CPEP, at the direction of the General Partner, has the authority to issue an unlimited number of units of each class of units

(as defined below). CPEP offers twelve classes of units to investors, as follows:


Standard Units		Class A Units, Class S Units, Class D Units, Class I Units
Anchor Units (1)		Class A-A Units, Class A-S Units, Class A-D Units, Class A-I Units
Early Investor Units (2)		Class E-A Units, Class E-S Units, Class E-D Units, Class E-I Units

(2)Available to investors in closings which occur within one year of the Initial Closing.

Additionally, Class C and Class CG Units (collectively, the “Carlyle Units”) are available for Other Carlyle Accounts (as

defined in the Partnership Agreement) that invest in the Fund as part of custom mandates and Carlyle Units are available to

Carlyle and certain of its affiliates and employees, officers and directors and other persons as determined by the General Partner

in its discretion. The Carlyle Units are not offered to other investors.

The primary differences among the classes of units relates to the Management Fee, the Servicing Fee, and upfront

subscription fees (discussed below). See Note 6, Related Party Transactions, for further detail regarding the Management Fee

Certain financial intermediaries may charge investors upfront selling commissions, placement fees, subscription fees, or

similar fees (“Subscription Fees”) of up to the following, as a percentage of Transactional NAV:


Subscription Fee		Classes of Units
3.00%		Class A Units, Class S Units, Class A-A Units, Class A-S Units, Class E-A Units, Class E-S Units
1.50%		Class D Units, Class A-D Units, Class E-D Units
—%		Class I Units, Class A-I Units, Class E-I Units, Class C Units, Class CG Units

Units issued pursuant to the Fund’s distribution reinvestment plan are not subject to Subscription Fees. These Subscription

Fees are paid by investors outside of their investment in CPEP and are not reflected in CPEP’s NAV.

The Fund’s units are offered on a monthly basis effective as of the first calendar day of each month. The purchase price per

unit of each class is equal to the Transactional NAV per unit for such class as of the last business day of the immediately

preceding month. Units were first issued to investors on October 1, 2025 at an initial subscription price of $25.00 per unit, and

the Transactional NAV was first determined as of October 31, 2025.

The following tables present transactions in the Units during period from Inception through December 31, 2025:


	Class A-S Units	Class A-I Units	Class E-S Units	Class E-I Units	Class C Units
Units Outstanding as of February 11, 2025 (Inception)	—	—	—	—	—
Units issued	29,000	868,860	11,050	809,598	95,584
Non-cash redemptions (1)	—	(10)	—	—	—
Units Outstanding as of December 31, 2025	29,000	868,850	11,050	809,598	95,584

(1)During the year ended December 31, 2025, the Fund effected a non-cash redemption of Units held indirectly by the Feeder through the cancellation of

Units at Transactional NAV. This redemption was undertaken to settle Servicing Fees paid by the Fund on the Feeder’s behalf. The transaction did not

involve any cash consideration and resulted in a reduction of partners’ capital in the applicable Unit Class. No redemptions were effected from third-party

No Class A Units, Class S Units, Class A-A Units, Class E-A Units, Class D Units, Class A-D Units, Class E-D Units,

Class I Units or Class CG Units have been issued since Inception.

At the discretion of the General Partner and in accordance with the Partnership Agreement, CPEP intends to implement a

redemption program (the “Redemption Program”), pursuant to which it expects to offer to redeem in each quarter up to 3% of

the Fund’s units outstanding (excluding the Class C Units), either by number of units or aggregate Transactional NAV. The

Redemption Program is expected to commence the quarter following the first anniversary of the Initial Closing. Class C Units

are not subject to the Redemption Program, including with respect to any redemption limits. The Fund has adopted a separate

arrangement pursuant to which Class C Units held by Carlyle or its affiliates may be redeemed on a monthly basis, generally

based on available subscription proceeds and subject to certain limitations, including where such redemptions would adversely

impact the Fund’s liquidity or where redemption requests under the Redemption Program are not fully satisfied.

Under the Redemption Program, the General Partner currently expects to redeem units quarterly using a purchase price

equal to the Transactional NAV per unit as of the date specified in the redemption offer (the “Redemption Date”). Any

redemption request for units that have not been outstanding for at least two years will be subject to an early redemption

deduction equal to 5% of the Transactional NAV of the units being redeemed, calculated as of the Redemption Date, (the

“Early Redemption Deduction”) for the benefit for CPEP and its Shareholders.