Partners Group Private Equity NPORTP (Jun 2023 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 —

June 30, 2023 (Unaudited)

The unaudited consolidated schedule of investments of Partners Group Private Equity (Master Fund), LLC (the “Fund”), a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company, as of June 30, 2023, is set forth below:

INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS

Industry

Acquisition
Date

Fair
Value

Common Stocks (1.17%)

North America (0.64%)

American Tower Corp.

Communication

05/29/20

25,911

5,023,366

American Water Works Co., Inc.

Utilities

02/16/16

47,317

6,753,555

Ares Capital Corp.

Diversified Financial Services

02/16/16

141,722

2,661,539

Ares Management Corp.

Diversified Financial Services

06/28/19

35,642

3,433,750

Atmos Energy Corp.

Utilities

02/16/16

35,557

4,136,346

Blackstone Group, Inc.

Diversified Financial Services

07/12/19

53,164

4,942,657

Brookfield Asset Management, Inc.

Diversified Financial Services

07/18/22

28,626

933,747

Brookfield Corp.

Diversified Financial Services

12/12/22

30,526

1,027,200

Canadian National Railway Co.

Transportation

05/14/19

53,381

6,464,613

CMS Energy Corp.

Utilities

11/01/19

87,915

5,165,006

Crown Castle International Corp.

Communication

02/16/16

50,361

5,736,118

Equinix Inc.

Diversified Financial Services

07/31/20

5,388

4,221,067

Fortis Inc.

Utilities

12/18/17

99,204

4,273,285

Golub Capital BDC Inc.

Diversified Financial Services

02/24/22

189,765

2,558,032

HarbourVest Global Private Equity

Diversified Financial Services

12/21/18

82,676

2,286,320

KKR & Co., Inc.

Diversified Financial Services

02/16/16

71,534

4,005,904

Oaktree Specialty Lending Corp.

Financials

04/07/21

142,199

2,762,907

Onex Corporation

Diversified Financial Services

02/16/16

17,576

969,884

Republic Services Inc.

Commercial & Professional Services

08/28/17

35,956

5,507,021

Robinhood Markets, Inc.

Technology

06/28/23

8,910

88,833

Sempra Energy

Utilities

06/28/23

14,050

2,045,539

TC Energy Corp.

Utilities

11/01/19

45,416

1,836,202

The Williams Companies, Inc.

Utilities

03/20/23

71,000

2,316,020

TPG Specialty Lending, Inc.

Diversified Financial Services

01/25/23

104,644

1,955,796

Union Pacific Corp.

Transportation

06/29/16

17,379

3,553,658

Waste Management Inc.

Utilities

07/02/20

20,897

3,623,958

ZoomInfo Technologies, Inc.

Technology

06/21/23

12,287

311,967

Total North America (0.64%)

88,594,290

Rest of World (0.00%)

monday.com Ltd.

Technology

06/01/23

265

45,349

Total Rest of World (0.00%)

45,349

Western Europe (0.53%)

3i Group Plc

Diversified Financial Services

10/01/20

175,294

4,337,187

Aena SA

Transportation

12/21/18

41,641

6,724,632

Apax Global Alpha Ltd.

Diversified Financial Services

01/19/21

485,904

1,140,461

BBGI SICAV S.A.

Diversified Financial Services

03/21/19

2,930,094

5,141,133

Cellnex Telecom SA

Communication

05/15/19

196,350

7,922,887

Elia System Operator SA/NV

Utilities

11/03/22

18,839

2,390,690

EQT AB

Diversified Financial Services

04/06/20

69,107

1,328,678

HBM Healthcare Investments AG

Diversified Financial Services

04/07/20

5,024

1,128,736

HgCapital Trust PLC

Diversified Financial Services

02/12/16

1,394,880

6,570,876

HICL Infrastructure Co Ltd.

Diversified Financial Services

03/30/16

2,266,101

3,860,844

ICG Graphite Enterprise Trust PLC

Diversified Financial Services

02/12/16

119,861

1,697,702

Intermediate Capital Group PLC

Diversified Financial Services

12/12/16

98,453

1,724,324

Investment AB Kinnevik

Diversified Financial Services

04/06/20

208,117

2,883,968

Investor AB

Diversified Financial Services

08/28/17

164,963

3,293,804

National Grid PLC

Utilities

02/12/16

418,463

5,533,356

NB Private Equity Partners Ltd.

Diversified Financial Services

11/06/19

137,871

2,632,941

Orsted AS

Utilities

06/15/21

8,156

772,868

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

Industry

Acquisition
Date

Fair
Value

Public Investments (continued)

Common Stocks (continued)

Western Europe (continued)

Pantheon International Participations Plc

Diversified Financial Services

11/04/19

413,440

1,337,823

Terna Rete Elettrica Nazionale SpA

Utilities

01/05/18

654,620

5,575,752

Vinci SA

Transportation

02/12/16

64,738

7,514,583

Total Western Europe (0.53%)

73,513,245

Total Common Stocks (Cost $141,746,637)(1.17%)

162,152,884

Asset-Backed Securities (0.36%)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

North America (0.16%)

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

6.25% + L^^

09/22/21

10/15/34

Series 2021-6A, Class E

1,500,000

1,421,294

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

7.00% + SFvv

04/20/22

07/16/35

Series 2022-4A, Class E

1,250,000

1,236,982

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

7.27% + SFvv

04/05/22

04/21/35

Series 2022-3A, Class E

1,000,000

970,284

Madison Park Funding LX Ltd. ⁺

5.50% + SFvv

11/28/22

10/25/35

Series 2022-60A, Class D

1,000,000

1,056,081

Madison Park Funding LX Ltd. ⁺

8.95% + SFvv

11/28/22

10/25/35

Series 2022-60A, Class E

1,250,000

1,345,260

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

6.20% + L^^

10/01/21

10/25/34

Series 2021-30A, Class E

1,625,000

1,557,280

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

6.40% + SFvv

02/04/22

04/15/35

Series 2019-24A, Class ER

4,000,000

3,785,483

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

5.95% + L^^

08/02/21

07/25/34

Series 2020-26A, Class ER

1,000,000

951,217

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

3.30% + L^^

04/02/21

04/20/34

Series 2016-21A, Class DR2

500,000

484,716

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

6.46% + L^^

04/02/21

04/20/34

Series 2016-21A, Class ER2

1,000,000

932,393

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

6.25% + L^^

10/07/21

10/14/35

Series 2021-45A, Class E

1,000,000

953,801

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

7.45% + L^^

09/22/21

10/15/34

Series 2020-9A, Class ER

2,647,264

2,482,066

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

8.11% + SFvv

05/13/22

07/20/35

Series 2022-12A, Class E

1,000,000

979,413

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

6.25% + L^^

11/16/21

07/20/32

Series 2019-4A, Class ER

800,000

740,814

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

6.50% + L^^

03/12/21

04/19/34

Series 2021-25A, Class E

752,616

704,710

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

7.10% + SFvv

04/27/22

04/24/35

Series 2022-33A, Class E

1,250,000

1,224,076

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

6.35% + L^^

04/09/21

04/20/34

Series 2021-1A, Class E

500,000

480,902

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

6.25% + L^^

05/10/21

07/15/34

Series 2021-1A, Class E

1,000,000

965,075

Total North America (0.16%)

22,271,847

Western Europe (0.20%)

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

6.16% + E##

03/08/21

04/17/34

Series 5A, Class ER

1,500,000

1,532,180

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Public Investments (continued)

Asset-Backed Securities (continued)

Western Europe (continued)

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

5.86% + E##

02/04/22

05/15/34

Series 7A, Class E

1,521,243

1,501,676

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

9.12% + E##

02/23/22

04/15/35

Series 26A, Class F

1,200,000

1,206,392

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

6.51% + E##

02/23/22

04/15/35

Series 26A, Class E

750,000

755,232

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

3.30% + E##

02/03/22

01/20/36

Series 8A, Class DR

1,000,000

993,770

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

6.26% + E##

02/03/22

01/20/36

Series 8A, Class ER

2,500,000

2,450,506

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

6.25% + SFvv

01/28/22

04/21/35

Series 2022-1A, Class E

2,625,000

2,334,145

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

6.12% + E##

05/01/21

04/15/34

Series 2021-1A, Class D

333,000

321,511

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

0.00%

01/20/22

01/16/33

Series 2015-1A, Class SUB

3,000,000

1,325,751

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

5.50% + E##

01/20/22

01/16/33

Series 2015-1A, Class DR

1,502,063

1,464,698

Carysfort Park CLO ^{***, +}

6.14% + E##

03/12/21

07/28/34

Series 2021-1A, Class D

500,000

505,939

CVC Cordatus Loan Fund ⁺

6.16% + E##

11/07/22

01/15/37

Series 26A, Class D1

1,100,000

1,263,146

CVC Cordatus Loan Fund ⁺

7.73% + E##

11/07/22

01/15/37

Series 26A, Class D2

400,000

459,962

Edmondstown Park CLO DAC ⁺

6.19% + E##

11/18/22

07/21/35

Series 1A, Class D

1,100,000

1,198,424

Edmondstown Park CLO DAC ⁺

6.77% + E##

11/18/22

07/21/35

Series 1A, Class E

1,250,000

1,433,335

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

7.20% + SFvv

04/21/22

07/15/37

Series 2022-1A, Class E

2,140,000

2,042,036

Otranto Park CLO ^{***, +}

7.05% + E##

03/04/22

05/15/35

Series 1A, Class E

1,172,000

1,210,096

Otranto Park CLO ^{***, +}

4.15% + E##

03/04/22

05/15/35

Series 1A, Class D

750,000

778,382

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

5.95% + E##

08/02/21

04/15/31

Series 2021-1A, Class E

714,000

737,699

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

8.05% + E##

10/15/21

07/15/31

Series 2021-2A, Class F

375,000

376,665

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

5.90% + E##

10/15/21

07/15/31

Series 2021-2A, Class E

625,000

611,932

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

5.90% + E##

02/03/22

10/15/31

Series 2022-1A, Class E

667,000

647,773

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

8.05% + E##

02/03/22

10/15/31

Series 2022-1A, Class F

500,000

502,808

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

1,558,651

Total Western Europe (0.20%)

27,212,709

Total Asset-Backed Securities (Cost $52,193,444)(0.36%)

49,484,556

Private Equity Investments (95.24%)

Direct Investments ^* (68.47%)

Direct Equity (60.52%)

Investment Type

Acquisition
Date

Fair
Value^**

Asia - Pacific (4.60%)

AAVAS Financiers Limited ^{+, a, e}

Common equity

03/28/18

3,891,752

66,469,692

Argan Mauritius Limited ^{+, a, e}

Common equity

05/09/16

106,215

21,119,493

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

Limited partnership interest

05/13/21

—

26,255,206

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

Limited partnership interest

11/04/15

—

7,490,642

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

Investment Type

Acquisition
Date

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Equity (continued)

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

Common equity

05/14/21

4,372,335

5,180,066

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

Common equity

03/03/21

5,433,284

4,596,060

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

Preferred equity

03/03/21

488,996

41,364,592

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

Preferred equity

09/26/22

63,417

7,383,398

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

Common equity

04/25/22

1,209,388

1,244,879

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

Preferred equity

04/25/22

22,978,363

23,652,709

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

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

Limited partnership interest

01/10/19

—

31,919,784

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

Common equity

08/13/21

6,682,671

388,153,790

Total Asia - Pacific (4.60%)

634,467,986

North America (29.34%)

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

Limited partnership interest

12/01/21

—

29,547,232

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

Limited partnership interest

05/02/16

—

7,793,550

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

Limited partnership interest

04/28/21

—

64,877,904

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

Limited partnership interest

07/30/18

—

50,950,670

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

Common equity

01/01/21

14,561

328,131

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

Common equity

03/01/17

3,020,546

3,334,297

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

Preferred equity

08/16/16

171,270

52,611,584

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

Common equity

01/01/21

56,634

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

Common equity

01/06/21

1,145,918

40,890,115

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

Member interest

10/17/22

—

5,915,038

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

Limited partnership interest

10/14/20

—

247,862,701

Checkers Topco, LLC ^{+, a}

Common equity

06/16/23

94,154

43,868

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

Common equity

01/31/23

3,232

6,789,869

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

Common equity

06/24/19

27,246

57,241,217

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

Common equity

07/03/19

3,120

480,708

Cowboy Topco, Inc. ^{+, a}

Common equity

05/18/22

1,348,750

1,473,310

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

Common equity

05/13/21

241,557

609,762

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

Limited partnership interest

04/01/22

—

124,755,974

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

Limited partnership interest

03/15/22

—

51,157,833

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

Common equity

11/15/21

105,520,023

134,013,279

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

Limited partnership interest

11/10/22

—

52,385,470

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

Limited partnership interest

07/01/22

—

79,494,585

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

Common equity

09/17/19

37,786

71,214,136

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

Limited partnership interest

03/09/20

—

123,496,486

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

Limited partnership interest

11/15/21

—

121,465,524

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

Limited partnership interest

01/25/19

—

113,114,840

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

Limited partnership interest

06/17/16

—

20,989,986

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

Limited partnership interest

09/16/22

—

52,423,871

Halo Parent Newco, LLC ^{+, a}

Preferred equity

02/22/22

1,109

18,273,826

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

Member interest

03/01/22

—

62,999,900

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

Limited partnership interest

12/22/21

—

157,430,764

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

Limited partnership interest

03/02/21

—

271,623,954

KDOR Merger Sub Inc. ^{+, a}

Common equity

05/11/18

481

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

Limited partnership interest

08/08/19

—

626,875

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

Limited partnership interest

03/24/22

—

47,851,368

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

Limited partnership interest

07/31/20

—

464,174

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

—

198,100,500

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

Limited partnership interest

10/19/21

—

74,033,669

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 —

June 30, 2023 (Unaudited) (continued)

Investment Type

Acquisition
Date

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Equity (continued)

KSLB Holdings, LLC ^{+, a}

Common equity

07/30/18

252,000

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

Common equity

01/06/20

3,464,630

68,114,592

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

Limited partnership interest

04/04/23

—

15,813,148

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

Common equity

03/10/17

356

673,116

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

Preferred equity

03/10/17

35,285

365,616

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

Limited partnership interest

03/10/17

—

80,313,910

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

Common equity

09/23/21

22,293,150

32,339,289

Multiplan Corp. ^{+, a}

Common equity

06/07/16

485,959

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

Limited partnership interest

11/24/21

—

78,546,344

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

Limited partnership interest

01/31/18

—

55,836,216

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

Limited partnership interest

10/23/20

—

22,850,463

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

Limited partnership interest

04/25/19

—

70,863,560

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

Limited partnership interest

09/01/21

—

47,643,005

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

Limited partnership interest

03/18/21

—

65,583,524

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

Common equity

08/01/19

32,079

86,491,261

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

Common equity

06/24/21

30,950,766

72,654,059

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

Common equity

04/01/22

11,209

1,537,904

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

Limited partnership interest

04/01/21

—

10,754,500

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

Limited partnership interest

03/14/18

—

10,239,222

SC Landco Parent, LLC ^{+, a}

Common equity

11/21/13

2,672

485,648

SC Landco Parent, LLC ^{+, a}

Preferred equity

04/21/17

—

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

Common equity

06/05/18

11,525

1,970,338

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

Limited partnership interest

05/29/18

—

193,130,771

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

Common equity

09/10/19

5,995,126

65,690,944

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

Limited partnership interest

08/18/17

—

28,775,406

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

Common equity

05/23/18

23,477,419

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

Member interest

05/23/18

—

21,021,689

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

Limited partnership interest

04/01/21

—

147,224,949

Starfish Intermediate, Inc. ^{+, a}

Preferred equity

06/06/22

57,176

199,285,107

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

Limited partnership interest

08/17/21

—

32,813,686

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

Limited partnership interest

12/28/22

—

51,460,650

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

Limited partnership interest

07/29/21

—

5,592,614

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

Limited partnership interest

08/31/21

—

72,595,329

TKC Topco LLC ^{+, a}

Common equity

10/14/16

4,632,829

—

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

Limited partnership interest

03/15/22

—

4,921,115

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

Limited partnership interest

08/31/22

—

24,011,581

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

Limited partnership interest

04/06/21

—

90,462,918

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

Member interest

06/14/23

—

2,316,000

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

Limited partnership interest

06/22/21

—

13,569,854

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

Common equity

12/21/20

1,441

2,690,442

Total North America (29.34%)

4,048,783,164

Rest of World (1.51%)

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

Limited partnership interest

07/11/13

—

5,129,970

Zabka Polska SA ^{+, a, e}

Preferred equity

09/25/19

120,777,003

3,401,600

Zabka Polska SA ^{+, a}

Common equity

09/25/19

2,551,723

200,273,264

Total Rest of World (1.51%)

208,804,834

South America (0.03%)

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

Limited partnership interest

11/28/13

—

4,037,669

Total South America (0.03%)

4,037,669

Western Europe (25.04%)

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

Limited partnership interest

02/21/22

—

15,156,147

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

Investment Type

Acquisition
Date

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Equity (continued)

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

Common equity

01/11/21

218,625

272,467

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

Limited partnership interest

11/28/19

—

3,999,018

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

Limited partnership interest

08/04/22

—

23,576,060

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

Common equity

07/01/21

12,590,000,000

132,305,741

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

Preferred equity

10/12/17

6,768,617,529

148,537,513

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

Common equity

10/12/17

86,516

59,785,837

Capri Acquisitions Topco Limited ^{+, a}

Common equity

11/01/17

8,345,985

79,453,739

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

Limited partnership interest

11/10/21

—

59,410,025

Ciddan S.à.r.l. ^{+, a}

Preferred equity

09/15/17

23,249,522

28,174,941

Ciddan S.à.r.l. ^{+, a}

Common equity

09/15/17

12,263,242

86,884,456

Climeworks AG ^{+, a, e}

Preferred equity

04/25/22

7,823,400

64,900,675

Climeworks AG ^{+, a}

Common equity

04/25/22

63,085

497,140

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

Limited partnership interest

02/15/23

—

58,611,013

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

Limited partnership interest

11/30/18

—

57,203,807

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

Limited partnership interest

10/01/19

—

179,867,369

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

Common equity

12/15/16

78,505

469,023

Global Blue Group Holding AG ^{+, a}

Common equity

09/11/20

97,250

472,972

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

Limited partnership interest

07/31/12

—

9,057,506

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

Member interest

01/20/22

—

16,224,135

Green DC LuxCo S.à.r.l. ^{+, a, b}

Common equity

01/20/22

19,595,288

66,912,490

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

Limited partnership interest

11/02/12

—

847,196

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

Limited partnership interest

07/07/22

—

12,792,355

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

Limited partnership interest

09/29/22

—

42,675,601

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

Limited partnership interest

12/18/19

—

139,884,064

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

Common equity

07/31/18

1,480

73,618,569

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

Member interest

07/31/18

—

60,713,774

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

Preferred equity

08/22/19

7,865,820

24,382,219

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

Member interest

08/22/19

—

21,093,846

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

Common equity

08/22/19

6,999,953

912,302

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

Common equity

06/26/19

9,789,622

33,414,834

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

Member interest

06/26/19

—

10,821,929

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

Common equity

08/22/19

192,000

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

Common equity

02/14/23

—

3,600,631

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

Preferred equity

02/14/23

—

12,009,178

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

Member interest

07/02/21

—

56,521,916

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

Common equity

07/02/21

12,111,360

53,199,829

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

Common equity

05/10/21

52,594,635

66,510,100

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

Member interest

05/10/21

—

15,434,411

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

Limited partnership interest

05/19/22

—

97,508,699

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

71,965,855

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

Limited partnership interest

01/27/21

—

47,409,114

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

Limited partnership interest

01/31/23

—

6,425,643

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

Limited partnership interest

12/12/22

—

45,101,781

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

Common equity

12/17/21

8,087,643

277,404,538

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

Warrants

12/01/17

844,553

1,878,429

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

Preferred equity

03/22/23

132,968

50,922,463

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

Common equity

03/22/23

13,000

3,414,658

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

Member interest

03/22/23

—

1,384,359

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

Member interest

10/28/21

—

91,915,926

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

Common equity

10/28/21

12,822,040

6,031,836

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

Preferred equity

07/07/22

113,856,528

138,816,252

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

Common equity

07/07/22

12,650,106

6,874,441

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

Investment Type

Acquisition
Date

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Equity (continued)

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

Common equity

07/13/22

928,445

10,148,608

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

Preferred equity

07/13/22

101,367,616

121,205,004

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

Limited partnership interest

08/22/19

—

482,317

PG TLP S.à.r.l. ^{+, a, b, c, e}

Member interest

04/14/21

—

28,140,002

PG TLP S.à.r.l. ^{+, a, b, e}

Common equity

04/14/21

6,377,426

81,746,739

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

Common equity

02/03/22

53,215,581

76,556,615

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

123,730,961

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

—

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

Member interest

10/01/22

—

1,439,081

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

Preferred equity

04/11/22

1,155,552

75,475

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

Preferred equity

08/19/21

13,114,964

721,251

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

—

36,557,542

Rivage Luxco S.à.r.l. ^{+, a}

Common equity

06/28/23

736,364

60,247,556

Root JVCo S.à.r.l. ^{+, a, b, e}

Preferred equity

09/29/20

6,731,408

50,051,571

Root JVCo S.à.r.l. ^{+, a, b, e}

Common equity

09/29/20

1,969,352

12,349,768

Root JVCo S.à.r.l. ^{+, a, b, c}

Member interest

09/29/20

—

39,293,253

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

Common equity

10/06/15

622

19,557,702

Strider Investment 2 ^{+, a, b}

Preferred equity

04/01/23

278,539

1,080,959

Strider Investment 3 ^{+, a, b}

Preferred equity

04/01/23

24,476

26,707

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

Member interest

04/01/23

—

3,488,186

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

Common equity

04/01/23

8,103,589

31,448,551

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

Preferred equity

04/01/23

52,066,591

58,451,805

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

Limited partnership interest

10/01/20

—

36,586,796

Vanquish Bidco ^{+, a, c}

Member interest

05/25/23

—

3,517,880

Vanquish Topco ^{+, a}

Common equity

05/25/23

379,731

3,913,821

Vanquish Topco ^{+, a}

Preferred equity

05/25/23

34,851,987

44,724,957

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

Limited partnership interest

03/09/22

—

43,640,809

Total Western Europe (25.04%)

3,456,442,745

Total Direct Equity (60.52%)

8,352,536,398

Direct Debt (7.95%)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Asia - Pacific (0.43%)

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

Cash 8.00% + L (0.75% Floor)^^

01/19/22

11/24/26

Senior

2,370,023

1,510,889

FFML Holdco Limited ^{+, a}

Cash 6.25% + BBSY (0.75% Floor)††

11/30/22

11/30/28

Senior

12,373,591

12,118,185

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

Cash 3.25% + E##

08/24/20

08/30/24

Senior

1,299,487

1,200,082

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

Cash 4.50% + SF (0.50% Floor)vv

03/10/23

01/31/28

Senior

1,496,250

1,494,911

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

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

07/28/20

05/14/27

Senior

—

Global Academic Group Limited ^{+, a}

Cash 6.00% + BBSY (0.50% Floor)††

07/26/22

07/26/27

Senior

12,728,400

12,489,379

Global Academic Group Limited ^{+, a}

Cash 6.00% + BBSY (0.50% Floor)††

07/29/22

07/29/27

Senior

4,651,970

4,417,850

Greencross Limited ^{+, a}

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

03/22/22

03/23/28

Senior

10,287,281

10,128,141

ICON Cancer Care ^{+, a}

Cash 7.25% + BBSY (0.50% Floor)†

04/12/22

03/29/30

Second Lien

10,284,819

8,934,525

Snacking Investments BidCo Pty Limited ^{+, a}

Cash 4.00% + SF (1.00% Floor)v

01/15/20

12/18/26

Senior

1,257,750

1,254,216

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

Stiphout Finance, LLC ^{+, a}

Cash 3.00% + L (1.00% Floor)^

10/30/15

10/30/25

Senior

4,657,850

4,695,103

Voyage Australia Pty Ltd ^{+, a}

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

07/23/21

06/18/28

Senior

1,674,500

1,660,551

Total Asia - Pacific (0.43%)

59,903,833

North America (5.06%)

Acrisure LLC ^{+, a}

Cash 3.75% + L (0.50% Floor)^

08/18/21

02/13/27

Senior

2,161,500

2,112,866

Acrisure LLC ^{+, a}

Cash 3.50% + L^

03/27/20

02/15/27

Senior

1,844,099

1,794,871

Acrisure LLC ^{+, a}

Cash 4.25% + L (0.50% Floor)^

12/08/21

02/15/27

Senior

985,000

967,354

ADMI Corp. ^{+, a}

Cash 3.75% + SF (0.50% Floor)vv

07/14/21

12/23/27

Senior

1,375,500

1,288,954

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

Cash 3.75% + L^

04/26/23

02/02/26

Senior

2,992,228

2,909,194

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

Cash 4.75% + SF (1.00% Floor)v

02/25/21

10/02/25

Senior

977,500

553,754

AIT Buyer, LLC ^{+, a}

Cash 7.75% + L (0.75% Floor)^

04/06/21

03/30/29

Second Lien

6,860,000

6,817,626

Alliant Holdings Intermediate, LLC ^{+, a}

Cash 3.50% + L (0.50% Floor)^

12/08/21

11/05/27

Senior

1,576,000

1,568,774

Amneal Pharmaceuticals, Inc. ^{+, a}

Cash 3.50% + SFv

06/03/22

05/04/25

Senior

8,431,858

8,117,434

Apex Group Treasury Limited ^{+, a}

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

08/27/21

07/27/28

Senior

2,066,220

2,042,975

Apex Tool Group ^{+, a}

Cash 5.25% + SF (0.50% Floor)v

02/22/22

02/08/29

Senior

990,000

921,937

Applovin Corporation ^{+, a}

Cash 3.35% + SFv

03/24/21

08/15/25

Senior

974,490

975,328

Applovin Corporation ^{+, a}

Cash 3.10% + SF (0.50% Floor)v

12/08/21

10/25/28

Senior

1,382,500

1,380,157

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

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

03/18/21

03/03/28

Senior

1,078,000

1,063,177

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

Cash 6.50% + L (0.50% Floor)^

08/19/21

08/02/29

Second Lien

7,049,750

6,344,775

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

Cash 3.50% + SF (0.50% Floor)vv

02/23/22

02/15/29

Senior

4,689,185

7,681,926

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

Cash 3.50% + SF (0.50% Floor)vv

01/27/22

02/15/29

Senior

119,080

99,979

Banff Guarantor, Inc. ^{+, a}

Cash 5.50% + L (0.50% Floor)^

01/31/22

02/27/26

Second Lien

1,700,000

1,661,750

Banff Merger Sub Inc. ^{+, a}

Cash 3.75% + L^^

01/31/22

10/02/25

Senior

2,791,984

2,772,496

Barracuda Networks, Inc. ^{+, a}

Cash 7.00% + SF (0.50% Floor)vv

05/17/22

08/15/30

Second Lien

4,000,000

3,562,000

Bausch & Lomb Inc. ^{+, a}

Cash 3.25% + SF (0.50% Floor)vv

05/18/22

05/10/27

Senior

3,275,250

3,166,086

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

Cash 4.75% + SF (0.50% Floor)v

06/07/23

12/11/28

Senior

1,300,000

1,298,479

Bella Holding Company, LLC ^{+, a}

Cash 3.75% + L (0.75% Floor)^

05/13/21

04/01/28

Senior

3,537,000

3,462,334

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

Cash 4.25% + L^^

10/04/18

09/05/25

Senior

1,432,750

1,412,606

BlueConic Holding, Inc. ^{+, a}

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

01/27/22

01/27/28

Senior

18,912,000

18,516,015

BlueConic Holding, Inc. ^{+, a}

Cash 6.50% + SF (0.75% Floor)vv

06/13/23

01/27/28

Senior

7,092,000

6,943,506

Bracket Intermediate Holding Corp. ^{+, a}

Cash 5.00% + SFvv

05/17/23

05/08/28

Senior

4,122,202

4,064,244

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

Cash 2.75% + L (0.50% Floor)^

09/12/18

08/01/25

Senior

969,905

968,600

Brown Group Holding, LLC ^{+, a}

Cash 3.75% + SF (0.50% Floor)vv

06/09/22

07/02/29

Senior

1,640,527

1,638,764

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

Cash 4.25% + L (1.00% Floor)^

01/01/21

04/25/24

Senior

56,095

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

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

01/01/21

11/06/25

Second Lien

183,333

181,827

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

Cash 8.90% + SF (1.00% Floor)vv

01/01/21

11/06/25

Second Lien

1,466,667

1,454,616

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

Cash 8.00%

03/01/17

02/10/25

Mezzanine

4,863,488

4,420,804

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

PIK 5.00%

03/01/17

02/10/25

Mezzanine

3,745,240

3,036,500

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

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

11/26/21

09/01/24

Senior

1,376,009

1,238,408

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

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

11/26/21

09/01/25

Second Lien

3,000,000

2,402,585

Central Parent, Inc. ^{+, a}

Cash 4.50% + SF (0.50% Floor)vv

07/12/22

07/06/29

Senior

995,000

993,234

Charlotte Buyer Inc ^{+, a}

Cash 5.25% + SF (0.50% Floor)vv

08/16/22

02/11/28

Senior

995,000

976,841

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

Cash 3.75% + SF (0.75% Floor)v

05/31/19

12/01/27

Senior

1,430,876

1,419,257

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

Cash 7.00% + SF

06/16/23

06/16/27

Senior

7,106

6,356

Cheniere Energy Partners ^{+, a}

Cash 3.75% + L (0.50% Floor)^

06/09/21

06/04/28

Senior

3,234,000

3,232,157

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

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

Cash 4.175% + SF (0.50% Floor)vv

04/19/22

04/13/29

Senior

1,287,000

1,268,622

CommScope, Inc. ^{+, a}

Cash 3.25% + L^

04/26/19

04/06/26

Senior

3,490,933

3,349,113

ConnectWise, LLC ^{+, a}

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

10/06/21

09/29/28

Senior

1,674,500

1,631,072

Conservice Midco, LLC ^{+, a}

Cash 4.25% + L^^

05/18/20

05/13/27

Senior

1,657,500

1,654,434

ConvergeOne Holdings, Inc. ^{+, a}

Cash 5.00% + L^^^

03/27/19

01/04/26

Senior

2,880,000

1,838,534

ConvergeOne Holdings, Inc. ^{+, a}

Cash 8.50% + L^^

04/15/19

01/04/27

Second Lien

31,200,000

11,807,328

Convergint Tech LLC ^{+, a}

Cash 6.75% + SF (0.76% Floor)v

04/12/21

03/30/29

Second Lien

1,400,000

1,242,850

��

Cornerstone OnDemand, Inc. ^{+, a}

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

10/22/21

10/16/28

Senior

1,185,000

1,107,240

Critical Start ^{+, a}

Cash 2.625% + SF (0.75% Floor)vv + PIK 3.125%

05/18/22

05/18/28

Senior

8,269,238

8,230,159

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

Cash 6.25% + SF (0.75% Floor)vv

05/18/22

05/18/28

Senior

1,348,750

(29,391

)

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

Cash 6.25% + SF (0.75% Floor)vv

03/27/23

05/17/28

Senior

4,506,698

4,424,632

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

Cash 4.75% + SF (0.75% Floor)v

05/05/21

04/27/27

Senior

4,487,671

4,492,361

CSC Holdings, LLC ^{+, a}

Cash 2.50% + L^

08/11/21

04/15/27

Senior

3,437,817

3,013,298

CSC Holdings, LLC ^{+, a}

Cash 4.50% + L^

12/07/18

01/15/26

Senior

2,885,111

2,771,510

DCert Buyer, Inc. ^{+, a}

Cash 4.00% + L^

10/24/19

10/16/26

Senior

1,943,665

1,930,001

Deerfield Dakota Holding, LLC ^{+, a}

Cash 3.75% + SF (1.00% Floor)vv

06/01/20

04/09/27

Senior

970,000

943,325

Delta Topco, Inc. ^{+, a}

Cash 3.75% + SF (0.75% Floor)vv

01/06/21

12/01/27

Senior

2,058,000

1,992,216

Dentive Capital, LLC ^{+, a}

Cash 7.00% + SF (0.75% Floor)vv

12/23/22

12/22/28

Senior

473,558

461,670

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

Cash 7.00% + SF (0.75% Floor)vv

12/23/22

12/22/28

Senior

10,100,107

9,805,218

DexKo Global Inc. ^{+, a}

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

10/07/21

09/22/28

Senior

253,659

242,624

Dexko Global, Inc. ^{+, a}

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

10/07/21

10/04/28

Senior

1,326,341

1,268,646

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

Cash 4.75% + SF (0.75% Floor)vv

11/15/22

03/31/28

Senior

992,500

976,997

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

Cash 3.75% + SF (0.76% Floor)v

04/23/21

03/31/28

Senior

1,274,042

1,253,161

Diamond Parent Midco Inc. ^{+, a}

Cash 6.25% + SF (1.00% Floor)v

09/01/22

08/04/25

Senior

29,139,631

28,775,386

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

Cash 6.00% + SF (0.75% Floor)vv

07/01/22

07/21/27

Senior

10,935,586

349,954

EAB Global, Inc. ^{+, a}

Cash 4.00% + SF (0.75% Floor)v

08/25/21

11/19/26

Senior

4,104,545

2,145,677

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

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

09/13/21

11/09/27

Senior

1,665,829

1,650,745

Element Materials Technology ^{+, a}

Cash 4.25% + SF (0.50% Floor)vv

08/17/22

06/22/29

Senior

314,211

308,451

Element Materials Technology ^{+, a}

Cash 4.25% + SFvv

08/17/22

06/22/29

Senior

680,789

668,311

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

Cash 3.00% + SFvv

05/04/23

05/31/30

Senior

834,862

835,906

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

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

04/28/21

02/10/28

Senior

3,822,000

3,548,498

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

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

08/16/21

05/21/28

Senior

1,576,000

1,548,136

Envision Healthcare Corp. ^{+, a}

Cash 4.50% + SF (1.00% Floor)vv + PIK 7.00%

04/29/22

04/29/28

Second Lien

39,928,997

28,231,847

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

Cash 11.65% + SF (1.00% Floor)vv + PIK 7.00%

04/29/22

04/28/28

Second Lien

3,740,562

2,600,446

Epiq Systems ^{+, a}

Cash 4.75% + SF (0.75% Floor)v

06/02/22

04/26/29

Senior

3,980,000

3,718,454

Evergreen Services Group, LLC ^{+, a}

Cash 6.15% + SF (0.75% Floor)vv

06/15/22

06/14/29

Senior

9,826,635

9,760,727

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

Cash 6.15% + SF (0.75% Floor)vv

01/30/23

06/15/29

Senior

624,199

620,013

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

Cash 8.00% + L (0.50% Floor)^

02/04/20

02/04/28

Second Lien

19,491,899

18,322,384

Filtration Group Corporation ^{+, a}

Cash 3.50% + SF (0.50% Floor)v

11/01/21

10/21/28

Senior

2,063,250

2,058,463

First Student Bidco Inc. ^{+, a}

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

08/11/21

07/21/28

Senior

791,210

766,386

First Student Bidco Inc. ^{+, a}

Cash 3.00% + L (0.98% Floor)^^

08/11/21

08/21/28

Senior

296,569

287,264

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

Cash 4.00% + SF (0.50% Floor)vv

08/05/22

07/21/28

Senior

995,278

977,243

Flynn Restaurant Group LP ^{+, a}

Cash 4.25% + SF (0.50% Floor)v

12/10/21

11/22/28

Senior

2,271,250

2,247,833

Galls, LLC ^{+, a}

Cash 6.25% + SF (1.00% Floor)vv

12/22/20

01/31/25

Senior

514,012

492,790

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

GHX Ultimate Parent Corporation ^{+, a}

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

01/01/21

06/22/24

Senior

1,905,822

1,911,187

GHX Ultimate Parent Corporation ^{+, a, f}

Cash 4.75% + SF (0.50% Floor)v

05/09/23

06/30/27

Senior

954,041

956,732

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

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

05/14/21

03/06/28

Senior

1,755,236

1,741,529

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

Cash 5.00%

05/15/18

04/30/25

Senior

1,688,301

1,733,055

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

Cash 3.50% + L^

05/15/18

04/30/25

Senior

476,715

471,152

Heartland Dental, LLC ^{+, a}

Cash 4.00% + L^

06/21/21

04/30/25

Senior

772,928

766,165

Heartland Dental, LLC ^{+, a, f}

Cash 5.00% + SF (0.75% Floor)vv

05/05/23

04/28/28

Senior

2,795,596

2,703,565

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

Cash 6.75% + SF (1.00% Floor)v

11/08/22

12/15/26

Senior

12,000,000

11,939,219

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

Cash 6.75% + SF (0.75% Floor)v

11/05/21

11/19/27

Second Lien

3,600,000

2,916,000

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

Cash 4.00% + SF (0.75% Floor)vv

06/25/21

11/19/26

Senior

4,104,545

3,755,659

Hornblower Sub, LLC ^{+, a}

Cash 4.50% + L^^

05/01/19

04/27/25

Senior

933,835

457,579

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

Cash 4.25% + SF (0.75% Floor)vv

06/08/23

06/20/30

Senior

1,100,000

1,103,751

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

Cash 3.00% + L (1.00% Floor)^^

05/22/19

03/28/25

Senior

4,936,071

4,815,408

Hyland Software Inc. ^{+, a}

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

10/27/20

07/01/24

Senior

2,946,032

2,923,406

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

Cash 3.75% + SF (0.75% Floor)v

12/17/18

06/27/24

Senior

1,244,979

1,215,149

Imperial Dade ^{+, a}

Cash 4.75% + SF (0.50% Floor)v

06/24/22

06/11/26

Senior

990,000

987,525

Indy US Bidco, LLC ^{+, a}

Cash 3.75% + L^^

03/29/21

03/06/28

Senior

977,588

909,156

INNIO Group Holdings GmbH ^{+, a}

Cash 3.25% + E###

11/30/18

10/31/25

Senior

1,415,436

1,347,137

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

Cash 5.75% + SF (0.75% Floor)vv

06/21/22

08/27/25

Senior

19,889,876

19,536,479

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

Cash 6.00% + SF (0.75% Floor)v

05/23/23

08/27/25

Senior

2,392,278

2,330,915

Iris Holdings Inc. ^{+, a}

Cash 4.75% + SF (0.50% Floor)vv

06/15/22

06/28/28

Senior

1,839,753

1,566,660

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

247,977

184,990

KENE Acquisition, Inc. ^{+, a}

Cash 8.25% + SF (1.00% Floor)vv

01/01/21

08/09/27

Second Lien

1,638,000

1,589,496

KENE Acquisition, Inc. ^{+, a}

Cash 8.25% + SFvv

08/05/22

08/09/27

Second Lien

984,997

955,829

Kingpin Intermediate Holdings LLC ^{+, a}

Cash 3.50% + SFv

10/05/18

07/03/24

Senior

4,313,639

4,292,761

Knowlton Development Corporation Inc. ^{+, a}

Cash 3.75% + L^^

06/24/22

12/22/25

Senior

1,484,496

1,448,868

KSLB Holdings, LLC ^{+, a}

Cash 8.75% + L (1.00% Floor)^

01/01/21

07/30/26

Second Lien

3,212,308

2,771,729

LBM Acquisition, LLC ^{+, a}

Cash 3.25% + L (0.75% Floor)^

09/07/21

12/17/27

Senior

3,236,640

3,118,211

LogMeIn, Inc. ^{+, a}

Cash 4.75% + L^

09/03/20

08/31/27

Senior

4,858,260

3,064,736

LSCS Holdings, Inc. ^{+, a}

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

02/14/22

12/16/28

Senior

2,561,000

2,494,837

LTI Holdings, Inc. ^{+, a}

Cash 3.50% + L^

10/22/18

09/06/25

Senior

952,500

916,781

Magenta Buyer LLC ^{+, a}

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

10/13/21

07/27/29

Second Lien

2,000,000

1,330,000

Magenta Buyer LLC ^{+, a}

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

08/02/21

07/27/28

Senior

3,447,500

2,608,034

Marnix SAS ^{+, a}

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

12/17/21

08/04/28

Senior

1,473,750

1,471,510

Maverick Bidco, Inc. ^{+, a}

Cash 6.75% + SF (0.75% Floor)vv

05/26/21

05/18/29

Second Lien

6,603,000

6,270,917

McAfee Inc. ^{+, a}

Cash 4.00% + S>>

03/09/22

03/01/29

Senior

2,574,000

2,466,626

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

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

11/03/21

10/23/28

Senior

1,086,250

1,074,030

Mercury Borrower, Inc. ^{+, a}

Cash 6.50% + L (0.50% Floor)^

04/11/22

08/02/29

Second Lien

900,000

810,000

Michaels Stores, Inc. ^{+, a}

Cash 4.25% + SF (0.75% Floor)vv

04/26/21

04/15/28

Senior

1,657,272

1,472,486

Mitchell International, Inc. ^{+, a}

Cash 3.75% + L (0.50% Floor)^

10/21/21

10/15/28

Senior

3,752,500

3,670,602

Mitchell International, Inc. ^{+, a}

Cash 6.50% + L (0.50% Floor)^

10/26/21

10/15/29

Second Lien

1,000,000

887,500

MJH Healthcare Holdings, LLC ^{+, a}

Cash 3.50% + SF (0.50% Floor)v

04/08/22

01/28/29

Senior

1,678,750

1,668,258

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

Cash 8.50% + SFvv

04/01/23

02/13/26

Senior

463,906

234,537

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

Navicure, Inc. ^{+, a}

Cash 4.00% + SFvv

11/19/19

10/22/26

Senior

2,914,722

2,911,079

NEP Group, Inc. ^{+, a}

Cash 3.25% + SFv

02/10/22

10/20/25

Senior

1,953,964

1,766,022

NEP Group, Inc. ^{+, a}

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

12/06/21

10/20/25

Senior

1,871,500

1,687,466

Netsmart Technologies, Inc. ^{+, a}

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

07/16/18

10/01/27

Senior

2,205,376

2,198,484

NortonLifeLock Inc. ^{+, a}

Cash 2.00% + SF (0.50% Floor)vv

09/20/22

09/12/29

Senior

2,127,837

2,115,868

NSM Top Holdings Corp. ^{+, a}

Cash 5.25% + L^

11/26/19

11/16/26

Senior

1,447,500

1,357,032

NSPC Intermediate II, LLC ^{+, a}

Cash 8.00% + SF (1.00% Floor)vv

05/08/23

02/13/26

Senior

22,601

22,599

nThrive Health Inc. ^{+, a}

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

05/24/22

12/18/28

Senior

1,975,000

1,688,625

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

Cash 3.50% + SF (0.05% Floor)v

01/06/22

12/15/28

Senior

1,876,250

1,785,364

OEConnection LLC ^{+, a}

Cash 4.00% + L^^

10/28/19

09/25/26

Senior

2,914,121

2,871,167

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

Cash 5.00% + SF (0.50% Floor)vv

05/24/23

11/09/28

Senior

1,500,000

1,454,070

OneDigital Borrower LLC ^{+, a}

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

12/11/20

11/16/27

Senior

2,520,907

2,489,396

OneDigital Borrower LLC ^{+, a}

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

12/11/20

11/16/27

Senior

229,936

227,062

OneDigital Holdings, LLC ^{+, a}

Cash 6.00% + SF (0.50% Floor)v

03/21/23

11/16/27

Senior

5,829,141

5,697,779

PAI Holdco, Inc. ^{+, a}

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

11/09/20

10/22/27

Senior

1,172,999

1,089,423

Pascal Midco 2, LLC ^{+, a}

Cash 6.00% + SF (0.75% Floor)vv

07/01/22

07/21/27

Senior

10,935,586

10,696,365

Pearl Intermediate Parent, LLC ^{+, a}

Cash 6.25% + L^

01/01/21

02/13/26

Second Lien

2,400,000

2,200,200

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

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

10/07/22

12/15/28

Senior

989,950

813,823

Peraton Corp. ^{+, a}

Cash 3.75% + SF (0.75% Floor)v

04/12/21

02/01/28

Senior

1,919,225

1,888,335

PG&E Corporation ^{+, a}

Cash 3.00% + SF (1.00% Floor)v

08/11/20

06/23/25

Senior

1,940,000

1,942,076

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

Cash 7.00% + L (0.50% Floor)^

07/02/21

12/14/29

Senior

3,700,000

1,373,781

Polaris Newco, LLC ^{+, a}

Cash 4.00% + L (0.50% Floor)^

06/15/21

06/02/28

Senior

1,179,000

1,084,491

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

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

01/18/22

12/14/29

Senior

3,700,000

3,367,000

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

Cash 6.75% + L (0.50% Floor)^

10/05/21

10/01/29

Second Lien

1,800,000

974,259

Procera Networks, Inc. ^{+, a}

Cash 4.50% + L^

11/20/18

10/31/25

Senior

1,128,717

1,069,285

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

Cash 5.25% + SF (0.50% Floor)v

06/15/22

07/20/29

Senior

2,985,000

2,735,006

Prometric Holdings, Inc. ^{+, a}

Cash 7.50% + L (1.00% Floor)^^

01/29/18

01/29/26

Second Lien

14,154,350

14,797,070

Quintiles IMS Inc. ^{+, a}

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

06/22/18

06/11/25

Senior

2,803,629

2,636,439

Radiate HoldCo, LLC ^{+, a}

Cash 3.25% + SF (0.75% Floor)vv

07/16/19

09/25/26

Senior

985,000

824,012

Radiology Partners, Inc. ^{+, a}

Cash 4.25% + SFv

01/01/21

07/09/25

Senior

2,403,933

1,820,979

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

Cash 6.75% + SF (0.75% Floor)vv

12/01/22

04/01/29

Senior

1,120,924

235,587

Radwell Parent, LLC ^{+, a}

Cash 6.50% + SF (0.75% Floor)vv

12/01/22

04/01/29

Senior

5,971,476

5,827,501

Radwell Parent, LLC ^{+, a}

Cash 6.75% + SF (0.75% Floor)vv

04/06/22

04/01/29

Senior

14,040,756

13,827,807

RBMedia ^{+, a}

Cash 4.00% + SFv

06/17/22

08/29/25

Senior

2,000,000

2,001,870

RC Buyer, Inc. ^{+, a}

Cash 6.50% + SF (0.75% Floor)vv

08/03/21

07/26/29

Second Lien

2,800,000

2,607,500

Red Planet Borrower, LLC ^{+, a}

Cash 3.75% + SF (0.50% Floor)v

10/04/21

10/02/28

Senior

2,161,500

1,835,027

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

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

05/10/21

04/27/28

Senior

1,741,102

609,863

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

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

05/03/21

04/16/29

Second Lien

2,500,000

1,579,162

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

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

03/02/21

02/17/28

Senior

932,329

933,494

Restaurant Technologies, Inc. ^{+, a}

Cash 4.25% + SF (0.50% Floor)vv

04/06/22

04/02/29

Senior

3,456,250

3,378,484

Restoration Hardware, Inc. ^{+, a}

Cash 3.25% + SF (0.50% Floor)vv

05/24/22

10/20/28

Senior

4,466,250

4,323,888

RLG Holdings, LLC ^{+, a}

Cash 4.25% + SF (0.75% Floor)v

07/19/21

07/10/28

Senior

1,970,000

1,878,887

Rocket Software, Inc. ^{+, a}

Cash 4.25% + SFv

12/05/18

11/28/25

Senior

2,607,290

2,585,219

Rough Country, LLC ^{+, a}

Cash 3.50% + SF (0.75% Floor)vv

08/03/21

07/26/28

Senior

1,857,250

1,803,854

Sabre GLBL Inc. ^{+, a}

Cash 3.50% + SF (0.50% Floor)v

08/09/21

12/17/27

Senior

1,118,754

882,138

Sabre GLBL Inc. ^{+, a}

Cash 3.50% + SF (0.50% Floor)vv

08/09/21

12/17/27

Senior

717,785

565,974

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

Cash 3.75% + SF (0.50% Floor)vv

03/04/22

02/23/29

Senior

3,861,000

3,863,413

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

Cash 4.00% + L (1.00% Floor)^

04/17/20

03/16/27

Senior

798,373

787,208

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

1,312,222

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

Cash 3.50% + SF (1.00% Floor)v

05/17/18

09/23/27

Senior

3,082,200

3,077,826

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

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

Cash 7.75% + SF (1.00% Floor)v

10/14/20

09/22/28

Second Lien

720,000

653,079

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

Cash 4.50% + SF (1.00% Floor)v + PIK 2.00%

06/05/18

06/05/24

Senior

25,642,539

26,288,363

Skopima Consilio Parent LLC ^{+, a}

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

05/18/21

04/30/28

Senior

4,592,877

4,475,597

Sorenson Communications, LLC ^{+, a}

Cash 5.50% + L (0.75% Floor)^

03/23/21

03/12/28

Senior

2,325,000

2,163,412

Sound Inpatient Physicians, Inc ^{+, a}

Cash 3.00% + L^

08/23/18

06/27/25

Senior

1,330,000

792,421

Sovos Compliance, LLC ^{+, a}

Cash 4.50% + SF (0.50% Floor)v

08/16/21

08/11/28

Senior

1,675,752

1,619,405

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

Cash 4.25% + L^^

06/05/19

07/30/25

Senior

3,340,930

3,318,997

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

Cash 8.25% + L^^

01/01/21

07/30/26

Second Lien

3,067,714

2,682,810

Star US Bidco, LLC ^{+, a}

Cash 4.25% + SF (1.00% Floor)v

04/24/20

03/17/27

Senior

1,257,322

1,239,091

SuperMoose Borrower, LLC ^{+, a}

Cash 3.75% + L^^

10/16/18

08/29/25

Senior

955,000

12,654

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

Cash 6.00% + SF (0.75% Floor)vv

03/31/22

03/31/28

Senior

—

473,917

Tank Holdings Corporation ^{+, a}

Cash 6.00% + L (0.75% Floor)^

04/11/22

03/31/28

Senior

21,330,540

20,592,930

Telenet Financing USD LLC ^{+, a}

Cash 2.00% + L^

04/27/20

04/30/28

Senior

1,400,000

1,377,250

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

Cash 4.75% + SFvv

03/29/23

06/18/29

Senior

2,100,000

2,097,375

Tivity Health Inc ^{+, a}

Cash 6.00% + SF (0.75% Floor)vv

06/28/22

06/28/29

Senior

15,533,618

15,356,753

TLP Acquisition Holdings, LLC ^{+, a}

Cash 8.00% + SF (1.00% Floor)v

02/26/19

02/26/26

Mezzanine

34,070,313

33,688,697

Tory Burch LLC ^{+, a}

Cash 3.50% + L (0.50% Floor)^

04/30/21

04/16/28

Senior

980,000

947,312

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

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

09/22/21

09/15/28

Senior

1,671,263

1,648,584

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

Cash 6.25% + SF (0.75% Floor)vv

06/02/22

05/27/29

Senior

10,460,625

10,251,533

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

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

04/19/21

03/31/28

Senior

1,372,003

1,329,985

UKG Inc. ^{+, a}

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

07/13/20

05/04/26

Senior

977,644

960,281

Upstream Newco, Inc. ^{+, a}

Cash 4.25% + SFvv

08/04/21

11/20/26

Senior

3,430,000

3,066,986

Utz Quality Foods, LLC ^{+, a}

Cash 3.00% + L^^

01/29/21

01/20/28

Senior

3,607,511

3,606,754

VeriFone Systems, Inc. ^{+, a}

Cash 4.00% + L^^

09/25/19

08/20/25

Senior

3,533,206

3,345,876

Virtusa Corporation ^{+, a}

Cash 3.75% + SF (0.75% Floor)vv

02/28/22

02/11/28

Senior

2,172,500

2,149,428

Vision Solutions, Inc. ^{+, a}

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

05/06/21

04/24/28

Senior

3,831,750

3,650,144

Vision Solutions, Inc. ^{+, a}

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

09/07/21

04/23/29

Second Lien

2,300,000

1,995,537

VS Buyer, LLC ^{+, a}

Cash 3.00% + SFvv

04/10/20

02/28/27

Senior

1,935,000

1,916,259

Weld North Education LLC ^{+, a}

Cash 3.75% + SF (0.75% Floor)vv

01/06/21

12/15/27

Senior

1,267,500

1,248,329

Windsor Holdings III, LLC ^{+, a, f}

Cash 4.50% + SFvv

06/22/23

08/01/30

Senior

1,900,000

1,868,897

Woof Holdings, Inc. ^{+, a}

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

01/08/21

12/22/28

Second Lien

7,200,000

6,446,209

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

Cash 4.00% + SF (0.75% Floor)vv

08/03/21

07/26/28

Senior

2,659,500

2,530,953

Zacapa S.à.r.l. ^{+, a}

Cash 4.25% + SF (0.50% Floor)vv

07/31/18

07/02/25

Senior

2,213,481

2,159,129

Total North America (5.06%)

698,151,551

Rest of World (0.26%)

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

Cash 4.50% + L^

10/05/18

07/10/25

Senior

22,171,514

21,083,096

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

Cash 7.25% + E#

10/11/18

09/28/26

Second Lien

13,678,916

12,619,220

Gems Education ^{+, a}

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

08/15/22

07/31/26

Senior

1,980,075

1,984,619

Total Rest of World (0.26%)

35,686,935

Western Europe (2.20%)

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

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

03/11/21

02/16/28

Senior

677,083

670,008

AD Education ^{+, a}

PIK 8.50%

06/21/22

03/30/29

Mezzanine

13,084,544

13,119,224

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

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

09/15/21

09/07/28

Senior

2,265,500

2,262,668

AI PLEX AcquiCo GmbH ^{+, a}

Cash 4.75% + L^^^

08/23/19

07/31/26

Senior

4,832,256

4,417,503

Albion Financing 3 S.à.r.l. ^{+, a}

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

01/14/22

08/17/26

Senior

2,462,500

2,459,422

Alcumus ^{+, a, e}

Cash 5.75% + S>>

03/09/22

03/09/29

Senior

—

Alcumus ^{+, a}

Cash 5.75% + S>>

06/29/22

03/09/29

Senior

1,984,236

1,902,902

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

Interest

Acquisition
Date

Maturity
Date

Investment
Type

Principal

Fair
Value^**

Private Equity Investments (continued)

Direct Investments ^* (continued)

Direct Debt (continued)

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

Cash 4.00% + L^^

01/27/21

08/14/26

Senior

2,941,143

2,773,866

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

Cash 5.75% + E##

03/15/22

03/15/29

Senior

13,721,320

13,421,088

Aston Finco S.à.r.l. ^{+, a}

Cash 4.25% + L^^

11/14/19

10/09/26

Senior

2,709,000

2,384,293

Aston Finco S.à.r.l. ^{+, a}

Cash 8.25% + S>

10/25/19

10/09/27

Second Lien

36,733,592

31,033,619

Auris Luxembourg III S.à.r.l. ^{+, a}

Cash 3.75% + L^

04/04/19

02/27/26

Senior

958,706

910,052

Babar Bidco ^{+, a}

Cash 4.00% + E###

12/04/20

11/17/27

Senior

1,214,051

1,078,485

BK LC Lux SPV S.à.r.l. ^{+, a}

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

07/09/21

04/28/28

Senior

1,750,896

1,742,141

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

Cash 4.75% + S>

08/31/18

06/23/25

Senior

5,199,152

4,939,597

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

Cash 6.00% + S>>>

05/23/23

06/21/28

Senior

1,863,437

1,852,349

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

PIK 8.25% + L^^^

02/28/22

08/31/30

Mezzanine

6,040,554

5,976,859

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

PIK 8.25% + E###

02/28/22

08/31/30

Mezzanine

891,715

862,093

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

969,908

Compass IV Limited ^{+, a}

Cash 4.00% + E#

07/06/18

05/09/25

Senior

262,586

125,196

Constellation Automotive Group Limited ^{+, a}

Cash 4.75% + S>>>

09/03/21

07/28/28

Senior

1,387,192

1,119,465

Constellation Automotive Limited ^{+, a}

Cash 7.50% + S>>>

10/18/21

07/30/29

Second Lien

1,372,084

697,706

Constellation BidCo GmbH ^{+, a}

Cash 6.00% + E##

10/26/22

06/27/29

Senior

26,760,488

28,472,360

CTEC III GmbH ^{+, a}

Cash 3.75% + E##

03/29/18

03/07/25

Senior

4,055,926

3,389,139

Dragon Bidco Limited ^{+, a}

Cash 6.00% + S>>

03/09/22

03/09/29

Senior

8,941,459

8,515,394

EG Group Limited ^{+, a}

Cash 4.00% + SFv

05/22/18

02/07/25

Senior

1,340,582

10,776

Envirotainer ^{+, a, e}

Cash 5.75% + E##

07/29/22

07/27/29

Senior

8,191,195

8,601,535

Envirotainer ^{+, a, e}

Cash 5.75% + SF (0.75% Floor)vv

07/29/22

07/27/29

Senior

4,089,559

4,005,962

Fusilli AcquiCo S.à.r.l. ^{+, a}

Cash 6.00% + E###

01/27/22

10/12/23

Senior

2,737,330

2,482,646

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

Cash 7.12% + E#

06/28/19

11/28/24

Senior

1,080,850

797,799

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

3,152,033

3,139,346

HNVR Holdco Limited ^{+, a}

Cash 5.50% + E###

01/25/22

09/12/27

Senior

3,321,745

3,202,883

Holding Socotec SAS ^{+, a}

Cash 4.00% + SF (0.75% Floor)vv

09/10/21

06/30/28

Senior

1,485,000

1,450,348

Hunter Douglas NV ^{+, a}

Cash 3.50% + SF (0.50% Floor)vv

03/07/22

02/26/29

Senior

1,782,000

1,698,478

Hunter Holdco 3 Limited ^{+, a}

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

08/26/21

08/19/28

Senior

3,085,188

3,065,905

IGT Holding IV AB ^{+, a}

Cash 4.80% + L (0.50% Floor)^^

07/21/21

03/31/28

Senior

1,857,250

1,843,321

Ineos Quattro Holdings UK Limited ^{+, a}

Cash 3.75% + SF (0.50% Floor)v

03/17/23

03/01/30

Senior

2,000,000

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

Cash 5.00% + L^^^

11/16/21

06/13/24

Senior

2,967,557

2,849,934

ION Trading Finance Limited ^{+, a}

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

05/25/21

04/01/28

Senior

2,744,000

2,698,834

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

Cash 4.75% + E##

06/16/23

04/24/29

Senior

6,000,000

6,454,868

Loire UK Midco 3 Limited ^{+, a}

Cash 3.50% + SF (0.75% Floor)v

07/09/21

04/21/27

Senior

1,267,538

1,235,850

Loire UK Midco 3 Limited ^{+, a}

Cash 3.00% + SFv

06/08/20

04/21/27

Senior

1,358,573

1,322,910

Mar Bidco S.à.r.l. ^{+, a}

Cash 4.25% + L^^

07/30/21

07/06/28

Senior

2,947,500

2,836,969

Matador Bidco S.à.r.l. ^{+, a}

Cash 4.50% + SF (0.76% Floor)v

11/12/19

10/15/26

Senior

3,023,676

3,019,579

Nomad Foods Limited ^{+, a}

Cash 3.75% + SF (0.50% Floor)vv

12/09/22

11/12/29

Senior

1,184,960

1,186,109

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

Cash 4.00% + SFvv

03/03/23

04/03/28

Senior

2,400,000

2,388,996

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

27,824,496

27,518,219

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

Cash 4.00% + SFvvv

03/30/22

03/01/29

Senior

1,485,000

1,459,636

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

Cash 4.25% + SF (0.50% Floor)vv

05/05/22

07/12/29

Senior

2,758,456

2,755,008

Rainbow Jvco Ltd. ^{+, a}

Cash 7.25% + E##; PIK 7.25%

02/24/22

02/24/30

Mezzanine

9,644,766

9,408,595

RivieraTopco S.à.r.l. ^{+, a}

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

01/01/21

05/08/24

Mezzanine

2,134,752

1,926,789

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

Cash 3.00% + E##

05/25/18

05/05/25

Senior

2,271,578

2,178,967

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (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

13,148,897

Sevetys Invest ^{+, a, e}

Cash 6.25% + E##

12/16/22

12/07/28

Senior

15,740,503

15,789,265

Sitel Group ^{+, a}

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

10/15/21

08/28/28

Senior

1,768,500

1,734,235

Spinnaker DebtCo Limited ^{+, a}

Cash 6.25% + E##

12/21/22

12/14/29

Senior

15,346,207

15,772,616

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

Cash 2.75% + L^^

11/14/18

10/01/25

Senior

2,749,996

2,753,860

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

Cash 4.50% + SF (0.75% Floor)vv

09/08/21

12/04/26

Senior

982,500

926,006

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

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

10/22/19

10/01/26

Senior

2,722,338

2,710,427

team.blue Finco S.à.r.l. ^{+, a}

Cash 3.75% + E###

06/25/21

03/27/28

Senior

4,043,536

3,582,855

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

Cash 5.00% + SFvvv

04/27/23

05/03/28

Senior

1,400,000

1,402,632

Vertical Midco GmbH ^{+, a}

Cash 3.50% + L^^^

09/09/20

07/30/27

Senior

3,910,607

3,883,721

Virgin Media Bristol, LLC ^{+, a}

Cash 2.50% + L^

02/07/18

01/31/28

Senior

5,486,250

5,459,795

Total Western Europe (2.20%)

303,799,908

Total Direct Debt (7.95%)

1,097,542,227

Total Direct Investments (68.47%)

9,450,078,625

Secondary Investments ^{*, c} (12.31%)

	Acquisition Date	Fair Value
Asia - Pacific (1.23%)
Baring Asia Private Equity Fund IV, L.P. ^{+, a, e}	11/24/09	$	1
CVC Capital Partners Asia Pacific III, L.P. ^{+, a, e}	01/11/13		227,736
MBK Partners Colonel Fund, L.P. ^{+, a, e}	09/20/21		109,422,337
TPG Asia VII (B), L.P. ^{+, a, e}	12/07/18		22,127,276
TRG Growth Partnership (Offshore) II, L.P. ^{+, a, e}	08/02/10		65,120
TRG Growth Partnership (Offshore), L.P. ^{+, a, e}	08/02/10		5,179
TRG Growth Partnership II, L.P. ^{+, a, e}	07/08/10		187,874
Yunfeng Capital Fund III, L.P. ^{+, a, e}	05/18/21		34,154,140
Yunfeng Capital Fund IV, L.P. ^{+, a, e}	05/31/21		3,669,734
Total Asia - Pacific (1.23%)			169,859,397
North America (8.61%)
Abingworth Bioventures V, L.P. ^{+, a, e}	06/30/12		5,118
Apollo Investment Fund VII, L.P. ^{+, a, e}	07/01/10		18,060
Apollo Overseas Partners (Delaware) VII, L.P. ^{+, a, e}	10/01/09		8,215
Ares PE Extended Value Fund, L.P. ^{+, a, e}	11/14/19		40,954,638
Avenue Golden Continuation Fund PV, L.P. ^{+, a, e}	04/26/22		26,401,325
Bain Capital Fund X, L.P. ^{+, a, e}	06/30/11		4,752,407
Berkshire Fund VIII, L.P. ^{+, a, e}	09/03/21		35,769,334
Berkshire Fund X-A, L.P. ^{+, a, e}	09/03/21		10,824,348
Bertram Growth Capital II-A, L.P. ^{+, a, e}	09/30/15		122,291
Carlyle Partners VII, L.P. ^{+, a, e}	02/15/23		24,237,792
Carlyle Partners VIII, L.P. ^{+, a}	03/10/23		2,223,013
Centerbridge Seaport Acquisition Fund, L.P. ^{+, a, e}	05/12/22		96,328
Clayton, Dubilier & Rice Fund VIII, L.P. ^{+, a, e}	03/29/12		1,679,286
DST Opportunities Access Offshore L.P. ^{+, a, e}	09/30/20		9,251,637
ECP Terra-Gen Growth Fund, L.P. ^{+, a, e}	03/23/21		3,818,998
EETF Sidecar, L.P. ^{+, a, e}	04/30/21		8,222,402
EnCap Energy Co-Investment Fund I-C, L.P. ^{+, a, e}	04/30/21		1,443,888
EnCap Energy Transition Fund I, L.P. ^{+, a, e}	04/30/21		3,763,296
Energy Capital Partners Credit Solutions II, L.P. ^{+, a, e}	02/03/21		3,409,360
Energy Capital Partners III, L.P. ^{+, a, e}	02/01/21		4,314,714
Frazier Healthcare VI, L.P. ^{+, a}	06/30/12		154,101

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Secondary Investments *^{, c}** (continued)
North America (continued)
FS Equity Partners V, L.P. ^{+, a, e}	08/07/12	$	699,166
GA Continuity Fund I L.P. (Bermuda) ^{+, a, e}	06/30/21		75,017,315
General Atlantic Investment Partners 2021, L.P. ^{+, a, e}	07/02/21		4,520,414
General Atlantic Investment Partners 2023, L.P. ^{+, a, e}	12/01/22		—
Genstar Capital Partners V, L.P. ^{+, a, e}	09/30/15		18,742
Green Equity Investors Side CF, L.P. ^{+, a, e}	04/16/21		47,006,914
Gridiron Energy Feeder I, L.P. ^{+, a, e}	05/15/17		34,296,639
Gryphon Partners 3.5, L.P. ^{+, a, e}	05/21/13		209,773
Gryphon Partners IV L.P. ^{+, a, e}	02/08/16		25,025,758
H.I.G. Bayside Debt & LBO Fund II, L.P. ^{+, a, e}	12/30/10		131,082
Icon Partners IV, L.P. ^{+, a, e}	05/26/21		36,604,385
Icon Partners V, L.P. ^{+, a, e}	12/27/21		78,713,787
Insight Venture Partners Continuation Fund, L.P. ^{+, a, e}	09/09/19		54,527,842
Investcorp Private Equity 2007 Fund, L.P. ^{+, a, e}	03/31/11		1
KKR Associates Indigo Equity Partners, L.P. ^{+, a}	06/09/22		121,641,212
KSL Capital Partners CV I, L.P. ^{+, a, e}	05/23/22		34,313,098
Lee Equity Partners II, L.P. ^{+, a, e}	06/30/17		6,023,193
Lee Equity Partners Realization Fund, L.P. ^{+, a}	06/30/17		11,211,518
LEP Captive Co-Invest II, L.P. ^{+, a}	07/01/22		14,477,527
Madison Dearborn Capital Partners V, L.P. ^{+, a, e}	03/31/11		340,481
Madison Dearborn Capital Partners VIII, L.P. ^{+, a, e}	03/15/21		7,489,028
MidOcean Partners III, L.P. ^{+, a, e}	06/30/11		5,619
Monomoy Capital Partners II, L.P. ^{+, a, e}	09/30/15		255,512
New Enterprise Associates 17, L.P. ^{+, a, e}	09/30/20		6,347,868
Northgate Growth Fund, L.P. ^{+, a, e}	12/20/19		6,036,034
NVP VIII PG, L.P. ^{+, a, e}	05/31/19		87,867,793
Oak Investment Partners XII, L.P. ^{+, a}	06/28/12		41,038
Pamlico Capital GP II, LLC ^{+, a}	03/31/14		2,523
Providence Equity Partners IV, L.P. ^{+, a, e}	06/30/11		792
Providence Equity Partners V, L.P. ^{+, a, e}	06/30/11		6,440
Providence Equity Partners VI-A, L.P. ^{+, a, e}	06/30/11		459,821
Providence Equity Partners VII-A, L.P. ^{+, a, e}	06/30/13		2,127,464
PT2, L.P. ^{+, a, e}	12/21/21		10,367,619
Revelstoke EPIC Fund I, L.P. ^{+, a, e}	11/20/19		98,587,000
Samson Partners, L.P. ^{+, a, e}	12/21/20		46,611,315
Silver Lake Partners III, L.P. ^{+, a, e}	03/31/13		996,803
Silver Lake Partners V, L.P. ^{+, a, e}	09/30/20		6,040,725
Silver Lake Partners VI, L.P. ^{+, a, e}	09/30/22		28,371,172
SL SPV-1, L.P. ^{+, a}	12/01/17		3,215,978
SL SPV-2, L.P. ^{+, a}	06/30/10		10,705,500
Sun Capital Partners V, L.P. ^{+, a, e}	09/30/13		2,254,429
TA Atlantic & Pacific VI, L.P. ^{+, a, e}	09/30/15		75,623
TA XI, L.P. ^{+, a, e}	09/30/15		554,744
TCV VII (A), L.P. ^{+, a, e}	09/30/13		290,897
TorQuest Partners Fund (U.S.) II, L.P. ^{+, a, e}	09/30/15		334,168
TPG Partners V, L.P. ^{+, a, e}	07/11/11		5,011
TPG Partners VI, L.P. ^{+, a, e}	12/31/12		394,333
Trident VIII, L.P. ^{+, a, e}	09/30/22		28,484,704
Vistria Fund III, L.P. ^{+, a, e}	07/29/19		15,415,422
Vistria Fund IV, L.P. ^{+, a, e}	10/01/22		37,143,374
Vistria Fund V, L.P. ^{+, a}	03/31/23		3,184,981
Warburg Pincus Private Equity X, L.P. ^{+, a}	09/28/12		183,596
Welsh, Carson, Anderson & Stowe XII, L.P. ^{+, a, e}	12/31/18		53,616,294

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (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	$	3,972,905
Total North America (8.61%)			1,187,695,923
Western Europe (2.47%)
3i Eurofund Vb, L.P. ^{+, a}	09/30/09		38,329
3i Growth Capital B, L.P. ^{+, a, e}	10/01/14		66,767
Abingworth Bioventures III, L.P. ^{+, a, e}	09/30/15		4,369
Abingworth Bioventures V Co-Investment Growth Equity Fund, L.P. ^{+, a, e}	06/30/12		27,215
Advent International GPE VI, L.P. ^{+, a}	09/30/10		435,736
Apax Europe VI - A, L.P. ^{+, a, e}	07/01/11		49,446
Apax Europe VII - B, L.P. ^{+, a, e}	04/30/11		2,684
Astorg IQ-EQ Fund SCSp ^{+, a, e}	01/13/22		21,820,901
BC European Capital IX, L.P. ^{+, a, e}	09/30/14		2,650,074
Carlyle Europe Partners II, L.P. ^{+, a, e}	12/28/12		23,672
Carlyle Europe Partners III, L.P. ^{+, a, e}	12/28/12		197,902
CCP IX L.P. No.2 ^{+, a}	09/30/14		64,801
CD&R Value Building Partners I, L.P. ^{+, a}	12/17/21		58,765,896
Daiwa ICP European Infrastructure 1, L.P. ^{+, a}	12/22/22		54,605,900
EPIC I-b Fund SLP ^{+, a, e}	11/30/20		19,546,000
ESP Golden Bear Europe Fund ^{+, a, e}	12/31/16		3,176,877
Galileo III FCPR ^{+, a, e}	09/30/15		30,792
Graphite Capital Partners VII, L.P. ^{+, a, e}	09/30/15		209,206
Italian Private Equity Fund IV, L.P. ^{+, a, e}	01/29/16		15,822
KKR European Fund III, L.P. ^{+, a, e}	11/01/10		154,172
Montagu+ SCSp ^{+, a, e}	12/06/21		41,667,586
Permira Europe II, L.P. ^{+, a}	11/29/13		19,273
Permira Europe III, L.P. ^{+, a}	09/30/13		32,537
Permira IV, L.P. ^{+, a}	09/30/13		6,541,813
Permira VII L.P. ^{+, a, e}	09/29/22		33,474,989
Rivean Special Opportunity Fund I Coöperatief U.A. ^{+, a, e}	11/29/22		61,788,597
Riverside Europe Fund IV, L.P. ^{+, a, e}	09/30/14		403,950
STG Alternative Investments S.C.A. SICAV-RAIF ^{+, a, e}	09/17/21		20,704,749
Trilantic Capital Partners V (Europe) S.C.A., SICAR ^{+, a, e}	11/20/20		11,442,433
Trilantic Europe VI SCSp ^{+, a, e}	12/10/20		2,896,063
Total Western Europe (2.47%)			340,858,551
Total Secondary Investments (12.31%)		$	1,698,413,871
Primary Investments *^{, c}** (14.46%)
Asia - Pacific (0.95%)
Baring Asia Private Equity Fund V, L.P. ^{+, a, e}	12/01/10		1,596,888
BGH Capital Fund I ^{+, a, e}	03/01/18		17,330,681
BGH Capital VCLP II ^{+, a}	02/01/22		—
CMC Capital Partners IV, L.P ^{+, a, e}	12/03/21		—
CPEChina Fund III, L.P. ^{+, a, e}	03/28/18		32,338,774
CVC Capital Partners Asia VI L.P. ^{+, a, e}	12/23/22		—
Hony Capital Fund VIII, L.P. ^{+, a, e}	10/30/15		8,651,569
Hony Capital Partners V, L.P. ^{+, a, e}	12/15/11		3,584,471
J-STAR No.4-C, L.P. ^{+, a, e}	08/02/19		19,902,608
J-STAR No.5-B, L.P. ^{+, a, e}	02/28/22		597,715
Kedaara Capital III Limited ^{+, a, e}	06/17/21		3,358,185
KKR Asian Fund IV SCSp ^{+, a, e}	05/29/20		3,109,234
Primavera Capital Fund III L.P. ^{+, a, e}	05/09/18		12,202,564
Primavera Capital Fund IV, L.P. ^{+, a, e}	05/20/21		5,146,997

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (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	$	2,577,382
The Baring Asia Private Equity Fund VII, L.P. ^{+, a, e}	07/10/18		10,092,795
TPG ASIA VIII (B), L.P. ^{+, a, e}	07/01/22		—
Trustbridge Partners VI, L.P. ^{+, a, e}	04/12/18		10,593,282
Total Asia - Pacific (0.95%)			131,083,145
North America (8.78%)
Advent Global Technology, L.P. ^{+, a, e}	06/25/19		2,814,640
AEA Investors Fund VII L.P. ^{+, a, e}	02/08/19		4,033,822
American Industrial Partners Capital Fund VII, L.P. ^{+, a, e}	03/29/19		19,498,495
Apollo Investment Fund IX, L.P ^{+, a, e}	06/01/17		32,212,662
Apollo Investment Fund VIII, L.P. ^{+, a, e}	06/28/13		3,611,716
Ares Corporate Opportunities Fund IV, L.P. ^{+, a, e}	04/19/12		2,957,595
Ares Corporate Opportunities Fund V, L.P. ^{+, a, e}	12/28/15		9,810,015
Ares Corporate Opportunities Fund VI, L.P. ^{+, a, e}	06/02/20		1,980,083
Avista Capital Partners II, L.P. ^{+, a, e}	01/01/14		36,153
Bain Capital Fund XII, L.P. ^{+, a, e}	06/30/17		21,113,229
Bain Capital Fund XIII, L.P. ^{+, a, e}	08/07/20		8,253,337
Barings Transportation Fund, L.P. ^{+, a, e}	09/23/21		13,515,347
Berkshire Fund IX, L.P. ^{+, a, e}	03/18/16		13,154,372
Caltius Partners V-A, L.P. ^{+, a, e}	12/02/14		6,823,343
Carlyle Partners VII, L.P. ^{+, a, e}	11/29/17		56,200,985
Carlyle Partners VIII, L.P. ^{+, a, e}	09/10/21		2,630,064
Centerbridge Seaport Acquisition Fund, L.P. ^{+, a}	04/27/22		756,173
Clayton, Dubilier & Rice Fund IX, L.P. ^{+, a, e}	07/31/13		9,422,483
Clayton, Dubilier & Rice Fund X, L.P. ^{+, a, e}	12/13/16		28,762,733
Clayton, Dubilier & Rice Fund XI, L.P. ^{+, a, e}	05/15/20		15,182,902
Clayton, Dubilier & Rice Fund XII, L.P. ^{+, a, e}	09/02/22		—
Clearlake Capital Partners V, L.P. ^{+, a, e}	12/15/17		35,082,481
Clearlake Capital Partners VI, L.P. ^{+, a, e}	12/10/19		22,991,328
Clearlake Capital Partners VII, L.P. ^{+, a, e}	09/23/21		8,110,370
Crescent Mezzanine Partners VI, L.P. ^{+, a, e}	03/30/12		612,964
Cressey & Company Fund VII-A L.P. ^{+, a, e}	06/30/22		—
ECP V, LP ^{+, a, e}	08/19/22		2,503,174
Frazier Healthcare Growth Buyout Fund X, L.P. ^{+, a, e}	03/10/21		5,515,909
Genstar AMBA CV, L.P. ^{+, a}	04/01/23		530,478
Genstar Capital Partners IX, L.P. ^{+, a, e}	02/21/19		23,326,550
Genstar Capital Partners VI, L.P. ^{+, a, e}	09/01/12		1,377,548
Genstar Capital Partners VII, L.P. ^{+, a, d, e}	06/26/15		7,433,460
Genstar Capital Partners VIII, L.P. ^{+, a, e}	03/23/17		36,290,972
Genstar Capital Partners X, L.P. ^{+, a, e}	04/01/21		7,213,910
Genstar Capital Partners XI, L.P. ^{+, a, e}	04/26/23		—
Genstar X Opportunities Fund, L.P. ^{+, a, e}	08/13/21		1,820,264
Genstar XI Opportunities Fund, L.P. ^{+, a, e}	04/26/23		—
GI Data Infrastructure Fund II L.P. ^{+, a, e}	01/27/23		—
GoldPoint Mezzanine Partners IV, L.P. ^{+, a, e}	12/30/15		9,231,384
Green Equity Investors IX, L.P. ^{+, a, e}	03/01/22		—
Green Equity Investors Side VIII, L.P. ^{+, a, e}	10/18/19		30,400,712
Gryphon Heritage Partners, L.P. ^{+, a, e}	12/17/20		4,514,483
Gryphon Partners V, L.P. ^{+, a, e}	02/23/18		10,297,082
Gryphon Partners VI, L.P. ^{+, a, e}	12/17/20		8,829,721
Harvest Partners IX, L.P. ^{+, a, e}	09/24/21		3,030,848
Harvest Partners VII, L.P. ^{+, a, e}	12/14/15		11,928,420

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
North America (continued)
Harvest Partners VIII, L.P. ^{+, a, e}	12/19/18	$	22,733,540
Hellman & Friedman Capital Partners VII, L.P. ^{+, a, e}	06/30/14		518,196
Hellman & Friedman Capital Partners X, L.P. ^{+, a, e}	05/10/21		11,057,716
Hellman & Friedman Capital Partners XI, L.P. ^{+, a, e}	03/31/23		—
HGGC Fund IV, L.P. ^{+, a, e}	04/08/22		1,963,170
Icon Partners IV, L.P. ^{+, a, e}	09/01/21		6,242,337
Icon Partners V, L.P. ^{+, a, e}	12/27/21		7,737,231
Insight Partners XII (Co-Investors), L.P. ^{+, a, e}	05/14/21		1,229,197
Insight Partners XIII, L.P. ^{+, a, e}	12/23/22		—
Insight Venture Partners X, L.P. ^{+, a, e}	07/06/18		15,142,211
Insight Venture Partners XI, L.P. ^{+, a, e}	12/17/19		7,008,686
Insight Ventures Partners XII, L.P. ^{+, a, e}	05/14/21		4,685,411
Jade Equity Investors II, L.P. ^{+, a, e}	03/01/22		—
Khosla Ventures VIII, L.P. ^{+, a, e}	01/06/23		—
KKR Americas Fund XII L.P. ^{+, a, e}	01/31/18		30,535,420
KKR Associates Indigo Equity Partners, L.P. ^{+, a}	10/01/22		1,750,580
KKR North America Fund XI, L.P. ^{+, a, e}	02/01/12		3,831,668
KKR North America Fund XIII, SCSP ^{+, a, e}	04/06/21		3,602,070
Kleiner Perkins Caufield & Byers XIX LLC ^{+, a, e}	03/05/20		10,213,223
Kohlberg TE Investors IX, L.P. ^{+, a, e}	12/20/19		23,087,933
Kohlberg TE Investors VIII, L.P. ^{+, a, e}	08/04/16		24,312,197
Leeds Equity Partners VI, L.P. ^{+, a, e}	11/25/16		17,046,805
Lerer Hippeau Select Fund III, L.P. ^{+, a, e}	12/20/19		7,059,231
Lerer Hippeau VII, L.P. ^{+, a, e}	12/20/19		3,412,949
Lux Total Opportunities, L.P. ^{+, a, e}	05/28/21		1,798,263
Lux Ventures VII, L.P. ^{+, a, e}	05/28/21		637,304
Lux Ventures VIII, L.P. ^{+, a, e}	04/03/23		—
Madison Dearborn Capital Partners VIII, L.P. ^{+, a, e}	03/20/20		7,098,604
Mayfield Select III, L.P. ^{+, a, e}	05/01/23		—
Mayfield XVII, L.P. ^{+, a, e}	05/01/23		—
Nautic Partners IX-A, L.P. ^{+, a, e}	03/12/19		8,602,697
Nautic Partners VII-A, L.P. ^{+, a, e}	06/27/14		2,980,074
Nautic Partners X-A, L.P. ^{+, a, e}	07/19/21		3,890,036
NEA 18 Venture Growth Equity, L.P. ^{+, a, e}	12/22/21		781,843
New Enterprise Associates 14, L.P. ^{+, a, e}	05/04/12		7,327,213
New Enterprise Associates 17, L.P. ^{+, a, e}	06/06/19		8,598,122
New Enterprise Associates 18, L.P. ^{+, a, e}	12/22/21		926,369
New Mountain Capital V, L.P. ^{+, a, e}	06/29/17		37,696,704
New Mountain Partners VI, L.P. ^{+, a, e}	10/16/20		13,730,677
New Mountain Partners VII, L.P. ^{+, a, e}	04/06/23		—
NexPhase Capital Fund III-A, L.P. ^{+, a, e}	09/01/16		21,905,911
Oak Hill Capital Partners IV, L.P. ^{+, a, e}	04/28/17		11,929,886
Oak Hill Capital Partners V, L.P. ^{+, a, e}	12/21/18		35,082,727
Oak Hill Capital Partners VI, L.P. ^{+, a, e}	02/25/22		687,282
Pamlico Capital V, L.P. ^{+, a, e}	02/03/20		2,514,552
PennantPark Credit Opportunities Fund II, L.P. ^{+, a, e}	08/03/12		1,225,697
Revelstoke Capital Partners Fund III, L.P ^{+, a, e}	02/23/22		4,079,685
Silver Lake Partners IV, L.P. ^{+, a, e}	07/30/12		17,227,296
Silver Lake Partners V, L.P. ^{+, a, e}	03/31/17		51,780,219
Silver Lake Partners VI, L.P. ^{+, a, e}	06/04/20		5,586,572
Silver Lake Partners VII, L.P. ^{+, a, e}	05/26/22		—
Spark Capital Growth Fund IV, L.P. ^{+, a, e}	10/14/21		1,677,691
Spark Capital VII, L.P. ^{+, a, e}	10/14/21		965,722

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
North America (continued)
Sumeru Equity Partners Fund, L.P. ^{+, a, e}	04/27/15	$	5,329,234
Summit Partners Growth Equity Fund XI, L.P. ^{+, a, e}	10/01/21		1,266,601
TA Select Opportunities Fund II-B, L.P. ^{+, a, e}	05/27/21		1,404,590
TA XIII-B, L.P. ^{+, a, e}	05/02/19		18,886,196
TA XIV-B, L.P. ^{+, a, e}	05/27/21		6,939,727
TCV X, L.P. ^{+, a, e}	08/31/18		14,484,677
TCV XI (A), L.P. ^{+, a, e}	10/02/20		4,707,946
Thompson Street Capital Partners IV, L.P. ^{+, a, e}	12/10/15		6,499,338
Thompson Street Capital Partners V, L.P. ^{+, a, e}	05/04/18		7,013,559
Thompson Street Capital Partners VI, L.P. ^{+, a, e}	06/11/21		7,419,558
TPG Partners IX, L.P. ^{+, a, e}	12/23/22		—
TPG Partners VII, L.P. ^{+, a, e}	03/01/16		6,343,109
TPG Partners VIII, L.P. ^{+, a, e}	01/31/19		11,947,083
Trident IX, L.P. ^{+, a, e}	11/19/21		5,458,846
Trident VII, L.P. ^{+, a, e}	09/22/16		39,702,332
Trident VIII, L.P. ^{+, a, e}	04/05/19		23,010,956
Vista Equity Partners Fund VII, L.P. ^{+, a, e}	08/31/18		20,496,129
Vista Equity Partners Fund VIII, L.P. ^{+, a, e}	04/28/22		3,942,566
Vistria Fund II, L.P. ^{+, a, e}	12/19/17		12,410,465
Vistria Fund III, L.P. ^{+, a, e}	06/19/19		15,415,422
Vistria Fund IV, L.P. ^{+, a, e}	03/31/21		13,335,890
Warburg Pincus Global Growth 14, L.P. ^{+, a, e}	01/31/22		1,970,316
Warburg Pincus Global Growth, L.P. ^{+, a, e}	11/20/18		12,231,029
Welsh, Carson, Anderson & Stowe XII, L.P. ^{+, a}	12/19/14		13,651,266
Welsh, Carson, Anderson & Stowe XIII, L.P. ^{+, a, e}	12/20/18		14,302,458
Welsh, Carson, Anderson & Stowe XIV, L.P. ^{+, a, e}	01/19/22		509,682
West Street Offshore Infrastructure Partners IV ^{+, a, e}	11/02/22		2,616,145
Windjammer Senior Equity Fund IV, L.P. ^{+, a, e}	02/06/13		4,657,563
Total North America (8.78%)			1,211,665,807
Rest of World (0.82%)
Advent Latin American Private Equity Fund VI-H L.P. ^{+, a, e}	10/17/14		10,048,343
Altra Private Equity Fund II, L.P. ^{+, a}	12/07/12		1,125,981
Patria - Brazilian Private Equity Fund IV, L.P. ^{+, a, e}	06/30/11		5,563,808
Polish Enterprise Fund VIII, L.P. ^{+, a, e}	09/15/17		96,611,613
Total Rest of World (0.82%)			113,349,745
Western Europe (3.91%)
Adagia Capital Europe S.L.P. ^{+, a, e}	06/01/21		4,633,361
Advent International GPE IX-C, L.P. ^{+, a, e}	05/31/19		28,662,595
Advent International GPE VII-B, L.P. ^{+, a, e}	07/01/12		2,288,313
Advent International GPE VIII-C, L.P ^{+, a, e}	03/22/16		13,126,034
Advent International GPE X (USD) ^{+, a, e}	05/31/22		4,052,067
Apax X USD L.P. ^{+, a, e}	07/16/19		18,617,097
APAX XI USD L.P. ^{+, a, e}	06/30/22		—
Astorg Mid-Cap ^{+, a, e}	02/22/21		2,444,517
Astorg VI, FCPI ^{+, a, e}	06/30/16		4,835,493
Astorg VIII S.à.r.l. ^{+, a, e}	12/17/21		6,303,389
Axcel VI K/S ^{+, a, e}	02/21/20		19,771,667
Axcel VII K/S ^{+, a, e}	05/17/23		—
Bain Capital Europe Fund IV, L.P. ^{+, a, e}	09/01/14		5,000,144
Bain Capital Europe Fund VI, SCSp ^{+, a, e}	06/30/22		—
BC Partners XI, L.P. ^{+, a, e}	12/18/20		13,907,275

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

	Acquisition Date	Fair Value
Private Equity Investments (continued)
Primary Investments *^{, c}** (continued)
Western Europe (continued)
CapVest Equity Partners III B, L.P. ^{+, a, e}	08/30/13	$	3,594,993
Capvis Equity V L.P. ^{+, a, e}	01/17/18		27,521,854
Carlyle Europe Partners IV, L.P. ^{+, a, e}	08/27/13		737,356
Carlyle Europe Partners V, L.P. ^{+, a, e}	04/23/18		6,301,174
CD&R Value Building Partners I, L.P. ^{+, a}	12/17/21		7,309,636
Charterhouse Capital Partners XI ^{+, a, e}	11/26/21		2,439,423
CVC Capital Partners IX L.P. ^{+, a, e}	05/12/23		—
CVC Capital Partners VI (A) L.P. ^{+, a, e}	07/05/13		6,616,528
CVC Capital Partners VIII, L.P. ^{+, a, e}	06/19/20		1,393,599
DPE Deutschland IV ^{+, a, e}	08/24/20		3,228,144
EQT IX, L.P. (USD) ^{+, a, e}	05/15/20		20,416,999
EQT Mid-Market (No.1) Feeder L.P. ^{+, a, e}	07/01/16		22,271,994
EQT X, L.P. (USD) ^{+, a}	04/28/22		—
Gilde Buy-Out Fund VI C.V. ^{+, a, e}	06/28/19		23,364,037
Graphite Capital Partners IX L.P. ^{+, a, e}	04/11/18		10,341,733
Hg Genesis 10 L.P. ^{+, a, e}	04/14/22		1,563,422
Hg Mercury 4 L.P. ^{+, a, e}	01/12/23		—
Hg Saturn 3 L.P. ^{+, a, e}	02/25/22		3,095,540
Hg Saturn I L.P. ^{+, a, e}	06/28/18		23,891,825
HgCapital 8 L.P. ^{+, a, e}	12/19/16		22,447,265
HgCapital Mercury 2 ^{+, a, e}	02/15/17		18,080,522
Index Ventures Growth III (Jersey) L.P. ^{+, a}	03/18/15		18,097,466
KKR European Fund V (EUR) SCSp ^{+, a, e}	11/05/18		29,420,867
KKR European Fund VI (USD) ^{+, a, e}	11/01/21		3,577,599
Livingbridge 7 L.P. ^{+, a, e}	09/04/20		11,518,757
MCH Iberian Capital Fund V FCR ^{+, a, e}	12/10/21		12,678,450
Nordic Capital Evo GP, SCSp ^{+, a, e}	06/30/21		1,487,422
Nordic Capital IX, L.P. ^{+, a, e}	07/18/17		40,140,063
Nordic Capital X, L.P. ^{+, a, e}	09/30/20		21,422,426
Nordic Capital XI, L.P. ^{+, a}	05/01/22		—
Oakley Capital Fund V, SCSp ^{+, a, e}	04/28/22		1,416,041
PAI Europe VI-1, L.P. ^{+, a, e}	03/12/15		6,836,702
PAI Partners VIII-1 SCSp ^{+, a}	12/17/21		—
Permira VII L.P. ^{+, a, e}	06/21/19		24,342,611
Permira VIII SCSp ^{+, a, e}	02/10/22		4,309,669
ProA Capital Iberian Buyout Fund IV, F.C.R. ^{+, a, e}	05/31/23		—
Rivean Capital Fund VII Cooperatief U.A. ^{+, a, e}	05/24/23		—
Sixth Cinven Fund (No.3) L.P. ^{+, a, e}	05/01/16		7,275,753
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		28,526,621
Vitruvian Investment Partnership V ^{+, a, e}	10/07/22		—
Total Western Europe (3.91%)			539,308,443
Total Primary Investments (14.46%)		$	1,995,407,140

Total Private Equity Investments (Cost $9,588,025,080)(95.24%)		$	13,143,899,636

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

Short-Term Investments (3.61%)

	Interest			Acquisition Date	Maturity Date	Principal		Fair Value
U.S. Government Treasury Obligations (3.61%)
U.S. Treasury Bill		4.54	%	06/02/23	07/05/23	$	175,000,000	$	174,904,548
U.S. Treasury Bill		4.92	%	06/02/23	08/03/23		175,000,000		174,189,552
U.S. Treasury Bill		5.18	%	06/02/23	08/31/23		150,000,000		148,730,763
Total U.S. Government Treasury Obligations (3.61%)								$	497,824,863

Total Short-Term Investments (Cost $497,767,265)(3.61%)								$	497,824,863

Total Investments (Cost $10,279,732,426)(100.38%)									13,853,361,939

Other Assets in Excess of Liabilities ((0.38)%)									(52,053,849	)

Net Assets (100.00%)								$	13,801,308,090

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

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

***	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). These securities may be sold in certain transactions in reliance on an exemption from registration (normally to “qualified institutional buyers” in accordance with Rule 144A(a)(1) under the Securities Act). At June 30, 2023, the aggregate value of these securities is $42,728,348 or 0.30% of the Fund's net assets.

^	The interest rate on these loans is subject to the greater of a LIBOR floor or 1 month LIBOR plus a base rate. The 1 month LIBOR as of June 30, 2023 was 5.22%.

^^	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 June 30, 2023 was 5.55%.

^^^	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 June 30, 2023 was 5.76%.

#	As of June 30, 2023, 1 month EURIBOR was 3.40%.

##	As of June 30, 2023, 3 month EURIBOR was 3.58%.

###	As of June 30, 2023, 6 month EURIBOR was 3.90%.

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

†	As of June 30, 2023, 1 month Bank Bill Swap Rate was 4.14%.

††	As of June 30, 2023, 3 month Bank Bill Swap Rate was 4.35%.

>	As of June 30, 2023, 1 month Sterling Overnight Interbank Average Rate was 4.59%.

>>	As of June 30, 2023, 3 month Sterling Overnight Interbank Average Rate was 4.39%.

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

>>>	As of June 30, 2023, 6 month Sterling Overnight Interbank Average Rate was 4.07%.

¤ ¤	As of June 30, 2023, 3 month Stockholm Interbank Offered Rate was 3.81%.

v	As of June 30, 2023, 1 month Secured Overnight Financing Rate was 5.07%.

vv	As of June 30, 2023, 3 month Secured Overnight Financing Rate was 5.00%.

vvv	As of June 30, 2023, 6 month Secured Overnight Financing Rate was 4.78%.

a	Private equity investments are generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Schedule of Investments. Total fair value of restricted investments as of June 30, 2023 was $13,143,899,636, or 95.24% of net assets. As of June 30, 2023, the aggregate cost of each investment restricted to resale was $15,568,606, $10,621,500, $22,700,000, $2,204,592, $4,526,335, $5,441,192, $48,970,725, $6,341,681, $1,209,388, $22,978,362, $7,228,256, $481,884, $1,927,535, $15,533,913, $127,463,467, $24,784,703, $10,285,568, $44,578,381, $35,317,661, $150,000, $4,168,272, $17,127,003, $56,634, $114,607,802, $5,604,217, $122,578,028, $94,154, $6,182,055, $27,243,271, $3,120,000, $1,348,750, $3,629,300, $119,978,433, $43,783,284, $107,123,942, $52,385,470, $57,034,182, $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, $10,129,238, $317,827, $172,634, $37,921,966, $22,686,818, $3,697, $60,480,000, $23,297,435, $15,306,665, $45,225,381, $40,484,909, $38,144,371, $32,126,730, $39,737,979, $1,120,924, $13,722,831, $6,996,130, $3, $1, $1,201,846, $52,454,049, $46,927,567, $28,417,946, $55,007,013, $14,874,473, $90,509,738, $178,485,000, $31,828,128, $51,287,146, $4,987,424, $71,817,900, $4,632,829, $3,612,204, $22,340,802, $64,480,546, $2,316,000, $68,399,200, $1,441,200, $7,070,769, $17,510,132, $69,246,328, $6,195,472, $12,009,114, $264,490, $3,792,769, $21,810,718, $149,423,941, $89,101,353, $33,206, $83,976,881, $78,503,589, $27,818,080, $14,672,982, $60,700,738, $464,924, $47,337,703, $32,709,803, $96,598,531, $745,309, $1,045,423, $3,833,799, $15,281,827, $52,429,641, $9,986,562, $11,664,382, $42,775,568, $92,759,254, $21,615,986, $48,949,162, $17,052,864, $17,052,864, $3,377,868, $18,476,616, $10,318,903, $7,793, $1,208,409, $11,891,110, $55,360,453, $9,770,324, $64,619,159, $15,139,432, $76,735,181, $13,620, $40,775,356, $41,607,840, $5,068,126, $43,509,034, $189,117,929, $0, $48,680,396, $4,759,308, $1,453,837, $97,483,897, $6,616,483, $115,815,622, $128,678, $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, $51,322,096, $42,469,064, $2,858,842, $36,261,531, $12,156,155, $252,795, $26,591, $3,389,622, $8,796,563, $56,519,034, $34,731,898, $3,381,170, $936,729, $42,986,878, $26,239,432, $2,343,480, $12,028,792, $1,261,953, $1,468,001, $248, $12,566,888, $4,592,750, $10,072,536, $10,172,557, $1,250,936, $4,657,850, $1,661,336, $2,145,373, $1,837,341, $979,292, $1,370,205, $2,858,387, $974,730, $6,823,745, $1,574,411, $8,130,029, $2,061,029, $985,693, $974,490, $1,379,600, $1,070,137, $7,049,858, $7,657,064, $104,558, $1,694,340, $2,728,129, $3,888,364, $3,196,179, $1,287,120, $3,509,861, $1,429,976, $18,606,577, $6,880,998, $4,001,093, $968,547, $1,612,481, $56,019, $183,333, $1,452,151, $4,868,284, $3,792,041, $1,369,908, $2,972,061, $967,935, $931,492, $1,429,469, $6,391, $3,224,706, $1,258,297, $3,258,859, $1,667,715, $1,608,972, $2,831,251, $30,165,055, $1,394,323, $1,180,153, $8,191,944, $-29,391, $4,409,228, $4,456,916, $3,419,974, $2,871,630, $1,941,649, $963,976, $2,051,452, $466,668, $9,784,168, $252,607, $1,321,018, $954,170, $1,268,994, $28,794,850, $336,152, $2,158,380, $1,662,582, $312,730, $677,621, $826,564, $3,802,801, $1,569,757, $39,701,980, $3,730,236, $3,910,196, $9,663,043, $618,114, $19,250,913, $2,058,991, $788,090, $295,445, $926,100, $2,252,185, $493,617, $1,901,770, $949,436, $1,827,500, $1,750,532, $475,842, $770,710, $2,683,772, $11,783,931, $3,600,000, $4,115,151, $932,026, $1,089,000, $4,706,359, $2,916,112, $1,244,227, $961,215, $973,987, $1,414,798, $19,707,813, $2,331,302, $1,706,365, $230,097, $1,614,480, $963,778, $4,262,836, $1,457,942, $3,165,241, $3,211,224, $4,802,362, $2,549,905, $950,647, $1,983,112, $3,420,791, $1,467,613, $6,576,557, $2,562,744, $1,081,965, $900,000, $1,645,149, $3,729,298, $991,897, $1,676,270, $472,932, $2,907,400, $1,923,792, $1,858,553, $2,197,379, $2,117,857, $1,439,214, $22,601, $1,891,211, $1,860,439, $2,904,880, $1,425,000, $2,496,629, $225,774, $5,690,387, $1,166,860, $10,743,394, $2,392,013, $911,597, $1,912,199, $1,926,898, $1,670,250, $1,174,290, $3,672,447, $1,785,149, $1,126,690, $2,790,381, $14,777,603, $2,811,574, $984,036, $2,384,108, $220,151, $5,799,753, $13,852,880, $1,976,008, $2,788,430, $2,152,652, $735,137, $2,464,351, $928,875, $3,379,662, $4,267,172, $1,965,774, $2,591,856, $1,853,517, $1,116,642, $716,430, $3,844,174, $793,425, $1,261,704, $1,293,897, $3,111,951, $708,933, $26,252,124, $4,561,997, $2,310,170, $1,328,939, $1,669,856, $3,344,970, $2,751,698, $1,249,819, $-102, $491,047, $20,959,289, $1,397,760, $2,048,634, $15,319,138, $33,801,163, $972,511, $1,668,818, $10,304,099, $1,366,813, $969,271, $3,423,831, $3,601,029, $3,520,819, $2,153,571, $3,817,092, $2,292,651, $1,935,000, $1,262,948, $1,862,000, $7,090,087, $2,638,240, $2,203,430, $22,012,030, $13,551,363, $1,921,640, $675,877, $12,924,028, $2,247,518, $4,561,530, $2,434,089, $0, $1,939,988, $2,941,322, $13,436,767, $2,694,856, $36,050,163, $954,160, $1,175,817, $1,744,073, $5,190,512, $1,799,351, $6,070,339, $892,566, $1,130,804, $146,920, $1,376,168, $1,360,544, $26,147,361, $3,873,772, $8,755,193, $29,683, $8,008,151, $3,997,108, $2,564,282, $1,013,516, $3,126,711, $3,809,457, $1,479,258, $1,774,231, $3,047,034, $1,853,630, $1,980,678, $2,926,653, $2,738,799, $6,424,193, $1,262,890, $1,358,573, $2,936,180, $3,009,433, $1,140,530, $2,376,892, $28,066,523, $1,481,757, $2,732,763, $9,751,029, $2,066,343, $2,330,990, $16,339,229, $15,333,804, $1,761,258, $14,839,416, $2,731,955, $977,071, $2,715,479, $4,035,765, $1,372,346, $3,860,952, $5,495,150, $5,345, $1,153,354, $46,631,096, $13,323,560, $1, $53,395, $61,530, $33,051,636, $3,798,024, $1, $80,348, $1, $28,533,395, $15,471,262, $800,155, $14,425,922, $10,330,361, $1, $19,010,122, $1,694,341, $6,478, $1,574, $7,943,249, $2,569,506, $3,329,787, $336,761, $2,324,980, $3,338,232, $1, $1, $984,921, $60,318,291, $4,830,638, $0, $1, $18,838,204, $24,613,529, $1, $232,406, $1, $31,772,047, $74,295,577, $20,103,801, $1, $122,097,000, $25,908,566, $413,420, $1, $14,384,874, $3, $7,246,965, $1, $49,588, $5,235,593, $6,185,500, $43,519,849, $1,008,832, $1, $8, $413,158, $34,314, $1, $9,327,441, $43,874,281, $34,549,063, $4, $3,350,073, $31,988,495, $2,933,754, $3,940,992, $16,049,759, $1, $1, $1, $891,101, $1,072,196, $3, $26,773,427, $11,483,556, $36,105,555, $3,184,981, $1, $1, $2,486,620, $3, $1, $1, $856,679, $2,178, $10,548, $332,524, $12,740,471, $24,762, $41,331, $1,597,504, $2,080,141, $50,171,944, $39,525,874, $8,717,839, $1, $1, $1, $1, $1,046, $32,666,046, $101,953, $380,524, $2,326,146, $33,624,664, $30,860,812, $158,479, $11,931,312, $8,766,600, $2,959,942, $1, $15,330,876, $0, $0, $20,196,044, $0, $7,792,402, $5,706,094, $17,450,160, $729,680, $3,520,265, $2,929,348, $9,005,217, $5,436,909, $3,317,141, $3,794,523, $1, $7,604,659, $2,365,210, $3,847,253, $12,560,809, $18,920,067, $1, $1, $5,934,875, $1,714,799, $131,223, $11,599,955, $8,470,000, $7,189,393, $5,025,168, $3,055,896, $46,215,255, $3,507,556, $988,701, $1, $915,376, $14,385,103, $0, $169,067, $14,962,769, $7,911,136, $1, $0, $2,306,184, $5,004,000, $364,687, $8,513,762, $1, $16,142, $2,997,287, $6,862,848, $0, $1,726,040, $0, $0, $5,489,904, $0, $26,641,678, $1, $6,008,888, $8,558,145, $3,581,047, $1,086,662, $14,049,623, $1, $10,795,630, $0, $1,668,677, $5,418,253, $7,302,940, $1,301,762, $0, $4,249,960, $4,846,666, $5,383,154, $0, $0, $13,410,126, $1,760,359, $100,144, $3,552,229, $7,020,000, $17,008,275, $6,524,370, $1, $4,275,000, $3,375,000, $1,950,000, $600,000, $0, $6,850,718, $0, $0, $5,167,223, $372,505, $3,732,312, $1,116,000, $75,001, $7,307,072, $918,000, $81,197, $12,399,033, $0, $1, $911,728, $27,701,300, $821,146, $3,061,673, $1, $3,749,555, $820,464, $28,216,735, $5,399,955, $0, $1,902,375, $1,064,000, $1, $1,220,334, $1,443,750, $9,337,500, $7,590,000, $6,593,111, $5,118,512, $18,029, $1,377,930, $7,549,546, $0, $1, $8,187,465, $5,873,257, $15,047,740, $17,497,402, $16,067,431, $4,205,839, $257,148, $11,483,556, $12,787,511, $2,000,000, $8,846,500, $1, $8,951,832, $670,019, $2,810,974, $1, $3,584,202, $2,637,866, $4,737,450, $52,923,543, $4,132,649, $18,844,647, $62,501, $2,126,231, $4,254,750, $14,852,720, $0, $2,841,002, $1, $6,498,089, $14,386,278, $0, $709,778, $0, $12,858,690, $1, $22,685,285, $2,877, $4,776,707, $6,240,671, $2,182,240, $0, $1, $1,229,000, $2,940,227, $17,921,392, $425,907, $125,119, $18,710,088, $7,783,168, $1,574,894, $0, $2,814,703, $8,587,721, $1, $1, $1, $23,987,872, $4,031,047, $12,080,461, $10,096,769, $1,375,369, $23,035,609, $17,710,473, $0, $1,791,658, $1, $0, $23,549,091, $4,144,910, $0, $0, $961,029, $0, $0, $22,827,095, $0 and $2,070,000, respectively, totaling $9,588,025,080.

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

b	Represents an affiliated issuer.

c	Investment does not issue shares.

d	Non-income producing.

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

f	Security or a portion thereof is unsettled at June 30, 2023.

Legend:

£	- British Pound

€	- Euro

BBSY	- Bank Bill Swap Rate

E	- EURIBOR

Fr.	- Swiss Franc

I	- Indian Rupee

L	- LIBOR

PIK	- Payment-in-kind

S	- Sterling Overnight Interbank Average Rate

SF	- Secured Overnight Financing Rate

SR	- Stockholm Interbank Offered Rate

zl	- Polish Zloty

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

A summary of outstanding financial instruments at June 30, 2023 is as follows:

Forward Foreign Currency Contracts

Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
July 5, 2023	Bank of America	$	60,225,525	€	55,700,000	$	60,853,082	$	(627,557	)
July 5, 2023	Bank of America	$	60,333,115	€	55,700,000	$	60,853,082	$	(519,967	)
July 5, 2023	Bank of America	$	60,328,135	€	55,700,000	$	60,853,082	$	(524,947	)
July 5, 2023	Barclays	$	60,296,531	€	55,700,000	$	60,853,082	$	(556,551	)
July 5, 2023	Barclays	€	55,700,000	$	60,853,280	$	60,853,082	$	(198	)
July 5, 2023	Barclays	€	55,700,000	$	60,853,280	$	60,853,082	$	(198	)
July 5, 2023	Barclays	€	55,700,000	$	60,853,280	$	60,853,082	$	(198	)
July 5, 2023	Barclays	€	55,700,000	$	60,853,280	$	60,853,082	$	(198	)
July 12, 2023	Bank of America	$	60,313,530	€	55,700,000	$	60,873,664	$	(560,134	)
July 12, 2023	Bank of America	$	60,313,530	€	55,700,000	$	60,873,664	$	(560,134	)
July 12, 2023	Barclays	€	55,700,000	$	60,874,145	$	60,873,664	$	(481	)
July 12, 2023	Barclays	€	55,700,000	$	60,874,145	$	60,873,664	$	(481	)
July 19, 2023	Barclays	$	60,338,740	€	55,700,000	$	60,894,601	$	(555,861	)
July 19, 2023	Barclays	$	60,338,740	€	55,700,000	$	60,894,601	$	(555,861	)
July 19, 2023	Barclays	€	55,700,000	$	60,895,361	$	60,894,601	$	(760	)
July 19, 2023	Barclays	€	55,700,000	$	60,895,361	$	60,894,601	$	(760	)
July 26, 2023	Bank of America	$	60,353,451	€	55,700,000	$	60,915,931	$	(562,480	)
July 26, 2023	Bank of America	$	60,353,451	€	55,700,000	$	60,915,931	$	(562,480	)
July 26, 2023	Barclays	€	55,700,000	$	60,916,990	$	60,915,931	$	(1,059	)
July 26, 2023	Barclays	€	55,700,000	$	60,916,990	$	60,915,931	$	(1,059	)
August 2, 2023	Bank of America	$	74,623,662	€	67,900,000	$	74,196,526	$	427,136
August 2, 2023	Bank of America	$	74,648,520	€	67,900,000	$	74,196,526	$	451,994
August 2, 2023	Bank of America	$	76,827,618	€	70,000,000	$	76,491,264	$	336,354
August 2, 2023	Barclays	$	76,817,825	€	70,000,000	$	76,491,264	$	326,561
August 8, 2023	Bank of America	$	76,934,179	€	70,000,000	$	76,514,917	$	419,262
August 9, 2023	Bank of America	$	76,920,270	€	70,000,000	$	76,518,669	$	401,601
August 23, 2023	Barclays	$	74,793,683	€	68,000,000	$	74,385,222	$	408,461
August 23, 2023	Barclays	$	74,818,163	€	68,000,000	$	74,385,222	$	432,941
September 5, 2023	Bank of America	$	80,401,355		Fr.71,000,000	$	79,881,121	$	520,234
September 5, 2023	Bank of America	$	62,962,342	€	57,250,000	$	62,666,461	$	295,881
September 5, 2023	Barclays	$	62,932,114	€	57,250,000	$	62,666,461	$	265,653
September 6, 2023	Bank of America	$	80,392,970		Fr.71,000,000	$	79,889,558	$	503,412
September 6, 2023	Barclays	$	79,881,821	£	63,250,000	$	80,437,866	$	(556,045	)
September 6, 2023	Barclays	$	62,942,488	€	57,250,000	$	62,669,672	$	272,816
September 6, 2023	Barclays	$	62,967,220	€	57,250,000	$	62,669,672	$	297,548
September 13, 2023	Bank of America	$	62,959,422	€	57,250,000	$	62,691,636	$	267,786
September 13, 2023	Bank of America	$	79,805,655	£	63,250,000	$	80,435,435	$	(629,780	)
September 13, 2023	Barclays	$	62,953,846	€	57,250,000	$	62,691,636	$	262,210
September 20, 2023	Bank of America	$	88,485,908		Fr.78,000,000	$	87,900,036	$	585,872
September 20, 2023	Bank of America	$	69,463,783		zl289,600,000	$	70,993,971	$	(1,530,188	)
September 20, 2023	Bank of America	$	79,706,081	£	63,250,000	$	80,431,835	$	(725,754	)
September 20, 2023	Barclays	$	62,986,737	€	57,250,000	$	62,713,835	$	272,902
September 20, 2023	Barclays	$	62,969,103	€	57,250,000	$	62,713,835	$	255,268
September 27, 2023	Bank of America	$	88,543,313		Fr.78,000,000	$	87,967,646	$	575,667
September 27, 2023	Bank of America	$	63,003,843	€	57,250,000	$	62,736,137	$	267,706
September 27, 2023	Bank of America	$	69,448,224		zl289,600,000	$	70,974,119	$	(1,525,895	)
September 27, 2023	Barclays	$	63,004,387	€	57,250,000	$	62,736,137	$	268,250
September 27, 2023	Barclays	$	79,766,504	£	63,250,000	$	80,429,438	$	(662,934	)
October 3, 2023	Barclays	$	61,132,164	€	55,700,000	$	61,053,551	$	78,613
October 3, 2023	Barclays	$	61,132,164	€	55,700,000	$	61,053,551	$	78,613
October 4, 2023	Barclays	$	61,135,133	€	55,700,000	$	61,056,621	$	78,512

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

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments —

June 30, 2023 (Unaudited) (continued)

Settlement Date	Counterparty	Currency Purchased		Currency Sold		Value		Unrealized Appreciation (Depreciation)
October 4, 2023	Barclays	$	61,135,133	€	55,700,000	$	61,056,621	$	78,512
October 11, 2023	Barclays	$	61,155,948	€	55,700,000	$	61,079,437	$	76,511
October 11, 2023	Barclays	$	61,155,948	€	55,700,000	$	61,079,437	$	76,511
October 18, 2023	Barclays	$	61,176,759	€	55,700,000	$	61,102,484	$	74,275
October 18, 2023	Barclays	$	61,176,759	€	55,700,000	$	61,102,484	$	74,275
October 25, 2023	Barclays	$	61,197,172	€	55,700,000	$	61,125,742	$	71,430
October 25, 2023	Barclays	$	61,197,172	€	55,700,000	$	61,125,742	$	71,430
								$	(2,347,763	)

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

The information contained in this section should be read in conjunction with the Fund’s audited consolidated financial statements contained in its annual report for the year ended March 31, 2023.

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

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

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

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

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

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

•

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

•

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

•

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

Due to the inherent uncertainty of estimates, fair value determinations based on estimates may materially differ from the values that would have been used had a ready market for the securities existed. The following is a summary of the Fund's investments classified in the fair value hierarchy as of June 30, 2023:

Investments		Level 1		Level 2		Level 3		Total
Common Stocks	$	162,152,884	$	—	$	—	$	162,152,884
Asset-Backed Securities		—		—		49,484,556		49,484,556
Direct Investments:		—		—		—		—
Direct Equity		68,114,593		66,942,664		8,217,479,141		8,352,536,398
Direct Debt		—		—		1,097,542,227		1,097,542,227
Total Direct Investments	$	68,114,593	$	66,942,664	$	9,315,021,368	$	9,450,078,625
Secondary Investments		—		—		1,698,413,871		1,698,413,871
Primary Investments		—		—		1,995,407,140		1,995,407,140
Short-Term Investments		497,824,863		—		—		497,824,863
Total Investments	$	728,092,340	$	66,942,664	$	13,058,326,935	$	13,853,361,939
Other Financial Instruments
Assets
Foreign Currency Exchange Contracts	$	8,874,197	$	—	$	—	$	8,874,197
Total Assets	$	8,874,197	$	—	$	—	$	8,874,197
Liabilities
Foreign Currency Exchange Contracts	$	11,221,960	$	—	$	—	$	11,221,960
Total Liabilities	$	11,221,960	$	—	$	—	$	11,221,960
Total Investments Net of Foreign Currency Exchange Contracts	$	725,744,577	$	66,942,664	$	13,058,326,935	$	13,851,014,176

The following is a reconciliation of the amount of the account balances on April 1, 2023 and June 30, 2023 of those investments in which significant unobservable inputs (Level 3) were used in determining value:

	Balance as of April 1, 2023		Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)		Gross Purchases		Gross Sales			Net Amortization of Discount/ (Premium)		Net Transfers In or Out of Level 3		Balance as of June 30, 2023
Asset-Backed Securities	$	48,265,122	$	—		$	1,208,605	$	—	$	—		$	10,829	$	—	$	49,484,556
Direct Investments:
Direct Equity Investments	$	7,782,055,062	$	20,091,127		$	261,128,993	$	262,586,105	$	(108,382,146	)	$	—	$	—	$	8,217,479,141
Direct Debt Investments		1,054,469,390		(3,082,085	)		9,612,280		64,795,402		(28,447,723	)		194,963		—		1,097,542,227
Total Direct Investments*	$	8,836,524,452	$	17,009,042		$	270,741,273	$	327,381,507	$	(136,829,869	)	$	194,963	$	—	$	9,315,021,368
Secondary Investments*		1,641,420,622		27,065			45,651,064		19,570,776		(8,255,656	)		—		—		1,698,413,871
Primary Investments*		1,888,601,956		(9,040	)		58,655,857		68,756,930		(20,598,563	)		—		—		1,995,407,140
Total	$	12,414,812,152	$	17,027,067		$	376,256,799	$	415,709,213	$	(165,684,088	)	$	205,792	$	—	$	13,058,326,935

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

Changes in inputs or methods used for valuing investments may result in transfers in or out of levels within the fair value hierarchy. The inputs or methods used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments. Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. For the three months ended June 30, 2023, transfers out of Level 3 were due to increased price transparency.

The amount of the net change in unrealized appreciation (depreciation) for the three months ended June 30, 2023 relating to investments in Level 3 assets still held at June 30, 2023 is $405,630,407, which is included as a component of net change in accumulated unrealized depreciation on investments on the Consolidated Statement of Operations.

The following is a summary of quantitative information about significant unobservable valuation inputs approved by the Adviser for Level 3 Fair Value Measurements for investments held as of June 30, 2023:

Type of Security

Fair Value at

June 30, 2023 (000’s)*

Valuation

Technique(s)

Unobservable Input

Range

(weighted average)

Asset-Backed Securities

49,485

Reported fair value

n/a

Direct Investments:

Direct Equity

279,522

Discounted cash flow

Discount factor

9.27% – 19.50% (12.90%)

7,387,000

Market comparable companies

Enterprise value to EBITDA multiple

4.80x – 34.00x (16.68x)

70,864

Market comparable companies

Price to book ratio

1.80x – 1.80x (1.80x)

12,858

Exit price

Recent transaction price

n/a

81,008

Recent financing/transaction

Recent transaction price

n/a

67,203

Replacement cost

Recent transaction price

n/a

3,820

Reported fair value

n/a

190,985

Market comparable companies

Enterprise value to sales multiple

2.20x – 20.00x (9.62x)

Direct Debt

550,374

Broker quotes

Indicative quotes for an inactive market

n/a

507,079

Discounted cash flow

Discount factor

10.04% – 27.69% (13.02%)

31,798

Market comparable companies

Enterprise value to EBITDA multiple

5.50x – 13.49x (13.47x)

Exit price

Recent transaction price

n/a

49,485

Reported fair value

n/a

Primary and Secondary Investments

3,686,054

Adjusted reported net asset value

Reported net asset value

n/a

9,956

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 three months ended June 30, 2023, the Fund entered into 76 long/short forward foreign currency exchange contracts. The Fund had $(51,857,506) in net realized gains (losses) and $36,172,201 change in net unrealized appreciation (depreciation) on forward foreign currency contracts. The outstanding forward foreign currency exchange contract amounts at June 30, 2023 are representative of contract amounts during the period.

Affiliated Investments

Under Section 2(a)(3) of the Investment Company Act, a portfolio company is considered “affiliated” with the Fund if the Fund owns five percent or more of such portfolio company's outstanding voting securities. The Fund held at least five percent of the outstanding voting securities of the following portfolio companies as of June 30, 2023:

	Shares/ Principal as of June 30, 2023		Fair Value as of March 31, 2023		Gross Additions⁽¹⁾		Gross Reductions⁽²⁾			Realized Gains/ Losses		Change in Unrealized Gains (Losses)			Fair Value as of June 30, 2023		Affiliated Income/ Accretion of Discount
Non-Controlled Affiliates
Bock Capital JVCo Nature S.à.r.l.		12,590,000,000	$	119,970,996	$	-	$	-		$	-	$	12,334,745		$	132,305,741	$	-
Camelia Investment 1 Limited		6,768,704,045		175,522,798		-		-			-		32,800,552			208,323,350		-
CapitalSpring Finance Company, LLC		11,629,274		10,024,425		304,916		-			-		462,260			10,791,601		403,266
CBI Parent, L.P.		1,145,918		55,290,869		-		-			-		(8,485,716	)		46,805,153		-
Confluent Health Holdings LP		3,232		8,502,052		-		(1,540,098	)		-		(172,085	)		6,789,869		-
Confluent Health, LLC		27,246		58,553,771		-		-			-		(1,312,554	)		57,241,217		-
Dermatology Holdings, L.P.⁽³⁾		-		123,530,154		-		-			-		1,225,820			124,755,974		-
Ecom Express Private Limited⁽⁴⁾		63,417		6,955,017		-		-			-		428,381			7,383,398		-
ECP Parent, LLC		105,520,023		134,424,811		-		-			-		(411,532	)		134,013,279		-
EdgeCore Holdings, L.P.⁽³⁾		-		46,333,333		6,052,137		-			-		-			52,385,470		-
Encore Holdings LP⁽³⁾		-		59,878,467		8,451,050		-			-		11,165,068			79,494,585		-
EnfraGen LLC		37,786		68,814,259		-		-			-		2,399,877			71,214,136		-
EQT Jaguar Co-Investment SCSp⁽³⁾		-		118,778,917		-		(61,506,473	)		25,328,358		(25,396,995	)		57,203,807		-
Green DC LuxCo Sarl		19,595,288		76,874,783		-		-			-		6,261,842			83,136,625		-
Icebox Holdco I Inc⁽³⁾		-		62,801,819		-		-			-		198,081			62,999,900		-
Icebox Parent LP⁽³⁾		-		142,209,239		-		-			-		15,221,525			157,430,764		-
Idera, Inc.		1,244,979		1,191,675		-		-			-		23,474			1,215,149		27,804
Idera Parent L.P.⁽³⁾		-		235,094,054		-		-			-		36,529,900			271,623,954		-
KPOCH Holdings, L.P.⁽³⁾		-		197,028,562		-		-			-		1,071,938			198,100,500		-
KPSKY Holdings L.P.⁽³⁾		-		63,907,232		-		-			-		10,126,437			74,033,669		-
Luxembourg Investment Company 285 S.à.r.l.⁽⁵⁾		14,865,773		47,705,259		-		-			-		(1,316,892	)		46,388,367		-
Luxembourg Investment Company 293 S.à.r.l.		9,789,622		41,718,233		3,211,736		-			-		(693,206	)		44,236,763		-
Luxembourg Investment Company 314 S.à.r.l.⁽⁵⁾		192,000		1		-		-			-		-			1		-
Luxembourg Investment Company 404 S.à r.l.		-		2,593,133		10,632,382		(93,072	)		-		2,477,366			15,609,809		-
Luxembourg Investment Company 414 S.à r.l.		12,111,360		100,897,070		-		-			-		8,824,675			109,721,745		-
Luxembourg Investment Company 430 S.à r.l.		52,594,635		86,706,433		-		-			-		(4,761,922	)		81,944,511		-
May Co-Investment S.C.A.		1,059,375		64,107,397		-		-			-		7,858,458			71,965,855		-
MHS Acquisition Holdings, LLC		35,641		969,995		-		-			-		68,737			1,038,732		-
MHS Blocker Purchaser L.P.⁽³⁾		-		74,999,298		-		-			-		5,314,612			80,313,910		-
OHCP IV SF COI, L.P.⁽³⁾		-		52,652,424		30,695		-			-		3,153,097			55,836,216		-
Orbiter Investments S.à.r.l.		8,087,643		180,264,244		93,661,837		-			-		3,478,457			277,404,538		-
Partners Group Satellite HoldCo S.à.r.l.		145,968		53,808,850		-		-			-		528,271			54,337,121		-
Partners Group Satellite Warehouse S.C.S.		-		1,461,859		2,007		-			-		(79,507	)		1,384,359		-
Partners Terra Pte. Ltd.		4,372,335		4,968,343		24,750		-			-		186,973			5,180,066		-
PG BRPC Investment, LLC		32,079		83,240,775		-		-			-		3,250,486			86,491,261		-
PG Delta Holdco, LLC		30,950,766		56,758,170		7,904,000		-			-		7,991,889			72,654,059		-
PG Esmeralda Pte. Ltd.		5,922,280		46,742,170		-		-			-		(781,518	)		45,960,652		-
PG Investment Company 1 S.à r.l.		12,822,040		99,982,982		-		-			-		(2,035,220	)		97,947,762		-
PG Investment Company 18 S.à.r.l.		126,506,634		127,351,249		-		(18,735	)		1,381		18,356,798			145,690,693		-
PG Investment Company 24 S.à.r.l.		102,296,061		121,102,332		-		-			-		10,251,280			131,353,612		-
PG Lion Management Warehouse S.C.S⁽³⁾⁽⁵⁾		-		700,087		-		-			-		(217,770	)		482,317		-
PG TLP S.à r.l.		6,377,426		101,424,592		-		-			-		8,462,149			109,886,741		-
PG Wave Limited		53,215,581		73,041,328		-		-			-		3,515,287			76,556,615		-
Pharmathen GP S.à r.l.		110,300		1		-		-			-		-			1		-
Pharmathen Topco S.à r.l.		98,937,978		107,607,991		-		-			-		16,122,971			123,730,962		-
Polyusus Lux XVI S.à.r.l.		289,102,341		4,687,426		-		-			-		(3,248,345	)		1,439,081		-
Root JVCo S.à r.l.		8,700,760		106,407,042		-		-			-		(4,712,450	)		101,694,592		-
Safe Fleet Holdings LLC⁽⁶⁾		3,861,000		3,791,811		-		-			-		71,602			3,863,413		85,984
SnackTime PG Holdings, Inc.		12		43,763,165		-		-			-		735,943			44,499,108		-
Specialty Pharma Holdings LP⁽³⁾		-		133,140,783		-		(5,820	)		-		14,089,986			147,224,949		-
Strider Investment 2		278,539		-		252,795		-			-		828,164			1,080,959		-
Strider Investment 3		24,476		-		26,591		-			-		116			26,707		-
Strider Topco S.a.s.		60,170,180		-		68,705,219		-			-		24,683,323			93,388,542		-
Sunsure Energy Private Limited		2,409,419		9,637,675		-		-			-		-			9,637,675		-
SureWerx Topco, L.P.⁽³⁾		-		52,920,539		-		-			-		(1,459,889	)		51,460,650		-
Surfaces SLP (SCSp)⁽³⁾		-		36,858,430		-		-			-		(271,634	)		36,586,796		-
Thermostat Purchaser, L.P.⁽³⁾		-		72,485,016		-		-			-		110,313			72,595,329		-
WHCG Purchaser, Inc.⁽³⁾		-		-		2,316,000		-			-		-			2,316,000		-
WHCG Purchaser, LP⁽³⁾		-		14,861,436		-		-			-		(1,291,582	)		13,569,854		-
Zenith Longitude Limited		6,682,671		384,917,110		-		-			-		3,236,680			388,153,790		-
Total Non-Controlled Affiliates			$	4,159,961,882	$	201,576,115	$	(63,164,198	)	$	25,329,739	$	217,198,716		$	4,540,902,254	$	517,054

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

Investment does not issue shares.

⁽⁴⁾

This investment is associated with PG Esmeralda Pte. Ltd.

⁽⁵⁾

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

⁽⁶⁾

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

Subsequent Events

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

Partners Group Private Equity NPORT-PPartners Group Private Equity (Master Fund), LLC (Jun 2023 report)