Partners Group Private Equity N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number811-22241

Partners Group Private Equity (Master Fund), LLC

(Exact name of registrant as specified in charter)

c/o Partners Group (USA) Inc.

1114 Avenue of the Americas, 37^th Floor

New York, NY 10036

(Address of principal executive offices) (Zip code)

Robert M. Collins

1114 Avenue of the Americas, 37^th Floor

New York, NY 10036

(Name and address of agent for service)

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

Date of fiscal year end:March 31

Date of reporting period:March 31, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

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

Annual Report

For the Year Ended March 31, 2020

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

Important information about access to shareholder reports

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

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

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Table of Contents
For the Year Ended March 31, 2020

Report of Independent Registered Public Accounting Firm	1
Consolidated Schedule of Investments	2-16
Consolidated Statement of Assets and Liabilities	17
Consolidated Statement of Operations	18
Consolidated Statements of Changes in Net Assets	19
Consolidated Statement of Cash Flows	20
Consolidated Financial Highlights	21-22
Notes to Consolidated Financial Statements	23-37
Fund Expenses	38
Fund Management	39-41
Other Information	42-46

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Report of Independent Registered Public Accounting Firm
For the Year Ended March 31, 2020

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

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Partners Group Private Equity (Master Fund), LLC and its subsidiaries (the “Fund”) as of March 31, 2020, the related consolidated statements of operations and of cash flows for the year ended March 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2020, including the related notes, and the consolidated financial highlights for each of the periods indicated (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2020, the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period ended March 31, 2020 and the financial highlights for each of the periods indicated in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2020 by correspondence with the custodian, portfolio company investees, private equity funds or agent banks; when replies were not received from the custodian, portfolio company investees, private equity funds or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Dallas, Texas
June 1, 2020

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

1

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020

INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS

Common Stocks (2.40%) Asia - Pacific (0.16%)	Industry	Acquisition Date		Shares		Fair Value
APA Group	Utilities		02/11/16		360,819	$	2,261,405
Cheung Kong Infrastructure Holdings Ltd.	Utilities		02/11/16		517,000		2,744,597
West Japan Railway Co.	Transportation		12/25/18		42,000		2,875,703
Total Asia - Pacific (0.16%)							7,881,705
North America (1.13%)
American Water Works Co., Inc.	Utilities		02/10/16		41,686		4,988,980
Ares Capital Corp.	Diversified Financial Services		02/10/16		297,954		3,211,944
Ares Management Corp.	Diversified Financial Services		06/28/19		69,187		2,136,495
Atmos Energy Corp.	Utilities		02/10/16		63,856		6,336,431
Blackstone Group, Inc.	Diversified Financial Services		07/12/19		42,020		1,906,868
Canadian National Railway Co.	Transportation		05/14/19		34,233		2,622,664
CMS Energy Corp.	Utilities		11/01/19		45,505		2,671,143
Crown Castle International Corp.	Communication		02/10/16		43,435		6,262,458
Enbridge, Inc.	Utilities		02/10/16		103,403		2,972,628
Fortis Inc.	Utilities		12/18/17		147,000		5,575,782
HarbourVest Global Private Equity	Diversified Financial Services		12/21/18		113,782		1,950,464
KKR & Co., Inc.	Diversified Financial Services		02/10/16		73,162		1,718,575
New Mountain Finance Corp.	Diversified Financial Services		02/10/16		223,265		1,515,969
Onex Corporation	Diversified Financial Services		02/10/16		40,832		1,471,669
Republic Services Inc.	Commercial & Professional Services		08/28/17		55,000		4,128,300
SEACOR Holdings, Inc.	Industrial Services		11/04/19		8,960		239,770
Solar Capital Ltd	Diversified Financial Services		08/28/17		218,969		2,518,144
TC Energy Corp.	Energy		11/01/19		74,290		3,262,204
Union Pacific Corp.	Transportation		06/24/16		10,370		1,460,096
Total North America (1.13%)							56,950,584
Western Europe (1.11%)
Ackermans & van Haaren N.V.	Industrial Services		06/28/19		6,427		836,331
Aena SA	Transportation		12/21/18		34,249		3,739,756
BBGI SICAV S.A.	Diversified Financial Services		03/21/19		2,500,000		4,961,538
Brilliant Circle Holdings International Ltd.	Industrial Services		04/14/11		12,448,515		1,075,996
Cellnex Telecom SA	Communication		05/15/19		98,301		4,470,618
Eutelsat Communications SA	Communication		09/22/16		79,082		823,087
Gimv N.V.	Diversified Financial Services		02/10/16		79,666		4,147,575
HgCapital Trust PLC	Diversified Financial Services		02/12/16		1,690,335		4,654,597
HICL Infrastructure Co Ltd	Diversified Financial Services		03/24/16		2,682,763		5,384,150
ICG Graphite Enterprise Trust PLC	Diversified Financial Services		06/28/19		203,443		1,650,353
Intermediate Capital Group PLC	Diversified Financial Services		12/12/16		138,113		1,534,967
Investor AB	Diversified Financial Services		08/28/17		28,087		1,291,467
National Grid PLC	Utilities		02/10/16		241,901		2,839,076

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

2

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

Common Stocks (continued) Western Europe (continued)	Industry	Acquisition Date		Shares		Fair Value
NB Private Equity Partners Ltd	Diversified Financial Services		11/06/19		137,871	$	1,169,729
Pantheon International Participations Plc	Diversified Financial Services		11/04/19		69,088		1,439,688
Sofina SA	Diversified Financial Services		01/10/18		10,995		2,241,434
Terna Rete Elettrica Nazionale SpA	Utilities		01/05/18		426,107		2,710,703
Veolia Environnement SA	Utilities		08/28/17		170,052		3,632,727
Vinci SA	Transportation		02/10/16		69,765		5,763,916
Wendel SA	Diversified Financial Services		12/21/18		17,272		1,378,671
Total Western Europe (1.11%)							55,746,379
Total Common Stocks (Cost $128,354,108)(2.40%)						$	120,578,668
Private Equity Investments (87.60%) Direct Investments * (68.10%) Direct Equity (53.22%)	Investment Type	Acquisition Date		Shares		Fair Value**
Asia - Pacific (4.45%)
AAVAS Financiers Limited +, a, b	Common equity		06/23/16		5,713,047	$	82,170,894
Argan Mauritius Limited +, a	Common equity		05/09/16		106,215		16,092,921
Continuity CNC Capital Ltd. +, a	Common equity		03/03/18		102,112		920,861
Continuity CNC Capital Ltd. +, a, c	Member interest		03/03/18		—		27,901,822
Huntress Co-Investment L.P. +, a, b, c	Limited partnership interest		04/08/16		—		49,613,325
Kowloon Co-Investment, L.P. +, a, c	Limited partnership interest		11/04/15		—		3,360,585
Murra Warra Asset Hold Trust +, a, b	Common equity		09/10/18		13,186,543		14,009,086
Murra Warra Project Hold Trust +, a, b	Common equity		09/10/18		429,366		3,502,274
Qualitas Medical Limited +, a	Common equity		01/31/18		10,308,160		7,740,982
The Baring Asia Private Equity Fund VI Co-Investment L.P. +, a, c	Limited partnership interest		12/30/16		—		815,124
TPG Upswing Co-invest, L.P. +, a, c	Limited partnership interest		01/10/19		—		16,933,980
Total Asia - Pacific (4.45%)							223,061,854
North America (28.39%)
Acrisure Holdings, Inc. +, a	Preferred equity		12/10/18		75,000,000		88,766,611
Acrisure Investment Holdings, LLC +, a, c	Member interest		11/21/16		—		5,827,958
Affordable Care Holding Corp. +, a	Common equity		10/22/15		101,176		8,992,664
Alliant Holdings, Inc. +, a	Preferred equity		01/18/19		23,400		23,999,622
AP VIII Prime Security Services Holdings, L.P. +, a, c	Limited partnership interest		05/02/16		—		7,333,405
Apollo Co-Investors (MHE), L.P. +, a, c	Limited partnership interest		05/21/13		—		2,252,203
AqGen Island Intermediate Holdings II, Inc. +, a	Preferred equity		03/27/19		3,621		17,341,874
AqGen Island Intermediate Holdings II, Inc. +, a	Common equity		12/03/15		1,220		2,452,033
Astorg VII Co-Invest ERT +, a, c	Limited partnership interest		01/31/20		—		30,360,672
BCPE Hercules Holdings, LP +, a, c	Limited partnership interest		07/30/18		—		25,299,383
CapitalSpring Finance Company, LLC +, a	Common equity		10/03/14		3,020,546		4,140,895
CB Poly Holdings, LLC +, a	Preferred equity		08/16/16		171,270		29,822,240
Confluent Health Holdings LLC +, a, b	Common equity		06/24/19		27,187		23,208,670
ConvergeOne Investment L.P. +, a	Common equity		07/03/19		2,888		2,247,284
Desserts LLC +, a	Preferred equity		02/08/16		7,989		8,613,681
ECP Holding Company, LLC +, a, b	Preferred equity		03/15/16		9,753,907		26,040,248
ECP Parent, LLC +, a, b	Common equity		02/18/20		100,000,000		95,513,500
Elgin Co-Investment, L.P.2 +, a, c	Limited partnership interest		11/28/16		—		39,934,470
EnfraGen LLC +, a, b	Common equity		09/17/19		37,810		38,787,941
EQT Infrastructure IV Co-Investment (B) SCSp +, a, c	Limited partnership interest		03/09/20		—		95,984,600
EQT VIII Co-Investment (C) SCSp +, a, c	Limited partnership interest		01/28/19		—		44,920,169
EXW Coinvest L.P. +, a, c	Limited partnership interest		06/22/16		—		44,515,998
Gemini Global Holdings Investor, LLC +, a, c	Member interest		06/17/11		—		3,491,748
GlobalLogic Worldwide Holdings, Inc. +, a, b	Common equity		08/01/18		701,927		163,020,474
Healthgrades, Inc. +, a	Common equity		01/04/19		1,616		171,516
KKR Enterprise Co-Invest L.P. +, a	Common equity		10/09/18		9,136		—

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

3

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

Private Equity Investments (continued) Direct Investments * (continued) Direct Equity (continued)	Investment Type	Acquisition Date		Shares		Fair Value**
North America (28.39%) (continued)
LTF Holdings, Inc. +, a	Common equity		01/06/20		3,132,000	$	62,950,225
MHS Acquisition Holdings, LLC +, a, b	Common equity		03/10/17		342		312,893
MHS Acquisition Holdings, LLC +, a, b	Preferred equity		03/10/17		33,900		137,684
MHS Blocker Purchaser L.P. +, a, b, c	Limited partnership interest		03/10/17		—		30,494,901
NDES Holdings, LLC +, a	Preferred equity		09/19/11		500,000		4,380,650
NTS Holding Corporation, Inc. +, a	Common equity		11/21/13		2,740		1,023,854
NTS Holding Corporation, Inc. +, a	Preferred equity		04/21/17		70		473,334
OHCP IV SF COI, L.P. +, a, b, c	Limited partnership interest		01/31/18		—		16,819,852
Onecall Holdings, L.P. +, a, b, c	Limited partnership interest		11/29/17		—		71,681,769
Onex Fox, L.P. +, a, c	Limited partnership interest		04/25/19		—		45,144,868
PG BRPC Investment, LLC +, a, b	Common equity		08/01/19		32,079		31,440,647
Polaris Investment Holdings, L.P +, a, c	Limited partnership interest		06/07/16		—		11,358,191
Safari Co-Investment L.P. +, a, c	Limited partnership interest		03/14/18		—		4,992,326
Shermco Intermediate Holdings, Inc. +, a	Common equity		06/05/18		1,095		1,697,199
Shingle Coinvest LP +, a, c	Limited partnership interest		05/29/18		—		53,264,464
SIH RP HoldCo LP +, a	Common equity		09/10/19		5,018,277		34,964,070
Silver Lake Sumeru Marlin Co-Invest Fund, L.P. +, a, c	Limited partnership interest		05/14/12		—		57,021
SLP West Holdings Co-Invest Feeder II, L.P. +, a, c	Limited partnership interest		08/18/17		—		29,726,280
SnackTime PG Holdings, Inc. +, a, b	Common equity		05/23/18		12		37,014,105
SnackTime PG Holdings, Inc. +, a, b, c	Member interest		05/23/18		—		16,780,452
SPH GRD Holdings, LLC +, a	Common equity		06/18/13		333,879		671,097
TA Buckeye Parent, LLC +, a	Common equity		06/28/19		21,985,058		90,992,177
THL Equity Fund VI Investors (BKFS), L.P. +, a, c	Limited partnership interest		12/30/13		—		1,855,046
TKC Topco LLC +, a	Common equity		10/14/16		4,632,829		3,795,371
Velocity Holdings Corp. +, a	Common equity		08/06/12		3,749,777		13,183,810
Vistria Catapult Holdings, LLC +, a	Preferred equity		09/30/19		18,028		26,619,752
Total North America (28.39%)							1,424,871,897
Rest of World (1.89%)
Carlyle Retail Turkey Partners, L.P. +, a, c	Limited partnership interest		07/11/13		—		5,825,975
Heket Holdings S.à.r.l. +, a	Common equity		09/25/19		271,743		70,706,602
Heket Holdings S.à.r.l. +, a	Preferred equity		09/25/19		11,988,920		18,408,686
Helios Towers Africa +, a, c, d	Limited partnership interest		12/05/14		—		—
Total Rest of World (1.89%)							94,941,263
South America (0.34%)
Centauro Co-Investment Fund, L.P. +, a, c	Limited partnership interest		11/28/13		—		10,849,898
GTS II Cayman Corporation +, a, e	Common equity		07/24/13		2,823,797		6,268,092
Total South America (0.34%)							17,117,990
Western Europe (18.15%)
Aston Lux Acquisitions S.à.r.l +, a, c	Limited partnership interest		11/28/19		—		2,848,616
Astorg Co-Invest SGG, FCPI +, a, b, c	Limited partnership interest		02/10/16		—		25,870,794
Camelia Investment 1 Limited +, a, b	Preferred equity		10/12/17		6,768,617,529		106,356,803
Camelia Investment 1 Limited +, a, b	Common equity		10/12/17		86,824		24,224,396
Capri Acquisitions Topco Limited +, a,b	Preferred equity		11/01/17		64,960,457		101,570,257
Capri Acquisitions Topco Limited +, a,b	Common equity		11/01/17		47,027		5,232,951
Ceramtec Co-Investment (1) L.P. +, a, c	Limited partnership interest		02/20/18		—		25,019,030
Ciddan S.a.r.l. +, a	Preferred equity		09/15/17		23,249,522		33,425,643
Ciddan S.a.r.l. +, a	Common equity		09/15/17		12,263,242		32,260,147
EQT Jaguar Co-Investment SCSp +, a, b, c	Limited partnership interest		11/30/18		—		47,448,633
EQT VIII Co-Investment (D) SCSp +, a, c	Limited partnership interest		10/01/19		—		77,282,789

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

4

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

Private Equity Investments (continued) Direct Investments * (continued) Direct Equity (continued)	Investment Type	Acquisition Date		Shares		Fair Value**
Western Europe (18.15%) (continued)
Eurodrip Co-Investment Fund I, L.P. +, a, c	Limited partnership interest		03/18/13		—	$	4,307,232
Fides S.p.A +, a	Common equity		12/15/16		1,096,526		2,754,766
Frontmatec Holding III ApS +, a	Common equity		09/23/16		248,257,489		26,440,445
Global Blue Global, L.P. +, a	Common equity		07/31/12		411,080		14,166,965
Hogan S.a.r.l. +, a	Preferred equity		12/22/11		1,810,271		397,285
Hogan S.a.r.l. +, a	Common equity		12/22/11		272,221		1
Kaffee Partner Holding GmbH +, a, c	Member interest		11/01/17		—		1,188,700
Kaffee Partner Holding GmbH +, a	Common equity		11/01/17		1,237		1
KKR Matterhorn Co-Invest L.P. +, a, c	Limited partnership interest		11/02/12		—		2,049,046
KKR Traviata Co-invest L.P. +, a, c	Limited partnership interest		12/18/19		—		80,017,866
Luxembourg Investment Company 261 S.à.r.l. +, a	Common equity		07/31/18		1,591		19,412,883
Luxembourg Investment Company 261 S.à.r.l. +, a, c	Member interest		07/31/18		—		50,311,824
Luxembourg Investment Company 285 S.à.r.l. +, a, b	Preferred equity		08/22/19		7,865,820		17,910,450
Luxembourg Investment Company 285 S.à.r.l.+, a, b, c	Member interest		08/22/19		—		17,505,980
Luxembourg Investment Company 285 S.à.r.l.+, a, b	Common equity		08/22/19		6,999,953		1,214,084
Luxembourg Investment Company 293 S.à.r.l. +, a, b	Common equity		06/26/19		10,752,136		15,856,181
Luxembourg Investment Company 293 S.à.r.l. +, a, b, c	Member interest		06/26/19		—		14,830,422
Luxembourg Investment Company 314 S.à.r.l. +, a, b	Common equity		08/22/19		192,000		1
Peer Holding I BV +, a	Common equity		11/17/11		3,965,441		85,419,736
PG Lion Management Warehouse S.C.S +, a, b, c	Limited partnership interest		08/22/19		—		944,704
Polyusus Lux XVI S.a.r.l. +, a, b	Common equity		05/23/18		44,442,345		1
Polyusus Lux XVI S.a.r.l. +, a, b	Preferred equity		05/23/18		244,659,996		24,494,282
Quadriga Capital IV Investment Holding II L.P. +, a, b, c	Limited partnership interest		09/09/16		—		30,420,817
R&R Co-Invest FCPR +, a, c, f	Limited partnership interest		07/05/13		—		3,657,796
S.TOUS, S.L +, a	Common equity		10/06/15		622		16,177,096
Total Western Europe (18.15%)							911,018,623
Total Direct Equity (53.22%)						$	2,671,011,627

Private Equity Investments (continued) Direct Investments * (continued) Direct Debt (14.88%)	Interest	Acquisition Date		Maturity Date		Investment Type	Principal		Fair Value**
Asia - Pacific (1.15%)
Casmar (Australia) PTY Ltd. +, a	Cash 5.50% + L (1.00% Floor)^^		04/11/17		12/20/23	Senior	$	6,909,745	$	4,555,158
Casmar (Australia) PTY Ltd. +, a	Cash 9.25% + BBSY (1.00% Floor)††		12/20/16		12/20/24	Second Lien		12,811,375		8,544,277
Healing Quest +, a	PIK 14.50%		01/31/18		01/31/23	Mezzanine		7,301,838		6,550,837
Snacking Investments BidCo Pty Limited +, a	Cash 8.50% + BBSY (1.00% Floor)†		12/23/19		12/17/27	Second Lien		32,942,073		26,102,420
Snacking Investments BidCo Pty Limited +, a	Cash 4.00% + L (1.00% Floor)^		01/15/20		12/18/26	Senior		1,300,000		1,160,250
Speedcast International Limited +, a	Cash 3.25% + L^^		01/08/19		05/15/25	Senior		1,974,937		511,015
Stiphout Finance, LLC +, a	Cash 3.00% + L (1.00% Floor)^		10/30/15		10/26/22	Senior		4,803,175		4,500,224
Stiphout Finance, LLC +, a	Cash 7.25% + L (1.00% Floor)^		10/30/15		10/26/23	Second Lien		6,680,793		5,861,610
Total Asia - Pacific (1.15%)										57,785,791
North America (9.76%)
8th Avenue Food & Provisions, Inc. +, a	Cash 3.75% + L^		11/13/18		10/01/25	Senior		1,481,250		1,375,089
Achilles Acquisition LLC +, a	Cash 4.00% + L^		12/14/18		10/13/25	Senior		1,089,021		958,338
Acrisure LLC +, a, e	Cash 3.50% + L^^		03/27/20		02/15/27	Senior		1,100,000		946,275
Affordable Care Holding Corp. +, a	Cash 8.50% + L (1.00% Floor)^^		10/22/15		04/22/23	Second Lien		16,587,849		14,525,718

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

5

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

Private Equity Investments (continued) Direct Investments * (continued) Direct Debt (continued)	Interest	Acquisition Date			Maturity Date		Investment Type	Principal		Fair Value**
North America (continued)
AI Alpine AT BidCo GmBH +, a	Cash 3.50% + E###		11/30/18			10/31/25	Senior	$	1,415,436	$	1,167,487
Aldevron, L.L.C. +, a	Cash 4.25% + L (1.00% Floor)^^		12/12/19	��		10/12/26	Senior		1,200,000		1,134,000
Alliant Holdings Intermediate, LLC +, a	Cash 3.25% + L^^		06/03/19			05/09/25	Senior		1,290,250		1,182,514
Altra Industrial Motion Corp. +, a	Cash 2.00% + L^^		11/21/18			10/01/25	Senior		1,148,657		1,028,048
AqGen Ascensus, Inc. +, a	Cash 8.00% + L (1.00% Floor)^^		03/27/19			12/03/23	Second Lien		68,681,600		65,192,575
AthenaHealth, Inc. +, a	Cash 4.50% + L^^		03/13/19			02/11/26	Senior		2,475,000		2,338,875
Avantor, Inc. +, a	Cash 3.00% + L (1.00% Floor)^		12/22/17			11/21/24	Senior		4,698,364		4,678,074
Banff Merger Sub Inc. +, a	Cash 4.25% + L^		10/18/18			10/02/25	Senior		1,382,500		1,172,242
Berry Global, Inc. +, a	Cash 4.00% + L^^		08/05/19			07/01/26	Senior		2,481,250		2,363,391
Bioclinica Holding I, L.P. +, a	Cash 8.25% + L (1.00% Floor)^^		11/04/16			10/20/24	Second Lien		20,335,000		18,083,625
Blackhawk Network Holdings, Inc +, a	Cash 3.00% + L^^		08/12/19			06/15/25	Senior		989,924		819,514
Bracket Intermediate Holding Corp +, a	Cash 4.25% + L^^		10/04/18			09/05/25	Senior		1,477,500		1,165,747
Bright Horizons Family Solutions, Inc. +, a	Cash 1.75% + L (0.75% Floor)^		02/21/18			11/07/23	Senior		5,864,209		5,673,769
Brookfield WEC Holdings, Inc. +, a	Cash 3.75% + L (0.75% Floor)^		09/12/18			08/01/25	Senior		1,002,387		942,244
CapitalSpring Finance Company, LLC +, a	Cash 8.00%		03/01/17			02/10/23	Mezzanine		8,191,138		7,237,690
CapitalSpring Finance Company, LLC +, a	PIK 5.00%		03/01/17			02/10/23	Mezzanine		2,961,002		2,167,453
CDRH Parent, Inc. +, a	Cash 8.00% + L (1.00% Floor)^^^		08/06/14			07/01/22	Second Lien		9,900,000		—
Centralsquare Technologies, LLC +, a	Cash 3.75% + L^^		10/16/18			08/29/25	Senior		987,500		795,925
Charter NEX US, Inc. +, a	Cash 3.50% + L^^		05/31/19			05/16/24	Senior		1,471,311		1,294,754
CommScope, Inc. +, a	Cash 3.25% + L^		04/26/19			04/06/26	Senior		995,000		930,325
Composite Resins Holding B.V. +, a	Cash 4.25% + L (1.00% Floor)^^		08/28/18			08/01/25	Senior		491,250		434,756
Compuware Corporation +, a	Cash 4.00% + L^		08/13/19			08/22/25	Senior		885,386		847,018
Conterra Ultra Broadband Holdings, Inc. +, a	Cash 4.50% + L^		06/06/19			04/30/26	Senior		1,687,250		1,594,451
ConvergeOne Holdings, Inc. +, a	Cash 5.00% + L^		03/27/19			04/01/26	Senior		2,970,000		2,264,625
ConvergeOne Holdings, Inc. +, a	Cash 8.50% + L^		04/15/19			01/04/27	Second Lien		28,875,000		21,768,862
Covenant Surgical Partners, Inc. +, a, d	Cash 4.00% + L^		11/01/19			07/01/26	Senior		247,500		—
Covenant Surgical Partners, Inc. +, a	Cash 4.00% + L^		11/01/19			07/01/26	Senior		1,243,758		1,038,538
Crown Subsea Communications Holding, Inc. +, a	Cash 6.00% + L^^		11/14/18			11/02/25	Senior		1,519,460		1,391,066
CSC Holdings, LLC +, a	Cash 2.25% + L^		12/07/18			01/15/26	Senior		1,982,481		1,913,094
DCert Buyer, Inc. +, a	Cash 4.00% + L^^		10/24/19			10/16/26	Senior		1,500,000		1,346,250
Deerfield Dakota Holding, LLC +, a	Cash 3.25% + L (1.00% Floor)^^		06/14/18			02/13/25	Senior		1,930,045		1,918,263
Deerfield Dakota Holding, LLC +, a	Cash 3.75% + L (1.00% Floor)^^		03/05/20			03/05/27	Senior		1,000,000		860,000
Dell International L.L.C. +, a	Cash 2.00% + L (0.75% Floor)^^		10/15/19			09/19/25	Senior		1,361,056		1,306,192
Delta 2 (Lux) S.A.R.L +, a	Cash 2.50% + L (1.00% Floor)^		03/01/18			02/01/24	Senior		1,997,500		1,784,450
Dentalcorp Perfect Smile ULC +, a	Cash 3.75% + L (1.00% Floor)^		04/04/19			06/06/25	Senior		1,777,387		1,413,023
Diamond Sports Group, LLC +, a	Cash 3.25% + L^^		09/18/19			08/24/26	Senior		997,500		783,038
Diligent Corporation +, a	Cash 5.50% + L (1.00% Floor)^^		04/29/16			05/31/24	Senior		28,501,070		28,163,376
Diligent Corporation +, a	Cash 5.50% + L (1.00% Floor)^		01/19/18			04/14/22	Senior		1,209,793		1,186,486
Ellie Mae, Inc. +, a	Cash 4.00% + L^^		05/24/19			04/17/26	Senior		1,791,000		1,573,841
Envision Healthcare Corporation +, a	Cash 3.75% + L^		10/25/18			10/10/25	Senior		2,962,500		1,574,272
Envision Healthcare Corporation +, a	Cash 7.75% + L^		10/11/18			10/11/26	Mezzanine		62,757,505		20,289,501
Explorer Holdings, Inc. +, a	Cash 8.00% + L (0.50% Floor)^		02/04/20			02/04/28	Second Lien		22,645,000		21,736,935

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

6

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

Private Equity Investments (continued) Direct Investments * (continued) Direct Debt (continued)	Interest	Acquisition Date		Maturity Date		Investment Type	Principal		Fair Value**
North America (continued)
Femur Buyer, Inc. +, a	Cash 4.50% + L^^		03/26/19		03/05/26	Senior	$	2,977,500	$	2,411,775
Flex Acquisition Company, Inc. +, a	Cash 3.25% + L^		07/30/18		06/29/25	Senior		978,518		859,433
Flexential Intermediate Corporation +, a	Cash 3.50% + L^^		06/18/19		08/01/24	Senior		1,979,695		1,422,906
GC EOS Buyer, Inc. +, a	Cash 4.50% + L^		07/18/19		08/01/25	Senior		1,984,887		1,538,287
Gentiva Health Services, Inc. +, a	Cash 3.25% + L^^		09/18/18		07/02/25	Senior		1,447,738		1,753,436
GFL Environmental Inc. +, a	Cash 3.00% + L (1.00% Floor)^		12/05/18		05/30/25	Senior		1,889,555		1,842,316
GHX Ultimate Parent Corporation +, a	Cash 3.25% + L (1.00% Floor)^^		09/17/18		06/22/24	Senior		982,323		913,561
Gopher Sub, Inc. +, a	Cash 3.00% + L (0.75% Floor)^		03/02/18		02/03/25	Senior		3,082,495		2,607,460
GTT Communications, Inc. +, a	Cash 2.75% + L^		07/02/18		05/31/25	Senior		4,323,000		2,923,429
Heartland Dental, LLC +, a	Cash 3.75% + L^		05/15/18		04/30/25	Senior		5,754,913		4,564,376
Hexion Inc. +, a	Cash 3.50% + L^^		08/09/19		07/01/26	Senior		1,389,500		1,172,828
Hornblower Sub, LLC +, a	Cash 4.50% + L^^		05/01/19		04/27/25	Senior		948,853		569,312
Huntsman Holdings, LLC +, a	Cash 5.00% + L (0.75% Floor)^		12/17/18		09/25/24	Senior		1,280,303		1,078,655
Husky Injection Molding Systems Ltd. +, a	Cash 3.25% + L (1.00% Floor)^		07/15/19		03/28/25	Senior		985,399		831,430
Idera, Inc. +, a	Cash 4.50% + L (1.00% Floor)^		12/17/18		06/27/24	Senior		1,280,257		1,126,626
Infoblox Inc. +, a	Cash 4.50% + L^		11/21/16		11/07/23	Senior		5,142,665		4,675,228
Iron Mountain Information Management, LLC +, a	Cash 1.75% + L^		04/04/18		01/02/26	Senior		3,665,625		3,491,250
Kingpin Intermediate Holdings LLC +, a	Cash 3.50% + L (1.00% Floor)^		10/05/18		07/03/24	Senior		1,353,133		946,631
Loire Finco Luxembourg S.a.r.l. +, a	Cash 3.50% + L^^^		01/24/20		01/22/27	Senior		1,400,000		1,227,338
LTI Holdings, Inc. +, a	Cash 3.50% + L^		10/22/18		09/06/25	Senior		985,000		735,874
McAfee, LLC +, a	Cash 3.75% + L^^		07/19/19		09/30/24	Senior		494,975		467,751
McAfee, LLC +, a	Cash 4.50% + L (1.00% Floor)^		02/02/18		09/27/24	Senior		3,370,130		3,197,176
Messer Industries USA, Inc. +, a	Cash 2.50% + L^^		04/26/19		03/01/26	Senior		1,386,000		1,232,022
Mitchell International, Inc. +, a	Cash 3.25% + L^		12/21/17		11/29/24	Senior		5,274,092		4,406,484
MLN US HoldCo LLC +, a	Cash 4.50% + L^		12/07/18		11/30/25	Senior		1,086,250		776,669
Navicure, Inc. +, a	Cash 4.00% + L^^		11/19/19		10/22/26	Senior		1,400,000		1,298,500
Netsmart, Inc. +, a	Cash 3.75% + L (1.00% Floor)^		07/16/18		04/19/23	Senior		2,267,920		2,052,468
Netsmart, Inc. +, a	Cash 7.50% + L (1.00% Floor)^		05/05/16		10/19/23	Second Lien		21,816,000		17,532,337
Nexstar Broadcasting +, a	Cash 2.75% + L^		10/02/19		09/21/26	Senior		1,440,938		1,354,481
NSM Top Holdings Corp. +, a	Cash 5.25% + L^^		11/26/19		11/16/26	Senior		1,496,250		1,346,625
NTS Technical Systems +, a	Cash 6.25% + L (1.00% Floor)^		06/19/15		06/12/21	Senior		7,015,262		6,816,629
OEConnection LLC +, a	Cash 4.00% + L^		10/28/19		09/25/26	Senior		2,090,361		1,687,967
Panther BF Aggregator 2 LP +, a	Cash 3.50% + L^		05/14/19		04/30/26	Senior		1,194,000		1,098,480
Pearl Intermediate Parent, LLC +, a	Cash 2.75% + L^		03/16/18		02/14/25	Senior		3,729,125		3,120,547
Perforce Software, Inc. +, a	Cash 3.75% + L^^		07/22/19		07/01/26	Senior		1,691,511		1,443,417
Pet Holdings ULC +, a	Cash 5.50% + L (1.00% Floor)^^		07/08/16		07/05/22	Senior		9,500,691		8,044,134
PetVet Care Centers, LLC +, a	Cash 3.25% + L^		04/12/19		02/14/25	Senior		1,184,962		989,444
Plano Molding Company, LLC +, a	Cash 8.00% + L (1.00% Floor)^		05/12/15		05/12/21	Senior		4,559,227		2,604,483
Pluto Acquisition I, Inc. +, a	Cash 5.00% + L^^		08/16/19		06/22/26	Senior		1,488,750		1,257,994
Pre-Paid Legal Services, Inc. +, a	Cash 3.25% + L^^		05/07/19		05/01/25	Senior		1,455,383		1,244,352
Procera Networks, Inc. +, a	Cash 4.50% + L^^		11/20/18		10/31/25	Senior		1,185,000		1,013,175
Project Boost Purchaser, LLC +, a	Cash 3.50% + L^^		07/19/19		06/01/26	Senior		1,791,000		1,510,404
Prometric Holdings, Inc. +, a	Cash 7.50% + L (1.00% Floor)^		01/29/18		01/29/26	Second Lien		13,604,350		10,819,028
Quintiles IMS Inc. +, a	Cash 2.00% + E (0.50% Floor)##		06/22/18		06/11/25	Senior		3,080,823		2,815,998
Radiate HoldCo, LLC +, a	Cash 3.50% + L (0.75% Floor)^^		07/16/19		02/01/24	Senior		1,587,916		1,453,603
Radiology Partners, Inc. +, a	Cash 4.75% + L^^		09/11/18		07/09/25	Senior		1,903,933		1,596,448
Refinitiv US Holdings Inc. +, a	Cash 3.25% + L^		11/19/18		10/01/25	Senior		2,962,500		2,857,583

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

7

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

Private Equity Investments (continued) Direct Investments * (continued) Direct Debt (continued)	Interest	Acquisition Date		Maturity Date		Investment Type	Principal		Fair Value**
North America (continued)
Restaurant Technologies, Inc. +, a	Cash 3.25% + L^^		10/26/18		10/01/25	Senior	$	493,750	$	413,516
Rocket Software, Inc. +, a	Cash 4.25% + L^		12/05/18		11/28/25	Senior		1,683,000		1,406,239
S2P Acquisition Borrower, Inc +, a	Cash 4.00% + L^		10/07/19		08/14/26	Senior		995,000		855,700
Safe Fleet Holdings LLC +, a, b	Cash 3.00% + L (1.00% Floor)^		03/05/18		02/03/25	Senior		2,932,500		2,497,087
SCIH Salt Holdings, Inc. +, a	Cash 4.50% + L (1.00% Floor)^^		03/03/20		03/16/27	Senior		1,000,000		905,000
Shearer’s Foods, LLC +, a	Cash 4.25% + L (1.00% Floor)^^		05/17/18		06/30/21	Senior		3,145,062		2,978,525
Shermco Intermediate Holdings, Inc. +, a	Cash 4.50% + L (1.00% Floor)^		06/05/18		06/05/24	Senior		25,472,990		24,224,813
Six Flags Theme Parks, Inc. +, a	Cash 2.00% + L^^		05/29/19		04/17/26	Senior		992,500		874,144
Sorenson Communications, LLC +, a	Cash 6.50% + L^^		05/06/19		04/29/24	Senior		903,571		847,098
Sound Inpatient Physicians, Inc +, a	Cash 3.00% + L^		08/23/18		06/27/25	Senior		1,372,000		1,230,231
Sprint Communications, Inc. +, a	Cash 3.00% + L (0.75% Floor)^		12/05/18		02/02/24	Senior		1,481,250		1,475,695
SS&C Technologies, Inc. +, a	Cash 2.25% + L^		12/07/18		04/16/25	Senior		3,260,043		3,060,382
SSH Group Holdings, Inc. +, a	Cash 4.25% + L^^		09/11/18		07/30/25	Senior		3,455,003		2,781,277
Star US Bidco LLC +, a	Cash 4.25% + L (1.00% Floor)^^		03/03/20		03/17/27	Senior		1,300,000		1,131,000
Telenet Financing USD LLC +, a	Cash 2.00% + L^^^		01/24/20		04/30/28	Senior		2,400,000		2,229,600
Tierpoint LLC +, a	Cash 6.25% + L (1.00% Floor)^		04/18/16		05/05/25	Second Lien		12,870,000		13,230,000
TLP Finance Holdings, LLC +, a	Cash 7.50% + L (1.00% Floor)^		02/26/19		02/26/26	Mezzanine		46,491,375		39,141,089
Utz Quality Foods, LLC +, a	Cash 3.50% + L^		01/16/18		11/14/24	Senior		4,668,000		4,275,585
VeriFone Systems, Inc. +, a	Cash 4.00% + L^^		09/25/18		08/20/25	Senior		4,661,099		3,076,326
VS Buyer, LLC +, a	Cash 3.25% + L^^		02/19/20		02/28/27	Senior		2,000,000		1,930,000
West Corporation +, a	Cash 3.50% + L (1.00% Floor)^^		04/20/18		10/10/24	Senior		3,530,000		2,618,653
WP CityMD Bidco LLC +, a	Cash 4.50% + L (1.00% Floor)^^		09/01/19		08/13/26	Senior		2,992,500		2,673,290
Zayo Group Holdings, Inc. +, a	Cash 3.00% + L^^		02/20/20		03/09/27	Senior		2,900,000		2,755,000
Total North America (9.76%)										489,702,309
Rest of World (0.57%)
AI Sirona (Luxembourg) Acquisition S.a.r.l. +, a	Cash 4.75% + L^^^		10/05/18		07/10/25	Senior		20,368,074		16,129,907
AI Sirona (Luxembourg) Acquisition S.a.r.l. +, a	Cash 4.00% + E###		10/05/18		09/29/25	Senior		2,401,128		1,862,099
AI Sirona (Luxembourg) Acquisition S.a.r.l. +, a	Cash 7.25% + E###		10/11/18		07/10/26	Second Lien		12,553,388		10,427,049
Total Rest of World (0.57%)										28,419,055
Western Europe (3.40%)
AI Convoy (Luxembourg) S.à.r.l. +, a	Cash 3.50% + L (1.00% Floor)^^^		01/31/20		01/20/27	Senior		4,488,496		1,705,250
AI Ladder (Luxembourg) Subco S.à r.l. +, a	Cash 4.50% + L^^		08/07/18		07/09/25	Senior		2,309,817		1,947,938
AI PLEX AcquiCo GmbH +, a	Cash 5.00% + L^^^		08/23/19		07/31/26	Senior		1,990,000		3,537,562
Altran Technologies S.A. +, a	Cash 2.75% + E##		04/10/18		03/20/25	Senior		2,256,726		1,956,433
Aston Finco S.à.r.l. +, a	Cash 4.25% + L^^		11/14/19		10/09/26	Senior		2,800,000		2,513,000
Aston Finco S.à.r.l. +, a	Cash 8.25% + L^^		10/25/19		10/09/27	Second Lien		36,733,592		31,128,119
Auris Luxembourg III Sarl +, a	Cash 3.75% + L^		04/04/19		02/27/26	Senior		991,242		761,601
Autoform Lux S.a.r.l +, a	Cash 3.75% + L^^^		07/22/16		07/21/23	Senior		1,677,395		1,491,875
Autoform Lux S.a.r.l +, a	Cash 3.75% + E###		07/22/16		07/21/23	Senior		5,051,317		5,059,416
CD&R Firefly Bidco Limited +, a	Cash 4.50% + L^		08/31/18		06/23/25	Senior		5,199,152		4,043,654
CD&R Firefly Bidco Limited +, a	Cash 7.75% + L^^		06/21/18		06/18/26	Second Lien		26,191,610		20,034,930
Compass IV Limited +, a	Cash 4.50% + E###		07/06/18		05/09/25	Senior		341,033		143,734
CTC AcquiCo GmbH +, a	Cash 3.00% + E##		03/29/18		03/07/25	Senior		3,608,360		2,608,601
EG Finco Limited +, a	Cash 4.00% + L^		05/22/18		02/07/25	Senior		3,900,035		2,916,506

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

8

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

Private Equity Investments (continued) Direct Investments * (continued) Direct Debt (continued)	Interest	Acquisition Date		Maturity Date		Investment Type	Principal		Fair Value**
Western Europe (continued)
EG Finco Limited +, a	Cash 4.00% + E##		06/20/18		02/07/25	Senior	$	1,917,922	$	1,336,109
EG Finco Limited +, a	Cash 8.00% + L (1.00% Floor)^^^		05/23/18		04/20/26	Second Lien		1,915,044		1,560,898
Evergood 4 ApS +, a	Cash 3.25% + E##		02/23/18		02/06/25	Senior		6,249,672		4,793,464
Genesis Specialist Care Finance UK Limited +, a	Cash 5.00% + L (1.00% Floor)^^		03/05/20		03/05/27	Senior		2,200,000		1,980,000
Grupo Iberica de Congelados, SA +, a	Cash 7.00% + E##		06/28/19		11/28/24	Senior		1,067,881		846,077
ION Trading Finance Limited +, a	Cash 4.00% + L (1.00% Floor)^^		10/03/18		11/21/24	Senior		4,911,854		4,125,958
IWH UK Midco Limited +, a	Cash 4.00% + E###		02/28/18		11/28/24	Senior		5,886,679		4,257,129
Kiwi VFS Sub II S.a.r.l. +, a	Cash 3.25% + E##		08/21/18		07/29/24	Senior		1,151,803		899,702
Lary 4 AB +, a	Cash 3.25% + E#		08/09/16		07/20/23	Senior		10,137,883		9,004,869
Matador Bidco S.a r.l. +, a	Cash 4.75% + L^^		11/12/19		10/15/26	Senior		2,500,000		2,208,338
Mehiläinen Yhtiöt Oy +, a	Cash 4.25% + E##		09/10/18		08/11/25	Senior		1,508,647		1,238,556
Nomad Foods Lux S.a.r.l. +, a	Cash 2.25% + L^		07/02/18		05/15/24	Senior		1,583,749		1,464,968
Nouryon Finance B.V. +, a	Cash 3.25% + L^		11/14/18		10/01/25	Senior		2,315,171		2,118,381
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		21,754,138		16,962,945
PI UK Holdco II Limited +, a	Cash 3.50% + L (1.00% Floor)^		02/15/18		01/03/25	Senior		4,332,903		3,697,782
Rouge Beachhouse B.V. +, a	Cash 3.75% + E##		10/15/18		07/25/25	Senior		579,174		455,337
Sapphire Bidco B.V. +, a	Cash 3.25% + E##		05/25/18		05/05/25	Senior		5,827,475		4,040,021
Sigma Bidco B.V. +, a	Cash 3.50% + E#		08/03/18		07/02/25	Senior		4,786,053		4,043,175
Springer Science & Business Media Finance +, a	Cash 3.50% + L (1.00% Floor)^		09/25/13		08/15/22	Senior		12,423,796		11,703,980
Sunshine Luxembourg VII Sarl +, a	Cash 4.25% + L (1.00 Floor)^^		10/22/19		10/01/26	Senior		1,496,250		1,359,717
Tahoe Subco 1 Ltd. +, a	Cash 3.50% + L (1.00% Floor)^^		03/20/18		06/13/24	Senior		2,784,087		2,331,070
TDC A/S +, a	Cash 2.75% + E#		10/22/18		06/04/25	Senior		1,506,866		1,364,838
Virgin Media Bristol, LLC +, a	Cash 2.50% + L^		02/07/18		01/31/28	Senior		5,486,250		5,104,000
Zacapa S.a.r.l. +, a	Cash 5.00% + L (0.75% Floor)^^		07/31/18		07/02/25	Senior		1,773,000		1,627,836
Ziggo Financing Partnership +, a	Cash 2.50% + L^^		02/27/20		04/30/28	Senior		2,500,000		2,297,500
Total Western Europe (3.40%)										170,671,269
Total Direct Debt (14.88%)									$	746,578,424
Total Direct Investments (68.10%)									$	3,417,590,051

Private Equity Investments (continued) Secondary Investments *, c (8.05%)	Acquisition Date		Fair Value
Asia - Pacific (0.02%)
Baring Asia Private Equity Fund IV, L.P. +, a		11/24/09	$	19,413
Carlyle Japan International Partners II, L.P. +, a		09/30/13		117,972
CVC Capital Partners Asia Pacific III, L.P. +, a		01/11/13		346,964
TRG Growth Partnership (Offshore) II, L.P. +, a		08/02/10		109,266
TRG Growth Partnership (Offshore), L.P. +, a		08/02/10		6,006
TRG Growth Partnership II, L.P. +, a		07/08/10		319,550
Total Asia - Pacific (0.02%)				919,171
North America (7.34%)
Apollo Investment Fund IX, L.P +, a		06/01/17		5,166,861
Apollo Investment Fund VII, L.P. +, a		07/01/10		164,089
Apollo Overseas Partners (Delaware) VII, L.P. +, a		10/01/09		67,570
Ares PE Extended Value Fund, L.P. +, a		11/14/19		29,216,356
Bain Capital Fund VIII, L.P. +, a, e		12/31/15		1,231
Bain Capital Fund X, L.P. +, a		06/30/11		3,791,887

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

9

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

Private Equity Investments (continued) Secondary Investments *, c (continued)	Acquisition Date		Fair Value
North America (continued)
Bain Capital IX Co-Investment Fund, L.P. +, a		12/31/15	$	3,440
Bain Capital Partners IX, L.P. +, a		12/31/15		21,505
Bain Capital VIII Co-Investment Fund, L.P. +, a, e		12/31/15		428
Bain Capital X Co-Investment Fund, L.P. +, a		06/30/11		1
Bertram Growth Capital II-A, L.P. +, a		09/30/15		721,037
Carlyle Partners IV, L.P. +, a		06/30/11		2
Clayton, Dubilier & Rice Fund VIII, L.P. +, a		03/29/12		1,956,988
Frazier Healthcare VI, L.P. +, a		06/30/12		214,218
FS Equity Partners V, L.P. +, a		08/07/12		682,336
Genstar Capital Partners V, L.P. +, a		09/30/15		253,381
Gridiron Energy Feeder I, L.P. +, a, e		05/15/17		34,066,652
Gryphon Partners 3.5, L.P. +, a		05/21/13		1,010,588
Gryphon Partners IV L.P. +, a, e		02/08/16		27,079,600
H.I.G. Bayside Debt & LBO Fund II, L.P. +, a		12/30/10		331,825
Harvest Partners V, L.P. +, a		09/30/11		1
Harvest Partners VII, L.P. +, a		12/14/15		8,667,698
Hellman & Friedman Capital Partners VI, L.P. +, a		12/31/12		327,867
Hellman & Friedman Capital Partners VII, L.P. +, a		06/30/14		3,116,201
Highstar Capital III Prism Fund, L.P. +, a		07/01/10		21,112
Insight Venture Partners Continuation Fund, L.P. +, a		09/09/19		41,331,056
Investcorp Private Equity 2007 Fund, L.P. +, a		03/31/11		116,354
Investcorp Technology Partners III (Cayman), L.P. +, a		08/19/11		13,603
Irving Place Capital Investors II, L.P. +, a		03/22/10		2,072
Lee Equity Partners II, L.P. +, a		06/30/17		2,979,614
Lee Equity Partners Realization Fund, L.P. +, a		06/30/17		15,559,995
Lightyear Fund II, L.P. +, a		09/30/13		412,915
Madison Dearborn Capital Partners V, L.P. +, a		01/03/12		21,173
MidOcean Partners III, L.P. +, a		06/30/11		332,750
Monomoy Capital Partners II, L.P. +, a		09/30/15		800,543
Northgate Growth Fund, L.P. +, a		12/20/19		69,500
NVP VIII PG, L.P. +, a		05/31/19		18,360,997
Oak Investment Partners XII, L.P. +, a		06/28/12		390,919
Palladium Equity Partners III, L.P. +, a		08/02/10		605
Pamlico Capital GP II, LLC +, a		03/31/14		4,672
Pamlico Capital II, L.P. +, a		03/31/14		45,499
Providence Equity Partners IV, L.P. +, a		06/30/11		604
Providence Equity Partners V, L.P. +, a		06/30/11		4,157
Providence Equity Partners VI-A, L.P. +, a		06/30/13		4,433,195
Providence Equity Partners VII-A, L.P. +, a		06/30/13		1,738,835
Revelstoke Single Asset Fund I, L.P. +, a		11/20/19		42,639,176
Silver Lake Partners II, L.P. +, a		06/30/14		1,012
Silver Lake Partners III, L.P. +, a		06/30/10		2,981,568
Silver Lake Partners V, L.P. +, a		03/31/17		27,872,328
Silver Lake Sumeru Fund, L.P. +, a		12/18/09		114,248
SL SPV-1, L.P. +, a		12/01/17		14,725,066
SL SPV-2, L.P. +, a		05/01/19		3,973,985
Sun Capital Partners V, L.P. +, a		09/30/13		5,345,044
TA Atlantic & Pacific VI, L.P. +, a		09/30/15		227,470
TA X, L.P. +, a		09/30/15		376
TA XI, L.P. +, a		09/30/15		1,973,391
TCV VI, L.P. +, a		09/30/13		396,048
TCV VII (A), L.P. +, a		09/30/13		7,421,370
TorQuest Partners Fund (U.S.) II, L.P. +, a		09/30/15		132,361
TPG Partners V, L.P. +, a		07/11/11		37,209

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

10

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

Private Equity Investments (continued) Secondary Investments *, c (continued)	Acquisition Date		Fair Value
North America (continued)
TPG Partners VI, L.P. +, a		07/01/10	$	4,626,501
Tudor Ventures III, L.P. +, a		12/31/12		79,773
Vistria Fund III, LP +, a		06/19/19		82,537
Warburg Pincus Private Equity X, L.P. +, a		09/28/12		2,150,444
Welsh, Carson, Anderson & Stowe XII, L.P. +, a		12/31/18		50,332,409
Total North America (7.34%)				368,614,248
Western Europe (0.69%)
3i Eurofund Vb, L.P. +, a		09/30/09		130,198
3i Growth Capital B, L.P. +, a		10/01/14		55,635
Abingworth Bioventures III, L.P. +, a		09/30/15		2,626
Abingworth Bioventures V Co-Investment Growth Equity Fund, L.P. +, a		06/30/12		173,617
Abingworth Bioventures V, L.P. +, a		06/30/12		123,423
Advent International GPE VI, L.P. +, a		09/30/10		445,259
Apax Europe VI - A, L.P. +, a		07/01/11		134,475
Apax Europe VII - B, L.P. +, a		04/30/11		17,244
Astorg V FCPR +, a		09/30/15		570,521
Astorg VI, FCPI +, a		06/30/16		10,376,078
BC European Capital IX, L.P. +, a		09/30/14		3,935,775
Carlyle Europe Partners II, L.P. +, a		12/28/12		17,884
Carlyle Europe Partners III, L.P. +, a		12/28/12		1,118,467
CCP IX L.P. No.2 +, a		09/30/14		652,843
CVC European Equity Partners V, L.P. +, a		12/28/12		313,052
ESP Golden Bear Europe Fund +, a		12/31/16		9,982,623
Galileo III FCPR +, a		09/30/15		31,571
Graphite Capital Partners VII Top-Up +, a		09/30/15		57,282
Graphite Capital Partners VII, L.P. +, a		09/30/15		291,186
Indigo Capital V, L.P. +, a		09/30/15		64,447
Industri Kapital 2000, L.P. +, a		09/30/15		1,344
Italian Private Equity Fund IV, L.P. +, a		01/29/16		14,101
KKR European Fund III, L.P. +, a		11/01/10		327,547
Montagu III, L.P. +, a		12/09/09		1
PAI Europe V +, a		09/30/14		36,132
Permira Europe II, L.P. +, a		11/29/13		17,473
Permira Europe III, L.P. +, a		09/30/13		27,790
Permira IV, L.P. +, a		09/30/13		3,115,747
Riverside Europe Fund IV, L.P. +, a		09/30/14		1,062,421
Terra Firma Capital Partners III, L.P. +, a		09/30/13		1,442,395
Total Western Europe (0.69%)				34,539,157
Total Secondary Investments (8.05%)			$	404,072,576
Private Equity Investments (continued) Primary Investments *, c (11.45%)	Acquisition Date		Fair Value
Asia - Pacific (0.90%)
Baring Asia Private Equity Fund V, L.P. +, a		12/01/10	$	2,943,645
BGH Capital Fund I +, a		03/01/18		1
CPEChina Fund III, L.P. +, a		03/28/18		6,552,350
Hony Capital Fund VIII, L.P. +, a, e		10/30/15		6,722,306
Hony Capital Partners V, L.P. +, a, e		12/15/11		5,682,227
J-STAR No.4-C, L.P. +, a		08/02/19		1,154,905
Primavera Capital Fund III L.P. +, a		05/09/18		5,432,815
Southern Capital Fund IV L.P. +, a		01/26/18		810,754
The Baring Asia Private Equity Fund VII, L.P. +, a, e		07/10/18		1,753,407

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

11

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

Private Equity Investments (continued) Primary Investments *, c (continued)	Acquisition Date		Fair Value
Asia - Pacific (continued)
TPG Asia VII (B), L.P. +, a		12/07/18	$	7,345,520
Trustbridge Partners VI, L.P. +, a		04/12/18		6,882,243
Total Asia - Pacific (0.90%)				45,280,173
North America (7.21%)
Advent Global Technology, L.P. +, a		06/25/19		298,017
AEA Investors Fund VII L.P. +, a		02/08/19		328,931
American Industrial Partners Capital Fund VII, L.P. +, a, e		03/29/19		114,254
Apollo Investment Fund VIII, L.P. +, a		06/28/13		6,285,032
Ares Corporate Opportunities Fund IV, L.P. +, a		04/19/12		4,255,545
Ares Corporate Opportunities Fund V, L.P. +, a		12/28/15		6,930,559
Avista Capital Partners II, L.P. +, a		03/15/10		122,451
Avista Capital Partners III, L.P. +, a		10/03/11		87,483
Bain Capital Fund XII, L.P. +, a		06/30/17		6,558,330
Berkshire Fund IX, L.P. +, a		03/18/16		5,755,533
Caltius Partners V-A, L.P. +, a		12/02/14		4,890,295
Carlyle Partners VII, L.P. +, a		11/29/17		8,000,318
Clayton Dubilier & Rice Fund IX, L.P. +, a		07/31/13		5,046,410
Clearlake Capital Partners V, L.P. +, a		12/15/17		20,468,363
Clearlake Capital Partners VI, L.P. +, a, d		12/10/19		—
Crescent Mezzanine Partners VI, L.P. +, a		03/30/12		1,439,881
Genstar Capital Partners IX, L.P. +, a, e		02/21/19		2,886,737
Genstar Capital Partners VI, L.P. +, a		09/01/12		3,187,512
Genstar Capital Partners VII, L.P. +, a		06/26/15		7,279,086
Genstar Capital Partners VIII, L.P. +, a		03/23/17		23,605,138
GoldPoint Mezzanine Partners IV, L.P. +, a		12/30/15		9,750,555
Green Equity Investors Side VIII, L.P. +, a, d		10/18/19		—
Gryphon Partners V, L.P. +, a		02/23/18		5,923,525
Harvest Partners VIII, L.P. +, a		12/19/18		2,238,827
Insight Venture Partners X, L.P. +, a		07/06/18		6,754,537
Insight Venture Partners XI, L.P. +, a		12/17/19		674,797
KKR Americas Fund XII L.P. +, a		01/31/18		10,617,595
KKR North America Fund XI, L.P. +, a		02/01/12		7,083,190
Kleiner Perkins Caufield & Byers XIX LLC +, a		03/05/20		360,000
Kohlberg TE Investors IX, L.P. +, a, d		12/20/19		—
Kohlberg TE Investors VII, L.P. +, a		09/15/11		2,734,273
Kohlberg TE Investors VIII, L.P. +, a, e		08/04/16		21,953,485
Lee Equity Partners Realization Fund Captive AIV, L.P. +, a, d		05/31/19		—
Leeds Equity Partners VI, L.P. +, a		11/25/16		11,002,694
Lerer Hippeau Select Fund III, LP +, a		12/20/19		675,000
Lerer Hippeau VII, LP +, a		12/20/19		225,000
Madison Dearborn Capital Partners VIII, L.P. +, a, d		03/20/20		—
Nautic Partners IX-A, L.P. +, a		03/12/19		833,652
Nautic Partners VII-A, L.P. +, a		06/27/14		4,081,897
New Enterprise Associates 14, L.P. +, a		05/04/12		5,207,369
New Enterprise Associates 17, L.P. +, a		06/06/19		1,701,435
New Mountain Capital V, L.P. +, a, e		06/29/17		16,617,014
NexPhase Capital Fund III-A, LP +, a		09/01/16		22,341,560
Oak Hill Capital Partners IV, L.P. +, a		04/28/17		17,152,334
Oak Hill Capital Partners V, L.P. +, a		12/21/18		1,764,572
Pamlico Capital V, L.P. +, a, d		02/03/20		—
PennantPark Credit Opportunities Fund II, L.P. +, a		08/03/12		7,180,341
Silver Lake Partners IV, L.P. +, a		07/30/12		10,421,742
Sumeru Equity Partners Fund, L.P. +, a		04/27/15		3,627,594

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

12

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

Private Equity Investments (continued) Primary Investments *, c (continued)	Acquisition Date		Fair Value
North America (continued)
TA XIII-B, L.P. +, a		05/02/19	$	1,806,300
TCV X, L.P. +, a		08/31/18		3,069,342
Thompson Street Capital Partners IV, L.P. +, a		12/10/15		8,039,015
Thompson Street Capital Partners V, L.P. +, a		05/04/18		3,201,290
TPG Partners VII, L.P. +, a		03/01/16		12,930,447
TPG Partners VIII, L.P. +, a		01/31/19		234,765
Trident VII, L.P. +, a		09/22/16		18,950,426
Trident VIII, L.P. +, a, d		04/05/19		—
Vista Equity Partners Fund VII, L.P. +, a		08/31/18		3,875,375
Vistria Fund II, L.P. +, a		12/19/17		8,780,393
Vistria Fund III, LP +, a		06/19/19		82,537
Warburg Pincus Global Growth, L.P. +, a		11/20/18		1,427,672
Welsh, Carson, Anderson & Stowe XII, L.P. +, a		12/19/14		12,817,832
Welsh, Carson, Anderson & Stowe XIII, L.P. +, a		07/25/18		290,964
Windjammer Senior Equity Fund IV, L.P. +, a		02/06/13		7,889,490
Total North America (7.21%)				361,858,711
Rest of World (0.64%)
Advent Latin American Private Equity Fund VI-H L.P. +, a		10/17/14		5,526,768
Altra Private Equity Fund II, L.P. +, a, e		12/07/12		2,444,407
Patria - Brazilian Private Equity Fund IV, L.P. +, a		06/30/11		5,835,608
Polish Enterprise Fund VIII, L.P. +, a		09/15/17		18,297,936
Total Rest of World (0.64%)				32,104,719
Western Europe (2.70%)
Advent International GPE IX-C, L.P. +, a		05/31/19		4,365,337
Advent International GPE VII-B, L.P. +, a		07/01/12		7,635,414
Advent International GPE VIII-C, L.P +, a		03/22/16		9,931,448
Apax X USD L.P. +, a, d		07/16/19		—
Axcel VI K/S +, a, d		02/21/20		—
Bain Capital Europe Fund IV, L.P. +, a		09/01/14		5,256,000
CapVest Equity Partners III B, L.P. +, a		08/30/13		6,805,148
Capvis Equity V L.P. +, a		01/17/18		8,430,126
Carlyle Europe Partners IV, L.P. +, a		08/27/13		1,616,189
Carlyle Europe Partners V, L.P. +, a, e		04/23/18		1,052,928
CVC Capital Partners VI (A) L.P. +, a		07/05/13		6,936,249
EQT Mid-Market (No.1) Feeder L.P. +, a		07/01/16		13,089,471
EQT VI (No.1), L.P. +, a		07/01/11		1,352,030
Gilde Buy-Out Fund VI C.V. +, a		06/28/19		1
Graphite Capital Partners IX L.P. +, a		04/11/18		583,493
Hg Saturn I L.P. +, a		06/28/18		16,162,050
HgCapital 8 L.P. +, a		12/19/16		7,669,147
HgCapital Mercury 2 +, a		02/15/17		5,216,404
Index Ventures Growth III (Jersey) L.P. +, a		03/18/15		13,050,359
KKR European Fund V (EUR) SCSp +, a		11/05/18		1,835,284
Nordic Capital IX, L.P. +, a, e		07/18/17		10,778,274
PAI Europe VI-1, L.P. +, a		03/12/15		6,918,425
Permira VII L.P. +, a		06/21/19		2,830,771
Sixth Cinven Fund (No.3) L.P. +, a, e		05/01/16		4,024,841
The Seventh Cinven Fund, L.P. +, a, d		04/16/19		—
Total Western Europe (2.70%)				135,539,389
Total Primary Investments (11.45%)			$	574,782,992
Total Private Equity Investments (Cost $4,160,842,488)(87.60%)			$	4,396,445,619

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

13

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

Short-Term Investments (3.99%) U.S. Government Treasury Obligations g (3.99%)	Interest		Acquisition Date		Maturity Date		Principal		Fair Value
U.S. Treasury Bill		1.54%		01/13/20		04/23/20	$	200,000,000	$	199,907,662
Total U.S. Government Treasury Obligations (3.99%)									$	199,907,662
Total Short-Term Investments (Cost $199,907,661)(3.99%)									$	199,907,662
Total Investments (Cost $4,489,104,257)(93.99%)										4,716,931,949
Other Assets in Excess of Liabilities (6.01%)										301,588,738
Net Assets (100.00%)									$	5,018,520,687

* 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.

^ The interest rate on these loans is subject to the greater of a LIBOR floor or 1 month LIBOR plus a base rate. The 1 month LIBOR as of March 31, 2020 was 0.99%.

^^ The interest rate on these loans is subject to the greater of a LIBOR floor or 3 month LIBOR plus a base rate. The 3 month LIBOR as of March 31, 2020 was 1.45%.

^^^ The interest rate on these loans is subject to the greater of a LIBOR floor or 6 month LIBOR plus a base rate. The 6 month LIBOR as of March 31, 2020 was 1.18%.

^# As of March 31, 2020, 1 month Euribor was -0.42%.

^## As of March 31, 2020, 3 month Euribor was -0.36%.

^### As of March 31, 2020, 6 month Euribor was -0.29%.

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

^† As of March 31, 2020, 1 month Bank Bill Swap Rate was 0.35%.

^†† As of March 31, 2020, 3 month Bank Bill Swap Rate was 0.37%.

^a Private equity investments are generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Schedule of Investments. Total fair value of restricted investments as of March 31, 2020 was $4,396,445,619, or 87.60% of net assets. As of March 31, 2020, the aggregate cost of each investment restricted to resale was $22,381,085, $10,621,500, $102,112, $27,897,888, $38,102,078, $2,204,592, $14,353,176, $3,600,295, $6,738,343, $2,630,127, $20,000,000, $73,500,000, $1,823,114, $11,478,466, $22,932,000, $11,862,703, $10,085, $11,587,190, $1,226,349, $36,291,579, $35,274,427, $4,168,272, $17,127,003, $27,200,412, $2,887,500, $8,571,126, $8,700,000, $100,000,000, $14,706,944, $38,644,608, $100,000,000, $56,959,319, $35,134,908, $3,457,439, $82,017,309, $87,093, $9,135,720, $78,300,000, $317,827, $172,633, $37,921,966, $5,000,000, $2,899,729, $473,334, $23,178,823, $78,652,850, $45,161,442, $32,102,865, $15,452,333, $6,739,319, $1,095,000, $52,454,049, $39,287,856, $2,817,098, $28,417,946, $54,969,200, $14,872,000, $4,754,931, $81,002,756, $4,878,849, $4,632,829, $9,757,979, $26,854,553, $6,939,071, $69,246,328, $17,510,132, $0, $9,500,725, $2,715,999, $3,792,769, $22,791,101, $89,101,353, $114,301, $86,105,773, $378,368, $21,901,395, $27,818,080, $14,672,982, $53,940,376, $86,191,449, $10,685,164, $963,071, $18,777,316, $6,058,452, $3,081,671, $393,923, $662,069, $288,509, $9,986,562, $92,759,254, $21,615,986, $48,949,162, $17,052,864, $17,052,864, $3,373,262, $11,096,386, $25,891,566, $7,793, $68,280, $1,063,586, $6,274,935, $23,873,383, $18,798,388, $1, $12,156,155, $6,931,038, $12,811,375, $7,463,104, $31,826,884, $1,287,527, $1,958,551, $4,803,175, $6,680,793, $1,478,184, $1,086,738, $1,097,268, $16,587,849, $1,413,973, $1,188,557, $1,278,933, $1,146,296, $67,918,647, $2,431,685, $4,859,331, $2,475,569, $20,335,000, $991,028, $1,371,094, $1,471,448, $5,858,797, $999,215, $8,195,934, $2,998,014, $9,900,000, $985,481, $1,465,070, $986,194, $485,299, $881,398, $1,679,688, $2,865,577, $27,288,462, $0, $1,231,973, $1,493,851, $1,964,437, $1,496,446, $1,938,851, $990,000, $1,357,234, $1,998,313, $1,755,282, $992,843, $28,508,806, $1,212,668, $1,783,009, $2,956,399, $61,667,994, $22,198,071, $2,951,530, $976,584, $1,868,203, $1,956,703, $1,833,616, $1,870,169, $978,577, $3,079,134, $4,306,219, $5,732,274, $1,376,693, $944,724, $1,275,131, $959,089, $1,277,710, $5,142,665, $3,667,935,

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

14

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

$1,351,833, $1,400,000, $980,967, $491,708, $3,374,148, $1,382,946, $5,258,520, $1,083,961, $1,393,311, $2,261,520, $21,816,000, $1,434,182, $1,481,881, $7,015,262, $2,080,451, $1,183,346, $3,722,690, $1,683,753, $9,500,691, $1,149,531, $4,722,864, $1,474,959, $1,439,595, $1,180,045, $1,780,974, $14,065,089, $3,080,934, $1,567,464, $1,889,903, $2,906,362, $492,736, $1,675,923, $990,319, $2,930,664, $990,000, $3,168,404, $24,932,710, $990,290, $873,187, $1,369,277, $1,469,883, $3,263,181, $3,439,703, $1,287,000, $2,394,000, $12,870,000, $45,773,712, $4,675,276, $4,621,910, $1,990,000, $3,533,756, $2,964,599, $2,892,750, $20,200,765, $2,293,726, $12,448,358, $1,890,570, $2,254,146, $4,485,748, $2,261,984, $2,773,172, $35,673,583, $981,906, $1,677,395, $5,099,008, $5,178,370, $26,282,200, $229,574, $3,425,243, $3,905,096, $1,802,466, $1,929,644, $5,931,239, $2,167,000, $999,274, $4,902,170, $5,894,724, $1,138,858, $10,137,883, $2,476,086, $1,502,675, $1,580,874, $2,305,607, $22,553,319, $4,365,028, $579,174, $5,827,475, $4,618,118, $12,396,671, $1,489,158, $2,786,744, $1,497,789, $5,489,524, $1,758,790, $2,500,000, $23,271, $131,175, $1,460,696, $146,326, $53,395, $533,034, $6,458,512, $398,205, $46,701, $29,193,454, $40,325, $451,287, $85,577, $320,338, $598, $1, $57,235, $2, $2, $1, $1,158,141, $1, $25,789,436, $1, $20,026,979, $1, $1, $9,480,364, $303, $1, $162,146, $43,479,097, $1, $1, $39,077, $2,930,441, $7,549,716, $4,361,621, $3, $1, $729,914, $69,500, $21,106,099, $1,376,417, $1, $1, $31,532, $8, $428,308, $8,018,849, $375,134, $40,745,839, $1, $2,831, $25,947,627, $2,144, $14,127,607, $4,658,933, $19,793,748, $104,980, $88,657, $1, $299,644, $1, $969,555, $1,171,049, $3,485,753, $803,341, $82,537, $1, $37,145,037, $3, $1, $1, $922,532, $173,570, $48,796, $212,958, $332,524, $459,044, $9,665,329, $1,168,447, $107,727, $3,062,954, $3,322,997, $1, $1, $1, $58,075, $314,412, $181,332, $1, $1, $2, $229, $1, $101,953, $390,786, $3,067,983, $823,741, $1, $2,713,539, $480,206, $7,825,822, $8,792,949, $7,972,380, $1,457,226, $6,298,661, $1,466,441, $2,618,671, $9,494,065, $7,174,676, $370,500, $427,080, $339,596, $4,907,681, $1,490,254, $7,593,144, $219,478, $1,503,503, $8,811,916, $6,160,810, $4,479,945, $12,450,519, $2,353,521, $14,705,773, $0, $651,243, $4,049,549, $1, $3,272,975, $17,132,447, $8,318,642, $0, $6,568,645, $3,329,517, $6,751,451, $750,000, $12,294,475, $1,512,083, $360,000, $0, $39,978, $18,919,335, $0, $11,475,843, $675,000, $225,000, $0, $952,160, $1, $611,585, $1,837,500, $17,252,833, $15,690,328, $17,946,089, $1,764,572, $0, $5,865,262, $4,791,427, $617,800, $2,250,000, $3,628,000, $5,675,066, $3,711,172, $11,295,838, $572,667, $18,344,898, $0, $5,032,478, $9,324,714, $82,537, $1,890,000, $5,699,464, $1,438,429, $3,981,590, $5,571,153, $2,762,641, $4,309,864, $18,139,088, $4,950,001, $1,483,250, $9,449,999, $0, $0, $4,317,201, $3,251,780, $11,128,865, $1,475,210, $1,529,456, $4,173,423, $12,777,953, $1, $289,899, $1,567,479, $14,235,251, $10,675,655, $2,652,338, $7,083,751, $3,445,141, $11,628,768, $5,632,702, $2,852,571, $4,514,833 and $0, respectively, totaling $4,160,842,488.

^b Represents an affiliated issuer.

^c Investment does not issue shares.

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

^e Non-income producing.

^f Security or a portion thereof is unsettled as of March 31, 2020.

^g Each issue shows the rate of the discount at the time of purchase.

Legend:

BBSY - Bank Bill Swap Rate

E - Euribor

L - Libor

PIK - Payment-in-kind

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

15

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2020 (continued)

A summary of outstanding financial instruments at March 31, 2020 is as follows:

Forward Foreign Currency Contracts

Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
June 24, 2020	Barclays	$	87,134,367	€	77,500,000	$	85,331,309	$	1,803,058
June 24, 2020	Barclays		87,132,816	€	77,500,000		85,331,309		1,801,507
June 24, 2020	Barclays		87,108,713	€	77,500,000		85,331,308		1,777,405
June 24, 2020	Barclays		87,074,443	€	77,500,000		85,331,309		1,743,134
June 24, 2020	Barclays		87,072,893	€	77,500,000		85,331,309		1,741,584
June 24, 2020	Barclays		70,013,453	£	56,900,000		70,676,576		(663,123	)
June 24, 2020	Barclays		70,124,979	£	57,000,000		70,800,788		(675,809	)
June 24, 2020	Barclays		69,957,008	£	56,900,000		70,676,576		(719,568	)
								$	6,808,188

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

16

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statement of Assets and Liabilities –
March 31, 2020

Assets
Unaffiliated Private Equity Investments, at fair value (cost $3,380,174,632)	$	3,529,342,743
Affiliated Private Equity Investments, at fair value (cost of $780,667,856)		867,102,876
Common stocks, at fair value (cost $128,354,108)		120,578,668
Short-term investments, at fair value (cost $199,907,661)		199,907,662
Cash and cash equivalents		584,153,514
Cash denominated in foreign currencies (cost $18,790,353)		18,696,300
Investment sales receivable		5,563,259
Unaffiliated dividends and interest receivable		3,747,746
Affiliated interest receivable		4,257
Unrealized appreciation on forward foreign currency contracts		8,866,688
Other receivable		410,406
Prepaid assets		326,778
Total Assets	$	5,338,700,897
Liabilities
Credit facility payable	$	175,000,000
Investment purchases payable		19,787,200
Distribution, servicing and transfer agency fees payable		5,916,280
Unrealized depreciation on forward foreign currency contracts		2,058,500
Repurchase amounts payable for tender offers		96,755,085
Due to broker		2,960,000
Management fees payable		14,511,914
Dividends payable		10,064
Professional fees payable		220,646
Line of credit fees payable		758,333
Interest expense payable		45,696
Accounting and administration fees payable		1,921,629
Custodian fees payable		174,863
Other payable		60,000
Total Liabilities	$	320,180,210
Commitments and contingencies (See note 11)
Net Assets	$	5,018,520,687
Net Assets consists of:
Paid-in capital	$	4,955,141,084
Distributable earnings (accumulated loss)		63,379,603
Total Net Assets	$	5,018,520,687
Class A Units
Net assets	$	2,705,680,086
Units outstanding		508,967,389
Net asset value per unit	$	5.32
Class I Units
Net assets	$	2,312,840,601
Units outstanding		431,031,190
Net asset value per unit	$	5.37

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

17

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statement of Operations –
For the Year Ended March 31, 2020

Investment Income
Dividends from unaffiliated investments (net of $302,727 withholding tax)	$	11,914,858
Dividends from affiliated investments		7,196,155
Interest from unaffiliated investments		90,082,030
Interest from affiliated investments		151,087
Transaction fee income from unaffiliated issuers		870,904
Transaction fee income from affiliated issuers		3,631,457
Other fee income		2,504,934
Total Investment Income		116,351,425
Operating Expenses
Management fees		83,115,102
Professional fees		10,982,714
Accounting and administration fees		4,307,766
Board of Managers’ fees		360,168
Insurance expense		226,730
Custodian fees		393,621
Line of credit fees		4,461,667
Incentive fees		56,759,165
Interest expense		45,696
Distribution and servicing fees
Class A Units		18,693,830
Transfer agency fees
Class A Units		1,237,897
Class I Units		863,193
Other expenses		651,203
Total Expenses		182,098,752
Net Investment Loss		(65,747,327	)
Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments, Forward Foreign Currency Contracts and Foreign Currency
Net realized gain from unaffiliated investments		87,738,800
Net realized loss from affiliated investments		(13,008	)
Net realized gain on foreign currency transactions		1,242,568
Net realized gain on forward foreign currency contracts		26,699,142
Net realized gain distributions from primary and secondary investments		29,721,251
Net change in accumulated unrealized appreciation (depreciation) on:
Unaffiliated investments		(363,144,538	)
Affiliated investments		(661,900	)
Foreign currency translation		(273,948	)
Forward foreign currency contracts		231,215
Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments, Forward Foreign Currency Contracts and Foreign Currency		(218,460,418	)
Net Increase (Decrease) in Net Assets From Operations	$	(284,207,745	)

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

18

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statements of Changes in Net Assets –

	For the Year Ended March 31, 2020			For the Year Ended March 31, 2019
Increase (decrease) in Net Assets resulting from operations:
Net investment income (loss)	$	(65,747,327	)	$	(23,254,257	)
Net realized gain (loss) on investments, foreign currency transactions and forward foreign currency contracts		145,388,753			243,399,724
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward foreign currency contracts		(363,849,171	)		136,286,292
Net increase in Net Assets resulting from operations	$	(284,207,745	)	$	356,431,759
Distributions to Members from:
Distributions to Members		(150,070,799	)		(201,067,922	)
Total distributions to Members	$	(150,070,799	)	$	(201,067,922	)
Capital transactions (see note 5):
Issuance of common Units
Class A Units	$	787,428,343		$	442,626,596
Class I Units		542,182,077			385,330,016
Reinvestment of common Units
Class A Units		73,697,727			95,296,735
Class I Units		58,571,137			90,208,897
Redemption of common Units
Class A Units		(90,728,026	)		(92,061,160	)
Class I Units		(158,523,173	)		(119,141,209	)
Exchanges of common Units
Class A Units		(67,192,184	)		(9,293,258	)
Class I Units		67,192,184			9,293,258
Total increase in Net Assets resulting from capital transactions	$	1,212,628,085		$	802,259,875
Total increase in Net Assets	$	778,349,541		$	957,623,712
Net Assets at beginning of year	$	4,240,171,146		$	3,282,547,434
Net Assets at end of year	$	5,018,520,687		$	4,240,171,146

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

19

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statement of Cash Flows –
For the Year Ended March 31, 2020

CASH FLOWS FROM OPERATING ACTIVITIES
Net decrease in Net Assets from Operations	$	(284,207,745	)
Adjustments to reconcile Net Increase (decrease) in Net Assets from Operations to net cash provided by (used in) operating activities:
Net change in accumulated unrealized (appreciation) depreciation on investments		363,806,438
Net change in unrealized (appreciation) depreciation on forward foreign currency contracts		(231,215	)
Net realized (gain) from investments, forward foreign currency contracts and foreign currency transactions		(145,388,753	)
Purchases of Investments		(1,662,942,027	)
Proceeds from sales of investments		592,847,017
Net (purchases) sales and amortization of short-term investments		99,132,657
Net realized gain on forward foreign currency contracts		26,699,142
Net realized gain distributions from primary and secondary investments		29,721,251
Amortization of premium and accretion of discount		(1,258,057	)
Increase in investment sales receivable		(3,441,129	)
Decrease in interest receivable		1,397,961
Decrease in affiliated interest receivable		6,619
Increase in dividends receivable		(247,675	)
Decrease in other receivable		3,071,505
Decrease in prepaid assets		309,785
Increase in investment purchases payable		19,787,200
Increase in dividends payable		6,734
Decrease in due to broker		(3,450,000	)
Decrease in management fee payable		(2,378,868	)
Increase in administrative services expense payable		1,803,968
Decrease in professional fees payable		(272,665	)
Increase in line of credit fees		258,333
Increase in interest expense payable		45,696
Increase in accounting and administrative fees payable		1,054,579
Increase in custodian fees payable		102,731
Decrease in other payable		(4,139,228	)
Decrease in Incentive fees payable		(20,456,340	)
Net Cash (Used in) Operating Activities		(988,362,086	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common Units		1,329,610,420
Distributions paid		(17,801,935	)
Payments for Units redeemed		(208,983,942	)
Proceeds from credit facility		175,000,000
Net Cash Provided by Financing Activities		1,277,824,543
Net change in cash and cash equivalents		289,462,457
Effect of exchange rate changes on cash		1,242,568
Cash and cash equivalents at beginning of year		312,144,789
Cash and cash equivalents at End of Year	$	602,849,814
Supplemental and non-cash financing activities
Reinvestment of common Units	$	132,268,864

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

20

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Financial Highlights –

	Class A
	Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 31, 2018			Period Ended March 31, 2017(1)
Per Unit Operating Performance:(2)
Net asset value, beginning of year	$	5.73		$	5.51		$	5.17		$	5.00
Income from investment operations:
Net investment income (loss)(3)		(0.10	)		(0.05	)		0.20			(0.00	)(4)
Net realized and unrealized gains (losses) on investments		(0.14	)		0.55			0.40			0.17
Net increase (decrease) in net assets resulting from operations		(0.24	)		0.50			0.60			0.17
Distributions from:
Net investment income		—			(0.03	)		(0.10	)		—
Net realized gains		(0.17	)		(0.25	)		(0.16	)		—
Total distributions		(0.17	)		(0.28	)		(0.26	)		—
Net asset value, end of period	$	5.32		$	5.73		$	5.51		$	5.17
Total Return(5)		(4.69	)%		9.36	%		11.65	%		3.40	%
Ratios and Supplemental Data:
Net assets, end of period in thousands (000’s)	$	2,705,680		$	2,243,031		$	1,725,576		$	1,329,648
Net investment income (loss) to average net assets before Incentive Fee		(0.52	)%		0.15	%		5.10	%		1.08	%(7)
Ratio of gross expenses to average net assets, excluding Incentive Fee(8)(10)		2.87	%		2.84	%		2.78	%		2.82	%(7)
Ratio of Incentive Fee to average net assets		1.15	%		1.12	%		1.31	%		0.36	%(6)
Ratio of gross expenses and Incentive Fee to average net assets(8)(10)		4.02	%		3.96	%		4.09	%		3.18	%(7)(9)
Ratio of expense waivers to average net assets		—	%		—	%		—	%		—	%(7)
Ratio of net expenses and Incentive Fee to average net assets(10)		4.02	%		3.96	%		4.09	%		3.18	%(7)(9)
Ratio of net expenses to average net assets, excluding Incentive Fee(10)		2.87	%		2.84	%		2.78	%		2.82	%(7)(9)
Portfolio Turnover		13.35	%		21.75	%		23.58	%		17.93	%(6)

⁽¹⁾ Reflects operations for the period from January 1, 2017 (date of commencement of operations) to March 31, 2017.

⁽²⁾ Selected data for a Net Asset Value per Unit outstanding throughout the period.

⁽³⁾ Calculated using average units outstanding.

⁽⁴⁾ Rounds to less than $0.005.

⁽⁵⁾ Total return based on net asset value calculated as the change in Net Asset Value per Unit during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Fund during the period.

⁽⁶⁾ Not annualized.

⁽⁷⁾ Annualized.

⁽⁸⁾ Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursement by/to the Adviser.

⁽⁹⁾ The Incentive Fee and/or organizational expenses are not annualized.

⁽¹⁰⁾ Ratio does not include expenses of Primary and Secondary Investments.

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

21

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Financial Highlights –

	Class I
	Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2017(1)			Year Ended March 31, 2016
Per Unit Operating Performance(2)
Net asset value, beginning of year	$	5.75		$	5.52		$	5.18		$	5.00		$	N/A
Income from investment operations:
Net investment income (loss)(3)		(0.06	)		(0.01	)		0.25			(0.00	)(4)		N/A
Net realized and unrealized gain (loss) on investments		(0.14	)		0.56			0.38			0.18			N/A
Net Increase (Decrease) in Net Assets from Operations		(0.20	)		0.55			0.63			0.18			N/A
Distributions from:
Net investment income		(0.01	)		(0.07	)		(0.13	)		—			N/A
Net realized gains		(0.17	)		(0.25	)		(0.16	)		—			N/A
Total distributions		(0.18	)		(0.32	)		(0.29	)		—			N/A
Net asset value, end of period	$	5.37		$	5.75		$	5.52		$	5.18		$	N/A
Total Return before Incentive Fee		N/A	%		N/A	%		N/A	%		N/A	%(5)		11.75	%(6)
Total Return after Incentive Fee		(4.00	)%(7)		10.14	%(7)		12.42	%(7)		11.70	%		10.86	%(6)
Ratios and Supplemental Data:
Net assets, end of period in thousands (000’s)	$	2,312,841		$	1,997,140		$	1,556,972		$	995,815		$	1,712,457
Net investment income (loss) to average net assets before Incentive Fee		0.20	%		0.86	%		5.95	%		2.52	%		0.81	%
Ratio of gross expenses to average net assets, excluding Incentive Fee(8)(9)		2.13	%		2.12	%		2.10	%		1.98	%		1.47	%
Ratio of Incentive fee to average net assets		1.14	%		1.12	%		1.33	%		1.33	%		1.12	%
Ratio of gross expenses and Incentive Fee to average net assets(8)(9)		3.27	%		3.24	%		3.43	%		3.31	%		2.59	%
Ratio of expense waivers to average net assets		—	%		—	%		—	%		—	%		—	%
Ratio of net expenses and Incentive Fee to average net assets(9)		3.27	%		3.24	%		3.43	%		3.31	%		2.59	%
Ratio of net expenses to average net assets, excluding Incentive Fee(9)		2.13	%		2.12	%		2.10	%		1.98	%		1.47	%
Portfolio Turnover		13.35	%		21.75	%		23.58	%		17.93	%		21.91	%

⁽¹⁾ Prior to January 1, 2017, the Fund operated as a master fund in a master-feeder structure. As of December 31, 2016, the master-feeder structure was reorganized, resulting in a single fund, the Fund. Class I commenced operations after the Reorganization and is deemed to be the accounting survivor (See Note 1).

⁽²⁾ Selected data for a Net Asset Value per Unit outstanding throughout the period.

⁽³⁾ Calculated using average units outstanding.

⁽⁴⁾ Rounds to less than $0.005.

⁽⁵⁾ Total investment return before Incentive Fee was calculated based on the effects of the performance of the Fund during the period and adjusted for cash flows related to capital contributions or withdrawals during the period prior to the Reorganization. The full year total investment return before Incentive Fee would calculate to be 12.50% based on the prior method.

⁽⁶⁾ Total investment return reflects the changes in Net Asset Value based on the effects of the performance of the Fund during the period and adjusted for cash flows related to capital contributions or withdrawals during the period.

⁽⁷⁾ Total return based on net asset value calculated as the change in Net Asset Value per Unit during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Fund during the period.

⁽⁸⁾ Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursement by/to the Adviser.

⁽⁹⁾ Ratio does not include expenses of Primary and Secondary Investments.

N/A Not Applicable

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

22

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020

1. Organization

Partners Group Private Equity (Master Fund), LLC (the “Fund”) is a Delaware limited liability company that was organized on August 4, 2008 and commenced operations on July 1, 2009. The Fund is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company. On December 17, 2018, the Fund filed an application to register units of limited liability company interests of the Fund (“Units”) under the Securities Act of 1933, as amended (the “1933 Act”). The Fund is managed by Partners Group (USA) Inc. (the “Adviser”), an investment adviser registered under the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”) pursuant to a second amended and restated investment management agreement between the Fund and the Adviser (the “Investment Management Agreement”). The board of managers of the Fund (the “Board”) has oversight responsibility for the management and supervision of the business operations of the Fund. As permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, or the Adviser. The Fund’s investment objective is to seek attractive long-term capital appreciation by investing in a wholly owned diversified portfolio of private equity and debt investments. The Fund makes investments directly and through its wholly owned subsidiaries, Partners Group Private Equity (Subholding), LLC (the “Onshore Subsidiary”) and Partners Group Private Equity (Luxembourg) S.à r.l (the “Offshore Subsidiary”, and together with the Onshore Subsidiary, the “Subsidiaries”).

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

Prior to January 1, 2017, the Fund operated as a master fund in a master-feeder structure that included Partners Group Private Equity, LLC and Partners Group Private Equity (TEI), LLC (the “Service Feeder Funds”) and Partners Group Private Equity (Institutional), LLC and Partners Group Private Equity (Institutional TEI), LLC (the “Institutional Feeder Funds” and together with the “Service Feeder Funds”, the “Feeder Funds”). As of December 31, 2016, the master-feeder structure was reorganized, resulting in a single fund, the Fund, with two separate classes of Units (the “Reorganization”). Prior to the Reorganization, the Feeder Funds owned all of the limited liability company interests in the Fund. As part of the Reorganization, all of the then outstanding interests of the Fund were converted into (i) Class A Units in the case of a Service Feeder Fund and (ii) Class I Units in the case of an Institutional Feeder Fund. The financial statements (including the financial highlights) of the Feeder Funds, and other information about the Feeder Funds, can be obtained on the SEC’s website (http://www.sec.gov). The address of the SEC’s internet site is provided solely for the information of prospective investors and is not intended to be an active link. Following the Reorganization on December 31, 2016 at 11:59pm EST, each member of the Feeder Funds became a Member of the Fund. Effective January 1, 2017, the Fund elected to be treated for U.S. federal income tax purposes and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Reorganization constituted a tax-free reorganization of the Fund under the Code.

The Fund offers two separate classes of Units designated as Class A Units (the “Class A Units”) and Class I Units (the “Class I Units”). While the Fund currently offers only two classes of Units, it may offer additional classes of Units in the future. The Class A Units and the Class I Units have, and each additional class of Units issued by the Fund, if any, will have, different characteristics, particularly in terms of the sales charges that Members of any such class bear, and the distribution and service fees that are charged to such class. The Fund has received an exemptive order from the SEC with respect to the Fund’s multi-class structure. Class I is deemed to be the accounting survivor of the Reorganization.

Each class of Units represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of Units based on the relative net assets of each class to the total net assets of the Fund. Each class of Units differs in its distribution and service plan, if any, and certain other class-specific expenses.

2. Significant Accounting Policies

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

a. Basis of Accounting

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

23

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

2. Significant Accounting Policies (continued)

b. Valuation of Investments

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”).

The Adviser estimates the fair value of the Fund’s Private Equity Investments in conformity with U.S. GAAP and the Fund’s valuation procedures (the “Valuation Procedures”), that have been approved by 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.

Direct Investments

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

Private Equity Fund Investments

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

For each class of Private Equity Fund Investments that includes investments that can never be redeemed with the investees, the Fund expects to receive distributions through the liquidation of the underlying assets of the investees at the end of the term of each such Private Equity Fund Investment.

Daily Traded Investments

The fair values of financial instruments traded in active markets are based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Fund is the price within the bid-ask spread which is considered most representative of fair value at the end of the reporting period.

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 one or more 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 of one of its affiliates might differ as a result of differences in accounting, regulatory and other factors applicable to the Fund and to such other client.

24

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

2. Significant Accounting Policies (continued)

c. Cash and Cash Equivalents

Pending investment in Private Equity Investments and in order to maintain liquidity, the Fund holds cash, including amounts held in foreign currencies, in short-term interest-bearing deposit accounts. At times, those amounts may exceed applicable federally insured limits. The Fund has not experienced any losses in such accounts and does not believe that it is exposed to any significant credit risk on such accounts.

d. Foreign Currency Translation

The books and records of the Fund are maintained in U.S. Dollars. Generally, valuations of assets and liabilities denominated in currencies other than the U.S. Dollar are translated into U.S. Dollar equivalents using valuation date exchange rates, while purchases, realized gains and losses, income and expenses are translated at transaction date exchange rates. As of March 31, 2020, the Fund’s investments denominated in foreign currencies were as follows:

Currency	Number of investments
Australian Dollars	7
Brazilian Reals	1
Canadian Dollars	6
Danish Krone	3
Euros	121
Hong Kong Dollars	2
Indian Rupees	2
Japanese Yen	4
Norwegian Krone	2
Pounds Sterling	27
Singapore Dollar	2
Swedish Krona	1
Swiss Franc	2

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

e. Forward Foreign Currency Exchange Contracts

The Fund may enter forward foreign currency exchange contracts as a way of managing 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 either as a hedge or as a cross 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. Risk may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. Dollar.

25

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

2. Significant Accounting Policies (continued)

During the year ended March 31, 2020, the Fund entered into 61 long forward foreign currency exchange contracts. As disclosed in the Consolidated Statement of Assets and Liabilities, the Fund had $8,866,688 in unrealized appreciation and $2,058,500 in unrealized depreciation on forward foreign currency exchange contracts. As disclosed in the Consolidated Statement of Operations, the Fund had $26,699,142 in net realized gains (losses) and $231,215 change in net unrealized appreciation (depreciation) on forward foreign currency contracts. The outstanding forward foreign currency exchange contract amounts at March 31, 2020 are representative of contract amounts during the period.

f. Investment Income

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

For certain Direct Investments, the Fund accounts for particular income received as other income and transaction income. Other income includes transfer fees, amendment fees, unfunded fees and any other income that is not categorized as interest income. For certain Direct Investments, transaction income, including break-up fees, directors’ fees, financial advisory fees, topping fees, investment banking fees, monitoring fees, organizational fees, syndication fees, is classified as extraordinary income, as are other fees payable to the Fund with respect to any Direct Investments or unconsummated transactions.

g. Fund Expenses

The Fund bears all expenses incurred in the business of the Fund on an accrual basis, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Fund’s account; legal fees; accounting, auditing, and tax preparation fees; custodial fees; fees for line of credit; fees for data and software providers; costs of insurance; registration expenses; fees of Independent Managers; and expenses of meetings of the Board, including reimbursement of the Independent Managers for their expenses in attending meetings of the Board.

h. Costs Relating to Purchases of Secondary Investments

Costs relating to purchases of Secondary Investments include imputed expenses relating to the amortization of deferred payments on Secondary Investments. Such expenses are recognized on a monthly basis until the due date of a deferred payment. At due date the net present value of such payment equals the notional amount due to the respective counterparty.

i. Income Taxes

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

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

Prior to January 1, 2017, for U.S. federal income tax purposes, the Fund was treated as a partnership, and each Member of the Fund (i.e., each Feeder Fund) was treated as the owner of its allocated share of the net assets, income, expenses, and the realized and unrealized gains (losses) of the Fund. Accordingly, no U.S. federal, state or local income taxes were paid by the Fund on the income or gains of the Fund since the Members are individually liable for the taxes on their allocated share of such income or gains of the Fund.

26

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

2. Significant Accounting Policies (continued)

As noted above, effective December 31, 2016, the Fund filed an election with the Internal Revenue Service to be treated as an association taxable as a corporation for U.S. federal income tax purposes. Furthermore, effective January 1, 2017, the Fund elected to be treated for U.S. federal income tax purposes and intends to qualify annually, as a RIC under Subchapter M of the Code. If the Fund were to fail to meet the requirements of Subchapter M to qualify as a RIC, and if the Fund were ineligible to or otherwise were not to cure such failure, the Fund would be subject to tax on its taxable income at corporate rates, whether or not distributed to Members, and all distributions out of earnings and profits would be taxable to Members as ordinary income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded special tax treatment under Subchapter M. In order to comply with the requirements under Subchapter M, the Fund must distribute substantially all of its taxable income and gains to its Members and meet certain diversification and income requirements with respect to its investments. The Onshore Subsidiary will continue to be treated as an association taxable as a corporation for U.S. federal income tax purposes. The Offshore Subsidiary will continue to be treated as an entity disregarded as separate from its sole owner, the Fund, for U.S. federal income tax purposes. As part of the process of preparing its consolidated financial statements, the Onshore Subsidiary is required to account for its estimate of income taxes for Federal and State purposes through the establishment of a deferred tax asset or liability. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. To the extent the Onshore Subsidiary has a deferred tax asset, consideration is given to whether or not a valuation allowance is required. The Offshore Subsidiary is not subject to U.S. federal and state income taxes.

The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by U.S. federal, state, local and foreign jurisdictions, where applicable. As of March 31, 2020, the tax years from the year 2016 forward remain subject to examination by the major tax jurisdictions under the statute of limitations.

The Fund reclassified $(81,129,286) from undistributed net investment income, $22,101,730 of accumulated net realized gain (loss) on investments, forward foreign currency contracts and $0 of accumulated net unrealized appreciation on investments, forward foreign currency contracts and foreign currency translation, to paid-in capital during the fiscal year ended March 31, 2019. The reclassification reflected an adjustment to paid-in capital due to the change for federal income tax purposes from taxation as a partnership to taxation as a RIC.

No current or deferred taxes were recognized for the Onshore Subsidiary and Offshore Subsidiary.

j. Use of Estimates

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

k. Consolidated Financial Statements

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

l. Disclosures about Offsetting Assets and Liabilities

The Fund is subject to Financial Accounting Standards Board’s (“FASB”) Disclosures about Offsetting Assets and Liabilities that requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.

27

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

2. Significant Accounting Policies (continued)

For financial reporting purposes, the Fund does not offset derivative assets and liabilities that are subject to Master Netting Agreements (“MNA”) or similar arrangements in the Consolidated Statement of Assets and Liabilities. The Fund has adopted the disclosure requirements on offsetting in the following table that presents the Fund’s derivative assets by type, net of amounts available for offset under a MNA and net of the related collateral received by the Fund as of March 31, 2020:

Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Consolidated Statement of Assets and Liabilities		Collateral Pledged		Net Amount1
Barclays Capital	$	8,866,688	$	6,808,188	$	6,808,188	$	—	$	6,808,188

¹ Net amount represents the net amount receivable from the counterparty in the event of default.

m. Recently Adopted Accounting Pronouncement

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework, to modify the disclosure requirements on fair value measurements. The provisions include several changes for disclosures including for unrealized gains/losses, transfers in and out of investments held as Level 3 fair value investments and information related to measurement uncertainties. The provisions also include the removal of disclosures of transfers between investments held as Level 1 and Level 2 fair value investments and the reduction of disclosures of liquidation of investees assets. For all entities, the amendments for this update are effective for annual periods beginning after December 15, 2019. Certain provisions require retrospective application upon adoption. The Adviser is currently evaluating the impact that the adoption of this standard will have on the Fund’s financial statements and related disclosures.

3. Fair Value Measurements

In conformity with U.S. GAAP, investments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Estimated 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-tier hierarchy is used to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below:

Valuation of Investments

● Level 1 – Pricing inputs are quoted prices available in active markets for identical investments as of the measurement date. The type of investments included in Level 1 include marketable securities that are primarily traded on a securities exchange or over-the-counter. 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. 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 and a sale could reasonably impact the quoted price.

● Level 2 – Pricing inputs are other than quoted prices in active markets (i.e., Level 1 pricing) and 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.

28

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

3. Fair Value Measurements (continued)

● 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 are based on the Adviser’s estimates that consider a combination of various performance measurements including the timing of the transaction, the market in which the investment operates, comparable market transactions, performance and projections and various performance multiples as applied to earnings before interest, taxes, depreciation and amortization or a similar measure of earnings for the latest reporting period and forward earnings, brokers quotes as well as discounted cash flow analysis.

Due to the inherent uncertainty of estimates, fair value determinations based on estimates may materially differ from the values that would have been used had a ready market for the securities existed. The following is a summary of the Fund’s investments classified in the fair value hierarchy as of March 31, 2020:

Investments	Level 1			Level 2		Level 3		Total
Common Stocks	$	120,578,668		$	—	$	—	$	120,578,668
Direct Investments:
Direct Equity		58,788,870			84,925,660		2,527,297,097		2,671,011,627
Direct Debt		—			—		746,578,424		746,578,424
Total Direct Investments*	$	58,788,870		$	84,925,660	$	3,273,875,521	$	3,417,590,051
Secondary Investments*		—			—		404,072,576		404,072,576
Primary Investments*		—			—		574,782,992		574,782,992
Short-Term Investments		199,907,662			—		—		199,907,662
Total Investments	$	379,275,200		$	84,925,660	$	4,252,731,089	$	4,716,931,949
Other Financial Instruments
Assets
Foreign Currency Exchange Contracts**	$	8,866,688		$	—	$	—	$	8,866,688
Total Assets	$	8,866,688		$	—	$	—	$	8,866,688
Liabilities
Foreign Currency Exchange Contracts**	$	(2,058,500	)	$	—	$	—	$	(2,058,500	)
Total Liabilities	$	(2,058,500	)	$	—	$	—	$	(2,058,500	)
Net appreciation on Foreign Currency Exchange Contracts	$	6,808,188		$	—	$	—	$	6,808,188
Total Investments net of Foreign Currency Exchange Contracts	$	386,083,388		$	84,925,660	$	4,252,731,089	$	4,723,740,137

* Private Equity Investments are described in Note 2.b.

** Forward Foreign Currency Exchange Contracts are described in Note 2.e.

29

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

3. Fair Value Measurements (continued)

The following is a reconciliation of the amount of the account balances on April 1, 2019 and March 31, 2020 of those investments in which significant unobservable inputs (Level 3) were used in determining value:

	Balance as of April 1, 2019		Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)			Gross Purchases		Gross Sales			Net Amortization of Discount/ (Premium)		Net Transfers In or Out of Level 3			Balance as of March 31, 2020
Direct Investments:
Direct Equity Investments	$	1,800,447,634	$	64,271,833		$	(148,269,272	)	$	976,382,399	$	(123,220,568	)	$	—	$	(42,314,929	)	$	2,527,297,097
Direct Debt Investments		898,807,678		2,083,910			(156,617,901	)		230,330,468		(229,280,858	)		1,255,127		—			746,578,424
Total Direct Investments*	$	2,699,255,312	$	66,355,743		$	(304,887,173	)	$	1,206,712,867	$	(352,501,426	)	$	1,255,127	$	(42,314,929	)	$	3,273,875,521
Secondary Investments*		305,940,739		(669,968	)		(30,901,307	)		190,180,128		(60,477,016	)		—		—			404,072,576
Primary Investments*		484,226,457		(340,712	)		(29,878,770	)		214,484,353		(93,708,336	)		—		—			574,782,992
Total	$	3,489,422,508	$	65,345,063		$	(365,667,250	)	$	1,611,377,348	$	(506,686,778	)	$	1,255,127	$	(42,314,929	)	$	4,252,731,089

* For the purposes of the tables above: (i) “Direct Investments” are private investments directly into 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, “Secondary Investments” are generally understood to mean Private Equity Fund Investments acquired in the secondary market (See Note 2.b). Notwithstanding the foregoing, if the Fund reasonably determines that the strict application of the above definitions would not reflect the economic substance of any Investment, the Fund may re-classify such Investment as it deems appropriate.

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies 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 year ended March 31, 2020, transfers out of Level 3 were due to increased price transparency.

The amount of the net change in unrealized appreciation (depreciation) for the year ended March 31, 2020 relating to investments in Level 3 assets still held at March 31, 2020 is $(331,116,159), which is included as a component of net change in accumulated unrealized depreciation on investments on the Consolidated Statement of Operations.

30

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

3. Fair Value Measurements (continued)

The following is a summary of quantitative information about significant unobservable valuation inputs approved by the Adviser for Level 3 Fair Value Measurements for investments held as of March 31, 2020:

Type of Security	Fair Value at March 31, 2020 (000’s)*		Valuation Technique(s)	Unobservable Input	Range (weighted average)
Direct Investments:
Direct Equity	$	48,198	Discounted cash flow	Discount factor	10.75% – 15.20% (13.58%)
		2,297,138	Market comparable companies	Enterprise value to EBITDA multiple	5.50x – 20.60x (13.21x)
		89,818	Exit price	Recent transaction price	n/a - n/a (n/a)
		45,145	Recent financing/transaction	Recent transaction price	n/a - n/a (n/a)
		48,034	Reported fair value	Reported fair value	n/a - n/a (n/a)
		397	Market comparable companies	Enterprise value to sales multiple	0.70x – 0.70x (0.70x)
Direct Debt	$	298,185	Broker quotes	Indicative quotes for an inactive market	n/a - n/a (n/a)
		449,989	Discounted cash flow	Discount factor	4.95% – 65.26% (12.96%)
		233	Exit price	Recent transaction price	n/a - n/a (n/a)
Primary and Secondary Investments	$	978,856	Adjusted reported net asset value	Reported net asset value/Fair value adjustments	n/a - n/a (n/a)

* Level 3 fair value includes accrued interest.

Level 3 Direct Equity Investments valued using an unobservable input factor are directly affected by a change in that factor. For Level 3 Direct Debt Investments, the Fund estimates fair value through the use of earnings and multiples analysis or a discounted cash flows analysis 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.

4. Revolving Credit Agreement

Effective February 2, 2016, the Fund entered into a secured, committed multicurrency revolving line of credit (“LOC”) facility with Lloyds Bank Corporate Markets plc (successor of Lloyds Bank plc) and NatWest Markets plc (successor of The Royal Bank of Scotland plc) in the aggregate maximum principal amount of $150,000,000. On January 15, 2019, the Fund increased the LOC by $50,000,000, bringing the total commitments to $200,000,000. On June 13, 2019, the Fund increased the facility bringing the aggregate facility commitments to $300,000,000, with the following revised commitment amounts: Lloyds Bank Corporate Markets plc ($150,000,000), NatWest Markets plc ($50,000,000), UBS AG ($50,000,000), and Barclays Bank PLC ($50,000,000). On April 27, 2020 the Fund increased the LOC by $100,000,000, bringing the total commitments to $400,000,000. The Fund anticipates that this line of credit facility will be used primarily for working capital requirements and for financing investments and funding associated costs and expenses. The Fund will incur additional interest and other expenses for the use of this and other future line of credit facilities. Borrowings are charged a rate of interest per annum that is the aggregate of the applicable margin of 3.25% and London Interbank Offered Rate (“LIBOR”) or, in relation to any loan in Euros, the Euro Interbank Offered Rate (“EURIBOR”), and a commitment fee of 1.20% per annum on the daily unused portion. For the year ended March 31, 2020, the Fund incurred $45,696 of interest on borrowings. At March 31, 2020, outstanding borrowings under the Credit Facility amounted to $175,000,000. The carrying value of the Fund’s credit facility payable reasonably approximates its fair value based on the market borrowing rates for similar types of borrowing arrangements. The payable is classified as a Level 2 liability based on line of credit activity borrowed under a thirty day rate option. In addition to the Commitment fees of 1.20% the Fund pays Arrangement fees based on the rate agreed to with the various lenders, Agency fees of $25,000 per annum, Monitoring fees of $25,000 per annum and Trustee fees of $15,000 per annum. The term of the LOC facility runs until February 2, 2023.

31

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

5. Unit Transactions/Subscription and Repurchase of Units

In general, Units are offered for purchase as of the first day of each calendar month. However, Units may be offered more or less frequently as determined by the Board in its sole discretion.

Pursuant to the conditions of an exemptive order issued by the SEC, and in compliance with Rule 12b-1 under the Investment Company Act, the Fund has adopted a Distribution and Service Plan for the Class A Units (the “Distribution Plan”). The Distribution Plan allows the Fund to pay distribution fees for the promotion and distribution of its Class A Units and the provision of personal services to holders of Class A Units. Under the Distribution Plan, the Fund may pay to the Fund’s placement agent other qualified recipients as compensation up to 0.70% on an annualized basis of the value of the Fund’s net asset attributable to Class A Units (the “Distribution Fee”). Payment of the Distribution Fee is governed by the Distribution Plan. The Distribution Fee is paid out of the Fund’s assets and decreases the net profits or increases the net losses of the Fund solely with respect to Class A Units. Class I Units are not subject to the Distribution Plan or the Distribution Fee and do not bear any expenses associated therewith. In addition, under the Distribution Plan, subscriptions for Class A Units may be subject to a placement fee (the “Placement Fee”) of up to 3.50% of the subscription amount. No Placement Fee may be charged without the consent of the placement agent.

The Board may, from time to time and in its sole discretion, cause the Fund to repurchase Units from Members pursuant to written tenders by Members at such times and on such terms and conditions as established by the Board. In determining whether the Fund should offer to repurchase Units, the Board considers the recommendation of the Adviser, as well as a variety of other operational, business and economic factors. The Adviser anticipates recommending to the Board that, under normal circumstances, the Fund conduct quarterly repurchase offers for Units having an aggregate value of no more than 5% of the Fund’s net assets each January 1st, April 1st, July 1st and October 1st. The Fund is entitled to charge a 2.00% early repurchase fee for any repurchase of Units from a Member at any time prior to the day immediately preceding the first anniversary of the Member’s purchase of such Units.

Transactions in Units were as follows:

	For the Year Ended March 31, 2020						For the Year Ended March 31, 2019
	Units			Dollar Amounts			Units			Dollar Amounts
Class A Units
Sales		132,339,978		$	787,428,343			78,951,826		$	442,626,596
Reinvestments		12,073,872			73,697,727			17,463,210			95,296,735
Repurchases		(15,651,641	)		(90,728,026	)		(16,389,816	)		(92,061,160	)
Class exchanges		(11,389,149	)		(67,192,184	)		(1,673,003	)		(9,293,258	)
Net increase (decrease)		117,373,060		$	703,205,860			78,352,217		$	436,568,913
Class I Units
Sales		90,491,877		$	542,182,077			68,583,307		$	385,330,016
Reinvestments		9,524,691			58,571,137			16,512,189			90,208,897
Repurchases		(27,840,814	)		(158,523,173	)		(21,167,347	)		(119,141,209	)
Class exchanges		11,330,170			67,192,184			1,668,057			9,293,258
Net increase (decrease)		83,505,924		$	509,422,225			65,596,206		$	365,690,962

32

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

6. Management Fees, Incentive Fee and Fees and Expenses of Managers

Under the terms of the Investment Management Agreement the Adviser is responsible for providing day-to-day investment management and certain other services to the Fund, subject to the ultimate supervision of and to any policies established by the Board. Accordingly, the Adviser is responsible for developing, implementing and supervising the Fund’s investment program. Until December 31, 2016, in consideration for its investment management services under the Investment Management Agreement, the Fund paid the Adviser a monthly management fee equal to 1/12th of 1.25% (1.25% on an annualized basis) of the greater of (i) the Fund’s net asset value and (ii) the Fund’s net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment.

Effective with the Reorganization on January 1, 2017 the percentage in the above formula was increased from 1.25 to 1.50%. However, the Investment Management Agreement provides that in no event will the management fee exceed 1.75% as a percentage of the Fund’s net asset value. For the year ended March 31, 2020, the Fund accrued $83,115,102 in management fees due to the Adviser.

In addition, until December 31, 2016, at the end of each calendar quarter (and at certain other times), an amount (the “Incentive Allocation”) equal to 10% of the excess, if any, of (i) the allocable share of the net profits of the Fund for the relevant period of each Member over (ii) the then balance, if any, of that Member’s Loss Recovery Account (as defined below) was debited from such Member’s capital account and credited to a capital account of the Adviser (or, to the extent permitted by applicable law, of an affiliate of the Adviser) in the Fund (the “Incentive Allocation Account”). The Incentive Allocation Account was maintained solely for the purpose of being allocated the Incentive Allocation and thus, the Incentive Allocation Account did not participate in the net profits or losses of the Fund.

Effective with the Reorganization January 1, 2017, at the end of each calendar quarter (and at certain other times), the Adviser will be entitled to receive an amount (the “Incentive Fee”) equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the New Loss Recovery Account (as defined below). For the purposes of the Incentive Fee, the term “net profits” shall mean the amount by which the net asset value of the Fund on the last day of the relevant period exceeds the net asset value of the Fund as of the beginning of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses. The Fund maintains a memorandum account (the “New Loss Recovery Account”), which had an initial balance of zero and will be (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Members will benefit from the New Loss Recovery Account in proportion to their holdings of Units. For the year ended March 31, 2020, the Fund accrued $56,759,165 in Incentive Fees due to the Adviser.

The Adviser has entered into an expense limitation agreement (the “Expense Limitation Agreement”) with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a “Waiver”), if required to ensure the Total Annual Expenses (excluding taxes, interest, brokerage commissions, certain transaction related expenses arising out of investments made by the Fund, extraordinary expenses, the Incentive Fee, and any acquired fund fees and expenses) do not exceed 3.00% on an annualized basis with respect to Class A Units and 2.30% on an annualized basis with respect to Class I Units (the “Expense Limit”). For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund’s expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation Agreement may be terminated by the Adviser or the Fund upon thirty days’ written notice to the other party. During the year ended March 31, 2020, the Adviser did not waive any fees and the Fund did not pay any recoupment of existing waivers pursuant to the Expense Limitation Agreement.

In consideration of the services rendered by each Manager who was not an “interested person” of the Fund, as defined by the Investment Company Act (each, an “Independent Manager”), effective January 1, 2019, the Fund pays each Independent Manager an annual fee of $84,167. Additionally, effective April 1, 2016 the Fund pays an additional fee of $10,000 per year to the Chairman of the Board and the Chairman of the Audit Committee. The Fund also reimburses the expenses of the Independent Managers in connection with their services as Managers. The Managers do not receive any pension or retirement benefits from the Fund.

33

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

7. Affiliated Investments

Under Section 2(a)(3) of the Investment Company Act, a portfolio company is defined as “affiliated” with the Fund if the Fund owns five percent or more of its outstanding voting securities. The Fund held at least five percent of the outstanding voting securities of the following portfolio companies as of March 31, 2020:

	Shares/ Principal as of March 31, 2020		Fair Value as of March 31, 2019		Gross Additions(1)		Gross Reductions(2)			Realized Gains/ Losses			Change in Unrealized Gains (Losses)			Fair Value as of March 31, 2020		Affiliated Income/ accretion of discount
Non-Controlled Affiliates
AAVAS Financiers Limited		5,713,047	$	74,048,352	$	—	$	—		$	—		$	8,122,542		$	82,170,894	$	—
Astorg Co-Invest SGG, FCPI (3)		—		31,140,200		—		—			—			(5,269,406	)		25,870,794		—
Camelia Investment 1 Limited		6,768,704,353		104,681,393		—		—			—			25,899,806			130,581,199		—
Capri Acquisitions Topco Limited(4)		65,007,484		109,573,016		—		—			—			(2,769,808	)		106,803,208		—
Confluent Health Holdings LP		27,187		—		27,200,412		—			—			(3,991,742	)		23,208,670		—
ECP Holding Company, LLC		9,753,907		19,598,934		—		—			—			6,441,314			26,040,248		—
ECP Parent, LLC		100,000,000		—		100,000,000		—			—			(4,486,500	)		95,513,500		—
EnfraGen, LLC		37,810		—		38,644,608		—			—			143,333			38,787,941		—
EQT Jaguar Co-Investment SCSp(3)		—		53,297,015		187,526		—			—			(6,035,908	)		47,448,633		—
GlobalLogic Worldwide Holdings, Inc.(4)		701,927		109,970,284		—		—			—			53,050,190			163,020,474		—
Huntress Co-Investment L.P., 1(3)		—		44,977,826		—		—			—			4,635,499			49,613,325		7,196,155
Luxembourg Investment Company 293 S.à.r.l.		10,752,136		—		37,144,110		(143,227	)		(12,931	)		(6,301,349	)		30,686,603		(1,891	)
Luxembourg Investment Company 285 S.à.r.l.(5)		14,865,773		—		37,478,989		—			—			(848,475	)		36,630,514		—
Luxembourg Investment Company 314 S.à.r.l.(5)		192,000		—		7,793		—			—			(7,792	)		1		—
MHS Acquisition Holdings, LLC		34,242		336,115		202,568		—			—			(88,106	)		450,577		—
MHS Blocker Purchaser L.P.(3)		—		43,278,645		852,593		—			—			(13,636,337	)		30,494,901		—
Murra Warra Asset Hold Trust		13,186,543		13,278,089		1,593,449		—			—			(862,452	)		14,009,086		—
Murra Warra Project Hold Trust		429,366		3,319,522		398,362		—			—			(215,610	)		3,502,274		—
OHCP IV SF COI, L.P.(3)		—		24,990,208		58,538		—			—			(8,228,894	)		16,819,852		—
Onecall Holdings, L.P.(3)		—		97,327,946		—		—			—			(25,646,177	)		71,681,769		—
PG BRPC Investment, LLC		32,079		—		32,102,865		—			—			(662,218	)		31,440,647		—
PG Lion Management Warehouse S.C.S(3)(5)		—		—		1,063,586		—			—			(118,882	)		944,704		—

34

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

7. Affiliated Investments (continued)

	Shares/ Principal as of March 31, 2020		Fair Value as of March 31, 2019		Gross Additions(1)		Gross Reductions(2)			Realized Gains/ Losses			Change in Unrealized Gains (Losses)			Fair Value as of March 31, 2020		Affiliated Income/ accretion of discount
Polyusus Lux XVI S.a.r.l.		289,102,341	$	28,951,776	$	—	$	(5,395	)	$	(154	)	$	(4,451,944	)	$	24,494,283	$	—
Quadriga Capital IV Investment Holding II L.P.(3)		—		28,673,569		—		—			—			1,747,248			30,420,817		—
Safe Fleet Holdings LLC(6)		2,932,500		2,889,846		1,274		(30,000	)		77			(364,110	)		2,497,087		152,978
SnackTime PG Holdings, Inc.		12		70,510,679		—		—			—			(16,716,122	)		53,794,557		—
Total Non-Controlled Affiliates			$	860,843,415	$	276,936,673	$	(178,622	)	$	(13,008	)	$	(661,900	)	$	1,136,926,558	$	7,347,242

⁽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⁾ As of March 31, 2020, the Fund no longer had ownership of five percent or more of outstanding voting securities.

⁽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.

8. Accounting and Administration Agreement

The Administrator serves as administrator and accounting agent to the Fund and provides certain accounting, record keeping and investor related services pursuant to an Accounting and Administration Agreement between the Fund and the Administrator. For these services the Administrator receives a fixed monthly fee, based upon average net assets, fees on portfolio transactions, as well as reasonable out of pocket expenses. For the year ended March 31, 2020, the Fund accumulated $4,307,766 in administration and accounting fees due to the Administrator.

9. Investment Transactions

Total purchases of investments for the year ended March 31, 2020 amounted to $1,662,942,027. Total distribution proceeds from sale, redemption, or other disposition of investments for the year ended March 31, 2020 amounted to $582,964,060. Total purchases and sales of short-term investments amounted to $1,159,456,193 and $1,265,000,000, respectively, for the year ended March 31, 2020. The cost of investments for U.S. federal income tax purposes is adjusted for items of taxable income allocated to the Fund from such investments. The Fund relies upon actual and estimated tax information provided by the managers of the Private Equity Fund Investments as to the amounts of taxable income allocated to the Fund as of March 31, 2020.

10. Indemnification

In the normal course of business, the Fund may enter into contracts that provide general indemnification. The Fund’s maximum exposure under these agreements is dependent on future claims that may be made against the Fund under such agreements, and therefore cannot be established; however, based on management’s experience, the risk of loss from such claims is considered remote.

35

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

11. Commitments

As of March 31, 2020, the Fund had funded $6,141,804,507.75 or 84.6% of the $7,258,993,145.74 of its total commitments to Private Equity Investments. With respect to its (i) Direct Investments it had funded $4,595,970,848 of $4,687,651,908 in total commitments, (ii) Secondary Investments it had funded $846,079,291 of $973,919,509 in total commitments, and (iii) Primary Investments it had funded $699,754,369 of $1,597,421,728 in total commitments, in each case, as of March 31, 2020.

12. Risk Factors

An investment in the Fund involves significant risks, including industry risk, liquidity risk, interest rate risk and economic conditions risk, that should be carefully considered prior to investing and should only be considered by persons financially able to maintain their investment and who can afford a loss of a substantial part or all of such investment. The Fund invests substantially all of its available capital in Private Equity Investments. Typically, these investments are in restricted securities that are not traded in public markets and are subject to substantial holding periods, so that the Fund may not be able to resell some of its holdings for extended periods, which may be several years. The Fund may have a concentration of investments in a particular industry or sector. Investment performance of the sector may have a significant impact on the performance of the Fund. The Fund’s investments are also subject to the risk associated with investing in private equity securities. The investments in private securities are illiquid, can be subject to various restrictions on resale, and there is no assurance that the Fund will be able to realize the value of such investments in a timely manner. Private Equity Fund Investments are generally closed-end private equity partnerships with no right to withdraw prior to the termination of the partnership. The frequency of withdrawals is dictated by the governing documents of the Private Equity Fund Investments. Except where a market exists for the securities in which the Fund is directly or indirectly invested, the valuations of the Fund’s investments are estimated. As a consequence of the inherent uncertainty in estimated valuations, those valuations may differ from the valuations that would have been used had a ready market for the securities existed, and the differences could be material.

Investments in Units provide limited liquidity. It is currently intended that Members will be able to redeem Units only through quarterly offers by the Fund to purchase a limited number of Units. Those offers are at the discretion of the Board on the recommendation of the Adviser. Therefore, an investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of Units and should be viewed as a long-term investment. No guarantee or representation is made that the Fund’s investment objective will be met.

13. COVID-19

There has been increased uncertainty and disruption in the global economy and financial markets due to the COVID-19 pandemic that have impacted and will continue to impact the operations, financial condition, liquidity and cash flows of the Fund and its underlying portfolio companies and industries for an indefinite period of time. Due to its recent onset, the effects of the pandemic on the Fund’s performance as reflected in the financial statements in this filing are primarily attributable to changes in expectations from market and other sources about the pandemic’s effects, because the effects of the pandemic on the accounting and business performance of the portfolio companies and the industries, countries or market sectors in which they operate generally will take time to develop. Some of these companies and industries may be harmed financially from the pandemic, while others may benefit financially. The Fund is broadly diversified across hundreds of issuers. Given this portfolio diversification and based on current information, management is currently unaware of any significant concentration of risk related to COVID-19.

The Fund is unable to predict the full impact that COVID-19 will have on the Fund’s operations, financial condition, liquidity, and cash flows because of uncertainties about the duration and severity of the pandemic. These and other factors will be updated from time to time in periodic filings with the SEC.

36

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – March 31, 2020 (continued)

14. Tax Information

Distributions to Members are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, that may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book- tax differences. These adjustments have no impact on net asset values or results of operations.

The tax year of the Fund is the 12-month period ending on October 31.

For the tax year ended October 31, 2019, for U.S. federal income tax purposes, the Fund’s aggregate unrealized appreciation and depreciation on its investments based on cost were as follows:

	Investments			Forward Foreign Currency Contracts
Tax Cost	$	3,757,353,940		$	638,810,484
Gross unrealized appreciation		1,441,510,107			8,866,688
Gross unrealized depreciation		(46,427,824	)		(2,058,500	)
Net unrealized investment appreciation	$	1,395,082,283		$	6,808,188

For the tax year ended October 31, 2019, the Fund made the following permanent book tax differences and reclassifications:

Paid in capital excess of par value	$	32,360,261
Distributions in excess of net investment income		36,151,328
Accumulated realized gain (loss)		(68,511,589	)

For the tax year ended October 31, 2019, the Fund’s tax year end components of distributable earnings on a tax basis are as follows:

Late Year Ordinary and Post October Capital Loss Deferrals	$	(42,809,500	)
Net Tax Appreciation/(Depreciation)		1,394,935,167
Undistributed Capital Gains		90,749,373

The tax character of distributions for the tax years ended October 31, 2019 and 2018, was as follows:

	2019		2018
Ordinary Income	$	3,527,755	$	30,949,983
Long-term capital gains		146,543,044		170,117,939

ASC Topic 740, “Accounting for Uncertainty in Income Taxes” (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Adviser has concluded that the Fund does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

15. 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.

37

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Fund Expenses — for the period from October 1, 2019 through March 31, 2020 (Unaudited)

Example: As a Fund Member, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase; and (2) ongoing costs, including management fees; distribution and/or service fees (12b-1 fees); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The actual and hypothetical expense Examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the year ended March 31, 2020.

Actual Expenses: The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes: The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the Members reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on redemption/exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value (10/1/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period*	Annualized Net Expense Ratio**
Actual
Class A Units	$1,000.00	$ 911.50	$18.68	3.91%
Class I Units	$1,000.00	$ 914.90	$15.32	3.20%

	Beginning Account Value (10/1/19)	Ending Account Value (03/31/20)	Expenses Paid During the Period*	Annualized Net Expense Ratio**
Hypothetical (5% annual return before expenses)
Class A Units	$1,000.00	$1,005.50	$19.60	3.91%
Class I Units	$1,000.00	$1,009.00	$16.07	3.20%

* Expenses are calculated using to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per unit determined at the opening of business on October 1, 2019.

** Annualized ratio of expenses to average net assets for the period from October 1, 2019 through March 31, 2020. The expense ratio includes the effect of expenses waived or reimbursed by the Fund’s investment adviser.

38

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Fund Management (Unaudited)

INDEPENDENT MANAGERS
NAME, ADDRESS AND YEAR OF BIRTH	POSITION(S) HELD WITH THE FUND	TERM OF OFFICE* AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND OTHER DIRECTORSHIPS** HELD BY MANAGER	NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY MANAGER***
James F. Munsell Year of Birth: 1941 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Chairman and Manager	Since inception	Senior Counsel, Cleary Gottlieb Steen & Hamilton LLP (2001-Present); Senior Managing Director, Brock Capital Group LLC (2008-Present).	2
Robert J. Swieringa Year of Birth: 1942 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Manager	Since inception	Professor of Accounting, S.C. Johnson Graduate School of Management at Cornell University (1997-2015); Professor Emeritus of Accounting, S.C. Johnson Graduate School of Management at Cornell University (2015-Present); Director, The General Electric Company (2002-2016).	2
Lewis R. Hood, Jr. Year of Birth: 1956 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Manager	Since inception	Retired; Managing Director and Chief Investment Officer (CIO Emeritus from 2014), ERISA Plans, Prudential Insurance Company of America (2002-2015).	2
Stephen G. Ryan Year of Birth: 1959 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Manager	Since inception	Professor of Accounting, Stern School of Business, New York University (1995-Present).	2

* Each Manager serves an indefinite term, until his or her successor is elected.

** Includes any company with a class of securities registered pursuant to Section 12 of the Exchange Act of 1934, as amended (the “Exchange Act”), or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the Investment Company Act.

*** The Fund Complex consists of Partners Group Private Income Opportunities, LLC and Partners Group Private Equity (Master Fund), LLC.

39

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Fund Management (Unaudited) (continued)

INTERESTED MANAGERS AND OFFICERS
NAME, ADDRESS AND YEAR OF BIRTH	POSITION(S) HELD WITH THE FUND	TERM OF OFFICE* AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND OTHER DIRECTORSHIPS** HELD BY MANAGER	NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY MANAGER OR OFFICER***
Robert Collins(1) Year of Birth: 1976 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Manager; President	Indefinite length—since inception	Managing Director, Partners Group (2012–Present); Partners Group (2005–Present).	2
Justin Rindos Year of Birth: 1984 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Chief Financial Officer	Indefinite length—since inception	Global Co-Head Structuring, Partners Group (2019 - Present); Director, Partners Group (Canada) Inc. (2018 - Present); Director, Partners Group Cayman Management I Limited (2017 - Present); Director, Partners Group Cayman Management II Limited (2017 - Present); Director, Partners Group Cayman Management III Limited (2017 - Present); Director, Partners Group Cayman Management IV Limited (2018 - Present); Director, Partners Group Global Value Real Estate 2019 (EUR) D, LLC (2018 - Present); Director, Partners Group Real Estate Opportunities 2019 (USD) D, LLC (2017 - Present); Director, Partners Group Real Estate Secondary 2017 (USD) D, LLC (2017 - Present); Partners Group (2010 -Present).	2
Brian Kawakami Year of Birth: 1950 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Chief Compliance Officer	Indefinite length—since inception	Partner, Ascendant Compliance Management, Inc. (2009–2015); Manager, Brian Kawakami LLC (2015–Present).	2

40

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Fund Management (Unaudited) (continued)

NAME, ADDRESS AND YEAR OF BIRTH	POSITION(S) HELD WITH THE FUND	TERM OF OFFICE* AND LENGTH OF TIME SERVED	PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND OTHER DIRECTORSHIPS** HELD BY MANAGER	NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY MANAGER OR OFFICER***
Oliver Jimenez Year of Birth: 1972 c/o Partners Group (USA) Inc. 1114 Avenue of the Americas 37th Floor New York, NY 10036	Secretary	Indefinite length—since inception	Senior Vice President, Partners Group (2014–Present); Chief Compliance Officer, Partners Group (USA) Inc. (2014–Present); Partners Group (2014–Present); Chief Compliance Officer, Platinum Partners (2007–2014).	2

* Each Manager serves an indefinite term, until his or her successor is elected.

** Includes any company with a class of securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the Investment Company Act.

*** The Fund Complex consists of Partners Group Private Income Opportunities, LLC and Partners Group Private Equity (Master Fund), LLC.

⁽¹⁾ Mr. Collins is deemed an “interested person” of the Fund due to his position as a Managing Director of the Adviser.

41

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Other Information (Unaudited)

Proxy Voting

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31. The Fund’s Form N-PX filing is available: (i) without charge, upon request, by calling 1-877-748-7209 or (ii) by visiting the SEC’s website at www.sec.gov.

Availability of Quarterly Portfolio Schedules

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT (and its predecessor form, Form N-Q) are available on the SEC’s website at www.sec.gov.

Federal Tax Information

For the tax year ended October 31, 2019, the amount of long-term capital gains designated by the Fund was $146,543,044.

Approval of Investment Management Agreement

At a meeting of the Board held on December 18, 2019, the Board, including a majority of the Independent Managers, approved by a unanimous vote the continuation of the Second Amended and Restated Investment Management Agreement (the “Agreement”).

In advance of the meeting, the Independent Managers requested and received extensive materials from the Adviser to assist them in considering the renewal of the Agreement. The materials provided by the Adviser included detailed comparative information relating to the performance, advisory fees and other expenses of the Fund.

The Board engaged in a detailed discussion of the materials with management of the Adviser. The Independent Managers then met separately with independent counsel to the Independent Managers for a further review of the information presented in the materials. Following this session, the full Board reconvened and after further discussion determined that the information presented provided a sufficient basis upon which to approve the Agreement.

Discussion of Factors Considered

The Independent Managers considered, among other things: (1) the nature and quality of the advisory services rendered, including, the complexity of the services provided; (2) the experience and qualifications of the personnel that provide such services; (3) the fee structure and the expense ratios in relation to those of other investment companies having comparable investment policies and limitations; (4) the direct and indirect costs incurred by the Adviser and its affiliates in performing advisory services for the Fund, the basis of determining and allocating these costs, and the profitability to the Adviser and its affiliates in performing such services; (5) possible economies of scale arising from any anticipated growth of the Fund and the extent to which these would be passed on to the Fund; (6) other compensation or possible benefits to the Adviser and its affiliates arising from their advisory and other relationships with the Fund; (7) possible alternative fee structures or bases for determining fees; (8) the fees charged by the Adviser and other investment advisers to similar clients and in comparison to industry fees for similar services; and (9) possible conflicts of interest that the Adviser may have with respect to the Fund.

The Independent Managers concluded that the nature, extent, and quality of the services provided by the Adviser to the Fund is appropriate and consistent with the terms of the limited liability company agreement of the Fund, that the quality of those services is consistent with industry norms and that the Fund benefits from the Adviser’s management of the Fund’s investment program.

The Independent Managers noted that the performance of the Fund had been positive since inception and had lower volatility than public markets.

The Independent Managers also concluded that the Adviser had sufficient personnel with the appropriate education and experience to serve the Fund effectively and has demonstrated its continuing ability to attract and retain qualified personnel. The Independent Managers noted that the Adviser is part of a larger investment advisory group that advises other funds and individual investors with respect to private equity investments and that relationship may make available to the Fund investment opportunities that would not be available to the Fund if the Adviser was not the Fund’s investment adviser.

42

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Other Information (Unaudited) (continued)

The Independent Managers considered the costs of the services provided by the Adviser, and the compensation and benefits received by the Adviser in providing services to the Fund. The Independent Managers reviewed the financial statements of the Adviser and the Adviser’s parent and a profitability analysis of the Adviser, considered any direct or indirect revenues that could be received by affiliates of the Adviser, and concluded that the Adviser’s fees and profits were reasonable in relation to the nature and quality of the services provided to the Fund, taking into account the fees charged by other advisers for managing comparable funds. The Independent Managers also concluded that the overall expense ratio of the Fund was reasonable, taking into account the size of the Fund, the expense limitation, and the quality of services provided by the Adviser.

The Independent Managers considered the extent to which economies of scale could be realized and whether fee levels would reflect those economies, noting that as the Fund grows, economies of scale would be realized.

The Independent Managers considered all factors and no one factor alone was deemed dispositive.

Conclusion

The Independent Managers, separately, and the Board as a whole, determined that the information presented provided a sufficient basis upon which to renew the Agreement and that the compensation and other terms of the Agreement were in the best interests of the Fund and its members.

43

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Other Information (Unaudited) (continued)

Privacy Policy

FACTS	WHAT DOES PARTNERS GROUP PRIVATE EQUITY (MASTER FUND), LLC DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ● Social Security number ● account balances ● account transactions ● transaction history ● wire transfer instructions ● checking account information When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Partners Group Private Equity (Master Fund), LLC chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Partners Group Private Equity (Master Fund), LLC share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We do not share
For joint marketing with other financial companies	No	We do not share
For our affiliates’ everyday business purposes – information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We do not share
For our affiliates to market to you	No	We do not share
For nonaffiliates to market to you	No	We do not share

Questions? Call 1-877-748-7209

44

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Other Information (Unaudited) (continued)

Privacy Policy (continued)

What we do
How does Partners Group Private Equity (Master Fund), LLC protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Partners Group Private Equity (Master Fund), LLC collect my personal information?	We collect your personal information, for example, when you ● open an account ● provide account information ● give us your contact information ● make a wire transfer ● tell us where to send the money We also collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ● sharing for affiliates’ everyday business purposes – information about your creditworthiness ● affiliates from using your information to market to you ● sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
European Union’s General Data Protection Regulation	In addition to the above information, where applicable, you have the following rights under the European Union’s General Data Protection Regulation (“GDPR”) and U.S. Privacy Laws, as applicable and to the extent permitted by law, to ● Check whether we hold personal information about you and to access such data (in accordance with our policy) ● Request the correction of personal information about you that is inaccurate ● Have a copy of the personal information we hold about you provided to you or another “controller” where technically feasible ● Request the erasure of your personal information ● Request the restriction of processing concerning you The legal grounds for processing of your personal information is for contractual necessity and compliance with law. If you wish to exercise your rights, please contact: Partners Group Private Equity (Master Fund), LLC 1114 Avenue of the Americas 37th Floor New York, New York 10036 Attn: Chief Compliance Officer You are required to ensure the personal information we hold about you is up-to-date and accurate and you must notify us of any changes to the personal data you provided to us.

45

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Other Information (Unaudited) (continued)

Privacy Policy (continued)

	We retain your personal information for a period of at least five (5) years from the date on which you first invested in the Partners Group Private Equity (Master Fund), LLC for which personal data was provided or the date when you fully redeemed your investment. Thereafter, your personal information will be deleted (or otherwise erased or de-identified) any such personal data except as required or permitted by applicable law or regulation. You also have the right to lodge a complaint with the appropriate regulatory authority with respect to issues you may have.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ● Our affiliates include companies with a Partners Group name, such as Partners Group (USA) Inc., investment adviser to the Fund and other funds, and Partners Group AG.
Controller	“Controller” means the natural or legal person, public authority, agency or other body which, alone or jointly with others, determines the purposes and means of the processing of personal data; where the purposes and means of such processing are determined by European Union or European Member State law, the controller or the specific criteria for its nomination may be provided for by European Union or European Member State law.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● Partners Group Private Equity (Master Fund), LLC does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ● Partners Group Private Equity (Master Fund), LLC does not jointly market.

46

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ITEM 2. CODE OF ETHICS.

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

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by the report, the registrant's board of managers has determined that Mr. Robert J. Swieringa is qualified to serve as the audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $503,000 for 2019 and $580,000 for 2020.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2019 and $0 for 2020.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2019 and $0 for 2020.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant other than the services reported in paragraphs (a) through (c) of this Item are $747,055 for 2019 and $669,000 for 2020. The registrant's independent registered public accounting firm provides reasonable assurances on the correctness of the processes and procedures leading to the fair value of the investments calculated by Partners Group (USA) Inc. as well as the calculation itself, in accordance with their quarterly fair valuation process.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The registrant's audit committee must pre-approve the audit and non-audit services of the Auditors prior to the Auditor's engagement.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) 0%

(c) 0%

(d) 100%

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $747,055 for 2019 and $669,000 for 2020.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The Proxy Voting Policies are attached herewith.

PROXY VOTING POLICY

Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between the adviser’s interests and those of its clients; (b) to disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) to describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser’s proxy voting activities when the adviser does have proxy voting authority.

Partners Group (USA) Inc. (the “Adviser”) is the investment manager to the Partners Group Private Equity (Master Fund), LLC (the “Fund”). All proxy voting responsibilities of the Fund are performed by the Adviser, with the assistance of the Administrator of the Fund. The Adviser utilizes Glass Lewis Europe Limited, a subsidiary of Glass Lewis & Co. ("Proxy Firm"), to administer the voting of the Fund's proxies.

This policy is designed to address the Adviser’s obligations with respect to the Fund under Rule 206(4)-6 of the Advisers Act.

The Adviser shall vote the proxies appurtenant to all shares of corporate stock or ownership interest owned by the Fund for which it serves as adviser, and the Adviser shall vote said proxies in accordance with the proxy voting policies set forth herein.

1. Scope of Policy

The Adviser acts as fiduciary in relation to the portfolio of the Fund and the assets thus entrusted to the Adviser’s management. Where the assets placed in the Adviser’s care include shares of corporate stock or ownership interest, and except where the Fund has expressly reserved to itself or another party the duty to vote proxies, it is the Adviser’s duty as a fiduciary to vote all proxies relating to such shares.

The Adviser has an obligation to vote all proxies received from shares of corporate stock or ownership interest owned by its client accounts in the best interests of those clients.¹ In voting these proxies, the Adviser may not be motivated by, or subordinate the Fund's interests, to its own objectives or those of persons or parties unrelated to the Fund. The Adviser will endeavor to exercise all appropriate and lawful care, skill, prudence and diligence in voting proxies, and shall vote all proxies relating to shares or ownership interests owned by the Fund and received by the Adviser. The Adviser shall not be responsible, however, for voting proxies that it does not receive in sufficient time to respond.

1 For purposes of this policy, opportunities to vote on matters raised in connection with the Fund investments or direct private investments are considered to be proxies.

In order to carry out its responsibilities in regard to voting proxies, the Adviser will seek to track all shareholder/interest holder meetings convened by companies whose shares are held in the Fund, identify all material issues presented to shareholder/interest holders at such meetings, formulate a reasonable position on each such issue and ensure that proxies pertaining to all shares or ownership interests owned in client accounts are voted in accordance with such determinations.

In addition, the Adviser has engaged the services of the Proxy Firm, an independent third party, to cast proxy votes according to the Adviser’s established guidelines. The Proxy Firm will be required to promptly notify the Adviser of any proxy issues that do not fall under the guidelines set forth below. The Adviser does not believe that conflicts of interest will generally arise in connection with its proxy voting policies.

2. Proxy Guidelines

The Adviser’s general policy is to support proposals that maintain or enhance (i) the economic value of the issuer and (ii) the rights and interests of shareholders/interest holders, and to oppose proposals that are inconsistent with these objectives. Accordingly, proxy proposals are typically handled as set forth below, provided that the Adviser may deviate from such general guidelines if it reasonably determines that doing so is in the best interest of shareholders/ interest holders in a particular case.

I. Election of Board of Directors

• The Adviser will generally vote in support of management’s nominees for the board of directors, and in favor of proposals that support board independence.

II. Appointment of Independent Auditors

• The Adviser will generally support the recommendation of the relevant board of directors.

III. Issues of Corporate Structure and Shareholder/Interest Holder Rights

• The Adviser generally supports proposals designed to maintain or enhance shareholder/interest holder rights and/or value, such as the following:

o Management proposals for approval of stock/interest repurchase programs or stock splits (including reverse splits).

o Proposals supporting shareholder/interest holders rights (i) to vote on shareholder/interest holder rights plans (poison pills), (ii) to remove supermajority voting provisions and/or (iii) to call special meetings and to act by written consent.

• The Adviser does not support obstacles erected by corporations to prevent mergers or takeovers, as it considers that such actions may depress the corporation’s marketplace value. Accordingly, the Adviser generally votes against management on proposals such as the following:

o Anti-takeover and related provisions that serve to prevent the majority of shareholder/interest holders from exercising their rights or effectively deter appropriate tender offers and other offers.

o Shareholder/interest holder rights plans (poison pills) that allow the board of directors to block appropriate offers to shareholder/interest holders or which trigger provisions preventing legitimate offers from proceeding.

o Reincorporation in a jurisdiction which has more stringent anti-takeover and related provisions.

o Change-in-control provisions in non-salary compensation plans, employment contracts, and severance agreements which benefit management and would be costly to shareholder/interest holders if triggered.

o Establishment of classified boards of directors.

• The Adviser generally votes against management on proposals such as the following, which have potentially substantial financial or best interest impact:

o Capitalization changes that add “blank check” classes of stock or classes that dilute the voting interests of existing shareholder/interest holders.

o Amendments to bylaws which would require super-majority shareholder/interest holder votes to pass or repeal certain provisions.

o Elimination of shareholder/interest holders’ right to call special meetings.

o Excessive compensation.

o “Other business as properly comes before the meeting” proposals which extend “blank check” powers to those acting as proxy.

o Proposals requesting re-election of insiders or affiliated directors who serve on audit, compensation, and nominating committees.

IV. Mergers and Acquisitions

• The Adviser evaluates Mergers and Acquisitions on a case-by-case basis, and will use its discretion to vote in a manner that it believes will maximize shareholder/interest holder value.

V. Executive and Director Equity-Based Compensation

• The Adviser is generally in favor of properly constructed equity-based compensation arrangements. The Adviser will support proposals that provide management with the ability to implement compensation arrangements that are both fair and competitive. However, the Adviser may oppose management proposals that could potentially significantly dilute shareholder/interest holders’ ownership interests in the corporation, or which it considers unreasonable.

VI. Corporate Social and Policy Issues

• With respect to the wide variety of corporate and social policy issues for which voting may be required, the Adviser generally supports proposals that are designed to enhance the economic value of the issuer, provided such policies are not inconsistent with the principles of socially responsible investing adopted by the Adviser.

VII. Matters Arising in Respect of Private Market Investments

• Matters arising in respect of direct investments will be considered on a case-by-case basis. The Adviser will vote on or consent to such matters in a manner that is consistent with the general policy and principles outlined above. The basis for the voting decision and any recommendation the Adviser may receive from its affiliates or advisers, including the basis for the determination that the decision is in the best interests of the Fund and the Adviser’s other clients, shall be formalized in writing.

3. Conflicts

From time to time, the Adviser will review a proxy which presents a potential material conflict. As a fiduciary to its clients, the Adviser takes these potential conflicts very seriously. While the Adviser’s only goal in addressing any such potential conflict is to ensure that proxy votes are cast in the clients’ best interests and are not affected by the Adviser’s potential conflict, there are a number of courses the Adviser may take including, but not limited to, delegating the vote to the Proxy Firm. The final decision about which course to follow shall be made by the Adviser’s investment committee.

When the matter clearly corresponds to one of the proposals enumerated above, casting a vote which simply follows the Adviser’s pre-determined policy would eliminate the Adviser’s discretion on the particular issue and hence avoid the conflict.

In other cases, where the matter presents a potential material conflict and is not clearly within one of the enumerated proposals, or is of such a nature that the Adviser believes more active involvement is necessary, the Adviser may delegate the vote to the Proxy Firm to determine the appropriate vote.

Alternatively, in certain situations the Adviser’s investment committee may determine that delegating the vote to the Proxy Firm is unfeasible, impractical or unnecessary. In such situations, the investment committee shall make a decision about the voting of the proxy. The basis for the voting decision, and any recommendation the Adviser may receive from its affiliates or advisers, including the basis for the determination that the decision is in the best interests of the Fund and the Adviser’s other clients, shall be formalized in writing.

4. Proxy Voting Procedures

The following describes the standard procedures that are to be followed with respect to carrying out the Adviser's proxy policy. The execution of these procedures may be delegated in whole or in part.

1. When a proxy vote is called for, all relevant information in the proxy materials will be recorded by the Adviser in a database.

2. The Adviser will confirm the Fund's holdings of the securities and that the Fund is eligible to vote.

3. The Adviser will review the proxy and if necessary compile information relating to such proxy. The Adviser will consider whether there are any conflicts or other issues that warrant the delegating the vote to the Proxy Firm.

4. In determining how to vote, the Adviser will consider the guidelines set forth above, the Adviser’s knowledge of the company, and the recommendations (if any) put forth by the Proxy Firm or an affiliate.

5. The Adviser will maintain the documentation that supports its voting position. In particular, as to non-routine, materially significant or controversial matters, such documentation will describe the position taken, why that position is in the best interest of the Fund, an indication of whether the Adviser supported or did not support management and/or any other relevant information.

6. After the proxy is completed but before it is returned to the issuer and/or its agent, the Adviser may review the proxy to determine that the appropriate documentation has been created, including conflict of interest screening.

7. The Adviser will endeavor to submit its vote on all proxies in a timely fashion, in sufficient time for the vote to be lodged to the extent the Adviser has had an opportunity to follow its Proxy Policy.

8. The Adviser will retain (i) a copy of each proxy statement that the Adviser receives regarding the Fund's securities; (ii) a record of each vote cast by the Adviser on behalf of the Fund; (iii) a copy of any document created by the Adviser that was material to making a decision how to vote proxies on behalf of the Fund or that memorializes the basis for that decision; (iv) a copy of each written client request for information on how the Adviser voted proxies on behalf of the Fund, and (v) a copy of any written response by the Adviser to any (written or oral) client request for information on how the Adviser voted proxies on behalf of the requesting Fund investor.

9. The Adviser will periodically review these policies and procedures to ensure compliance.

5. Obtaining proxy voting information

To obtain information on how the Adviser voted proxies, Fund investors may contact:

Partners Group Private Equity (Master Fund), LLC

1114 Avenue of the Americas, 37^th Floor

New York, NY 10036

Attn: Chief Compliance Officer

Re: Proxy voting information request

6. Recordkeeping

The Fund and Adviser shall retain their (i) proxy voting policies and procedures; (ii) proxy statements received regarding portfolio securities of the Fund; (iii) records or votes it casts on behalf of the Fund; (iv) records of Fund investor requests for proxy voting information and responses to such requests, and (v) any documents prepared by the Adviser that are material in making a proxy voting decision. Such records may be maintained with a third party, such as the Proxy Firm, that will provide a copy of the documents promptly upon request.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)(1) Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members

The following table provides biographical information about the members of the Investment Committee of Partners Group (USA) Inc. (the "Adviser"), who are primarily responsible for the day-to-day portfolio management of the Partners Group Private Equity (Master Fund), LLC as of June 5, 2020:

Name of Investment Committee Member	Title	Length of Time of Service to the Fund	Business Experience During the Past 5 Years	Role of Investment Committee Member
Hal Avidano	Managing Director	Since 2016	Managing Director (2017-Present); Partners Group (2008-Present).	Portfolio Management
Robert M. Collins	Managing Director	Since Inception*	Managing Director, Partners Group (2012-Present); Partners Group (2005-Present); Director, Partners Group (Canada) Inc. (2019-Present); Director, Partners Group (USA) Impact (2014-Present); Director, Partners Group (USA) Inc. (2019-Present).	Portfolio Management
Scott Essex	Partner	Since Inception	Partner, Partners Group (2016-Present); Partners Group (2007-Present); Director, Partners Group (US) Management CLO LLC (2018-Present).	Portfolio Management
Adam Howarth	Managing Director	Since Inception**	Managing Director, Partners Group (2013-Present); Partners Group (2007-Present); Director, Partners Group (USA) Inc. (2018-Present).	Portfolio Management
Joel Schwartz	Partner	Since 2015	Partner, Partners Group (2017-Present); Partners Group (2013-Present).	Portfolio Management
Anthony Shontz	Managing Director	Since 2012	Managing Director, Partners Group (2015-Present); Partners Group (2007-Present); Director, Partners Group (USA) Inc. (2018-Present).	Portfolio Management
Todd Bright	Partner	Since 2016	Partner, Partners Group (2018-Present); Partners Group (2014-Present).	Portfolio Management
Ron Lamontagne	Managing Director	Since 2016	Managing Director, Partners Group (2015-Present); Partners Group (2015-Present).	Portfolio Management

* Mr. Collins served as a portfolio manager for the registrant from 2009-2012, Chief Financial Officer since inception-2014 and President from 2014-present.

** Mr. Howarth served as a portfolio manager for the registrant from 2009-2011 and as deputy portfolio manager from 2014-2018.

(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest

The following table provides information about portfolios and accounts, other than the Partners Group Private Equity (Master Fund), LLC, for which the members of the Investment Committee of the Investment Adviser are jointly and primarily responsible for the day-to-day portfolio management as of March 31, 2020:

	Number of Other Accounts Managed and Total Value of Assets by Account Type for Which There is No Performance-Based Fee			Number of Other Accounts and Total Value of Assets for Which Advisory Fee is Performance-Based
	Registered investment companies	Other pooled investment vehicles	Other accounts	Registered investment companies	Other pooled investment vehicles	Other accounts
Hal Avidano	Zero accounts	Zero accounts	Zero accounts	1 registered investment company with a value of $64.352 million	7 pooled investment vehicles with a value of $468.120 million	28 accounts with a value of $3.041 billion
Robert M. Collins	Zero accounts	Zero accounts	Zero accounts	1 registered investment company with a value of $64.352 million	7 pooled investment vehicles with a value of $468.120 million	28 accounts with a value of $3.041 billion
Scott Essex	Zero accounts	Zero accounts	Zero accounts	1 registered investment company with a value of $64.352 million	7 pooled investment vehicles with a value of $468.120 million	28 accounts with a value of $3.041 billion
Adam Howarth	Zero accounts	Zero accounts	Zero accounts	1 registered investment company with a value of $64.352 million	7 pooled investment vehicles with a value of $468.120 million	28 accounts with a value of $3.041 billion
Joel Schwartz	Zero accounts	Zero accounts	Zero accounts	1 registered investment company with a value of $64.352 million	7 pooled investment vehicles with a value of $468.120 million	28 accounts with a value of $3.041 billion
Anthony Shontz	Zero accounts	Zero accounts	Zero accounts	1 registered investment company with a value of $64.352 million	7 pooled investment vehicles with a value of $468.120 million	28 accounts with a value of $3.041 billion

Todd Bright	Zero accounts	Zero accounts	Zero accounts	1 registered investment company with a value of $64.352 million	7 pooled investment vehicles with a value of $468.120 million	28 accounts with a value of $3.041 billion
Ron Lamontagne	Zero accounts	Zero accounts	Zero accounts	1 registered investment company with a value of $64.352 million	7 pooled investment vehicles with a value of $468.120 million	28 accounts with a value of $3.041 billion

Potential Conflicts of Interests

Members of the Portfolio Management Team are involved in the management of other accounts, including proprietary accounts, separate accounts and other pooled investment vehicles. Members of the Portfolio Management Team may manage separate accounts or other pooled investment vehicles that may have materially higher or different fee arrangements than the Fund and may also be subject to performance-based fees. The side-by-side management of these separate accounts and pooled investment vehicles may raise potential conflicts of interest relating to cross trading and the allocation of investment opportunities.

The Adviser has a fiduciary responsibility to manage all client accounts in a fair and equitable manner. The Adviser seeks to provide best execution of all securities transactions and to allocate investments to client accounts in a fair and reasonable manner. To this end, the Adviser has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management.

(a)(3) Compensation Structure of Portfolio Manager(s) or Management Team Members

The Adviser is a wholly-owned subsidiary of Partners Group Holding AG (“Partners Group Holding”) and an affiliate of Partners Group AG, the principal operating subsidiary of Partners Group Holding. Partners Group Holding is a listed company with major ownership by its employees. The ownership structure is designed to motivate and retain employees.

The Portfolio Management Team and other employees of the Adviser are compensated with a fixed annual salary, which is typically supplemented by an annual bonus based on individual and team based performance. Key professionals, including the Portfolio Management Team, are additionally compensated through equity participation in Partners Group Holding.

This equity ownership is structured in a manner designed to provide for long-term continuity. Accordingly, the vesting parameters of equity incentives are rather stringent. Any equity or option holder intending to leave the firm has the obligation to render his or her unvested interest back to the company, either in the form of equity shares or options depending upon the extent of ownership interest. As a result, the Adviser believes that members of the Portfolio Management Team have a strong interest to remain with the firm over the long term.

(a)(4) Disclosure of Securities Ownership

The following table sets forth the dollar range of equity securities beneficially owned by each member of the Investment Committee of the Adviser indirectly in the Master Fund as of March 31, 2020:

Investment Committee Member	Dollar Range of Fund Shares Beneficially Owned
Hal Avidano	None
Robert M. Collins	Over $1,000,000
Scott Essex	None
Adam Howarth	$50,001-$100,000
Joel Schwartz	None
Anthony Shontz	None
Todd Bright	None
Ron Lamontagne	None

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of managers, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17CFR 229.407), or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Not applicable.

SIGNATURES

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

(registrant)	Partners Group Private Equity (Master Fund), LLC
By (Signature and Title)*	/s/ Robert M. Collins
	Robert M. Collins, President &
	Chief Executive Officer
	(Principal Executive Officer)
Date:	June 5, 2020

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

By (Signature and Title)*	/s/ Robert M. Collins
	Robert M. Collins, President &
	Chief Executive Officer
	(Principal Executive Officer)
Date:	June 5, 2020
By (Signature and Title)*	/s/ Justin Rindos
	Justin Rindos, Chief Financial Officer
	(Principal Financial Officer)
Date:	June 5, 2020

* Print the name and title of each signing officer under his or her signature.