Partners Group Private Equity NPORTP (Dec 2022 report)

ITEM 1. SCHEDULE OF INVESTMENTS.

The Schedule(s) of Investments is attached herewith.

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited)

The unaudited consolidated schedule of investments of Partners Group Private Equity (Master Fund), LLC (the “Fund”), a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company, as of December 31, 2022, is set forth below:

INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited)

INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS

Industry

Acquisition
Date

Fair
Value

Common Stocks (1.22%)

North America (0.69%)

American Tower Corp.

Communication

05/29/20

21,933

4,646,506

American Water Works Co., Inc.

Utilities

02/16/16

47,317

7,212,530

Ares Capital Corp.

Diversified Financial Services

02/16/16

229,577

4,237,991

Ares Management Corp.

Diversified Financial Services

06/28/19

43,580

2,981,744

Atmos Energy Corp.

Utilities

02/16/16

62,457

7,002,054

Blackstone Group, Inc.

Diversified Financial Services

07/12/19

45,845

3,401,699

Brookfield Asset Management, Inc.

Diversified Financial Services

07/18/22

6,164

176,693

Brookfield Business Partners LP

Diversified Financial Services

03/17/22

48,729

911,310

Brookfield Corp.

Diversified Financial Services

12/12/22

24,654

775,122

Canadian National Railway Co.

Transportation

05/14/19

58,386

6,913,711

CMS Energy Corp.

Utilities

11/01/19

68,163

4,316,763

Crown Castle International Corp.

Communication

02/16/16

31,741

4,306,619

Enbridge, Inc.

Utilities

02/16/16

55,486

2,165,816

Equinix Inc.

Diversified Financial Services

07/31/20

5,388

3,528,871

Fifth Street Finance Corp.

Diversified Financial Services

04/07/21

356,943

2,452,198

Fortis Inc.

Utilities

12/18/17

99,204

3,960,109

Golub Capital BDC Inc.

Diversified Financial Services

02/24/22

142,000

1,867,300

HarbourVest Global Private Equity

Diversified Financial Services

12/21/18

82,676

2,232,346

KKR & Co., Inc.

Diversified Financial Services

02/16/16

71,534

3,319,893

Onex Corporation

Diversified Financial Services

02/16/16

17,576

845,152

Republic Services Inc.

Commercial & Professional Services

08/28/17

46,358

5,979,255

TC Energy Corp.

Utilities

11/01/19

45,416

1,805,918

TransDigm Group, Inc.

Industrials

12/01/22

6,746

4,245,730

Union Pacific Corp.

Transportation

06/29/16

17,379

3,597,974

Waste Management Inc.

Utilities

07/02/20

26,716

4,191,206

Total North America (0.69%)

87,074,510

Western Europe (0.53%)

3i Group Plc

Diversified Financial Services

10/01/20

175,294

2,826,178

Aena SA

Transportation

12/21/18

41,641

5,210,474

Apax Global Alpha Ltd.

Diversified Financial Services

01/19/21

485,904

1,094,012

BBGI SICAV S.A.

Diversified Financial Services

03/21/19

2,696,279

5,078,346

Cellnex Telecom SA

Communication

05/15/19

179,250

5,912,303

Elia System Operator SA/NV

Utilities

11/03/22

18,839

2,668,787

EQT AB

Diversified Financial Services

04/06/20

40,418

856,432

Gimv N.V.

Diversified Financial Services

02/12/16

31,933

1,498,823

HBM Healthcare Investments AG

Diversified Financial Services

04/07/20

4,834

1,049,961

HgCapital Trust PLC

Diversified Financial Services

02/12/16

1,520,977

6,366,014

HICL Infrastructure Co Ltd.

Diversified Financial Services

03/30/16

2,076,718

4,046,301

ICG Graphite Enterprise Trust PLC

Diversified Financial Services

02/12/16

119,861

1,692,434

Intermediate Capital Group PLC

Diversified Financial Services

12/12/16

98,453

1,359,366

Investment AB Kinnevik

Diversified Financial Services

04/06/20

145,117

1,997,525

Investor AB

Diversified Financial Services

08/28/17

160,160

2,894,390

National Grid PLC

Utilities

02/12/16

378,176

4,536,584

NB Private Equity Partners Ltd.

Diversified Financial Services

11/06/19

137,871

2,644,839

Orsted AS

Utilities

06/15/21

8,156

739,088

Pantheon International Participations Plc

Diversified Financial Services

11/04/19

480,330

1,502,031

Terna Rete Elettrica Nazionale SpA

Utilities

01/05/18

774,420

5,685,246

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Industry

Acquisition
Date

Fair
Value

Public Investments (continued)

Common Stocks (continued)

Western Europe (continued)

Vinci SA

Transportation

02/12/16

83,197

8,277,662

Total Western Europe (0.53%)

67,936,796

Total Common Stocks (Cost $141,919,790)(1.22%)

155,011,306

Asset-Backed Securities (0.59%)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

North America (0.25%)

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

6.85% + L^^

07/26/21

07/15/34

Series 2019-51A, Class ER

500,000

455,956

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

6.25% + L^^

09/22/21

10/15/34

Series 2021-6A, Class E

1,500,000

1,350,268

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

7.00% + SFvv

04/20/22

07/16/35

Series 2022-4A, Class E

1,250,000

1,222,112

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

7.27% + SFvv

04/05/22

04/21/35

Series 2022-3A, Class E

1,000,000

946,095

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

6.15% + L^^

08/02/21

08/20/34

Series 2021-95A, Class E

1,500,000

1,292,162

Madison Park Funding LX Ltd. ⁺

5.50% + SFvv

11/28/22

10/25/35

Series 2022-60A, Class D

1,000,000

1,000,562

Madison Park Funding LX Ltd. ⁺

8.95% + SFvv

11/28/22

10/25/35

Series 2022-60A, Class E

1,250,000

1,213,442

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

6.20% + L^^

10/01/21

10/25/34

Series 2021-30A, Class E

1,625,000

1,487,158

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

3.05% + SFvv

02/04/22

04/15/35

Series 2019-24A, Class DR

2,600,000

2,427,488

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

6.40% + SFvv

02/04/22

04/15/35

Series 2019-24A, Class ER

4,000,000

3,640,521

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

5.95% + L^^

08/02/21

07/25/34

Series 2020-26A, Class ER

1,000,000

911,096

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

3.30% + L^^

04/02/21

04/20/34

Series 2016-21A, Class DR2

500,000

477,997

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

6.46% + L^^

04/02/21

04/20/34

Series 2016-21A, Class ER2

1,000,000

899,395

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

6.25% + L^^

10/07/21

10/14/35

Series 2021-45A, Class E

1,000,000

905,942

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

7.00% + SFvv

05/03/22

07/25/34

Series 2022-49A, Class E

1,440,000

1,334,428

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

7.45% + L^^

09/22/21

10/15/34

Series 2020-9A, Class ER

3,500,000

3,238,222

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

8.11% + SFvv

05/13/22

07/20/35

Series 2022-12A, Class E

1,000,000

940,155

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

6.25% + L^^

11/16/21

07/20/32

Series 2019-4A, Class ER

1,800,000

1,585,578

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

3.60% + L^^

03/12/21

04/19/34

Series 2021-25A, Class D

1,000,000

916,783

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

6.50% + L^^

03/12/21

04/19/34

Series 2021-25A, Class E

1,750,000

1,575,664

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

7.10% + SFvv

04/27/22

04/24/35

Series 2022-33A, Class E

1,250,000

1,167,033

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Public Investments (continued)

Asset-Backed Securities (continued)

North America (continued)

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

6.35% + L^^

04/09/21

04/20/34

Series 2021-1A, Class E

1,500,000

1,384,856

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

6.25% + L^^

05/10/21

07/15/34

Series 2021-1A, Class E

1,000,000

916,687

Total North America (0.25%)

31,289,600

Western Europe (0.34%)

AGL CLO 23 Ltd. ⁺

5.93% + SFvv

11/02/22

01/20/36

Series 2022-23A, Class D

2,000,000

1,979,845

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

6.70% + E##

02/23/22

10/28/34

Series 9A, Class E

1,750,000

1,587,314

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

3.50% + E##

03/08/21

04/17/34

Series 5A, Class DR

1,000,000

944,404

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

6.16% + E##

03/08/21

04/17/34

Series 5A, Class ER

1,500,000

1,360,973

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

5.86% + E##

02/04/22

05/15/34

Series 7A, Class E

1,521,243

1,335,079

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

6.14% + E##

10/20/21

10/15/34

Series 25A, Class E

1,600,000

1,435,736

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

9.12% + E##

02/23/22

04/15/35

Series 26A, Class F

1,200,000

1,020,588

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

6.51% + E##

02/23/22

04/15/35

Series 26A, Class E

750,000

671,062

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

4.80% + E##

04/26/22

07/15/30

Series 4A, Class E

1,502,600

1,353,527

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

3.30% + E##

02/03/22

01/20/36

Series 8A, Class DR

1,000,000

938,328

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

6.26% + E##

02/03/22

01/20/36

Series 8A, Class ER

2,500,000

2,251,170

Blackrock European CLO XI DAC ⁺

3.00% + E##

10/27/22

07/17/34

Series 11A, Class D

1,002,067

931,486

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

6.25% + SFvv

01/28/22

04/21/35

Series 2022-1A, Class E

2,625,000

2,317,390

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

3.10% + SFvv

01/28/22

04/21/35

Series 2022-1A, Class D

2,500,000

2,298,198

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

6.12% + E##

05/01/21

04/15/34

Series 2021-1A, Class D

333,000

301,433

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

6.25% + E##

09/27/21

10/15/35

Series 2021-2A, Class D

3,000,000

2,673,754

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

0.00%

01/20/22

01/16/33

Series 2015-1A, Class SUB

3,000,000

1,192,081

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

5.50% + E##

01/20/22

01/16/33

Series 2015-1A, Class DR

1,502,063

1,354,144

Carysfort Park CLO ^{***, +}

6.14% + E##

03/12/21

07/28/34

Series 2021-1A, Class D

500,000

453,117

CVC Cordatus Loan Fund ⁺

6.16% + E##

11/07/22

01/15/37

Series 26A, Class D1

1,100,000

1,120,271

CVC Cordatus Loan Fund ⁺

7.73% + E##

11/07/22

01/15/37

Series 26A, Class D2

400,000

409,472

Edmondstown Park CLO DAC ⁺

6.19% + E##

11/18/22

07/21/35

Series 1A, Class D

1,100,000

994,474

Edmondstown Park CLO DAC ⁺

6.77% + E##

11/18/22

07/21/35

Series 1A, Class E

1,250,000

1,272,980

Elm Park CLO ^{***, +}

6.16% + E##

03/26/21

04/15/34

Series 1A, Class DRR

666,000

602,578

Elm Park CLO ^{***, +}

3.50% + E##

03/26/21

04/15/34

Series 1A, Class CRR

1,000,000

958,893

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

6.02% + E##

04/15/21

05/25/34

Series 16A, Class E

1,406,000

1,247,431

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

7.20% + SFvv

04/21/22

07/15/37

Series 2022-1A, Class E

2,140,000

2,108,742

Otranto Park CLO ^{***, +}

7.05% + E##

03/04/22

05/15/35

Series 1A, Class E

1,172,000

1,075,667

Otranto Park CLO ^{***, +}

4.15% + E##

03/04/22

05/15/35

Series 1A, Class D

750,000

733,012

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

5.95% + E##

08/02/21

04/15/31

Series 2021-1A, Class E

714,000

672,217

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Public Investments (continued)

Asset-Backed Securities (continued)

Western Europe (continued)

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

8.05% + E##

10/15/21

07/15/31

Series 2021-2A, Class F

375,000

333,120

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

5.90% + E##

10/15/21

07/15/31

Series 2021-2A, Class E

625,000

582,185

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

5.90% + E##

02/03/22

10/15/31

Series 2022-1A, Class E

667,000

617,675

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

8.05% + E##

02/03/22

10/15/31

Series 2022-1A, Class F

500,000

441,923

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

1,449,639

Valley Stream Park CLO Ltd. ⁺

5.71% + SFvv

11/01/22

10/20/34

Series 2022-1A, Class D

1,500,000

1,503,587

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

7.16% + E##

05/09/22

11/16/32

Series 1A, Class D

1,017,104

935,855

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

5.81% + E##

08/06/21

04/15/35

Series 5A, Class E

417,000

371,068

Total Western Europe (0.34%)

43,830,418

Total Asset-Backed Securities (Cost $84,827,463)(0.59%)

75,120,018

Private Equity Investments (95.86%)

Direct Investments * (69.19%)

Direct Equity (60.28%)

Investment Type

Acquisition
Date

Fair
Value^**

Asia - Pacific (6.09%)

AAVAS Financiers Limited ^{+, a, e}

Common equity

03/28/18

3,891,752

78,524,909

Argan Mauritius Limited ^{+, a, e}

Common equity

05/09/16

106,215

20,501,736

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

Limited partnership interest

05/13/21

—

20,725,032

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

Limited partnership interest

11/04/15

—

6,988,110

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

Common equity

09/10/18

13,186,543

22,565,584

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

Common equity

07/30/20

18,628,227

16,164,243

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

Common equity

07/30/20

4,041,061

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

Common equity

09/10/18

429,366

5,641,395

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

Common equity

05/14/21

4,372,335

4,808,344

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

Common equity

03/03/21

5,433,284

5,463,462

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

Preferred equity

03/03/21

488,996

49,171,211

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

Preferred equity

09/26/22

63,417

7,944,117

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

Common equity

04/25/22

1,209,388

1,204,637

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

Preferred equity

04/25/22

22,978,363

22,888,103

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

Member interest

12/27/22

—

7,228,256

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

Common equity

12/27/22

481,884

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

Preferred equity

12/27/22

1,927,535

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

Limited partnership interest

06/24/19

—

1,082,457

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

Limited partnership interest

12/18/18

—

1,880,612

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

Limited partnership interest

01/10/19

—

32,325,236

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

Common equity

08/13/21

26,838,037

461,686,241

Total Asia - Pacific (6.09%)

773,244,165

North America (29.86%)

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

Limited partnership interest

12/01/21

—

27,493,770

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

Limited partnership interest

05/02/16

—

11,715,794

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

Limited partnership interest

04/28/21

—

62,930,191

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Investment Type

Acquisition
Date

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^*(continued)

Direct Equity (continued)

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

Limited partnership interest

07/30/18

—

42,722,680

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

Common equity

01/01/21

14,561

310,820

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

2,637,691

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

Preferred equity

08/16/16

171,270

55,776,809

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

Common equity

01/01/21

56,634

35,047

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

Common equity

01/06/21

1,145,918

54,086,860

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

Member interest

10/17/22

—

5,696,339

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

Limited partnership interest

10/14/20

—

232,982,586

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

Common equity

06/24/19

27,246

60,649,378

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

Common equity

07/03/19

3,120

961,416

Cowboy Topco, Inc. ^{+, a}

Common equity

05/18/22

1,348,750

1,351,802

Cure Holdings, LLC ^{+, a}

Common equity

05/13/21

238,834

1,245,356

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

Common equity

05/13/21

2,723

12,850

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

Limited partnership interest

04/01/22

—

129,772,872

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

Limited partnership interest

03/15/22

—

53,375,413

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

Common equity

11/15/21

105,520,023

159,938,706

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

Limited partnership interest

11/10/22

—

39,083,333

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

Limited partnership interest

07/01/22

—

53,700,167

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

Common equity

09/17/19

37,786

58,566,804

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

Limited partnership interest

03/09/20

—

125,239,476

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

Limited partnership interest

11/15/21

—

120,833,852

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

Limited partnership interest

01/25/19

—

141,798,564

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

Limited partnership interest

06/17/16

—

19,664,690

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

Limited partnership interest

09/16/22

—

47,765,155

Halo Parent Newco, LLC ^{+, a}

Preferred equity

02/22/22

1,109

17,512,827

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

Member interest

03/01/22

—

63,404,199

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

Limited partnership interest

12/22/21

—

121,264,229

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

Limited partnership interest

03/02/21

—

217,751,687

KDOR Merger Sub Inc. ^{+, a}

Common equity

05/11/18

481

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

Limited partnership interest

08/08/19

—

382,717

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

Limited partnership interest

03/24/22

—

48,310,306

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

Limited partnership interest

07/31/20

—

880,074

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

Common equity

10/09/18

9,684

—

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

Limited partnership interest

11/10/22

—

187,525,500

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

Limited partnership interest

10/19/21

—

56,625,575

KSLB Holdings, LLC ^{+, a}

Common equity

07/30/18

252,000

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

Common equity

01/06/20

3,464,630

41,367,674

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

Common equity

05/19/21

88,040

10,789,144

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

Common equity

03/10/17

356

665,436

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

Preferred equity

03/10/17

35,285

361,443

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

Limited partnership interest

03/10/17

—

79,397,525

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

Common equity

09/23/21

22,293,150

28,665,050

Multiplan Corp. ^{+, a}

Common equity

06/07/16

1,438,764

1,640,191

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

Limited partnership interest

11/24/21

—

70,279,695

NDES Holdings, LLC ^{+, a}

Preferred equity

09/19/11

500,000

2,793,364

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

Limited partnership interest

01/31/18

—

48,994,986

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

Limited partnership interest

10/23/20

—

19,244,978

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

Limited partnership interest

04/25/19

—

67,055,402

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

Limited partnership interest

09/01/21

—

39,178,461

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

Limited partnership interest

03/18/21

—

54,055,774

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

Common equity

08/01/19

32,079

80,671,697

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Investment Type

Acquisition
Date

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^*(continued)

Direct Equity (continued)

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

Common equity

06/24/21

30,481

53,749,318

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

Common equity

04/01/22

11,209

1,331,333

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

Limited partnership interest

04/01/21

—

12,328,729

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

Limited partnership interest

03/14/18

—

10,698,364

SC Landco Parent, LLC ^{+, a}

Common equity

11/28/16

2,672

485,957

SC Landco Parent, LLC ^{+, a}

Preferred equity

04/21/17

—

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

Common equity

06/05/18

11,525

1,426,597

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

Limited partnership interest

05/29/18

—

198,478,199

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

Common equity

09/10/19

5,995,126

62,362,382

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

Limited partnership interest

08/18/17

—

27,114,575

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

Common equity

05/23/18

27,381,828

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

Member interest

05/23/18

—

20,308,707

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

Limited partnership interest

04/01/21

—

95,248,074

Starfish Intermediate, Inc. ^{+, a}

Preferred equity

06/06/22

7,136,374

189,606,936

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

Limited partnership interest

08/17/21

—

32,124,671

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

Limited partnership interest

12/28/22

—

51,287,146

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

Limited partnership interest

07/29/21

—

5,321,193

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

Limited partnership interest

08/31/21

—

73,537,364

TKC Topco LLC ^{+, a}

Common equity

10/14/16

4,632,829

201,926

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

Limited partnership interest

03/15/22

—

4,259,445

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

Limited partnership interest

08/31/22

—

22,813,600

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

Limited partnership interest

04/06/21

—

91,768,907

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

Limited partnership interest

06/22/21

—

34,216,837

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

Common equity

12/21/20

1,441

2,826,216

Total North America (29.86%)

3,788,044,666

Rest of World (1.74%)

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

Limited partnership interest

07/11/13

—

5,726,315

Zabka Polska SA ^{+, a}

Preferred equity

09/25/19

—

98,617

Zabka Polska SA ^{+, a}

Common equity

09/25/19

2,551,723

211,830,393

Zabka Polska SA ^{+, a, e}

Preferred equity

09/25/19

120,777,003

3,077,915

Total Rest of World (1.74%)

220,733,240

South America (0.03%)

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

Limited partnership interest

11/28/13

—

3,382,536

Total South America (0.03%)

3,382,536

Western Europe (22.56%)

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

Limited partnership interest

02/21/22

—

12,442,597

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

Limited partnership interest

11/28/19

—

3,466,646

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

Common equity

01/11/21

218,625

236,195

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

Limited partnership interest

08/04/22

—

22,842,616

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

Common equity

07/01/21

12,590,000,000

118,426,918

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

Preferred equity

10/12/17

6,768,617,529

134,007,148

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

Common equity

10/12/17

86,516

33,154,278

Capri Acquisitions Topco Limited ^{+, a}

Common equity

11/01/17

8,345,985

69,605,540

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

Limited partnership interest

11/10/21

—

52,519,372

Ciddan S.à.r.l. ^{+, a}

Preferred equity

09/15/17

23,249,522

27,544,534

Ciddan S.à.r.l. ^{+, a}

Common equity

09/15/17

12,263,242

72,034,491

Climeworks AG ^{+, a}

Common equity

04/25/22

63,085

480,620

Climeworks AG ^{+, a, e}

Preferred equity

04/25/22

7,823,400

62,744,089

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

Limited partnership interest

11/30/18

—

117,128,296

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

Limited partnership interest

10/01/19

—

194,567,629

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

Common equity

12/15/16

78,505

495,501

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Investment Type

Acquisition
Date

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Equity (continued)

Global Blue Group Holding AG ^{+, a}

Common equity

09/11/20

97,250

444,691

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

Limited partnership interest

07/31/12

—

8,691,378

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

Member interest

01/20/22

—

9,208,766

Green DC LuxCo S.à.r.l. ^{+, a, b}

Common equity

01/20/22

19,595,288

51,712,927

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

Limited partnership interest

11/02/12

—

731,626

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

Limited partnership interest

07/07/22

—

12,426,513

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

Limited partnership interest

09/29/22

—

42,843,749

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

Limited partnership interest

12/18/19

—

123,865,729

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

Common equity

07/31/18

1,480

54,553,253

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

Member interest

07/31/18

—

57,636,866

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

Preferred equity

08/22/19

7,865,820

22,721,360

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

Member interest

08/22/19

—

20,026,497

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

Common equity

08/22/19

6,999,953

6,498,551

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

Common equity

06/26/19

9,789,622

32,933,279

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

Member interest

06/26/19

—

5,604,062

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

—

50,692,980

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

Common equity

07/02/21

12,111,360

33,104,200

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

Member interest

05/10/21

—

69,886,770

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

Common equity

05/10/21

52,594,635

14,808,813

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

Limited partnership interest

05/19/22

—

85,200,530

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

51,222,217

Montagu LuxCo ^{+, a}

Common equity

02/22/22

450,000

52,346,671

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

Limited partnership interest

01/27/21

—

35,681,635

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

Limited partnership interest

12/12/22

—

42,703,756

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

Common equity

12/17/21

5,977,270

173,247,519

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

Warrants

12/01/17

—

1,365,723

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

Member interest

10/28/21

—

89,859,331

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

Common equity

10/28/21

12,822,040

7,741,056

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

Preferred equity

07/07/22

113,856,528

121,474,730

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

Common equity

07/07/22

12,650,106

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

Common equity

07/13/22

930,286

316

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

Preferred equity

07/13/22

101,367,616

109,674,955

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

Limited partnership interest

08/22/19

—

857,302

PG TLP S.à.r.l. ^{+, a, b, c, e}

Member interest

04/14/21

—

15,302,374

PG TLP S.à.r.l. ^{+, a, b, e}

Common equity

04/14/21

6,377,426

81,987,545

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

Common equity

02/03/22

53,215,581

70,655,218

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

105,917,364

Pharmathen Topco S.à.r.l. ^{+, a, b}

Common equity

01/20/22

79,910

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

Common equity

05/23/18

44,442,345

—

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

Preferred equity

05/23/18

244,659,996

4,249,133

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

Member interest

10/03/22

—

1,186,844

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

Preferred equity

04/11/22

1,155,552

64,151

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

Preferred equity

08/19/21

13,114,964

201,994

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

Common equity

08/19/21

4,383,568

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

Limited partnership interest

07/12/22

—

35,512,035

Root JVCo S.à.r.l. ^{+, a, b, c}

Member interest

09/29/20

—

37,433,052

Root JVCo S.à.r.l. ^{+, a, b}

Common equity

09/29/20

1,969,352

19,581,370

Root JVCo S.à.r.l. ^{+, a, b}

Preferred equity

09/29/20

6,731,408

30,445,931

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

Common equity

10/06/15

622

18,740,581

Stark Perseus Investment ^{+, a}

Common equity

02/26/21

963,052

2,071,406

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Investment Type

Acquisition
Date

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Equity (continued)

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

Member interest

02/26/21

—

12,390,353

Stark Perseus Topco ^{+, a, e}

Common equity

02/26/21

26,921,454

43,058,511

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

Limited partnership interest

10/01/20

—

37,227,151

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

Limited partnership interest

03/09/22

—

35,320,317

Total Western Europe (22.56%)

2,862,809,559

Total Direct Equity (60.28%)

7,648,214,166

Direct Debt (8.91%)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Asia - Pacific (0.47%)

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

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

01/19/22

11/24/26

Senior

2,382,000

1,920,904

FFML Holdco Limited ^{+, a}

Cash 6.25% + BBSY (0.75% Floor)††

11/30/22

11/30/28

Senior

12,373,591

12,193,156

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

Cash 3.25% + E##

08/24/20

08/30/24

Senior

1,299,487

1,140,228

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

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

07/28/20

05/14/27

Senior

2,139,500

782,255

Global Academic Group Limited ^{+, a}

Cash 6.00% + BBSY (0.50% Floor)††

07/26/22

07/26/27

Senior

12,728,400

12,821,245

Global Academic Group Limited ^{+, a}

Cash 6.00% + BBSY (0.50% Floor)††

07/29/22

07/29/27

Senior

4,651,970

4,505,270

Greencross Limited ^{+, a}

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

03/22/22

03/23/28

Senior

10,339,369

10,184,603

ICON Cancer Care ^{+, a}

Cash 7.25% + BBSY (0.50% Floor)†

04/12/22

03/29/30

Second Lien

10,284,819

8,890,751

Snacking Investments BidCo Pty Limited ^{+, a}

Cash 4.00% + SF (1.00% Floor)v

01/15/20

12/18/26

Senior

1,264,250

1,235,804

Stiphout Finance, LLC ^{+, a}

Cash 3.00% + L (1.00% Floor)^

10/30/15

10/30/25

Senior

4,681,981

4,652,886

Voyage Australia Pty Ltd ^{+, a}

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

07/23/21

06/18/28

Senior

1,678,500

1,598,771

Total Asia - Pacific (0.47%)

59,925,873

North America (5.58%)

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

Cash 3.75% + L^

11/13/18

10/01/25

Senior

1,440,000

1,209,830

Acrisure LLC ^{+, a}

Cash 3.75% + L (0.50% Floor)^

08/18/21

02/13/27

Senior

2,172,500

2,069,306

Acrisure LLC ^{+, a}

Cash 3.50% + L^

03/27/20

02/15/27

Senior

1,853,629

1,743,904

Acrisure LLC ^{+, a}

Cash 4.25% + L (0.50% Floor)^

12/08/21

02/15/27

Senior

990,000

960,711

ADMI Corp. ^{+, a}

Cash 3.75% + L (0.50% Floor)^

07/14/21

12/23/27

Senior

1,382,500

1,262,831

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

Cash 4.75% + L (1.00% Floor)^

02/25/21

10/02/25

Senior

982,500

694,510

AIT Buyer, LLC ^{+, a}

Cash 7.50% + L (0.75% Floor)^^

04/06/21

03/30/29

Second Lien

6,860,000

6,570,801

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

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

04/19/21

03/31/28

Senior

2,574,000

2,372,108

Alliant Holdings Intermediate, LLC ^{+, a}

Cash 3.25% + L^

06/03/19

05/09/25

Senior

1,254,500

1,239,935

Alliant Holdings Intermediate, LLC ^{+, a}

Cash 3.50% + L (0.50% Floor)^

12/08/21

11/05/27

Senior

1,580,000

1,546,425

Amneal Pharmaceuticals, Inc. ^{+, a}

Cash 3.50% + L^^

06/03/22

05/04/25

Senior

2,976,491

2,676,446

Apex Group Treasury Limited ^{+, a}

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

08/27/21

07/27/28

Senior

2,076,735

1,988,474

Apex Tool Group ^{+, a}

Cash 5.25% + SF (0.50% Floor)v

02/22/22

02/08/29

Senior

995,000

859,272

Applovin Corporation ^{+, a}

Cash 3.25% + L^^

03/24/21

08/15/25

Senior

979,592

945,615

Applovin Corporation ^{+, a}

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

12/08/21

10/25/28

Senior

1,389,500

1,323,499

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

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

03/18/21

03/03/28

Senior

1,083,500

1,041,969

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

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

08/19/21

08/02/29

Second Lien

7,049,750

6,192,007

athenahealth Group, Inc. ^{+, a}

Cash 3.50% + SF (0.50% Floor)vv

02/23/22

02/15/29

Senior

2,814,685

2,548,303

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

)

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

Cash 3.50% + SF (0.50% Floor)vv

02/23/22

02/15/29

Senior

119,565

3,309,250

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^*(continued)

Direct Debt (continued)

Banff Guarantor Inc. ^{+, a}

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

01/31/22

02/27/26

Second Lien

1,700,000

1,571,973

Banff Merger Sub Inc. ^{+, a}

Cash 3.75% + L^

01/31/22

10/02/25

Senior

2,808,428

2,695,459

Barracuda Networks, Inc. ^{+, a}

Cash 7.00% + SF (0.50% Floor)vv

05/17/22

08/15/30

Second Lien

4,000,000

3,655,000

Bausch & Lomb Inc. ^{+, a}

Cash 3.25% + SF (0.50% Floor)vv

05/18/22

05/10/27

Senior

3,283,500

3,132,163

Bella Holding Company, LLC ^{+, a}

Cash 3.75% + L (0.75% Floor)^

05/13/21

04/01/28

Senior

3,555,000

3,364,807

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

Cash 4.25% + L^^

10/04/18

09/05/25

Senior

1,436,500

1,371,857

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}

Cash 3.00% + L^^

08/12/19

06/15/25

Senior

962,217

940,139

BlueConic Holding, Inc. ^{+, a}

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

01/27/22

01/27/28

Senior

18,912,000

18,109,990

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

Cash 2.75% + L (0.50% Floor)^

09/12/18

08/01/25

Senior

974,878

962,644

Brown Group Holding, LLC ^{+, a}

Cash 3.75% + SF (0.50% Floor)vv

06/09/22

07/02/29

Senior

997,500

995,864

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

Cash 4.25% + L (1.00% Floor)^

01/01/21

04/25/24

Senior

151,600

124,312

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

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

12/31/20

04/25/25

Second Lien

342,377

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

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

01/01/21

11/06/25

Second Lien

183,333

180,745

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

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

01/01/21

11/06/25

Second Lien

1,466,667

1,445,963

CapitalSpring Finance Company, LLC ^{+, a}

Cash 8.00%

03/01/17

02/10/23

Mezzanine

4,863,488

4,345,590

CapitalSpring Finance Company, LLC ^{+, a}

PIK 5.00%

03/01/17

02/10/23

Mezzanine

3,401,088

2,560,119

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

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

11/26/21

09/01/24

Senior

1,376,009

1,295,927

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

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

11/26/21

09/01/25

Second Lien

3,000,000

2,820,000

Cengage Learning, Inc. ^{+, a}

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

08/06/21

07/14/26

Senior

1,382,500

1,246,414

Central Parent, Inc. ^{+, a}

Cash 4.50% + SF (0.50% Floor)vv

07/12/22

07/06/29

Senior

1,000,000

992,670

Charlotte Buyer Inc ^{+, a}

Cash 5.25% + SF (0.50% Floor)vv

08/16/22

02/11/28

Senior

1,000,000

950,420

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

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

05/31/19

12/01/27

Senior

1,438,195

1,399,658

Cheniere Energy Partners ^{+, a}

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

06/09/21

06/04/28

Senior

3,250,500

3,240,342

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

Cash 4.25% + SF (0.50% Floor)vv

04/19/22

04/13/29

Senior

1,293,500

1,235,131

CommScope, Inc. ^{+, a}

Cash 3.25% + L^

04/26/19

04/06/26

Senior

2,455,962

2,321,498

ConnectWise, LLC ^{+, a}

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

10/06/21

09/29/28

Senior

1,683,000

1,603,057

Conservice Midco, LLC, ^{+, a}

Cash 4.25% + L^

05/18/20

05/13/27

Senior

1,661,750

1,616,401

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

Cash 4.70% + L (1.00% Floor)^

06/06/19

04/30/26

Senior

1,640,569

1,582,805

ConvergeOne Holdings, Inc. ^{+, a}

Cash 5.00% + L^

03/27/19

01/04/26

Senior

2,887,500

1,692,147

ConvergeOne Holdings, Inc. ^{+, a}

Cash 8.50% + L^

04/15/19

01/04/27

Second Lien

31,200,000

14,040,000

Convergint Tech LLC ^{+, a}

Cash 6.75% + L (0.75% Floor)^

04/12/21

03/30/29

Second Lien

1,400,000

1,243,662

Cornerstone OnDemand, Inc. ^{+, a}

Cash 3.75% + L (0.50% Floor)^

10/22/21

10/16/28

Senior

1,191,000

1,068,923

Critical Start ^{+, a}

Cash 5.25% + SF (0.75% Floor)vv

05/18/22

05/18/28

Senior

8,180,667

8,150,915

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

Cash 6.00% + SF (0.75% Floor)vv

05/18/22

05/18/28

Senior

1,798,333

(32,323

)

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

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

05/05/21

04/27/27

Senior

4,487,671

4,390,423

CSC Holdings, LLC ^{+, a}

Cash 2.50% + L^

08/11/21

04/15/27

Senior

3,455,584

3,097,067

CSC Holdings, LLC ^{+, a}

Cash 2.25% + L^

12/07/18

01/15/26

Senior

2,892,342

2,709,314

DCert Buyer, Inc. ^{+, a}

Cash 4.00% + L^

10/24/19

10/16/26

Senior

1,948,674

1,886,736

Deerfield Dakota Holding, LLC ^{+, a}

Cash 3.75% + SF (1.00% Floor)vv

06/01/20

04/09/27

Senior

975,000

913,000

Delta Topco, Inc. ^{+, a}

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

01/06/21

12/01/27

Senior

2,068,500

1,917,499

Dentive Capital, LLC ^{+, a}

Cash 6.75% + SF (0.75% Floor)vv

12/23/22

12/22/28

Senior

10,125,421

9,821,658

DexKo Global Inc. ^{+, a}

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

10/07/21

09/22/28

Senior

254,943

229,413

Dexko Global, Inc. ^{+, a}

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

10/07/21

10/04/28

Senior

1,333,057

1,199,565

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

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

Cash 4.75% + SF (0.75% Floor)vv

11/15/22

03/31/28

Senior

997,500

960,094

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

Cash 3.50% + L (0.75% Floor)^

04/23/21

03/31/28

Senior

1,280,542

1,227,720

Diamond Parent Holdings Corp. ^{+, a}

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

12/23/16

08/04/25

Senior

(31,186

)

—

Diamond Parent Midco Inc. ^{+, a}

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

09/01/22

08/04/25

Senior

29,289,835

29,042,348

Dwyer Instruments, LLC ^{+, a}

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

07/01/22

07/21/27

Senior

10,990,866

213,797

EAB Global, Inc. ^{+, a}

Cash 4.00% + SF (0.75% Floor)v

08/25/21

11/19/26

Senior

4,125,758

2,100,605

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

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

09/13/21

11/09/27

Senior

1,674,372

1,611,583

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

Cash 4.25% + SF (0.50% Floor)vv

08/17/22

06/22/29

Senior

315,789

309,343

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

Cash 4.25% + SF (0.50% Floor)vv

08/17/22

06/22/29

Senior

684,211

670,242

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

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

04/28/21

02/10/28

Senior

3,841,500

3,466,954

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

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

08/16/21

05/21/28

Senior

1,584,000

1,536,234

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

Cash 4.50% + SF (1.00% Floor)v

04/29/22

04/29/28

Second Lien

42,188,402

35,024,436

Epiq Systems ^{+, a}

Cash 4.75% + SF (0.75% Floor)v

06/02/22

04/26/29

Senior

3,990,000

3,685,762

Evergreen Services Group ^{+, a}

Cash 6.00% + SF (0.75% Floor)vv

06/15/22

06/14/29

Senior

7,969,459

8,008,277

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

Cash 6.00% + SF (0.75% Floor)vv

06/15/22

06/14/29

Senior

1,377,912

1,384,623

Explorer Holdings, Inc. ^{+, a}

Cash 8.00% + L (0.50% Floor)^

02/04/20

02/04/28

Second Lien

16,625,443

15,627,916

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

Cash 8.00% + L (0.50% Floor)^

02/04/20

02/04/28

Second Lien

2,866,456

2,694,468

Filtration Group Corporation ^{+, a}

Cash 3.50% + L (0.50% Floor)^

11/01/21

10/21/28

Senior

2,073,750

2,040,912

First Student Bidco Inc. ^{+, a}

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

08/11/21

08/21/28

Senior

1,093,975

992,098

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

Cash 4.00% + SF (0.50% Floor)vv

08/05/22

07/21/28

Senior

1,000,000

952,500

Flynn Restaurant Group LP ^{+, a}

Cash 4.25% + L (0.50% Floor)^

12/10/21

11/22/28

Senior

2,282,750

2,146,732

Galls, LLC ^{+, a}

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

12/22/20

01/31/25

Senior

515,345

486,347

GFL Environmental Inc. ^{+, a}

Cash 3.00% + L (1.00% Floor)^

12/05/18

05/30/25

Senior

1,181,805

1,183,690

GHX Ultimate Parent Corporation ^{+, a}

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

01/01/21

06/22/24

Senior

1,915,935

1,879,207

Gopher Resource, LLC ^{+, a}

Cash 3.25% + L (1.00% Floor)^

07/09/21

03/06/25

Senior

1,899,226

1,103,129

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

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

05/14/21

03/06/28

Senior

1,764,169

1,699,115

GTT Communications, Inc. ^{+, a}

Cash 2.75% + L^^^

07/02/18

05/31/25

Senior

—

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

Cash 3.50%

05/15/18

04/30/25

Senior

2,193,807

2,093,551

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

Cash 3.50% + L^

05/15/18

04/30/25

Senior

607,561

563,057

Heartland Dental, LLC ^{+, a}

Cash 4.00% + L^

06/21/21

04/30/25

Senior

987,500

920,103

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

Cash 6.75% + SF (1.00% Floor)v

11/08/22

12/15/26

Senior

12,000,000

11,786,503

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

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

11/05/21

11/19/27

Second Lien

3,600,000

3,060,000

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

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

06/25/21

11/19/26

Senior

4,125,758

3,730,716

Hornblower Sub, LLC ^{+, a}

Cash 4.50% + L^^

05/01/19

04/27/25

Senior

938,763

661,162

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

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

07/15/19

03/28/25

Senior

962,119

901,308

Hyland Software Inc. ^{+, a}

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

10/27/20

07/01/24

Senior

2,961,497

2,927,810

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

Cash 3.75% + L (0.75% Floor)^

12/17/18

06/27/24

Senior

1,248,155

1,180,286

Imperial Dade ^{+, a}

Cash 4.63% + SF (0.50% Floor)vv

06/24/22

06/11/26

Senior

992,500

967,688

Indy US Bidco, LLC ^{+, a}

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

03/29/21

03/06/28

Senior

982,563

858,927

INNIO Group Holdings GmbH ^{+, a}

Cash 3.25% + E###

11/30/18

10/31/25

Senior

1,415,436

1,244,844

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^*(continued)

Direct Debt (continued)

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

Cash 5.75% + SF (0.75% Floor)vv

06/21/22

08/27/25

Senior

16,506,158

15,969,708

Iris Holdings Inc. ^{+, a}

Cash 4.75% + SF (0.50% Floor)vv

06/15/22

06/28/28

Senior

2,244,375

2,046,780

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

242,679

171,118

KENE Acquisition, Inc. ^{+, a}

Cash 8.25% + L^^

12/15/21

08/08/27

Second Lien

175,500

167,684

KENE Acquisition, Inc. ^{+, a}

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

01/01/21

08/09/27

Second Lien

1,462,500

1,397,368

KENE Acquisition, Inc. ^{+, a}

Cash 8.25% + L^^

08/05/22

08/09/27

Second Lien

984,997

941,130

Kingpin Intermediate Holdings LLC ^{+, a}

Cash 3.50% + L (1.00% Floor)^

10/05/18

07/03/24

Senior

1,313,639

Knowlton Development Corporation Inc. ^{+, a}

Cash 3.75% + L^^

06/24/22

12/22/25

Senior

1,492,248

1,442,817

KSLB Holdings, LLC ^{+, a}

Cash 8.75% + L (1.00% Floor)^

01/01/21

07/30/26

Second Lien

3,212,308

2,620,952

LBM Acquisition, LLC ^{+, a}

Cash 3.25% + L (0.75% Floor)^

09/07/21

12/17/27

Senior

3,253,167

2,834,843

LogMeIn, Inc. ^{+, a}

Cash 4.75% + L^

09/03/20

08/31/27

Senior

4,950,000

3,206,362

LSCS Holdings, Inc. ^{+, a}

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

02/14/22

12/16/28

Senior

2,574,000

2,466,214

LTI Holdings, Inc. ^{+, a}

Cash 3.50% + L^

10/22/18

09/06/25

Senior

957,500

918,898

Magenta Buyer LLC ^{+, a}

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

10/13/21

07/27/29

Second Lien

2,000,000

1,590,000

Magenta Buyer LLC ^{+, a}

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

08/02/21

07/27/28

Senior

3,465,000

2,983,157

Marnix SAS ^{+, a}

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

12/17/21

08/04/28

Senior

1,477,500

1,408,250

Maverick Bidco, Inc. ^{+, a}

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

05/26/21

05/18/29

Second Lien

6,603,000

6,173,805

McAfee Inc. ^{+, a}

Cash 4.00% + S>>

03/09/22

03/01/29

Senior

2,593,500

2,421,214

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

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

11/03/21

10/23/28

Senior

1,091,750

1,039,461

Mercury Borrower, Inc. ^{+, a}

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

04/11/22

08/02/29

Second Lien

900,000

790,497

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

Cash 2.50% + L^^

04/26/19

03/01/26

Senior

1,039,185

1,031,880

Michaels Stores, Inc. ^{+, a}

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

04/26/21

04/15/28

Senior

2,164,250

1,876,286

Mirion Technologies, Inc. ^{+, a}

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

11/05/21

10/20/28

Senior

1,176,000

1,157,102

Mitchell International, Inc. ^{+, a}

Cash 3.75% + L (0.50% Floor)^

10/21/21

10/15/28

Senior

3,771,500

3,486,695

Mitchell International, Inc. ^{+, a}

Cash 6.50% + L (0.50% Floor)^

10/26/21

10/15/29

Second Lien

1,000,000

835,625

MJH Healthcare Holdings, LLC ^{+, a}

Cash 3.50% + SF (0.50% Floor)v

04/08/22

01/28/29

Senior

1,691,500

1,632,455

MKS Instruments, Inc ^{+, a}

Cash 2.75% + SF (0.50% Floor)vv

08/26/22

08/17/29

Senior

997,500

988,059

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

Cash 7.00% + SF (1.00% Floor)v

11/14/22

02/28/23

Senior

28,762

28,730

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

Cash 5.00% + L (1.00% Floor)^

01/01/21

06/02/24

Senior

525,863

340,449

Navicure, Inc. ^{+, a}

Cash 4.00% + L^^

11/19/19

10/22/26

Senior

2,929,785

2,885,838

NEP Group, Inc. ^{+, a}

Cash 3.25% + L^^

02/10/22

10/20/25

Senior

1,964,194

1,703,123

NEP Group, Inc. ^{+, a}

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

12/06/21

10/20/25

Senior

1,881,000

1,647,060

Netsmart, Inc. ^{+, a}

Cash 3.75% + L (1.00% Floor)^

07/16/18

10/01/27

Senior

2,216,656

2,140,459

Nexstar Broadcasting ^{+, a}

Cash 2.50% + L^

10/02/19

09/21/26

Senior

776,330

771,381

NortonLifeLock Inc. ^{+, a}

Cash 2.00% + SF (0.50% Floor)vv

09/20/22

09/12/29

Senior

2,400,000

2,364,504

NSM Top Holdings Corp. ^{+, a}

Cash 5.25% + L^

11/26/19

11/16/26

Senior

1,455,000

1,311,923

NSPC Intermediate II, LLC ^{+, a}

Cash 8.00% + SF (1.00% Floor)vv

12/27/22

02/28/23

Senior

9,587

9,577

nThrive Health Inc. ^{+, a}

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

05/24/22

12/18/28

Senior

1,985,000

1,688,907

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

Cash 3.50% + L (0.50% Floor)^

01/06/22

12/15/28

Senior

1,885,750

1,731,590

OEConnection LLC ^{+, a}

Cash 4.00% + L^^

10/28/19

09/25/26

Senior

2,929,093

2,798,499

OneDigital Borrower LLC ^{+, a}

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

12/11/20

11/16/27

Senior

2,533,704

2,400,684

OneDigital Borrower LLC ^{+, a}

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

12/11/20

11/16/27

Senior

231,103

218,970

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

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

09/01/21

06/23/28

Senior

2,468,750

2,350,164

PAI Holdco, Inc. ^{+, a}

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

11/09/20

10/22/27

Senior

1,182,000

1,048,292

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

Cash 3.25% + L^

05/14/19

04/30/26

Senior

1,014,249

997,347

Pascal Midco 2, LLC ^{+, a}

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

07/01/22

07/21/27

Senior

10,990,866

10,771,049

Pearl Intermediate Parent, LLC ^{+, a}

Cash 2.75% + L^

03/16/18

02/14/25

Senior

3,617,140

3,389,466

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^*(continued)

Direct Debt (continued)

Pearl Intermediate Parent, LLC ^{+, a}

Cash 6.25% + L^

01/01/21

02/13/26

Second Lien

2,400,000

2,217,000

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

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

10/07/22

12/15/28

Senior

994,975

833,361

Peraton Corp. ^{+, a}

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

04/12/21

02/01/28

Senior

1,929,725

1,887,917

PetVet Care Centers, LLC ^{+, a}

Cash 3.25% + L^

04/12/19

02/14/25

Senior

1,151,880

1,080,964

PetVet Care Centers, LLC ^{+, a}

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

08/18/21

02/14/25

Senior

984,733

928,505

PG&E Corporation ^{+, a}

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

08/11/20

06/23/25

Senior

1,950,000

1,937,812

Phoenix Newco, Inc. ^{+, a}

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

12/07/21

11/15/28

Senior

2,977,500

2,874,121

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

Cash 7.00% + L (0.50% Floor)^

07/02/21

12/14/29

Senior

3,700,000

1,138,660

PODS, LLC. ^{+, a}

Cash 3.00% + L (0.75% Floor)^

04/16/21

03/31/28

Senior

1,277,331

1,212,666

Polaris Newco, LLC ^{+, a}

Cash 4.00% + L (0.50% Floor)^

06/15/21

06/02/28

Senior

1,188,000

1,087,020

Potters Industries, LLC ^{+, a}

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

12/17/20

12/14/27

Senior

982,500

965,306

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

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

01/18/22

12/14/29

Senior

3,700,000

3,472,497

Pregis TopCo LLC ^{+, a}

Cash 3.75% + L (0.75% Floor)^

12/23/20

07/31/26

Senior

987,500

960,344

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

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

10/05/21

10/01/29

Second Lien

1,800,000

1,122,759

Procera Networks, Inc. ^{+, a}

Cash 4.50% + L^^

11/20/18

10/31/25

Senior

1,144,395

1,089,321

Project Boost Purchaser, LLC ^{+, a}

Cash 3.50% + L^^

07/19/19

06/01/26

Senior

1,741,500

1,683,264

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

Cash 5.25% + SF (0.50% Floor)vv

06/15/22

07/20/29

Senior

3,000,000

2,747,250

Prometric Holdings, Inc. ^{+, a}

Cash 7.50% + L (1.00% Floor)^

01/29/18

01/29/26

Second Lien

14,154,350

14,781,379

Quintiles IMS Inc. ^{+, a}

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

06/22/18

06/11/25

Senior

2,803,629

2,567,132

Radiate HoldCo, LLC ^{+, a}

Cash 3.50% + L (0.75% Floor)^

07/16/19

09/25/26

Senior

990,000

808,761

Radiology Partners, Inc. ^{+, a}

Cash 4.25% + L^

09/11/18

07/09/25

Senior

2,403,933

2,029,075

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

Cash 6.75% + SF(0.75% Floor)vv

12/01/22

04/01/29

Senior

1,206,529

(9,990

)

Radwell Parent, LLC ^{+, a}

Cash 6.50% + SF (0.75% Floor)vv

12/01/22

04/01/29

Senior

6,001,484

5,821,439

Radwell Parent, LLC ^{+, a}

Cash 5.75% + SF (0.75% Floor)vv

04/06/22

04/01/29

Senior

14,111,669

13,758,877

RBMedia ^{+, a}

Cash 4.00% + L^^

06/17/22

08/29/25

Senior

2,000,000

1,960,890

RC Buyer, Inc. ^{+, a}

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

08/03/21

07/26/29

Second Lien

2,800,000

2,538,676

RealPage, Inc. ^{+, a}

Cash 3.00% + L (0.50% Floor)^

04/26/21

04/24/28

Senior

3,950,000

3,764,350

Red Planet Borrower, LLC ^{+, a}

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

10/04/21

10/02/28

Senior

2,172,500

1,370,847

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

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

05/10/21

04/27/28

Senior

3,755,172

2,635,661

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

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

05/03/21

04/16/29

Second Lien

3,000,000

1,520,640

Refficiency Holdings LLC ^{+, a}

Cash 4.00% + L (0.75% Floor)^

02/04/21

12/16/27

Senior

1,479,625

1,403,173

Refficiency Holdings LLC ^{+, a}

Cash 3.75% + L (0.75% Floor)^

02/04/21

12/16/27

Senior

289,717

274,747

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

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

03/02/21

02/17/28

Senior

982,500

949,341

Restaurant Technologies, Inc. ^{+, a}

Cash 4.25% + SF (0.50% Floor)vv

04/06/22

04/02/29

Senior

3,474,495

3,419,772

Restoration Hardware, Inc. ^{+, a}

Cash 3.25% + SF (0.50% Floor)vv

05/24/22

10/20/28

Senior

4,488,750

4,223,622

RLG Holdings, LLC ^{+, a}

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

07/19/21

07/10/28

Senior

1,980,000

1,869,457

Rocket Software, Inc. ^{+, a}

Cash 4.25% + L^

12/05/18

11/28/25

Senior

2,620,905

2,526,225

Rough Country, LLC ^{+, a}

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

08/03/21

07/26/28

Senior

1,876,250

1,802,054

S2P Acquisition Borrower, Inc ^{+, a}

Cash 4.00% + SFv

10/07/19

08/14/26

Senior

967,500

942,466

Sabre GLBL Inc. ^{+, a}

Cash 3.50% + L (0.50% Floor)^

08/09/21

12/17/27

Senior

1,871,500

1,710,084

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

Cash 3.75% + SF (0.50% Floor)vv

03/04/22

02/23/29

Senior

3,870,750

3,752,228

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

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

04/17/20

03/16/27

Senior

803,336

782,963

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

1,261,667

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

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

09/25/20

09/23/27

Senior

32,997

31,554

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

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

05/17/18

09/23/27

Senior

3,065,163

2,959,749

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

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

10/14/20

09/22/28

Second Lien

960,000

897,600

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

Cash 4.50% + L (1.00% Floor)^

06/05/18

06/05/24

Senior

25,424,249

25,519,695

Skopima Consilio Parent LLC ^{+, a}

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

05/18/21

04/30/28

Senior

6,616,250

6,275,976

Sorenson Communications, LLC ^{+, a}

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

03/23/21

03/12/28

Senior

2,475,000

2,370,592

Sound Inpatient Physicians, Inc ^{+, a}

Cash 3.00% + L^

08/23/18

06/27/25

Senior

1,333,500

1,091,536

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^*(continued)

Direct Debt (continued)

Sovos Compliance, LLC ^{+, a}

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

08/16/21

08/11/28

Senior

1,432,549

1,323,317

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

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

08/16/21

08/11/28

Senior

249,085

230,093

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

Cash 4.25% + L^^

06/05/19

07/30/25

Senior

3,358,467

3,289,501

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

Cash 8.25% + L^^

01/01/21

07/30/26

Second Lien

3,072,688

2,692,812

Star US Bidco, LLC ^{+, a}

Cash 4.25% + L (1.00% Floor)^

04/24/20

03/17/27

Senior

1,263,822

1,206,950

SuperMoose Borrower, LLC ^{+, a}

Cash 3.75% + L^^

10/16/18

08/29/25

Senior

960,000

831,360

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

Cash 6.00% + SF (0.75% Floor)vv

03/31/22

03/31/28

Senior

795,545

129,130

Tank Holdings Corporation ^{+, a}

Cash 6.00% + L (0.75% Floor)^

04/11/22

03/31/28

Senior

21,438,270

20,366,356

TecoStar Holdings, Inc. ^{+, a}

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

01/01/21

11/01/24

Second Lien

525,000

481,714

Telenet Financing USD LLC ^{+, a}

Cash 2.00% + L^

04/27/20

04/30/28

Senior

2,400,000

2,341,800

Tivity Health Inc ^{+, a}

Cash 6.00% + SF (0.75% Floor)vv

06/28/22

06/28/29

Senior

15,611,873

15,592,302

TLP Acquisition Holdings, LLC ^{+, a}

Cash 8.00% + L (1.00% Floor)^

02/26/19

02/26/26

Mezzanine

43,551,847

42,435,989

Tory Burch LLC ^{+, a}

Cash 3.50% + L (0.50% Floor)^

04/30/21

04/16/28

Senior

985,000

912,770

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

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

09/22/21

09/15/28

Senior

1,679,662

1,616,976

Trilon Group, LLC ^{+, a}

Cash 5.75% + SF (0.75% Floor)vv

06/02/22

05/27/29

Senior

10,486,875

10,481,318

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

Cash 5.75% + SF (0.75% Floor)vv

06/02/22

05/27/29

Senior

1,050,000

443,412

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

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

04/19/21

03/31/28

Senior

1,379,002

1,287,126

UKG Inc. ^{+, a}

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

07/13/20

05/04/26

Senior

980,119

934,788

Upstream Newco, Inc. ^{+, a}

Cash 4.25% + L^

08/04/21

11/20/26

Senior

3,447,500

2,996,464

Utz Quality Foods, LLC ^{+, a}

Cash 3.00% + L^^

01/29/21

01/20/28

Senior

3,626,009

3,598,814

VeriFone Systems, Inc. ^{+, a}

Cash 4.00% + L^^

09/25/18

08/20/25

Senior

3,551,705

3,272,577

Virtusa Corporation ^{+, a}

Cash 3.75% + SF (0.75% Floor)vv

02/28/22

02/11/28

Senior

2,183,500

2,113,442

Vision Solutions, Inc. ^{+, a}

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

05/06/21

04/24/28

Senior

3,851,250

3,199,426

Vision Solutions, Inc. ^{+, a}

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

09/07/21

04/23/29

Second Lien

2,300,000

1,715,662

VS Buyer, LLC ^{+, a}

Cash 3.00% + L^^

04/10/20

02/28/27

Senior

1,945,000

1,895,159

Weld North Education LLC ^{+, a}

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

01/06/21

12/15/27

Senior

1,274,000

1,251,387

Whatabrands LLC ^{+, a}

Cash 3.25% + L (0.50% Floor)^

08/05/21

07/21/28

Senior

2,970,000

2,877,187

Woof Holdings, Inc. ^{+, a}

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

01/08/21

12/22/28

Second Lien

7,200,000

6,536,988

WP CityMD Bidco LLC ^{+, a}

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

09/01/19

12/22/28

Senior

5,903,117

5,898,276

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

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

08/03/21

07/26/28

Senior

2,673,000

2,454,897

Zacapa S.à.r.l. ^{+, a}

Cash 4.25% + SF (0.50% Floor)vv

07/31/18

07/02/25

Senior

2,224,689

2,144,745

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

Cash 3.00% + L^

04/24/20

03/09/27

Senior

2,919,474

2,378,583

Total North America (5.58%)

707,566,515

Rest of World (0.27%)

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

Cash 4.50% + L^

10/05/18

07/10/25

Senior

22,171,514

18,921,215

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

Cash 3.25% + E#

10/05/18

09/29/25

Senior

2,401,128

2,058,806

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

Cash 7.25% + E#

10/11/18

09/28/26

Second Lien

13,678,916

11,494,152

Gems Education ^{+, a}

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

08/15/22

07/31/26

Senior

1,995,000

1,983,529

Total Rest of World (0.27%)

34,457,702

Western Europe (2.59%)

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

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

03/11/21

02/16/28

Senior

677,083

666,927

AD Education ^{+, a}

PIK 8.50%

06/21/22

03/30/29

Mezzanine

11,891,373

11,776,604

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

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

09/15/21

09/07/28

Senior

2,277,000

2,259,922

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

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

05/20/20

01/18/27

Senior

1,842,334

1,820,456

AI PLEX AcquiCo GmbH ^{+, a}

Cash 4.75% + L^^^

08/23/19

07/31/26

Senior

4,844,774

4,063,555

Albion Financing 3 S.à.r.l. ^{+, a}

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

01/14/22

08/17/26

Senior

2,475,000

2,353,317

Alcumus ^{+, a}

Cash 5.75% + S>>

06/29/22

03/09/29

Senior

1,984,236

1,866,187

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^*(continued)

Direct Debt (continued)

Alcumus ^{+, a, e}

Cash 5.75% + S>>

03/09/22

03/09/29

Senior

—

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

Cash 4.00% + L^^

01/27/21

08/14/26

Senior

2,948,823

2,751,016

Anticimex ^{+, a}

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

01/21/22

11/16/28

Senior

2,673,000

2,586,127

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

Cash 5.75% + E##

03/15/22

03/15/29

Senior

13,721,320

13,040,524

Aston Finco S.à.r.l. ^{+, a}

Cash 4.25% + L^^

11/14/19

10/09/26

Senior

2,723,000

2,462,562

Aston Finco S.à.r.l. ^{+, a}

Cash 8.25% + L^^

10/25/19

10/09/27

Second Lien

36,733,592

30,335,779

Auris Luxembourg III S.à.r.l. ^{+, a}

Cash 3.75% + L^

04/04/19

02/27/26

Senior

963,712

864,931

Babar Bidco ^{+, a}

Cash 4.00% + E###

12/04/20

11/17/27

Senior

1,214,051

1,028,235

BK LC Lux SPV S.à.r.l. ^{+, a}

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

07/09/21

04/28/28

Senior

1,866,750

1,825,336

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

Cash 4.75% + S>>>

08/31/18

06/23/25

Senior

5,199,152

4,431,361

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

Cash 8.35% + S>>>

06/21/18

06/18/26

Second Lien

44,095,247

36,935,027

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

PIK 8.25% + L^^^

02/28/22

08/31/30

Mezzanine

6,648,197

6,104,406

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

928,422

Compass IV Limited ^{+, a}

Cash 4.00% + E###

07/06/18

05/09/25

Senior

341,033

191,018

Constellation Automotive Group Limited ^{+, a}

Cash 4.75% + S>>>

09/03/21

07/28/28

Senior

1,387,192

837,564

Constellation Automotive Limited ^{+, a}

Cash 7.50% + S>>>

10/18/21

07/30/29

Second Lien

1,372,084

496,983

Constellation BidCo GmbH ^{+, a}

Cash 6.00% + E##

10/26/22

06/27/29

Senior

26,760,488

27,852,037

CTEC III GmbH ^{+, a}

Cash 3.75% + E##

03/29/18

03/07/25

Senior

4,055,926

3,227,422

Dragon Bidco Limited ^{+, a}

Cash 6.00% + S>>

03/09/22

03/09/29

Senior

8,941,459

7,940,970

EG Group Limited ^{+, a}

Cash 4.00% + L^

05/22/18

02/07/25

Senior

1,347,758

1,295,102

Envirotainer ^{+, a}

Cash 6.00% + E##

07/29/22

07/27/29

Senior

8,191,195

8,362,074

Envirotainer ^{+, a}

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

07/29/22

07/27/29

Senior

4,089,559

3,978,557

Envirotainer ^{+, a, e}

Cash 6.00% + E##

07/29/22

07/27/29

Senior

—

Fusilli AcquiCo S.à.r.l. ^{+, a}

Cash 6.00% + E###

01/27/22

10/12/23

Senior

1,114,648

817,122

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

Cash 7.00% + E#

06/28/19

11/28/24

Senior

1,094,459

839,737

HIG Finance 2 Limited ^{+, a}

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

10/05/21

11/12/27

Senior

3,168,197

3,090,687

HNVR Holdco Limited ^{+, a}

Cash 5.50% + E###

01/25/22

09/12/27

Senior

1,691,173

1,396,094

Holding Socotec SAS ^{+, a}

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

09/10/21

06/30/28

Senior

1,485,000

1,403,941

Hunter Douglas NV ^{+, a}

Cash 3.50% + SF (0.50% Floor)vv

03/07/22

02/26/29

Senior

1,791,000

1,584,874

Hunter Holdco 3 Limited ^{+, a}

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

08/26/21

08/19/28

Senior

3,085,188

3,035,053

Hurtigruten AS ^{+, a}

Cash 8.00% + E##

01/10/22

06/22/23

Senior

1,697,931

1,440,385

IGT Holding IV AB ^{+, a}

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

07/21/21

03/31/28

Senior

1,866,750

1,834,082

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

Cash 3.50% + L^^

11/16/21

06/13/24

Senior

2,967,557

2,771,775

ION Trading Finance Limited ^{+, a}

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

05/25/21

04/01/28

Senior

2,758,000

2,623,051

Loire UK Midco 3 Limited ^{+, a}

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

07/09/21

04/21/27

Senior

1,273,917

1,197,482

Loire UK Midco 3 Limited ^{+, a}

Cash 3.25% + L^^^

06/08/20

04/21/27

Senior

1,365,391

1,283,468

Mar Bidco S.à.r.l. ^{+, a}

Cash 4.25% + L^^

07/30/21

07/06/28

Senior

2,962,500

2,710,687

Matador Bidco S.à.r.l. ^{+, a}

Cash 4.75% + L^

11/12/19

10/15/26

Senior

3,352,679

3,315,380

Nomad Foods Limited ^{+, a}

Cash 3.75% + SF (0.50% Floor)vv

12/09/22

11/12/29

Senior

1,184,960

1,183,603

Osmosis Buyer Limited ^{+, a}

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

08/03/21

07/30/28

Senior

3,491,250

3,297,049

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

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

05/31/17

05/31/27

Mezzanine

29,558,262

27,433,294

Paradocs Holding S.à.r.l. ^{+, a}

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

06/02/21

02/17/28

Senior

1,866,750

1,818,915

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

Cash 4.00% + SFvvv

03/30/22

03/01/29

Senior

1,488,750

1,449,670

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

Cash 4.25% + SF (0.50% Floor)vv

05/05/22

07/12/29

Senior

2,765,370

2,682,409

Rainbow Jvco Ltd. ^{+, a}

Cash 7.25% + E##; PIK 7.25%

02/24/22

02/24/30

Mezzanine

9,256,340

8,429,634

RivieraTopco S.à.r.l. ^{+, a}

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

01/01/21

05/08/24

Mezzanine

2,049,873

1,689,196

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

Cash 3.00% + E##

05/25/18

05/05/25

Senior

2,271,578

2,041,204

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

Seren Bidco AB ^{+, a}

Cash 7.25% + SR ¤¤

11/16/21

11/16/29

Second Lien

16,653,255

13,697,030

Sevetys Invest ^{+, a, e}

Cash 6.25% + E##

12/16/22

12/07/28

Senior

670,269

655,208

Sevetys Invest ^{+, a}

Cash 6.25% + E##

12/16/22

12/07/28

Senior

14,645,246

14,316,167

Sitel Group ^{+, a}

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

10/15/21

08/28/28

Senior

1,777,500

1,759,281

Spinnaker DebtCo Limited ^{+, a}

Cash 6.25% + E##

12/21/22

12/14/29

Senior

15,346,207

14,880,018

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

Cash 2.75% + L^^

11/14/18

10/01/25

Senior

2,760,353

2,727,919

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

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

09/08/21

12/04/26

Senior

987,500

919,200

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

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

10/22/19

10/01/26

Senior

2,736,263

2,627,195

team.blue Finco S.à.r.l. ^{+, a}

Cash 3.75% + E###

06/25/21

03/27/28

Senior

4,056,317

3,435,738

Vertical Midco GmbH ^{+, a}

Cash 3.50% + L^^^

09/09/20

07/30/27

Senior

3,910,607

3,772,836

Virgin Media Bristol, LLC ^{+, a}

Cash 2.50% + L^

02/07/18

01/31/28

Senior

5,486,250

5,417,995

Ziggo Financing Partnership ^{+, a}

Cash 2.50% + L^

02/27/20

04/30/28

Senior

2,500,000

2,443,562

Total Western Europe (2.59%)

328,303,362

Total Direct Debt (8.91%)

1,130,253,452

Total Direct Investments (69.19%)

8,778,467,618

Secondary Investments ^{*, c} (12.16%)

	Acquisition Date	Fair Value
Asia - Pacific (1.17%)
Baring Asia Private Equity Fund IV, L.P. ^{+, a, e}	11/24/09	$	5,492
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		86,455,732
TPG Asia VII (B), L.P. ^{+, a, e}	12/07/18		20,483,108
TRG Growth Partnership (Offshore) II, L.P. ^{+, a, e}	08/02/10		154,415
TRG Growth Partnership (Offshore), L.P. ^{+, a, e}	08/02/10		5,343
TRG Growth Partnership II, L.P. ^{+, a, e}	07/08/10		459,327
Yunfeng Capital Fund III, L.P. ^{+, a, e}	05/18/21		37,126,991
Yunfeng Capital Fund IV, L.P. ^{+, a, e}	05/31/21		3,532,216
Total Asia - Pacific (1.17%)			148,442,406
North America (8.82%)
Abingworth Bioventures V, L.P. ^{+, a, e}	06/30/12	$	29,963
Apollo Investment Fund VII, L.P. ^{+, a, e}	07/01/10		19,170
Apollo Overseas Partners (Delaware) VII, L.P. ^{+, a, e}	10/01/09		8,669
Ares PE Extended Value Fund, L.P. ^{+, a, e}	11/14/19		40,452,980
Avenue Golden Continuation Fund PV, L.P. ^{+, a, e}	04/26/22		21,987,749
Bain Capital Fund X, L.P. ^{+, a, e}	06/30/11		4,607,371
Berkshire Fund VIII, L.P. ^{+, a, e}	09/03/21		34,999,839
Berkshire Fund X-A, L.P. ^{+, a, e}	09/03/21		8,848,639
Bertram Growth Capital II-A, L.P. ^{+, a, e}	09/30/15		182,947
Centerbridge Seaport Acquisition Fund, L.P. ^{+, a, e}	05/12/22		105,702
Clayton, Dubilier & Rice Fund VIII, L.P. ^{+, a, e}	03/29/12		1,839,143
DST Opportunities Access Offshore L.P. ^{+, a, e}	09/30/20		10,864,696
ECP Terra-Gen Growth Fund, L.P. ^{+, a, e}	03/23/21		3,713,216
EETF Sidecar, L.P. ^{+, a, e}	04/30/21		7,653,551
EnCap Energy Co-Investment Fund I-C, L.P. ^{+, a, e}	04/30/21		1,467,846
EnCap Energy Transition Fund I, L.P. ^{+, a, e}	04/30/21		4,027,875
Energy Capital Partners Credit Solutions II, L.P. ^{+, a, e}	02/03/21		2,735,542
Energy Capital Partners III, L.P. ^{+, a, e}	02/01/21		5,608,859
Frazier Healthcare VI, L.P. ^{+, a}	06/30/12		154,181
FS Equity Partners V, L.P. ^{+, a, e}	08/07/12		891,926

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Secondary Investments *^{, c}** (continued)
North America (continued)
GA Continuity Fund I L.P. (Bermuda) ^{+, a, e}	06/30/21	$	64,187,160
General Atlantic Investment Partners 2021, L.P. ^{+, a, e}	07/02/21		3,326,081
General Atlantic Investment Partners 2022, L.P. ^{+, a, e}	12/01/22		—
Genstar Capital Partners V, L.P. ^{+, a, e}	09/30/15		56,397
Green Equity Investors Side CF, L.P. ^{+, a, e}	04/16/21		44,358,814
Gridiron Energy Feeder I, L.P. ^{+, a, e}	05/15/17		35,415,668
Gryphon Partners 3.5, L.P. ^{+, a, e}	05/21/13		503,945
Gryphon Partners IV L.P. ^{+, a, e}	02/08/16		24,598,934
H.I.G. Bayside Debt & LBO Fund II, L.P. ^{+, a, e}	12/30/10		219,064
Icon Partners IV, L.P. ^{+, a, e}	05/26/21		33,849,150
Icon Partners V, L.P. ^{+, a, e}	12/27/21		75,693,811
Insight Venture Partners Continuation Fund, L.P. ^{+, a, e}	09/09/19		54,169,753
Investcorp Private Equity 2007 Fund, L.P. ^{+, a, e}	03/31/11		8,474
KKR Associates Indigo Equity Partners, L.P. ^{+, a}	06/09/22		121,987,113
KSL Capital Partners CV I, L.P. ^{+, a, e}	05/23/22		33,241,141
Lee Equity Partners II, L.P. ^{+, a, e}	06/30/17		5,824,059
Lee Equity Partners Realization Fund, L.P. ^{+, a}	06/30/17		11,244,021
LEP Captive Co-Invest II, L.P. ^{+, a}	07/01/22		14,431,625
Madison Dearborn Capital Partners V, L.P. ^{+, a, e}	03/31/11		236,509
Madison Dearborn Capital Partners VIII, L.P. ^{+, a, e}	03/15/21		6,058,995
MidOcean Partners III, L.P. ^{+, a, e}	06/30/11		927
Monomoy Capital Partners II, L.P. ^{+, a, e}	09/30/15		519,512
New Enterprise Associates 17, L.P. ^{+, a, e}	09/30/20		6,272,733
Northgate Growth Fund, L.P. ^{+, a, e}	12/20/19		5,848,183
NVP VIII PG, L.P. ^{+, a, e}	05/31/19		91,324,401
Oak Investment Partners XII, L.P. ^{+, a}	06/28/12		133,347
Pamlico Capital GP II, LLC ^{+, a}	03/31/14		2,523
Providence Equity Partners IV, L.P. ^{+, a, e}	06/30/11		782
Providence Equity Partners V, L.P. ^{+, a, e}	06/30/11		6,820
Providence Equity Partners VI-A, L.P. ^{+, a, e}	06/30/11		709,382
Providence Equity Partners VII-A, L.P. ^{+, a, e}	06/30/13		1,686,973
PT2, L.P. ^{+, a, e}	12/21/21		9,825,079
Revelstoke EPIC Fund I, L.P. ^{+, a, e}	11/20/19		95,542,689
Samson Partners, L.P. ^{+, a, e}	12/21/20		40,165,082
Silver Lake Partners III, L.P. ^{+, a, e}	03/31/13		966,447
Silver Lake Partners V, L.P. ^{+, a, e}	09/30/20		5,731,333
Silver Lake Partners VI, L.P. ^{+, a, e}	09/30/22		19,197,874
SL SPV-1, L.P. ^{+, a}	12/01/17		2,958,156
SL SPV-2, L.P. ^{+, a}	06/30/10		8,676,298
Sun Capital Partners V, L.P. ^{+, a, e}	09/30/13		3,327,221
TA Atlantic & Pacific VI, L.P. ^{+, a, e}	09/30/15		120,077
TA XI, L.P. ^{+, a, e}	09/30/15		953,183
TCV VII (A), L.P. ^{+, a, e}	09/30/13		604,613
TorQuest Partners Fund (U.S.) II, L.P. ^{+, a, e}	09/30/15		233,657
TPG Partners V, L.P. ^{+, a, e}	07/11/11		14,980
TPG Partners VI, L.P. ^{+, a, d, e}	12/31/12		1,445,501
Trident VIII, L.P. ^{+, a, e}	09/30/22		28,730,726
Vistria Fund III, L.P. ^{+, a, e}	07/29/19		15,781,024
Vistria Fund IV, L.P. ^{+, a, e}	10/01/22		32,865,723
Warburg Pincus Private Equity X, L.P. ^{+, a}	09/28/12		221,258
Welsh, Carson, Anderson & Stowe XII, L.P. ^{+, a, e}	12/31/18		61,069,681

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Secondary Investments *^{, c}** (continued)
North America (continued)
Welsh, Carson, Anderson & Stowe XIII, L.P. ^{+, a, e}	12/20/18	$	3,960,424
Total North America (8.82%)			1,118,507,187
Western Europe (2.17%)
3i Eurofund Vb, L.P. ^{+, a}	06/30/11	$	82,271
3i Growth Capital B, L.P. ^{+, a, e}	10/01/14		73,296
Abingworth Bioventures III, L.P. ^{+, a, e}	09/30/15		8,626
Abingworth Bioventures V Co-Investment Growth Equity Fund, L.P. ^{+, a, e}	06/30/12		25,570
Advent International GPE VI, L.P. ^{+, a}	04/30/11		311,248
Apax Europe VI - A, L.P. ^{+, a, e}	07/01/11		55,148
Apax Europe VII - B, L.P. ^{+, a, e}	04/30/11		11,288
Astorg IQ-EQ Fund SCSp ^{+, a, e}	01/13/22		18,714,654
BC European Capital IX, L.P. ^{+, a, e}	09/30/14		2,920,906
Carlyle Europe Partners II, L.P. ^{+, a, e}	12/28/12		19,301
Carlyle Europe Partners III, L.P. ^{+, a, e}	09/30/14		160,979
CCP IX L.P. No.2 ^{+, a}	09/30/14		168,814
CD&R Value Building Partners I, L.P. ^{+, a}	12/17/21		48,116,096
Daiwa ICP European Infrastructure 1, L.P. ^{+, a, e}	12/22/22		41,002,087
EPIC I-b Fund SLP ^{+, a, e}	11/30/20		19,673,093
ESP Golden Bear Europe Fund ^{+, a, e}	12/31/16		3,787,769
Galileo III FCPR ^{+, a, e}	09/30/15		30,433
Graphite Capital Partners VII, L.P. ^{+, a, e}	09/30/15		187,005
Italian Private Equity Fund IV, L.P. ^{+, a, e}	01/29/16		15,468
KKR European Fund III, L.P. ^{+, a, e}	11/01/10		162,387
Montagu+ SCSp ^{+, a, e}	12/06/21		39,918,445
Permira Europe II, L.P. ^{+, a}	11/29/13		25,147
Permira Europe III, L.P. ^{+, a}	09/30/13		57,378
Permira IV, L.P. ^{+, a}	09/30/15		6,770,859
Permira VII L.P. ^{+, a, e}	09/29/22		29,840,695
Rivean Special Opportunity Fund I Coöperatief U.A. ^{+, a, e}	11/29/22		31,780,938
Riverside Europe Fund IV, L.P. ^{+, a, e}	09/30/14		462,405
STG Alternative Investments S.C.A. SICAV-RAIF ^{+, a, e}	09/17/21		18,329,032
Trilantic Capital Partners V (Europe) S.C.A., SICAR ^{+, a, e}	11/20/20		11,454,380
Trilantic Europe VI SCSp ^{+, a, e}	12/10/20		1,852,338
Total Western Europe (2.17%)			276,018,056
Total Secondary Investments (12.16%)		$	1,542,967,649
Primary Investments *^{, c}** (14.51%)
Asia - Pacific (1.03%)
Baring Asia Private Equity Fund V, L.P. ^{+, a, e}	12/01/10	$	2,161,543
BGH Capital Fund I ^{+, a, e}	03/01/18		14,494,227
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		35,781,551
CVC Capital Partners Asia VI L.P. ^{+, a, e}	12/23/22		—
Hony Capital Fund VIII, L.P. ^{+, a, e}	10/30/15		8,474,307
Hony Capital Partners V, L.P. ^{+, a, e}	12/15/11		4,119,293
J-STAR No.4-C, L.P. ^{+, a, e}	08/02/19		19,782,685
J-STAR No.5-B, L.P. ^{+, a, e}	02/28/22		51,344
Kedaara Capital III Limited ^{+, a, e}	06/17/21		2,059,575
KKR Asian Fund IV SCSp ^{+, a, e}	05/29/20		2,471,568
Primavera Capital Fund III L.P. ^{+, a, e}	05/09/18		13,018,072
Primavera Capital Fund IV, L.P. ^{+, a, e}	05/20/21		4,283,354

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
Asia - Pacific (continued)
Southern Capital Fund IV L.P. ^{+, a, e}	01/26/18	$	1,942,007
The Baring Asia Private Equity Fund VII, L.P. ^{+, a, e}	07/10/18		9,979,368
TPG Asia VIII (B), L.P. ^{+, a, e}	07/01/22		—
Trustbridge Partners VI, L.P. ^{+, a, e}	04/12/18		11,145,925
Total Asia - Pacific (1.03%)			129,764,819
North America (9.11%)
Advent Global Technology, L.P. ^{+, a, e}	06/25/19	$	2,770,074
AEA Investors Fund VII L.P. ^{+, a, e}	02/08/19		3,309,823
American Industrial Partners Capital Fund VII, L.P. ^{+, a, e}	03/29/19		16,190,786
Apollo Investment Fund IX, L.P ^{+, a, e}	06/01/17		30,707,058
Apollo Investment Fund VIII, L.P. ^{+, a, e}	06/28/13		4,150,526
Ares Corporate Opportunities Fund IV, L.P. ^{+, a, e}	04/19/12		4,072,484
Ares Corporate Opportunities Fund V, L.P. ^{+, a, e}	12/28/15		9,861,408
Ares Corporate Opportunities Fund VI, L.P. ^{+, a, e}	06/02/20		1,704,037
Avista Capital Partners II, L.P. ^{+, a, e}	01/01/14		49,586
Bain Capital Fund XII, L.P. ^{+, a, e}	06/30/17		19,666,681
Bain Capital Fund XIII, L.P. ^{+, a, e}	08/07/20		5,725,529
Barings Transportation Fund, L.P. ^{+, a, e}	09/23/21		11,856,472
Berkshire Fund IX, L.P. ^{+, a, e}	03/18/16		14,158,383
Caltius Partners V-A, L.P. ^{+, a, e}	12/02/14		6,078,654
Carlyle Partners VII, L.P. ^{+, a, e}	11/29/17		56,188,505
Carlyle Partners VIII, L.P. ^{+, a, e}	09/10/21		1,349,317
Centerbridge Seaport Acquisition Fund, L.P. ^{+, a}	04/27/22		778,906
Clayton, Dubilier & Rice Fund IX, L.P. ^{+, a, e}	07/31/13		9,988,743
Clayton, Dubilier & Rice Fund X, L.P. ^{+, a, e}	12/13/16		26,290,921
Clayton, Dubilier & Rice Fund XI, L.P. ^{+, a, e}	05/15/20		12,983,797
Clayton, Dubilier & Rice Fund XII, L.P. ^{+, a, e}	09/02/22		—
Clearlake Capital Partners V, L.P. ^{+, a, e}	12/15/17		35,673,391
Clearlake Capital Partners VI, L.P. ^{+, a, e}	12/10/19		21,870,003
Clearlake Capital Partners VII, L.P. ^{+, a, e}	09/23/21		5,994,821
Crescent Mezzanine Partners VI, L.P. ^{+, a, e}	03/30/12		664,911
Cressey & Company Fund VII-A L.P. ^{+, a, e}	06/30/22		—
ECP V, L.P. ^{+, a, e}	08/19/22		—
Frazier Healthcare Growth Buyout Fund X, L.P. ^{+, a, e}	03/10/21		5,089,262
Genstar Capital Partners IX, L.P. ^{+, a, e}	02/21/19		22,091,694
Genstar Capital Partners VI, L.P. ^{+, a, e}	09/01/12		1,819,983
Genstar Capital Partners VII, L.P. ^{+, a, e}	06/26/15		6,793,349
Genstar Capital Partners VIII, L.P. ^{+, a, e}	03/23/17		33,050,589
Genstar Capital Partners X, L.P. ^{+, a, e}	04/01/21		5,574,448
Genstar X Opportunities Fund, L.P. ^{+, a, e}	08/13/21		1,632,841
GoldPoint Mezzanine Partners IV, L.P. ^{+, a, e}	12/30/15		9,251,279
Green Equity Investors IX, L.P. ^{+, a, e}	03/01/22		—
Green Equity Investors Side VIII, L.P. ^{+, a, e}	10/18/19		28,126,897
Gryphon Heritage Partners, L.P. ^{+, a, e}	12/17/20		8,236,329
Gryphon Partners V, L.P. ^{+, a, e}	02/23/18		9,359,355
Gryphon Partners VI, L.P. ^{+, a, e}	12/17/20		7,312,762
Harvest Partners IX, L.P. ^{+, a, e}	09/24/21		1,832,701
Harvest Partners VII, L.P. ^{+, a, e}	12/14/15		12,032,865
Harvest Partners VIII, L.P. ^{+, a, e}	12/19/18		25,486,691
Hellman & Friedman Capital Partners VII, L.P. ^{+, a, e}	06/30/14		489,184
Hellman & Friedman Capital Partners X, L.P. ^{+, a, e}	05/10/21		7,443,727
HGGC Fund IV, L.P. ^{+, a, e}	04/08/22		1,516,598

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
North America (continued)
Icon Partners IV, L.P. ^{+, a, e}	09/01/21	$	5,772,472
Icon Partners V, L.P. ^{+, a, e}	12/27/21		7,440,381
Insight Partners XII (Co-Investors), L.P. ^{+, a, e}	06/07/21		1,075,694
Insight Partners XIII, L.P. ^{+, a, e}	12/23/22		—
Insight Venture Partners X, L.P. ^{+, a, e}	07/06/18		14,686,315
Insight Venture Partners XI, L.P. ^{+, a, e}	12/17/19		7,761,307
Insight Ventures Partners XII, L.P. ^{+, a, e}	06/07/21		3,969,524
Jade Equity Investors II, L.P. ^{+, a, e}	03/01/22		—
KKR Americas Fund XII L.P. ^{+, a, e}	01/31/18		29,122,163
KKR Associates Indigo Equity Partners, L.P. ^{+, a}	10/01/22		1,757,718
KKR North America Fund XI, L.P. ^{+, a, e}	02/01/12		3,983,370
KKR North America Fund XIII, SCSP ^{+, a, e}	04/06/21		2,671,627
Kleiner Perkins Caufield & Byers XIX LLC ^{+, a, e}	03/05/20		9,893,583
Kohlberg TE Investors IX, L.P. ^{+, a, e}	12/20/19		16,839,954
Kohlberg TE Investors VIII, L.P. ^{+, a, e}	08/04/16		23,771,672
Leeds Equity Partners VI, L.P. ^{+, a, e}	11/25/16		16,252,690
Lerer Hippeau Select Fund III, L.P. ^{+, a, e}	12/20/19		7,860,123
Lerer Hippeau VII, L.P. ^{+, a, e}	12/20/19		3,306,949
Lux Total Opportunities, L.P. ^{+, a, e}	05/28/21		1,777,414
Lux Ventures VII, L.P. ^{+, a, e}	05/28/21		536,451
Madison Dearborn Capital Partners VIII, L.P. ^{+, a, e}	03/20/20		5,743,124
Nautic Partners IX-A, L.P. ^{+, a, e}	03/12/19		8,053,938
Nautic Partners VII-A, L.P. ^{+, a, e}	06/27/14		2,445,776
Nautic Partners X-A, L.P. ^{+, a, e}	07/19/21		2,832,061
NEA 18 Venture Growth Equity, L.P. ^{+, a, e}	12/22/21		811,393
New Enterprise Associates 14, L.P. ^{+, a, e}	05/04/12		8,560,101
New Enterprise Associates 17, L.P. ^{+, a, e}	06/06/19		8,496,350
New Enterprise Associates 18, L.P. ^{+, a, e}	12/22/21		641,230
New Mountain Capital V, L.P. ^{+, a, e}	06/29/17		49,099,561
New Mountain Partners VI, L.P. ^{+, a, e}	10/16/20		10,293,413
NexPhase Capital Fund III-A, L.P. ^{+, a, e}	09/01/16		23,091,555
Oak Hill Capital Partners IV, L.P. ^{+, a, e}	04/28/17		10,242,727
Oak Hill Capital Partners V, L.P. ^{+, a, e}	12/21/18		35,188,518
Oak Hill Capital Partners VI, L.P. ^{+, a, e}	02/25/22		1
Pamlico Capital V, L.P. ^{+, a, e}	02/03/20		1,784,891
PennantPark Credit Opportunities Fund II, L.P. ^{+, a, e}	08/03/12		1,712,489
Revelstoke Capital Partners Fund III, L.P ^{+, a, e}	02/23/22		3,248,182
Silver Lake Partners IV, L.P. ^{+, a, e}	07/30/12		15,255,256
Silver Lake Partners V, L.P. ^{+, a, e}	03/31/17		49,095,334
Silver Lake Partners VI, L.P. ^{+, a, e}	06/04/20		3,780,256
Silver Lake Partners VII, L.P. ^{+, a, e}	05/26/22		—
Spark Capital Growth Fund IV, L.P. ^{+, a, e}	10/14/21		999,899
Spark Capital VII, L.P. ^{+, a, e}	10/14/21		1,009,374
Sumeru Equity Partners Fund, L.P. ^{+, a, e}	04/27/15		5,573,618
Summit Partners Growth Equity Fund XI, L.P. ^{+, a, e}	10/01/21		525,942
TA Select Opportunities Fund II-B, L.P. ^{+, a, e}	05/27/21		1,013,602
TA XIII-B, L.P. ^{+, a, e}	05/02/19		18,750,923
TA XIV-B, L.P. ^{+, a, e}	05/27/21		6,159,498
TCV X, L.P. ^{+, a, e}	08/31/18		13,113,685
TCV XI (A), L.P. ^{+, a, e}	10/02/20		4,853,947
Thompson Street Capital Partners IV, L.P. ^{+, a, e}	12/10/15		6,121,433
Thompson Street Capital Partners V, L.P. ^{+, a, e}	05/04/18		7,599,734
Thompson Street Capital Partners VI, L.P. ^{+, a, e}	06/11/21		6,340,333

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 —

December 31, 2022 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
North America (continued)
TPG Partners IX, L.P. ^{+, a, e}	12/23/22	$	—
TPG Partners VII, L.P. ^{+, a, e}	03/01/16		9,933,883
TPG Partners VIII, L.P. ^{+, a, e}	01/31/19		9,333,194
Trident IX, L.P. ^{+, a, e}	11/19/21		3,285,559
Trident VII, L.P. ^{+, a, e}	09/22/16		38,027,411
Trident VIII, L.P. ^{+, a, e}	04/05/19		23,209,717
Vista Equity Partners Fund VII, L.P. ^{+, a, e}	08/31/18		20,897,337
Vista Equity Partners Fund VIII, L.P. ^{+, a, e}	04/28/22		1
Vistria Fund II, L.P. ^{+, a, e}	12/19/17		12,060,139
Vistria Fund III, L.P. ^{+, a, e}	06/19/19		15,781,024
Vistria Fund IV, L.P. ^{+, a, e}	03/31/21		11,800,065
Warburg Pincus Global Growth 14, L.P. ^{+, a, e}	01/31/22		1,928,946
Warburg Pincus Global Growth, L.P. ^{+, a, e}	11/20/18		11,671,377
Welsh, Carson, Anderson & Stowe XII, L.P. ^{+, a, e}	12/19/14		15,542,890
Welsh, Carson, Anderson & Stowe XIII, L.P. ^{+, a, e}	12/20/18		14,257,526
Welsh, Carson, Anderson & Stowe XIV, L.P. ^{+, a, e}	01/19/22		155,256
West Street Offshore Infrastructure Partners IV ^{+, a, e}	11/02/22		2,810,974
Windjammer Senior Equity Fund IV, L.P. ^{+, a, e}	02/06/13		5,084,426
Total North America (9.11%)			1,155,922,646
Rest of World (0.81%)
Advent Latin American Private Equity Fund VI-H L.P. ^{+, a, e}	10/17/14	$	9,838,311
Altra Private Equity Fund II, L.P. ^{+, a}	12/07/12		1,163,199
Patria - Brazilian Private Equity Fund IV, L.P. ^{+, a, e}	06/30/11		5,975,256
Polish Enterprise Fund VIII, L.P. ^{+, a, e}	09/15/17		85,819,726
Total Rest of World (0.81%)			102,796,492
Western Europe (3.56%)
Adagia Capital Europe S.L.P. ^{+, a, e}	06/01/21	$	2,570,309
Advent International GPE IX-C, L.P. ^{+, a, e}	05/31/19		25,441,468
Advent International GPE VII-B, L.P. ^{+, a, e}	07/01/12		2,518,479
Advent International GPE VIII-C, L.P ^{+, a, e}	03/22/16		12,089,353
Advent International GPE X (USD) ^{+, a, e}	05/31/22		530,473
Apax X USD L.P. ^{+, a, e}	07/16/19		16,785,683
Apax XI USD L.P. ^{+, a, e}	06/30/22		—
Astorg Mid-Cap ^{+, a, e}	02/22/21		1,491,265
Astorg VI, FCPI ^{+, a, e}	06/30/16		4,816,010
Astorg VIII S.à.r.l. ^{+, a, e}	12/17/21		2,160,178
Axcel VI K/S ^{+, a, e}	02/21/20		14,969,723
Bain Capital Europe Fund IV, L.P. ^{+, a, e}	09/01/14		4,416,947
Bain Capital Europe Fund VI, SCSp ^{+, a, e}	06/30/22		—
BC Partners XI, L.P. ^{+, a, e}	12/15/21		11,419,093
CapVest Equity Partners III B, L.P. ^{+, a, e}	08/30/13		3,204,941
Capvis Equity V L.P. ^{+, a, e}	01/17/18		22,096,877
Carlyle Europe Partners IV, L.P. ^{+, a, e}	08/27/13		738,170
Carlyle Europe Partners V, L.P. ^{+, a, e}	04/23/18		5,325,294
CD&R Value Building Partners I, L.P. ^{+, a}	12/17/21		5,984,953
Charterhouse Capital Partners XI ^{+, a, e}	11/26/21		1,088,373
CVC Capital Partners VI (A) L.P. ^{+, a, e}	07/05/13		9,613,718
CVC Capital Partners VIII, L.P. ^{+, a, e}	06/19/20		1,335,833
DPE Deutschland IV ^{+, a, e}	08/24/20		2,901,301
EQT IX, L.P. (USD) ^{+, a, e}	05/15/20		18,439,746
EQT Mid-Market (No.1) Feeder L.P. ^{+, a, e}	07/01/16		21,921,669

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
Western Europe (continued)
Gilde Buy-Out Fund VI C.V. ^{+, a, e}	06/28/19	$	16,416,100
Graphite Capital Partners IX L.P. ^{+, a, e}	04/11/18		8,835,038
Hg Genesis 10 L.P. ^{+, a, e}	04/14/22		108,708
Hg Saturn 3 L.P. ^{+, a, e}	02/25/22		285
Hg Saturn I L.P. ^{+, a, e}	06/28/18		19,067,115
HgCapital 8 L.P. ^{+, a, e}	12/19/16		23,139,627
HgCapital Mercury 2 ^{+, a, e}	02/15/17		14,993,682
Index Ventures Growth III (Jersey) L.P. ^{+, a, d}	03/18/15		21,157,478
KKR European Fund V (EUR) SCSp ^{+, a, e}	11/05/18		27,741,677
KKR European Fund VI (USD) ^{+, a, e}	11/01/21		2
Livingbridge 7 L.P. ^{+, a, e}	09/04/20		10,274,378
MCH Iberian Capital Fund V FCR ^{+, a, e}	12/10/21		9,102,744
Nordic Capital Evo GP, SCSp ^{+, a, e}	06/30/21		889,737
Nordic Capital IX, L.P. ^{+, a, e}	07/18/17		37,305,189
Nordic Capital X, L.P. ^{+, a, e}	09/30/20		13,927,893
Nordic Capital XI, L.P. ^{+, a, e}	05/01/22		—
Oakley Capital Fund V, SCSp ^{+, a, e}	04/28/22		1,314,079
PAI Europe VI-1, L.P. ^{+, a, e}	03/12/15		6,848,092
PAI Partners VIII-1 SCSp ^{+, a, e}	12/17/21		—
Permira VII L.P. ^{+, a, e}	06/21/19		21,700,157
Permira VIII SCSp ^{+, a, e}	02/10/22		65,224
Sixth Cinven Fund (No.3) L.P. ^{+, a, e}	05/01/16		7,162,910
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, e}	04/16/19		19,952,841
Vitruvian Investment Partnership V ^{+, a, e}	10/07/22		—
Total Western Europe (3.56%)			451,862,812
Total Primary Investments (14.51%)		$	1,840,346,769

Total Private Equity Investments (Cost $9,256,839,192)(95.86%)		$	12,161,782,036

Total Investments (Cost $9,483,586,445)(97.67%)			12,391,913,360

Other Assets in Excess of Liabilities (2.33%)			295,953,948

Net Assets (100.00%)		$	12,687,867,308

*	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 December 31, 2022, the aggregate value of these securities is $63,471,787 or 0.50% of the Fund's net assets.

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

^	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 December 31, 2022 was 4.39%.

^^	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 December 31, 2022 was 4.77%.

^^^	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 December 31, 2022 was 5.14%.

#	As of December 31, 2022, 1 month EURIBOR was 1.88%.

##	As of December 31, 2022, 3 month EURIBOR was 2.13%.

###	As of December 31, 2022, 6 month EURIBOR was 2.69%.

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

>>	As of December 31, 2022, 3 month Sterling Overnight Interbank Average Rate was 2.74%.

>>>	As of December 31, 2022, 6 month Sterling Overnight Interbank Average Rate was 2.14%.

¤ ¤	As of December 31, 2022, 3 month Stockholm Interbank Offered Rate was 2.70%.

vv	As of December 31, 2022, 3 month Secured Overnight Financing Rate was 3.62%.

vvv	As of December 31, 2022, 6 month Secured Overnight Financing Rate was 2.89%.

Private equity investments are generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Schedule of Investments. Total fair value of restricted investments as of December 31, 2022 was $12,161,782,079, or 95.85% of net assets. As of December 31, 2022, the aggregate cost of each investment restricted to resale was $15,568,606, $10,621,500, $22,700,000, $2,204,592, $14,353,176, $8,872,006, $2,218,001, $3,600,295, $4,471,885, $5,441,192, $48,970,725, $6,341,681, $1,209,387, $22,978,362, $7,228,256, $481,884, $1,927,535, $863,084, $1,512,517, $16,300,545, $150,775,861, $24,784,703, $10,273,030, $44,578,381, $35,317,661, $150,000, $1, $0, $4,168,272, $17,127,003, $56,634, $114,607,802, $5,604,217, $122,578,028, $27,243,271, $3,120,000, $1,348,750, $3,602,070, $27,230, $119,978,433, $43,783,284, $107,123,942, $39,083,333, $48,685,202, $38,614,270, $94,861,790, $103,079,624, $56,985,983, $9,367,970, $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, $187,500,000, $61,566,000, $252,000, $83,828,190, $8,804,000, $317,827, $172,633, $37,921,967, $22,612,605, $5,266,696, $60,480,000, $2,162,157, $23,266,740, $15,306,665, $45,225,381, $40,484,909, $38,022,703, $32,126,730, $31,364,705, $1,120,924, $13,722,831, $6,996,130, $3, $1, $1,201,846, $52,454,049, $46,801,951, $28,417,946, $55,007,013, $14,874,473, $90,515,558, $178,485,000, $31,828,128, $51,287,146, $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, $101,309, $69,246,328, $17,408,823, $6,195,472, $12,009,114, $3,792,769, $264,490, $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, $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, $43,509,034, $93,625,880, $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, $6,275,980, $23,877,358, $1,183,250, $40,573, $764,865, $254,955, $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, $26,215,597, $2,352,123, $12,006,394, $1,272,506, $2,117,177, $12,550,897, $4,586,992, $10,113,207, $10,144,067, $1,256,564, $4,681,981, $1,664,810, $1,438,436, $2,155,412, $1,846,163, $983,959, $1,376,947, $979,469, $6,811,367, $2,533,152, $1,249,092, $1,578,335, $2,861,354, $2,071,380, $990,535, $979,592, $1,386,490, $1,075,281, $7,049,858, $2,802,074, $-2,108, $3,319,968, $1,693,251, $2,741,622, $3,883,499, $3,196,980, $3,526,659, $1,433,416, $1,963,663, $965,073, $18,581,100, $973,317, $973,914, $151,275, $342,373, $183,333, $1,449,582, $4,868,284, $3,444,074, $1,367,472, $2,966,567, $1,372,159, $971,562, $933,722, $1,436,008, $3,241,124, $1,263,764, $2,384,316, $1,675,934, $1,606,112, $1,636,249, $2,830,183, $30,052,689, $1,393,989, $1,185,956, $8,039,974, $-32,323, $4,453,624, $3,435,596, $2,875,983, $1,946,531, $968,631, $2,061,295, $9,822,994, $253,835, $1,327,520, $957,600, $1,275,534, $1, $28,911,154, $191,006, $2,169,018, $1,670,965, $314,258, $680,931, $3,820,607, $1,577,484, $42,114,091, $3,917,843, $7,818,700, $1,364,500, $16,388,138, $2,843,440, $2,069,315, $1,089,491, $925,262, $2,262,943, $489,603, $1,175,819, $1,910,324, $1,546,576, $1,757,193, $78,906, $2,254,843, $606,245, $984,418, $11,765,093, $3,600,000, $4,136,364, $936,750, $945,484, $2,925,370, $1,247,258, $961,741, $978,794, $1,414,679, $16,341,096, $2,075,987, $215,759, $171,930, $1,440,613, $961,875, $1,313,165, $1,460,670, $3,158,899, $3,226,061, $4,886,883, $2,562,479, $955,464, $1,982,215, $3,436,135, $1,471,118, $6,575,008, $2,581,788, $1,086,305, $900,000, $1,037,945, $2,147,089, $1,182,090, $3,747,363, $991,132, $1,684,483, $978,349, $28,762, $525,325, $2,922,526, $1,931,123, $1,866,860, $2,216,005, $774,152, $2,388,401, $1,446,195, $9,587, $1,897,840, $1,869,314, $2,918,977, $2,508,016, $226,621, $2,458,763, $1,175,541, $1,009,020, $10,789,000, $3,621,975, $2,390,707, $913,694, $1,922,215, $1,136,037, $981,678, $1,934,170, $2,964,652, $1,674,500, $1,272,316, $1,183,195, $975,147, $3,666,573, $984,212, $1,784,353, $1,141,949, $1,735,706, $2,799,086, $14,747,998, $2,811,104, $988,753, $2,395,818, $-9,990, $5,823,353, $13,917,440, $1,970,975, $2,787,773, $3,939,192, $2,163,291, $3,724,827, $2,954,863, $1,468,343, $286,897, $978,712, $3,395,126, $4,281,740, $1,973,487, $2,602,939, $1,872,338, $964,755, $1,867,810, $3,853,332, $798,096, $1,259,201, $1,240,535, $32,821, $3,095,150, $944,789, $26,086,829, $6,566,944, $2,458,119, $1,332,187, $1,429,600, $248,505, $3,360,854, $2,746,586, $1,255,889, $958,978, $118,565, $21,051,168, $520,890, $2,395,826, $15,390,308, $43,153,917, $977,166, $1,676,056, $10,335,858, $450,970, $1,373,579, $971,131, $3,440,944, $3,619,214, $3,538,214, $2,163,849, $3,835,947, $2,292,224, $1,945,000, $1,269,229, $2,957,647, $7,083,134, $5,883,295, $2,650,851, $2,214,194, $2,914,778, $21,996,953, $2,298,061, $13,543,731, $1,927,856, $675,773, $12,218,137, $2,258,282, $1,836,580, $4,541,441, $2,444,694, $1,937,391, $0, $2,949,001, $2,661,213, $13,413,674, $2,706,939, $35,990,832, $958,494, $1,172,679, $1,863,926, $5,188,643, $44,353,034, $6,655,594, $1,128,243, $230,496, $1,375,404, $1,359,847, $26,106,354, $3,873,437, $8,740,866, $1,395,306, $7,996,156, $3,991,837, $0, $1,094,327, $1,021,296, $3,140,914, $1,584,456, $1,478,799, $1,782,938, $3,044,147, $1,688,439, $1,862,967, $2,908,917, $2,752,575, $1,269,004, $1,365,391, $2,950,700, $3,334,650, $1,137,974, $3,476,796, $30,005,061, $1,861,814, $1,485,409, $2,738,883, $9,275,633, $1,978,076, $2,330,990, $16,296,905, $651,953, $14,245,052, $1,769,958, $14,810,820, $2,739,297, $981,737, $2,728,795, $4,048,033, $3,856,008, $5,494,283, $2,500,000, $10,380, $1,153,354, $46,460,919, $12,470,857, $106,700, $53,395, $412,425, $35,407,779, $3,798,024, $1, $81,845, $1, $28,418,629, $15,471,262, $800,155, $16,043,322, $8,055,913, $1, $6,478, $2, $8,006,084, $2,569,506, $2,690,285, $261,659, $2,074,818, $2,770,820, $520,548, $1, $1,158,141, $58,620,943, $3,639,257, $0, $1, $20,035,028, $24,613,529, $1, $232,406, $1, $31,457,032, $73,811,111, $20,103,801, $1, $122,097,000, $25,647,367, $413,420, $1, $14,384,874, $3, $5,256,902, $1, $1, $4,886,753, $5,282,000, $43,519,849, $1,099,657, $2, $8, $413,158, $86,122, $1, $9,327,441, $43,714,451, $34,549,063, $5, $3,494,299, $23,746,227, $2,999,266, $4,036,296, $16,389,363, $1, $1, $1, $889,332, $1,082,285, $92,213, $26,595,776, $11,483,556, $32,565,340, $1, $1, $2,672,206, $3, $1, $1, $856,679, $2,178, $10,549, $332,524, $12,740,471, $14,455, $62,947, $1,602,831, $2,229,508, $52,466,457, $40,744,933, $8,657,498, $1, $1, $1, $1, $3,761, $32,560,553, $101,953, $390,786, $2,326,146, $31,390,084, $30,860,812, $158,479, $11,931,312, $8,480,119, $1,970,934, $1, $12,847,405, $0, $0, $23,826,490, $0, $7,988,502, $6,100,912, $16,154,083, $48,642, $2,112,853, $2,379,470, $8,949,971, $4,411,504, $2,730,824, $4,138,763, $0, $7,725,199, $2,352,860, $3,258,373, $12,321,615, $19,974,772, $1, $1, $6,145,956, $1,464,799, $150,358, $11,851,489, $6,325,000, $7,369,624, $6,189,273, $3,055,896, $47,665,770, $1,509,984, $988,701, $26,103, $1,204,381, $12,542,950, $0, $1, $14,962,769, $6,211,568, $1, $0, $0, $4,482,000, $9,212,577, $1, $78,078, $2,897,944, $5,405,593, $1,576,681, $5,625,851, $0, $26,115,192, $5,504,758, $5,412,845, $6,693,451, $2,223,062, $1,086,662, $17,624,773, $487, $8,177,565, $1,398,140, $5,364,532, $7,255,319, $1,143,000, $0, $4,481,938, $4,856,299, $4,742,358, $0, $15,292,764, $1,760,359, $255,116, $2,817,985, $6,525,000, $12,919,416, $9,418,414, $3,465,967, $4,050,000, $3,150,000, $1,875,000, $506,250, $4,964,403, $5,221,316, $1, $2,920,241, $990,000, $31,463, $6,834,572, $702,000, $11,767,268, $9,888,917, $1, $962,414, $27,739,800, $0, $2,219,017, $1, $2,994,047, $1,017,698, $29,435,207, $3,776,970, $0, $1,134,750, $1,064,000, $1, $566,384, $1,100,000, $9,337,500, $6,670,000, $6,593,111, $5,118,512, $14,307, $3,192,550, $6,379,895, $0, $160,679, $6,810,070, $3,620,635, $16,113,685, $17,353,890, $15,908,787, $0, $257,148, $11,483,556, $11,516,438, $2,000,000, $8,722,500, $1, $9,619,943, $155,256, $2,810,974, $1, $4,384,202, $2,637,866, $4,737,450, $45,421,557, $2,871,773, $17,775,897, $250,001, $2,691,549, $640,500, $14,852,720, $0, $1,877,507, $1, $2,264,821, $11,793,068, $709,778, $0, $11,422,952, $1, $19,118,587, $1, $4,120,204, $6,526,076, $868,784, $362,788, $1,236,217, $2,940,227, $16,025,029, $1, $15,893,236, $7,342,610, $115,355, $174,548, $8,407,896, $1, $1, $1, $23,807,231, $0, $11,606,752, $7,776,177, $937,515, $21,920,904, $11,625,328, $0, $1,387,034, $47,864, $0, $21,924,435, $0, $1,592,749, $0, $0, $17,167,048, $0 and $2,070,000, respectively, totaling $9,256,839,192.

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

b	Represents an affiliated issuer.

c	Investment does not issue shares.

d	Non-income producing.

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

f	Security or a portion thereof is unsettled at December 31, 2022.

Legend:

£	- British Pound

€	- Euro

BBSY	- Bank Bill Swap Rate

C	- Chinese Yuan

E	- EURIBOR

Fr.	- Swiss Franc

I	- Indian Rupee

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

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

A summary of outstanding financial instruments at December 31, 2022 is as follows:

Forward Foreign Currency Contracts

Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
January 4, 2023	Barclays	$	70,375,349	€	69,620,000	$	73,541,492	$	(3,166,143	)
January 4, 2023	Barclays	$	70,385,458	€	69,630,000	$	73,552,056	$	(3,166,598	)
January 4, 2023	Barclays	€	80,000,000	$	84,507,040	$	84,506,167	$	(873	)
January 4, 2023	Barclays	€	59,250,000	$	62,588,027	$	62,587,381	$	(646	)
January 11, 2023	Barclays	$	70,408,391	€	69,620,000	$	73,579,021	$	(3,170,630	)
January 11, 2023	Barclays	$	70,418,504	€	69,630,000	$	73,589,590	$	(3,171,086	)
January 11, 2023	Barclays	€	80,000,000	$	84,551,720	$	84,549,292	$	(2,428	)
January 11, 2023	Barclays	€	59,250,000	$	62,621,118	$	62,619,319	$	(1,799	)
January 18, 2023	Barclays	$	70,441,412	€	69,620,000	$	73,610,852	$	(3,169,440	)
January 18, 2023	Barclays	$	70,451,530	€	69,630,000	$	73,621,425	$	(3,169,895	)
January 18, 2023	Barclays	$	61,889,938	I	4,990,000,000	$	60,288,577	$	1,601,361
January 18, 2023	Barclays	€	80,000,000	$	84,589,872	$	84,585,867	$	(4,005	)
January 18, 2023	Barclays	€	59,250,000	$	62,649,374	$	62,646,408	$	(2,966	)
January 18, 2023	Barclays	I	4,990,000,000	$	60,286,815	$	60,288,576	$	1,761
January 25, 2023	Barclays	$	70,473,910	€	69,620,000	$	73,651,955	$	(3,178,045	)
January 25, 2023	Barclays	$	70,484,033	€	69,630,000	$	73,662,534	$	(3,178,501	)
January 25, 2023	Barclays	$	61,861,549	I	4,990,000,000	$	60,279,793	$	1,581,756
January 25, 2023	Barclays	€	59,250,000	$	62,685,552	$	62,681,389	$	(4,163	)
January 25, 2023	Barclays	€	80,000,000	$	84,638,720	$	84,633,100	$	(5,620	)
January 25, 2023	Barclays	I	2,495,000,000	$	30,151,422	$	30,139,897	$	(11,525	)
January 25, 2023	Barclays	I	2,495,000,000	$	30,125,937	$	30,139,897	$	13,960
February 1, 2023	Barclays	$	68,394,584	€	69,800,000	$	74,583,792	$	(6,189,208	)
February 8, 2023	Barclays	$	68,617,395	€	70,000,000	$	74,828,793	$	(6,211,398	)
February 15, 2023	Barclays	$	68,562,571	€	70,000,000	$	74,858,468	$	(6,295,897	)
February 22, 2023	Barclays	$	68,670,329	€	70,000,000	$	74,888,799	$	(6,218,470	)
March 1, 2023	Bank of America	$	98,464,603	€	95,000,000	$	101,714,637	$	(3,250,034	)
March 1, 2023	Bank of America	$	98,463,786	€	95,000,000	$	101,714,637	$	(3,250,851	)
March 8, 2023	Bank of America	$	62,712,325	zl	289,600,000	$	65,567,394	$	(2,855,069	)
March 8, 2023	Bank of America	$	75,951,775	Fr.	71,000,000	$	77,221,889	$	(1,270,114	)
March 8, 2023	Barclays	$	101,099,827	€	97,500,000	$	104,434,352	$	(3,334,525	)
March 8, 2023	Barclays	$	98,508,474	€	95,000,000	$	101,756,548	$	(3,248,074	)
March 8, 2023	Barclays	$	94,430,608	£	80,000,000	$	96,348,988	$	(1,918,380	)
March 15, 2023	Bank of America	$	62,705,956	zl	289,600,000	$	65,514,550	$	(2,808,594	)
March 15, 2023	Bank of America	$	76,007,430	Fr.	71,000,000	$	77,270,926	$	(1,263,496	)
March 15, 2023	Bank of America	$	98,551,604	€	95,000,000	$	101,792,951	$	(3,241,347	)
March 15, 2023	Barclays	$	109,778,028	£	93,000,000	$	112,010,505	$	(2,232,477	)
March 22, 2023	Bank of America	$	94,528,992	£	80,000,000	$	96,356,133	$	(1,827,141	)
March 22, 2023	Bank of America	$	98,814,326	€	95,000,000	$	101,829,761	$	(3,015,435	)
April 5, 2023	Barclays	$	62,995,424	€	59,250,000	$	63,566,486	$	(571,062	)
April 5, 2023	Barclays	$	85,057,112	€	80,000,000	$	85,828,166	$	(771,054	)

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

December 31, 2022 (Unaudited) (continued)

Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
April 12, 2023	Barclays	$	85,101,272	€	80,000,000	$	85,865,592	$	(764,320)
April 12, 2023	Barclays	$	63,028,130	€	59,250,000	$	63,594,205	$	(566,075)
April 12, 2023	Barclays	$	29,925,755	I	2,495,000,000	$	29,934,967	$	(9,212)
April 19, 2023	Barclays	$	85,138,680	€	80,000,000	$	85,902,957	$	(764,277)
April 19, 2023	Barclays	$	63,055,835	€	59,250,000	$	63,621,878	$	(566,043)
April 19, 2023	Barclays	$	29,913,556	I	2,495,000,000	$	29,924,030	$	(10,474)
April 26, 2023	Barclays	$	85,185,704	€	80,000,000	$	85,940,486	$	(754,782)
April 26, 2023	Barclays	$	63,090,662	€	59,250,000	$	63,649,672	$	(559,010)
April 26, 2023	Barclays	$	29,899,934	I	2,495,000,000	$	29,913,148	$	(13,214)
April 26, 2023	Barclays	$	29,923,961	I	2,495,000,000	$	29,913,148	$	10,813
								$	(85,974,745)

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

The information contained in this section should be read in conjunction with the Fund’s audited consolidated financial statements contained in its annual report for the year ended March 31, 2022.

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

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

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

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

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

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

●

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

●

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

●

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

Due to the inherent uncertainty of estimates, fair value determinations based on estimates may materially differ from the values that would have been used had a ready market for the securities existed. The following is a summary of the Fund's investments classified in the fair value hierarchy as of December 31, 2022:

Investments	Level 1		Level 2		Level 3		Total
Common Stocks	$	155,011,306	$	—	$	—	$	155,011,306
Asset-Backed Securities		—		—		75,120,018		75,120,018
Direct Investments:		—		—		—		—
Direct Equity		43,007,865		78,969,600		7,526,236,701		7,648,214,166
Direct Debt		—		—		1,130,253,452		1,130,253,452
Total Direct Investments	$	43,007,865	$	78,969,600	$	8,656,490,153	$	8,778,467,618
Secondary Investments		—		—		1,542,967,649		1,542,967,649
Primary Investments		—		—		1,840,346,769		1,840,346,769
Total Investments	$	198,019,171	$	78,969,600	$	12,114,924,589	$	12,391,913,360
Other Financial Instruments
Assets
Foreign Currency Exchange Contracts	$	3,209,651	$	—	$	—	$	3,209,651
Total Assets	$	3,209,651	$	—	$	—	$	3,209,651
Liabilities
Foreign Currency Exchange Contracts	$	89,184,396	$	—	$	—	$	89,184,396
Total Liabilities	$	89,184,396	$	—	$	—	$	89,184,396
Total Investments Net of Foreign Currency Exchange Contracts	$	112,044,426	$	78,969,600	$	12,114,924,589	$	12,305,938,615

The following is a reconciliation of the amount of the account balances on April 1, 2022 and December 31, 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 December 31, 2022
Asset-Backed Securities	$	61,117,277	$	—		$	(7,864,886	)	$	21,864,318	$	—		$	3,309	$	—	$	75,120,018
Direct Investments:
Direct Equity Investments	$	6,314,372,047	$	257,782,739		$	(120,345,299	)	$	1,297,552,826	$	(429,889,665	)	$	—	$	206,764,053	$	7,526,236,701
Direct Debt Investments		979,534,628	$	(6,330,198	)	$	(71,557,192	)	$	442,303,808	$	(215,531,424	)	$	1,833,830	$	—	$	1,130,253,452
Total Direct Investments*	$	7,293,906,675	$	251,452,541		$	(191,902,491	)	$	1,739,856,634	$	(645,421,089	)	$	1,833,830	$	206,764,053	$	8,656,490,153
Secondary Investments*		1,172,952,139	$	(2,544,197	)	$	29,363,383		$	422,996,767	$	(79,800,443	)	$	—	$	—	$	1,542,967,649
Primary Investments*		1,753,246,965	$	(4,787,622	)	$	3,586,556		$	222,982,567	$	(134,681,697	)	$	—	$	—	$	1,840,346,769
Total	$	10,281,223,056	$	244,120,722		$	(166,817,438	)	$	2,407,700,286	$	(859,903,229	)	$	1,837,139	$	206,764,053	$	12,114,924,589

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

Changes in inputs or methods used for valuing investments may result in transfers in or out of levels within the fair value hierarchy. The inputs or methods used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments. Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. For the nine months ended December 31, 2022, transfers out of Level 3 were due to increased price transparency.

The amount of the net change in unrealized appreciation (depreciation) for the nine months ended December 31, 2022 relating to investments in Level 3 assets still held at December 31, 2022 is $3,556,951, which is included as a component of net change in accumulated unrealized depreciation on investments on the Consolidated Statement of Operations.

The following is a summary of quantitative information about significant unobservable valuation inputs approved by the Adviser for Level 3 Fair Value Measurements for investments held as of December 31, 2022:

Type of Security	Fair Value at December 31, 2022 (000’s)*			Valuation Technique(s)	Unobservable Input	Range (weighted average)
Asset-Backed Securities	$	75,120		Reported fair value	Reported fair value	n/a
Direct Investments:
Direct Equity	$	145,987		Discounted cash flow	Discount factor	8.89% – 10.48% (9.62%)
		6,743,063		Market comparable companies	Enterprise value to EBITDA multiple	5.00x – 34.00x (16.46x)
		67,055		Market comparable companies	Price to book ratio	1.68x – 1.68x (1.68x)
		52,131		Exit price	Recent transaction price	n/a
		205,937		Recent financing/transaction	Recent transaction price	n/a
		4,808		Replacement cost	Recent transaction price	n/a
		3,124		Reported fair value	Reported fair value	n/a
		184,052		Market comparable companies	Enterprise value to sales multiple	2.60x – 22.30x (10.48x)
Direct Debt	$	652,015		Broker quotes	Indicative quotes for an inactive market	n/a
		434,801		Discounted cash flow	Discount factor	9.00% – 35.00% (12.58%)
		1		Exit price	Recent transaction price	n/a
		45,618		Recent financing/transaction	Recent transaction price	n/a
Primary and Secondary Investments	$	3,395,954		Adjusted reported net asset value	Reported net asset value	n/a
		(10,461	)	Adjusted reported net asset value	Fair value adjustments	n/a

Level 3 fair value includes accrued interest.

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

Forward Foreign Currency Exchange Contracts

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

During the nine months ended December 31, 2022, the Fund entered into 169 long/short forward foreign currency exchange contracts. The Fund had $202,239,119 in net realized gains and $(83,998,548) change in net unrealized appreciation (depreciation) on forward foreign currency contracts. The outstanding forward foreign currency exchange contract amounts at December 31, 2022 are representative of contract amounts during the period.

Affiliated Investments

Under Section 2(a)(3) of the Investment Company Act, a portfolio company is considered "affiliated" with the Fund if the Fund owns five percent or more of such portfolio company's outstanding voting securities. The Fund held at least five percent of the outstanding voting securities of the following portfolio companies as of December 31, 2022:

	Shares/ Principal as of December 31, 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 December 31, 2022		Affiliated Income/ Accretion of Discount
Non-Controlled Affiliates
Bock Capital JVCo Nature S.à.r.l.		12,590,000,000	$	191,870,309	$	-	$	-		$	-		$	(73,443,391	)	$	118,426,918	$	-
Camelia Investment 1 Limited		6,768,704,045		183,582,149		-		-			-			(16,420,723	)		167,161,426		-
CBI Parent, L.P.		1,145,918		105,132,373		5,604,217		-			-			(50,953,391	)		59,783,199		-
Confluent Health, LLC		27,246		69,586,969		-		-			-			(8,937,591	)		60,649,378		-
Dermatology Holdings, L.P.⁽³⁾		-		-		119,978,433		-			-			9,794,439			129,772,872		-
Ecom Express Private Limited		63,417		-		6,473,508		(131,827	)		-			1,602,436			7,944,117		-
ECP Parent, LLC		105,520,023		166,994,406		-		-			-			(7,055,700	)		159,938,706		-
EdgeCore Holdings, L.P.⁽³⁾		-		-		39,083,333		-			-			-			39,083,333		-
Encore Holdings LP⁽³⁾		-		-		48,685,202		-			-			5,014,965			53,700,167		-
EnfraGen LLC		37,786		58,429,298		-		-			-			137,506			58,566,804		-
EQT Jaguar Co-Investment SCSp⁽³⁾		-		112,788,690		-		-			-			4,339,606			117,128,296		-
Green DC LuxCo S.à.r.l.		19,595,288		61,132,640		-		-			-			(210,947	)		60,921,693		-
Huntress Co-Investment L.P.⁽³⁾⁽⁴⁾		-		50,389,883		-		(26,349,381	)		4,149,670			(28,190,172	)		-		15,902,367
Icebox Holdco I Inc⁽³⁾		-		62,801,819		-		-			-			602,380			63,404,199		-
Icebox Parent LP⁽³⁾		-		127,590,920		313		-			-			(6,327,004	)		121,264,229		-
Idera, Inc.		1,248,155		1,237,560		431		(9,528	)		8			(48,185	)		1,180,286		82,749
Idera Parent LP⁽³⁾		-		248,243,835		-		-			-			(30,492,148	)		217,751,687		192,886
KPOCH Holdings, L.P.⁽³⁾		-		-		187,500,000		-			-			25,500			187,525,500		-
KPSKY Holdings L.P.⁽³⁾		-		64,375,872		-		-			-			(7,750,297	)		56,625,575		-
Luxembourg Investment Company 285 S.à.r.l.⁽⁵⁾		14,865,773		71,230,531		-		-			-			(21,984,123	)		49,246,408		-
Luxembourg Investment Company 293 S.à.r.l.		9,789,622		45,721,830		-		-			-			(7,184,489	)		38,537,341		-
Luxembourg Investment Company 314 S.à.r.l.⁽⁵⁾		192,000		1		-		-			-			-			1		-
Luxembourg Investment Company 414 S.à r.l.		12,111,360		79,988,131		-		-			-			3,809,049			83,797,180		-
Luxembourg Investment Company 430 S.à r.l.		50,548,848		78,443,091		2,933,140		-			-			3,319,352			84,695,583		(108	)
May Co-Investment S.C.A.		1,059,375		52,163,274		-		-			-			(941,057	)		51,222,217		-
MHS Acquisition Holdings, LLC		35,641		650,979		-		-			-			375,900			1,026,879		-
MHS Blocker Purchaser L.P.⁽³⁾		-		50,333,181		-		-			-			29,064,344			79,397,525		-
Murra Warra Asset Hold Trust		13,186,543		21,951,762		-		-			-			613,822			22,565,584		-
Murra Warra II Asset Hold Trust		18,628,227		14,636,008		222,081		-			-			1,306,154			16,164,243		-
Murra Warra II Project Hold Trust		10		3,659,002		55,520		-			-			326,539			4,041,061		-
Murra Warra Project Hold Trust		429,366		5,487,942		-		-			-			153,453			5,641,395		-
OHCP IV SF COI, L.P.⁽³⁾		-		37,604,433		43,848		-			-			11,346,705			48,994,986		-
Onecall Holdings, L.P.⁽³⁾⁽⁴⁾		-		174,527,006		-		(225,820,522	)		165,757,410			(114,463,894	)		-		-
Partners Terra Pte. Ltd.		4,372,335		1,739,362		2,604,371		-			-			464,611			4,808,344		-
PG BRPC Investment, LLC		32,079		74,128,478		-		-			-			6,543,219			80,671,697		-
PG Delta Holdco, LLC		30,481		22,911,377		10,944,000		-			-			19,893,941			53,749,318		-
PG Esmeralda Pte. Ltd.		5,922,280		70,006,910		-		-			-			(15,372,237	)		54,634,673		-
PG Investment Company 1 S.à r.l.		12,822,040		100,293,522		-		-			-			(2,693,135	)		97,600,387		-
PG Investment Company 18 S.à.r.l.		126,506,634		-		115,874,572		-			-			5,600,159			121,474,731		-
PG Investment Company 24 S.à.r.l.		102,297,902		-		103,633,483		-			-			6,041,788			109,675,271		-
PG Lion Management Warehouse S.C.S⁽³⁾⁽⁵⁾		-		1,824,104		-		-			-			(966,802	)		857,302		-
PG TLP S.à r.l.		6,377,426		102,493,011		1		(2,016,886	)		(305,116	)		(2,881,091	)		97,289,919		-
PG Wave Limited		53,215,581		70,043,185		-		-			-			612,033			70,655,218		-
Pharmathen GP S.à r.l.		110,300		1		-		-			-			-			1		-
Pharmathen Topco S.à r.l.		98,937,978		113,377,360		-		-			-			(7,459,995	)		105,917,365		-
Polyusus Lux XVI S.à.r.l.		289,102,341		10,971,703		1,183,251		(333,654	)		(62,325	)		(6,322,998	)		5,435,977		-
Root JVCo S.à r.l.		8,700,760		72,946,306		-		-			-			14,514,047			87,460,353		-
Safe Fleet Holdings LLC⁽⁶⁾⁽⁷⁾		3,870,750		3,854,506		1,758		(29,250	)		135			(74,921	)		3,752,228		180,820
SnackTime PG Holdings, Inc.		12		70,468,471		28,775		-			-			(22,806,711	)		47,690,535		-
Specialty Pharma Holdings LP⁽³⁾		-		109,536,317		-		-			-			(14,288,243	)		95,248,074		-
Sunsure Energy Private Limited		9,637,675		-		9,637,675		-			-			-			9,637,675		-
SureWerx Topco, L.P.⁽³⁾		-		-		51,287,146		-			-			-			51,287,146		-
Surfaces SLP (SCSp)⁽³⁾		-		52,221,892		-		-			-			(14,994,741	)		37,227,151		-
Thermostat Purchaser, L.P.⁽³⁾		-		72,743,417		-		-			-			793,947			73,537,364		-
WHCG Purchaser, LP⁽³⁾		-		55,125,583		-		-			-			(20,908,746	)		34,216,837		-
Zenith Longitude Limited		26,838,037		312,293,782		887,700		-			-			148,504,759			461,686,241		19,387,343
Total Non-Controlled Affiliates			$	3,457,533,181	$	706,662,758	$	(254,691,048	)	$	169,539,782		$	(208,372,078	)	$	3,870,672,595	$	35,746,057

⁽¹⁾

Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, the accretion of discounts and the exchange of one or more existing securities for one or more new securities.

⁽²⁾

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales and the exchange of one or more existing securities for one or more new securities.

⁽³⁾

Investment does not issue shares.

⁽⁴⁾

Investment was exited during the period ended December 31, 2022.

⁽⁵⁾

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

⁽⁶⁾

As of December 31, 2022, the Fund no longer had ownership of five percent or more of outstanding voting securities.

⁽⁷⁾

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

Subsequent Events

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

Partners Group Private Equity NPORT-PPartners Group Private Equity (Master Fund), LLC (Dec 2022 report)