Refugio Research · evidence-backed fund research, not investment advice · Partners Group Private Equity Fund, LLC · CIK 0001447247 Data through 2026-07-21 · rendered 2026-07-21 06:47

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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

Filed fund value · as of 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
Pending
SEC-filed periodic 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
2026-02-24Pending100%Pendingfilled
2025-11-26Pending100%Pendingfilled
2025-08-26Pending100%Pendingfilled
2025-05-27Pending100%Pendingfilled
2025-02-24Pending100%Pendingfilled
2024-11-26Pending100%Pendingfilled
2024-08-26Pending100%Pendingfilled
2024-05-24Pending100%Pendingfilled
2024-02-23Pending100%Pendingfilled
2023-11-24Pending100%Pendingfilled
2023-08-25Pending100%Pendingfilled
2023-05-26Pending100%Pendingfilled
2023-02-24Pending100%Pendingfilled
2022-11-25Pending100%Pendingfilled
2022-08-26Pending100%Pendingfilled
2022-05-26Pending100%Pendingfilled
2022-02-24Pending100%Pendingfilled
2021-10-27Pending100%Pendingfilled
2021-07-27Pending100%Pendingfilled
2021-04-26Pending100%Pendingfilled
2021-01-25Pending100%Pendingfilled
2020-10-27Pending100%Pendingfilled
2020-07-27Pending100%Pendingfilled
2020-04-24Pending100%Pendingfilled
2020-01-24Pending100%Pendingfilled
2019-10-25Pending100%Pendingfilled
2019-07-26Pending100%Pendingfilled
2019-04-26Pending100%Pendingfilled
2019-01-25Pending100%Pendingfilled
2018-10-26Pending100%Pendingfilled
2018-07-27Pending100%Pendingfilled
2018-04-26Pending100%Pendingfilled
2018-01-25Pending100%Pendingfilled
2017-10-27Pending100%Pendingfilled
2017-07-27Pending100%Pendingfilled
2017-04-26Pending100%Pendingfilled
2017-01-26Pending100%Pendingfilled
2016-10-28Pending100%Pendingfilled
2016-07-28Pending100%Pendingfilled
2016-04-28Pending100%Pendingfilled
2016-01-27Pending100%Pendingfilled
2015-10-28Pending100%Pendingfilled
2015-07-28Pending100%Pendingfilled
2015-04-27Pending100%Pendingfilled
2015-01-26Pending100%Pendingfilled
2014-10-28Pending100%Pendingfilled
2014-07-28Pending100%Pendingfilled
2014-04-28Pending100%Pendingfilled
2014-01-27Pending100%Pendingfilled
2013-10-28Pending100%Pendingfilled
2013-07-29Pending100%Pendingfilled
2013-04-29Pending100%Pendingfilled
2013-01-28Pending100%Pendingfilled
2012-10-29Pending100%Pendingfilled
2012-07-30Pending100%Pendingfilled
2012-04-27Pending100%Pendingfilled
2012-01-27Pending100%Pendingfilled
2011-10-28Pending100%Pendingfilled
2011-07-29Pending100%Pendingfilled
2011-04-28Pending100%Pendingfilled
2011-01-27Pending100%Pendingfilled
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.

Pending

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.

Not attributed 100.0%

Share of total net assets ($15,298,167,616) as of 2026-03-31; the hatched band is net assets the filings do not attribute to a captured class.

ClassTerms-based role descriptionLoadServicingMinimumAssets
Class IPendingPendingPendingPendingPending

Management fee: 1.50% of nav or adjusted nav capped at 1.75% per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001398344-26-010605.

Filed fee conditions

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.

Canonical-class fee profile
ClassManagementIncentiveLoadServicingGross expensesNet expenses
Class I 1.50% Pending Pending Pending 2.27%filed basis
*
Filed label: Ratio of gross expenses to average net assets, excluding Incentive Fee (4)(5); period 2026-03-31.
gross expenses (explicit filing row); waiver state: before / excluding disclosed support.
SEC source 0001398344-26-010605
3.04%filed basis
*
Filed label: Ratio of gross expenses and Incentive Fee to average net assets (4)(5); period 2026-03-31.
gross expenses (explicit filing row); waiver state: before / excluding disclosed support.
SEC source 0001398344-26-010605
 3.04%filed basis
*
Filed label: Ratio of net expenses and Incentive Fee to average net assets (5); period 2026-03-31.
After waiver: not separately stated; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated.
SEC source 0001398344-26-010605
2.27%filed basis
*
Filed label: Ratio of net expenses to average net assets, excluding Incentive Fee (5); period 2026-03-31.
After waiver: not separately stated; interest: not separately stated; tax: not separately stated; incentive compensation: excluded; acquired-fund expenses: not separately stated.
SEC source 0001398344-26-010605

Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.

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_1.75pctPending
leverage_ceilingPending300.0 pct_asset_coveragePending
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_quarterPending
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