NPORT-EX 2 fp0062673_nportex.htm

 

ITEM 1. SCHEDULE OF INVESTMENTS.

 

The Schedule(s) of Investments is attached herewith.

 

Partners Group Private Equity (Master Fund), LLC

(a Delaware Limited Liability Company)

 

Consolidated Schedule of Investments —

December 31, 2020 (Unaudited)

 

The unaudited consolidated schedule of investments of Partners Group Private Equity (Master Fund), LLC (the “Fund”), a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company, as of December 31, 2020 is set forth below:

 

INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS

 

 

 

Partners Group Private Equity (Master Fund), LLC 

(a Delaware Limited Liability Company) 

 

 

Consolidated Schedule of Investments — 

December 31, 2020 (Unaudited) 

 

 

   Industry 

Acquisition

Date

   Shares  

Fair

Value

 
Common Stocks (2.34%)                
Asia - Pacific (0.03%)                
APA Group  Utilities  02/11/16   264,773   $1,969,437 
Total Asia - Pacific (0.03%)              1,969,437 
North America (1.05%)                
American Tower Corp.  Communication  05/29/20   15,397    3,453,547 
American Water Works Co., Inc.  Utilities  02/10/16   45,436    6,968,974 
Ares Capital Corp.  Diversified Financial Services  02/10/16   284,324    4,802,232 
Ares Management Corp.  Diversified Financial Services  06/28/19   60,481    2,846,236 
Atmos Energy Corp.  Utilities  02/10/16   63,856    6,091,863 
Blackstone Group, Inc.  Diversified Financial Services  07/12/19   42,020    2,723,316 
Canadian National Railway Co.  Transportation  05/14/19   39,645    4,346,753 
CMS Energy Corp.  Utilities  11/01/19   45,505    2,775,805 
Crown Castle International Corp.  Communication  02/10/16   28,327    4,507,676 
Datadog, Inc.  Software  12/10/20   7,542    742,284 
Enbridge, Inc.  Utilities  02/10/16   66,020    2,107,618 
Equinix Inc  Diversified Financial Services  07/31/20   3,067    2,188,427 
Fortis Inc.  Utilities  12/18/17   67,200    2,737,656 
HarbourVest Global Private Equity  Diversified Financial Services  12/21/18   113,782    3,013,152 
JFrog Ltd.  Software  12/01/20   2,039    128,110 
KKR & Co., Inc.  Diversified Financial Services  02/10/16   73,162    2,963,061 
Mersana Therapeutics, Inc.  Health Care  09/14/20   3,785    100,454 
ONE Gas Inc  Utilities  09/04/20   12,615    969,084 
Onex Corporation  Diversified Financial Services  02/10/16   33,680    1,928,853 
Republic Services Inc.  Commercial & Professional Services  08/28/17   52,023    5,009,295 
Solar Capital Ltd  Diversified Financial Services  08/28/17   218,969    3,840,716 
TC Energy Corp.  Utilities  11/01/19   45,416    1,843,426 
Union Pacific Corp.  Transportation  06/24/16   17,379    3,614,658 
Waste Management Inc  Utilities  07/02/20   12,070    1,423,294 
Total North America (1.05%)              71,126,490 
Western Europe (1.26%)                
3i Group Plc  Diversified Financial Services  10/01/20   157,972    2,498,589 
Ackermans & van Haaren N.V.  Industrial Services  06/28/19   6,427    967,124 
Aena SA  Transportation  12/21/18   34,249    5,954,024 
BBGI SICAV S.A.  Diversified Financial Services  03/21/19   2,500,000    5,930,392 
Cellnex Telecom SA  Communication  05/15/19   83,797    5,035,649 
EQT AB  Diversified Financial Services  04/06/20   71,206    1,828,284 
Gimv N.V.  Diversified Financial Services  02/10/16   70,311    4,300,925 
HBM Healthcare Investments AG  Diversified Financial Services  04/07/20   4,147    1,430,744 
HgCapital Trust PLC  Diversified Financial Services  02/12/16   1,616,147    6,713,486 
HICL Infrastructure Co Ltd  Diversified Financial Services  03/24/16   2,682,763    6,349,271 
ICG Graphite Enterprise Trust PLC  Diversified Financial Services  06/28/19   160,478    2,087,594 
Intermediate Capital Group PLC  Diversified Financial Services  12/12/16   98,453    2,320,661 
Investor AB  Diversified Financial Services  08/28/17   46,617    3,420,469 
Italgas SpA  Utilities  05/29/20   474,524    3,010,063 
Kinnevik AB  Diversified Financial Services  04/06/20   74,182    3,770,989 
National Grid PLC  Utilities  02/10/16   378,176    4,469,961 
NB Private Equity Partners Ltd  Diversified Financial Services  11/06/19   137,871    2,166,529 
Pantheon International Participations Plc  Diversified Financial Services  11/04/19   111,987    3,795,010 
Sofina SA  Diversified Financial Services  01/10/18   8,735    2,949,447 
Terna Rete Elettrica Nazionale SpA  Utilities  01/05/18   663,107    5,070,283 
Veolia Environnement SA  Utilities  08/28/17   80,052    1,958,713 

 

Partners Group Private Equity (Master Fund), LLC 

(a Delaware Limited Liability Company)

 

 

Consolidated Schedule of Investments — 

December 31, 2020 (Unaudited) (continued)

 

 

Public Investments (continued)
               
Common Stocks (continued)
Western Europe (continued)
  Industry 

Acquisition

Date

   Shares  

Fair

Value

 
Vinci SA  Transportation  02/10/16   69,765   $6,944,118 
Wendel SA  Diversified Financial Services  12/21/18   17,272    2,069,739 
Total Western Europe (1.26%)              85,042,064 
                 
Total Common Stocks (Cost $125,226,964)(2.34%)         $158,137,991 

 

Private Equity Investments (93.18%)               
Direct Investments * (70.29%)
Direct Equity (56.74%)
  Investment Type 

Acquisition

Date

   Shares  

Fair

 Value**

 
Asia - Pacific (4.42%)                
AAVAS Financiers Limited +, a, b, c  Common equity  06/23/16   4,932,728   $103,930,537 
Argan Mauritius Limited +, a  Common equity  05/09/16   106,215    24,133,046 
Continuity CNC Capital Ltd. +, a  Common equity  03/03/18   102,111    5,570,125 
Continuity CNC Capital Ltd. +, a, d  Member interest  03/03/18       27,901,822 
HT Global Co-Investment, L.P.2 +, a, d  Limited partnership interest  12/31/20       30,790,571 
Huntress Co-Investment L.P., 1 +, a, b, d  Limited partnership interest  04/08/16       42,645,941 
Kowloon Co-Investment, L.P. +, a, d  Limited partnership interest  11/04/15       4,409,106 
Murra Warra Asset Hold Trust +, a, b  Common equity  09/10/18   13,186,543    26,123,534 
Murra Warra II Asset Hold Trust +, a, b  Common equity  07/30/20   5,402,025    1,748,895 
Murra Warra II Project Hold Trust +, a, b  Common equity  07/30/20   10    437,224 
Murra Warra Project Hold Trust +, a, b  Common equity  09/10/18   429,366    6,530,880 
The Baring Asia Private Equity Fund VI Co-Investment L.P. +, a, d  Limited partnership interest  12/30/16       2,063,995 
TPG Upswing Co-Invest, L.P. +, a, d  Limited partnership interest  01/10/19       23,363,040 
Total Asia - Pacific (4.42%)              299,648,716 
North America (29.12%)                
Acrisure Holdings, Inc. +, a  Preferred equity  12/10/18   78,000,000    101,843,000 
Acrisure Investment Holdings, LLC +, a, d  Member interest  11/21/16       5,827,958 
Affordable Care Holding Corp. +, a  Common equity  10/22/15   101,176    18,862,111 
AP VIII Prime Security Services Holdings, L.P. +, a, d  Limited partnership interest  05/02/16       12,319,424 
Apollo Co-Investors (MHE), L.P. +, a, d  Limited partnership interest  05/21/13       1,566,277 
AqGen Island Intermediate Holdings II, Inc. +, a  Common equity  12/03/15   1,220    2,837,264 
AqGen Island Intermediate Holdings II, Inc. +, a  Preferred equity  03/27/19   3,621    17,341,874 
Astorg VII Co-Invest ERT +, a, d  Limited partnership interest  01/31/20       41,685,690 
BCPE Hercules Holdings, LP +, a, d  Limited partnership interest  07/30/18       30,464,653 
BI Gen Holdings, Inc. +, a  Common equity  09/05/18   14,561    187,024 
Burger Bossco Holdings, Inc. +, a  Preferred equity  12/31/20   300    1 
Burger Bossco Holdings, Inc. +, a  Common equity  08/21/19   145    3 
CapitalSpring Finance Company, LLC +, a  Common equity  10/03/14   3,020,546    5,685,344 
CB Poly Holdings, LLC +, a  Preferred equity  08/16/16   171,270    23,302,966 
CB Titan MidCo Holdings, Inc. +, a  Common equity  05/01/17   56,634    82,075 
CD&R [Mercury] Co-Investor, L.P. +, a, d, e  Limited partnership interest  10/14/20       122,578,028 
Confluent Health, LLC +, a, b  Common equity  05/30/19   27,260    37,785,101 
ConvergeOne Investment L.P. +, a  Common equity  07/03/19   3,120    3,073,350 
Desserts LLC +, a  Preferred equity  02/08/16   7,989    15,116,363 
ECP Parent, LLC +, a, b, e  Common equity  02/18/20   100,000,000    108,026,879 
Elgin Co-Investment, L.P.2 +, a, d  Limited partnership interest  11/28/16       44,205,297 
EnfraGen LLC +, a, b, c  Common equity  09/17/19   37,786    51,822,327 
EQT Infrastructure IV Co-Investment (B) SCSp +, a, d  Limited partnership interest  03/09/20       114,699,968 
EQT VIII Co-Investment (C) SCSp +, a, d  Limited partnership interest  01/28/19       49,830,823 

 

Partners Group Private Equity (Master Fund), LLC 

(a Delaware Limited Liability Company)

 

 

Consolidated Schedule of Investments — 

December 31, 2020 (Unaudited) (continued)

 

  

Private Equity Investments (continued)

Direct Investments * (continued)

Direct Equity (continued)

  Investment Type 

Acquisition

Date

   Shares  

Fair

 Value**

 
EXW Coinvest L.P. +, a, d  Limited partnership interest  06/22/16      $67,635,540 
Gemini Global Holdings Investor, LLC +, a, d  Member interest  06/17/11       6,948,291 
GlobalLogic Worldwide Holdings, Inc. +, a, b  Common equity  08/01/18   701,927    205,583,342 
Healthgrades, Inc. +, a  Common equity  01/04/19   1,616    163,958 
KDOR Merger Sub Inc. +, a  Common equity  05/11/18   366    1 
KENE Holdings, L.P. +, a, d  Limited partnership interest  08/08/19       239,031 
KKR Enterprise Co-Invest AIV A L.P. +, a, d  Limited partnership interest  07/31/20       1,108,802 
KKR Enterprise Co-Invest L.P. +, a  Common equity  10/09/18   9,684    1 
KSLB Holdings, LLC +, a  Common equity  07/30/18   252,000    336,113 
LT Co-Borrower, LLC +, a, d  Member interest  06/24/20       2,792,300 
LTF Holdings, Inc. +, a  Common equity  01/06/20   3,132,000    55,812,632 
MHS Acquisition Holdings, LLC +, a, b  Common equity  03/10/17   342    379,362 
MHS Acquisition Holdings, LLC +, a, b  Preferred equity  03/10/17   33,900    206,057 
MHS Blocker Purchaser L.P. +, a, b, d  Limited partnership interest  03/10/17       45,264,153 
NDES Holdings, LLC +, a  Preferred equity  09/19/11   500,000    5,898,515 
NTS Holding Corporation, Inc. +, a  Common equity  11/21/13   2,740    2,188,748 
NTS Holding Corporation, Inc. +, a  Preferred equity  04/21/17   70    473,334 
OHCP IV SF COI, L.P. +, a, b, d  Limited partnership interest  01/31/18       28,579,559 
OMNIA Coinvest LP +, a, d  Limited partnership interest  10/23/20       15,296,399 
Onecall Holdings, L.P. +, a, b, d  Limited partnership interest  11/29/17       129,116,911 
Onex Fox, L.P. +, a, d  Limited partnership interest  04/25/19       56,431,100 
PG BRPC Investment, LLC +, a, b  Common equity  08/01/19   32,079    48,170,798 
Polaris Investment Holdings, L.P +, a, c, d  Limited partnership interest  06/07/16       16,852,167 
Safari Co-Investment L.P. +, a, d  Limited partnership interest  03/14/18       7,815,615 
Shermco Intermediate Holdings, Inc. +, a  Common equity  06/05/18   1,153    1,555,820 
Shingle Coinvest LP +, a, d  Limited partnership interest  05/29/18       100,123,449 
SIH RP HoldCo LP +, a  Common equity  09/10/19   5,995,126    53,733,423 
Silver Lake Sumeru Marlin Co-Invest Fund, L.P. +, a, d  Limited partnership interest  05/14/12       54,508 
SLP West Holdings Co-Invest Feeder II, L.P. +, a, d  Limited partnership interest  08/18/17       33,309,820 
SnackTime PG Holdings, Inc. +, a, b  Common equity  05/23/18   12    68,366,909 
SnackTime PG Holdings, Inc. +, a, b, d  Member interest  05/23/18       17,676,936 
TA Buckeye Parent, LLC +, a  Common equity  06/28/19   21,985,058    145,296,587 
TKC Topco LLC +, a  Common equity  10/14/16   4,632,829    7,015,507 
Velocity Holdings Corp. +, a  Common equity  08/06/12   3,749,777    8,013,028 
Vistria Catapult Holdings, LLC +, a  Preferred equity  09/30/19   19,140    28,496,694 
Woof Parent L.P. +, a  Common equity  12/21/20   1,441    1,441,200 
Total North America (29.12%)              1,971,520,410 
Rest of World (2.26%)                
Carlyle Retail Turkey Partners, L.P. +, a, d  Limited partnership interest  07/11/13       4,764,623 
Heket Holdings S.à.r.l. +, a  Preferred equity  09/25/19   11,988,920    22,045,841 
Heket Holdings S.à.r.l. +, a  Common equity  09/25/19   271,743    126,050,779 
Total Rest of World (2.26%)              152,861,243 
South America (0.29%)                
Centauro Co-Investment Fund, L.P. +, a, d  Limited partnership interest  11/28/13       13,430,547 
GTS II Cayman Corporation +, a, c  Common equity  07/24/13   2,824    6,100,079 
Total South America (0.29%)              19,530,626 
Western Europe (20.65%)                
Aston Lux Acquisitions S.à.r.l +, a, d  Limited partnership interest  11/28/19       3,933,231 
Astorg Co-Invest SGG, FCPI +, a, b, d  Limited partnership interest  02/10/16       81,568,118 
Camelia Investment 1 Limited +, a, b  Preferred equity  10/12/17   6,768,617,529    125,822,909 
Camelia Investment 1 Limited +, a, b  Common equity  10/12/17   86,824    45,103,533 
Capri Acquisitions Topco Limited +, a  Common equity  11/01/17   8,288,607    209,104,957 
Ceramtec Co-Investment (1) L.P. +, a, d  Limited partnership interest  02/20/18       36,599,347 

 

Partners Group Private Equity (Master Fund), LLC 

(a Delaware Limited Liability Company) 

 

 

Consolidated Schedule of Investments — 

December 31, 2020 (Unaudited) (continued)

 

 

Private Equity Investments (continued)

Direct Investments * (continued)

Direct Equity (continued)

  Investment Type 

Acquisition

 Date

   Shares  

Fair

Value**

 
Ciddan S.a.r.l. +, a  Preferred equity  09/15/17   23,249,522    $31,589,733 
Ciddan S.a.r.l. +, a  Common equity  09/15/17   12,263,242    77,464,594 
EQT Jaguar Co-Investment SCSp +, a, b, d  Limited partnership interest  11/30/18       79,919,595 
EQT VIII Co-Investment (D) SCSp +, a, d  Limited partnership interest  10/01/19       121,927,333 
Eurodrip Co-Investment Fund I, L.P. +, a, d  Limited partnership interest  03/18/13       8,171,650 
Fides S.p.A +, a  Common equity  12/15/16   1,096,526    3,204,026 
Frontmatec Holding III ApS +, a  Common equity  09/23/16   248,257,489    26,878,134 
Global Blue Group Holding AG +, a  Common equity  09/11/20   97,520    1,269,710 
Global Blue Holding LP +, a, c, d  Limited partnership interest  07/31/12       20,434,334 
Kaffee Partner Holding GmbH +, a, d  Member interest  11/01/17       1,257,756 
Kaffee Partner Holding GmbH +, a  Common equity  11/01/17   1,237    1 
KKR Matterhorn Co-Invest L.P. +, a, d  Limited partnership interest  11/02/12       2,888,467 
KKR Traviata Co-invest L.P. +, a, d  Limited partnership interest  12/18/19       105,014,414 
Luxembourg Investment Company 261 S.à.r.l. +, a  Common equity  07/31/18   1,481    55,442,255 
Luxembourg Investment Company 261 S.à.r.l. +, a, d  Member interest  07/31/18       58,749,615 
Luxembourg Investment Company 285 S.à.r.l. +, a, b  Preferred equity  08/22/19   7,865,820    21,478,770 
Luxembourg Investment Company 285 S.à.r.l. +, a, b, d  Member interest  08/22/19       20,408,024 
Luxembourg Investment Company 285 S.à.r.l. +, a, b, e  Common equity  08/22/19   6,999,953    22,091,564 
Luxembourg Investment Company 293 S.à.r.l. +, a, b  Common equity  06/26/19   9,789,622    31,024,897 
Luxembourg Investment Company 293 S.à.r.l. +, a, b, d  Member interest  06/26/19       5,623,519 
Luxembourg Investment Company 314 S.à.r.l. +, a, b  Common equity  08/22/19   192,000    1 
May Co-Investment S.C.A. +, a, b  Common equity  11/09/20   1,059,375    13,442,500 
PG Lion Management Warehouse S.C.S +, a, b, d  Limited partnership interest  08/22/19       1,854,284 
Polyusus Lux XVI S.a.r.l. +, a, b  Common equity  05/23/18   44,442,345     
Polyusus Lux XVI S.a.r.l. +, a, b  Preferred equity  05/23/18   244,659,996    21,787,031 
Quadriga Capital IV Investment Holding II L.P. +, a, b, d  Limited partnership interest  09/09/16       47,226,054 
Root JVCo S.à r.l +, a, b  Preferred equity  09/29/20   6,285,440    23,213,712 
Root JVCo S.à r.l. +, a, b, d  Member interest  09/29/20       38,681,783 
Root JVCo S.à r.l. +, a, b  Common equity  09/29/20   1,957,760    857,953 
S.TOUS, S.L +, a  Common equity  10/06/15   622    18,374,082 
Surfaces SLP (SCSp) +, a, b, d, e  Limited partnership interest  10/01/20       36,269,923 
Total Western Europe (20.65%)              1,398,677,809 
Total Direct Equity (56.74%)             $3,842,238,804 
                

 

Direct Debt (13.55%)  Interest 

Acquisition

 Date

 

Maturity

Date

 

Investment

Type

  Principal  

Fair

Value**

 
Asia - Pacific (1.12%)                      
Casmar (Australia) PTY Ltd. +, a  Cash 5.50% + L (1.00% Floor)^^  04/11/17  12/20/23  Senior  $6,857,277   $6,807,628 
Casmar (Australia) PTY Ltd. +, a  Cash 9.25% + BBSY (1.00% Floor)  12/20/16  12/20/24  Second Lien   12,811,375    13,146,480 
Healing Quest +, a, e  PIK 14.50%  01/31/18  01/31/23  Mezzanine   7,301,838    8,479,020 
Snacking Investments BidCo Pty Limited +, a  Cash 8.50% + BBSY (1.00% Floor)  12/23/19  12/17/27  Second Lien   32,942,073    41,044,925 
Snacking Investments BidCo Pty Limited +, a  Cash 4.00% + L (1.00% Floor)^  01/15/20  12/18/26  Senior   1,290,250    1,291,863 
Stiphout Finance, LLC +, a  Cash 3.00% + L (1.00% Floor)^  10/30/15  10/26/22  Senior   4,778,508    4,826,342 
Total Asia - Pacific (1.12%)                    75,596,258 
North America (8.75%)                      
8th Avenue Food & Provisions, Inc. +, a  Cash 3.75% + L^  11/13/18  10/01/25  Senior  $1,470,000   $1,470,397 
Acrisure LLC +, a  Cash 3.50% + L^^  03/27/20  02/15/27  Senior   1,091,750    1,074,238 
Affordable Care Holding Corp. +, a  Cash 9.50% + L (1.00% Floor)^^  10/22/15  04/22/23  Second Lien   17,063,327    17,653,479 

 

Partners Group Private Equity (Master Fund), LLC 

(a Delaware Limited Liability Company) 

 

 

Consolidated Schedule of Investments — 

December 31, 2020 (Unaudited) (continued)

 

 

Private Equity Investments (continued)

Direct Investments * (continued)

Direct Debt (continued)

  Interest 

Acquisition

Date 

 

Maturity  

Date 

 

Investment

Type 

   Principal    

Fair 

Value** 

 
AI Alpine AT BidCo GmBH +, a  Cash 3.50% + E###  11/30/18  10/31/25  Senior  $1,415,436   $1,485,499 
Aldevron, L.L.C. +, a  Cash 4.25% + L (1.00% Floor)^  12/12/19  10/12/26  Senior   1,191,000    1,196,955 
Alliant Holdings Intermediate, LLC +, a  Cash 3.25% + L^^  06/03/19  05/09/25  Senior   1,280,500    1,261,734 
Altra Industrial Motion Corp. +, a  Cash 2.00% + L^^  11/21/18  10/01/25  Senior   999,254    1,000,503 
Applovin Corporation +, a  Cash 4.00% + L^^  04/29/20  08/15/25  Senior   1,786,500    1,787,626 
AqGen Ascensus, Inc. +, a  Cash 8.00% + L (1.00% Floor)^^  03/27/19  12/03/23  Second Lien   68,681,600    69,100,558 
AthenaHealth, Inc. +, a  Cash 4.50% + L^^  03/13/19  02/11/26  Senior   2,456,250    2,459,320 
Avantor, Inc. +, a  Cash 3.00% + L (1.00% Floor)^  12/22/17  11/21/24  Senior   3,761,951    3,985,723 
Banff Merger Sub Inc. +, a  Cash 4.25% + L^  10/18/18  10/02/25  Senior   1,372,000    1,369,098 
Barracuda Networks, Inc. +, a  Cash 6.75% + L (0.75% Floor)^^  11/06/20  10/22/28  Second Lien   1,000,000    1,012,500 
Berry Global, Inc. +, a  Cash 2.00% + L^^  08/05/19  07/01/26  Senior   2,462,500    2,454,977 
Bioclinica Holding I, L.P. +, a  Cash 8.25% + L (1.00% Floor)^^  11/04/16  10/20/24  Second Lien   20,335,000    20,750,000 
Blackhawk Network Holdings, Inc +, a  Cash 3.00% + L^^  08/12/19  06/15/25  Senior   982,368    958,884 
Bracket Intermediate Holding Corp. +, a  Cash 4.25% + L^^  10/04/18  09/05/25  Senior   1,466,250    1,451,588 
Bracket Intermediate Holding Corp.+, a  Cash 8.13% + L (1.00% Floor)^^  09/05/18  08/31/26  Second Lien   1,950,000    1,969,500 
Bright Horizons Family Solutions, Inc. +, a  Cash 1.75% + L (0.75% Floor)^  02/21/18  11/07/23  Senior   5,818,982    5,765,568 
Brookfield WEC Holdings, Inc. +, a  Cash 3.00% + L (0.75% Floor)^  09/12/18  08/01/25  Senior   994,774    993,709 
Campaign Monitor (UK) Limited +, a  Cash 8.50% + L (1.00% Floor)^^  05/06/19  05/06/25  Second Lien   1,650,000    1,572,780 
CapitalSpring Finance Company, LLC +, a  Cash 8.00%  03/01/17  02/10/23  Mezzanine   8,191,138    7,904,448 
CapitalSpring Finance Company, LLC +, a  PIK 5.00%  03/01/17  02/10/23  Mezzanine   3,075,120    2,409,168 
CDRH Parent, Inc. +, a  Cash 8.00% + L (1.00% Floor)^^  08/06/14  07/01/22  Second Lien   10,195,722    1 
Centralsquare Technologies, LLC +, a  Cash 3.75% + L^^  10/16/18  08/29/25  Senior   980,000    919,240 
Charter NEX US, Inc. +, a  Cash 4.25% + L (0.75% Floor)^^  05/31/19  12/01/27  Senior   1,463,811    1,473,143 
Chase Industries, Inc. +, a  PIK 11.00%  05/11/18  05/11/26  Second Lien   1,137,620    3 
Chase Industries, Inc. +, a  PIK 10.00%  05/29/20  11/11/25  1.5 Lien   1,059,167    662,932 
Checkers Holdings, Inc. +, a  Cash 4.25% + L (1.00% Floor)^  05/09/17  04/25/24  Senior   154,400    127,702 
Checkers Holdings, Inc. +, a  PIK 10.00% + L (1.00% Floor)^  04/25/17  04/25/25  Second Lien   272,978    218,382 
CIBT Global, Inc. +, a  Cash 4.00% + L (1.00% Floor)^^  06/19/17  06/01/24  Senior   432,320    320,637 
Clarity Telecom, LLC +, a  Cash 8.25% + L (1.00% Floor)^  09/12/19  08/30/27  Second Lien   2,025,000    2,044,643 
CommScope, Inc. +, a  Cash 3.25% + L^  04/26/19  04/06/26  Senior   987,500    982,972 
Composite Resins Holding B.V. +, a  Cash 4.25% + L (1.00% Floor)^^  08/28/18  08/01/25  Senior   475,462    479,028 
Conservice Midco, LLC, +, a  Cash 4.25% + L^^  05/07/20  05/13/27  Senior   1,695,750    1,699,989 
Conterra Ultra Broadband Holdings, Inc. +, a  Cash 4.50% + L^  06/06/19  04/30/26  Senior   1,674,500    1,671,176 
ConvergeOne Holdings, Inc. +, a  Cash 5.00% + L^  03/27/19  04/01/26  Senior   2,947,500    2,792,756 
ConvergeOne Holdings, Inc. +, a  Cash 8.50% + L^  04/15/19  01/04/27  Second Lien   28,875,000    28,535,520 
Covenant Surgical Partners, Inc. +, a  Cash 4.00% + L^  11/01/19  07/01/26  Senior   1,234,453    1,212,850 
CSC Holdings, LLC +, a  Cash 2.25% + L^  12/07/18  01/15/26  Senior   1,967,462    2,915,519 
DCert Buyer, Inc. +, a  Cash 4.00% + L^^  10/24/19  10/16/26  Senior   1,488,750    1,489,680 
Deerfield Dakota Holding, LLC +, a  Cash 3.75% + L (1.00% Floor)^^  03/05/20  04/09/27  Senior   995,000    1,000,517 
Dell International L.L.C. +, a  Cash 2.00% + L (0.75% Floor)^^  10/15/19  09/19/25  Senior   1,333,767    1,336,267 
Delta 2 (Lux) S.A.R.L +, a  Cash 2.50% + L (1.00% Floor)^  03/01/18  02/01/24  Senior   1,997,500    1,986,070 
Delta Topco, Inc. +, a, e  Cash 3.75% + L (0.75% Floor)^^  10/07/20  12/01/27  Senior   2,100,000    2,103,066 
Dentalcorp Perfect Smile ULC +, a  Cash 3.75% + L (1.00% Floor)^  04/04/19  06/06/25  Senior   1,763,819    1,738,103 
DG Investment Intermediate Holdings 2, Inc. +, a  Cash 6.75% + L (0.75% Floor)^  03/01/18  02/02/26  Second Lien   2,100,000    2,037,000 
Diamond Sports Group, LLC +, a  Cash 3.25% + L^  09/18/19  08/24/26  Senior   987,500    878,381 
Diligent Corporation +, a  Cash 6.25% + L (1.00% Floor)^^  04/29/16  05/31/24  Senior   22,374,147    28,627,791 

 

Partners Group Private Equity (Master Fund), LLC 

(a Delaware Limited Liability Company)

 

 

Consolidated Schedule of Investments — 

December 31, 2020 (Unaudited) (continued)

 

 

Private Equity Investments (continued)

Direct Investments * (continued)

Direct Debt (continued)

  Interest 

Acquisition

Date 

 

Maturity

Date 

 

Investment

Type 

   Principal    

Fair  

Value** 

 
Diligent Corporation +, a  Cash 6.25% + L (1.00% Floor)^  01/19/18  04/14/22  Senior  $7,516,506   $1,206,069 
Edgewood Partners Holdings, LLC +, a  Cash 4.25% + L (1.00% Floor)^  12/23/20  09/08/24  Senior   910,110    910,110 
Energizer Holdings, Inc. +, a, e  Cash 2.25% + L (0.50% Floor)^^  12/16/20  12/22/27  Senior   1,000,000    1,001,880 
Envision Healthcare Corporation +, a, e  Cash 4.50% + L (1.00% Floor)^^  04/27/20  10/10/25  Senior   35,902,434    30,136,245 
Envision Healthcare Corporation +, a  Cash 3.75% + L^  10/25/18  10/10/25  Senior   2,940,000    3,291,058 
Explorer Holdings, Inc. +, a  Cash 8.00% + L (0.50% Floor)^  02/04/20  02/04/28  Second Lien   22,645,000    22,226,067 
Femur Buyer, Inc. +, a  Cash 4.50% + L^^  03/26/19  03/05/26  Senior   2,955,000    2,770,313 
Flex Acquisition Company, Inc. +, a  Cash 3.25% + L^  07/30/18  06/29/25  Senior   977,463    967,757 
Galls, LLC +, a  Cash 6.25% + L (1.00% Floor)^  02/07/18  01/31/25  Senior   481,870    439,455 
GC EOS Buyer, Inc. +, a  Cash 4.50% + L^  07/18/19  08/01/25  Senior   1,969,773    1,910,680 
Gentiva Health Services, Inc. +, a  Cash 3.25% + L^^  09/18/18  07/02/25  Senior   1,326,546    1,686,995 
GFL Environmental Inc. +, a  Cash 3.00% + L (1.00% Floor)^  12/05/18  05/30/25  Senior   1,205,924    1,208,921 
GHX Ultimate Parent Corporation +, a  Cash 3.25% + L (1.00% Floor)^^  07/25/17  06/22/24  Senior   976,823    962,981 
GHX Ultimate Parent Corporation +, a  Cash 3.25% + L (1.00% Floor)^^  09/17/18  06/22/24  Senior   974,508    960,699 
Global Medical Response, Inc.  +, a, e  Cash 4.75% + L (1.00% Floor)^^  12/11/20  10/02/25  Senior   1,000,000    995,630 
Gopher Sub, Inc. +, a  Cash 3.00% + L (0.75% Floor)^  03/02/18  02/03/25  Senior   3,042,633    3,035,765 
GTT Communications, Inc. +, a  Cash 2.75% + L^  07/02/18  05/31/25  Senior   4,290,000    3,387,448 
Heartland Dental, LLC +, a  Cash 3.50% + L^  05/15/18  04/30/25  Senior   2,863,196    2,858,863 
Hexion Inc. +, a  Cash 3.50% + L^^  08/09/19  07/01/26  Senior   1,379,000    1,373,401 
Hornblower Sub, LLC +, a  Cash 4.50% + L^^  05/01/19  04/27/25  Senior   948,853    818,386 
Huntsman Holdings, LLC +, a  Cash 5.00% + L (0.75% Floor)^  12/17/18  09/25/24  Senior   1,270,455    1,276,584 
Husky Injection Molding Systems Ltd. +, a  Cash 3.25% + L (1.00% Floor)^^  07/15/19  03/28/25  Senior   982,321    960,651 
Hyland Software, Inc. +, a  Cash 3.50% + L (0.75% Floor)^^  09/25/20  07/01/24  Senior   997,449    1,001,189 
Idera, Inc. +, a  Cash 4.50% + L (1.00% Floor)^  12/17/18  06/27/24  Senior   1,270,387    1,270,393 
KENE Acquisition, Inc. +, a  Cash 8.25% + L (1.00% Floor)^^  08/08/19  08/08/26  Second Lien   1,462,500    1,438,369 
Kingpin Intermediate Holdings LLC +, a  Cash 3.50% + L (1.00% Floor)^  10/05/18  07/03/24  Senior   1,342,830    1,284,081 
KSLB Holdings, LLC +, a  Cash 8.75% + L (1.00% Floor)^  07/30/18  07/30/26  Second Lien   3,212,308    2,790,853 
LogMeIn, Inc. +, a  Cash 4.75% + L^^  09/03/20  08/31/27  Senior   3,000,000    2,996,265 
LogMeIn, Inc. +, a  Cash 9.00% + L^  09/11/20  08/31/28  Second Lien   17,925,000    17,396,213 
Loire UK Midco 3 Limited +, a  Cash 3.50% + L^^^  01/24/20  04/21/27  Senior   1,393,009    1,375,596 
LTI Holdings, Inc. +, a  Cash 3.50% + L^  10/22/18  09/06/25  Senior   977,500    951,753 
Mavis Tire Express Services Corp +, a  Cash 4.00% + L (1.00% Floor)^^  12/07/20  03/20/25  Senior   1,000,000    1,008,125 
McAfee, LLC +, a  Cash 3.75% + L^^  07/19/19  09/30/24  Senior   442,615    443,253 
McAfee, LLC +, a  Cash 4.50% + L (1.00% Floor)^  02/02/18  09/27/24  Senior   3,012,241    3,029,723 
MediaOcean, LLC +, a  Cash 3.75% + L^  09/10/20  08/18/25  Senior   1,293,484    1,290,793 
Messer Industries USA, Inc. +, a  Cash 2.50% + L^^  04/26/19  03/01/26  Senior   1,379,000    1,370,905 
Ministry Brands, LLC +, a  Cash 4.00% + L (1.00% Floor)^  04/11/17  12/02/22  Senior   1,263,726    1,241,865 
Mirion Technologies, Inc. +, a  Cash 4.00% + L^^  12/22/20  03/06/26  Senior   997,462    998,400 
Mitchell International, Inc. +, a  Cash 3.25% + L^  12/21/17  11/29/24  Senior   5,194,840    5,159,518 
MLN US HoldCo LLC +, a  Cash 4.50% + L^  12/07/18  11/30/25  Senior   1,078,000    982,807 
National Mentor Holdings, Inc. +, a, e  Cash 4.25% + L^^  11/13/20  03/09/26  Senior   997,462    997,881 
National Spine & Pain Centers, LLC +, a  Cash 5.25% + L (1.00% Floor)^  06/30/17  06/02/24  Senior   537,043    486,381 
Navicure, Inc. +, a  Cash 4.00% + L (0.75% Floor)^^  09/29/20  10/22/26  Senior   997,500    998,797 
Navicure, Inc. +, a  Cash 4.00% + L^^  11/19/19  10/22/26  Senior   1,389,500    1,389,507 
Netsmart, Inc. +, a  Cash 3.75% + L (1.00% Floor)^  07/16/18  04/19/23  Senior   2,256,139    2,258,959 
Nexstar Broadcasting +, a  Cash 2.75% + L^  10/02/19  09/21/26  Senior   1,294,119    1,288,218 
Northwest Fiber, LLC +, a  Cash 5.50% + L^^  05/21/20  04/30/27  Senior   995,000    999,353 
NSM Top Holdings Corp. +, a  Cash 5.25% + L^^  11/26/19  11/16/26  Senior   1,485,001    1,470,151 

 

Partners Group Private Equity (Master Fund), LLC 

(a Delaware Limited Liability Company) 

 

 

Consolidated Schedule of Investments — 

December 31, 2020 (Unaudited) (continued)

 

 

Private Equity Investments (continued)

Direct Investments * (continued)

Direct Debt (continued) 

  Interest 

Acquisition  

Date 

 

Maturity  

Date 

 

Investment

Type 

   Principal    

Fair  

Value** 

 
OEConnection LLC +, a  Cash 4.00% + L^^  10/28/19  09/25/26  Senior  $2,265,366   $2,248,376 
OneDigital Borrower LLC +, a  Cash 4.50% + L (0.75% Floor)^^  12/11/20  11/16/27  Senior   1,365,234    1,370,354 
PAI Holdco, Inc. +, a  Cash 4.00% + L (1.00% Floor)^^  11/09/20  10/22/27  Senior   1,200,000    1,203,756 
Panther BF Aggregator 2 LP +, a  Cash 3.50% + L^  05/14/19  04/30/26  Senior   1,163,571    1,161,873 
Peak 10 Holding Corporation +, a  Cash 3.50% + L^^  06/18/19  08/01/24  Senior   1,964,467    1,763,512 
Pearl Intermediate Parent, LLC +, a  Cash 6.25% + L^  03/21/18  02/13/26  Second Lien   2,400,000    2,388,000 
Pearl Intermediate Parent, LLC +, a  Cash 2.75% + L^  03/16/18  02/14/25  Senior   3,693,245    3,631,786 
Peraton Corp. +, a  Cash 5.25% + L (1.00% Floor)^  06/09/17  04/29/24  Senior   579,043    580,448 
Perforce Software, Inc. +, a  Cash 3.75% + L^^  07/22/19  07/01/26  Senior   1,678,793    1,650,463 
Pet Holdings ULC +, a  Cash 5.50% + L (1.00% Floor)^^  07/08/16  07/05/22  Senior   9,426,165    8,705,652 
PetVet Care Centers, LLC +, a  Cash 3.25% + L^  04/12/19  02/14/25  Senior   1,175,940    1,164,186 
PG&E Corporation +, a  Cash 4.50% + L (1.00% Floor)^^  08/11/20  06/23/25  Senior   1,990,000    2,016,865 
Plano Molding Company, LLC +, a  Cash 7.50% + L (1.00% Floor)^^  05/12/15  05/12/21  Senior   4,540,568    3,619,970 
Plano Synergy Holding Inc +, a  Cash 7.50% + L (1.00% Floor)^^; PIK 1.50%  08/07/20  05/12/22  Senior   340,341    339,864 
Pluto Acquisition I, Inc. +, a  Cash 5.00% + L^^  08/16/19  06/22/26  Senior   1,477,500    1,475,653 
Potters Industries, LLC +, a  Cash 4.00% + L (0.75% Floor)^^  12/17/20  12/14/27  Senior   1,000,000    1,002,500 
Pre-Paid Legal Services, Inc. +, a  Cash 4.00% + L (0.75% Floor)^^  09/11/20  05/01/25  Senior   399,000    400,995 
Pre-Paid Legal Services, Inc. +, a  Cash 3.25% + L^  05/07/19  05/01/25  Senior   1,445,250    1,431,520 
Pregis TopCo LLC +, a  Cash 4.25% + L (0.75% Floor)^^  12/23/20  07/31/26  Senior   1,000,000    996,250 
Pretium PKG Holdings, Inc. +, a  Cash 4.00% + L (0.75% Floor)^^  11/12/20  11/05/27  Senior   1,000,000    1,001,250 
Procera Networks, Inc. +, a  Cash 4.50% + L^^  11/20/18  10/31/25  Senior   1,144,395    1,099,569 
Project Boost Purchaser, LLC +, a  Cash 3.50% + L^^  07/19/19  06/01/26  Senior   1,777,500    1,763,618 
Prometric Holdings, Inc. +, a  Cash 7.50% + L (1.00% Floor)^  01/29/18  01/29/26  Second Lien   13,604,350    12,048,784 
ProVation Software Group, Inc. +, a  Cash 7.75% + L (0.75% Floor)^^^  12/30/20  12/22/28  Second Lien   12,802,500    12,546,450 
Quintiles IMS Inc. +, a  Cash 2.00% + E (0.50% Floor)##  06/22/18  06/11/25  Senior   3,057,070    3,215,062 
Radiate HoldCo, LLC +, a  Cash 3.50% + L (0.75% Floor)^^  07/16/19  02/01/24  Senior   1,390,146    1,394,205 
Radiology Partners, Inc. +, a  Cash 4.25% + L^^^^  09/11/18  07/09/25  Senior   1,903,933    1,875,774 
Redstone Holdco 2 LP +, a  Cash 5.00% + L (1.00% Floor)^^  07/01/20  09/01/27  Senior   1,700,000    1,709,563 
Refficiency Holdings LLC +, a, e  Cash 4.00% + L (0.75% Floor)^^  12/11/20  12/16/27  Senior   1,509,677    1,510,311 
Refinitiv US Holdings Inc. +, a  Cash 3.25% + L^  11/19/18  10/01/25  Senior   2,940,000    2,939,397 
Restaurant Technologies, Inc. +, a  Cash 3.25% + L^^  10/26/18  10/01/25  Senior   490,000    478,975 
Rocket Software, Inc. +, a  Cash 4.25% + L^  12/05/18  11/28/25  Senior   1,670,250    1,659,460 
S2P Acquisition Borrower, Inc +, a  Cash 4.00% + L^  10/07/19  08/14/26  Senior   987,500    987,500 
Safe Fleet Holdings LLC +, a, b  Cash 3.00% + L (1.00% Floor)^  03/05/18  02/03/25  Senior   2,900,687    2,859,053 
SCIH Salt Holdings, Inc. +, a  Cash 4.50% + L (1.00% Floor)^^  03/03/20  03/16/27  Senior   995,000    998,109 
Shearer's Foods, LLC +, a  Cash 4.00% + L (0.75% Floor)^^  09/25/20  09/23/27  Senior   33,671    33,740 
Shearer's Foods, LLC +, a  Cash 7.75% + L (1.00% Floor)^^  09/15/20  09/22/28  Second Lien   1,000,000    996,300 
Shearer's Foods, LLC +, a  Cash 4.25% + L (1.00% Floor)^^  05/17/18  06/30/21  Senior   3,128,329    3,164,819 
Shermco Intermediate Holdings, Inc.+, a  Cash 4.50% + L (1.00% Floor)^  06/05/18  06/05/24  Senior   24,507,707    24,401,421 
Smartdrive Systems, Inc. +, a, e  Cash 4.25% + L (0.50% Floor)^^  11/20/20  11/19/27  Senior   1,100,000    1,096,568 
Sorenson Communications, LLC +, a  Cash 6.50% + L^^  05/06/19  04/29/24  Senior   659,377    661,576 
Sound Inpatient Physicians, Inc +, a  Cash 3.00% + L^  08/23/18  06/27/25  Senior   1,361,500    1,354,693 
SS&C Technologies, Inc. +, a  Cash 2.25% + L^  12/07/18  04/16/25  Senior   2,242,353    2,221,757 
SSH Group Holdings, Inc. +, a  Cash 4.25% + L^^  09/11/18  07/30/25  Senior   3,428,618    3,274,330 
SSH Group Holdings, Inc. +, a  Cash 8.25% + L^^  08/21/18  07/30/26  Second Lien   2,120,000    2,004,036 
Star US Bidco, LLC +, a  Cash 4.25% + L (1.00% Floor)^  03/03/20  03/17/27  Senior   1,293,500    1,272,481 
Tank Holding Corp. +, a, e  Cash 5.00% + L (0.75% Floor)^^  12/18/20  03/26/26  Senior   1,000,000    1,001,880 
TecoStar Holdings, Inc. +, a  Cash 8.50% + L (1.00% Floor)^  05/01/17  11/01/24  Second Lien   525,031    488,670 
Telenet Financing USD LLC +, a  Cash 2.00% + L^^^  01/24/20  04/30/28  Senior   2,400,000    2,373,384 
The Ultimate Software Group Inc. +, a  Cash 4.00% + L (0.75% Floor)^^  06/18/20  05/04/26  Senior   997,500    1,004,243 
TLP Finance Holdings, LLC +, a  Cash 7.50% + L (1.00% Floor)^  02/26/19  02/26/26  Mezzanine   46,140,938    45,421,139 
Tosca Services LLC +, a  Cash 4.25% + L(1.00% Floor)^^  08/21/20  08/18/27  Senior   1,000,000    1,007,085 

 

Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)

 

 

Consolidated Schedule of Investments —

December 31, 2020 (Unaudited) (continued)

 

 

Private Equity Investments (continued)

Direct Investments * (continued)

Direct Debt (continued)

  Interest  Acquisition
Date
  Maturity
Date
  Investment
Type
  Principal   Fair
Value**
 
Unified Women's Healthcare, LLC +, a, e  Cash 4.25% + L (0.75% Floor)^^  12/17/20  12/20/27  Senior  $1,200,000   $1,197,000 
Utz Quality Foods, LLC +, a  Cash 3.50% + L^  01/16/18  11/14/24  Senior   3,654,505    3,679,645 
VeriFone Systems, Inc. +, a  Cash 4.00% + L^^  09/25/18  08/20/25  Senior   3,625,699    3,516,928 
Vertical Midco GmbH +, a  Cash 4.25% + L^^  09/09/20  07/30/27  Senior   3,992,035    4,026,606 
Vetcor Professional Practices LLC +, a  Cash 6.50% + L^  07/02/18  07/02/26  Second Lien   3,603,333    3,588,199 
VS Buyer, LLC +, a  Cash 3.25% + L^^  02/19/20  02/28/27  Senior   1,985,000    1,981,278 
Weld North Education LLC +, a  Cash 3.00% + L (0.75% Floor)^^  12/15/20  12/21/27  Senior   1,300,000    1,299,467 
West Corporation +, a  Cash 3.50% + L (1.00% Floor)^^  04/20/18  10/10/24  Senior   3,503,000    3,396,294 
Woof Holdings, Inc. +, a, e  Cash 7.25% + L (0.75% Floor)^^  12/21/20  12/21/28  Second Lien   7,200,000    7,249,536 
WP CityMD Bidco LLC +, a  Cash 4.50% + L (1.00% Floor)^^  09/01/19  08/13/26  Senior   2,970,000    2,973,490 
Zayo Group Holdings, Inc. +, a  Cash 3.00% + L^  02/20/20  03/09/27  Senior   2,583,289    3,903,639 
Total North America (8.75%)                    592,476,233 
Rest of World (0.59%)                      
AI Sirona (Luxembourg) Acquisition S.a.r.l. +, a  Cash 4.50% + L^^^  10/05/18  07/10/25  Senior  $20,368,074   $22,781,121 
AI Sirona (Luxembourg) Acquisition S.a.r.l. +, a  Cash 4.00% + E#  10/05/18  09/29/25  Senior   2,401,128    2,447,816 
AI Sirona (Luxembourg) Acquisition S.a.r.l. +, a  Cash 7.25% + E###  10/11/18  07/10/26  Second Lien   12,553,388    14,370,745 
Total Rest of World (0.59%)                   $39,599,682 
Western Europe (3.09%)                      
AI Convoy (Luxembourg) S.a.r.l. +, a  Cash 3.50% + L (1.00% Floor)^^  01/31/20  01/20/27  Senior  $1,885,750   $1,887,164 
AI Ladder (Luxembourg) Subco S.à.r.l. +, a  Cash 4.50% + L^  08/07/18  07/09/25  Senior   2,279,461    2,265,215 
AI PLEX AcquiCo GmbH +, a  Cash 5.00% + L^^^  08/23/19  07/31/26  Senior   4,944,925    4,813,044 
Altice France S.A. +, a, e  Cash 4.00% + L^^  12/10/20  08/14/26  Senior   1,000,000    998,230 
Aston Finco S.à.r.l. +, a  Cash 4.25% + L^^  11/14/19  10/09/26  Senior   2,779,000    2,752,071 
Aston Finco S.à.r.l. +, a  Cash 8.25% + L^^  10/25/19  10/09/27  Second Lien   36,733,592    39,228,058 
Atlas Packaging GmbH +, a  Cash 7.75% + E#  09/14/18  07/31/26  Second Lien   2,466,000    2,978,590 
Auris Luxembourg III Sarl +, a  Cash 3.75% + L^  04/04/19  02/27/26  Senior   983,734    952,992 
Autoform Lux S.a.r.l +, a  Cash 3.75% + L^^^  07/22/16  07/21/23  Senior   1,677,395    1,677,395 
Autoform Lux S.a.r.l +, a  Cash 3.75% + E###  07/22/16  07/21/23  Senior   5,051,317    5,942,029 
Babar Bidco +, a  Cash 5.00% + E###  12/04/20  11/17/27  Senior   1,214,051    1,223,015 
CD&R Firefly Bidco Limited +, a  Cash 4.50% + L^^^  08/31/18  06/23/25  Senior   5,199,152    5,397,477 
CD&R Firefly Bidco Limited +, a  Cash 7.75% + L^^^  06/21/18  06/18/26  Second Lien   26,191,610    28,855,451 
Cidron Atrium SE +, a  Cash 7.00% + E (0.50% Floor)###  02/28/18  02/28/26  Second Lien   937,500    1,115,970 
Compass IV Limited +, a  Cash 4.50% + E###  07/06/18  05/09/25  Senior   341,033    225,082 
CTC AcquiCo GmbH +, a  Cash 3.00% + E##  03/29/18  03/07/25  Senior   3,608,360    3,318,108 
EG America LLC +, a  Cash 4.00% + L^  05/22/18  02/07/25  Senior   1,376,459    1,384,436 
EG Finco Limited +, a  Cash 4.00% + E^^  06/20/18  02/07/25  Senior   1,904,001    1,854,105 
EG Finco Limited +, a  Cash 8.00% + L (1.00% Floor)^^^  05/23/18  04/20/26  Second Lien   1,915,044    1,902,701 
EG Finco Limited +, a  Cash 7.75% + E (1.00% Floor)##  06/21/18  04/20/26  Second Lien   1,291,188    1,575,035 
Everest Bidco SAS +, a  Cash 7.50% + L (1.00% Floor)^^  07/10/18  07/04/26  Second Lien   1,505,000    2,056,507 
Evergood 4 ApS +, a  Cash 3.25% + E##  02/23/18  02/06/25  Senior   6,249,672    5,898,670 
Fugue Finance B.V. +, a  Cash 3.25% + E##  06/11/20  08/30/24  Senior   1,299,487    1,330,944 
Genesis Specialist Care Finance UK Limited +, a  Cash 5.00% + L (1.00% Floor)^^^  03/05/20  05/14/27  Senior   2,183,500    2,183,500 
Grupo Iberica de Congelados, SA +, a  Cash 7.00% + E##  06/28/19  11/28/24  Senior   1,124,304    1,069,176 
ION Trading Finance Limited +, a  Cash 4.00% + L (1.00% Floor)^^  10/03/18  11/21/24  Senior   3,377,397    3,376,198 
IWH UK Midco Limited +, a  Cash 4.00% + E###  02/28/18  11/28/24  Senior   5,886,679    5,597,893 
Kiwi VFS Sub II S.a.r.l. +, a  Cash 3.25% + E##  08/21/18  07/29/24  Senior   1,151,803    1,174,654 
Lary 4 AB +, a  Cash 3.00% + E#  08/09/16  07/20/23  Senior   10,137,883    11,060,118 

 

 

Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)

 

 

Consolidated Schedule of Investments —

December 31, 2020 (Unaudited) (continued)

 

 

Private Equity Investments (continued)

Direct Investments * (continued)

Direct Debt (continued)

  Interest  Acquisition
Date
  Maturity
Date
  Investment
Type
  Principal   Fair
Value**
 
Matador Bidco S.a r.l. +, a  Cash 4.75% + L^^  11/12/19  10/15/26  Senior  $2,481,250   $2,482,280 
Mehiläinen Yhtiöt Oy +, a  Cash 4.25% + E##  09/10/18  08/11/25  Senior   1,508,647    1,593,649 
Nomad Foods Lux S.a.r.l. +, a  Cash 2.25% + L^  07/02/18  05/15/24  Senior   1,567,498    1,554,370 
Nouryon Finance B.V. +, a  Cash 3.25% + L^  11/14/18  10/01/25  Senior   2,297,162    2,275,982 
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   24,225,327    28,194,248 
PI UK Holdco II Limited +, a  Cash 3.50% + L (1.00% Floor)^  02/15/18  01/03/25  Senior   4,299,379    4,342,641 
RivieraTopco SARL +, a  PIK 8.50%; E (1.00% Floor)###  12/08/17  05/08/24  Mezzanine   1,392,464    1,664,079 
Rouge Beachhouse B.V. +, a  Cash 3.75% + E##  10/15/18  07/25/25  Senior   579,174    611,128 
Sapphire Bidco B.V. +, a  Cash 3.25% + E##  05/25/18  05/05/25  Senior   2,271,578    2,398,489 
Sigma Bidco B.V. +, a  Cash 3.50% + E#  08/03/18  07/02/25  Senior   4,786,053    4,824,430 
Sunshine Luxembourg VII Sarl +, a  Cash 4.25% + L (1.00% Floor)^^  10/22/19  10/01/26  Senior   1,485,000    1,494,682 
Tahoe Subco 1 Ltd. +, a  Cash 3.50% + L (1.00% Floor)^^  03/20/18  06/13/24  Senior   2,761,530    2,708,384 
TDC A/S +, a  Cash 3.00% + E#  10/22/18  06/04/25  Senior   1,506,866    1,598,349 
Virgin Media Bristol, LLC +, a  Cash 2.50% + L^  02/07/18  01/31/28  Senior   5,486,250    5,454,047 
Zacapa S.a.r.l. +, a  Cash 5.00% + L (0.75% Floor)^^  07/31/18  07/02/25  Senior   1,759,500    1,762,430 
Ziggo Financing Partnership +, a  Cash 2.50% + L^^  02/27/20  04/30/28  Senior   2,500,000    2,489,062 
Total Western Europe (3.09%)                    209,542,078 
Total Direct Debt (13.55%)                   $917,214,251 
Total Direct Investments (70.29%)                   $4,759,453,055 
                 

 

Secondary Investments *, d (8.43%)  Acquisition
Date
  Fair
Value
 
Asia - Pacific (0.01%)        
Baring Asia Private Equity Fund IV, L.P. +, a  11/24/09  $7,175 
Carlyle Japan International Partners II, L.P. +, a  09/30/13   93,525 
CVC Capital Partners Asia Pacific III, L.P. +, a  01/11/13   405,742 
TRG Growth Partnership (Offshore) II, L.P. +, a  08/02/10   112,300 
TRG Growth Partnership (Offshore), L.P. +, a  08/02/10   6,541 
TRG Growth Partnership II, L.P. +, a  07/08/10   329,429 
Total Asia - Pacific (0.01%)      954,712 
North America (7.65%)        
Apollo Investment Fund IX, L.P +, a  06/01/17   8,644,635 
Apollo Investment Fund VII, L.P. +, a  07/01/10   143,192 
Apollo Overseas Partners (Delaware) VII, L.P. +, a  10/01/09   47,200 
Ares PE Extended Value Fund, L.P. +, a  11/14/19   27,782,263 
Bain Capital Fund X, L.P. +, a, c  06/30/11   5,668,868 
Bain Capital IX Co-Investment Fund, L.P. +, a, c  12/31/15   25,854 
Bain Capital Partners IX, L.P. +, a  12/31/15   166,092 
Bain Capital VIII Co-Investment Fund, L.P. +, a  12/31/15   402 
Bertram Growth Capital II-A, L.P. +, a  09/30/15   1,060,929 
Clayton, Dubilier & Rice Fund VIII, L.P. +, a  03/29/12   2,570,287 
DST Opportunities Access Offshore LP +, a  09/30/20   12,683,491 
Frazier Healthcare VI, L.P. +, a  06/30/12   216,448 
FS Equity Partners V, L.P. +, a  08/07/12   1,410,601 
Genstar Capital Partners V, L.P. +, a  09/30/15   105,424 
Gridiron Energy Feeder I, L.P. +, a, c  05/15/17   34,530,355 
Gryphon Partners 3.5, L.P. +, a  05/21/13   1,438,788 
Gryphon Partners IV L.P. +, a  02/08/16   33,057,695 
H.I.G. Bayside Debt & LBO Fund II, L.P. +, a  12/30/10   353,060 
Harvest Partners V, L.P. +, a  09/30/11   3,078 
Harvest Partners VII, L.P. +, a  12/14/15   11,132,981 

 

 

Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)

 

 

Consolidated Schedule of Investments —

December 31, 2020 (Unaudited) (continued)

 

 

Private Equity Investments (continued)        
Secondary Investments *, d (continued)  Acquisition   Fair 
North America (continued)  Date   Value 
Hellman & Friedman Capital Partners VI, L.P. +, a  12/31/12  $127,852 
Hellman & Friedman Capital Partners VII, L.P. +, a  06/30/14   1,643,169 
Highstar Capital III Prism Fund, L.P. +, a  07/01/10   15,294 
Insight Venture Partners Continuation Fund, L.P. +, a  09/09/19   44,546,039 
Investcorp Private Equity 2007 Fund, L.P. +, a  03/31/11   15,401 
Investcorp Technology Partners III (Cayman), L.P. +, a  08/19/11   10,768 
Lee Equity Partners II, L.P. +, a  06/30/17   4,617,116 
Lee Equity Partners Realization Fund, L.P. +, a  06/30/17   17,721,017 
Lightyear Fund II, L.P. +, a  09/30/13   439,612 
Madison Dearborn Capital Partners V, L.P. +, a  01/03/12   218,052 
MidOcean Partners III, L.P. +, a  06/30/11   412,225 
Monomoy Capital Partners II, L.P. +, a  09/30/15   1,111,870 
New Enterprise Associates 17, L.P. +, a  09/30/20   3,024,731 
Northgate Growth Fund, L.P. +, a  12/20/19   1,166,809 
NVP VIII PG, L.P. +, a  05/31/19   32,848,948 
Oak Investment Partners XII, L.P. +, a  06/28/12   344,458 
Palladium Equity Partners III, L.P. +, a  08/02/10   1 
Pamlico Capital GP II, LLC +, a  03/31/14   3,497 
Pamlico Capital II, L.P. +, a  03/31/14   37,107 
Providence Equity Partners IV, L.P. +, a  06/30/11   685 
Providence Equity Partners V, L.P. +, a  06/30/11   20,026 
Providence Equity Partners VI-A, L.P. +, a  06/30/13   6,630,240 
Providence Equity Partners VII-A, L.P. +, a  06/30/13   1,569,625 
Revelstoke Single Asset Fund I, L.P. +, a  11/20/19   50,761,260 
Samson Partners, L.P. +, a  12/21/20   43,159,916 
Silver Lake Partners II, L.P. +, a  06/30/14   1,045 
Silver Lake Partners III, L.P. +, a  06/30/10   2,600,938 
Silver Lake Partners V, L.P. +, a  03/31/17   55,361,773 
Silver Lake Sumeru Fund, L.P. +, a  12/18/09   93,387 
SL SPV-1, L.P. +, a  12/01/17   17,330,943 
SL SPV-2, L.P. +, a  05/01/19   7,253,176 
Sun Capital Partners V, L.P. +, a  09/30/13   5,743,399 
TA Atlantic & Pacific VI, L.P. +, a  09/30/15   189,067 
TA X, L.P. +, a  09/30/15   363 
TA XI, L.P. +, a  09/30/15   4,203,438 
TCV VI, L.P. +, a  09/30/13   60,809 
TCV VII (A), L.P. +, a  09/30/13   5,021,054 
TorQuest Partners Fund (U.S.) II, L.P. +, a  09/30/15   157,894 
TPG Partners V, L.P. +, a  07/11/11   46,151 
TPG Partners VI, L.P. +, a  07/01/10   4,112,777 
Tudor Ventures III, L.P. +, a  12/31/12   224,488 
Vistria Fund III, LP +, a  06/19/19   3,087,776 
Warburg Pincus Private Equity X, L.P. +, a  09/28/12   1,441,352 
Welsh, Carson, Anderson & Stowe XII, L.P. +, a  12/31/18   59,656,714 
Total North America (7.65%)      518,073,905 
Western Europe (0.77%)        
3i Eurofund Vb, L.P. +, a  09/30/09   111,916 
3i Growth Capital B, L.P. +, a  10/01/14   65,993 
Abingworth Bioventures III, L.P. +, a  09/30/15   2,930 
Abingworth Bioventures V Co-Investment Growth Equity Fund, L.P. +, a  06/30/12   232,443 
Abingworth Bioventures V, L.P. +, a  06/30/12   28,213 
Advent International GPE VI, L.P. +, a  09/30/10   395,852 
Apax Europe VI - A, L.P. +, a  07/01/11   131,956 
Apax Europe VII - B, L.P. +, a  04/30/11   2,839 

 

 

Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)

 

 

Consolidated Schedule of Investments —

December 31, 2020 (Unaudited) (continued)

 

 

Private Equity Investments (continued)        
Secondary Investments *, d (continued)  Acquisition   Fair 
Western Europe (continued)  Date   Value 
Astorg V FCPR +, a  09/30/15  $1,836,685 
Astorg VI, FCPI +, a, c  06/30/16   10,708,039 
BC European Capital IX, L.P. +, a  09/30/14   7,745,603 
Carlyle Europe Partners II, L.P. +, a  12/28/12   31,526 
Carlyle Europe Partners III, L.P. +, a  12/28/12   1,161,095 
CCP IX L.P. No.2 +, a  09/30/14   902,047 
CVC European Equity Partners V, L.P. +, a  12/28/12   582,676 
EPIC I-b Fund SLP +, a, f  11/30/20    
ESP Golden Bear Europe Fund +, a  12/31/16   11,116,482 
Galileo III FCPR +, a  09/30/15   34,139 
Graphite Capital Partners VII Top-Up +, a  09/30/15   75,919 
Graphite Capital Partners VII, L.P. +, a  09/30/15   328,859 
Indigo Capital V, L.P. +, a  09/30/15   48,868 
Industri Kapital 2000, L.P. +, a  09/30/15   1 
Italian Private Equity Fund IV, L.P. +, a  01/29/16   17,739 
KKR European Fund III, L.P. +, a  11/01/10   430,357 
Montagu III, L.P. +, a  12/09/09   1 
PAI Europe V +, a  09/30/14   5,385 
Permira Europe II, L.P. +, a  11/29/13   20,186 
Permira Europe III, L.P. +, a  09/30/13   32,701 
Permira IV, L.P. +, a  09/30/13   3,983,029 
Riverside Europe Fund IV, L.P. +, a, c  09/30/14   1,122,320 
Terra Firma Capital Partners III, L.P. +, a  09/30/13   243,134 
Trilantic Capital Partners V (Europe) S.C.A., SICAR +, a  11/20/20   10,378,169 
Trilantic Europe VI SCSp +, a, f  12/10/20    
Total Western Europe (0.77%)      51,777,102 
Total Secondary Investments (8.43%)     $570,805,719 
Primary Investments *, d (14.46%)        
Asia - Pacific (1.79%)        
Baring Asia Private Equity Fund V, L.P. +, a  12/01/10   3,851,413 
BGH Capital Fund I +, a  03/01/18   5,003,948 
CPEChina Fund III, L.P. +, a  03/28/18   38,667,589 
Hony Capital Fund VIII, L.P. +, a  10/30/15   8,296,728 
Hony Capital Partners V, L.P. +, a  12/15/11   5,687,001 
J-STAR No.4-C, L.P. +, a  08/02/19   12,382,431 
KKR Asian Fund IV SCSp +, a  05/29/20   1 
Primavera Capital Fund III L.P. +, a  05/09/18   10,380,648 
Southern Capital Fund IV L.P. +, a  01/26/18   1,976,094 
The Baring Asia Private Equity Fund VII, L.P. +, a  07/10/18   7,836,023 
TPG Asia VII (B), L.P. +, a  12/07/18   12,137,243 
Trustbridge Partners VI, L.P. +, a  04/12/18   14,874,848 
Total Asia - Pacific (1.79%)      121,093,967 
North America (8.28%)        
Advent Global Technology, L.P. +, a  06/25/19   1,067,501 
AEA Investors Fund VII L.P. +, a  02/08/19   620,390 
American Industrial Partners Capital Fund VII, L.P. +, a, c  03/29/19   841,929 
Apollo Investment Fund VIII, L.P. +, a  06/28/13   7,659,641 
Ares Corporate Opportunities Fund IV, L.P. +, a  04/19/12   5,729,287 
Ares Corporate Opportunities Fund V, L.P. +, a  12/28/15   7,386,920 
Ares Corporate Opportunities Fund VI, L.P. +, a, f  06/02/20    
Avista Capital Partners II, L.P. +, a  03/15/10   87,641 
Avista Capital Partners III, L.P. +, a  10/03/11   11,801 
Bain Capital Fund XII, L.P. +, a  06/30/17   12,731,496 

 

 

Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)

 

 

Consolidated Schedule of Investments —

December 31, 2020 (Unaudited) (continued)

 

 

Private Equity Investments (continued)        
Primary Investments *, d (continued)  Acquisition   Fair 
North America (continued)  Date   Value 
Bain Capital Fund XIII, L.P. +, a, f  08/07/20  $ 
Berkshire Fund IX, L.P. +, a  03/18/16   10,357,994 
Caltius Partners V-A, L.P. +, a  12/02/14   5,001,342 
Carlyle Partners VII, L.P. +, a  11/29/17   22,697,446 
Clayton Dubilier & Rice Fund IX, L.P. +, a  07/31/13   8,803,124 
Clayton, Dubilier & Rice Fund XI, L.P. +, a, f  05/15/20    
Clearlake Capital Partners V, L.P. +, a  12/15/17   36,060,830 
Clearlake Capital Partners VI, L.P. +, a  12/15/19   4,217,905 
Crescent Mezzanine Partners VI, L.P. +, a  03/30/12   1,360,715 
Genstar Capital Partners IX, L.P. +, a  02/21/19   7,817,887 
Genstar Capital Partners VI, L.P. +, a  09/01/12   4,040,250 
Genstar Capital Partners VII, L.P. +, a  06/26/15   10,805,806 
Genstar Capital Partners VIII, L.P. +, a  03/23/17   29,842,503 
GoldPoint Mezzanine Partners IV, L.P. +, a  12/30/15   9,418,214 
Green Equity Investors Side VIII, L.P. +, a  10/18/19   3,918,773 
Gryphon Heritage Partners, L.P. +, a, f  12/17/20    
Gryphon Partners V, L.P. +, a  02/23/18   7,562,064 
Gryphon Partners VI, L.P. +, a, f  12/17/20    
Harvest Partners VIII, L.P. +, a  12/19/18   12,445,801 
Insight Venture Partners X, L.P. +, a  07/06/18   11,299,398 
Insight Venture Partners XI, L.P. +, a  12/17/19   2,682,814 
KKR Americas Fund XII L.P. +, a  01/31/18   20,401,594 
KKR North America Fund XI, L.P. +, a  02/01/12   9,033,059 
Kleiner Perkins Caufield & Byers XIX LLC +, a  03/05/20   1,900,125 
Kohlberg TE Investors IX, L.P. +, a  12/20/19   2,032,608 
Kohlberg TE Investors VII, L.P. +, a  09/15/11   4,085,844 
Kohlberg TE Investors VIII, L.P. +, a  08/04/16   21,338,601 
Lee Equity Partners Realization Fund Captive AIV, L.P. +, a, f  05/31/19    
Leeds Equity Partners VI, L.P. +, a  11/25/16   16,034,363 
Lerer Hippeau Select Fund III, LP +, a  12/20/19   2,260,616 
Lerer Hippeau VII, LP +, a  12/20/19   366,759 
Madison Dearborn Capital Partners VIII, L.P. +, a  03/20/20   1,312,385 
Nautic Partners IX-A, L.P. +, a  03/12/19   2,407,848 
Nautic Partners VII-A, L.P. +, a  06/27/14   2,357,244 
New Enterprise Associates 14, L.P. +, a  05/04/12   5,933,373 
New Enterprise Associates 17, L.P. +, a  06/06/19   4,096,963 
New Mountain Capital V, L.P. +, a  06/29/17   27,044,086 
New Mountain Partners VI, L.P. +, a, f  10/16/20    
NexPhase Capital Fund III-A, LP +, a  09/01/16   24,903,798 
Oak Hill Capital Partners IV, L.P. +, a  04/28/17   14,619,906 
Oak Hill Capital Partners V, L.P. +, a  12/21/18   7,686,613 
Pamlico Capital V, L.P. +, a, f  02/03/20    
PennantPark Credit Opportunities Fund II, L.P. +, a  08/03/12   9,074,093 
Silver Lake Partners IV, L.P. +, a  07/30/12   16,842,794 
Silver Lake Partners VI, L.P. +, a  06/04/20   1 
Sumeru Equity Partners Fund, L.P. +, a  04/27/15   4,993,355 
TA XIII-B, L.P. +, a  05/02/19   8,666,485 
TCV X, L.P. +, a  08/31/18   8,848,307 
TCV XI (A), L.P. +, a, f  10/02/20    
Thompson Street Capital Partners IV, L.P. +, a  12/10/15   9,591,379 
Thompson Street Capital Partners V, L.P. +, a  05/04/18   6,149,087 
TPG Partners VII, L.P. +, a  03/01/16   13,259,498 
TPG Partners VIII, L.P. +, a  01/31/19   1,043,597 
Trident VII, L.P. +, a  09/22/16   28,182,409 
Trident VIII, L.P. +, a  04/05/19   6,579,901 

 

 

Partners Group Private Equity (Master Fund), LLC
(a Delaware Limited Liability Company)

 

 

Consolidated Schedule of Investments —

December 31, 2020 (Unaudited) (continued)

 

 

Private Equity Investments (continued)        
Primary Investments *, d (continued)  Acquisition   Fair 
North America (continued)  Date   Value 
Vista Equity Partners Fund VII, L.P. +, a  08/31/18  $9,965,534 
Vistria Fund II, L.P. +, a  12/19/17   9,340,696 
Vistria Fund III, LP +, a  06/19/19   3,087,776 
Warburg Pincus Global Growth, L.P. +, a  11/20/18   4,571,420 
Welsh, Carson, Anderson & Stowe XII, L.P. +, a  12/19/14   15,186,097 
Welsh, Carson, Anderson & Stowe XIII, L.P. +, a  07/25/18   5,459,892 
Windjammer Senior Equity Fund IV, L.P. +, a  02/06/13   7,310,624 
Total North America (8.28%)      560,438,202 
Rest of World (0.52%)        
Advent Latin American Private Equity Fund VI-H L.P. +, a  10/17/14   8,319,191 
Altra Private Equity Fund II, L.P. +, a  12/07/12   1,967,577 
Patria - Brazilian Private Equity Fund IV, L.P. +, a  06/30/11   5,127,164 
Polish Enterprise Fund VIII, L.P. +, a  09/15/17   19,887,805 
Total Rest of World (0.52%)      35,301,737 
Western Europe (3.87%)        
Advent International GPE IX-C, L.P. +, a  05/31/19   9,985,203 
Advent International GPE VII-B, L.P. +, a  07/01/12   8,313,345 
Advent International GPE VIII-C, L.P +, a  03/22/16   14,732,391 
Apax X USD L.P. +, a  07/16/19   328,963 
Axcel VI K/S +, a  02/21/20   1,413,659 
Bain Capital Europe Fund IV, L.P. +, a  09/01/14   6,405,095 
BC Partners XI, L.P. +, a, f  12/18/20    
CapVest Equity Partners III B, L.P. +, a  08/30/13   11,007,396 
Capvis Equity V L.P. +, a  01/17/18   14,607,456 
Carlyle Europe Partners IV, L.P. +, a  08/27/13   1,463,603 
Carlyle Europe Partners V, L.P. +, a  04/23/18   1,992,222 
CVC Capital Partners VI (A) L.P. +, a  07/05/13   9,119,447 
CVC Capital Partners VIII, L.P. +, a, f  06/19/20    
DPE Deutschland IV +, a  08/24/20   1 
EQT IX, L.P. (USD) +, a, f  05/15/20    
EQT Mid-Market (No.1) Feeder L.P. +, a  07/01/16   24,231,752 
EQT VI (No.1), L.P. +, a  07/01/11   1,459,374 
Gilde Buy-Out Fund VI C.V. +, a  06/28/19   2,150,403 
Graphite Capital Partners IX L.P. +, a  04/11/18   3,567,806 
Hg Saturn I L.P. +, a, c  06/28/18   22,163,923 
HgCapital 8 L.P. +, a, c  12/19/16   16,562,129 
HgCapital Mercury 2 +, a  02/15/17   14,995,615 
Index Ventures Growth III (Jersey)