Refugio Research · SEC-filing-based research, not investment advice · Partners Group Private Equity Fund, LLC · CIK 0001447247 Data through 2026-07-02 · rendered 2026-07-13 23:15

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Partners Group Private Equity Fund, LLC

Sponsored by Partners Group. Tender-Offer Fund structure focused on private equity.

Tender-Offer FundPrivate Equity

Sponsor
Partners Group
CIK
0001447247
Liquidity
Quarterly tender offers
Inception
2009
Net assets
$15.30B
source

Shareholder report (Form N-CSR) · filed 2026-06-09 · period 2026-03-31

per-class statement blocks (V5 family, non-FS filer agent)

“Class A: NA $8,361,129,333 (x1), 3,987,232,302 sh, NAV $2.10 | Class I: NA $6,913,259,826 (x1), 3,112,888,648 sh, NAV $2.22 | Class M: NA $1,326,866 (x1), 597,471 sh, NAV $2.22 | Class S: NA $22,451,591 (x1), 10,698,281 sh, NAV $2.10”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1447247/000139834426010605/fp0098460-3_ncsr.htm | per-class statement blocks (V5 family, non-FS filer agent)

as of 2026-03-31
NAV / share
$2.22
source

Shareholder report (Form N-CSR) · filed 2026-06-09 · period 2026-03-31

per-class statement blocks (V5 family, non-FS filer agent), Class I

“Class A: NA $8,361,129,333 (x1), 3,987,232,302 sh, NAV $2.10 | Class I: NA $6,913,259,826 (x1), 3,112,888,648 sh, NAV $2.22 | Class M: NA $1,326,866 (x1), 597,471 sh, NAV $2.22 | Class S: NA $22,451,591 (x1), 10,698,281 sh, NAV $2.10”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1447247/000139834426010605/fp0098460-3_ncsr.htm | per-class statement blocks (V5 family, non-FS filer agent), Class I

Canonical (canonical class) · 2026-03-31
Net flows, last qtr
+0.9%
qtr ended 2026-03-31
Leverage in use
12%
debt / equity 0.04x
Total return, 12m
+6.0%
computed from NAV + distributions
01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

Notify

NAV per share fell 3.9% from $2.31 to $2.22 (2026-03-31).

NAV per share fell 3.9% from $2.31 to $2.22 (2026-03-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

Why it matters and what changed

Private-market NAVs move slowly by construction, so a 2%+ single-month markdown is a genuine valuation event, not noise.

2.31 -> 2.22 (down 3.9% vs prior period); trailing 4-period average 2.21; same period prior year 2.17; comparison interval: ~6 months (2025-09-30 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: https://www.sec.gov/Archives/edgar/data/1447247/000139834426010605/fp0098460-3_ncsr.htm | per-class statement blocks (V5 family, non-FS filer agent), Class I

Notify

NAV per share ($2.22) is -0.3% below its trailing four-observation average ($2.21) as of 2026-03-31.

NAV per share ($2.22) is -0.3% below its trailing four-observation average ($2.21) as of 2026-03-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

Why it matters and what changed

Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average.

2.31 -> 2.22 (down 3.9% vs prior period); trailing 4-period average 2.21; same period prior year 2.17; breach persisted 4 consecutive periods (escalated per the two-stage ladder); comparison interval: ~6 months (2025-09-30 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: https://www.sec.gov/Archives/edgar/data/1447247/000139834426010605/fp0098460-3_ncsr.htm | per-class statement blocks (V5 family, non-FS filer agent), Class I

Notify

EQT VIII Co-Investment (D) SCSp marked down -100% (2025-12-31 $187,593,706 -> 2026-03-31 $1) with par balance unchanged (+-2%) -- a valuation mark, not a trade. (2026-03-31)

EQT VIII Co-Investment (D) SCSp marked down -100% (2025-12-31 $187,593,706 -> 2026-03-31 $1) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 1.18% of portfolio value.

Why it matters and what changed

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: nport-diff:2026-03-31:mark:eqt viii co-investment (d) scsp

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Pharmathen Topco Sarl marked down -60% (2025-09-30 $154,721,115 -> 2025-12-31 $62,518,847) with par balance unchanged (+-2%) -- a valuation mark, not a trade. (2025-12-31)

Pharmathen Topco Sarl marked down -60% (2025-09-30 $154,721,115 -> 2025-12-31 $62,518,847) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.93% of portfolio value.

Why it matters and what changed

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: nport-diff:2025-12-31:mark:pharmathen topco sarl

Notify

NAV per share ($2.31) is 38.4% below its trailing four-observation average ($3.75) as of 2025-09-30.

NAV per share ($2.31) is 38.4% below its trailing four-observation average ($3.75) as of 2025-09-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

Why it matters and what changed

Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average.

2.17 -> 2.31 (up 6.5% vs prior period); trailing 4-period average 3.75; same period prior year 2.15; breach persisted 3 consecutive periods (escalated per the two-stage ladder); comparison interval: ~6 months (2025-03-31 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: https://www.sec.gov/Archives/edgar/data/1447247/000139834425022223/fp0096342-3_ncsrs.htm | per-class statement blocks (V5 family, non-FS filer agent), Class I

Historical findings (4)

NAV per share fell 74.3% from $8.36 to $2.15 (2024-09-30).
NAV per share fell 74.3% from $8.36 to $2.15 (2024-09-30). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

NAV per share fell 10.9% from $6.03 to $5.37 (2020-03-31).
NAV per share fell 10.9% from $6.03 to $5.37 (2020-03-31). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

NAV per share ($2.17) is 58.9% below its trailing four-observation average ($5.28) as of 2025-03-31.
NAV per share ($2.17) is 58.9% below its trailing four-observation average ($5.28) as of 2025-03-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share fell 4.0% from $8.10 to $7.78 (2022-09-30).
NAV per share fell 4.0% from $8.10 to $7.78 (2022-09-30). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

DatePosition change
2026-03-31EQT VIII Co-Investment (D) SCSp marked down -100% (2025-12-31 $187,593,706 -> 2026-03-31 $1) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 1.18% of portfolio value.
2025-12-31Pharmathen Topco Sarl marked down -60% (2025-09-30 $154,721,115 -> 2025-12-31 $62,518,847) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.93% of portfolio value.
2025-12-31EdgeCore Holdings, LP marked up +28% (2025-09-30 $179,338,383 -> 2025-12-31 $229,375,194) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 1.08% of portfolio value.
2025-09-30KPOCH Holdings, LP marked up +32% (2025-06-30 $199,935,000 -> 2025-09-30 $263,308,875) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 1.21% of portfolio value.
2025-06-30New position BLACKROCK TREASURY TRUST 062: 2.3% of portfolio value ($388,768,428) as of 2025-06-30; absent from the 2025-03-31 report.
04 / Redemptions

Where exit demand met the cap.

Stated cap: 5% of shares/quarter. The disclosed history shows no rationed period.

PeriodRequestedFilledCap usedStatus
2026-02-24Not disclosed100%Not disclosedfilled
2025-11-26Not disclosed100%Not disclosedfilled
2025-08-26Not disclosed100%Not disclosedfilled
2025-05-27Not disclosed100%Not disclosedfilled
2025-02-24Not disclosed100%Not disclosedfilled
2024-11-26Not disclosed100%Not disclosedfilled
2024-08-26Not disclosed100%Not disclosedfilled
2024-05-24Not disclosed100%Not disclosedfilled
2024-02-23Not disclosed100%Not disclosedfilled
2023-11-24Not disclosed100%Not disclosedfilled
2023-08-25Not disclosed100%Not disclosedfilled
2023-05-26Not disclosed100%Not disclosedfilled
2023-02-24Not disclosed100%Not disclosedfilled
2022-11-25Not disclosed100%Not disclosedfilled
2022-08-26Not disclosed100%Not disclosedfilled
2022-05-26Not disclosed100%Not disclosedfilled
2022-02-24Not disclosed100%Not disclosedfilled
2021-10-27Not disclosed100%Not disclosedfilled
2021-07-27Not disclosed100%Not disclosedfilled
2021-04-26Not disclosed100%Not disclosedfilled
2021-01-25Not disclosed100%Not disclosedfilled
2020-10-27Not disclosed100%Not disclosedfilled
2020-07-27Not disclosed100%Not disclosedfilled
2020-04-24Not disclosed100%Not disclosedfilled
2020-01-24Not disclosed100%Not disclosedfilled
2019-10-25Not disclosed100%Not disclosedfilled
2019-07-26Not disclosed100%Not disclosedfilled
2019-04-26Not disclosed100%Not disclosedfilled
2019-01-25Not disclosed100%Not disclosedfilled
2018-10-26Not disclosed100%Not disclosedfilled
2018-07-27Not disclosed100%Not disclosedfilled
2018-04-26Not disclosed100%Not disclosedfilled
2018-01-25Not disclosed100%Not disclosedfilled
2017-10-27Not disclosed100%Not disclosedfilled
2017-07-27Not disclosed100%Not disclosedfilled
2017-04-26Not disclosed100%Not disclosedfilled
2017-01-26Not disclosed100%Not disclosedfilled
2016-10-28Not disclosed100%Not disclosedfilled
2016-07-28Not disclosed100%Not disclosedfilled
2016-04-28Not disclosed100%Not disclosedfilled
2016-01-27Not disclosed100%Not disclosedfilled
2015-10-28Not disclosed100%Not disclosedfilled
2015-07-28Not disclosed100%Not disclosedfilled
2015-04-27Not disclosed100%Not disclosedfilled
2015-01-26Not disclosed100%Not disclosedfilled
2014-10-28Not disclosed100%Not disclosedfilled
2014-07-28Not disclosed100%Not disclosedfilled
2014-04-28Not disclosed100%Not disclosedfilled
2014-01-27Not disclosed100%Not disclosedfilled
2013-10-28Not disclosed100%Not disclosedfilled
2013-07-29Not disclosed100%Not disclosedfilled
2013-04-29Not disclosed100%Not disclosedfilled
2013-01-28Not disclosed100%Not disclosedfilled
2012-10-29Not disclosed100%Not disclosedfilled
2012-07-30Not disclosed100%Not disclosedfilled
2012-04-27Not disclosed100%Not disclosedfilled
2012-01-27Not disclosed100%Not disclosedfilled
2011-10-28Not disclosed100%Not disclosedfilled
2011-07-29Not disclosed100%Not disclosedfilled
2011-04-28Not disclosed100%Not disclosedfilled
2011-01-27Not disclosed100%Not disclosedfilled
05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

No structured financing components have been captured for this fund.

06 / Share classes

How the offering is divided.

A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.

No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.

Management fee: 1.50% of nav or adjusted nav capped at 1.75pct per year. source. The Fund pays the Adviser a monthly management fee equal to 1/12th of 1.50% (1.50% on an annualized basis) of the greater of (i) the Fund's net asset value and (ii) the Fund's net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment. However, the Adviser has agreed that in no event will the management fee exceed 1.75% as a percentage of the Fund's net asset value.

07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Term register (3)
TermDescriptionValueEffective
advisory_fee_scheduleThe Fund pays the Adviser a monthly management fee equal to 1/12th of 1.50% (1.50% on an annualized basis) of the greater of (i) the Fund's net asset value and (ii) the Fund's net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment. However, the Adviser has agreed that in no event will the management fee exceed 1.75% as a percentage of the Fund's net asset value.1.5 pct_annual_of_nav_or_adjusted_nav_capped_at_1.75pctDate not captured
leverage_ceilingNone300.0 pct_asset_coverageDate not captured
repurchase_program_termsDiscretionary quarterly tender offer program: the Fund's Schedule TO offers have consistently stated up to 5% of net assets outstanding per quarter (most recently confirmed 2026-05-26). Partners Group Private Equity Fund, LLC5.0 pct_of_net_assets_per_quarterDate not captured
Recent filings
FiledFormAccession
2026-06-09N-CSR0001398344-26-010605
2026-06-01NPORT-P0001410368-26-056535
2026-05-18SC TO-I/A0001398344-26-009341
2026-04-28SC TO-I0001398344-26-007393
2026-03-10SC TO-I/A0001398344-26-004979
2026-03-02NPORT-P0001410368-26-021571
2026-01-27SC TO-I0001398344-26-001322
2025-12-23SC TO-I/A0001398344-25-022905
2025-12-09N-CSRS0001398344-25-022223
2025-11-28NPORT-P0001410368-25-032775
2025-10-29SC TO-I0001398344-25-019943
2025-09-16SC TO-I/A0001398344-25-018186
2025-08-29NPORT-P0001410368-25-001817
2025-07-30SC TO-I0001398344-25-014184
2025-07-29SC TO-I/A0001398344-25-014070