellon	€	55,700,000	$	60,934,073	$	60,923,469	$	(10,604	)
January 10, 2024	BNY Mellon	€	55,700,000	$	60,914,021	$	60,923,469	$	9,448
January 10, 2024	Bank of America	$	60,147,650	€	55,700,000	$	60,923,469	$	(775,819	)
January 10, 2024	Bank of America	$	60,147,650	€	55,700,000	$	60,923,469	$	(775,819	)
January 17, 2024	Bank of America	$	60,177,611	€	55,700,000	$	60,947,211	$	(769,600	)
January 17, 2024	Bank of America	$	60,168,153	€	55,700,000	$	60,947,211	$	(779,058	)
January 17, 2024	Barclays	€	55,700,000	$	60,957,656	$	60,947,211	$	(10,445	)
January 17, 2024	Barclays	€	55,700,000	$	60,938,730	$	60,947,211	$	8,481
January 24, 2024	Barclays	$	60,186,891	€	55,700,000	$	60,952,513	$	(765,622	)
January 24, 2024	Barclays	$	60,186,334	€	55,700,000	$	60,952,513	$	(766,179	)

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 —

December 31, 2023 (Unaudited) (continued)

Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
January 24, 2024	Barclays	€	55,700,000	$	60,951,880	$	60,952,513	$	633
January 24, 2024	Barclays	€	55,700,000	$	60,955,891	$	60,952,513	$	(3,378	)
February 6, 2024	Bank of America	$	58,487,037	€	55,180,000	$	61,021,749	$	(2,534,712	)
February 6, 2024	Bank of America	$	58,487,037	€	55,180,000	$	61,021,749	$	(2,534,712	)
February 7, 2024	BNY Mellon	$	58,488,979	€	55,180,000	$	61,023,796	$	(2,534,817	)
February 7, 2024	BNY Mellon	$	58,488,979	€	55,180,000	$	61,023,796	$	(2,534,817	)
February 14, 2024	BNY Mellon	$	58,510,334	€	55,180,000	$	61,038,239	$	(2,527,905	)
February 14, 2024	BNY Mellon	$	58,510,334	€	55,180,000	$	61,038,239	$	(2,527,905	)
February 21, 2024	BNY Mellon	$	67,565,953	€	63,700,000	$	70,479,439	$	(2,913,486	)
February 21, 2024	BNY Mellon	$	49,491,795	€	46,660,000	$	51,625,912	$	(2,134,117	)
February 28, 2024	BNY Mellon	$	87,849,964	€	82,720,000	$	91,545,881	$	(3,695,917	)
February 28, 2024	BNY Mellon	$	29,325,487	€	27,640,000	$	30,589,073	$	(1,263,586	)
March 5, 2024	BNY Mellon	$	62,374,104	€	57,250,000	$	63,386,558	$	(1,012,454	)
March 5, 2024	BNY Mellon	$	62,373,703	€	57,250,000	$	63,386,558	$	(1,012,855	)
March 5, 2024	BNY Mellon	$	78,425,445	£	63,250,000	$	80,650,924	$	(2,225,479	)
March 5, 2024	BNY Mellon	$	88,772,751		Fr.78,000,000	$	93,205,187	$	(4,432,436	)
March 5, 2024	Bank of America	$	71,415,766		zl289,600,000	$	73,562,338	$	(2,146,572	)
March 6, 2024	BNY Mellon	$	62,382,635	€	57,250,000	$	63,389,171	$	(1,006,536	)
March 6, 2024	Bank of America	$	71,381,036		zl289,600,000	$	73,560,433	$	(2,179,397	)
March 6, 2024	Barclays	$	62,385,881	€	57,250,000	$	63,389,171	$	(1,003,290	)
March 13, 2024	BNY Mellon	$	80,942,028		Fr.71,000,000	$	84,906,225	$	(3,964,197	)
March 13, 2024	BNY Mellon	$	78,430,759	£	63,250,000	$	80,650,854	$	(2,220,095	)
March 13, 2024	Barclays	$	62,404,309	€	57,250,000	$	63,406,955	$	(1,002,646	)
March 13, 2024	Barclays	$	62,404,309	€	57,250,000	$	63,406,955	$	(1,002,646	)
March 20, 2024	Bank of America	$	80,913,728		Fr.71,000,000	$	84,962,081	$	(4,048,353	)
March 20, 2024	Bank of America	$	62,437,068	€	57,250,000	$	63,424,900	$	(987,832	)
March 20, 2024	Barclays	$	78,583,166	£	63,250,000	$	80,652,496	$	(2,069,330	)
March 20, 2024	Barclays	$	62,429,093	€	57,250,000	$	63,424,900	$	(995,807	)
March 27, 2024	Bank of America	$	88,985,013		Fr.78,000,000	$	93,401,484	$	(4,416,471	)
March 27, 2024	Barclays	$	78,446,565	£	63,250,000	$	80,650,771	$	(2,204,206	)
March 27, 2024	Barclays	$	62,440,675	€	57,250,000	$	63,442,542	$	(1,001,867	)
March 27, 2024	Barclays	$	62,441,991	€	57,250,000	$	63,442,541	$	(1,000,550	)
April 2, 2024	Barclays	$	61,130,956	€	55,700,000	$	61,744,710	$	(613,754	)
April 2, 2024	Barclays	$	61,125,859	€	55,700,000	$	61,744,710	$	(618,851	)
April 3, 2024	BNY Mellon	$	61,122,284	€	55,700,000	$	61,747,264	$	(624,980	)
April 3, 2024	BNY Mellon	$	61,136,153	€	55,700,000	$	61,747,264	$	(611,111	)
April 10, 2024	BNY Mellon	$	61,165,841	€	55,700,000	$	61,765,133	$	(599,292	)
April 10, 2024	BNY Mellon	$	61,145,900	€	55,700,000	$	61,765,133	$	(619,233	)
April 17, 2024	Barclays	$	61,188,076	€	55,700,000	$	61,783,011	$	(594,935	)
April 17, 2024	Barclays	$	61,168,732	€	55,700,000	$	61,783,011	$	(614,279	)
April 24, 2024	Barclays	$	61,187,670	€	55,700,000	$	61,800,587	$	(612,917	)
April 24, 2024	Barclays	$	61,183,883	€	55,700,000	$	61,800,587	$	(616,704	)
								$	(78,975,646	)

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, 2023.

Investments held by the Fund include short-term 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 a securities exchange. The fair value is determined to be the last sale price on the determination date, or, if no sales occurred on any such date, the mean between the closing bid and ask prices on such 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 in active markets (i.e., not Level 1 inputs). Fair value is determined through the use of 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 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 equity and debt investments that are privately owned, 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 December 31, 2023:

Investments	Level 1			Level 2		Level 3		Total
Common Stocks	$	174,751,509		$	—	$	—	$	174,751,509
Asset-Backed Securities		—			—		51,681,716		51,681,716
Direct Investments:		—			—		—		—
Direct Equity		52,211,958			65,389,818		8,518,332,255		8,635,934,031
Direct Debt		—			—		1,118,781,556		1,118,781,556
Total Direct Investments	$	52,211,958		$	65,389,818	$	9,637,113,811	$	9,754,715,587
Secondary Investments		—			—		1,716,817,799		1,716,817,799
Primary Investments		—			—		2,082,913,378		2,082,913,378
Total Investments	$	226,963,467		$	65,389,818	$	13,488,526,704	$	13,780,879,989
Other Financial Instruments
Assets
Foreign Currency Exchange Contracts	$	27,469		$	—	$	—	$	27,469
Total Assets	$	27,469		$	—	$	—	$	27,469
Liabilities
Foreign Currency Exchange Contracts	$	(79,003,115	)	$	—	$	—	$	(79,003,115	)
Total Liabilities	$	(79,003,115	)	$	—	$	—	$	(79,003,115	)
Total Investments Net of Foreign Currency Exchange Contracts	$	147,987,821		$	65,389,818	$	13,488,526,704	$	13,701,904,343

The following is a reconciliation of the amount of the account balances on April 1, 2023 and December 31, 2023 of those investments in which significant unobservable inputs (Level 3) were used in determining value:

	Balance as of April 1, 2023		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 December 31, 2023
Asset-Backed Securities	$	48,265,122	$	—		$	3,403,804	$	1	$	—		$	12,789	$	—	$	51,681,716
Direct Investments:
Direct Equity Investments	$	7,782,055,062	$	29,657,294		$	545,573,947	$	335,544,699	$	(174,498,747	)	$	—	$	—	$	8,518,332,255
Direct Debt Investments		1,054,469,390		(21,982,810	)		31,968,465		241,727,213		(190,148,178	)		2,747,476		—		1,118,781,556

	Balance as of April 1, 2023		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 December 31, 2023
Total Direct Investments*	$	8,836,524,452	$	7,674,484		$	577,542,412	$	577,271,912	$	(364,646,925	)	$	2,747,476	$	—	$	9,637,113,811
Secondary Investments*		1,641,420,622		224,753			60,449,248		70,136,947		(55,413,771	)		—		—		1,716,817,799
Primary Investments*		1,888,601,956		(2,194,221	)		120,539,245		210,435,025		(134,468,627	)		—		—		2,082,913,378
Total	$	12,414,812,152	$	5,705,016		$	761,934,709	$	857,843,885	$	(554,529,323	)	$	2,760,265	$	—	$	13,488,526,704

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 nine months ended December 31, 2023, transfers out of Level 3 were due to increased price transparency.

The amount of the net change in unrealized appreciation (depreciation) for the nine months ended December 31, 2023 relating to investments in Level 3 assets still held at December 31, 2023 is $852,331,727, 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 December 31, 2023:

Type of Security

Fair Value at

December 31, 2023 (000’s)*

Valuation

Technique(s)

Unobservable Input

Range

(weighted average)

Asset-Backed Securities

77,841

Reported fair value

n/a

Direct Investments:

Direct Equity

521,262

Discounted cash flow

Discount factor

9.34% – 16.75% (13.41%)

7,237,244

Market comparable companies

Enterprise value to EBITDA multiple

5.40x – 35.20x (16.82x)

73,560

Market comparable companies

Price to book ratio

1.90x – 1.90x (1.90x)

351,923

Exit price

Recent transaction price

n/a

20,889

Recent financing/transaction

Recent transaction price

n/a

8,218

Replacement cost

Recent transaction price

n/a

7,633

Reported fair value

n/a

171,854

Market comparable companies

Enterprise value to sales multiple

2.10x – 20.40x (9.37Xx)

Direct Debt

599,308

Broker quotes

Indicative quotes for an inactive market

n/a

450,362

Discounted cash flow

Discount factor

8.00% – 29.00% (12.42%)

114

Market comparable companies

Enterprise value to EBITDA multiple

7.50x – 9.00x (9.00x)

Exit price

Recent transaction price

n/a

25,066

Recent financing/transaction

Recent transaction price

n/a

3,246

Market comparable companies

Enterprise value to sales multiple

2.80x – 2.80x (2.80x)

Type of Security

Fair Value at

December 31, 2023 (000’s)*

Valuation

Technique(s)

Unobservable Input

Range

(weighted average)

Primary and Secondary Investments

3,802,147

Adjusted reported net asset value

Reported net asset value

n/a

197

Adjusted reported net asset value

Fair value adjustments

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 risks inherent in forward foreign exchange contracts.

During the nine months ended December 31, 2023, the Fund entered into 230 long/short forward foreign currency exchange contracts. The Fund had $(1,279,379) in net realized gains (losses) and $(40,455,682) change in net unrealized appreciation (depreciation) on forward foreign currency contracts. The outstanding forward foreign currency exchange contract amounts at December 31, 2023 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 December 31, 2023:

	Shares/ Principal as of December 31, 2023		Fair Value as of March 31, 2023		Gross Additions⁽¹⁾		Gross Reductions⁽²⁾			Realized Gains/ Losses		Change in Unrealized Gains (Losses)			Fair Value as of December 31, 2023		Affiliated Income/ Accretion of Discount
Non-Controlled Affiliates
Bock Capital JVCo Nature S.à.r.l.		12,590,000,000	$	119,970,996	$	-	$	-		$	-	$	60,891,866		$	180,862,862	$	-
Camelia Investment 1 Limited		6,768,704,045		175,522,798		-		-			-		(12,870,339	)		162,652,459		-
CapitalSpring Finance Company, LLC		10,629,506		10,024,425		412,167		(1,095,565	)		-		272,110			9,613,137		725,303
CBI Parent, L.P.		1,145,918		55,290,869		38,764		-			-		(55,329,633	)		-		-
Confluent Health Holdings LP⁽³⁾		-		8,502,052		-		(1,756,579	)		-		908,568			7,654,041		-
Confluent Health, LLC		30,362		58,553,771		35,910		(13,500	)		-		8,348,523			66,924,704		-
Dermatology Holdings, L.P.⁽³⁾		-		123,530,154		-		-			-		7,009,140			130,539,294		-
Ecom Express Private Limited⁽⁴⁾		63,417		6,955,017		-		-			-		1,339,693			8,294,710		-
ECP Parent, LLC		105,520,023		134,424,811		-		-			-		(37,041,718	)		97,383,093		-
EdgeCore Holdings, L.P.⁽³⁾		-		46,333,333		13,552,137		-			-		16,519,287			76,404,757		-
Encore Holdings LP⁽³⁾		-		59,878,467		12,058,696		-			-		26,061,244			97,998,407		-
EnfraGen LLC		37,786		68,814,259		3,563,716		-			-		14,417,318			86,795,293		-
EQT Jaguar Co-Investment SCSp⁽³⁾		-		118,778,917		-		(61,506,473	)		25,328,358		(25,672,278	)		56,928,524		-
Green DC LuxCo Sarl		23,694,756		76,874,783		6,738,723		-			-		39,113,268			122,726,774		-
Icebox Holdco I Inc⁽³⁾		-		62,801,819		46,581		-			-		(246,043	)		62,602,357		-

	Shares/ Principal as of December 31, 2023		Fair Value as of March 31, 2023		Gross Additions⁽¹⁾		Gross Reductions⁽²⁾			Realized Gains/ Losses			Change in Unrealized Gains (Losses)			Fair Value as of December 31, 2023		Affiliated Income/ Accretion of Discount
Icebox Parent LP⁽³⁾		-		142,209,239		308		-			-			51,437,486			193,647,033		-
Idera, Inc.		1,238,627		1,191,675		449		(9,528	)		3			48,991			1,231,590		93,593
Idera Parent L.P.⁽³⁾		-		235,094,054		11,548		-			-			32,069,572			267,175,174		-
KPOCH Holdings, L.P.⁽³⁾		-		197,028,562		-		-			-			(18,056,437	)		178,972,125		746,667
KPSKY Holdings L.P.⁽³⁾		-		63,907,232		-		-			-			16,059,676			79,966,908		-
Luxembourg Investment Company 285 S.à.r.l.⁽⁵⁾		14,865,773		47,705,259		-		-			-			(5,243,946	)		42,461,313		-
Luxembourg Investment Company 293 S.à.r.l.		9,789,622		41,718,233		3,263,715		-			-			9,015,988			53,997,936		-
Luxembourg Investment Company 314 S.à.r.l.⁽⁵⁾		192,000		1		-		-			-			-			1		-
Luxembourg Investment Company 404 S.à r.l.		145,800		2,593,133		13,047,415		(93,072	)		-			5,341,028			20,888,504		-
Luxembourg Investment Company 414 S.à r.l.		12,316,087		100,897,070		-		(14,090,091	)		(1,177,948	)		15,957,960			101,586,991		-
Luxembourg Investment Company 430 S.à r.l.		52,594,635		86,706,433		-		-			-			(8,364,327	)		78,342,106		-
May Co-Investment S.C.A.		1,059,375		64,107,397		-		-			-			25,421,633			89,529,030		-
MHS Acquisition Holdings, LLC		35,641		969,995		-		-			-			(97,420	)		872,575		-
MHS Blocker Purchaser L.P.⁽³⁾		-		74,999,298		-		-			-			(7,532,403	)		67,466,895		-
OHCP IV SF COI, L.P.⁽³⁾		-		52,652,424		30,695		-			-			17,707,657			70,390,776		-
Orbiter Investments S.à.r.l.		8,087,643		180,264,244		93,940,247		-			-			11,419,535			285,624,026		-
Partners Group Satellite HoldCo S.à.r.l.		14,993,879		53,808,850		-		-			-			949,034			54,757,884		-
Partners Group Satellite Warehouse S.C.S.		-		1,461,859		2,007		-			-			(229,154	)		1,234,712		-
Partners Terra Pte. Ltd.		5,486,085		4,968,343		2,599,958		-			-			650,036			8,218,337		-
PG BRPC Investment, LLC		32,079		83,240,775		-		-			-			1,943,924			85,184,699		-
PG Delta Holdco, LLC		39,869		56,758,170		10,273,479		-			-			15,745,170			82,776,819		-
PG Esmeralda Pte. Ltd.		5,937,034		46,742,170		1,475,400		(79,081	)		-			(5,806,491	)		42,331,998		-
PG Investment Company 1 S.à r.l.		12,822,040		99,982,982		-		-			-			1,130,978			101,113,960		-
PG Investment Company 18 S.à.r.l.		126,506,634		127,351,249		21,772		(37,332	)		2,642			40,930,395			168,268,726		-
PG Investment Company 24 S.à.r.l.		102,259,540		121,102,332		-		-			-			33,527,182			154,629,514		-
PG Lion Management Warehouse S.C.S⁽³⁾⁽⁵⁾		-		700,087		-		-			-			(289,961	)		410,126		-
PG TLP S.à r.l.		6,473,126		101,424,592		-		(1,386,621	)		(188,022	)		10,312,270			110,162,219		-
PG Wave Limited		53,215,581		73,041,328		891,923		-			-			13,654,590			87,587,841		-
Pharmathen GP S.à r.l.		110,300		1		-		-			-			-			1		-
Pharmathen Topco S.à r.l.		98,937,978		107,607,991		-		-			-			45,389,891			152,997,882		-
Polyusus Lux XVI S.à.r.l.		289,102,341		4,687,426		-		-			-			(4,057,429	)		629,997		-
Root JVCo S.à r.l.		11,049,750		106,407,042		-		-			-			(11,873,528	)		94,533,514		-
Safe Fleet Holdings LLC⁽⁶⁾		3,841,500		3,791,811		1,720		(29,250	)		119			82,926			3,847,326		267,423
SnackTime PG Holdings, Inc.		12		43,763,165		-		-			-			(33,544,366	)		10,218,799		-
Specialty Pharma Holdings LP⁽³⁾		-		133,140,783		-		(5,820	)		-			12,602,459			145,737,422		-
Sunsure Energy Private Limited		2,409,419		9,637,675		38,356		-			-			394,965			10,070,996		-
SureWerx Topco, L.P.⁽³⁾		-		52,920,539		-		-			-			(175,248	)		52,745,291		-
Surfaces SLP (SCSp)⁽³⁾		-		36,858,430		-		-			-			(4,890,987	)		31,967,443		-
Thermostat Purchaser, L.P.⁽³⁾		-		72,485,016		-		-			-			4,178,510			76,663,526		-
WHCG Purchaser, Inc.		3,098,152		-		3,245,873		-			-			-			3,245,873		157,873
WHCG Purchaser, Inc.⁽³⁾		-		-		2,316,000		-			-			40,975			2,356,975		-
WHCG Purchaser, LP⁽³⁾		-		14,861,436		-		-			-			(4,474,812	)		10,386,624		-
Zenith Longitude Limited		26,838,037		384,917,110		-		(478,400	)		-			(78,658,922	)		305,779,788		52,274,029
Total Non-Controlled Affiliates			$	4,159,961,882	$	167,607,559	$	(80,581,312	)	$	23,965,152		$	226,438,406		$	4,497,391,687	$	54,264,888

⁽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 does not issue shares.

⁽⁴⁾

This investment is associated with PG Esmeralda Pte. Ltd.

⁽⁵⁾

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.

⁽⁶⁾

This investment is associated with OHCP IV SF COI, L.P.

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.