ORGANIZATION

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

1. ORGANIZATION

Carlyle Private Equity Partners Fund, L.P. (“CPEP” or the “Fund”), a Delaware limited partnership formed on February 11,

2025 (“Inception”), is a private fund exempt from registration pursuant to Section 3(c)(7) of the Investment Company Act of

1940, as amended (the “1940 Act”). CPEP’s investment objective is to generate attractive risk-adjusted returns and achieve

medium-to-long-term capital appreciation through a well-diversified portfolio of private equity investments. CPEP seeks to

achieve its investment objective by providing access to Carlyle’s global private equity (“GPE”) platform, with an emphasis on

its U.S., European, and Asian corporate buyout strategies. CPEP will also provide investors access to Secondary Investments

(as defined below) through Carlyle AlpInvest, as well as certain other investment strategies, such as growth, infrastructure and,

where appropriate, Global Credit. These investments may be made in a variety of ways, including through:

•Direct Investments: Investments in companies and other private assets which may include, without limitation, private

and public investments in equity instruments, preferred equity instruments, convertible debt or equity derivative

instruments, warrants, options, “PIK” (paid-in-kind) notes, mezzanine debt, hybrid capital (including, but not limited

to, structured equity, distressed credit and opportunities arising due to market dislocation), collateralized loan

obligation equity, other debt investments and “PIPE” (private investments in public equity) transactions;

•Secondary Investments: Certain secondary investments of AlpInvest Private Equity Investment Management, LLC

(“Carlyle AlpInvest”) which targets investments in private equity assets and private equity funds managed by third-

party managers and portfolios of direct private equity investments through privately negotiated transactions (typically

structured through new investment vehicles) in the secondaries market and from time to time may include secondary

market purchases of existing investments in Other Carlyle Accounts; and

•Primary Commitments: Capital commitments to investment funds managed by Carlyle or third-party managers.

The Fund may also invest in debt and other types of liquid securities (“Liquid Investments”). CPEP generally seeks to

invest 80% to 90% of its net asset value (“NAV”) in Direct Investments, Secondary Investments, and Primary Commitments

and up to 10% to 20% of its NAV in Liquid Investments. “Carlyle” refers to The Carlyle Group Inc. and its affiliates and its

consolidated subsidiaries (other than portfolio companies of its affiliated funds), a global investment firm publicly traded on the

Nasdaq Global Select Market under the symbol “CG”.

CPEP is conducting a continuous private offering of its units in reliance on exemptions from the registration requirements

of the Securities Act of 1933, as amended (the “1933 Act”) to investors that are both (i) accredited investors (as defined in

Regulation D under the 1933 Act) and (ii) qualified purchasers (as defined in the 1940 Act and the rules thereunder).

As of September 30, 2025, CPEP had not yet commenced investment operations and activities, and, as a result, the Fund

did not hold any investments and had not generated any revenues. A statement of operations, statement of changes in net assets,

statement of cash flows and financial highlights have not been presented as the Fund had not commenced operations. CPEP’s

first fiscal period ends December 31, 2025.

CPEP GP, LLC (the “General Partner”), a Delaware limited liability company, serves as the general partner of the Fund.

On September 2, 2025, CPEP General Partner, L.P. (the “Original General Partner”), a Delaware limited partnership which

served as the original general partner of the Fund, assigned, transferred and conveyed all of its general partner interests in the

Fund to the General Partner. Overall responsibility for the Fund’s oversight rests with the General Partner, subject to certain

oversight rights held by the Fund’s board of directors (the “Board”) with respect to periodic reports under the Securities

Exchange Act of 1934, as amended (the “Exchange Act”) and certain situations involving conflicts of interest, or other matters

as deemed appropriate by the General Partner in its sole discretion. Carlyle Investment Management L.L.C. (“CIM” or the

“Investment Advisor”), a Delaware limited liability company, manages the Fund pursuant to the terms of the investment

advisory agreement (see Note 3, Related Party Transactions). The Investment Advisor is registered as an investment adviser

with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended from

time to time (the “Advisers Act”). Both the General Partner and the Investment Advisor are subsidiaries of The Carlyle Group

Inc.