Partners Group Private Equity NCSRS Certified semi-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 number 811-22241

Partners Group Private Equity (Master Fund), LLC

(Exact name of registrant as specified in charter)

c/o Partners Group (USA) Inc.

1114 Avenue of the Americas, 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: September 30, 2022

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.

(a)

The Report to Shareholders is attached herewith.

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

Semi-Annual Report

For the Six Months Ended September 30, 2022
(Unaudited)

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 Six Months Ended September 30, 2022 (Unaudited)


Consolidated Schedule of Investments	1-23
Consolidated Statement of Assets and Liabilities	24
Consolidated Statement of Operations	25
Consolidated Statements of Changes in Net Assets	26
Consolidated Statement of Cash Flows	27
Consolidated Financial Highlights	28-29
Notes to Consolidated Financial Statements	30-44
Fund Expenses	45
Other Information	46

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited)

INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS

Common Stocks (1.12%)
North America (0.64%)

Industry

Acquisition
Date

Shares

Fair
Value

American Tower Corp.

Communication

05/29/20

21,933

4,712,524

American Water Works Co., Inc.

Utilities

02/16/16

47,317

6,159,254

Ares Capital Corp.

Diversified Financial Services

02/16/16

229,577

3,877,556

Ares Management Corp.

Diversified Financial Services

06/28/19

43,580

2,697,602

Atmos Energy Corp.

Utilities

02/16/16

62,457

6,363,119

Blackstone Group, Inc.

Diversified Financial Services

07/12/19

45,845

3,837,227

Brookfield Asset Management Inc

Diversified Financial Services

07/18/22

24,654

1,008,595

Brookfield Business Partners LP

Diversified Financial Services

03/17/22

48,729

1,079,560

Canadian National Railway Co.

Transportation

05/14/19

58,386

6,331,254

CMS Energy Corp.

Utilities

11/01/19

68,163

3,970,495

Crown Castle International Corp.

Communication

02/16/16

31,741

4,589,114

Enbridge, Inc.

Utilities

02/16/16

55,486

2,065,572

Equinix Inc.

Diversified Financial Services

07/31/20

5,388

3,064,910

Fifth Street Finance Corp.

Diversified Financial Services

04/07/21

356,943

2,141,658

Fortis Inc.

Utilities

12/18/17

99,204

3,781,056

Golub Capital BDC Inc.

Diversified Financial Services

02/24/22

142,000

1,759,380

HarbourVest Global Private Equity

Diversified Financial Services

12/21/18

82,676

1,929,153

KKR & Co., Inc.

Diversified Financial Services

02/16/16

71,534

3,076,677

Onex Corporation

Diversified Financial Services

02/16/16

17,576

805,990

Republic Services Inc.

Commercial & Professional Services

08/28/17

46,358

6,310,251

TC Energy Corp.

Utilities

11/01/19

45,416

1,834,340

Union Pacific Corp.

Transportation

06/29/16

17,379

3,387,167

Waste Management Inc.

Utilities

07/02/20

26,716

4,283,376

ZoomInfo Technologies, Inc.

Software

06/05/21

11,865

494,296

Total North America (0.64%)

79,560,126

Western Europe (0.48%)

3i Group Plc

Diversified Financial Services

10/01/20

175,294

2,139,085

Aena SA

Transportation

12/21/18

41,641

4,361,503

Apax Global Alpha Ltd.

Diversified Financial Services

01/19/21

485,904

912,467

BBGI SICAV S.A.

Diversified Financial Services

03/21/19

2,696,279

4,756,229

Cellnex Telecom SA

Communication

05/15/19

179,250

5,581,493

EQT AB

Diversified Financial Services

04/06/20

40,418

798,281

Gimv N.V.

Diversified Financial Services

02/12/16

31,933

1,373,541

HBM Healthcare Investments AG

Diversified Financial Services

04/07/20

4,834

1,088,528

HgCapital Trust PLC

Diversified Financial Services

02/12/16

1,479,442

5,541,551

HICL Infrastructure Co Ltd.

Diversified Financial Services

03/30/16

2,076,718

3,746,793

ICG Graphite Enterprise Trust PLC

Diversified Financial Services

02/12/16

119,861

1,311,429

Intermediate Capital Group PLC

Diversified Financial Services

12/12/16

98,453

1,080,057

Investment AB Kinnevik

Diversified Financial Services

04/06/20

145,117

1,930,598

Investor AB

Diversified Financial Services

08/28/17

160,160

2,364,940

Italgas SpA

Utilities

05/29/20

239,023

1,121,792

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Common Stocks (continued)
Western Europe (continued)

Industry

Acquisition
Date

Shares

Fair
Value

National Grid PLC

Utilities

02/12/16

378,176

3,929,988

NB Private Equity Partners Ltd.

Diversified Financial Services

11/06/19

137,871

2,355,077

Orsted AS

Utilities

06/15/21

8,156

649,761

Pantheon International Participations Plc

Diversified Financial Services

11/04/19

480,330

1,292,402

Terna Rete Elettrica Nazionale SpA

Utilities

01/05/18

774,420

4,742,353

Vinci SA

Transportation

02/12/16

95,375

7,770,234

Total Western Europe (0.48%)

58,848,102

Total Common Stocks (Cost 137,738,900)(1.12%)

138,408,228

Asset-Backed Securities (0.48%)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value**

North America (0.22%)

ARES LI CLO Ltd. ^{***, +}

6.85% + L^^

07/26/21

07/15/34

Series 2019-51A, Class ER

500,000

445,452

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

6.25% + L^^

09/22/21

10/15/34

Series 2021-6A, Class E

1,500,000

1,296,116

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

8.60% + L^^

04/20/22

07/16/35

Series 2022-4A, Class E

1,250,000

1,066,183

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

8.51% + L^^

04/05/22

04/21/35

Series 2022-3A, Class E

1,000,000

869,211

Dryden 95 CLO Ltd. ^{***, +}

6.15% + L^^

08/02/21

08/20/34

Series 2021-95A, Class E

1,500,000

1,261,903

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

6.20% + L^^

10/01/21

10/25/34

Series 2021-30A, Class E

1,625,000

1,419,959

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

3.05% + SFvv

02/04/22

04/15/35

Series 2019-24A, Class DR

2,600,000

2,334,715

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

6.40% + SFvv

02/04/22

04/15/35

Series 2019-24A, Class ER

4,000,000

3,517,347

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

5.95% + L^^

08/02/21

07/25/34

Series 2020-26A, Class ER

1,000,000

870,571

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

3.30% + L^^

04/02/21

04/20/34

Series 2016-21A, Class DR2

500,000

450,996

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

6.46% + L^^

04/02/21

04/20/34

Series 2016-21A, Class ER2

1,000,000

870,970

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

6.25% + L^^

10/07/21

10/14/35

Series 2021-45A, Class E

1,000,000

864,353

Neuberger Berman Loan Advisers CLO 49 Ltd. ^{***, +}

8.30% + L^^

05/03/22

07/25/34

Series 2022-49A, Class E

1,440,000

1,266,761

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

7.45% + L^^

09/22/21

10/15/34

Series 2020-9A, Class ER

3,500,000

3,047,501

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

9.98% + L^^

05/13/22

07/20/35

Series 2022-12A, Class E

1,000,000

897,807

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

6.25% + L^^

11/16/21

07/20/32

Series 2019-4A, Class ER

1,800,000

1,534,749

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

3.60% + L^^

03/12/21

04/19/34

Series 2021-25A, Class D

1,000,000

894,541

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

6.50% + L^^

03/12/21

04/19/34

Series 2021-25A, Class E

1,750,000

1,533,979

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

8.24% + L^^

04/27/22

04/24/35

Series 2022-33A, Class E

1,250,000

1,070,496

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

6.35% + L^^

04/09/21

04/20/34

Series 2021-1A, Class E

1,500,000

1,310,278

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

6.25% + L^^

05/10/21

07/15/34

Series 2021-1A, Class E

1,000,000

866,732

Total North America (0.22%)

27,690,620

Western Europe (0.26%)

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

6.70% + E^##

02/23/22

10/28/34

Series 9A, Class E

1,750,000

1,393,174

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

3.50% + E^##

03/08/21

04/17/34

Series 5A, Class DR

1,000,000

854,291

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

6.16% + E^##

03/08/21

04/17/34

Series 5A, Class ER

1,500,000

1,202,475

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

5.86% + E^##

02/04/22

05/15/34

Series 7A, Class E

1,521,243

1,174,856

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

6.14% + E^##

10/20/21

10/15/34

Series 25A, Class E

1,600,000

1,303,599

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

9.12% + E^##

02/23/22

04/15/35

Series 26A, Class F

1,200,000

906,964

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

6.51% + E^##

02/23/22

04/15/35

Series 26A, Class E

750,000

597,723

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

4.80% + E^##

04/26/22

07/15/30

Series 4A, Class E

1,502,600

1,194,289

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

3.30% + E^##

02/03/22

01/20/36

Series 8A, Class DR

1,000,000

846,811

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Asset-Backed Securities (continued)
Western Europe (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value**

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

6.26% + E^##

02/03/22

01/20/36

Series 8A, Class ER

2,500,000

1,992,355

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

6.25% + SFvv

01/28/22

04/21/35

Series 2022-1A, Class E

2,625,000

2,261,305

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

3.10% + SFvv

01/28/22

04/21/35

Series 2022-1A, Class D

2,500,000

2,189,442

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

6.12% + E^##

05/01/21

01/15/34

Series 2021-1A, Class D

333,000

263,404

Carlyle Euro CLO 2021-2 DAC ^{***, +}

6.25% + E^##

09/27/21

10/15/35

Series 2021-2A, Class D

3,000,000

2,390,614

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

0.00%

01/20/22

01/16/33

Series 2015-1A, Class SUB

3,000,000

1,106,663

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

5.50% + E^##

01/20/22

01/16/33

Series 2015-1A, Class DR

1,502,063

1,203,706

Carysfort Park CLO ^{***, +}

6.14% + E^##

03/12/21

07/28/34

Series 2021-1A, Class D

500,000

400,079

Elm Park CLO ^{***, +}

6.16% + E^##

03/26/21

04/15/34

Series 1A, Class DRR

666,000

532,216

Elm Park CLO ^{***, +}

3.50% + E^##

03/26/21

04/15/34

Series 1A, Class CRR

1,000,000

851,171

Madison Park EUR Funding XVI DAC ^{***, +}

6.02% + E^##

04/15/21

05/25/34

Series 16A, Class E

1,406,000

1,111,447

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

8.77% + L^^

04/21/22

07/15/37

Series 2022-1A, Class E

2,140,000

1,853,879

Otranto Park CLO ^{***, +}

7.05% + E^##

03/04/22

05/15/35

Series 1A, Class E

1,172,000

969,398

Otranto Park CLO ^{***, +}

4.15% + E^##

03/04/22

05/15/35

Series 1A, Class D

750,000

659,254

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

5.95% + E^##

08/02/21

04/15/31

Series 2021-1A, Class E

714,000

586,994

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

8.05% + E^##

10/15/21

07/15/31

Series 2021-2A, Class F

375,000

302,692

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

5.90% + E^##

10/15/21

07/15/31

Series 2021-2A, Class E

625,000

537,160

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

5.90% + E^##

02/03/22

10/15/31

Series 2022-1A, Class E

667,000

549,104

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

8.05% + E^##

02/03/22

10/15/31

Series 2022-1A, Class F

500,000

403,674

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

7.37% + E^##

03/17/22

10/15/31

Series 2022-2A, Class E

1,500,000

1,301,044

Vesey Park CLO DAC ^{***, +}

7.16% + E^##

05/09/22

11/16/32

Series 1A, Class D

1,017,104

845,183

Voya Euro CLO V DAC ^{***, +}

5.81% + E^##

08/06/21

04/15/35

Series 5A, Class E

417,000

324,009

Total Western Europe (0.26%)

32,108,975

Total Asset-Backed Securities (Cost 74,666,633)(0.48%)

59,799,595

Private Equity Investments (91.01%)
Direct Investments * (64.68%)

Direct Equity (56.32%)

Investment Type

Acquisition
Date

Shares

Fair
Value**

Asia - Pacific (6.07%)

AAVAS Financiers Limited ^{+, a, e}

Common equity

03/28/18

3,891,752

96,566,583

Argan Mauritius Limited ^{+, a, e}

Common equity

05/09/16

106,215

20,202,592

Continuity CNC Capital Ltd. ^{+, a}

Common equity

03/01/18

102,112

29,554,003

Continuity CNC Capital Ltd. ^{+, a, c}

Member interest

03/01/18

—

15,370,746

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

Limited partnership interest

05/13/21

—

15,687,493

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

Limited partnership interest

11/04/15

—

5,519,056

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

Common equity

09/10/18

13,186,513

14,256,555

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

Common equity

07/30/20

18,628,237

13,170,126

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

Common equity

07/30/20

3,292,531

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

Common equity

09/10/18

429,366

3,564,139

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

Common equity

05/14/21

2,441,835

2,142,125

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

Common equity

03/03/21

5,433,284

5,658,507

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

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

Direct Equity (continued)

Investment Type

Acquisition
Date

Shares

Fair
Value**

Asia - Pacific (continued)

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

Preferred equity

03/03/21

488,996

50,926,567

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

Preferred equity

09/26/22

63,417

7,934,217

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

Common equity

04/25/22

1,209,388

1,204,307

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

Preferred equity

04/25/22

22,978,363

22,881,830

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

Limited partnership interest

06/24/19

—

2,848,931

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

Limited partnership interest

01/10/19

—

29,335,097

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

Common equity

08/13/21

6,682,671

411,000,222

Total Asia - Pacific (6.07%)

751,115,627

North America (28.05%)

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

Limited partnership interest

12/01/21

—

22,541,216

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

Limited partnership interest

05/02/16

—

11,701,965

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

Limited partnership interest

04/28/21

—

59,137,128

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

Limited partnership interest

07/30/18

—

41,779,592

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

Common equity

01/01/21

14,561

276,987

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

Preferred equity

12/31/20

300

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

Common equity

01/01/21

145

CapitalSpring Finance Company, LLC ^{+, a}

Common equity

03/01/17

3,020,546

2,694,542

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

Preferred equity

08/16/16

171,270

48,969,561

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

Common equity

01/01/21

56,634

12,522

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

Common equity

01/06/21

1,145,918

64,715,702

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

Limited partnership interest

10/14/20

—

194,777,834

Confluent Health, LLC ^{+, a, b, e}

Common equity

06/24/19

27,246

60,409,256

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

Common equity

07/03/19

3,120

1,627,033

Cowboy Topco, Inc. ^{+, a}

Common equity

05/18/22

1,348,750

1,155,945

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

Common equity

05/13/21

241,557

1,499,336

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

Limited partnership interest

04/01/22

—

119,742,195

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

Limited partnership interest

03/15/22

—

43,897,427

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

Common equity

11/15/21

105,520,023

170,235,663

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

Limited partnership interest

11/28/16

—

8,383,186

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

Limited partnership interest

07/01/22

—

48,685,202

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

Common equity

09/17/19

37,786

56,722,161

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

Limited partnership interest

03/09/20

—

104,445,772

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

Limited partnership interest

11/15/21

—

97,229,958

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

Limited partnership interest

01/25/19

—

143,914,738

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

Limited partnership interest

06/17/16

—

16,895,603

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

Limited partnership interest

09/16/22

—

47,761,620

Halo Parent Newco, LLC ^{+, a}

Preferred equity

02/22/22

1,109

17,063,050

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

Member interest

03/01/22

—

63,202,675

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

Limited partnership interest

12/22/21

—

121,463,900

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

Limited partnership interest

03/02/21

—

209,904,717

KDOR Merger Sub Inc. ^{+, a}

Common equity

05/11/18

481

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

Limited partnership interest

08/08/19

—

323,315

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

Limited partnership interest

03/24/22

—

46,953,762

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

Limited partnership interest

07/31/20

—

883,164

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

Common equity

10/09/18

9,684

—

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

Limited partnership interest

10/19/21

—

51,090,730

KSLB Holdings, LLC ^{+, a}

Common equity

07/30/18

252,000

13,579

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

Common equity

01/06/20

3,464,630

33,780,149

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

Common equity

05/19/21

88,040

9,932,796

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

Common equity

03/10/17

356

505,720

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

Preferred equity

03/10/17

35,285

274,691

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

Limited partnership interest

03/10/17

—

60,340,789

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

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

Direct Equity (continued)

Investment Type

Acquisition
Date

Shares

Fair
Value**

North America (continued)

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

Common equity

09/23/21

22,293,150

26,819,703

Multiplan Corp. ^{+, a}

Common Equity

06/07/16

1,897,910

6,101,054

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

Limited partnership interest

11/24/21

—

51,313,046

NDES Holdings, LLC ^{+, a}

Preferred equity

09/19/11

500,000

4,772,825

NTS Holding Corporation, Inc. ^{+, a}

Common equity

11/28/16

2,740

4,595,289

NTS Holding Corporation, Inc. ^{+, a}

Preferred equity

04/21/17

473,334

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

Limited partnership interest

01/31/18

—

39,009,808

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

Limited partnership interest

10/23/20

—

19,672,966

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

Limited partnership interest

11/29/17

—

216,716,897

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

Limited partnership interest

04/25/19

—

67,133,551

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

Limited partnership interest

09/01/21

—

39,204,975

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

Limited partnership interest

03/18/21

—

46,506,108

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

Common equity

08/01/19

32,079

78,721,604

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

Common equity

06/24/21

24,401

38,569,087

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

Common equity

04/01/22

11,209

1,292,953

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

Limited partnership interest

04/01/21

—

11,209,687

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

Limited partnership interest

03/14/18

—

8,586,617

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

Common equity

06/05/18

11,525

1,228,061

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

Limited partnership interest

05/29/18

—

169,132,729

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

Common equity

09/10/19

5,995,126

61,974,628

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

Limited partnership interest

08/18/17

—

24,358,589

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

Common equity

05/23/18

27,736,060

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

Member interest

05/23/18

—

19,955,578

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

Limited partnership interest

04/01/21

—

100,792,695

Starfish Intermediate, Inc. ^{+, a}

Preferred equity

06/06/22

57,176

178,485,000

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

Limited partnership interest

08/17/21

—

34,555,177

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

Limited partnership interest

07/29/21

—

4,062,566

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

Limited partnership interest

08/31/21

1,145,918

59,025,193

TKC Topco LLC ^{+, a}

Common equity

10/14/16

4,632,829

753,011

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

Limited partnership interest

03/15/22

—

3,290,826

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

Limited partnership interest

08/31/22

—

22,340,802

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

Limited partnership interest

04/06/21

—

79,665,423

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

Limited partnership interest

06/22/21

—

36,894,802

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

Common equity

12/21/20

1,441

2,673,638

Total North America (28.05%)

3,472,569,468

Rest of World (1.41%)

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

Limited partnership interest

07/11/13

—

4,982,163

Zabka Polska SA ^{+, a}

Preferred equity

09/25/19

120,777,003

2,850,544

Zabka Polska SA ^{+, a}

Common equity

09/25/19

2,551,723

167,299,229

Total Rest of World (1.41%)

175,131,936

South America (0.05%)

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

Limited partnership interest

11/28/13

—

6,246,926

Total South America (0.05%)

6,246,926

Western Europe (20.74%)

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

Limited partnership interest

02/21/22

—

10,371,190

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

Common equity

01/11/21

218,625

203,533

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

Limited partnership interest

11/28/19

—

2,970,729

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

Limited partnership interest

08/04/22

—

20,928,522

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

Common equity

07/01/21

12,590,000

117,689,404

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

Preferred equity

10/12/17

6,768,617,529

121,360,704

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

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

Direct Equity (continued)

Investment Type

Acquisition
Date

Shares

Fair
Value**

Western Europe (continued)

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

Common equity

10/12/17

86,516

26,741,054

Capri Acquisitions Topco Limited ^{+, a}

Common equity

11/01/17

8,345,985

78,285,365

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

Limited partnership interest

11/10/21

—

53,929,061

Ciddan S.à.r.l. ^{+, a}

Preferred equity

09/15/17

23,249,522

25,299,660

Ciddan S.à.r.l. ^{+, a}

Common equity

09/15/17

12,263,242

62,251,237

Climeworks AG ^{+, a}

Common equity

04/25/22

18,455

452,159

Climeworks AG ^{+, a, e}

Preferred equity

04/25/22

2,288,663

59,028,496

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

Limited partnership interest

11/30/18

—

110,712,864

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

Limited partnership interest

10/01/19

—

158,358,218

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

Common equity

12/15/16

78,505

637,347

Frontmatec Holding III ApS ^{+, a, e}

Common equity

09/23/16

248,257,489

51,290,145

Global Blue Group Holding AG ^{+, a}

Common equity

09/11/20

97,250

432,989

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

Limited partnership interest

07/31/12

—

7,606,984

Green DC LuxCo Sarl ^{+, a, b, c, e}

Member interest

01/20/22

—

9,072,660

Green DC LuxCo Sarl ^{+, a, b}

Common equity

01/20/22

19,595,288

52,322,527

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

Limited partnership interest

11/02/12

—

1,171,614

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

Limited partnership interest

07/07/22

—

11,413,755

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

Limited partnership interest

09/29/22

—

39,424,691

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

Limited partnership interest

12/18/19

—

102,739,499

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

Common equity

07/31/18

1,480

42,706,205

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

Member interest

07/31/18

—

52,163,327

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

Preferred equity

08/22/19

7,865,820

20,367,388

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

Member interest

08/22/19

—

18,122,459

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

Common equity

08/22/19

6,999,953

15,589,379

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

Common equity

06/26/19

9,789,622

31,815,980

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

Member interest

06/26/19

—

4,922,383

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

Common equity

08/22/19

192,000

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

Member interest

07/02/21

—

45,990,347

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

Common equity

07/02/21

12,111,360

27,890,728

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

Member interest

05/10/21

—

58,714,475

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

Common equity

05/10/21

52,594,635

13,075,321

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

Limited partnership interest

05/19/22

—

63,238,844

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

Common equity

10/19/21

11,698

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

Common equity

11/09/20

1,059,375

40,376,432

Montagu LuxCo ^{+, a}

Common equity

02/22/22

450,000

42,597,317

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

Limited partnership interest

01/27/21

—

31,934,289

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

Common equity

12/17/21

5,977,270

128,113,935

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

Warrants

12/01/17

—

1,170,162

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

Member interest

10/28/21

—

82,535,815

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

Common equity

10/28/21

12,822,040

6,452,972

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

Preferred equity

07/07/22

113,856,528

112,444,116

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

Common equity

07/07/22

12,650,109

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

Common equity

07/13/22

938,355

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

Preferred equity

07/13/22

101,367,616

100,417,255

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

Limited partnership interest

08/22/19

—

1,300,522

PG TLP S.à.r.l. ^{+, a, b, c, e}

Member interest

04/14/21

—

12,342,531

PG TLP S.à.r.l. ^{+, a, b, e}

Common equity

04/14/21

6,377,426

75,305,577

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

Common equity

02/03/22

53,215,581

63,511,340

Pharmathen GP S.à.r.l. ^{+, a, b}

Common equity

01/20/22

110,300

Pharmathen Topco S.à.r.l. ^{+, a, b}

Preferred equity

01/20/22

98,858,068

97,419,664

Pharmathen Topco S.à.r.l. ^{+, a, b}

Common equity

01/20/22

79,910

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

Common equity

05/23/18

44,442,345

80,078

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

Preferred equity

05/23/18

244,659,996

3,296,463

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

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

Direct Equity (continued)

Investment Type

Acquisition
Date

Shares

Fair
Value**

Western Europe (continued)

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

Preferred equity

08/19/21

13,114,964

240,803

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

Common equity

08/19/21

4,383,568

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

Preferred equity

04/11/22

1,155,552

54,577

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

Limited partnership interest

07/12/22

—

32,617,811

Root JVCo S.à.r.l. ^{+, a, b, c}

Member interest

09/29/20

—

33,924,235

Root JVCo S.à.r.l. ^{+, a, b}

Common equity

09/29/20

1,969,352

19,522,458

Root JVCo S.à.r.l. ^{+, a, b}

Preferred equity

09/29/20

6,731,408

27,245,186

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

Common equity

10/06/15

622

15,411,646

Stark Perseus Investment ^{+, a}

Common equity

02/26/21

963,052

2,240,011

Stark Perseus Topco ^{+, a, c, e}

Member interest

02/26/21

—

11,161,910

Stark Perseus Topco ^{+, a, e}

Common equity

02/26/21

26,921,454

42,616,996

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

Limited partnership interest

10/01/20

—

36,966,905

Veonet Group ^{+, a, c, e}

Limited partnership interest

03/09/22

—

27,300,784

Total Western Europe (20.74%)

2,567,893,042

Total Direct Equity (56.32%)

6,972,956,999

Private Equity Investments (continued)

Direct Debt (8.36%)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value**

Asia - Pacific (0.44%)

BYJU’s Alpha, Inc. ^{+, a}

Cash 5.50% + L (0.75% Floor)^^

01/19/22

11/24/26

Senior

2,382,000

1,745,661

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

Cash 3.25% + E^##

08/24/20

08/30/24

Senior

1,299,487

1,008,845

Genesis Care Finance Pty Ltd. ^{+, a}

Cash 5.00% + L (1.00% Floor)^^

07/28/20

05/14/27

Senior

2,145,000

874,088

Global Academic Group Limited ^{+, a}

Cash 6.00% + BBSY (0.50% Floor)††

07/29/22

07/29/27

Senior

17,380,370

15,598,378

Greencross Limited ^{+, a}

Cash 5.50% + L (0.75% Floor)^^

03/22/22

03/23/28

Senior

10,365,413

10,156,446

Healing Quest ^{+, a}

PIK 14.50%

01/31/18

01/31/23

Mezzanine

9,540,756

9,629,525

ICON Cancer Care ^{+, a}

Cash 7.25% + BBSY (0.50% Floor)†

04/12/22

03/29/30

Second Lien

10,284,819

8,555,960

Snacking Investments BidCo Pty Limited ^{+, a}

Cash 4.00% + SF (1.00% Floor)^

01/15/20

12/18/26

Senior

1,267,500

1,229,475

Stiphout Finance, LLC ^{+, a}

Cash 3.00% + L (1.00% Floor)^

10/30/15

10/26/22

Senior

4,694,047

4,599,751

Voyage Australia Pty Ltd ^{+, a}

Cash 3.50% + L (0.50% Floor)^^

07/23/21

06/18/28

Senior

1,683,000

1,625,155

Total Asia - Pacific (0.44%)

55,023,284

North America (5.57%)

8th Avenue Food & Provisions, Inc. ^{+, a}

Cash 3.75% + L^

11/13/18

10/01/25

Senior

1,443,750

1,277,271

Acrisure LLC ^{+, a}

Cash 3.75% + L (0.50% Floor)^

08/18/21

02/13/27

Senior

2,178,000

1,998,315

Acrisure LLC ^{+, a}

Cash 3.50% + L^

03/27/20

02/15/27

Senior

1,858,394

1,703,534

Acrisure LLC ^{+, a}

Cash 4.25% + L (0.50% Floor)^

12/08/21

02/15/27

Senior

992,500

932,950

ADMI Corp. ^{+, a}

Cash 3.50% + L (0.50% Floor)^

07/14/21

12/23/27

Senior

1,386,000

1,237,005

AI Alpine AT BidCo GmBH ^{+, a}

Cash 3.00% + E^###

11/30/18

10/31/25

Senior

1,415,436

1,141,314

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

Cash 4.75% + L (1.00% Floor)^^

02/25/21

10/02/25

Senior

982,500

856,740

AIT Buyer, LLC ^{+, a}

Cash 7.75% + L (0.75% Floor)^^

04/06/21

03/30/29

Second Lien

6,860,000

6,483,302

AIT Worldwide Logistics, Inc. ^{+, a}

Cash 4.75% + L (0.75% Floor)^^

04/19/21

03/31/28

Senior

2,574,000

2,364,863

Alliant Holdings Intermediate, LLC ^{+, a}

Cash 3.25% + L^

06/03/19

05/09/25

Senior

1,257,750

1,208,226

Alliant Holdings Intermediate, LLC ^{+, a}

Cash 3.50% + L (0.50% Floor)^

12/08/21

11/05/27

Senior

1,584,000

1,504,800

Amneal Pharmaceuticals, Inc. ^{+, a}

Cash 3.50% + L^^

06/03/22

05/04/25

Senior

2,984,327

2,518,772

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Private Equity Investments (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value**

North America (continued)

Apex Group Treasury Limited ^{+, a}

Cash 3.75% + L (0.50% Floor)^^

08/27/21

07/27/28

Senior

2,081,992

1,988,303

Apex Tool Group ^{+, a}

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

02/22/22

02/08/29

Senior

997,500

886,528

Applovin Corporation ^{+, a}

Cash 3.25% + L^^

03/24/21

08/15/25

Senior

982,143

954,314

Applovin Corporation ^{+, a}

Cash 3.00% + L (0.50% Floor)^^

12/08/21

10/25/28

Senior

1,393,000

1,340,763

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

Cash 4.25% + L (0.50% Floor)^^

03/18/21

03/03/28

Senior

1,086,250

1,038,727

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

Cash 6.50% + L (0.50% Floor)^^

08/19/21

08/02/29

Second Lien

7,049,750

6,562,052

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

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

02/23/22

02/15/29

Senior

3,290,555

2,530,402

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

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

01/27/22

02/15/29

Senior

478,261

(2,391

)

Banff Guarantor Inc. ^{+, a}

Cash 5.50% + L (0.50% Floor)^^

01/31/22

02/27/26

Second Lien

1,700,000

1,588,438

Banff Merger Sub Inc. ^{+, a}

Cash 5.50% + L (0.50% Floor)^^

01/31/22

02/27/26

Senior

2,816,650

2,679,704

Barracuda Networks, Inc. ^{+, a}

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

05/17/22

05/17/30

Second Lien

4,000,000

3,860,000

Bausch & Lomb Inc. ^{+, a}

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

05/18/22

05/10/27

Senior

2,294,250

3,060,644

Bella Holding Company, LLC ^{+, a}

Cash 3.75% + L (0.75% Floor)^

05/13/21

04/01/28

Senior

3,564,000

3,338,274

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

Cash 4.25% + L^^

10/04/18

09/05/25

Senior

1,443,750

1,376,255

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

Cash 8.13% + L (1.00% Floor)^^

12/21/20

08/31/26

Second Lien

1,950,000

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

Cash 3.00% + L^^

08/12/19

06/15/25

Senior

964,736

904,440

BlueConic Holding, Inc. ^{+, a}

Cash 5.75% + L (0.75% Floor)^^

01/27/22

01/27/28

Senior

18,912,000

18,161,550

Brookfield WEC Holdings, Inc. ^{+, a}

Cash 2.75% + L (0.50% Floor)^

09/12/18

08/01/25

Senior

977,365

936,658

Brown Group Holding, LLC ^{+, a}

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

06/09/22

07/02/29

Senior

1,000,000

972,000

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

Cash 4.25% + L (1.00% Floor)^

01/01/21

04/25/24

Senior

151,600

129,277

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

PIK 10.00% + L (1.00% Floor)^^

12/31/20

04/25/25

Second Lien

331,427

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

Cash 7.90% + L (1.00% Floor)^^

01/01/21

11/06/25

Second Lien

183,333

180,300

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

Cash 8.90% + L (1.00% Floor)^^

01/01/21

11/06/25

Second Lien

1,466,667

1,442,399

CapitalSpring Finance Company, LLC ^{+, a}

Cash 8.00%

03/01/17

02/10/23

Mezzanine

7,167,246

6,438,380

CapitalSpring Finance Company, LLC ^{+, a}

PIK 5.00%

03/01/17

02/10/23

Mezzanine

2,559,731

2,508,122

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

Cash 4.50% + L (0.50% Floor)^^

11/26/21

09/01/24

Senior

1,376,009

1,327,848

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

Cash 8.00% + L (1.00% Floor)^^

11/26/21

09/01/25

Second Lien

3,000,000

2,917,988

Cengage Learning, Inc. ^{+, a}

Cash 4.75% + L (1.00% Floor)^^

08/06/21

07/14/26

Senior

1,386,000

1,260,297

Central Parent Inc. ^{+, a}

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

06/09/22

07/06/29

Senior

1,000,000

965,340

Charlotte Buyer Inc ^{+, a}

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

08/16/22

02/11/28

Senior

1,000,000

940,005

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

Cash 4.25% + L (0.75% Floor)^^

05/31/19

12/01/27

Senior

1,438,195

1,366,414

Cheniere Energy Partners ^{+, a}

Cash 3.75% + L (0.50% Floor)^^

06/09/21

06/04/28

Senior

3,267,000

3,154,909

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

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

04/19/22

04/13/29

Senior

1,296,750

1,225,753

CommScope, Inc. ^{+, a}

Cash 3.25% + L^

04/26/19

04/06/26

Senior

2,462,308

2,280,713

ConnectWise, LLC ^{+, a}

Cash 3.50% + L (0.75% Floor)^^

10/06/21

09/29/28

Senior

1,687,250

1,582,860

Conservice Midco, LLC, +^{, a}

Cash 4.25% + L^

05/18/20

05/13/27

Senior

1,666,000

1,606,299

Conterra Ultra Broadband Holdings, Inc. ^{+, a}

Cash 4.70% + L (1.00% Floor)^

06/06/19

04/30/26

Senior

1,644,800

1,592,035

ConvergeOne Holdings, Inc. ^{+, a}

Cash 5.00% + L^

03/27/19

04/01/26

Senior

2,895,000

2,088,931

ConvergeOne Holdings, Inc. ^{+, a}

Cash 8.50% + L^

04/15/19

01/04/27

Second Lien

31,200,000

19,500,000

Convergint Tech LLC ^{+, a}

Cash 6.75% + L (0.75% Floor)^

04/12/21

03/30/29

Second Lien

1,400,000

1,314,250

Cornerstone OnDemand, Inc. ^{+, a}

Cash 3.75% + L (0.50% Floor)^

10/22/21

10/16/28

Senior

1,194,000

1,008,930

Critical Start ^{+, a}

Cash 5.25% + SF (0.75% Floor)^vv

05/18/22

05/18/28

Senior

8,114,979

8,046,371

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

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

05/18/22

05/18/28

Senior

1,798,333

(33,802

)

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Private Equity Investments (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value**

North America (continued)

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

Cash 5.00% + L (0.75% Floor)^^

05/05/21

04/27/27

Senior

4,487,671

4,353,041

CSC Holdings, LLC ^{+, a}

Cash 2.50% + L^

08/11/21

04/15/27

Senior

3,464,467

3,247,938

CSC Holdings, LLC ^{+, a}

Cash 2.25% + L^

12/07/18

01/15/26

Senior

2,899,837

2,722,222

DCert Buyer, Inc. ^{+, a}

Cash 4.00% + L^

10/24/19

10/16/26

Senior

1,953,684

1,868,210

Deerfield Dakota Holding, LLC ^{+, a}

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

06/01/20

04/09/27

Senior

977,500

924,554

Delta 2 (Lux) S.à.r.l. ^{+, a}

Cash 2.50% + L (1.00% Floor)^

03/01/18

02/01/24

Senior

1,997,500

1,983,130

Delta Topco, Inc. ^{+, a}

Cash 3.75% + L (0.75% Floor)^^

01/06/21

12/01/27

Senior

2,073,750

1,888,595

DexKo Global Inc. ^{+, a}

Cash 3.75% + L (0.50% Floor)^^

10/07/21

10/04/28

Senior

1,592,640

1,469,210

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

Cash 3.50% + L (0.75% Floor)^

04/23/21

03/31/28

Senior

1,283,793

1,199,948

Diamond Parent Midco Inc. ^{+, a}

Cash 6.25% + L (1.00% Floor)^^

09/01/22

08/04/25

Senior

29,364,937

28,997,876

Dwyer Instruments, LLC ^{+, a, e}

Cash 6.00% + L (0.75% Floor)^^

07/01/27

07/21/27

Senior

1,382,680

211,809

EAB Global, Inc. ^{+, a}

Cash 3.50% + L^^

08/25/21

06/28/28

Senior

2,183,500

2,049,946

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

Cash 3.75% + L (0.75% Floor)^^

09/13/21

11/09/27

Senior

1,678,643

1,597,514

Element Materials Technology Group US Holdings Inc.(EM Midco 2 US LLC) ^{+, a, e}

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

08/17/22

06/22/29

Senior

1,000,000

943,750

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

Cash 3.50% + L (0.75% Floor)^^

04/28/21

02/10/28

Senior

3,851,250

3,267,131

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

Cash 3.75% + L (0.75% Floor)^^

08/16/21

05/21/28

Senior

1,592,000

1,534,290

Envision Healthcare Holdings, Inc. ^{+, a}

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

04/29/22

04/29/28

Second Lien

41,431,132

39,038,346

Epiq Systems ^{+, a}

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

06/02/22

04/26/29

Senior

4,000,000

3,808,220

Evergreen Services Group ^{+, a}

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

06/15/22

06/14/29

Senior

7,989,432

7,954,058

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

Cash 8.00% + L (0.50% Floor)^

02/04/20

02/04/28

Second Lien

19,491,899

18,734,583

Filtration Group Corporation ^{+, a}

Cash 3.50% + L (0.50% Floor)^

11/01/21

10/21/28

Senior

2,079,000

1,981,557

First Student Bidco Inc. ^{+, a}

Cash 3.00% + L (0.50% Floor)^^

08/11/21

07/21/28

Senior

1,093,975

1,015,115

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

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

08/05/22

07/21/28

Senior

1,000,000

951,880

Flynn Restaurant Group LP ^{+, a}

Cash 4.25% + L (0.50% Floor)^

12/10/21

11/22/28

Senior

2,282,750

2,129,806

Galls ^{+, a}

Cash 6.25% + L (1.00% Floor)^^

05/31/22

01/31/25

Senior

38,353

35,865

Galls, LLC ^{+, a}

Cash 6.25% + L (1.00% Floor)^^

12/22/20

01/31/25

Senior

477,628

446,952

GFL Environmental Inc. ^{+, a}

Cash 3.00% + L (1.00% Floor)^

12/05/18

05/30/25

Senior

1,184,820

1,174,305

GHX Ultimate Parent Corporation ^{+, a}

Cash 3.25% + L (1.00% Floor)^^

09/17/18

06/22/24

Senior

1,918,460

1,851,314

Gopher Resource, LLC ^{+, a}

Cash 3.25% + L (1.00% Floor)^

07/09/21

03/06/25

Senior

2,952,651

2,450,701

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

Cash 3.75% + L (0.75% Floor)^^

05/14/21

03/06/28

Senior

1,768,635

1,635,987

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

Cash 3.50%

05/15/18

04/30/25

Senior

2,206,086

2,099,536

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

Cash 3.50% + L^

05/15/18

04/30/25

Senior

609,150

563,083

Heartland Dental, LLC ^{+, a}

Cash 4.00% + L^

06/21/21

04/30/25

Senior

990,000

920,205

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

Cash 6.75% + L (0.75% Floor)^^

11/05/21

11/19/27

Second Lien

3,600,000

3,474,000

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

Cash 4.00% + L (0.75% Floor)^^

06/25/21

11/19/26

Senior

4,136,364

3,813,727

Hornblower Sub, LLC ^{+, a}

Cash 4.50% + L^^

05/01/19

04/27/25

Senior

941,227

667,330

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

Cash 3.25% + L (1.00% Floor)^^

07/15/19

03/28/25

Senior

964,644

870,331

Hyland Software Inc. ^{+, a}

Cash 3.50% + L (0.75% Floor)^^

10/27/20

07/01/24

Senior

2,969,229

2,883,255

Idera, Inc. ^{+, a}

Cash 3.75% + L (0.75% Floor)^

12/17/18

06/27/24

Senior

1,251,331

1,165,821

Imperial Dade ^{+, a}

Cash 4.63% + SF (0.50% Floor)^vv

06/24/22

06/11/26

Senior

995,000

964,319

Indy US Bidco, LLC ^{+, a}

Cash 3.75% + L (0.75% Floor)^^

03/29/21

03/06/28

Senior

986,626

890,015

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Private Equity Investments (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value**

North America (continued)

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

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

06/21/22

08/27/25

Senior

10,506,894

10,378,287

Iris Holdings Inc. ^{+, a}

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

06/15/22

06/28/28

Senior

2,250,000

2,074,500

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

Cash 1.00% + L (1.00% Floor)^^ + PIK 4.25% + L (1.00% Floor)^^

12/23/20

06/01/25

Senior

237,433

185,644

KENE Acquisition, Inc. ^{+, a}

Cash 8.25% + L^^

12/15/21

08/08/27

Second Lien

175,500

168,361

KENE Acquisition, Inc. ^{+, a}

Cash 8.25% + L (1.00% Floor)^^

01/01/21

08/09/27

Second Lien

1,462,500

1,403,012

KENE Acquisition, Inc. ^{+, a}

Cash 8.25% + L^^

08/05/22

08/09/27

Second Lien

984,997

944,931

Kingpin Intermediate Holdings LLC ^{+, a}

Cash 3.50% + L (1.00% Floor)^

10/05/18

07/03/24

Senior

1,317,074

1,275,092

Knowlton Development Corporation Inc. ^{+, a}

Cash 3.75% + L^^

06/24/22

12/22/25

Senior

1,496,124

1,417,892

KSLB Holdings, LLC ^{+, a}

Cash 8.75% + L (1.00% Floor)^

01/01/21

07/30/26

Second Lien

3,212,308

2,748,002

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

Cash 3.25% + L (0.75% Floor)^

09/07/21

12/17/27

Senior

3,261,431

2,862,721

LogMeIn, Inc. ^{+, a}

Cash 4.75% + L^

09/03/20

08/31/27

Senior

4,950,000

3,459,753

LSCS Holdings, Inc. ^{+, a}

Cash 4.50% + L (0.50% Floor)^^

02/14/22

12/16/28

Senior

2,580,500

2,483,731

LTI Holdings, Inc. ^{+, a}

Cash 3.50% + L^

10/22/18

09/06/25

Senior

960,000

892,320

Magenta Buyer LLC ^{+, a}

Cash 8.25% + L (0.75% Floor)^^

10/13/21

07/27/29

Second Lien

2,000,000

1,846,660

Magenta Buyer LLC ^{+, a}

Cash 5.00% + L (0.75% Floor)^^

08/02/21

07/27/28

Senior

3,473,750

3,147,218

Marnix SAS ^{+, a}

Cash 4.00% + L (0.50% Floor)^^

12/17/21

08/04/28

Senior

1,481,250

1,414,594

Maverick Bidco, Inc. ^{+, a}

Cash 6.75% + L (0.75% Floor)^^

05/26/21

05/18/29

Second Lien

6,603,000

6,338,880

McAfee Inc. ^{+, a}

Cash 4.00% + S>>

03/09/22

03/01/29

Senior

2,593,500

2,365,752

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

Cash 3.25% + L (0.50% Floor)^^

11/03/21

10/23/28

Senior

1,091,750

1,004,410

Mercury Borrower, Inc. ^{+, a}

Cash 6.50% + L (0.50% Floor)^^

04/11/22

08/02/29

Second Lien

900,000

837,738

Messer Industries GmbH, Inc. ^{+, a}

Cash 2.50% + L^^

04/26/19

03/01/26

Senior

1,140,567

1,092,396

MetroNet Systems Holdings, LLC ^{+, a}

Cash 3.75% + L (0.75% Floor)^^

06/14/21

06/02/28

Senior

4,746,201

4,476,262

Michaels Stores, Inc. ^{+, a}

Cash 4.25% + L (0.75% Floor)^^

04/26/21

04/15/28

Senior

2,169,750

1,752,843

Mirion Technologies, Inc. ^{+, a}

Cash 2.75% + L (0.50% Floor)^^

11/05/21

10/20/28

Senior

1,188,000

1,139,981

Mitchell International, Inc. ^{+, a}

Cash 3.75% + L (0.50% Floor)^

10/21/21

10/15/28

Senior

3,781,000

3,457,252

Mitchell International, Inc. ^{+, a}

Cash 6.50% + L (0.50% Floor)^

10/26/21

10/15/29

Second Lien

1,000,000

938,750

MJH Healthcare Holdings, LLC ^{+, a}

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

04/08/22

01/28/29

Senior

1,691,500

1,635,331

MKS Instruments, Inc ^{+, a}

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

08/26/22

08/17/29

Senior

1,000,000

978,500

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

Cash 5.00% + L (1.00% Floor)^

01/01/21

06/02/24

Senior

527,250

342,564

Navicure, Inc. ^{+, a}

Cash 4.00% + L^^

09/29/20

10/22/26

Senior

2,937,317

2,805,138

NEP Group, Inc. ^{+, a}

Cash 3.25% + L^^

02/10/22

10/20/25

Senior

1,969,309

1,828,592

NEP Group, Inc. ^{+, a}

Cash 4.00% + L (0.50% Floor)^^

12/06/21

10/20/25

Senior

1,895,250

1,767,321

Netsmart, Inc. ^{+, a}

Cash 3.75% + L (1.00% Floor)^

05/20/19

04/19/23

Senior

2,222,311

2,126,940

Nexstar Broadcasting ^{+, a}

Cash 2.50% + L^

10/02/19

09/21/26

Senior

853,655

843,155

NortonLifeLock Inc. ^{+, a}

Cash 2.00% + SF (0.50% Floor)^vv

09/20/22

09/12/29

Senior

2,400,000

2,312,400

NSM Top Holdings Corp. ^{+, a}

Cash 5.25% + L^

11/26/19

11/16/26

Senior

1,458,750

1,327,463

nThrive Health Inc. ^{+, a}

Cash 4.00% + L (0.50% Floor)^^

05/24/22

12/18/28

Senior

1,990,000

1,835,775

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

Cash 3.50% + L (0.50% Floor)^

01/06/22

12/15/28

Senior

1,890,500

1,784,159

OEConnection LLC ^{+, a}

Cash 4.00% + L^^

10/28/19

09/25/26

Senior

2,936,578

2,833,798

OneDigital Borrower LLC ^{+, a}

Cash 4.25% + L (0.50% Floor)^^

12/11/20

11/16/27

Senior

2,540,102

2,374,995

OneDigital Borrower LLC ^{+, a}

Cash 4.50% + L (0.75% Floor)^^

12/11/20

11/16/27

Senior

231,687

216,627

Osmose Utilities Services, Inc. ^{+, a, e}

Cash 3.25% + L (0.50% Floor)^^

09/01/21

06/23/28

Senior

2,475,000

2,280,873

PAI Holdco, Inc. ^{+, a}

Cash 3.50% + L (1.00% Floor)^^

11/09/20

10/22/27

Senior

1,182,000

1,123,881

Panther BF Aggregator 2 L.P. ^{+, a}

Cash 3.25% + L^

05/14/19

04/30/26

Senior

1,014,249

962,482

Pascal Midco 2, LLC ^{+, a}

Cash 6.00% + L (0.75% Floor)^^

07/01/22

07/21/27

Senior

11,018,507

10,798,136

Pearl Intermediate Parent, LLC ^{+, a}

Cash 2.75% + L^

03/16/18

02/14/25

Senior

3,626,653

3,358,962

Pearl Intermediate Parent, LLC ^{+, a}

Cash 6.25% + L^

01/01/21

02/13/26

Second Lien

2,400,000

2,299,992

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Private Equity Investments (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value**

North America (continued)

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

Cash Margin 4.25% + LIBOR (0.50% Floor)^^

09/16/22

12/15/28

Senior

997,487

854,518

Peraton Corp. ^{+, a}

Cash 3.75% + L (0.75% Floor)^^

04/12/21

02/01/28

Senior

1,934,725

1,838,714

PetVet Care Centers, LLC ^{+, a}

Cash 3.25% + L^

04/12/19

02/14/25

Senior

1,154,887

1,069,714

PetVet Care Centers, LLC ^{+, a}

Cash 3.50% + L (0.75% Floor)^^

08/18/21

02/14/25

Senior

987,277

920,636

PG&E Corporation ^{+, a}

Cash 4.50% + L (1.00% Floor)^^

08/11/20

06/23/25

Senior

1,955,000

1,876,800

Phoenix Newco, Inc. ^{+, a}

Cash 3.50% + L (0.50% Floor)^^

12/07/21

11/15/28

Senior

2,985,000

2,853,944

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

Cash 4.00% + L^^

07/02/21

06/20/26

Senior

1,678,750

1,468,906

PODS, LLC. ^{+, a}

Cash 3.00% + L (0.75% Floor)^

04/16/21

03/31/28

Senior

1,280,565

1,217,337

Polaris Newco, LLC ^{+, a}

Cash 4.00% + L (0.50% Floor)^

06/15/21

06/02/28

Senior

1,191,000

1,101,860

Potters Industries, LLC ^{+, a}

Cash 4.00% + L (0.75% Floor)^^

12/17/20

12/14/27

Senior

985,000

940,675

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

Cash 7.00% + L (0.50% Floor)^^

01/18/22

12/14/29

Senior

3,700,000

3,602,515

Pregis TopCo LLC ^{+, a}

Cash 4.00% + L (0.75% Floor)^^

12/23/20

07/31/26

Senior

990,000

942,975

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

Cash 6.75% + L (0.50% Floor)^^

10/05/21

10/01/29

Second Lien

1,800,000

1,606,642

Procera Networks, Inc. ^{+, a}

Cash 4.50% + L^^

11/20/18

10/31/25

Senior

1,144,395

1,139,322

Project Boost Purchaser, LLC ^{+, a}

Cash 3.50% + L^^

07/19/19

06/01/26

Senior

1,746,000

1,661,974

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

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

06/15/22

07/20/29

Senior

3,000,000

2,701,260

Prometric Holdings, Inc. ^{+, a}

Cash 7.50% + L (1.00% Floor)^

01/29/18

01/29/26

Second Lien

14,154,350

14,751,776

Quintiles IMS Inc. ^{+, a}

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

06/22/18

06/11/25

Senior

2,803,629

2,293,751

Radiate HoldCo, LLC ^{+, a}

Cash 3.50% + L (0.75% Floor)^

07/16/19

09/25/26

Senior

992,500

921,288

Radiology Partners, Inc. ^{+, a}

Cash 4.25% + L^

01/01/21

07/09/25

Senior

2,403,933

2,037,333

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

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

04/06/22

04/01/29

Senior

14,938,982

13,994,858

RBMedia ^{+, a}

Cash 4.00% + L^^

06/17/22

08/29/25

Senior

2,000,000

1,926,500

RC Buyer, Inc. ^{+, a}

Cash 6.50% + L (0.75% Floor)^^

08/03/21

07/26/29

Second Lien

2,800,000

2,677,500

RealPage, Inc. ^{+, a}

Cash 3.25% + L (0.50% Floor)^^

04/26/21

04/24/28

Senior

3,960,000

3,719,648

Red Planet Borrower, LLC ^{+, a}

Cash 3.75% + L (0.50% Floor)^^

10/04/21

10/02/28

Senior

2,178,000

1,449,274

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

Cash 4.75% + L (0.75% Floor)^^

05/10/21

04/27/28

Senior

3,748,730

2,800,301

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

Cash 7.75% + L (0.75% Floor)^^

05/03/21

04/16/29

Second Lien

3,000,000

2,401,890

Refficiency Holdings LLC ^{+, a}

Cash 4.00% + L (0.75% Floor)^

02/04/21

12/16/27

Senior

1,483,371

1,427,122

Refficiency Holdings LLC ^{+, a, e}

Cash 3.75% + L (0.75% Floor)^

02/04/21

12/16/27

Senior

19,732

18,984

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

Cash 4.00% + L (0.75% Floor)^^

03/02/21

02/17/28

Senior

985,000

920,054

Restaurant Technologies, Inc. ^{+, a}

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

04/06/22

04/02/29

Senior

3,482,500

3,393,992

Restoration Hardware, Inc. ^{+, a}

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

05/24/22

10/20/28

Senior

4,500,000

4,130,145

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

Cash 4.25% + L (0.75% Floor)^^

07/19/21

07/10/28

Senior

1,985,000

1,872,510

Rocket Software, Inc. ^{+, a}

Cash 4.25% + L^

12/05/18

11/28/25

Senior

2,627,712

2,519,792

Rough Country, LLC ^{+, a}

Cash 3.50% + L (0.75% Floor)^^

08/03/21

07/26/28

Senior

1,876,250

1,769,144

S2P Acquisition Borrower, Inc ^{+, a}

Cash 3.75% + L^

10/07/19

08/14/26

Senior

970,000

949,388

Sabre GLBL Inc. ^{+, a}

Cash 3.50% + L (0.50% Floor)^

08/09/21

12/17/27

Senior

1,876,250

1,684,722

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

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

03/04/22

02/23/29

Senior

3,880,500

3,657,371

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

Cash 4.00% + L (1.00% Floor)^^

04/17/20

03/16/27

Senior

805,817

750,417

Senneca Holdings, Inc. ^{+, a}

PIK 11.00%

01/01/21

05/11/26

Second Lien

1,276,647

Senneca Holdings, Inc. ^{+, a}

PIK 10.00%

01/01/21

11/11/25

1.5 Lien

1,236,389

Shearer’s Foods, LLC ^{+, a}

Cash 3.50% + L (0.75% Floor)^^

09/25/20

09/23/27

Senior

33,082

30,769

Shearer’s Foods, LLC ^{+, a}

Cash 3.50% + L (1.00% Floor)^^

05/17/18

09/23/27

Senior

3,073,058

2,886,170

Shearer’s Foods, LLC ^{+, a}

Cash 7.75% + L (1.00% Floor)^^

10/14/20

09/22/28

Second Lien

1,000,000

935,000

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

Cash 4.50% + L (1.00% Floor)^

06/05/18

06/05/24

Senior

25,446,810

25,415,053

Skopima Consilio Parent LLC ^{+, a}

Cash 4.00% + L (0.50% Floor)^^

05/18/21

04/30/28

Senior

6,633,000

6,165,374

Sorenson Communications, LLC ^{+, a}

Cash 5.50% + L (0.75% Floor)^^

03/23/21

03/12/28

Senior

2,550,000

2,451,200

Sound Inpatient Physicians, Inc ^{+, a}

Cash 2.75% + L^

08/23/18

06/27/25

Senior

1,337,000

1,223,355

Sovos Compliance, LLC ^{+, a, f, e}

Cash 4.50% + L (0.50% Floor)^^

08/16/21

08/11/28

Senior

1,685,884

1,610,719

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Private Equity Investments (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value**

North America (continued)

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

Cash 4.25% + L^^

06/05/19

07/30/25

Senior

3,367,236

3,217,395

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

Cash 8.25% + L^^

06/14/22

07/30/26

Second Lien

2,787,335

2,737,934

Star US Bidco, LLC ^{+, a}

Cash 4.25% + L (1.00% Floor)^

04/24/20

03/17/27

Senior

1,267,072

1,203,718

SuperMoose Borrower, LLC ^{+, a}

Cash 3.75% + L^^

10/16/18

08/29/25

Senior

962,500

848,684

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

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

03/31/22

03/31/28

Senior

795,545

(14,679

)

Tank Holdings Corporation ^{+, a}

Cash 6.00% + L (0.75% Floor)^

04/11/22

03/31/28

Senior

21,492,135

20,766,775

TecoStar Holdings, Inc. ^{+, a}

Cash 8.50% + L (1.00% Floor)^^

01/01/21

11/01/24

Second Lien

525,000

486,683

Telenet Financing USD LLC ^{+, a}

Cash 2.00% + L^

04/27/20

04/30/28

Senior

2,400,000

2,282,256

Tivity Health Inc ^{+, a}

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

06/28/22

06/28/29

Senior

15,651,000

15,549,381

TLP Acquisition Holdings, LLC ^{+, a}

Cash 8.00% + L (1.00% Floor)^

02/26/19

02/26/26

Mezzanine

43,551,847

42,559,382

Tory Burch LLC ^{+, a}

Cash 3.50% + L (0.50% Floor)^

04/30/21

04/16/28

Senior

987,500

925,781

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

Cash 4.00% + L (0.50% Floor)^^

09/22/21

09/15/28

Senior

1,473,932

1,405,615

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

Cash 4.00% + L (0.50% Floor)^^

09/22/21

09/15/28

Senior

131,418

125,327

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

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

06/02/22

05/27/29

Senior

1,050,000

277,588

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

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

06/02/22

05/27/29

Senior

7,402,500

7,383,163

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

Cash 3.50% + L (0.50% Floor)^^

04/19/21

03/31/28

Senior

1,382,501

1,242,910

UKG Inc. ^{+, a}

Cash 3.25% + L (0.75% Floor)^^

07/13/20

05/04/26

Senior

982,594

937,561

Upstream Newco, Inc. ^{+, a}

Cash 4.25% + L^

08/04/21

11/20/26

Senior

3,456,250

3,217,199

Utz Quality Foods, LLC ^{+, a}

Cash 3.00% + L^^

01/29/21

01/20/28

Senior

3,635,258

3,539,832

VeriFone Systems, Inc. ^{+, a}

Cash 4.00% + L^^

09/25/18

08/20/25

Senior

3,560,954

3,210,431

Virtusa Corporation ^{+, a}

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

02/28/22

02/11/28

Senior

2,189,000

2,057,660

Vision Solutions, Inc. ^{+, a}

Cash 4.25% + L (0.75% Floor)^^

05/06/21

03/19/28

Senior

3,861,000

3,410,556

Vision Solutions, Inc. ^{+, a}

Cash 7.25% + L (0.75% Floor)^^

09/07/21

04/23/29

Second Lien

2,300,000

1,942,787

VS Buyer, LLC ^{+, a}

Cash 3.00% + L^^

04/10/20

02/28/27

Senior

1,950,000

1,893,938

Weld North Education LLC ^{+, a}

Cash 3.75% + L (0.75% Floor)^^

01/06/21

12/15/27

Senior

1,277,250

1,238,396

Whatabrands LLC ^{+, a}

Cash 3.25% + L (0.50% Floor)^

08/05/21

07/21/28

Senior

2,977,500

2,762,003

Woof Holdings, Inc. ^{+, a}

Cash 7.25% + L (0.75% Floor)^^

01/08/21

12/22/28

Second Lien

7,200,000

6,912,000

WP CityMD Bidco LLC ^{+, a}

Cash 3.75% + L (1.00% Floor)^^

09/01/19

08/13/26

Senior

2,932,986

2,812,001

WP CityMD Bidco LLC ^{+, a}

Cash 3.25% + L (0.50% Floor)^^

12/28/21

08/13/28

Senior

2,985,000

2,861,869

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

Cash 4.25% + L (0.75% Floor)^^

08/03/21

07/26/28

Senior

2,679,750

2,448,206

Zacapa S.à.r.l. ^{+, a}

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

07/31/18

07/02/25

Senior

2,230,293

2,115,053

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

Cash 3.00% + L^

04/24/20

03/09/27

Senior

2,919,474

2,455,613

Total North America (5.57%)

689,317,128

Rest of World (0.25%)

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

Cash 4.50% + L^

10/05/18

07/10/25

Senior

22,171,514

17,178,990

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

Cash 3.75% + E^#

10/05/18

09/29/25

Senior

2,401,128

1,789,771

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

Cash 7.25% + E^#

10/11/18

09/28/26

Second Lien

13,678,916

10,499,690

Gems Education ^{+, a}

Cash 5.00% + L (1.00% Floor)^^^

08/15/22

07/31/26

Senior

1,995,000

1,942,013

Total Rest of World (0.25%)

31,410,464

Western Europe (2.10%)

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

Cash 4.00% + L (0.50% Floor)^^

03/11/21

02/16/28

Senior

677,083

651,016

AD Education ^{+, a}

PIK 8.50%

06/21/22

03/30/29

Mezzanine

11,891,373

10,810,642

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

Cash 3.75% + L (0.50% Floor)^^

09/15/21

08/09/28

Senior

2,282,750

2,231,388

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

Cash 3.50% + L (1.00% Floor)^^

05/20/20

01/18/27

Senior

1,847,146

1,793,468

AI PLEX AcquiCo GmbH ^{+, a}

Cash 4.75% + L^^^

08/23/19

07/31/26

Senior

4,857,293

3,879,763

Albion Financing 3 S.à.r.l. ^{+, a}

Cash 5.25% + L (0.50% Floor)^^

01/14/22

07/31/26

Senior

2,481,250

2,364,433

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Private Equity Investments (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value**

Western Europe (continued)

Alcumus ^{+, a}

Cash 6.00% + S>>

06/29/22

03/09/29

Senior

1,984,236

1,838,154

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

Cash 4.00% + L^^

01/27/21

08/14/26

Senior

2,964,181

2,697,405

Anticimex ^{+, a}

Cash 3.50% + L (0.50% Floor)^^

01/21/22

11/16/28

Senior

2,679,750

2,545,762

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

Cash 5.75% + E^##

03/15/22

03/15/29

Senior

13,721,320

11,924,885

Aston Finco S.à.r.l. ^{+, a}

Cash 4.25% + L^^

11/14/19

10/09/26

Senior

2,730,000

2,575,291

Aston Finco S.à.r.l. ^{+, a}

Cash 8.25% + L^^

10/25/19

10/09/27

Second Lien

36,733,592

30,872,952

Auris Luxembourg III S.à.r.l. ^{+, a}

Cash 3.75% + L^

04/04/19

02/27/26

Senior

966,214

850,269

Babar Bidco ^{+, a}

Cash 4.00% + E^###

12/04/20

11/17/27

Senior

1,214,051

918,562

BK LC Lux SPV S.à.r.l. ^{+, a}

Cash 3.25% + L (0.50% Floor)^^^

07/09/21

04/28/28

Senior

1,881,000

1,769,701

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

Cash 4.75% + S>>>

08/31/18

06/23/25

Senior

5,199,152

3,948,518

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

Cash 8.35% + S>>>

06/21/18

06/18/26

Second Lien

44,095,247

35,254,269

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

PIK 8.25% + L^^^

02/28/22

08/31/30

Mezzanine

6,343,152

5,817,271

Cidron Kuma 2 S.à.r.l. ^{+, a}

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

01/01/21

02/28/26

Second Lien

1,146,938

854,057

Compass IV Limited ^{+, a}

Cash 4.00% + E^###

07/06/18

05/09/25

Senior

341,033

179,605

Constellation Automotive Group Limited ^{+, a}

Cash 4.75% + S>>>

09/03/21

07/28/28

Senior

1,387,192

871,951

Constellation Automotive Limited ^{+, a}

Cash 7.50% + S>>>

10/18/21

07/30/29

Second Lien

1,372,084

860,373

CTEC III GmbH ^{+, a}

Cash 3.75% + E^##

03/29/18

03/07/25

Senior

4,055,926

2,779,261

Dragon Bidco Limited ^{+, a, e}

Cash 6.00% + S>>

03/09/22

03/09/29

Senior

9,871,503

7,366,817

EG Group Limited ^{+, a}

Cash 4.00% + L^

05/22/18

02/07/25

Senior

1,351,345

1,283,072

Envirotainer ^{+, a, e}

Cash 6.00% + E^##

07/29/22

07/27/29

Senior

9,649,135

7,645,001

Envirotainer ^{+, a}

Cash 6.00% + L (0.75% Floor)^^

07/29/22

07/27/29

Senior

4,089,559

3,967,395

Fusilli AcquiCo S.à.r.l. ^{+, a}

Cash 6.00% + E^###

01/27/22

10/12/23

Senior

1,114,648

839,772

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

Cash 7.00% + E^#

06/28/19

11/28/24

Senior

1,101,126

782,237

HIG Finance 2 Limited ^{+, a, f}

Cash 3.25% + L (0.75% Floor)^ + P 2.25% (1.75% Floor)

10/05/21

11/12/27

Senior

3,176,279

3,032,854

HNVR Holdco Limited ^{+, a}

Cash 5.50% + E^###

01/25/22

09/12/27

Senior

1,691,173

1,314,852

Holding Socotec SAS ^{+, a}

Cash 4.25% + L (0.75% Floor)^^^

09/10/21

06/30/28

Senior

1,485,000

1,388,475

Hunter Douglas NV ^{+, a}

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

03/07/22

02/26/29

Senior

1,795,500

1,486,674

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

Cash 4.25% + L (0.50% Floor)^^

08/26/21

08/19/28

Senior

3,085,188

2,938,641

Hurtigruten AS ^{+, a}

Cash 8.00% + E^##

01/10/22

06/11/23

Senior

1,697,931

1,352,351

IGT Holding IV AB ^{+, a}

Cash 3.50% + L(0.50% Floor)^^^

07/21/21

03/31/28

Senior

1,871,500

1,796,640

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

Cash 3.50% + L^^

11/16/21

06/13/24

Senior

2,967,557

2,412,440

ION Trading Finance Limited ^{+, a}

Cash 4.75% + L (1.00% Floor)^^

05/25/21

04/01/28

Senior

2,765,000

2,579,745

Loire UK Midco 3 Limited ^{+, a}

Cash 3.75% + L (0.75% Floor)^^^

07/09/21

04/21/27

Senior

1,277,119

1,205,817

Loire UK Midco 3 Limited ^{+, a}

Cash 3.25% + L^^^

06/08/20

04/21/27

Senior

1,368,813

1,292,385

Mar Bidco S.à.r.l. ^{+, a}

Cash 4.25% + L^^

07/30/21

07/06/28

Senior

2,970,000

2,727,455

Matador Bidco S.à.r.l. ^{+, a}

Cash 4.75% + L^

11/12/19

10/15/26

Senior

3,392,109

3,311,971

Nomad Foods Limited ^{+, a}

Cash 2.25% + L^

07/02/18

05/15/24

Senior

1,534,996

1,464,648

Osmosis Buyer Limited ^{+, a}

Cash 3.75% + L (0.50% Floor)^^

08/03/21

07/30/28

Senior

3,491,250

3,252,326

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

28,203,492

25,406,210

Paradocs Holding S.à.r.l. ^{+, a}

Cash 3.75% + L (0.75% Floor)^^

06/02/21

02/17/28

Senior

1,871,500

1,810,676

Paysafe Group Holdings II Limited ^{+, a, e}

Cash 2.75% + L (0.50% Floor)^

01/21/22

06/28/28

Senior

989,975

—

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

Cash 4.00% + SF^vvv

03/30/22

03/01/29

Senior

1,492,500

1,367,503

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

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

05/05/22

07/12/29

Senior

2,765,370

2,647,842

Rainbow Jvco Ltd. ^{+, a}

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

02/24/22

02/24/30

Mezzanine

9,559,481

7,924,363

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Private Equity Investments (continued)

Direct Debt (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value**

Western Europe (continued)

RivieraTopco S.à.r.l. ^{+, a}

PIK 8.50% + E (1.00% Floor)^###

01/01/21

05/08/24

Mezzanine

1,947,859

1,483,918

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

Cash 3.25% + E^##

05/25/18

05/05/25

Senior

2,271,578

1,825,690

Seren Bidco AB ^{+, a}

Cash 7.25% + SR ¤¤

11/16/21

11/16/29

Second Lien

16,653,255

13,123,489

Sitel Group ^{+, a}

Cash 3.75% + L (0.50% Floor)^^

10/15/21

08/28/28

Senior

1,782,000

1,732,719

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

Cash 2.75% + L^^

11/14/18

10/01/25

Senior

2,769,710

2,604,912

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

Cash 4.50% + L (0.75% Floor)^^

09/08/21

12/04/26

Senior

990,000

935,550

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

Cash 3.75% + L (0.75% Floor)^^

10/22/19

10/01/26

Senior

2,745,688

2,562,633

team.blue Finco S.à.r.l. ^{+, a}

Cash 3.75% + E^###

06/25/21

03/27/28

Senior

4,056,317

3,060,650

Vertical Midco GmbH ^{+, a}

Cash 3.50% + L^^^

09/09/20

07/30/27

Senior

3,930,523

3,788,041

Virgin Media Bristol, LLC ^{+, a}

Cash 2.50% + L^

02/07/18

01/31/28

Senior

5,486,250

5,252,500

Ziggo Financing Partnership ^{+, a}

Cash 2.50% + L^

02/27/20

04/30/28

Senior

2,500,000

2,384,375

Total Western Europe (2.10%)

259,641,635

Total Direct Debt (8.36%)

1,035,392,511

Total Direct Investments (64.68%)

8,008,349,510

Private Equity Investments (continued) Secondary Investments ^{, c} (11.97%)*	Acquisition Date		Fair Value
Asia - Pacific (1.21%)
Baring Asia Private Equity Fund IV, L.P. ^{+, a, e}		11/24/09	$	5,686
CVC Capital Partners Asia Pacific III, L.P. ^{+, a, e}		01/11/13		219,782
MBK Partners Colonel Fund, L.P. ^{+, a, e}		09/20/21		84,530,670
TPG Asia VII (B), L.P. ^{+, a, e}		12/07/18		20,282,657
TRG Growth Partnership (Offshore) II, L.P. ^{+, a, e}		08/02/10		106,973
TRG Growth Partnership (Offshore), L.P. ^{+, a, e}		08/02/10		5,677
TRG Growth Partnership II, L.P. ^{+, a, e}		07/08/10		314,589
Yunfeng Capital Fund III, L.P. ^{+, a, e}		05/18/21		40,248,404
Yunfeng Capital Fund IV, L.P. ^{+, a, e}		05/31/21		3,500,965
Total Asia - Pacific (1.21%)				149,215,403

North America (9.19%)
Abingworth Bioventures V, L.P. ^{+, a, e}		06/30/12		26,305
Apollo Investment Fund VII, L.P. ^{+, a, e}		07/01/10		19,924
Apollo Overseas Partners (Delaware) VII, L.P. ^{+, a, e}		10/01/09		8,981
Ares PE Extended Value Fund, L.P. ^{+, a, e}		11/14/19		38,412,755
Avenue Golden Continuation Fund PV, L.P. ^{+, a, e}		04/26/22		34,746,379
Bain Capital Fund X, L.P. ^{+, a, e}		06/30/11		4,865,838
Berkshire Fund VIII, L.P. ^{+, a, e}		09/03/21		39,724,371
Berkshire Fund X-A, L.P. ^{+, a, e}		09/03/21		4,395,095
Bertram Growth Capital II-A, L.P. ^{+, a, e}		09/30/15		184,632
Centerbridge Seaport Acquisition Fund, L.P. ^{+, a, e}		05/12/22		111,183
Clayton, Dubilier & Rice Fund VIII, L.P. ^{+, a, e}		03/29/12		1,829,029
DST Opportunities Access Offshore L.P. ^{+, a, e}		09/30/20		20,383,504
ECP Terra-Gen Growth Fund, L.P. ^{+, a, e}		03/23/21		2,840,764
EETF Sidecar, L.P. ^{+, a, e}		04/30/21		10,186,134
EnCap Energy Co-Investment Fund I-C, L.P. ^{+, a, e}		04/30/21		1,657,568
EnCap Energy Transition Fund I, L.P. ^{+, a, e}		04/30/21		4,719,992
Energy Capital Partners Credit Solutions II, L.P. ^{+, a, e}		02/03/21		2,711,292
Energy Capital Partners III, L.P. ^{+, a, e}		02/01/21		6,789,953
Frazier Healthcare VI, L.P. ^{+, a}		06/30/12		132,266
FS Equity Partners V, L.P. ^{+, a, e}		08/07/12		803,404

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

14s

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Private Equity Investments (continued) Secondary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
North America (continued)
GA Continuity Fund I L.P. (Bermuda) ^{+, a, e}		06/30/21	$	61,946,528
General Atlantic Investment Partners 2021, L.P. ^{+, a, e}		07/02/21		3,342,532
Genstar Capital Partners V, L.P. ^{+, a, e}		09/30/15		10,195
Green Equity Investors Side CF, L.P. ^{+, a, e}		04/16/21		50,848,099
Gridiron Energy Feeder I, L.P. ^{+, a, e}		05/15/17		34,834,666
Gryphon Partners 3.5, L.P. ^{+, a, e}		05/21/13		712,950
Gryphon Partners IV L.P. ^{+, a, e}		02/08/16		25,163,214
H.I.G. Bayside Debt & LBO Fund II, L.P. ^{+, a, e}		12/30/10		216,792
Hellman & Friedman Capital Partners VI, L.P. ^{+, a, e}		06/30/14		—
Icon Partners IV, L.P. ^{+, a, e}		05/26/21		33,645,529
Icon Partners V, L.P. ^{+, a, e}		12/27/21		76,862,315
Insight Venture Partners Continuation Fund, L.P. ^{+, a, e}		09/09/19		59,185,236
Investcorp Private Equity 2007 Fund, L.P. ^{+, a, e}		03/31/11		9,062
KKR Associates Indigo Equity Partners, L.P. ^{+, a}		06/09/22		122,097,000
KSL Capital Partners CV I, L.P. ^{+, a, d, e}		05/23/22		29,413,221
Lee Equity Partners II, L.P. ^{+, a, e}		06/30/17		5,678,992
Lee Equity Partners Realization Fund, L.P. ^{+, a}		06/30/17		10,836,620
LEP Captive Co-Invest II, L.P. ^{+, a}		07/01/22		14,384,874
Lightyear Fund II, L.P. ^{+, a, e}		09/30/13		25,456
Madison Dearborn Capital Partners V, L.P. ^{+, a, e}		01/03/12		221,310
Madison Dearborn Capital Partners VIII, L.P. ^{+, a, e}		03/15/21		6,087,605
MidOcean Partners III, L.P. ^{+, a, e}		06/30/11		120,681
Monomoy Capital Partners II, L.P. ^{+, a, e}		09/30/15		692,832
New Enterprise Associates 17, L.P. ^{+, a, e}		09/30/20		6,060,131
Northgate Growth Fund, L.P. ^{+, a, e}		12/20/19		7,607,270
NVP VIII PG, L.P. ^{+, a, e}		05/31/19		97,658,105
Oak Investment Partners XII, L.P. ^{+, a}		06/28/12		152,474
Providence Equity Partners IV, L.P. ^{+, a, e}		06/30/11		858
Providence Equity Partners V, L.P. ^{+, a, e}		06/30/11		7,189
Providence Equity Partners VI-A, L.P. ^{+, a, e}		06/30/13		1,370,252
Providence Equity Partners VII-A, L.P. ^{+, a, e}		06/30/13		2,049,138
PT2, L.P. ^{+, a, e}		12/21/21		9,390,914
Revelstoke Single Asset Fund I, L.P. ^{+, a, e}		11/20/19		93,211,258
Samson Partners, L.P. ^{+, a, e}		12/21/20		41,947,365
Silver Lake Partners III, L.P. ^{+, a, e}		06/30/14		863,214
Silver Lake Partners V, L.P. ^{+, a, e}		09/30/20		5,867,269
Silver Lake Partners VI, L.P. ^{+, a, e}		09/30/22		19,052,073
Silver Lake Sumeru Fund, L.P. ^{+, a, e}		12/18/09		2,456
SL SPV-1, L.P. ^{+, a}		12/01/17		2,793,253
SL SPV-2, L.P. ^{+, a}		06/30/10		7,251,024
Sun Capital Partners V, L.P. ^{+, a, e}		09/30/13		5,131,476
TA Atlantic & Pacific VI, L.P. ^{+, a, e}		09/30/15		162,624
TA XI, L.P. ^{+, a, e}		09/30/15		1,367,498
TCV VII (A), L.P. ^{+, a, e}		09/30/13		601,497
TorQuest Partners Fund (U.S.) II, L.P. ^{+, a, d, e}		09/30/15		220,168
TPG Partners V, L.P. ^{+, a, e}		07/11/11		15,438
TPG Partners VI, L.P. ^{+, a, e}		12/31/12		1,496,376
Trident VIII, L.P. ^{+, a, e}		09/30/22		28,228,726
Vistria Fund III, L.P. ^{+, a, e}		07/29/19		15,116,253
Warburg Pincus Private Equity X, L.P. ^{+, a}		09/28/12		209,167
Welsh, Carson, Anderson & Stowe XII, L.P. ^{+, a, e}		12/31/18		74,386,440
Welsh, Carson, Anderson & Stowe XIII, L.P. ^{+, a, e}		12/20/18		5,046,236
Total North America (9.19%)				1,138,151,220

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Private Equity Investments (continued) Secondary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
Western Europe (1.57%)
3i Eurofund Vb, L.P. ^{+, a}		10/01/14	$	75,164
3i Growth Capital B, L.P. ^{+, a, e}		10/01/14		52,166
Abingworth Bioventures III, L.P. ^{+, a, e}		09/30/15		8,892
Abingworth Bioventures V Co-Investment Growth Equity Fund, L.P. ^{+, a, e}		06/30/12		29,035
Advent International GPE VI, L.P. ^{+, a}		04/30/11		263,796
Apax Europe VI - A, L.P. ^{+, a, e}		07/01/11		56,587
Apax Europe VII - B, L.P. ^{+, a, e}		04/30/11		16,022
Astorg IQ-EQ Fund SCSp ^{+, a, e}		01/13/22		17,307,798
BC European Capital IX, L.P. ^{+, a, e}		09/30/14		2,719,327
Carlyle Europe Partners II, L.P. ^{+, a, e}		12/28/12		14,585
Carlyle Europe Partners III, L.P. ^{+, a, e}		09/30/14		166,594
CCP IX L.P. No.2 ^{+, a}		09/30/14		203,211
CD&R Value Building Partners I, L.P. ^{+, a}		12/17/21		46,717,917
CVC European Equity Partners V, L.P. ^{+, a, e}		12/28/12		100,450
EPIC I-b Fund SLP ^{+, a, e}		11/30/20		24,520,970
ESP Golden Bear Europe Fund ^{+, a, e}		12/31/16		3,533,691
Galileo III FCPR ^{+, a, e}		09/30/15		28,913
Graphite Capital Partners VII, L.P. ^{+, a, e}		09/30/15		152,914
Italian Private Equity Fund IV, L.P. ^{+, a, e}		01/29/16		14,207
KKR European Fund III, L.P. ^{+, a, e}		10/01/14		171,348
Montagu+ SCSp ^{+, a, e}		12/06/21		35,480,323
Permira Europe II, L.P. ^{+, a}		11/29/13		22,448
Permira Europe III, L.P. ^{+, a}		09/30/13		51,183
Permira IV, L.P. ^{+, a}		09/30/15		6,441,966
Permira VII L.P. ^{+, a, e}		09/29/22		26,633,690
Riverside Europe Fund IV, L.P. ^{+, a, e}		09/30/14		414,020
STG Alternative Investments S.C.A. SICAV-RAIF ^{+, a, e}		09/17/21		17,381,824
Trilantic Capital Partners V (Europe) S.C.A., SICAR ^{+, a, e}		11/20/20		9,878,518
Trilantic Europe VI SCSp ^{+, a, e}		12/10/20		1,700,870
Total Western Europe (1.57%)				194,158,429

Total Secondary Investments (11.97%)				1,481,525,052

Primary Investments ^,c (14.36%)*
Asia - Pacific (0.98%)
Baring Asia Private Equity Fund V, L.P. ^{+, a, e}		12/01/10		1,942,365
BGH Capital Fund I ^{+, a, e}		03/01/18		13,635,812
BGH Capital VCLP II ^{+, a, e}		02/01/22		—
CMC Capital Partners IV, L.P ^{+, a, e}		12/03/21		—
CPEChina Fund III, L.P. ^{+, a, e}		03/28/18		35,843,387
Hony Capital Fund VIII, L.P. ^{+, a, e}		10/30/15		8,889,885
Hony Capital Partners V, L.P. ^{+, a, e}		12/15/11		3,837,334
J-STAR No.4-C, L.P. ^{+, a, e}		08/02/19		14,651,207
J-STAR No.5-B, LP ^{+, a, e}		02/28/22		—
Kedaara Capital III Limited ^{+, a, e}		06/17/21		737,721
KKR Asian Fund IV SCSp ^{+, a, e}		05/29/20		2,034,760
Primavera Capital Fund III L.P. ^{+, a, e}		05/09/18		13,276,454
Primavera Capital Fund IV, L.P. ^{+, a, e}		05/20/21		4,076,267
Southern Capital Fund IV L.P. ^{+, a, e}		01/26/18		2,161,281
The Baring Asia Private Equity Fund VII, L.P. ^{+, a, e}		07/10/18		9,255,581
TPG Asia VIII (B), L.P. ^{+, a, e}		07/01/22		—
Trustbridge Partners VI, L.P. ^{+, a, e}		04/12/18		10,781,495
Total Asia - Pacific (0.98%)				121,123,549

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Private Equity Investments (continued) Secondary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
North America (9.08%)
Advent Global Technology, L.P. ^{+, a, e}		06/25/19	$	2,878,408
AEA Investors Fund VII L.P. ^{+, a, e}		02/08/19		3,312,042
American Industrial Partners Capital Fund VII, L.P. ^{+, a, e}		03/29/19		14,637,028
Apollo Investment Fund IX, L.P ^{+, a, e}		06/01/17		28,534,754
Apollo Investment Fund VIII, L.P. ^{+, a, e}		06/28/13		4,188,251
Ares Corporate Opportunities Fund IV, L.P. ^{+, a, e}		04/19/12		4,658,112
Ares Corporate Opportunities Fund V, L.P. ^{+, a, e}		12/28/15		9,516,023
Ares Corporate Opportunities Fund VI, L.P. ^{+, a, e}		06/02/20		1,542,869
Avista Capital Partners II, L.P. ^{+, a, e}		01/01/14		120,036
Avista Capital Partners III, L.P. ^{+, a, e}		10/03/11		79,576
Bain Capital Fund XII, L.P. ^{+, a, e}		06/30/17		19,959,981
Bain Capital Fund XIII, L.P. ^{+, a, e}		08/07/20		5,888,948
Barings Transportation Fund, L.P. ^{+, a, e}		09/23/21		10,863,613
Berkshire Fund IX, L.P. ^{+, a, e}		03/18/16		13,973,768
Caltius Partners V-A, L.P. ^{+, a, e}		12/02/14		7,435,336
Carlyle Partners VII, L.P. ^{+, a, e}		11/29/17		57,202,022
Carlyle Partners VIII, L.P. ^{+, a, e}		09/10/21		1,423,737
Centerbridge Seaport Acquisition Fund, L.P. ^{+, a}		04/27/22		872,790
Clayton, Dubilier & Rice Fund IX, L.P. ^{+, a, e}		07/31/13		12,944,267
Clayton, Dubilier & Rice Fund X, L.P. ^{+, a, e}		12/13/16		26,450,420
Clayton, Dubilier & Rice Fund XI, L.P. ^{+, a, e}		05/15/20		8,318,232
Clayton, Dubilier & Rice Fund XII, L.P. ^{+, a, e}		09/02/22		—
Clearlake Capital Partners V, L.P. ^{+, a, e}		12/15/17		40,414,335
Clearlake Capital Partners VI, L.P. ^{+, a, e}		12/10/19		22,425,585
Clearlake Capital Partners VII, L.P. ^{+, a, e}		09/23/21		5,068,272
Crescent Mezzanine Partners VI, L.P. ^{+, a, e}		03/30/12		629,656
Cressey & Company Fund VII-A LP ^{+, a, e}		06/30/22		—
ECP V, LP ^{+, a, e}		08/19/22		—
Frazier Healthcare Growth Buyout Fund X, L.P. ^{+, a, e}		03/10/21		3,651,442
Genstar Capital Partners IX, L.P. ^{+, a, e}		02/21/19		20,124,651
Genstar Capital Partners VI, L.P. ^{+, a, e}		09/01/12		1,811,980
Genstar Capital Partners VII, L.P. ^{+, a, d, e}		06/26/15		6,099,297
Genstar Capital Partners VIII, L.P. ^{+, a, e}		03/23/17		30,250,100
Genstar Capital Partners X, L.P. ^{+, a, e}		04/01/21		4,642,427
Genstar X Opportunities Fund, L.P. ^{+, a, e}		08/13/21		1,251,225
GoldPoint Mezzanine Partners IV, L.P. ^{+, a, e}		12/30/15		9,567,697
Green Equity Investors IX, L.P. ^{+, a, e}		03/01/22		—
Green Equity Investors Side VIII, L.P. ^{+, a, e}		10/18/19		28,114,597
Gryphon Heritage Partners, L.P. ^{+, a, e}		12/17/20		7,069,759
Gryphon Partners V, L.P. ^{+, a, e}		02/23/18		9,119,591
Gryphon Partners VI, L.P. ^{+, a, e}		12/17/20		7,201,524
Harvest Partners IX, L.P. ^{+, a, e}		09/24/21		867,365
Harvest Partners VII, L.P. ^{+, a, e}		12/14/15		11,277,209
Harvest Partners VIII, L.P. ^{+, a, e}		12/19/18		25,303,605
Hellman & Friedman Capital Partners VII, L.P. ^{+, a, e}		06/30/14		476,831
Hellman & Friedman Capital Partners X, L.P. ^{+, a, e}		05/10/21		7,467,785
HGGC Fund IV, L.P. ^{+, a, e}		04/08/22		915,009
Icon Partners IV, L.P. ^{+, a, e}		09/01/21		5,737,748
Icon Partners V, L.P. ^{+, a, e}		12/27/21		7,555,240
Insight Partners XII (Co-Investors), L.P. ^{+, a, e}		06/07/21		904,093
Insight Venture Partners X, L.P. ^{+, a, e}		07/06/18		15,163,624
Insight Venture Partners XI, L.P. ^{+, a, e}		12/17/19		7,740,484
Insight Ventures Partners XII, L.P. ^{+, a, e}		06/07/21		3,572,435
Jade Equity Investors II, L.P. ^{+, a, e}		03/01/22		—

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Private Equity Investments (continued) Secondary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
North America (continued)
KKR Americas Fund XII L.P. ^{+, a, e}		01/31/18	$	30,593,219
KKR North America Fund XI, L.P. ^{+, a, e}		02/01/12		5,724,291
KKR North America Fund XIII, SCSP ^{+, a, e}		04/06/21		2,127,604
Kleiner Perkins Caufield & Byers XIX LLC ^{+, a, e}		03/05/20		9,885,624
Kohlberg TE Investors IX, L.P. ^{+, a, e}		12/20/19		12,933,660
Kohlberg TE Investors VIII, L.P. ^{+, a, e}		08/04/16		21,987,632
Leeds Equity Partners VI, L.P. ^{+, a, e}		11/25/16		16,089,779
Lerer Hippeau Select Fund III, L.P. ^{+, a, e}		12/20/19		7,730,640
Lerer Hippeau VII, L.P. ^{+, a, e}		12/20/19		3,261,992
Lux Total Opportunities, L.P. ^{+, a, e}		05/28/21		1,561,217
Lux Ventures VII, L.P. ^{+, a, e}		05/28/21		461,759
Madison Dearborn Capital Partners VIII, L.P. ^{+, a, e}		03/20/20		5,770,244
Nautic Partners IX-A, L.P. ^{+, a, e}		03/12/19		7,612,032
Nautic Partners VII-A, L.P. ^{+, a, e}		06/27/14		2,298,833
Nautic Partners X-A, L.P. ^{+, a, e}		07/19/21		2,710,191
NEA 18 Venture Growth Equity, L.P. ^{+, a, e}		12/22/21		592,008
New Enterprise Associates 14, L.P. ^{+, a, e}		05/04/12		7,785,383
New Enterprise Associates 17, L.P. ^{+, a, e}		06/06/19		8,208,388
New Enterprise Associates 18, L.P. ^{+, a, e}		12/22/21		537,047
New Mountain Capital V, L.P. ^{+, a, e}		06/29/17		49,864,682
New Mountain Partners VI, L.P. ^{+, a, e}		10/16/20		10,101,129
NexPhase Capital Fund III-A, L.P. ^{+, a, e}		09/01/16		20,677,225
Oak Hill Capital Partners IV, L.P. ^{+, a, e}		04/28/17		9,654,214
Oak Hill Capital Partners V, L.P. ^{+, a, e}		12/21/18		33,294,236
Oak Hill Capital Partners VI, L.P. ^{+, a, e}		02/25/22		—
Pamlico Capital V, L.P. ^{+, a, e}		02/03/20		1,887,529
PennantPark Credit Opportunities Fund II, L.P. ^{+, a, d, e}		08/03/12		1,590,911
Revelstoke Capital Partners Fund III, L.P ^{+, a, d, e}		02/23/22		3,591,981
Silver Lake Partners IV, L.P. ^{+, a, e}		07/30/12		14,434,312
Silver Lake Partners V, L.P. ^{+, a, e}		03/31/17		50,279,569
Silver Lake Partners VI, L.P. ^{+, a, e}		06/04/20		3,751,559
Silver Lake Partners VII, L.P. ^{+, a, e}		05/26/22		—
Spark Capital Growth Fund IV, L.P. ^{+, a, e}		10/14/21		909,191
Spark Capital VII, L.P. ^{+, a, e}		10/14/21		764,547
Sumeru Equity Partners Fund, L.P. ^{+, a, e}		04/27/15		5,869,140
Summit Partners Growth Equity Fund XI, L.P. ^{+, a, e}		10/01/21		—
TA Select Opportunities Fund II-B, L.P. ^{+, a, e}		05/27/21		661,566
TA XIII-B, L.P. ^{+, a, e}		05/02/19		17,542,507
TA XIV-B, L.P. ^{+, a, e}		05/27/21		4,045,991
TCV X, L.P. ^{+, a, e}		08/31/18		14,468,365
TCV XI (A), L.P. ^{+, a, e}		10/02/20		4,301,725
Thompson Street Capital Partners IV, L.P. ^{+, a, e}		12/10/15		5,894,568
Thompson Street Capital Partners V, L.P. ^{+, a, e}		05/04/18		8,158,246
Thompson Street Capital Partners VI, L.P. ^{+, a, e}		06/11/21		4,378,655
TPG Partners VII, L.P. ^{+, a, e}		03/01/16		9,892,048
TPG Partners VIII, L.P. ^{+, a, e}		01/31/19		8,092,666
Trident IX, L.P. ^{+, a, e}		11/19/21		1,604,443
Trident VII, L.P. ^{+, a, e}		09/22/16		37,223,273
Trident VIII, L.P. ^{+, a, e}		04/05/19		22,804,184
Vista Equity Partners Fund VII, L.P. ^{+, a, e}		08/31/18		20,302,237
Vista Equity Partners Fund VIII, L.P. ^{+, a, e}		04/28/22		—
Vistria Fund II, L.P. ^{+, a, e}		12/19/17		11,074,748
Vistria Fund III, L.P. ^{+, a, e}		06/19/19		15,116,253
Vistria Fund IV, L.P. ^{+, a, e}		03/31/21		9,916,663

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Private Equity Investments (continued) Secondary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
North America (continued)
Warburg Pincus Global Growth 14, L.P. ^{+, a, e}		01/31/22	$	974,493
Warburg Pincus Global Growth, L.P. ^{+, a, e}		11/20/18		11,435,904
Welsh, Carson, Anderson & Stowe XII, L.P. ^{+, a, e}		12/19/14		18,922,601
Welsh, Carson, Anderson & Stowe XIII, L.P. ^{+, a, e}		12/20/18		18,166,451
Welsh, Carson, Anderson & Stowe XIV, L.P. ^{+, a, e}		01/19/22		—
Windjammer Senior Equity Fund IV, L.P. ^{+, a, e}		02/06/13		4,929,389
Total North America (9.08%)				1,123,672,523

Rest of World (0.77%)
Advent Latin American Private Equity Fund VI-H L.P. ^{+, a, e}		10/17/14		10,539,753
Altra Private Equity Fund II, L.P. ^{+, a}		12/07/12		1,225,903
Patria - Brazilian Private Equity Fund IV, L.P. ^{+, a, e}		06/30/11		6,378,072
Polish Enterprise Fund VIII, L.P. ^{+, a, e}		09/15/17		77,294,929
Total Rest of World (0.77%)				95,438,657

Western Europe (3.53%)
Adagia Capital Europe S.L.P. ^{+, a, d, e}		06/01/21		5,462,330
Advent International GPE IX-C, L.P. ^{+, a, e}		05/31/19		28,471,903
Advent International GPE VII-B, L.P. ^{+, a, e}		07/01/12		2,538,400
Advent International GPE VIII-C, L.P ^{+, a, e}		03/22/16		11,874,654
Advent International GPE X (USD) ^{+, a, e}		05/31/22		640,500
Apax X USD L.P. ^{+, a, e}		07/16/19		12,396,665
Apax XI USD L.P. ^{+, a, e}		06/30/22		—
Astorg Mid-Cap ^{+, a, e}		02/22/21		681,719
Astorg VI, FCPI ^{+, a, e}		06/30/16		4,759,301
Astorg VIII Sàrl ^{+, a, e}		12/17/21		1,273,740
Axcel VI K/S ^{+, a, e}		02/21/20		13,452,528
Bain Capital Europe Fund IV, L.P. ^{+, a, e}		09/01/14		5,666,373
Bain Capital Europe Fund VI, SCSp ^{+, a, e}		06/30/22		—
BC Partners XI, L.P. ^{+, a, e}		12/15/21		10,021,090
CapVest Equity Partners III B, L.P. ^{+, a, e}		08/30/13		2,941,179
Capvis Equity V L.P. ^{+, a, e}		01/17/18		17,748,496
Carlyle Europe Partners IV, L.P. ^{+, a, e}		08/27/13		703,750
Carlyle Europe Partners V, L.P. ^{+, a, e}		04/23/18		5,737,304
CD&R Value Building Partners I, L.P. ^{+, a}		12/17/21		5,811,040
Charterhouse Capital Partners XI ^{+, a, e}		11/26/21		—
CVC Capital Partners VI (A) L.P. ^{+, a, e}		07/05/13		8,328,403
CVC Capital Partners VIII, L.P. ^{+, a, e}		06/19/20		680,439
DPE Deutschland IV ^{+, a, e}		08/24/20		1,886,818
EQT IX, L.P. (USD) ^{+, a, d, e}		05/15/20		18,125,863
EQT Mid-Market (No.1) Feeder L.P. ^{+, a, e}		07/01/16		20,794,436
EQT VI (No.1), L.P. ^{+, a, e}		07/01/11		10,820
EQT X, L.P. (USD) ^{+, a, e}		04/28/22		—
Gilde Buy-Out Fund VI C.V. ^{+, a, e}		06/28/19		15,583,528
Graphite Capital Partners IX L.P. ^{+, a, e}		04/11/18		7,723,621
Hg Genesis 10 L.P. ^{+, a, e}		04/14/22		49,925
Hg Saturn 3 L.P. ^{+, a, e}		02/25/22		116,576
Hg Saturn I L.P. ^{+, a, d, e}		06/28/18		19,671,807
HgCapital 8 L.P. ^{+, a, d, e}		12/19/16		32,409,543
HgCapital Mercury 2 ^{+, a, e}		02/15/17		18,593,901
Index Ventures Growth III (Jersey) L.P. ^{+, a, e}		03/18/15		22,434,611
KKR European Fund V (EUR) SCSp ^{+, a, e}		11/05/18		24,406,018
KKR European Fund VI (USD) ^{+, a, e}		11/01/21		—
Livingbridge 7 L.P. ^{+, a, e}		09/04/20		9,640,333

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

Private Equity Investments (continued) Secondary Investments ^{, c} (continued)*	Acquisition Date		Fair Value
Western Europe (continued)
MCH Iberian Capital Fund V FCR ^{+, a, e}		12/10/21	$	8,140,913
Nordic Capital Evo GP, SCSp ^{+, a, e}		06/30/21		—
Nordic Capital IX, L.P. ^{+, a, e}		07/18/17		36,716,610
Nordic Capital X, L.P. ^{+, a, e}		09/30/20		11,824,718
Nordic Capital XI, L.P. ^{+, a, e}		05/01/22		—
Oakley Capital Fund V, SCSp ^{+, a, e}		04/28/22		282,182
PAI Europe VI-1, L.P. ^{+, a, e}		03/12/15		6,335,769
PAI Partners VIII-1 SCSp ^{+, a, e}		12/17/21		—
Permira VII L.P. ^{+, a, e}		06/21/19		19,368,148
Permira VIII SCSp ^{+, a, e}		02/10/22		—
Sixth Cinven Fund (No.3) L.P. ^{+, a, e}		05/01/16		6,331,849
The Eighth Cinven Fund, L.P. ^{+, a, e}		07/05/22		—
The Paragon Partners Fund IV GmbH & Co. KG ^{+, a, e}		04/29/22		—
The Seventh Cinven Fund, L.P. ^{+, a, d, e}		04/16/19		17,718,863
Total Western Europe (3.53%)				437,356,666

Total Primary Investments (14.36%)			$	1,777,591,395

Total Private Equity Investments (Cost 8,862,618,882)(91.01%)			$	11,267,465,957

Total Investments (Cost 9,075,024,415)(92.61%)				11,465,673,780

Other Assets in Excess of Liabilities (7.39%)				915,089,990

Net Assets (100.00%)			$	12,380,763,770

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

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

***

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2022, the aggregate value of these securities is 59,799,595 or 0.48% of the Portfolio’s net assets.

^	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 September 30, 2022 was 3.41%.

^^	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 September 30, 2022 was 3.75%.

^^^	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 September 30, 2022 was 4.23%.

^^^^	The interest rate on these loans is subject to the greater of a LIBOR floor or 12 month LIBOR plus a base rate. The 12 month LIBOR as of September 30, 2022 was 4.78%.

^#	As of September 30, 2022, 1 month EURIBOR was 0.68%.

^##	As of September 30, 2022, 3 month EURIBOR was 1.17%.

^###	As of September 30, 2022, 6 month EURIBOR was 0.81%. + The fair value of the investment was determined using significant unobservable inputs.

^>>	As of September 30, 2022, 3 month Sterling Overnight Interbank Average Rate was 1.47%.

^>>>	As of September 30, 2022, 6 month Sterling Overnight Interbank Average Rate was 1.16%.

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

^¤¤	As of September 30, 2022, 3 month Stockholm Interbank Offered Rate was 1.73%.

^v	As of September 30, 2022, 3 month Secured Overnight Financing Rate was 2.47%.

^vv	As of September 30, 2022, 3 month Secured Overnight Financing Rate was 2.13%.

^vvv	As of September 30, 2022, 6 month Secured Overnight Financing Rate was 1.43%.

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 September 30, 2022 was $11,272,750,683, or 91.05% of net assets. As of September 30, 2022, the aggregate cost of each investment restricted to resale was $15,568,606, $10,621,500, $102,112, $15,366,827, $6,473,508, $22,700,000, $2,204,592, $14,353,176, $8,845,571, $2,211,393, $3,600,295, $2,517,765, $5,441,192, $48,970,725, $1,209,387, $22,978,362, $2,375,601, $16,300,545, $150,775,861, $24,784,703, $11,393,287, $44,578,381, $35,317,661, $150,000, $1, $0, $4,168,272, $17,127,003, $56,634, $114,607,802, $122,578,028, $0, $27,243,271, $3,120,000, $1,348,750, $3,602,070, $27,230, $119,978,433, $43,783,284, $100,002,943, $7,120,999, $3,933,233, $48,685,202, $38,614,270, $94,861,790, $103,079,624, $56,985,983, $9,345,787, $47,761,620, $15,617,280, $62,584,962, $122,197,451, $151,690,905, $250,000, $219,375, $47,583,000, $1,111,078, $9,683,864, $61,566,000, $252,000, $83,828,190, $8,804,000, $317,827, $172,633, $37,921,967, $22,612,605, $60,480,000, $5,000,000, $2,899,729, $473,334, $23,266,740, $15,300,854, $60,063,112, $45,225,381, $40,466,519, $37,975,640, $32,126,730, $25,284,705, $7,704,567, $1,120,924, $13,722,831, $6,996,130, $1,201,846, $52,454,049, $46,801,951, $28,417,946, $55,007,013, $14,874,473, $90,515,558, $178,485,000, $31,820,375, $4,987,424, $71,817,900, $4,632,829, $3,546,000, $22,340,802, $64,480,546, $68,399,200, $1,441,200, $7,026,869, $17,510,132, $69,246,328, $6,195,472, $12,009,114, $264,490, $3,792,769, $21,810,718, $149,423,941, $89,101,353, $33,206, $83,976,881, $78,503,589, $27,818,080, $14,672,982, $463,974, $60,571,021, $68,887,918, $88,276,348, $866,635, $18,777,316, $1,045,423, $3,833,799, $8,703,000, $52,429,641, $9,986,562, $11,664,382, $39,292,014, $92,759,254, $21,615,986, $48,949,162, $17,052,864, $17,052,864, $3,377,868, $18,476,616, $4,520,077, $7,793, $52,258,764, $9,222,920, $64,619,159, $15,139,432, $76,735,181, $13,620, $40,775,356, $51,009,931, $41,607,840, $98,273,895, $0, $0, $97,483,897, $6,616,483, $115,745,971, $128,601, $1,135,700, $102,497,783, $1,063,586, $5,337,259, $89,653,795, $72,269,706, $1,773, $112,190,937, $88,912, $6,358,397, $24,190,919, $764,865, $254,955, $40,573, $33,400,016, $36,261,531, $2,436,246, $26,015,343, $12,156,155, $1,038,330, $12,231,850, $32,673,281, $34,731,898, $25,460,452, $17,127,655, $10,128,061, $10,387,439, $10,130,419, $1,259,379, $4,694,046, $1,668,779, $1,442,045, $2,159,989, $1,850,533, $986,139, $1,380,196, $1,414,622, $979,224, $6,805,228, $2,531,603, $1,251,793, $1,582,258, $2,857,594, $1,679,372, $397,059, $992,885, $982,143, $1,389,878, $1,077,683, $7,040,179, $0, $2,801,664, $-2,191, $1,692,789, $2,747,539, $3,881,096, $3,202,623, $3,534,501, $1,440,386, $1,964,422, $1,877,818, $967,435, $18,568,858, $975,659, $975,662, $151,216, $323,523, $2,350,577, $183,333, $1,448,327, $7,172,041, $3,400,622, $1,366,252, $2,963,840, $1,375,008, $970,745, $931,247, $1,435,627, $3,260,108, $1,266,030, $2,385,709, $1,679,913, $1,607,569, $1,640,183, $2,833,382, $29,998,053, $1,393,831, $1,188,767, $7,969,166, $-33,802, $4,451,971, $3,443,386, $2,882,044, $1,951,410, $970,794, $1,999,388, $2,066,207, $1,585,605, $1,278,566, $28,953,163, $1, $189,700, $2,174,172, $1,675,081, $314,211, $680,836, $3,829,493, $1,585,202, $46,678,830, $3,925,432, $7,834,063, $16,379,134, $2,842,563, $2,074,397, $295,308, $794,016, $862,762, $59,914, $2,262,291, $37,521, $450,417, $1,178,245, $1,915,539, $2,751,449, $1,761,365, $377, $2,266,678, $607,699, $986,604, $3,600,000, $4,146,970, $939,009, $946,697, $2,926,134, $1,250,288, $962,244, $982,689, $10,401,825, $2,075,470, $206,063, $171,735, $1,439,413, $960,949, $1,316,523, $1,462,037, $3,155,818, $3,233,093, $4,883,847, $2,568,571, $957,783, $1,981,778, $3,443,823, $1,474,616, $6,574,239, $2,581,406, $1,086,943, $900,000, $1,139,108, $4,401,936, $334,762, $2,151,887, $1,182,754, $3,755,964, $990,895, $1,684,231, $980,228, $526,607, $2,929,521, $1,933,367, $1,879,876, $2,221,102, $851,114, $2,388,050, $1,449,441, $1,899,623, $1,873,466, $2,925,831, $2,513,225, $227,007, $2,464,594, $1,175,264, $1,008,669, $10,807,102, $3,631,136, $2,390,068, $912,701, $1,926,892, $1,137,270, $983,879, $1,937,674, $2,971,676, $1,678,750, $1,275,336, $1,186,004, $977,321, $3,665,747, $986,503, $1,783,941, $1,141,754, $1,739,823, $2,793,848, $14,733,587, $2,810,879, $990,971, $2,394,649, $-10,441, $13,981,567, $1,968,478, $2,787,961, $3,948,743, $2,168,443, $2,681,208, $1,035,996, $2,953,655, $1,471,588, $19,540, $981,054, $3,400,478, $4,285,373, $1,577,230, $401,010, $2,608,364, $1,872,316, $967,082, $1,872,391, $3,862,480, $800,296, $0, $0, $1,257,943, $1,213,310, $32,897, $3,103,045, $983,659, $25,978,231, $6,581,688, $2,531,425, $1,335,561, $1,433,111, $249,111, $961,084, $2,744,109, $2,406,895, $1,258,716, $961,388, $-14,679, $21,089,847, $520,379, $2,395,656, $15,422,752, $43,127,715, $979,334, $1,470,714, $131,309, $5,148,507, $272,147, $2,131,403, $1,376,850, $972,978, $3,449,315, $3,628,163, $3,545,955, $2,168,672, $3,845,079, $2,292,010, $1,950,000, $1,272,266, $2,964,661, $7,079,664, $2,915,368, $2,981,626, $2,656,759, $2,219,439, $2,914,531, $21,989,688, $2,297,683, $13,540,070, $1,923,872, $675,721, $11,925,479, $2,262,863, $1,841,076, $4,536,175, $2,449,122, $1,936,089, $2,964,359, $2,667,530, $13,402,499, $2,712,973, $35,961,530, $960,621, $1,171,159, $5,187,741, $44,337,588, $5,448,804, $806,158, $1,127,044, $230,423, $1,375,037, $1,359,551, $3,873,280, $0, $8,733,892, $1,398,617, $0, $7,990,406, $3,989,193, $1,269,295, $1,088,088, $2,121,588, $1,022,570, $3,147,744, $1,580,209, $1,478,570, $1,787,157, $3,042,711, $1,684,318, $1,867,557, $2,900,530, $2,759,358, $1,271,947, $1,368,813, $2,957,745, $3,372,822, $1,533,868, $3,476,261, $29,236,635, $1,866,329, $1, $1,488,997, $2,738,179, $9,413,738, $1,915,263, $2,330,990, $16,276,636, $1,774,171, $2,746,890, $983,910, $2,737,729, $4,047,740, $3,873,188, $5,493,854, $2,500,000, $10,380, $1,153,354, $46,460,919, $12,024,647, $106,700, $53,395, $412,425, $37,207,990, $3,584,876, $1, $82,340, $1, $28,361,246, $0, $26,454,042, $800,155, $21,898,699, $3,476,131, $1, $0, $2, $8,097,741, $2,569,506, $5,743,160, $1,026,139, $819,794, $3,809,981, $2,770,820, $1,589,563, $1, $1,158,141, $56,361,754, $3,642,944, $1, $24,035,052,

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

$24,613,529, $1, $1, $1, $1, $31,457,032, $73,811,111, $26,853,372, $1, $122,097,000, $25,647,367, $261,691, $1, $14,384,874, $3,792,589, $3, $5,201,939, $1, $1, $4,731,713, $6,116,000, $43,519,849, $1,099,657, $1, $1, $8, $413,158, $808,294, $6,667, $9,327,441, $41,486,764, $34,549,063, $1, $4, $3,730,767, $23,746,227, $1, $2,999,266, $4,036,296, $17,471,827, $1, $1, $1, $889,332, $1,082,285, $104,111, $26,372,597, $11,483,556, $1, $2,660,763, $3,753,423, $3, $1, $1, $856,679, $2,178, $10,549, $332,524, $12,740,471, $14,456, $62,947, $1,607,009, $2,229,508, $52,466,457, $1, $20,316,690, $1, $1, $1, $1, $3,761, $32,436,442, $101,953, $390,786, $2,326,146, $31,390,084, $158,479, $11,801,893, $8,341,573, $1,970,934, $1, $13,330,000, $0, $0, $23,730,852, $7,988,502, $6,201,001, $14,261,533, $0, $985,021, $2,071,247, $8,940,108, $4,120,209, $2,730,824, $4,138,763, $0, $7,901,564, $2,315,810, $3,258,373, $12,497,388, $19,384,048, $1, $1, $6,145,956, $1,352,299, $219,478, $1,417,651, $12,798,486, $5,995,000, $8,105,166, $5,702,459, $4,786,011, $47,665,770, $1,521,282, $988,701, $1, $1,234,951, $7,751,259, $0, $1, $14,962,769, $5,228,203, $1, $0, $0, $3,114,000, $9,098,050, $1, $62,198, $2,953,953, $4,581,855, $1,216,681, $6,031,615, $0, $26,115,192, $4,561,982, $5,324,429, $6,693,451, $1,208,868, $1,064,790, $17,624,773, $487, $8,177,565, $915,009, $5,364,532, $7,255,319, $990,000, $4,481,938, $4,856,299, $4,238,358, $0, $15,977,365, $1, $2,214,981, $6,390,000, $10,981,137, $8,884,229, $2,603,673, $4,050,000, $3,150,000, $1,650,000, $437,500, $4,912,305, $5,221,316, $1, $2,920,241, $891,000, $31,463, $6,624,572, $594,000, $11,724,717, $9,830,610, $1, $1,164,214, $27,620,078, $0, $2,219,017, $1, $3,328,463, $1,017,698, $31,479,840, $3,776,970, $0, $1,001,250, $798,000, $1, $1, $721,875, $8,662,500, $4,370,000, $7,506,328, $4,241,676, $14,307, $3,146,918, $4,455,173, $160,679, $5,856,298, $1,883,133, $16,113,685, $17,173,597, $15,908,787, $0, $1, $11,483,556, $9,609,840, $1,000,000, $8,722,500, $1, $13,512,321, $0, $1, $4,384,202, $2,637,866, $4,737,450, $44,938,106, $6,206,373, $17,775,897, $250,001, $2,691,549, $640,500, $10,041,509, $0, $1,009,235, $1, $1,325,021, $11,793,068, $2,216,496, $0, $11,422,952, $1, $18,029,412, $1, $5,460,778, $6,526,076, $0, $296,906, $715,198, $2,235,909, $16,025,029, $1, $1, $0, $15,893,236, $6,809,815, $50,350, $78,055, $38,521, $10,685,014, $10,536,786, $3,449,018, $1, $23,762,573, $0, $0, $11,606,752, $7,332,967, $0, $20,983,527, $10,743,207, $0, $310,464, $47,864, $0, $21,924,435, $0, $0, $1,592,749, $0, $0, $17,167,048 and $2,070,000, respectively, totaling $8,862,618,882.

^b	Represents an affiliated issuer.

^c	Investment does not issue shares.

^d	Non-income producing.

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

^f	Security or a portion thereof is unsettled at September 30, 2022.

Legend:

£ - British Pound

€ - Euro

BBSY - Bank Bill Swap Rate

E - EURIBOR

Fr. - Swiss Franc

I - Indian Rupee

L - LIBOR

PIK - Payment-in-kind

S - Sterling Overnight Interbank Average Rate

SF - Secured Overnight Financing Rate

SR - Stockholm Interbank Offered Rate

zl - Polish Zloty

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
September 30, 2022 (Unaudited) (continued)

A summary of outstanding financial instruments at September 30, 2022 is as follows:

Forward Foreign Currency Contracts
Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
October 5, 2022	Bank of America	$	90,834,017	€	86,000,000	$	86,257,627	$	4,576,390
October 5, 2022	Bank of America	$	74,865,218	€	71,000,000	$	71,212,692	$	3,652,526
October 5, 2022	Barclays	€	79,000,000	$	79,235,759	$	79,236,657	$	898
October 5, 2022	Barclays	€	78,000,000	$	78,232,775	$	78,233,662	$	886
October 12, 2022	Bank of America	$	74,904,183	€	71,000,000	$	71,250,840	$	3,653,343
October 12, 2022	Barclays	$	90,986,624	€	86,000,000	$	86,303,835	$	4,682,789
October 12, 2022	Barclays	€	79,000,000	$	79,276,958	$	79,279,104	$	2,146
October 12, 2022	Barclays	€	78,000,000	$	78,273,452	$	78,275,571	$	2,119
October 19, 2022	Bank of America	$	63,155,363	I	4,990,000,000	$	62,363,954	$	791,409
October 19, 2022	Barclays	$	91,033,400	€	86,000,000	$	86,350,325	$	4,683,075
October 19, 2022	Barclays	€	86,000,000	$	86,346,494	$	86,350,325	$	3,831
October 19, 2022	Barclays	I	4,990,000,000	$	62,363,307	$	62,363,954	$	647
October 26, 2022	Bank of America	$	91,077,578	€	86,000,000	$	86,397,030	$	4,680,548
October 26, 2022	Bank of America	$	74,982,745	€	71,000,000	$	71,327,781	$	3,654,964
October 26, 2022	Barclays	€	79,000,000	$	79,359,956	$	79,364,714	$	4,758
October 26, 2022	Barclays	€	78,000,000	$	78,355,399	$	78,360,097	$	4,698
October 27, 2022	Bank of America	$	63,138,742	I	4,990,000,000	$	62,320,657	$	818,085
October 27, 2022	Barclays	I	4,990,000,000	$	62,319,691	$	62,320,657	$	966
November 2, 2022	Barclays	$	71,528,227	€	69,800,000	$	68,302,570	$	3,225,657
November 9, 2022	Barclays	$	71,784,279	€	70,000,000	$	68,534,716	$	3,249,563
November 16, 2022	Barclays	$	71,794,436	€	70,000,000	$	68,571,510	$	3,222,926
November 23, 2022	Barclays	$	71,849,953	€	70,000,000	$	68,609,214	$	3,240,739
November 30, 2022	Barclays	$	97,562,663	€	95,000,000	$	93,164,798	$	4,397,865
November 30, 2022	Barclays	$	97,646,159	€	95,000,000	$	93,164,798	$	4,481,361
December 7, 2022	Bank of America	$	76,008,000	Fr.	71,000,000	$	72,816,787	$	3,191,213
December 7, 2022	Bank of America	$	61,835,102	zl	289,600,000	$	57,687,553	$	4,147,549
December 7, 2022	Barclays	$	99,149,166	€	96,500,000	$	94,686,312	$	4,462,854
December 7, 2022	Barclays	$	98,775,600	€	96,000,000	$	94,195,709	$	4,579,891
December 7, 2022	Barclays	$	96,935,520	£	80,000,000	$	88,283,983	$	8,651,537
December 14, 2022	Barclays	$	97,755,067	€	95,000,000	$	93,254,816	$	4,500,251
December 14, 2022	Barclays	$	61,931,647	zl	289,600,000	$	57,591,256	$	4,340,391
December 14, 2022	Barclays	$	112,740,533	£	93,000,000	$	102,620,355	$	10,120,178
December 14, 2022	Barclays	$	75,951,726	Fr.	71,000,000	$	72,860,583	$	3,091,143
December 21, 2022	Bank of America	$	97,842,809	€	95,000,000	$	93,293,558	$	4,549,251
December 21, 2022	Barclays	$	97,020,056	£	80,000,000	$	88,263,743	$	8,756,313
January 4, 2023	Barclays	$	70,375,349	€	69,620,000	$	68,408,690	$	1,966,659
January 4, 2023	Barclays	$	70,385,457	€	69,630,000	$	68,418,516	$	1,966,941
January 11, 2023	Barclays	$	70,408,391	€	69,620,000	$	68,446,559	$	1,961,832
January 11, 2023	Barclays	$	70,418,504	€	69,630,000	$	68,456,391	$	1,962,113
January 18, 2023	Barclays	$	70,441,411	€	69,620,000	$	68,485,217	$	1,956,194
January 18, 2023	Barclays	$	70,451,529	€	69,630,000	$	68,495,054	$	1,956,475
January 18, 2023	Barclays	$	61,889,938	I	4,990,000,000	$	60,656,117	$	1,233,821
January 25, 2023	Barclays	$	70,473,910	€	69,620,000	$	68,524,656	$	1,949,254
January 25, 2023	Barclays	$	70,484,033	€	69,630,000	$	68,534,499	$	1,949,534
January 25, 2023	Barclays	$	61,861,549	I	4,990,000,000	$	60,631,288	$	1,230,261
								$	131,555,844

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statement of Assets and Liabilities –
September 30, 2022 (Unaudited)

Assets
Unaffiliated Private Equity Investments, at fair value (cost $6,045,596,980)	$	7,820,036,500
Affiliated Private Equity Investments, at fair value (cost of $2,817,021,902)		3,447,429,457
Common stocks, at fair value (cost $137,738,900)		138,408,228
Asset-Backed Securities, at fair value (cost $74,666,633)		59,799,595
Cash and cash equivalents		1,064,312,742
Cash denominated in foreign currencies (cost $58,538,640)		57,277,427
Deposit for investments		20,827,311
Investment sales receivable		14,095,072
Unaffiliated dividends and interest receivable		8,033,636
Affiliated interest receivable		5,998
Unrealized appreciation on forward foreign currency contracts		131,555,844
Other receivable		4,576,514
Prepaid assets		551,371
Total Assets	$	12,766,909,695

Liabilities
Investment purchases payable		17,495,767
Distribution, servicing and transfer agency fees payable		14,738,981
Repurchase amounts payable for tender offers		167,364,928
Due to broker		143,570,000
Management fees payable		32,970,610
Dividends payable		4,654
Professional fees payable		846,737
Line of credit fees payable		2,375,000
Accounting and administration fees payable		6,392,231
Custodian fees payable		347,167
Other payable		39,850
Total Liabilities	$	386,145,925

Commitments and contingencies (See note 11)

Net Assets	$	12,380,763,770

Net Assets consists of:
Paid-in capital	$	10,156,580,346
Distributable earnings (accumulated loss)		2,224,183,424
Total Net Assets	$	12,380,763,770

Class A Units
Net assets	$	6,650,885,869
Units outstanding		879,083,106
Net asset value per unit	$	7.57
Class I Units
Net assets	$	5,729,877,901
Units outstanding		736,225,573
Net asset value per unit	$	7.78

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statement of Operations –
For the Six Months Ended September 30, 2022 (Unaudited)

Investment Income
Dividends from unaffiliated investments (net of $150,217 withholding tax)	$	8,319,571
Dividends from affiliated investments		19,387,343
Interest from unaffiliated investments		45,980,687
Interest from affiliated investments		298,884
Transaction fee income from unaffiliated issuers		1,406,124
Transaction fee income from affiliated issuers		8,896,630
Other fee income		558,786
Total Investment Income		84,848,025

Operating Expenses
Management fees		96,625,964
Professional fees		6,672,569
Line of credit fees		6,242,857
Accounting and administration fees		3,923,100
Board of Managers’ fees		280,000
Custodian fees		253,608
Insurance expense		195,240
Distribution and servicing fees
Class A Units		22,675,027
Transfer agency fees
Class A Units		635,339
Class I Units		424,847
Other expenses		488,658
Total Expenses		138,417,209

Net Investment Loss		(53,569,184	)

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		11,421,355
Net realized gain from affiliated investments		3,844,645
Net realized loss on foreign currency transactions		(16,231,834	)
Net realized gain on forward foreign currency contracts		150,106,680
Net realized gain distributions from primary and secondary investments		50,564,820
Net change in accumulated unrealized appreciation (depreciation) on:
Unaffiliated investments		(508,807,131	)
Affiliated investments		(286,126,243	)
Foreign currency translation		(2,864,238	)
Forward foreign currency contracts		133,532,041

Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments, Forward Foreign Currency Contracts and Foreign Currency		(464,559,905	)

Net Increase (Decrease) in Net Assets From Operations	$	(518,129,089	)

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statements of Changes in Net Assets –

	For the Six Months Ended September 30, 2022 (Unaudited)			For the Year Ended March 31, 2022
Increase (decrease) in Net Assets resulting from operations:
Net investment loss	$	(53,569,184	)	$	(278,005,297	)
Net realized gain (loss) on investments, foreign currency transactions and forward foreign currency contracts		199,705,666			893,531,336
Net change in unrealized appreciation (depreciation) on investments, foreign currency translation and forward foreign currency contracts		(664,265,571	)		1,013,790,881
Net increase (Decrease) in Net Assets resulting from operations	$	(518,129,089	)	$	1,629,316,920

Distributions to Members from:
Distributable earnings		—			(635,114,301	)
Total distributions to Members	$	—		$	(635,114,301	)

Capital transactions (See note 5):
Issuance of common Units
Class A Units	$	697,158,539		$	1,628,448,482
Class I Units		542,744,869			1,383,887,488
Reinvestment of common Units
Class A Units		—			323,147,235
Class I Units		—			249,683,999
Redemption of common Units
Class A Units		(121,835,934	)		(133,915,738	)
Class I Units		(290,251,902	)		(161,695,394	)
Exchanges of common Units
Class A Units		(8,403,182	)		(48,671,363	)
Class I Units		8,403,182			48,671,363
Total increase in Net Assets resulting from capital transactions	$	827,815,572		$	3,289,556,072

Total increase in Net Assets	$	309,686,483		$	4,283,758,691

Net Assets at beginning of period	$	12,071,077,287		$	7,787,318,596
Net Assets at end of period	$	12,380,763,770		$	12,071,077,287

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Statement of Cash Flows –
For the Six Months Ended September 30, 2022 (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES
Net Decrease in Net Assets from Operations	$	(518,129,089	)
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		794,933,374
Net change in unrealized (appreciation) depreciation on forward foreign currency contracts		(133,532,041	)
Net realized (gain) from Investments, forward foreign currency contracts and foreign currency transactions		(199,705,666	)
Purchases of Investments		(1,711,326,074	)
Proceeds from sales of Investments		333,472,046
Net realized gain on forward foreign currency contracts		150,106,680
Net realized gain distributions from primary and secondary Investments		50,564,820
Amortization of premium and accretion of discount		(1,166,067	)
Decrease in investment sales receivable		8,592,561
Decrease in deposit of investments		117,685,769
Increase in interest receivable		(4,268,318	)
Decrease in dividends receivable		91,641
Decrease in other receivable		1,045,177
Decrease in prepaid assets		142,200
Decrease in investment purchases payable		(5,605,565	)
Decrease in dividends payable		(271	)
Increase in due to broker		143,060,000
Increase in management fees payable		2,673,946
Increase in distribution, servicing and transfer agency fees payable		1,894,792
Decrease in professional fees payable		(138,019	)
Increase in line of credit fees		63,333
Increase in accounting and administrative fees payable		3,412,278
Increase in custodian fees payable		217,571
Increase in other payable		6,101
Decrease in incentive fees payable		(14,587,637	)
Net Cash (Used in) Operating Activities		(980,496,458	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of Units		1,239,903,408
Payments for Units redeemed		(332,449,486	)
Net Cash Provided by Financing Activities		907,453,922

Net change in cash and cash equivalents		(73,042,536	)

Effect of exchange rate changes on cash		(16,231,834	)

Cash and cash equivalents at beginning of period		1,210,864,539
Cash and cash equivalents at end of period⁽¹⁾	$	1,121,590,169

(1)	Balance includes cash and cash equivalents and cash denominated in foreign currencies of $1,064,312,742 and $57,277,427, respectively.

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Financial Highlights –

	Class A
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 31, 2018
Per Unit Operating Performance:⁽¹⁾
Net asset value, beginning of period	$	7.90		$	7.10		$	5.32		$	5.73		$	5.51		$	5.17
Income from investment operations:
Net investment income (loss)⁽²⁾		(0.05	)		(0.24	)		(0.20	)		(0.10	)		(0.05	)		0.20
Net realized and unrealized gains (losses) on investments⁽²⁾		(0.28	)		1.52			2.09			(0.14	)		0.55			0.40
Net increase (decrease) in net assets resulting from operations		(0.33	)		1.28			1.89			(0.24	)		0.50			0.60
Distributions from:
Net investment income		—			—			—			—			(0.03	)		(0.10	)
Net realized gains		—			(0.48	)		(0.11	)		(0.17	)		(0.25	)		(0.16	)
Total distributions		—			(0.48	)		(0.11	)		(0.17	)		(0.28	)		(0.26	)
Net asset value, end of period	$	7.57		$	7.90		$	7.10		$	5.32		$	5.73		$	5.51

Total Return⁽³⁾⁽⁴⁾		(4.24	)%		18.12	%		36.48	%		(4.69	)%		9.36	%		11.65	%

Ratios and supplemental data:
Net assets, end of period in thousands (000’s)	$	6,650,886		$	6,367,381		$	4,098,863		$	2,705,680		$	2,243,031		$	1,725,576
Net investment income (loss) to average net assets before Incentive Fee		(1.20	)%⁽⁵⁾		(1.29	)%		(1.00	)%		(0.52	)%		0.15	%		5.10	%
Ratio of gross expenses to average net assets, excluding Incentive Fee⁽⁶⁾⁽⁷⁾		2.58	%⁽⁵⁾		2.72	%		2.77	%		2.87	%		2.84	%		2.78	%
Ratio of Incentive Fee to average net assets		—	%⁽⁴⁾		1.88	%		2.10	%		1.15	%		1.12	%		1.31	%
Ratio of gross expenses and Incentive Fee to average net assets⁽⁶⁾⁽⁷⁾		2.58	%⁽⁵⁾⁽⁸⁾		4.60	%		4.87	%		4.02	%		3.96	%		4.09	%
Ratio of expense waivers to average net assets		—	%⁽⁵⁾		—	%		—	%		—	%		—	%		—	%
Ratio of net expenses and Incentive Fee to average net assets⁽⁷⁾		2.58	%⁽⁵⁾⁽⁸⁾		4.60	%		4.87	%		4.02	%		3.96	%		4.09	%
Ratio of net expenses to average net assets, excluding Incentive Fee⁽⁷⁾		2.58	%⁽⁵⁾		2.72	%		2.77	%		2.87	%		2.84	%		2.78	%

Portfolio Turnover⁽⁴⁾		3.00	%		20.77	%		19.36	%		13.35	%		21.75	%		23.58	%

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

⁽²⁾	Calculated using average units outstanding.

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

⁽⁴⁾	Not annualized.

⁽⁵⁾	Annualized.

⁽⁶⁾	Represents the ratio of expenses to average net assets absent fee waivers and/or expense waivers by/to the Adviser.

⁽⁷⁾	Ratio does not include expenses of Primary and Secondary Investments.

⁽⁸⁾	The Incentive Fee and/or organizational expenses are not annualized.

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Financial Highlights –

	Class I
	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 31, 2018
Per Unit Operating Performance:⁽¹⁾
Net asset value, beginning of period	$	8.10		$	7.21		$	5.37		$	5.75		$	5.52		$	5.18
Income from investment operations:
Net investment income (loss)⁽²⁾		(0.02	)		(0.19	)		(0.16	)		(0.06	)		(0.01	)		0.25
Net realized and unrealized gain (loss) on investments⁽²⁾		(0.30	)		1.56			2.11			(0.14	)		0.56			0.38
Net increase (decrease) in net assets from operations		(0.32	)		1.37			1.95			(0.20	)		0.55			0.63
Distributions from:
Net investment income (loss)		—			—			—			(0.01	)		(0.07	)		(0.13	)
Net realized gains (losses)		—			(0.48	)		(0.11	)		(0.17	)		(0.25	)		(0.16	)
Total distributions		—			(0.48	)		(0.11	)		(0.18	)		(0.32	)		(0.29	)
Net asset value, end of period	$	7.78		$	8.10		$	7.21		$	5.37		$	5.75		$	5.52

Total Return after Incentive Fee⁽³⁾⁽⁴⁾		(3.90	)%		18.95	%		37.44	%		(4.00	)%		10.14	%		12.42	%

Ratio and Supplemental Data:
Net assets, end of period in thousands (000’s)	$	5,729,878		$	5,703,697		$	3,688,456		$	2,312,841		$	1,997,140		$	1,556,972
Net investment income (loss) to average net assets before Incentive Fee⁽⁵⁾⁽⁶⁾		(0.50	)%⁽⁷⁾		(0.56	)%		(0.29	)%		0.20	%		0.86	%		5.95	%
Ratio of gross expenses to average net assets, excluding Incentive Fee⁽⁵⁾⁽⁶⁾		1.88	%⁽⁷⁾		2.00	%		2.05	%		2.13	%		2.12	%		2.10	%
Ratio of Incentive Fee to average net assets		—	%⁽⁴⁾		1.89	%		2.12	%		1.14	%		1.12	%		1.33	%
Ratio of gross expenses and Incentive Fee to average net assets⁽⁵⁾⁽⁶⁾		1.88	%⁽⁷⁾⁽⁸⁾		3.89	%		4.17	%		3.27	%		3.24	%		3.43	%
Ratio of expense waivers to average net assets		—	%⁽⁷⁾		—	%		—	%		—	%		—	%		—	%
Ratio of net expenses and Incentive Fee to average net assets⁽⁶⁾		1.88	%⁽⁷⁾⁽⁸⁾		3.89	%		4.17	%		3.27	%		3.24	%		3.43	%
Ratio of net expenses to average net assets, excluding Incentive Fee⁽⁶⁾		1.88	%⁽⁷⁾		2.00	%		2.05	%		2.13	%		2.12	%		2.10	%

Portfolio Turnover		3.00	%⁽⁴⁾		20.77	%		19.36	%		13.35	%		21.75	%		23.58	%

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

⁽²⁾	Calculated using average units outstanding.

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

⁽⁴⁾	Not annualized.

⁽⁵⁾	Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursement by/to the Adviser.

⁽⁶⁾	Ratio does not include expenses of Primary and Secondary Investments.

⁽⁷⁾	Annualized.

⁽⁸⁾	The Incentive Fee and/or organizational expenses are not annualized.

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited)

1. Organization

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

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

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

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

2. Significant Accounting Policies

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

a. Basis of Accounting

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

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”).

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (continued)

2. Significant Accounting Policies (continued)

The Adviser determines 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”), which have been approved by the Board. As authorized by the Valuation Procedures, the Adviser values the Fund’s Private Equity Investments in consultation with persons who are employees of the Adviser’s parent company or one of its subsidiaries. The Valuation Procedures require evaluation of all relevant factors reasonably available to the Adviser and its Affiliates at the time the Fund’s Private Equity Investments are valued.

Direct Investments

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

Private Equity Fund Investments

The fair values of Private Equity Fund Investments determined by the Adviser in accordance with the Valuation Procedures are estimates. These estimates are net of management and performance incentive fees or allocations payable pursuant to the respective organizational documents of the Private Equity Fund Investments. Ordinarily, the fair value of a Private Equity Fund Investment is based on the net asset value of that Private Equity Fund Investment reported by its investment manager. If the Adviser determines that the most recent net asset value reported by the investment manager of a Private Equity Fund Investment does not represent fair value or if the manager of a Private Equity Fund Investment fails to report a net asset value to the Fund, a fair value determination is made by the Adviser in accordance with the Valuation Procedures. In making that determination, the Adviser will consider whether it is appropriate, considering all relevant circumstances, to value such Private Equity Fund Investment at the net asset value last reported by its investment manager, or whether to adjust such value 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 of the Fund’s Private Equity Fund Investments (for the purposes of this paragraph, an “Investee”), the Fund has no right to cause the Investee or any third party to purchase the Fund’s investment in the Investee, at the end of the term of such investment, or at any other time. Accordingly, in a typical Private Equity Fund Investment, the Fund expects to realize the value remaining in its investment at the end of the investment’s term through distributions resulting from the liquidation of the remaining assets of the Investee.

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 is the price within the bid-ask spread that is considered most representative of fair value at the end of the reporting period. The fair values of actively traded financial instruments with lock-up restrictions may be discounted.

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

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

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (continued)

2. Significant Accounting Policies (continued)

c. Cash and Cash Equivalents

In the normal course of its business the Fund holds cash, including foreign currencies, in short-term interest-bearing deposit accounts to provide liquidity pending investment in Private Equity Investments. At times, the amounts held in these accounts may exceed applicable federally insured limits. The Fund has not experienced any losses in these accounts and does not believe that it is exposed to significant credit risk on these 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 September 30, 2022, the Fund’s investments denominated in foreign currencies were as follows:

Currency	Number of investments
Australian Dollars		7
Brazilian Reals		1
Canadian Dollars		8
Danish Kroner		4
Euros		196
Indian Rupees		2
Japanese Yen		1
New Zealand Dollars		1
Norwegian Kroner		2
Philippine Peso		1
Pounds Sterling		33
Singapore Dollars		1
Swedish Kronor		4
Swiss Francs		5

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

e. Forward Foreign Currency Exchange Contracts

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

During the six months ended September 30, 2022, the Fund entered into 112 long/short forward foreign currency exchange contracts. As disclosed in the Consolidated Statement of Assets and Liabilities, the Fund had $131,555,844 in unrealized appreciation and $0 in unrealized depreciation on forward foreign currency exchange contracts. As disclosed in the Consolidated Statement of Operations, the Fund had $150,106,680 in net realized gains (losses) and $133,532,041 change in net unrealized appreciation (depreciation) on forward foreign currency contracts. The outstanding forward foreign currency exchange contract amounts at September 30, 2022 are representative of contract amounts during the period.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (continued)

2. Significant Accounting Policies (continued)

f. Investment Income

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

For certain Direct Investments, the Fund classifies various types of non-interest income received as either other income or transaction income. Other income includes transfer fees, amendment fees, and unfunded fees. Transaction income includes break-up fees, directors’ fees, financial advisory fees, topping fees, investment banking fees, monitoring fees, organizational fees, and syndication fees. Transaction income is classified as extraordinary income, as are other fees payable to the Fund attributable to Direct Investments or unconsummated transactions.

g. Interest and Dividend Income

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

h. Fund Expenses

The Fund bears all expenses incurred in its conduct of 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 lines 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.

i. Costs Relating to Purchases of Secondary Investments

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

j. Income Taxes

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

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

As noted above, the Fund has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. If the Fund were to fail to meet the requirements of Subchapter M to qualify as a RIC, and if the Fund were ineligible to or otherwise were not to cure such failure, the Fund would be subject to tax on its taxable income at corporate rates, whether or not distributed to Members, and all distributions of earnings and profits would be taxable to Members as ordinary income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions until it requalifies as a RIC that is accorded special tax treatment under Subchapter M. In order to comply with the requirements of Subchapter M, the Fund must distribute substantially all of its taxable income and gains to holders of Fund Units and meet certain diversification and income requirements with respect

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (continued)

2. Significant Accounting Policies (continued)

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 separate from the Fund, and thus is disregarded, for U.S. federal income tax purposes. The Revolver Subsidiary is treated as an association taxable as a corporation for U.S. federal income tax purposes. In preparing its consolidated financial statements, the Onshore Subsidiary is required to recognize its estimate of income taxes for Federal and State purposes as a deferred tax asset or liability. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. If the Onshore Subsidiary has a deferred tax asset, consideration is given to whether a valuation allowance is required. The Offshore Subsidiary is not subject to U.S. federal and state income taxes. The Revolver Subsidiary is not subject to U.S. federal or state income taxes for the current period ended September 30, 2022.

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 September 30, 2022, the tax years from the year 2017 forward remain subject to examination by the major tax jurisdictions in which the Fund is subject to examination.

During the six months ended September 30, 2022, the Fund reclassified $95,080,211 from undistributed net investment income, $(169,429,308) of accumulated net realized gain (loss) on investments and forward foreign currency contracts, $0 of accumulated net unrealized appreciation on investments and forward foreign currency contracts, and $0 of foreign currency translation, to paid-in capital.

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

k. Use of Estimates

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

l. Consolidated Financial Statements

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

m. Disclosures about Offsetting Assets and Liabilities

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

For financial reporting purposes, the Fund does not offset derivative assets and liabilities that are subject to Master Netting Agreements (“MNA”) or similar arrangements in the Consolidated Statement of Assets and Liabilities. The table below presents the amounts of the Fund’s derivative assets and liabilities as of September 30, 2022 gross, net of amounts available for offset under a MNA, and net of the related collateral received and/or pledged, if any, by the Fund:

Counterparty	Derivative Assets Subject to a MNA with Counterparty		Financial Instruments Available for Offset		Collateral Received¹		Net Amount²
Bank of America	$	33,715,278	$	—	$	33,715,278	$	—
Barclays	$	97,840,566	$	—	$	97,840,566	$	—

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

²	Net amount represents the net amount receivable from the counterparty in the event of default.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (continued)

2. Significant Accounting Policies (continued)

n. Recently Adopted Accounting Pronouncements

In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund is required to comply with Rule 18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities, and requires funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund’s Adviser has assessed that this implementation has had no material impact on investment activity.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund is required to comply with the rules as of September 8, 2022. Effective September 8, 2022 and pursuant to the requirements of Rule 2a-5, the Board designated the Adviser as its “Valuation Designee” to perform fair valuation determinations and approved new valuation procedures for the Fund. The Fund’s Adviser has assessed that this update had no material impact on investment valuations, as was previously expected.

On June 30, 2022, the FASB issued ASU 2022-03 which clarifies the guidance in ASC 822 on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. Under current guidance, stakeholders have observed diversity in practice related to whether contractual sale restrictions should be considered in the measurement of the fair value of equity securities that are subject to such restrictions. On the basis of interpretations of existing guidance and the current illustrative example in ASC 820-10-55-52 of a restriction on the sale of an equity instrument, some entities use a discount for contractual sale restrictions when measuring fair value, while others view the application of such a discount to be inconsistent with the principles of ASC 820. To reduce the diversity in practice and increase the comparability of reported financial information, ASU 2022-03 clarifies this guidance and amends the illustrative example. The amendments in ASU 2022-03 are consistent with the principles of fair value measurement under which an entity is required to consider characteristics of an asset or liability if other market participants would also consider those characteristics when pricing the asset or liability. Specifically, the ASU clarifies that an entity should apply these fair value measurement principles to equity securities that are subject to contractual sale restrictions. The Fund will be required to comply with the rules by December 15, 2023. Management is currently assessing the potential impact of the new rules on the Fund’s financial statements.

3. Fair Value Measurements

In conformity with U.S. GAAP, investments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Estimated fair values may differ from the values that would have been used if a ready market existed or if the investments were liquidated at the valuation date. A three-level hierarchy is used to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs). This distinction determines the classification of fair value measurements for disclosure purposes.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (continued)

3. Fair Value Measurements (continued)

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

Valuation of Investments

●

Level 1 – Pricing inputs are quoted prices available in active markets for identical investments as of the measurement date. The type of investments included in Level 1 include marketable securities that are primarily traded on a securities exchange. The fair value is determined to be the last sale price on the determination date, or, if no sales occurred on that date, the mean between the closing bid and ask prices the date. In accordance with authoritative guidance, the Fund does not apply a blockage discount to the quoted price for these investments, even in situations where the Fund holds a large position in an investment and a sale could reasonably impact the quoted price.

●

Level 2 – Pricing inputs are observable inputs other than quoted prices in active markets (i.e., not Level 1 inputs). Fair value is determined using models or other valuation methodologies through direct or indirect corroboration with observable market data. Investments that are generally included in this category include corporate notes, convertible notes, warrants and restricted public equity securities. The fair value of legally restricted equity securities may be discounted depending on the likely impact of the restrictions on liquidity and the Adviser’s estimates.

●

Level 3 – Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment and/or estimation. Investments that are included in this category are private equity and debt investments, as well as convertible notes and warrants that are not actively traded. The fair value for investments using Level 3 pricing inputs is based on the Adviser’s estimates that consider a combination of various factors and performance measurements. These factors and measurements include the timing of the transaction; the market in which the investment operates; comparable market transactions; operational performance and projections of the investments; various performance multiples as applied to earnings before interest, taxes, depreciation, and amortization or a similar measure of earnings for the latest reporting period or a forward period; brokers’ quotes; and discounted cash flow analysis.

Due to the inherent uncertainty of estimates, fair value determinations based on estimates may materially differ from the values that would have been used had a ready market for the securities existed. The following is a summary of the Fund’s investments classified in the fair value hierarchy as of September 30, 2022:

Investments	Level 1		Level 2		Level 3		Total
Common Stocks	$	138,408,228	$	—	$	—	$	138,408,228
Asset-Backed Securities		—		—		59,799,595		59,799,595
Direct Investments:
Direct Equity		144,807,289		129,293,848		6,698,855,862		6,972,956,999
Direct Debt		—		—		1,035,392,511		1,035,392,511
Total Direct Investments*	$	144,807,289	$	129,293,848	$	7,734,248,373	$	8,008,349,510
Secondary Investments*		—		—		1,481,525,052		1,481,525,052
Primary Investments*		—		—		1,777,591,395		1,777,591,395
Total Investments	$	283,215,517	$	129,293,848	$	11,053,164,415	$	11,465,673,780

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (continued)

3. Fair Value Measurements (continued)

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Assets
Foreign Currency Exchange Contracts**	$	131,555,844	$	—	$	—	$	131,555,844
Total Assets	$	131,555,844	$	—	$	—	$	131,555,844
Liabilities
Foreign Currency Exchange Contracts**	$	—	$	—	$	—	$	—
Total Liabilities	$	—	$	—	$	—	$	—
Total Investments net of Foreign Currency Exchange Contracts	$	414,771,361	$	129,293,848	$	11,053,164,415	$	11,597,229,624

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

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

The following is a reconciliation of the amount of the account balances on April 1, 2022 and September 30, 2022 of those investments in which significant unobservable inputs (Level 3) were used in determining value:

	Balance as of April 1, 2022		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 September 30, 2022
Asset-Backed Securities	$	61,117,277	$	—		$	(13,024,479	)	$	11,704,849	$	—		$	1,948	$	—	$	59,799,595
Direct Investments: Direct Equity Investments	$	6,314,372,047	$	22,887,947		$	(501,050,270	)	$	950,823,169	$	(88,177,031	)	$	—	$	—	$	6,698,855,862
Direct Debt Investments		979,534,628		(5,927,123	)		(80,628,766	)		312,083,471		(170,833,818	)		1,164,119		—		1,035,392,511
Total Direct Investments*	$	7,293,906,675	$	16,960,824		$	(581,679,036	)	$	1,262,906,640	$	(259,010,849	)	$	1,164,119	$	—	$	7,734,248,373
Secondary Investments*		1,172,952,139		(337,458 —	)		27,843,371			295,409,003		(14,342,003	)		—		—		1,481,525,052
Primary Investments*		1,753,246,965		(1,217,607 —	)		(40,432,203	)		160,817,242		(94,823,002	)		—		—		1,777,591,395
Total	$	10,281,223,056	$	15,405,759		$	(607,292,347	)	$	1,730,837,734	$	(368,175,854	)	$	1,166,067	$	—	$	11,053,164,415

For the purposes of the tables above: (i) “Direct Investments” are private investments directly in the equity or debt of selected operating companies, often together with the management of the investee operating company; (ii) “Primary Investments” are investments in newly established private equity partnerships where underlying portfolio companies are generally not known as of the time of investment; and “Secondary Investments” are single or portfolios of assets acquired on the secondary market. However, in the private equity market sector the term “secondary investments” is generally understood to mean Private Equity Fund Investments acquired in the secondary market (See Note 2.b). Notwithstanding the foregoing, if the Fund reasonably determines that the strict application of the above definitions would not reflect the economic substance of any investment, the Fund may re-classify such investment as it deems appropriate.

Changes in inputs or methods used for valuing investments may result in transfers in or out of levels within the fair value hierarchy. The inputs or methods used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments. Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur.

The amount of the net change in unrealized appreciation (depreciation) for the six months ended September 30, 2022 relating to investments in Level 3 assets still held at September 30, 2022 is $(591,309,301), which is included as a component of net change in accumulated unrealized depreciation on investments on the Consolidated Statement of Operations.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (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 September 30, 2022:

Type of Security	Fair Value at September 30, 2022 (000’s)*			Valuation Technique^(s)	Unobservable Input	Range (weighted average)
Asset-Backed Securities	$	59,800		Reported fair value	Reported fair value	n/a
Direct Investments:
Direct Equity	$	109,591		Discounted cash flow	Discount factor	9.21% – 10.40% (9.84%)
		5,884,466		Market comparable companies	Enterprise value to EBITDA multiple	5.50x – 29.30x (15.78x)
		67,134		Market comparable companies	Price to book ratio	1.63x – 1.63x (1.63x)
		224,718		Exit price	Recent transaction price	n/a
		509,495		Recent financing/transaction	Recent transaction price	n/a
		2,142		Replacement cost	Recent transaction price	n/a
		2,695		Reported fair value	Reported fair value	n/a
		172,718		Market comparable companies	Enterprise value to sales multiple	2.85x – 21.80x (9.66x)
Direct Debt	$	645,513		Broker quotes	Indicative quotes for an inactive market	n/a
		389,868		Discounted cash flow	Discount factor	8.45% – 34.42% (12.42%)
		12		Exit price	Recent transaction price	n/a
Primary and Secondary Investments	$	3,268,391		Adjusted reported net asset value	Reported net asset value	n/a
		(9,275	)	Adjusted reported net asset value	Fair value adjustments	n/a

*	Level 3 fair value includes accrued interest.

Level 3 Direct Equity Investments valued using an unobservable input are directly affected by a change in that input. For Level 3 Direct Debt Investments, the Fund estimates fair value utilizing earnings and multiples analysis or an analysis of discounted cash flows that considers the credit risk and interest rate risk of the particular investment. For Direct Investments, significant increases or decreases in these inputs in isolation would result in a significantly lower or higher fair value measurements.

4. Revolving Credit Agreement

The Fund has a secured, committed multicurrency revolving line of credit (“LOC”) facility with Lloyds Bank Corporate Markets plc (successor of Lloyds Bank plc), NatWest Markets plc (successor of The Royal Bank of Scotland plc), Barclays Bank plc, UBS AG, and Bank of America, N.A. in the aggregate maximum principal amount of $950,000,000. The Fund anticipates that this LOC facility will be used primarily for working capital requirements and for financing investments and funding associated costs and expenses. The Fund will incur additional interest and other expenses for the use of this and other future line of credit facilities. Borrowings under this facility will be 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 six months ended September 30, 2022, the Fund did not have any borrowings and did not incur any interest expense under the LOC facility. In addition to the commitment fee under the LOC facility the Fund agrees to pay arrangement fees based on the rate agreed to with the various lenders, agency fees of $25,000 per annum, monitoring fees of $25,000 per annum and trustee fees of $15,000 per annum. The term of the LOC facility runs until February 2, 2024.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (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 as compensation an amount up to 0.70% on an annualized basis of the value of the Fund’s net asset attributable to Class A Units (the “Distribution Fee”). Payment of the Distribution Fee is governed by the Distribution Plan. The Distribution Fee is paid out of the Fund’s assets and decreases the net profits or increases the net losses of the Fund solely with respect to Class A Units. 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 Six Months Ended September 30, 2022						For the Year Ended March 31, 2022
	Units			Dollar Amounts			Units			Dollar Amounts
Class A Units
Sales		90,515,302		$	697,158,539			210,813,126		$	1,628,448,482
Reinvestments		—			—			41,238,273			323,147,235
Repurchases		(16,258,150	)		(121,835,934	)		(17,138,227	)		(133,915,738	)
Class exchanges		(1,104,112	)		(8,403,182	)		(6,548,226	)		(48,671,363	)
Tax-free reorganization		—			—			—			—
Net increase (decrease)		73,153,040		$	566,919,423			228,364,946		$	1,769,008,616
Class I Units
Sales		68,722,219		$	542,744,869			175,831,506		$	1,383,887,488
Reinvestments		—			—			31,138,881			249,683,999
Repurchases		(37,852,567	)		(290,251,902	)		(20,386,448	)		(161,695,394	)
Class exchanges		1,075,593			8,403,182			6,431,511			48,671,363
Tax-free reorganization		—			—			—			—
Net increase (decrease)		31,945,245		$	260,896,149			193,015,450		$	1,520,547,456

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

Under the terms of the Investment Management Agreement the Adviser is responsible for providing day-to-day investment management and certain other services to the Fund, subject to the ultimate supervision of and to any policies established by the Board. Accordingly, the Adviser is responsible for developing, implementing and supervising the Fund’s investment program. As consideration for its investment management services under the Investment Management Agreement, the Fund pays the Adviser a monthly management fee equal to 1/12th of 1.50% (1.50% on an annualized basis) of the greater of (i)

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (continued)

6. Management Fees, Incentive Fee and Fees and Expenses of Managers (continued)

the Fund’s net asset value and (ii) the Fund’s net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment. However, the 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 six months ended September 30, 2022, the Fund incurred $96,625,964 in management fees payable to the Adviser.

In addition to the monthly management fee, at the end of each calendar quarter (and at certain other times), the Adviser will be entitled to receive an Incentive Fee equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the New Loss Recovery Account (as defined below). For the purposes of the Incentive Fee, the term “net profits” means the amount by which the net asset value of the Fund on the last day of the relevant period exceeds the net asset value of the Fund as of the beginning of the same period, including any net change in unrealized appreciation or depreciation of investments, realized income and gains or losses, expenses, and excluding contributions and withdrawals from the calculation of the Incentive Fee. The Fund maintains a memorandum account (the “New Loss Recovery Account”), which had an initial balance of zero and will be (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Members will benefit from the New Loss Recovery Account in proportion to their holdings of Units. For the six months ended September 30, 2022, the Fund incurred $0 in Incentive Fees due to the Adviser.

The Adviser has entered into an expense limitation agreement (the “Expense Limitation Agreement”) with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a “Waiver”), if required to ensure the Total Annual Expenses (excluding taxes, interest, brokerage commissions, certain transaction related expenses arising out of investments made by the Fund, extraordinary expenses, the Incentive Fee, and any acquired fund fees and expenses) do not exceed 3.00% on an annualized basis with respect to Class A Units and 2.30% on an annualized basis with respect to Class I Units (the “Expense Limit”). For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to affect such recoupment without causing the Fund’s expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation Agreement may be terminated by the Adviser or the Fund upon thirty days’ written notice to the other party. During the six months ended September 30, 2022, 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, 2022, the Fund increased the annual fee paid to each Independent Manager from $125,000 to $140,000. The Fund pays an additional, annual fee of $10,000 to the Chairman of the Board and the Chairman of the Audit Committee. In addition, the Fund 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.

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 September 30, 2022:

	Shares/ Principal as of September 30, 2022		Fair Value as of March 31, 2022		Gross Additions⁽¹⁾		Gross Reductions⁽²⁾		Realized Gains/ Losses		Change in Unrealized Gains (Losses)			Fair Value as of September 30, 2022		Affiliated Income/ Accretion of Discount
Non-Controlled Affiliates
Bock Capital JVco Nature S.à r.l.		125,900,000	$	191,870,309	$	—	$	—	$	—	$	(74,180,905	)	$	117,689,404	$	—
Camelia Investment 1 Limited		6,768,729,269		183,582,149		—		—		—		(35,480,391	)		148,101,758		—

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (continued)

7. Affiliated Investments (continued)

	Shares/ Principal as of September 30, 2022		Fair Value as of March 31, 2022		Gross Additions⁽¹⁾		Gross Reductions⁽²⁾			Realized Gains/ Losses		Change in Unrealized Gains (Losses)			Fair Value as of September 30, 2022		Affiliated Income/ Accretion of Discount
CBI Parent, L.P.		114,607,802	$	105,132,373	$	—	$	—		$	—	$	(40,416,671	)	$	64,715,702	$	—
Confluent Health, LLC		27,246		69,586,969		—		—			—		(9,177,713	)		60,409,256		—
Ecom Express Private Limited		63,417		—		6,473,508		—			—		1,460,709			7,934,217		—
ECP Parent, LLC		205,522,966		166,994,406		—		—			—		3,241,257			170,235,663		—
Encore Holdings		—		—		48,685,202		—			—		—			48,685,202		—
EnfraGen, LLC		37,786		58,429,298		—		—			—		(1,707,137	)		56,722,161		—
EQT Jaguar Co-Investment SCSp⁽⁴⁾		—		112,788,690		—		—			—		(2,075,826	)		110,712,864		—
Dermatology Holdings, L.P.⁽⁴⁾		—		—		119,978,433		—			—		(236,238	)		119,742,195		—
Green DC LuxCo Sarl		19,595,288		61,132,640		—		—			—		262,547			61,395,187		—
Huntress Co-Investment L.P.⁽⁴⁾⁽⁵⁾		—		50,389,883		—		(26,349,381	)		4,149,670		(28,190,172	)		—		—
Icebox Holdco I Inc ⁽⁴⁾		—		62,801,819		—		—			—		400,856			63,202,675		—
Icebox Parent LP⁽⁴⁾		—		127,590,920		313		—			—		(6,127,333	)		121,463,900		—
Idera Parent, L.P.⁽⁴⁾		—		248,243,835		—		—			—		(38,339,118	)		209,904,717		192,886
KPSKY Holdings, L.P.⁽⁴⁾		—		64,375,872		—		—			—		(13,285,142	)		51,090,730		—
Luxembourg Investment Company 285 S.à r.l.⁽⁶⁾		33,498,429		71,230,531		—		—			—		(17,151,305	)		54,079,226		—
Luxembourg Investment Company 293 S.à r.l.		167,282,315		45,721,830		—		—			—		(8,983,467	)		36,738,363		—
Luxembourg Investment Company 314 S.à r.l.⁽⁶⁾		7,120		1		—		—			—		—			1		—
Luxembourg Investment Company 414 S.à r.l.		19,900,644		79,988,131		—		—			—		(6,107,056	)		73,881,075		—
Luxembourg Investment Company 430 S.à r.l.		52,594,635		78,443,091		2,933,140		—			—		(9,586,435	)		71,789,796		(108	)
May Co-Investment S.C.A.		1,059,375		52,163,274		—		—			—		(11,786,842	)		40,376,432		—
MHS Acquisition Holdings, LLC		490,460		650,979		—		—			—		129,432			780,411		—
MHS Blocker Purchaser L.P.⁽⁴⁾		35,642		50,333,181		—		—			—		10,007,608			60,340,789		—
Murra Warra Asset Hold Trust		13,615,909		21,951,762		—		—			—		(7,695,207	)		14,256,555		—
Murra Warra Project Hold Trust		5,047,983		5,487,942		—		—			—		(1,923,803	)		3,564,139		—

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (continued)

7. Affiliated Investments (continued)

	Shares/ Principal as of September 30, 2022		Fair Value as of March 31, 2022		Gross Additions⁽¹⁾		Gross Reductions⁽²⁾			Realized Gains/ Losses			Change in Unrealized Gains (Losses)			Fair Value as of September 30, 2022		Affiliated Income/ Accretion of Discount
Murra Warra II Asset Hold Trust		18,628,237	$	14,636,008	$	195,646	$	—		$	—		$	(1,661,528	)	$	13,170,126	$	—
Murra Warra II Project Hold Trust		2,984,746		3,659,002		48,912		—			—			(415,383	)		3,292,531		—
OHCP IV SF COI, L.P.⁽⁴⁾		—		37,604,433		43,848		—			—			1,361,527			39,009,808		—
Onecall Holdings, L.P.⁽⁴⁾		—		174,527,006		—		—			—			42,189,891			216,716,897		—
Partners Terra Pte. Ltd.		2,441,835		1,739,362		650,251		—			—			(247,488	)		2,142,125		—
Pharmathen GP S.à r.l.		99,048,278		1		—		—			—			—			1		—
Pharmathen Topco S.à r.l.		98,938,437		113,377,360		—		—			—			(15,957,695	)		97,419,665		—
PG BRPC Investment, LLC		32,079		74,128,478		—		—			—			4,593,126			78,721,604		—
PG Esmeralda Pte. Ltd.		5,922,280		70,006,910		—		—			—			(13,421,836	)		56,585,074		—
PG Delta Holdco, LLC		24,401		22,911,377		4,864,000		—			—			10,793,710			38,569,087		—
PG Investment Company 1 S.A.R.L		12,822,040		100,293,522		—		—			—			(11,304,735	)		88,988,787		—
PG Investment Company 18 S.à r.l.		126,506,637		—		115,874,572		—			—			(3,430,455	)		112,444,117		—
PG Investment Company 24 S.à r.l.		938,355		—		1,135,700		—			—			(1,135,699	)		1		—
PG Lion Management Warehouse S.C.S⁽⁴⁾⁽⁶⁾		—		1,824,104		—		—			—			(523,582	)		1,300,522		—
PG TLP S.à r.l.		6,377,426		102,493,011		1		(2,016,886	)		(305,116	)		(12,522,902	)		87,648,108		—
PG Wave Limited		53,215,581		70,043,185		—		—			—			(6,531,845	)		63,511,340		—
Polyusus Lux XVI S.a.r.l.		309,862,194		10,971,703		—		—			—			(7,595,162	)		3,376,541		—
Root JVCo S.à r.l.		30,779,605		72,946,306		—		—			—			7,745,573			80,691,879		—
Safe Fleet Holdings LLC⁽³⁾⁽⁷⁾		3,880,500		3,854,506		1,200		(19,500	)		91			(178,926	)		3,657,371		106,106
SnackTime PG Holdings, Inc.		55,007,012		70,468,471		28,775		—			—			(22,805,608	)		47,691,638		—
Specialty Pharma Holdings LP⁽⁴⁾		—		109,536,317		—		—			—			(8,743,622	)		100,792,695		—
Surfaces SLP (SCSp)⁽⁴⁾		—		52,221,892		—		—			—			(15,254,987	)		36,966,905		—
Thermostat Purchaser, L.P.⁽⁴⁾		1,145,918		72,743,417		—		—			—			(13,718,224	)		59,025,193		—
WHCG Purchaser, LP⁽⁴⁾		—		55,125,583		—		—			—			(18,230,781	)		36,894,802		—
Zenith Longitude Limited		6,682,671		312,293,782		887,700		—			—			97,818,740			411,000,222		19,387,343
Total Non-Controlled Affiliates			$	3,456,295,621	$	301,801,201	$	(28,385,767	)	$	3,844,645		$	(286,126,243	)	$	3,447,429,457	$	19,686,227

⁽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.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (continued)

7. Affiliated Investments (continued)

⁽³⁾	As of September 30, 2022, the Fund no longer had ownership of five percent or more of outstanding voting securities.

⁽⁴⁾	Investment does not issue shares.

⁽⁵⁾	Investment was exited during the period ended September 30, 2022.

⁽⁶⁾	Luxembourg Investment Company 285 S.à.r.l, Luxembourg Investment Company 314 S.à.r.l and PG Lion Management Warehouse S.C.S. are related to the same investment.

⁽⁷⁾	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 its services the Administrator receives a monthly fee that is based upon average net assets of the Fund, fees on portfolio transactions, as well as reasonable out of pocket expenses. For the six months ended September 30, 2022, the Fund incurred $3,923,100 in administration and accounting fees due to the Administrator.

9. Investment Transactions

Total purchases of investments for the six months ended September 30, 2022, amounted to $1,711,326,074. Total distribution proceeds from sale, redemption, or other disposition of investments for the six months ended September 30, 2022 amounted to $333,472,046. 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 September 30, 2022.

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.

11. Commitments

As of September 30, 2022, the Fund had funded $12,324,785,463 or 87.2% of the $14,127,928,247 of its total commitments to Private Equity Investments. With respect to its (i) Direct Investments it had funded $9,027,774,307 of $9,475,833,759 in total commitments, (ii) Secondary Investments it had funded $1,723,501,898 of $2,075,826,912 in total commitments, and (iii) Primary Investments it had funded $1,573,509,258 of $2,576,267,576 in total commitments, in each case, as of September 30, 2022.

12. Risk Factors

An investment in the Fund involves significant risks, including industry risk, liquidity risk, interest rate risk and economic conditions risk. These risks should be carefully considered prior to investing and should only be considered by 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 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 Private Equity Investments are illiquid, typically subject to various restrictions on resale, and there is no assurance that the Fund will be able to realize the value of such investments in a timely manner. Private Equity Fund Investments are generally closed-end private equity partnerships with no right to withdraw prior to the termination of the partnership. The frequency of withdrawals is dictated by the governing documents of the Private Equity Fund Investments. Except where a market exists for the securities in which the Fund is directly or indirectly invested, the valuations of the Fund’s investments are estimated. Due to the inherent uncertainty in estimated valuations, those valuations may differ from the valuations that would have been used had a ready market for the securities existed, and the differences could be material.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Notes to Consolidated Financial Statements – September 30, 2022 (Unaudited) (continued)

12. Risk Factors (continued)

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

13. Tax Information

As of September 30, 2022, 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	$	9,075,024,415		$	3,544,042,677
Gross unrealized appreciation		3,061,734,667			131,555,844
Gross unrealized depreciation		(671,085,302	)		—
Net unrealized investment appreciation	$	2,390,649,365		$	131,555,844

The tax cost of the Fund’s investments as of September 30, 2022, approximates their amortized cost.

14. 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.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Fund Expenses — for the period from April 1, 2022 through September 30, 2022 (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. These actual and hypothetical expense examples are 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 examples are based on an investment of $1,000 invested at the beginning of a six-month period and held through the year ended September 30, 2022.

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) or 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 be higher.

Partners Group Private Equity (Master Fund), LLC

	Beginning Account Value (4/1/22)		Ending Account Value (9/30/22)		Expenses Paid During the Period^(*)		Annualized Net Expense Ratio^(**)
Actual
Class A Shares	$	1,000.00	$	957.60	$	12.67		2.58	%
Class I Shares	$	1,000.00	$	961.00	$	9.24		1.88	%

	Beginning Account Value (4/1/22)		Ending Account Value (9/30/22)		Expenses Paid During the Period^(*)		Annualized Net Expense Ratio^(**)
Hypothetical (5% annual return before expenses)
Class A Shares	$	1,000.00	$	1,012.12	$	13.02		2.58	%
Class I Shares	$	1,000.00	$	1,015.65	$	9.49		1.88	%

(*)

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 183/365 (to reflect the six-month period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the opening of business on April 1, 2022.

(**)	Annualized ratio of expenses to average net assets for the period from April 1, 2022 through September 30, 2022. The expense ratio includes the effect of expenses waived or reimbursed by the Fund’s investment adviser.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Other Information (Unaudited)

Proxy Voting

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

Availability of Quarterly Portfolio Schedules

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

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(b)

Not applicable.

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

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(a) of this Form.

(b)

Not applicable.

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

Not applicable.

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

(a)

Not applicable.

(b) Not applicable

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 (17 CFR 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) Not applicable.

(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:	December 2, 2022

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:	December 2, 2022

By (Signature and Title)*	/s/ Brian Igoe
	Brian Igoe, Chief Financial Officer
	(Principal Financial Officer)

Date:	December 2, 2022

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

Partners Group Private Equity N-CSRSCertified semi-annual shareholder report (management investment company)