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PARTNERS GROUP PRIVATE EQUITY LIMITED

10. Corporate governance

10.1 Board of Directors

Peter McKellar

Chair of the Board

(appointed 23 November 2023)

Peter McKellar was appointed Chair of Partners Group Private Equity Limited (formerly Princess

Private Equity Holding Limited) in November 2023. He currently serves as a non-executive

director of 3i Group plc and Investcorp Capital plc and was a non-executive member of Scottish

Enterprise. He is also an advisor to Bonaccord Capital Partners. Previously, he was Executive

Chair and Global Head of Private Markets at Aberdeen Group plc, overseeing £55 billion of assets

under management ("AUM") across private equity, infrastructure, real estate, natural resources

and certain private credit capabilities. Prior to that, he was Head of Private Equity and Infrastructure

at Standard Life Investments Ltd, and Lead Manager at Standard Life Private Equity Trust, a

London listed investment trust. Mr. McKellar has over 30 years of experience in private markets,

making direct investments, co-investments and fund investments, as well as being a member and

chair of various investment committees. Peter started his career at JP Morgan in New York and

London in 1987. Mr. McKellar holds a Bachelor of Law from Edinburgh University.

Fionnuala Carvill

Chair of Management Engagement Committee

(appointed 1 September 2018)

Fionnuala Carvill is a Guernsey resident and a Chartered Fellow of The Chartered Institute for

Securities & Investment; a Fellow of the London Institute of Banking & Finance (Chartered

Institute of Bankers); a Fellow of the Chartered Governance Institute and a Governance

Professional. Ms. Carvill is a non-executive director of Investec Bank (Channel Islands) Limited,

Fair Oaks Income Limited, and Guernsey Community Foundation and a philanthropic advisor

to a family office. Previous executive positions held include Managing Director of Kleinwort

Benson (Channel Islands) Investment Management Limited; Director of Kleinwort Benson

(Channel Islands) Limited; Commission Secretary and Head of Innovation at the Guernsey

Financial Services Commission; and Director of Rothschild Bank (CI) Limited. Ms. Carvill is a

former board member of The Chartered Institute for Securities & Investment; a past President

and committee member of The Chartered Institute for Securities & Investment, Guernsey Branch;

a Liveryman of the Worshipful Company of International Bankers; and was granted Freedom of

the City of London in 2007. Ms. Carvill sits on the board of several charities, holding roles from

funding and capacity building to governance and impact assessment. She previously volunteered

with Voluntary Service Overseas ("VSO") where she took the role of Organizational Development

Advisor during a placement with the Environment Development Center of a university in the

People's Republic of China, aiming to support program delivery, aid capacity building and develop

knowledge of governance and fundraising. Ms. Carvill holds a Master's degree in Corporate

Governance

(Distinction).

Annual Report 2025 | Page 31

PARTNERS GROUP PRIVATE EQUITY LIMITED

Merise Wheatley

Chair of Audit & Risk Committee

(appointed 1 September 2018)

Merise Wheatley is a Guernsey resident and has over thirty five years' experience at Board level

in risk financing and insurance management. She is a Fellow of the Association of Chartered

Certified Accountants, having completed her training with Abbey Life Assurance and National

Mutual Life Association of Australasia in the UK, and qualified in 1982. In addition to her directorship

of Partners Group Private Equity Limited, Merise serves as a director on the Boards of a number

of non-listed regulated insurance entities in Guernsey. From 1988 until June 2019 Merise worked

for a number of leading insurance management service providers in Cayman, Guernsey, and

Malta, including Artex Risk Solutions, Heath Lambert, Marsh and Johnson Higgins, providing

strategic and operational insurance management services and serving as executive director to a

portfolio of client insurance companies. Merise is a past Chairman of the Guernsey International

Insurance Association. In 2007 she achieved the Diploma in Company Direction awarded by the

UK Institute of Directors.

Axel Holtrup

(appointed 15 February 2024)

Axel Holtrup is a seasoned private equity investor with more than 30 years of investment

experience. He is also an early stage technology investor and serves as a member of the

Supervisory Board of Deutsche Beteiligungs AG ("DBAG"), a German listed private equity

company. Previously he worked over the course of 20 years as a partner in private equity firms

AEA Investors, Silver Lake Partners and Investcorp. His responsibilities included sourcing,

executing and managing major private equity transactions across Europe. Axel started his career

in investment banking at Morgan Stanley in 1995. Axel holds a Bachelor (Hons) degree in

European Business Administration from Middlesex University in London and a Diplom

Betriebswirt from Reutlingen University in Germany. He is a German national who resides in the

UK.

Gerhard Roggemann

(appointed 21 March 2024)

Gerhard Roggemann is a German resident. He was appointed to the Board in March 2024 and

also serves as a board member for the Else

-Kroener-

Fresenius Foundation, is Deputy Chair of

the Supervisory Board for Bremer AG, and is an independent business consultant, based in

Hanover, Germany. Gerhard's professional experience includes serving as a non

executive

director and later as Chair of the Supervisory Board of Deutsche Beteiligungs AG (

"DBAG

"), a

Frankfurt

-listed private equity firm focused on German mid-market buyouts (2009-

2020). He has

also been a non

-executive director of a number

of prominent German and UK companies,

including Deutsche Boerse AG, Fresenius SE & Co KG

A, Friends Life Group Plc, F&C Asset

Management Plc, and Resolution Ltd Guernsey. Gerhard previously worked in senior

management positions at JP Morgan & Co, Norddeutsche Landesbank and WestLB. In all these

functions his responsibilities centered around investment banking, trading, and investment

management.

Nicola Paul

(appointed 2 April 2025)

Nicola Paul is a Guernsey resident and a Fellow of the Institute of Chartered Accountants in

England and Wales, having completed her training with Deloitte and qualified in 1998. She has

over 30 years’ experience working in the finance industry in the Channel Islands. Prior to becoming

a non-executive director, Nicola worked for Deloitte LLP as an Associate Partner in the UK and

Channel Islands and led teams in the provision of audit and controls engagements to both listed

and private investment funds and asset management entities. She also specialised in advising on

accounting, corporate governance and risk management matters. Nicola is a former Executive

Committee member of the Guernsey Society of Chartered and Certified Accountants and served

as the Technical Sub-Committee Chairman for 15 years until 2024. She is also a non-executive

director of Sequoia Economic Infrastructure Income Fund Limited.

Page 32 | Annual Report 2025

PARTNERS GROUP PRIVATE EQUITY LIMITED

10.2 Directors' Report

The Directors present their report and audited consolidated financial statements of Partners Group Private Equity Limited

for the period from 1 January 2025 to 31 December 2025 in accordance with the Companies (Guernsey) Law, 2008. The

Corporate Governance Report in section 10.6 forms part of this report.

Incorporation

The entities

of the Group are incorporated and domiciled in Guernsey, Channel Islands.

Principal activity

and investment objective

Partners Group

Private Equity Limited is an investment holding company established on 12 May 1999. The Company is a

Guernsey incorporated, authorised closed-ended investment company under the Companies (Guernsey) Law, 2008 and

is listed on the London Stock Exchange ("LSE").

The Company

is a Guernsey limited liability company that invests in a diversified portfolio of private market investments

through its wholly owned subsidiary, Princess Private Equity Subholding Limited (the "Subsidiary"). The Subsidiary also

holds certain investments through its wholly owned subsidiary Princess Direct Investments, L.P. Inc. (the "Sub-Subsidiary").

The Sub-Subsidiary, the Subsidiary, and the Company form a group (the "Group").

The Company

and Group’s principal objective is set out on page 50.

Registered office

Tudor House

Le Bordage

St Peter Port Guernsey

GY1 6BD

Major developments

in the year

The Chair’s

Report and the Investment Manager’s Report contain a review of the business for the period from 1 January

2025 to 31 December 2025.

Results

The results

for the period are shown in the audited consolidated statement of comprehensive income.

Dividends

Two dividends

of EUR 0.375 each per share were declared on 30 April 2025 and 6 November 2025 and were paid on 13

June 2025 and 19 December 2025, respectively. This compares to dividends of EUR 0.355 per share, declared on 8 May

2024 and 23 October 2024, and paid on 17 June 2024 and 13 December 2024, respectively. Since the December 2017

dividend, shareholders have also been able to elect to get their dividends paid in Sterling or to elect to participate in the

Dividend Reinvestment Plan, although this does not result in the issuance of any new shares.

Share capital

There are

no restrictions regarding the transfer of the Company's securities, no special rights with regard to control attached

to the Company's securities, and no agreements between holders of the Company's securities regarding their transfer

known to the Company. In the event of a change in control, the Company's short-term credit facility will be cancelled and

Annual Report 2025 | Page 33

PARTNERS GROUP PRIVATE EQUITY LIMITED

all outstanding loans, together with accrued interest, and all other amounts accrued under the terms of the facility, will be

repayable.

Although the shareholders granted authorization to the Directors to make market acquisitions of ordinary shares, the

Company purchased and redeemed/canceled no shares during the period 1 January 2024 to 31 December 2024.

On 8

October 2025, the Company announced its intention to commence its share buyback programme following positive

Free Cash Flows as calculated under the Company's Capital Allocation Policy and allocated EUR 15 million to be used for

buybacks in the period to 31 January 2026.

During the

period from 8 October 2025 to 31 December 2025, the Company bought back 562,025 of its ordinary shares at

a cost of EUR 5,839,843 representing a discount to NAV per ordinary share that has been accretive to NAV per ordinary

share for remaining Shareholders.

On 28

January 2026, the Company announced an extension of the share buyback programme to 30 April 2026. Between

31 December 2025 and the approval of the audited consolidated financial statements, the Company repurchased a further

597,000 of its ordinary shares at a cost of EUR 6,027,290.

In advance

of any share buybacks, the Board considers i) whether the Company is able to repurchase its own shares at

that point in time (including closed period and regulatory considerations); ii) the Company's available cash resources after

supporting the dividend; and iii) other relevant circumstances.

Directors and

Directors' interests

The Directors

of Partners Group Private Equity Limited are as shown on pages 31 to 32. All directors have served

throughout the period and to date, other than Nicola Paul who was appointed as a non-executive director on 2 April 2025

to ensure appropriate succession for our longer-serving members.

The sole

director of Princess Private Equity Subholding Limited, which held office during the period, was Partners Group

Private Equity Limited.

As at

31 December 2025, the Directors had no beneficial interest in the share capital of the Company other than as shown

below:

P. McKellar (Chair):

43,000 shares

G. Roggemann: 818,460

M. Wheatley: 8,000

Directors’ remuneration

is disclosed in the Directors’ Remuneration Report on pages 43 to 44.

Directors' and

officers' liability insurance

The Company

maintains insurance in respect of Directors' and Officers' liability in relation to their acts on behalf of the

Company. Suitable insurance is in place and due for renewal on 6 February 2027.

Company secretary

The secretary

of the Company, as at 31 December 2025, was Aztec Financial Services (Guernsey) Limited.

Substantial interests

The European

Union Transparency Directive requires substantial shareholders to make relevant holding notifications to

the Company and the UK Financial Conduct Authority. The Company must then disseminate this information to the wider

Page 34 | Annual Report 2025

PARTNERS GROUP PRIVATE EQUITY LIMITED

market. Those shareholders who have declared accordingly that they held above 5% of ordinary shares, as at the period

end, were:

■ Asset Value Investors Limited - 7.70%

■ Bayer-Pensionskasse VVaG - 7.66%

■ CVP / CAP Coop - 5.55%

This information has been prepared based on disclosures made by shareholders to the Company in accordance with stock

exchange rules.

Bayer-Pensionskasse VVaG

and Deutsche Asset Management Investmentgesellschaft, in its capacity as its trustee, both

report the same holding in the Company. To avoid double reporting obligations, holdings of Bayer-Pensionskasse VVaG

is the one disclosed as the substantial shareholder according to the European Union Transparency Directive.

Non-mainstream pooled

investments

The Company

intends to be operated in such a manner that its shares are not categorised as non-mainstream pooled in-

vestments. Among

other things, this requires the Company to pay dividends such that it retains no more than 15% of the

income that it receives or is deemed to receive for UK tax purposes on an annual basis, so that it would qualify as an invest-

ment trust

if it were UK tax-resident.

AIFMD

At present,

the Board considers that PGPE Ltd falls outside the scope of the Alternative Investment Fund Managers Directive

("AIFMD") as enacted in the European Union and implemented in the United Kingdom, given that neither PGPE Ltd nor its

investment manager are established in the European Union or United Kingdom, and the number of its shares in issue is

static or declining, and accordingly, it does not market new shares inside the European Union or the United Kingdom. PGPE

Ltd will reconsider this in the event that it seeks to raise capital.

Key information

document

Partners Group

AG is required to produce and publish the key information document for packaged retail and insurance-

based investment

products. The key information document is available on the Company's website

www.partnersgroupprivateequitylimited.com/investors/key-information-documents.

Investment management

arrangements

The Company

has entered into an Investment Management Agreement with Partners Group AG (the "Investment Manager").

Details of the management fees are shown within the audited consolidated financial statements. The Investment Management

Agreement automatically renews every two years but contains a two-year notice period. Termination will be without penalty

or other additional payments, save that the Company will pay management and incentive fees due and additional expenses

incurred. During the second half of 2024, in conjunction with its advisors, the Board undertook a detailed review of the terms

of the Investment Management Agreement with the objective of ensuring that the commercial terms are: fair on a relative

and absolute basis relative to peers; simple to understand; and aligned with shareholder outcomes.

Following the

review, the new fee agreements became effective from 1 January 2025 as set out in Note 5 to the consolidated

financial statements.

The continued appointment of the Investment Manager was reviewed by the Management Engagement Committee (“ME

Committee”) during 2025 and it was concluded that the performance of the Investment Manager in terms of its delivery

against the agreement governing its appointment and the objectives of the Company was satisfactory. The Board accepted

the recommendation of the ME Committee that the continued appointment of the Investment Manager on the terms agreed

was in the best interests of shareholders as a whole for the reason set out above.

Annual Report 2025 | Page 35

PARTNERS GROUP PRIVATE EQUITY LIMITED

In light however of recent investment performance and shareholder feedback, the Board is discussing with the Investment

Manager and the Company's advisers what options might establish a satisfactory path forward, that marries achieving li-

quidity for investors at a narrower discount to NAV, whilst providing long-term investors with an attractive proposition going

forward. The Board will update shareholders on its assessment at the Annual General Meeting expected to be held on 18

June 2026.

Going concern

The Group closely monitors its future anticipated cash flows and, based on these forecasts and the sensitivities which have

been run on different scenarios, the Directors have a reasonable expectation that the Group and Company have adequate

resources to continue in existence for at least the next twelve months from the date of signing the financial statements. For

this reason, they continue to adopt the going concern basis in preparing the consolidated financial statements.

Financial instruments

Information about the use of financial instruments by the Company and its Subsidiaries is given in Note 3 to the consolidated

financial statements.

Post balance sheet events

Details of significant events which occurred since the Statement of Financial Position date are contained in Note 20 to the

consolidated financial statements.

Independent auditor

At a general meeting held on 19 June 2025, PricewaterhouseCoopers CI LLP was re-appointed Independent Auditor of the

Company for the period ended 31 December 2025, and the Directors were authorized to fix their remuneration.

Annual General Meeting

The Directors propose a separate resolution on each substantial issue tabled at the Annual General Meeting ("AGM"), in-

cluding the approval of the consolidated financial statements, and publish on the Company's website

www.partnersgroupprivateequitylimited.com/investors/VKDUHKROGHUVPHHWLQJ, shortly after the AGM, details of the valid

proxies received, votes for and against and withheld in relation to each resolution. No resolution at the 2025 AGM received

more than 5.49% of votes against the Board recommendation. The next AGM will be held on 18 June 2026 at East Wing,

Trafalgar Court, Les Banques, St Peter Port, Guernsey, Channel Islands GY1 3PP.

UK Modern Slavery Act

The Board acknowledges the requirement to provide information about human rights in accordance with the UK Modern

Slavery Act. The Board conducts the business of the Company ethically and with integrity and has a zero-tolerance

policy towards modern slavery in all its forms. As the Company has no employees, all its Directors are non-executive

and all its functions are outsourced, there are no further disclosures to be made in respect of employees and human

rights. A copy of the Company's Statement in respect of Modern Slavery can be found on its website at

www.partnersgroupprivateequitylimited.com.

Anti-Bribery and Corruption

The Board acknowledges that the Company's operations may give rise to possible claims of bribery and corruption. The

Board has adopted a zero-tolerance policy towards bribery and has reiterated its commitment to carry out business fairly,

honestly and openly. PGPE Ltd does not tolerate corruption, fraud, the receiving of bribes or breaches in human rights and

service providers are required to have policies and procedures in place to comply with the UK Bribery Act 2010. The

Page 36 | Annual Report 2025

PARTNERS GROUP PRIVATE EQUITY LIMITED

Company, and the Investment Manager, has anti-corruption and bribery policies in place to maintain high standards of

business integrity, a commitment to truth and fair dealing, and a commitment to complying with all applicable laws and

regulations. The Investment Manager mandates training for anti-bribery and corruption, which all employees are required

to complete annually.

Criminal Finances Act

The Board

has a zero-tolerance commitment to preventing persons associated with it from engaging in criminal facilitation

of tax evasion and will not work with any service provider who does not demonstrate the same commitment. The Board

has satisfied itself in relation to its key service providers that they have reasonable provisions in place to prevent the crim

inal facilitation

of tax evasion by their own associated persons and will not work with service providers who do not demonstrate

the same zero-tolerance commitment to preventing persons associated with it from engaging in criminal facilitation of tax

evasion.

Annual Report 2025 | Page 37

PARTNERS GROUP PRIVATE EQUITY LIMITED

10.3 Directors' Responsibilities Statement

Directors' duties and responsibilities

The Board meets at least quarterly, and it is the duty of each Director to inform the Board of any potential or actual conflict

of interest prior to a Board discussion. Representatives of the Investment Manager attend board meetings. The Company's

corporate brokers also attend to assist the Directors in understanding the views of major shareholders regarding the Company.

The Board

of Directors has overall responsibility for the Company's affairs and is responsible for the determination of the

investment policy of the Company, resolving conflicts and monitoring the overall portfolio of investments of the Company.

To assist the Board in the operations of the Company, arrangements have been put in place to delegate authority for per

forming certain

day-to-day operations of the Company to the Investment Manager, and other third-party service providers,

such as the Administrator and the Company Secretary. Although the Board meets formally at least five times a year, the

Investment Manager and Company Secretary stay in more regular contact with the Directors on a less formal basis. These

formal and informal discussions allow the Directors to constructively challenge and assist in the development of strategy.

Individual Directors have direct access to the Company Secretary and may, at the expense of the Company, seek independent

professional advice on any matter that concerns them in the furtherance of their duties.

The Directors

are responsible for preparing financial statements for each financial period that give a true and fair view, in

accordance with applicable Guernsey law and IFRS Accounting Standards, of the state of affairs of the Group and Company,

and of the profit or loss of the Group and Company for that period. In preparing those financial statements, the Directors

are required to:

■ Select suitable accounting policies and then apply them consistently.

■ Make judgments and estimates that are reasonable and prudent.

■ State whether applicable accounting standards have been followed, subject to any material departures disclosed and

explained in the financial statements.

■ Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and

Company will continue in business.

So far as the Board of Directors are aware,

■ There is no relevant audit information of which the Group and Company's auditor is unaware.

■ Each Director has taken all the steps that he or she ought to have taken as a Director in order to make himself or herself

aware of any relevant audit information and to establish that the auditor is aware of that information.

The Directors confirm that they have complied with the above requirements in preparing the audited consolidated financial

statements. The Directors of the Company have elected to prepare audited consolidated financial statements for Partners

Group Private Equity Limited for the period ended 31 December 2025 as the parent of the Group in accordance with Section

244(5) of The Companies (Guernsey) Law, 2008. They are not required to prepare individual accounts for Partners Group

Private Equity Limited for the financial period in accordance with Section 243 of The Companies (Guernsey) Law, 2008.

To the

best of their knowledge and belief:

■ The Annual Report, which includes information detailed in the Chair's report, the Investment Manager's report, the Dir-

ectors' Report, Corporate Governance Report and Risk Report, and the notes to the audited consolidated financial

statements, includes a fair review of the development and performance of the business and the position of the Company,

together with a description of the principal risks and uncertainties that the Company faces, as required by Financial

Conduct Authority's Disclosure Guidance and Transparency Rules ("DTR") 4.1.8 and DTR 4.1.11.

■

The audited consolidated financial statements, prepared in accordance with IFRS Accounting Standards, give a true

and fair view of the assets, liabilities, financial position, and profit or loss of the Company.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

As the Company is a closed-ended investment fund, it is not required to comply with UKLR 6.6.6R(8), and it has not set

out climate-related financial disclosures consistent with the recommendations provided by the Task Force on Climate-related

Financial Disclosures ("TCFD").

The AIC’s Guidance on Ongoing Charges (October 2024) recommends that companies report their ongoing charges ratio

("OCR") in their annual report. Ongoing charges are based on costs incurred in the year as being the best estimate of future

costs. The Company’s OCR is disclosed within the Annual Report in Section 9: Company Information.

The Directors

are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time

the financial position of the Group and Company and enable them to ensure that the audited consolidated financial statements

comply with The Companies (Guernsey) Law, 2008. They are also responsible for safeguarding the assets of the Group

and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The maintenance

and integrity of the Group and Company website are the responsibility of the Directors. The work carried

out by the Independent Auditor does not involve consideration of these matters and, accordingly, the Independent Auditor

accepts no responsibility for any changes that may have occurred to the audited consolidated financial statements after

they were initially presented on the website. Legislation in Guernsey governing the preparation and dissemination of financial

statements may differ from legislation in other jurisdictions.

On behalf

of the Board,

Peter McKellar

Chair

20 March 2026

Annual Report 2025 | Page 39

PARTNERS GROUP PRIVATE EQUITY LIMITED

10.4 Report of the Audit & Risk Committee

The Company has established an Audit and Risk Committee (“A&R Committee”) with formally delegated duties and respons-

ibilities within written terms of reference, which is available on the Company’s website:

www.partnersgroupprivateequitylimited.com/investors/corporate-governance.

Chair and

membership

The A&R

Committee comprises Merise Wheatley (Chair), Fionnuala Carvill, Axel Holtrup, Gerhard Roggemann, and Nicola

Paul (effective 2 April 2025). The Board considers that the A&R Committee members have sufficient relevant sector exper-

ience to

enable the Committee to discharge its duties effectively, and, in accordance with the provisions of the AIC Corporate

Governance Code (the "AIC Code"), at least one member of the Committee has recent and relevant financial experience.

All members of the Committee are independent Directors, have no present links with PricewaterhouseCoopers CI LLP, the

Company’s Independent Auditor (the “Auditor” or “PwC”), and are independent of the Investment Manager.

The relevant

qualifications and experience of each member of the A&R Committee are detailed on pages 31 and 32 of

these consolidated financial statements.

Role of

the A&R Committee

The role

of the A&R Committee is set out on page 46, and a summary of meetings held during the year and attendance at

those meetings is available on page 48.

Financial Reporting

The Committee

has reviewed the Company’s Annual Report and consolidated financial statements and the half-yearly fin-

ancial report

prior to the approval of the Board with respect to meeting the Company’s financial reporting obligations. The

A&R Committee reviewed the accounting policies and practices, including the appropriateness of critical accounting policies,

judgements, and estimates, and advising the Board on whether the Annual Report and consolidated financial statements,

taken as a whole, was fair, balanced, and understandable.

The A&R

Committee has determined that the key area for judgement and estimation is the fair value of the Company’s in-

vestment portfolio.

For investments not traded in an active market, the fair value is determined by using valuation techniques

and methodologies, as deemed appropriate by the Investment Manager. These assumptions may give rise to valuations

that differ from amounts realized in the future. In previous years, the A&R Committee has also considered the calculation

of the incentive fees to be an area of judgment given the complexity of the calculation, however following the amendment

to the IMA, the A&R Committee now consider these to be significant due to their nature rather than size.

The significant

areas considered by the A&R Committee during the year were:

■

Valuation of private investments − the A&R Committee pays particular attention to this area at each meeting date, and

members of the Board discuss the approach both during those reviews and during the annual visit to the Investment

Manager. Significant valuation movements are challenged, and disposals are compared to the most recent valuation.

The review and challenge process is applied to the valuation methodologies and processes used by the Investment

Manager both for direct investments and for underlying investments in funds managed by the Investment Manager in

which the Company is invested. Whilst this area is easily the most significant for the financial statements, it is also well

understood and subject to an established process, including checks and balances at the Investment Manager, as well

as to challenge by the A&R Committee and the Independent Auditor. On this basis, the A&R Committee has concluded

that the valuation of private investments is fair and reasonable for inclusion in the audited consolidated financial statements.

■

Incentive fees are a significant area of the financial statements because of their nature rather than their size. At each

meeting, the Board reviews a schedule of fees accrued and paid, comparing it to the high water mark, and the A&R

Committee has discussed the accounting for these fees with both the Investment Manager and the Auditor. In addition,

Page 40 | Annual Report 2025

PARTNERS GROUP PRIVATE EQUITY LIMITED

the incentive fees which crystallized on inception of the investment management fee agreement on 1 January 2025 (see

Note 5) have been subject to independent review, and subsequent movements following disposal of the related investments

are reviewed at each Board Meeting. On this basis, the A&R Committee has concluded that the incentive fees are a fair

and reasonable reflection of the terms of the investment management agreement for inclusion in the audited consolidated

financial statements.

■ Presentation and disclosure - the A&R Committee reviewed in detail the form and content of this annual report and also

of the published interim report. The objective of the review, in both cases, was to ensure that all applicable regulations

and standards were adhered to, that the disclosure given was adequate and not misleading, and that the reports were

consistent with the A&R Committee' s knowledge of the Group's activities during the relevant period. As a consequence

of this review and its other work, the A&R Committee was able to conclude that those reports were fair, balanced, and

understandable, and therefore to make appropriate recommendations to the Board for its approval and publication.

External Audit

The Group's and Company's Independent Auditor is PwC. The A&R Committee is responsible for reviewing the independence

and objectivity of the Independent Auditor and ensuring this is safeguarded notwithstanding any provision of any other

services to the Group or Company.

The Board of Directors recognizes the importance of safeguarding auditor objectivity and has taken the following steps to

ensure that auditor independence is not compromised:

■

The A&R Committee carries out an evaluation each year of the Independent Auditor as to its independence from the

Group and Company and relevant officers of the Group and Company, and that it is adequately resourced and technically

capable of delivering an objective audit to shareholders. Based on this evaluation, the A&R Committee recommends to

the Board the continuation, removal, or replacement of the Independent Auditor.

■

The A&R Committee reviews the Independent Auditor's confirmation of its independence in accordance with Crown

Dependencies' Audit Rules and with Securities and Exchange Commission ("SEC") independence rules. In addition to

the steps taken by the Board to safeguard auditor objectivity, PricewaterhouseCoopers CI LLP operates a five-year ro-

tation policy for audit engagement leaders on listed companies such as the Company with the current audit engagement

leader, Roland Mills, being in the 4th year of his five-year engagement period.

■ Any proposal to engage the Independent Auditor for the provision of non-audit services will be considered in accordance

with the Board's policy for the provision of such services. This policy is in place to mitigate any risks threatening, or ap-

pearing to threaten, the external audit firm’s independence and objectivity arising through the provision of non-audit

services. Such services will generally be limited to work where the threat to auditor independence is likely to be insigni-

ficant, and services required by law or regulation. The Independent Auditor did not provide any non-audit services during

the year. PwC has remained in place as auditor since the incorporation of the Company in 1999.

The A&R Committee also performs an annual review of the objectivity, quality, and effectiveness of the audit. The A&R

Committee met with PwC to discuss the audit plan and the risks identified together with discussions of the audit findings

report.

Further, the A&R Committee reviewed and agreed the audit fees for the year ended 31 December 2025.

External audit tender

The A&R

Committee has determined that, following the Company's inclusion in the FTSE 250 Index and in accordance

with the UK Corporate Governance Code (the “UK Code”), it is appropriate to put the audit out to tender every 10 years on

a ‘comply or explain’ basis. A competitive tender process has been commenced which will apply to the Company's external

audit in respect of the consolidated financial statements for the year ending 31 December 2027. It is anticipated that the

tender process will be completed during 2026 with the outcome expected to be reported in the 2026 Annual Report.

Annual Report 2025 | Page 41

PARTNERS GROUP PRIVATE EQUITY LIMITED

Financial Reporting Council (“FRC”) review of 2024 audit

During the year, the FRC’s Audit Quality Review team undertook a review of PwC’s audit of the Company’s Financial

Statements for the year ended 31 December 2024. As part of this process, the Chair of the A&R Committee was interviewed

by the FRC in November 2025, and the FRC’s report was issued in February 2026. The report assessed PwC’s audit of

the Company as “Good” with no key or other findings, representing the highest of the four ratings categories.

Internal controls

The A&R

Committee is responsible for reviewing and monitoring the effectiveness of the internal financial control systems

and risk management systems on which the Company is reliant. These systems are designed to ensure proper accounting

records are maintained, that the financial information on which business decisions are made and which is used in publications

is reliable, and that the assets of the Company are safeguarded. In accordance with the “Guidance on Risk Management,

Internal Control and Related Financial and Business Reporting” published by the FRC in September 2014, the A&R Com

mittee has

reviewed the Company’s internal control procedures. These internal controls are primarily implemented by the

Company’s three key service providers, the Investment Manager, Administrator, and the Company Secretary. The Board’s

annual service provider review, undertaken by the Management Engagement Committee, includes an assessment of the

internal control environment applicable under their engagement terms which can impact the Company’s risk profile. In ad

dition, the

A&R Committee reviews the annual ISAE 3402 Reports on Internal Controls produced by independent auditors

on behalf of the key service providers to identify any changes or shortcomings in their control environment and risk man-

agement frameworks

and those of any of their sub-service providers whose activities rely upon the operation of material

controls, and follow up on how any exceptions have been resolved. On an annual basis the Board also meets with the in-

ternal audit

team of Partners Group Holding AG to discuss the upcoming internal audit plan, covering those controls assigned

to Partners Group Holding AG and its affiliated entities, and the material results or findings of any reports for the previous

period that affect the Company or the Group.

Although the

Directors believe that the Company and the Group have a robust framework of internal controls in place, this

can only provide reasonable and not absolute assurance against material financial misstatement or loss and is designed

to manage, not eliminate, risk. In addition, the Board recognizes the importance of a sound risk management framework

to safeguard the Company's assets, protect the interests of the shareholders, and meet its responsibilities as a listed

company.

The A&R

Committee identifies the principal risks as being those with the greatest likelihood and impact of all those risks

assessed as being relevant to the Company and Group. Risks are grouped into (i) investment risk, (ii) shares trading at a

discount, (iii) financial risk, (iv) governance risk, (v) regulatory risk, (vi) operational risk, (vii) macroeconomic and other ex

ternal risks

and, (viii) valuation risk. For each of these risks, the A&R Committee evaluates how these risks could arise,

assigns responsibility to control and mitigate such risks, and determines the post-mitigation likelihood and impact of the

risk occurring. The A&R Committee makes decisions and requests additional reporting based on these findings.

The A&R

Committee has reviewed the Company’s risk profile and identified those risks where a deficiency in the controls

in response to those risks could have a material impact on the Company, its shareholders, and other stakeholders. The

controls in respect of these material risks are included within the Company’s risk register as Mitigation Controls, and Board

oversight in respect of these material controls is set out in the risk register within Board Oversight Monitoring/Reporting.

The A&R

Committee has carried out its assessment of the effectiveness of the controls in place and is satisfied that the

relevant internal financial control systems and risk management systems in place, including those at key service providers,

were operating effectively as at the year end.

Further detail

is included in the Risk Report on pages 54 to 57.

Page 42 | Annual Report 2025

PARTNERS GROUP PRIVATE EQUITY LIMITED

10.5 Directors' remuneration report

Introduction

Provisions relating to executive directors’ remuneration are not deemed relevant to the Company, being an externally

managed investment company with a Board comprised wholly of non-executive directors ("Directors"). In particular, the

Company’s day-to-day management and administrative functions are outsourced to third parties. As a result, the Company

has no executive directors, employees, or internal operations. The Company has therefore not reported further in respect

of these provisions. In addition, given the size and complexity of the Company, all matters, which may be delegated to a

remuneration committee, are undertaken by the Board as a whole, and no separate committee has been established.

Remuneration policy

The Board,

as a whole, is responsible for determining the Company’s remuneration policy. The Chair of the Board shall not

chair that part of the Board meeting when the remuneration of the Chair of Board is being discussed, and each individual

director shall not be involved in any decisions as to their own remuneration. The remuneration of Directors is subject to

annual review, subject to the provisions of the Articles of Incorporation ("Articles") and also taking into account recommend

ations of

the AIC's Corporate Governance Code.

Levels of

remuneration for the Chair and all other Directors reflect the time commitment and responsibilities of the role, and

will be benchmarked against remuneration levels awarded by peer companies as an assurance exercise. An independent

peer review will be undertaken periodically by the Company’s broker to ensure that full and proper account has been taken

of comparable market rates.

The Board

considers each year whether a remuneration consultant should be appointed to assist in setting remuneration

strategy and/or benchmarking remuneration levels. Where such a consultant is appointed, they will be identified in the an-

nual report

alongside a statement about any other connection he or she has with the Company or individual Directors. In-

dependent judgment

is exercised when evaluating the advice of external third parties.

The Chairs

of the Board, the A&R Committee and the ME Committee are paid a higher fee in recognition of their additional

responsibilities. The policy is to review fee rates periodically, although such a review will not necessarily result in any

changes to the rates, and account is taken of fees paid to directors of comparable companies. There are no long-term in

centive schemes

provided by the Company, and no performance fees are paid to Directors.

No service

contract or arrangement existed in the period in which any of the Directors has an interest. The Board considers

all the Directors as independent of the Investment Manager and free from any business or other relationship that could

materially interfere with the exercise of their independent judgment or create potential conflicts of interest. Directors hold

office until they retire or cease to be a director in accordance with the Articles or by operation of law.

Remuneration

The Directors

of the Company are remunerated for their services at such a rate as the Directors determine, provided that

the aggregate amount of such fees does not exceed EUR 700,000. During the year, the Articles were amended and approved

at the AGM, to replace the cap on fees payable to each Director individually with a cap on the aggregate of all fees paid to

the Board collectively. The new cap provides that the aggregate fees for the Board collectively shall not exceed EUR 700,000

in any financial year. The level of the new cap was determined by reference to the aggregate fees that could be paid to the

Directors under the existing cap if the Board were to comprise the maximum number of Directors, being seven, permitted

under the Articles.

Annual Report 2025 | Page 43

PARTNERS GROUP PRIVATE EQUITY LIMITED

Provision will be made for additional Directors’ fees when Directors are involved in duties beyond those normally expected

as part of the Directors' appointment. In such instances, the Board will provide details of the events, duties, and responsib

ilities that gave rise to any additional Directors’ fees in the annual report.

An ordinary

resolution for the approval of the annual Directors’ Remuneration Report was passed by shareholders at the

AGM held on 19 June 2025.

Directors' remuneration

is presented in the notes to these audited consolidated financial statements and is shown below.

Directors' remuneration

was split as follows in Euro:

31.12.2 025 31.12.2024

P. McKellar (Chair)

115,000

100,000

F. Carvill (Chair of ME Committee)

75,000

68,798

M. Wheatley (Chair of A&R Committee)

77,500

72,313

A. Holtrup

65,000

52,562

G. Roggemann

65,000

46,808

N. Paul*

48,750

H. Von der Forst**

30,000

* Mrs. Paul was appointed on 2 April 2025.

**Mr. Von der Forst retired from the Board on 21 June 2024.

Additional fees of EUR 5,000 were agreed by the rest of the Board to be paid to each of Ms. Carvill and Ms. Wheatley

during 2024 in respect of their work on the recruitment of the new Board members.

Remuneration for

all Directors does not include provision for share options or other performance-related elements.

Page 44 | Annual Report 2025

PARTNERS GROUP PRIVATE EQUITY LIMITED

10.6 Corporate Governance Report

The Directors have considered the Principles and Provisions of the AIC Code. The AIC Code addresses the Principles and

Provisions set out in the UK Code, as well as setting out additional Provisions on issues that are of specific relevance to

the Company. The Board considers that reporting against the Principles and Provisions of the AIC Code, which has been

endorsed by the Financial Reporting Council and the Guernsey Financial Services Commission provides more relevant

information to shareholders. Except as set out further below, the Company has complied with the Principles and Provisions

of the AIC Code. The AIC Code is available on the AIC website (

www.theaic.co.uk). It includes an explanation of how the

AIC Code adapts the Principles and Provisions set out in the UK Code to make them relevant for investment companies.

■ The role of the Chief Executive.

■ The role of the Senior Independent Director.

■ Executive directors' remuneration.

■ The need for an internal audit function and the monitoring and reviewing of the effectiveness of such a function.

For the reasons set out in the AIC Code, and in the preamble to the UK Code, the Board considers these provisions are

not relevant to the position of the Company being an overseas investment company with an appointed Investment Manager.

The Company has no employees, all Directors are non-executive and independent of the Investment Manager and, therefore,

the Directors consider the Company has no requirement for a Chief Executive or Senior Independent Director, and the

Board is satisfied that any relevant issues can be properly considered by the Board. There are no executives with contrac

tual obligations

directly with the Company, and thus the executive directors' remuneration rules do not apply. None of the

Directors has a contract of service with the Company. As such, there is no separate Remuneration Committee, and matters

related to remuneration are considered by the Board as a whole. The A&R Committee and the Board of Directors regularly

consider the risk and operational aspects of the Company. The Board has access to the appointed Compliance Officer of

the Administrator who reports quarterly. As there is delegation of operational activity to appointed service providers, the

A&R and ME Committees and the Board have determined there is no requirement for a direct internal audit function, although

they do have access to and meet with the internal audit function of Partners Group Holding AG.

The Guernsey

Financial Services Commission has a standing Finance Sector Code of Corporate Governance that was

amended in February 2026 (the "Guernsey Code"). In the introduction to the Guernsey Code, it states: "Companies which

report against the UK Corporate Governance Code or the AIC's Corporate Governance Code are deemed to meet this

Code." As a company listed on the London Stock Exchange, the Company is subject to the Disclosure Rules, the Transpar

ency Rules,

and the UK Code, but uses the AIC Code instead as it is a member of AIC and considers this appropriate for

an investment company, and that it provides information that is more relevant to shareholders. As an AIC member domiciled

in Guernsey that reports against the AIC Code, the Company is not required to report separately against the Guernsey

Code.

The Board,

roles and committees

At 31

December 2025, the Board consisted of six directors, all of whom are non-executive and considered independent.

Mr. McKellar has served as the independent Chair of the Board since his appointment as a director of the Company on 23

November 2023.

The Chair

of the Board must be independent for the purposes of Chapter 15 of the Listing Rules. Mr. McKellar is considered

independent because he:

■ has no current or historical employment with the Investment Manager;

■ has not provided any professional advisory services to the Investment Manager; and

■ has no current directorships in any other investment funds managed by the Investment Manager.

Annual Report 2025 | Page 45

PARTNERS GROUP PRIVATE EQUITY LIMITED

As Chair, he is responsible for leading meetings of the Board to ensure that they are efficient and effective, promoting the

long-term sustainable success of the Company, generating value for shareholders (as disclosed in the Strategy section),

and contributing to a wider society.

At each quarterly board meeting, the Directors consider several reports and performance indicators to assess the Company's

success in achieving its objectives. These include:

■ Monitoring of the share price (and associated premium or discount)

■ General performance reporting at the underlying investment level

■ Cash flow projections and application of the Capital Allocation Policy

■ Risk management and adherence to investment guidelines

■ Broking and shareholder analysis reports, including peer group comparisons

■ Reports from committees, together with the monitoring, evaluation, appointment, and removal of service providers

■ Approval of financial statements and dividends

■ Corporate governance and compliance

In addition, the consent of the Board is required if the Investment Manager wishes to establish credit facilities or otherwise

enter into borrowing arrangements on behalf of the Company, lend, secure, pledge, or guarantee any of the Company's

assets (other than in the context of a hedging transaction), or enter into an investment or other transaction with affiliates of

the Investment Manager.

Furthermore, the

Board confirms that it considers any conflicts or potential conflicts of interest in accordance with the

Company's existing procedures.

Committees of

the Board

Audit &

Risk Committee

The Audit

& Risk Committee ("A&R Committee") meets at least three times a year and is chaired by Ms. Wheatley. The

A&R Committee is responsible for ensuring that the financial performance of the Company is properly reported on and

monitored. It provides a forum through which the Group and Company's Independent Auditor may report to the Board.

Furthermore, it ensures that any reports issued by the Board present a fair, balanced, and understandable assessment of

the Company's position and prospects. The A&R Committee reviews the annual and semi-annual accounts, results, an

nouncements, internal

control systems and procedures, and accounting policies of the Company. It also considers the

performance and quality of the external audit and makes appropriate recommendations to the Board concerning the Inde-

pendent Auditor.

The A&R Committee is also responsible for the robust and effective management of risk.

The risk

management framework includes a sound system of internal controls that is designed to:

■ Identify and appraise all risks related to achieving the Company's objectives.

■ Manage and control risk appropriately rather than eliminate it.

■ Ensure the appropriate internal controls are embedded within the business processes performed by service providers

and support the Company's culture, which emphasizes clear management responsibilities and accountabilities.

■ Respond quickly to evolving risks within the Company and the external business environment.

■ Include procedures for reporting any control failings or weaknesses to the appropriate level of management together

with the details of corrective action.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

Management Engagement Committee

The Management Engagement Committee ("ME Committee") meets at least annually and is chaired by Ms. Carvill. The

ME Committee is responsible for reviewing and monitoring service providers and recommending to the Board their continued

appointment. Key service providers are reviewed on an annual basis. The Board recognizes the importance of monitoring

service providers' objectivity and ensuring their independence is not compromised.

In this

regard, with respect to the appointment of the Investment Manager, the ME Committee:

■ Considers if there are any potential conflicts of interest associated with the appointment of the Investment Manager and

how the Investment Manager manages these potential conflicts.

■ Reviews with the Investment Manager any material issues arising from their work that the Investment Manager wishes

to bring to the attention of the ME Committee, whether privately or otherwise.

■ Reviews the performance of the Investment Manager both in terms of its delivery against the agreement governing its

appointment and in terms of its delivery against the objectives of the Company.

Similar considerations are taken into account in the ME Committee's review of all other service providers to the Company.

In addition, the terms of reference for this committee are available on the Company's website:

www.partnersgroupprivateequitylimited.com/investors/corporate-governance.

Nomination Committee

The Nomination

Committee is chaired by Mr. McKellar. The Nomination Committee is constituted of directors considered

independent by the Board, and subsequently all members of the Board are members of the Committee. The Nomination

Committee is set to meet at least once per annum, in accordance with the Company's reporting and auditing cycles, or as

necessary. The Nomination Committee actively contributes to the Board's efficacy by examining its structure, size, and

composition, and providing pertinent recommendations. The Nomination Committee also focuses on succession planning,

assessing the Board's balance of skills and experience and identifying suitably qualified candidates for director roles to

succeed the longer-serving members of the Board. The Nomination Committee’s planning horizon seeks to ensure adequate

planning and lead time for new appointments within a comprehensive recruitment and induction process.

The Nomination

Committee undertakes several essential duties, including:

■ Systematically examining the Board's structure, size, and composition, while considering the requisite skills, knowledge,

and experience. The Committee subsequently proposes suggestions for improvements to the Board.

■ Thoroughly evaluating succession plans for Directors and with due regard to the principles of the AIC's Corporate Gov-

ernance Code, keeping in view the challenges and opportunities faced by the Company, and subsequently determining

the essential skills, knowledge, and expertise needed by future Board members.

■ Leading the process, facilitated by an independent external search consultancy, of identifying and nominating suitable

candidates for filling Board vacancies, with these nominations subject to the Board's endorsement as vacancies emerge.

Annual Report 2025 | Page 47

PARTNERS GROUP PRIVATE EQUITY LIMITED

Board Attendance

The following table is an extract of the various Directors' attendance at Board and Committee meetings for 2025 compared

against those for which they were eligible:

Directors

Board Committees

Quarterly Ad-hoc A&R ME NM

P. McKellar (Chair) 4/4

1/1

0/0 1/1 4/4

F. Carvill 4/4 1/1 5/5 1/1 4/4

M. Wheatley 4/4 1/1 5/5 1/1 4/4

A. Holtrup 4/4 1/1 5/5 1/1 4/4

G. Roggemann 4/4 1/1 5/5 1/1 4/4

N. Paul *

3/3

0/0 3/3 1/1 2/2

*Mrs. Paul was appointed to the Board on 2 April 2025. Her attendance record is reflective of this.

In addition to the above meetings a number of additional meetings were held by a Committee of the Board to deal with ad

hoc business as it arose. These Committees are constituted by any two members of the Board.

Board Composition

Number of

Board Members

Percentage of

the Board

Number of senior positions on

the Board (CEO, CFO, SID,

Chair)

Male

50%

Not applicable - see note*

Female

50%

Number of

Board Members

Percentage of

the Board

Number of senior positions on

the Board (CEO, CFO, SID,

Chair)

White British or other White

(including minority-white

groups)

6 100% Not applicable - see note*

*This column is inapplicable as the Company is externally managed and does not have executive management functions;

specifically it does not have a CEO or CFO. The Company considers that the roles of Chair, chair of the A&R Committee

and chair of the ME Committee are senior positions. Of these three senior roles, two are performed by women and one by

a man.

Information shown in the above tables is obtained via self-identification of board members, facilitated by the Company

Secretary.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

The Board seeks to address ethnic diversity through Board succession planning, and this will continue to be a key criteria

when seeking and considering potential candidates for positions on the Board. Applicants will, however, continue to be as-

sessed, without

prejudice, on their range of skills, expertise, industry knowledge, and capacity to take on the role. The diversity

of the Board is further considered on at least an annual basis through the Board evaluation process.

The Board

has a breadth of experience relevant to the Company and a diversity of skills, experience, nationality, and age.

Its members collectively possess the broad range of skills, expertise, industry knowledge, and other experience necessary

for the effective oversight of the Company's business and the delivery of its strategic objectives. The Board is committed

to gender diversity, and at present is constituted with 50% females and 50% males. Additionally, the A&R Committee and

the ME Committee, key permanent sub-committees within the Company's governance structure, are both chaired by females,

and the Company has followed the AIC guidance on reporting such. This composition demonstrates the Company's com

mitment to

diversity and inclusion, while also satisfying two critical components of the listing requirements.

In view

of the nature, scale, and complexity of the Company, the Board has not developed a formal diversity policy, but the

Company shares and is aligned with the purpose, culture, and values adopted by Partners Group in their charter and as

given in their Corporate Sustainability Report, and acknowledges the diversity and inclusion initiatives of Partners Group

whose teams fulfill the executive management and operating functions of the Company.

Partners Group,

as a whole, continued to hire talented professionals from across the globe with an employee base of 1,769

employees in 2025 (2024: 1,797). Today, Partners Group's professionals represent around 73 (2024: 82) different nation-

alities and

speak around 40 (2024: 41) different languages. The percentage of female and male employees in 2025 remained

at similar levels to 2024 (around 40% female and around 60% male). Partners Group has meaningfully increased the

number of senior female employees and Board Members in 2025 and aspires to continue this successful progress. Partners

Group's hiring process is designed to ensure that all candidates are measured and benchmarked against the same criteria,

and to avoid any form of discrimination, with all hiring managers required to take unconscious bias training and with the

goal of successfully attracting and hiring more female talent by ensuring that women are adequately represented within the

initial hiring talent pool.

Election and

Re-election of Directors

The Directors have resolved to put themselves forward for election on an annual basis and were all duly elected or re-

elected at

the 2025 Annual General Meeting in June 2025.

Re-election recommendations

have always been subject to an assessment of the respective Director in question, their ob-

jective and

independent thought process, knowledge of the Company, and continued satisfactory performance. In addition,

the annual Board evaluation process considers each Board member's ability to devote sufficient time to the Company and

its affairs, given any other commitment that Director may hold. In view of the long-term nature of the Company's investments,

the Board believes that a stable and diversified board composition is fundamental to running the Company properly. The

Board's Tenure Policy limits the tenure of any Director to a maximum term of nine years, unless the Board, having assessed

the continued independence and suitability of an individual, unanimously agrees that they should be nominated to serve

more than nine years and discloses the rationale for their reappointment to the Shareholders in the notice for the next An

nual General

Meeting. The Board continues to be satisfied with the contribution and capacity of each of the Directors, and

that they have each maintained their independent perspective, this being judged (amongst other matters) as independent

from the Investment Manager. Further, no Director holds any other position that would compromise their independent

judgment.

As the

Company has no executive directors or staff, and remuneration relates only to non-executive directors, and given

the size of the Company and of the Board, the Board has determined that a separate Remuneration Committee is not required,

and that any matters which might be delegated to a Remuneration Committee will be undertaken by the Board as a whole.

In 2024,

an independent external consultancy firm was appointed to conduct the search for a new non-executive director.

On 2 April 2025, Nicola Paul was appointed as a non-executive director.

Annual Report 2025 | Page 49

PARTNERS GROUP PRIVATE EQUITY LIMITED

Review of Board performance

The Board undertakes an annual evaluation of its own performance and the performance of its committees and individual

Directors, to ensure that they continue to act effectively and efficiently, to fulfill their respective duties, and to identify any

training requirements. During this evaluation, the Directors also reconfirmed that they continue to be able to allocate sufficient

time to the Company in order to discharge their responsibilities, to provide constructive challenge and strategic guidance,

to offer specialist advice, and to hold third-party service providers to account. During the 2025 evaluation process, the Board

considered the benefit of an externally facilitated performance review and, due to recent and prospective changes in the

Board composition, it was decided a self-managed evaluation would be the most appropriate option. It was agreed that an

external evaluation should be considered for 2027 following the retirement of the two longest standing directors and appoint

ment of

a new ME Committee chair.

Relationship with

the Investment Manager

The Directors

are responsible for the overall management of the Company. Under the Investment Management Agreement,

Partners Group AG acts as the Investment Manager to the Company and is responsible for the identification of investments

and the ongoing review and monitoring of the Group’s investment portfolio with the investment policy.

Relationship with

the Administrator and Company Secretary

Partners Group

(Guernsey) Limited acts as the Administrator and is responsible to the Board under the terms of the Admin-

istration Agreement.

Notwithstanding the fact that the ultimate responsibility lies with the Board, the Administrator ensures

compliance with Guernsey Company Law, carries out portfolio administration, produces valuations of the Company's assets

and prepares the accounts of the Company, and in this respect, reports to the Board on a quarterly basis.

Aztec Financial

Services (Guernsey) Limited acts as the Company Secretary and is responsible to the Board under the

terms of the Company Secretary Engagement Letter. The Directors have access to the advice and services of the Company

Secretary who is responsible for ensuring that the Board procedures are followed and that it adheres to applicable legislation,

rules, and regulations relevant to the Company.

Strategy

Strategic objectives

The Company’s investment objective is to provide Shareholders with long-term capital growth and an attractive dividend

yield primarily through investment in a diversified portfolio of private equity direct investments. In addition, the Investment

Manager has a goal to achieve long-term sustainable value creation in the companies in which it invests, their underlying

clients, and the wider environment in which they operate.

The Investment

Manager seeks to achieve a long-term sustainable impact by working in partnership with the management

and employees of the companies in which the Company invests and through active entrepreneurial ownership initiatives

with clear goals and continuous monitoring.

In addition,

the Investment Manager works with portfolio companies on a variety of sustainability engagements. This com-

mences during

the investment due diligence phase and, after acquisition, the Investment Manager implements initiatives

by systematically integrating sustainability factors, alongside commercial and financial factors.

The Investment

Manager continuously monitors the effectiveness of any sustainability-relevant policies through maturity

assessments to evaluate progress and impact.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

As part of its annual review of the Investment Manager, the Board obtains an overview of the value creation initiatives, in-

cluding sustainability initiatives, on the underlying investments, and a detailed progress report on the monitoring of risk and

impact on valuations.

Purpose, culture,

and values

The Company

shares and is aligned with the purpose, culture, and values adopted by Partners Group (which includes the

Investment Manager and Administrator) in their charter and as given in their Corporate Sustainability Report, both of which

are available at their website

www.partnersgroup.com/en/about-us/our-sustainability.

The Company's

mission is to develop companies and assets, which it invests in through entrepreneurial ownership. This

stems largely from the belief that the ability to create value, enabled by a governance framework that supports entrepren-

eurialism, is

the key driver of the returns.

In summary,

investments are managed with a long-term perspective to the benefit of individuals and societies worldwide,

and the investment teams leverage the global Partners Group integrated platform to systemically engage with entrepreneurs

and corporate leaders to create value in the investments. In addition, the investment teams liaise with management in un

derlying companies

in constructive dialogue and have open debates, while in parallel taking their fiduciary duty to all

stakeholders into account.

Partners Group

is fully committed to investing clients' capital in a responsible manner by integrating sustainability factors,

alongside commercial and financial factors, into investment due diligence and ownership.

Relations with

shareholders

The Board

places great importance on communication with its shareholders and other stakeholders. The Board receives

regular reports on the views of shareholders through one-to-one meetings and shareholder presentations, together with

regular reports from the Company’s Brokers and Investment Manager.

During the

year, the Company held its quarterly investment presentations, and the Chair held a number of meetings in

person with shareholders. The AGM of the Company also provides an opportunity for shareholders to meet and discuss

issues with the Directors. All voting at the AGM is published by the Company via the Regulatory News Service.

Shareholder information

The net

asset value and the net asset value per share are calculated (in Euro) every month at the last business day of each

month by the Administrator. The net asset value is calculated in accordance with International Financial Reporting Standards,

which require the Company's direct investments and fund investments to be valued at fair value. Thereafter, it is announced

by the Company on its website and submitted to a regulatory information service approved by the UK Listing Authority as

soon as practicable after the end of the relevant period.

Stakeholders and

Section 172 requirements

Whilst directly

applicable to companies incorporated in the United Kingdom, the Board recognizes the intention of the AIC

Code that matters set out in Section 172 of the Companies Act 2006 are reported. The Board endeavors to understand the

view of the Company’s key stakeholders and to take these into account as part of the decision-making process.

Stakeholder disclosures

The Company

is an externally managed investment company, has no employees, and as such is operationally quite simple.

The Board does not believe that the Company has any material stakeholders other than those set out in the following table.

Annual Report 2025 | Page 51

PARTNERS GROUP PRIVATE EQUITY LIMITED

Investors Service providers Community and environment

Issues that matter to them

Performance and liquidity of the shares Reputation of the Company Informed stewardship of the environments in

Growth and liquidity of the Company Compliance with law and regulation

Remuneration

which the Company operates and acting as

good corporate citizen.

Compliance with law and regulation impact of

the Company and its activities on third parties.

Engagement process

Annual General Meeting (see detail below)

Frequent meetings with investors by brokers,

the Investment Manager, the Chair and other

Directors and subsequent reports to the Board

Monthly factsheets and regular news releases

Key Information Document

Quarterly briefings by the Investment Manager

via telephone conference which are attended by

at least one Board member who briefs the

remainder of the Board

Annual and semi-annual financial statements

The key service providers, Partners Group and

Aztec, engage with the Board in face-to-face

meetings quarterly, giving them direct input to

Board discussions.

The Board also considers the views of its

corporate brokers and interests of its credit

facility lender at each of its meetings.

All key service providers are asked to complete

a questionnaire annually (others on a rotation

basis) which includes feedback on their

interaction with the Company, and the Board

undertakes an annual review of Partners Group

in Switzerland.

The Company itself has only a very small

footprint in the local community and only a very

small direct impact on the environment.

However, the Board acknowledges that it is

imperative that everyone contributes to local and

global sustainability.

The Investment Manager has a sustainability

framework which is a key element of the

investment process which overlays throughout

the portfolio.

Rationale and example outcomes

Clearly investors are the most important

stakeholder for the Company. Good shareholder

engagement is a priority to ensure that the

Board is aware of larger shareholders’ view on

material issues. These include the investment

management terms which were renegotiated

with effect from 1 January 2025 to ensure that

remuneration of the Investment Manager is

aligned with shareholder outcomes.

In addition, the Board has focused on valuation

of assets, a key priority for shareholders, to gain

assurance from the Investment Manager and

the auditors that a robust and reliable

methodology is applied.

In the light of recent investment performance

and shareholder feedback the Board is

discussing with the Investment Manager and the

Company's advisers what options might

establish a satisfactory path forward, that

marries achieving liquidity for investors at a

narrower discount to NAV, whilst providing long-

term investors with an attractive proposition

going forward. The Board will update

shareholders on its assessment at the Annual

General Meeting expected to be held on 18

June 2026.

The Company relies on service providers

entirely as it has no systems or employees of its

own.

The Board always seeks to act fairly and

transparently with all service providers, and this

includes such aspects as prompt payment of

invoices.

The Board focused the revision of the

investment management terms on three key

principles, namely ensuring the commercial

terms are:

 fair on a relative and absolute basis;

 simple to understand; and

 aligned with shareholder outcomes

The nature of the Company’s investments is

such that they do not provide a direct route to

influence investees in sustainability matters in

many areas, but the Board has made its views in

this area clear to Partners Group, which, on

behalf of the Company and other investors,

works closely with investee companies to

promote sustainability issues as well as financial

performance. Further details are set out

elsewhere in this document and on the Partners

Group website.

Board members do travel, partly to meetings in

Guernsey, and partly elsewhere on Company

business, including for the annual due diligence

visit to Switzerland. The Board considers this

essential in overseeing service providers and

safeguarding stakeholder interests. Otherwise,

the Board seeks to minimize travel by the use of

video conferencing whenever good governance

permits.

Whilst the primary duty of the Directors is to the Company as a whole, all Board decisions involve careful consideration of

the longer-term consequences and their implications to stakeholders. The Board maintains close relationships with key

service providers delivering the Company’s strategy and formally reviews their performance on an annual basis.

The Chair is responsible for ensuring that the Board acts with integrity and fairness in all aspects of the Company’s operations

and in dealing with shareholders.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

Whilst the Company has limited impact on the community and environment in respect of day-to-day activities, the Investment

Manager monitors the impact of the Company’s investments in relation to environmental, social, and governance issues. Cop

ies of the Partners Group Sustainability Report can be found on its website. Partners Group’s vision is to create positive

and lasting impact for all stakeholders. including clients, employees, society, and the environment.

Engagement processes are kept under regular review. Investors and other interested parties are encouraged to contact

the Company via the Investor Relations contacts given at the end of the Annual Report.

P. McKellar

Director

M. Wheatley

Director

Annual Report 2025 | Page 53

PARTNERS GROUP PRIVATE EQUITY LIMITED

10.7 Risk Report

Risks

The Company’s risk management policy sets out how all relevant and material categories of risk are identified, assessed,

and subsequently mitigated, transferred, or accepted in respect of both the Company’s business strategy and its day-to-

day operations.

The Board

is responsible for managing and overseeing risk, and reviews and assesses quarterly the impact of risks that it

considers applicable to the Company that may compromise the achievement of the Company's strategic objectives. These

risks encompass the significant risks to which the Company may be exposed, including the macro environment and uncer

tainties in

respect of the valuation of unquoted investments, and their impact on the cash-flow modeling employed by the

Company. Notes 4 and 16 of the audited consolidated financial statements provide further comment on certain other risks

connected with the investments and financial assets/liabilities held by the Company and how they are managed.

Statement of

principal risks

The major

risks to which the Company may be exposed are ranked by a risk index, considering both likelihood and impact.

When assessing

the likelihood and potential impact of such risks, the Board considers whether the outcome could pose:

■ An immediate threat to the existence of the Company

■ A medium-term threat (resulting in the Company being placed into run-off)

■ A reputational threat from which the Company could be expected to recover fully in due course

■ No immediate threat to the Company or its operating activities.

The Company's risks are categorized into eight groups: (i) investment risk, (ii) shares trading at a discount, (iii) financial

risk, (iv) governance risk, (v) regulatory risk, (vi) operational risk, (vii) macroeconomic and other external risks, and (viii)

valuation risk.

The Company’s

absolute share price discount remained elevated throughout the year notwithstanding the admission of the

Company to the FTSE 250 in September 2025 and the introduction of the share buyback programme in October 2025.

Athough the stubborn discount is in part due to prevailing geopolitical and macroeconomic factors, investment performance

is also a key contributor to the risk of a discounted share price to NAV.

The Chair's

and Investment Manager's Reports set out some of the reasons for the Company's lower total NAV return

versus peers, including the portfolio being overweight in challenging vintages that have been particularly impacted by

broader private equity industry factors including higher entry valuations and debt servicing costs.

The Investment

Manager anticipates that the portfolio is well positioned to drive future performance, supported by new in-

vestments from

a higher level of realizations in the second half of 2025 which has brought the Company closer to its long-

term average

of investing around 10% of net assets pa. In the meantime, as also reported by the Chair, the Board is dis-

cussing with

the Investment Manager and the Company's advisers what options might be available to achieve liquidity for

investors at a narrower discount to NAV, whilst providing long term investors with an attractive proposition going forward.

Given that

the Company’s foreign exchange risk is no longer hedged and 37.73% of assets are held in USD, investment

performance has also been significantly impacted by foreign currency movements throughout 2025. The Company continues

to provide investors with regular information on the portfolio’s foreign exchange exposure so that they can hedge this risk

if required.

Governance risk

in respect of Board composition will continue to be mitigated to an acceptable level by the pursuit of a

structured succession plan. This will ensure that the Board continues collectively to have sufficient and diverse knowledge,

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PARTNERS GROUP PRIVATE EQUITY LIMITED

skills, experience, commitment, and independence, with an orderly and appropriate turnover of Board members. This is

demonstrated by the appointment of a new Board member, Nicola Paul, in April 2025 who will succeed Merise Wheatley

as Chair of the A&R Committee when Merise retires from the Board in June 2026 after eight years' service. Succession

planning is also underway in respect of Fionnuala Carvill who is currently ME Committee chair, and in 2027 will have served

nine years as a director.

Liquidity risk stabilized during the year, with a healthy level of distributions in line with cashflow forecasts. This enabled an

allocation of EUR 15 million to be made available for share buybacks under the company's Capital Allocation Policy. Medium

and long term cashflow forecasts continue to be used to mitigate liquidity risk by ensuring that the Capital Allocation Policy

leaves adequate funding for existing commitments and dividends. Early renegotiation of the revolving credit facility out to

2029 was completed with an increase of EUR 10 million to EUR 150 million. The facility contributes towards stablising li

quidity risk

by being used to bridge working capital requirements on a short term basis.

The Board

also continues to assess the impact of sustainability factors on the Company's key risks, primarily within the

context of the Investment Manager's sustainability framework, which seeks to embed sustainability into the strategy, direction,

and goals of portfolio companies and to quantify the impact of its initiatives.

In its

assessment, the Board considers that none of the risks present an immediate threat to the existence of the Company

and has, in each case, worked with the Investment Manager, Administrator, Company Secretary, or brokers to ensure that

adequate measures are in place to mitigate the occurrence and impact of these risks. The Board also obtains regular re

porting so

that these risks can be continuously assessed.

The geopolitical

and macroeconomic events in the first half of the year, particularly the procession of US trade policy an-

nouncements, created

uncertainty in terms of the impact on growth, inflation, and interest rates, and led to a weakened US

dollar. The war in the Middle East has created significant uncertainty in respect of the increased realization activity and el-

evated valuation

levels that were anticipated prior to 28 February 2026. The portfolio is designed to continue to provide

access to a high-quality portfolio of direct private equity investments with broad sector and geographic diversification and

the Investment Manager is focusing, in the short term, on mitigating potential revenue, cost and liquidity impact in portfolio

companies whilst maintaining a disciplined approach to long-term value creation.

Viability statement

The Directors

confirm that they have a reasonable expectation that the Group will continue to operate and meet its liabilities,

as they fall due, for the next three years. The Group's viability testing considers multiple severe, yet plausible, stress

scenarios. The Directors' assessment has been made with reference to the Group's current position and prospects, the

Group's strategy, the Board's risk-appetite, and the Group's principal risks and how these are managed. The Directors

consider this is an appropriate period to assess the viability of an investment company for the purposes of giving assurance

to shareholders, as economic factors are very difficult to forecast over a longer period.

The strategy

and associated principal risks underpin the Group's three-year plan and scenario testing, which are reviewed

by the Directors on a quarterly basis. A portfolio commitment plan is built and continuously adjusted based on regularly

updated cash flow projections that indicate the expected level of distributions available over the specified period. Such

projections are developed using a proprietary system that combines available bottom-up information for existing investments

and top-down assumptions for assets where no bottom-up information is available (e.g. future investments). The portfolio

commitment plan is also revised to take into account any other relevant information such as desired target investment level

and distribution profile. The process is overseen by the Investment Manager’s dedicated portfolio manager and periodically

reviewed by Partners Group's Global Portfolio Committee.

The three-year

plan makes certain assumptions about the development of underlying investments, in terms of future expected

capital calls and distributions, potential future investments, and the ability to refinance debt when required. The plan is built,

monitored, and updated quarterly based on any changes to expected cash flows and forward-looking assumptions, which

help to drive the model and to determine when to make new investments.

Annual Report 2025 | Page 55

PARTNERS GROUP PRIVATE EQUITY LIMITED

The three-year plan review is underpinned by the regular Board briefings provided by the Investment Manager, including

discussions around liquidity reporting and risk management reports undertaken by the Board of Directors in its normal

course of business. These reviews consider both the market opportunity and the associated risks, principally the ability to

realize investments at their fair value and secure new investments while maintaining sufficient working capital. These risks

are considered within the Board of Directors' risk-appetite framework.

The plan takes into account the significance of the Investment Manager's role in ensuring the viability of the Company with

regard to implementation of the investment strategy and the management of liquidity and other risks. The plan assumes

that the engagement of the existing Investment Manager will continue throughout the three-year period under review. The

plan also reflects the Board's confidence that the debt facility, which provides short-term bridging finance when required,

continues to be available to the Company throughout the assessment period and covenants continue to be met.

Based on the Company's processes for monitoring, anticipating, and managing cash flow, operating costs, and share price

discount, the Investment Manager's compliance with the investment objective, asset allocation, the portfolio risk profile,

gearing, counterparty exposure, and liquidity risk, the Directors have concluded that there is a reasonable expectation that

the Company will continue in operation and meet its liabilities as they fall due over the three-year period to 31 December

2028.

As described in the Risk Report, the recent war in the Middle East has created significant uncertainty in respect of the in-

creased realization activity and elevated valuation levels that were anticipated prior to 28 February 2026. The Board, together

with the Investment Manager, is still assessing the potential impact thereof on the Company and its projections from the

potential wider global market implications.

The Board has not identified any other emerging risks that could have a significant impact on the Company.

Page 56 | Annual Report 2025

PARTNERS GROUP PRIVATE EQUITY LIMITED

Principal Risks for 2025 Annual Report

risk 2025 Assessment Potential impact Control exercised b

the Board

Company's shares trading at a

material discount on an absolute

and relative basis

Stable

The share price discount versus

peers has stabilized following the

introduction of the capital allocation

Decline in shareholders' mark-to-

market valuation and impact on

demand from shareholders and

prospects.

Monitoring of investor sentiment &

expectations with significant

communication directly between

directors and investors in respect

of succession planning and

strategy. Focus with Investment

Manager on enhancement of NAV

to reduce absolute discount rate.

Monitoring of performance vs.

peers. Maintenance of good

policy and additional board

appointments. The absolute share

price discount has however

remained elevated.

market communication.

Implementation and monitoring of

effectiveness of capital allocation

policy which provides for share

buybacks subject to discount level

and Free Cash Flow.

Liquidity risk - lack of availability of

funding to take up investment

opportunities, meet funding and

other obligations as they fall due,

Stable

Liquidity risk has stabilized, with

positive net cashflows from capital

calls, exits and distributions in line

with forecasts. There was limited

Insufficient cash to fund existing

commitments and dividends.

Factors impacting liquidity, including

distributions and potential exits

being kept under close review for

medium and long-term cashflow

forecasts to ensure capital

allocation policy leaves adequate

funding for existing commitments

and pay dividends when declared

use of the short term credit facility,

which was renegotiated out to 2029

in Q4 2025 and increased from

EUR 140 million to EUR 150

million.

and dividends. Renegotiation and

increase of credit facility to ensure

adequate short-term funding

available.

Poor investment performance on

an absolute and relative basis

Increased

Company's negative total NAV

return, excluding the negative

impact of unhedged foreign

exchange movements, arose in

part from the portfolio being

overweight in challenging vintages

impacted by higher entry valuations

and debt servicing costs, and from

exits already having factored in

valuation uplifts into unrealized

gains.

Adverse movement in net asset

value versus peer group.

Effectiveness of investment strategy

reviewed at every board meeting

using performance reports and

discussions with brokers and the

Investment Manager. Revision of

investment management terms in

2025 has aligned Investment

Manager remuneration more closely

The Investment Manager

anticipates however that the

current portfolio composition will

improve future performance,

supported by new investments from

with performance. Medium and

long-term cashflow forecasts

ensure level of new investment

commitments is maximized in line

with capital allocation policy.

a higher level of realizations in the

second half of 2025 which has

brought the Company closer to its

long-term average of investing

around 10% of n

et assets pa.

Valuation risk - under or overstating

the valuations of private market

investments

Stable

This risk was assessed as stable

because the valuation approach has

been consistent with prior periods

and recent exits have demonstrated

reliability of latest published NAV.

Reputational risk and impact on

share price.

Policies and tools used to

determine valuations have been

challenged and this remains a

significant area for review by the

Independent Auditor.

Sustainability risks (including

climate change)

Stable

The impact of Sustainability factors

on the Company's key risks

continues to be assessed, primarily

within the context of the Investment

Manager's Sustainability framework,

which seeks to embed Sustainability

into the strategy, direction, and goals

of portfolio companies and to

quantify the impact of its initiatives.

The risk is assessed as stable given

the maturity of the Investment

Manager's Sustainability integration

process.

Unsuitable investments leading to

adverse impact on valuations, the

environment and society or breach

of Sustainability regulations.

Regular reporting by the

Investment Manager on their

Sustainability strategy and

initiatives and Board training to

enable a good understanding of

Sustainability reporting.

Annual Report 2025 | Page 57

PARTNERS GROUP PRIVATE EQUITY LIMITED

11. Independent Auditor's report

Independent auditor’s report to the members of Partners Group Private Equity Limited

Report on the audit of the consolidated financial statements

Our opinion

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of Partners

Group Private Equity Limited (the “company”) and its subsidiaries (together “the group”) as at 31 December 2025, and of

their consolidated financial performance and their consolidated cash flows for the year then ended in accordance with IFRS

Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and have

been properly prepared in accordance with the requirements of The Companies (Guernsey) Law, 2008.

What we

have audited

The group’s

consolidated financial statements comprise:

■ the audited consolidated statement of financial position as at 31 December 2025;

■ the audited consolidated statement of comprehensive income for the year then ended;

■ the audited consolidated statement of changes in equity for the year then ended;

■ the audited consolidated statement of cash flows for the year then ended; and

■ the notes to the audited consolidated financial statements, comprising material accounting policy information and other

explanatory information.

Basis for opinion

We conducted

our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities under those

standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section

of our report.

We believe

that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are

independent of the group in accordance with the ethical requirements that are relevant to our audit of the consolidated

financial statements of the group, which includes those required by the Crown Dependencies’ Audit Rules and Guidance.

We have also fulfilled our other ethical responsibilities in accordance with these requirements.

Page 58 | Annual Report 2025

PARTNERS GROUP PRIVATE EQUITY LIMITED

Our audit approach

Overview

Audit scope

■ We have conducted a full scope audit of the consolidated financial statements of the group.

■ The consolidated financial statements comprise the company and the underlying subsidiaries, all of which are incorporated

in Guernsey.

■ Our approach is designed to address the risk of material misstatement and is tailored to consider the investment objectives

of the group.

■ In establishing the overall approach to the group’s audit, we determined the type of work that needed to be performed

by us or by our supporting team from another PwC network firm.

Key audit matters

■ Valuation of unlisted investments

■ Calculation of incentive fees

Materiality

■ Overall group materiality: €20.1 million (2024: €23.4 million) based on 2.25% of net assets.

■ Performance materiality: €15.0 million (2024: €17.5 million).

The scope of our audit

As part

of designing our audit, we determined materiality and assessed the risks of material misstatement in the consolidated

financial statements. In particular, we considered where the directors made subjective judgements; for example, in respect

of significant accounting estimates that involved making assumptions and considering future events that are inherently

uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among

other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to

fraud.

Key audit

matters

Key audit

matters are those matters that, in the auditor’s professional judgement, were of most significance in the audit

of the consolidated financial statements of the current period and include the most significant assessed risks of material

misstatement (whether or not due to fraud) identified by the auditor, including those which had the greatest effect on: the

overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These

matters, and any comments we make on the results of our procedures thereon, were addressed in the context of our audit

of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate

opinion on these matters.

This is

not a complete list of all risks identified by our audit.

Annual Report 2025 | Page 59

PARTNERS GROUP PRIVATE EQUITY LIMITED

Key audit matter

Valuation of unlisted investments

Refer to the Basis of preparation (note 2), the

Material accounting policies (note 3) and notes 4, 9,

13, 17, 18 and 19 to the consolidated financial

statements.

The group has an investment portfolio consisting of

listed and unlisted investments. The unlisted

investments are split between direct and indirect

investments. The valuation of the portfolio of unlisted

investments is significant in assessing the financial

position and performance of the group and is an area

to which significant judgement is often applied and

estimates made by the directors. The unlisted

investments are valued using such methodologies

and modelling techniques considered most

appropriate by the directors in order to comply with

IFRS 13 Fair Value Measurement. The inputs to

these valuations include, but are not limited to:

Direct Investments

x Market-derived multiple applied to the

earnings of the underlying investment; or

x Discount rate applied to the future cash

flows of the underlying investment; or

x Third party valuations of the underlying

investment.

Indirect Investments

x The percentage share ownership of the

net asset value received from the general

partners of the underlying investment

funds.

Determining both the valuation methodology and the

inputs to the valuation of unlisted investments can be

subjective and complex. This, combined with the

significance of the unlisted investments to the

consolidated statement of financial position, means

that the valuation of unlisted investments was

considered a key audit matter for audit purposes.

How our audit addressed the key audit matter

We updated our understanding and evaluation of management's processes and internal

controls that apply to the valuation of unlisted investments, the valuation methodologies

and modelling techniques used and the areas where significant judgements and

estimates are made. We also performed tests over certain key internal controls used in

the valuation of unlisted investments to assess their operating effectiveness.

The unlisted investments consist primarily of private companies (“direct investments”) or

investments in funds (“indirect investments”) and are initially valued by Partners Group

AG (the "Investment Manager"), reviewed by the Valuation Committee at the Investment

Manager and subsequently presented to the directors for review, challenge, and

approval. Where appropriate, auditor’s experts were used in the execution of our testing.

For a sample of investments, we performed the following testing:

Methodology

We assessed the appropriateness of the valuation methodology applied by the

Investment Manager, including the availability of representative market data to be able to

apply an earnings multiple model. Where a discounted cash flow model was used, we

evaluated that this was the most appropriate methodology given the circumstances of

the investment being valued.

We understood the Investment Manager’s assessment of climate risk and its impact on

the valuation methodology and inputs where, and as, applicable.

Direct Investments

We obtained the Investment Manager's valuation models which, depending on the

valuation methodology, included earnings, trading multiples for listed comparable

companies and the evaluated multiple used to value the investment, or the relevant

discounted cash flow model, cash flows and discount rate applied.

A) Input testing

x We obtained the relevant management information including earnings or

cash flow inputs for the underlying investments. We used this to corroborate

the information applied in the valuation models;

x We evaluated the earnings or cash flows used in the valuation model based

on our understanding of the financial performance of the respective

underlying investment, and assessed the appropriateness of any changes

made by the Investment Manager in the application of these inputs to the

valuation;

x For investments valued on an earnings multiple basis, we considered the

appropriateness of, and independently confirmed, the trading multiples for

listed comparable companies used. We assessed the appropriateness of

any adjustments, weightings or discounts made by the Investment Manager

to the comparable trading multiples to arrive at the applied multiple used in

the valuation;

x Where we identified other listed comparable companies that we believed

represented relevant earnings trading multiples, we evaluated and

considered the impact of their inclusion on the fair value;

x For investments valued using a discounted cash flow model, we

independently sourced, where appropriate, the cash flows and inputs to the

discount rate (or discount rate used if provided by a third party) applied in

the valuation model used. For those inputs where we identified differences,

an assessment was made of the impact; and

x We used open source searches to identify relevant, publicly available

information that the Investment Manager had not considered in determining

the value of the investments, both during the year and subsequent to the

year end.

In assessing the impact of any differences arising from above, where such differences

were significant, we challenged management as to such valuation differences and, if

these could not be justified, management adjusted for such differences to the valuations

presented and we considered the impact on our overall investment valuation sampling

methodology.

B) Calculation

x We checked the mathematical accuracy of the investment valuation models;

and

x We also recalculated the attribution of the value of the unlisted investments

across the financial instruments held by the group, checking that the

instrument type and ranking of all financial instruments in issue at an

underlying investment level are considered in the assessment of the group’s

unlisted investment valuation.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

Key audit matter How our audit addressed the key audit matter

Indirect Investments

A) Input testing

x Where underlying net asset valuations were used to value investments in

funds, we corroborated these by tracing them to supporting documentation

such as capital account statements received by the Investment Manager and

checked details such as the group's committed capital, unfunded

commitments, and percentage ownership;

x Where the Investment Manager adjusted these values for any listed or

quoted positions held by the indirect investments (for example where such

information was not coterminous with the year end and such details were

available for the respective indirect investment), we verified the market

prices applied to the adjusted net asset valuation at the year end;

x We evaluated the appropriateness of the source documentation by

performing independent confirmation procedures with the administrators of

the underlying investment funds; and

x To evaluate the reliability of the Investment Manager’s process we

performed back testing of the source documentation used in the group's prior

year valuations against the audited financial statements issued by the

underlying investment funds.

B) Calculation

x As the source documentation obtained for indirect investments related

primarily to 30 September 2025, we tested the control procedures in place at

the Investment Manager over the roll forward of the net asset value from 30

September 2025 to 31 December 2025; and

x We checked the mathematical accuracy and completeness of the roll forward

reports that contain the valuations for indirect investments.

Based on our work performed, we did not identify any material differences or matters for

further consideration.

Calculation of incentive fee

See notes 5 and 15 of the consolidated financial

statements for further information on the incentive

fees payable by the group.

Incentive fees comprise amounts accrued and

payable to the Investment Manager to compensate

them for services provided in a way which aligns their

remuneration with the group's investment

performance.

Our audit approach was based upon the specifics of the incentive fee arrangements as

set out in the amended investment management agreement and the notes to the

consolidated financial statements.

We updated our understanding and evaluation of management's processes, internal

controls and accounting policies in so far as they apply to the calculation of incentive

fees.

This includes obtaining the amended investment management agreement to inspect and

understand the terms of the amended incentive fee structure effective from 1 January

2025.

The incentive fee calculation is undertaken in

accordance with the offering documents and

investment management agreement between the

group and the Investment Manager.

The investment management agreement was

amended during the year, with the amended incentive

fee structure effective from 1 January 2025.

Incentive fees are now calculated based on the net

positive difference between the net asset value of the

group and a defined high water mark. The net asset

value of the group is based on a number of data

inputs, some of which are unobservable, determined

or calculated by management and therefore are

subject to judgment.

We focused on the incentive fee calculation due to

the change in the calculation and also due to the

nature of the incentive fees as there may be an

inherent risk that these may be overstated.

We performed the following procedures over the incentive fees:

x We checked that all parameters of the incentive fee were included within the

calculation, as set out in the offering documents and investment

management agreement;

x We obtained a schedule of incentive fees expensed and examined the

amended investment management agreement to ensure that incentive fees

are being calculated and accrued only when the contractual conditions

existed for the incentive fee to be recognized;

x With reference to the net asset value of the group and the high water mark

defined in the amended investment management agreement, we

recalculated the incentive fee attributable to the Investment Manager using

the applicable methodology; and

x With regards to the movement in, and balance of, the crystallized incentive

fee arising from the previous incentive fee arrangement applicable in

previous years, we performed both controls and substantive testing over the

occurrence of the investment disposals, the value of such disposals and the

gains realised on such disposals. This included checking that disposal met

the conditions in place for the crystallized incentive fee payment related to

the previous incentive fee arrangement to be triggered.

Based on our work performed, we did not identify any material differences or matters for

further consideration.

Annual Report 2025 | Page 61

PARTNERS GROUP PRIVATE EQUITY LIMITED

How we tailored the audit scope

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated

financial statements as a whole, taking into account the structure of the group, the accounting processes and controls, the

industry in which the group operates, and we considered the risk of climate change and the potential impact thereof on our

audit approach.

Scoping was

performed at the group level with reference to the overall group materiality and the risks of material misstatement

identified, irrespective of whether the underlying transactions took place within the company or within the subsidiaries. Indi-

vidual subsidiaries

were however assessed against an allocated component materiality to address the risk of material

misstatement to the group at the component level.

The transactions

relating to the company and the subsidiaries are all maintained and made available to us and our supporting

team (from a separate PwC network firm) by the Investment Manager and Partners Group (Guernsey) Limited (the "Admin-

istrator"). As

well as being under our direction and supervision, the audit work performed by our supporting team is subject

to our review.

Materiality

The scope

of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality.

These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and

extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect

of misstatements, both individually and in aggregate on the consolidated financial statements as a whole.

Based on

our professional judgement, we determined materiality for the consolidated financial statements as a whole as

follows:

Overall group materiality

€20.1 million (2024: €23.4 million).

How we determined it

2.25% of net assets

Rationale for benchmark applied

We believe that net assets is the most appropriate benchmark because this

is the key metric of interest to the members of the company. It is also a

generally accepted measure used for companies in this industry.

For each component in the scope of our group audit, we allocated a materiality that is less than our overall group materiality.

The range of materiality allocated across components was €16.4 million - €17.4 million.

We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected

and undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the

scope of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures,

for example in determining sample sizes. Our performance materiality was 75% (2024: 75%) of overall materiality,

amounting to €15.0 million (2024: €17.5 million) for the group consolidated financial statements.

In determining the performance materiality, we considered a number of factors – the history of misstatements, risk assessment

and aggregation risk and the effectiveness of controls - and concluded that an amount at the upper end of our normal range

was appropriate.

We agreed

with the Audit and Risk Committee that we would report to them misstatements identified during our audit above

€1.0 million (2024: €1.1 million) as well as misstatements below that amount that, in our view, warranted reporting for

qualitative reasons.

Page 62 | Annual Report 2025

PARTNERS GROUP PRIVATE EQUITY LIMITED

Reporting on other information

The other information comprises all the information included in the Annual Report (the “Annual Report”) but does not include

the consolidated financial statements and our auditor’s report thereon. The directors are responsible for the other information.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form

of assurance conclusion thereon.

In connection

with our audit of the consolidated financial statements, our responsibility is to read the other information and,

in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or

our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed,

we conclude that there is a material misstatement of this other information, we are required to report that fact. We have

nothing to report based on these responsibilities.

Responsibilities for

the consolidated financial statements and the audit

Responsibilities of

the directors for the consolidated financial statements

As explained more

fully in the Director’s Responsibilities Statement, the directors are responsible for the preparation of the

consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards, the require-

ments of

Guernsey law and for such internal control as the directors determine is necessary to enable the preparation of

consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing

the consolidated financial statements, the directors are responsible for assessing the group’s ability to continue

as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of ac-

counting unless

the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but

to do so.

Auditor’s responsibilities

for the audit of the consolidated financial statements

Our objectives

are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs

will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered

material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users

taken on the basis of these consolidated financial statements.

Our audit

testing might include testing complete populations of certain transactions and balances, possibly using data

auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete

populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases,

we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.

As part

of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism

throughout the audit. We also:

■ Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or

error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and

appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is

higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,

or the override of internal control.

■ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate

in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control.

■ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related

disclosures made by the directors.

Annual Report 2025 | Page 63

PARTNERS GROUP PRIVATE EQUITY LIMITED

■ Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit

evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt

on the group’s ability to continue as a going concern over a period of at least twelve months from the date of approval

of the consolidated financial statements. If we conclude that a material uncertainty exists, we are required to draw attention

in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inad

equate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s

report.

■ Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures,

and whether the consolidated financial statements represent the underlying transactions and events in a manner that

achieves fair presentation.

■ Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of

the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements.

We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit.

We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of

the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our

audit.

We also

provide those charged with governance with a statement that we have complied with relevant ethical requirements

regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought

to bear on our independence, and where applicable, related safeguards.

From the

matters communicated with those charged with governance, we determine those matters that were of most signi-

ficance in

the audit of the consolidated financial statements of the current period and are therefore the key audit matters.

We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or

when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the

adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such commu

nication.

Use of

this report

This report,

including the opinions, has been prepared for and only for the members as a body in accordance with Section

262 of The Companies (Guernsey) Law, 2008 and for no other purpose. We do not, in giving these opinions, accept or

assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it

may come save where expressly agreed by our prior consent in writing.

Report on

other legal and regulatory requirements

Company Law

exception reporting

Under The

Companies (Guernsey) Law, 2008 we are required to report to you if, in our opinion:

■ we have not received all the information and explanations we require for our audit;

■ proper accounting records have not been kept; or

■ the consolidated financial statements are not in agreement with the accounting records.

We have no exceptions to report arising from this responsibility.

Page 64 | Annual Report 2025

PARTNERS GROUP PRIVATE EQUITY LIMITED

Corporate governance statement

The UK Listing Rules require us to review the directors’ statements in relation to going concern, longer-term viability and

that part of the corporate governance statement relating to the company’s compliance with the provisions of the UK Corporate

Governance Code specified for our review. Our additional responsibilities with respect to the corporate governance statement

as other information are described in the Reporting on other information section of this report.

The company

has reported compliance against the AIC Corporate Governance Code (the “Code”) which has been endorsed

by the UK Financial Reporting Council as being consistent with the UK Corporate Governance Code for the purposes of

meeting the company’s obligations, as an investment company, under the UK Listing Rules of the FCA.

Based on

the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate

governance statement, included within the Directors’ Report is materially consistent with the consolidated financial statements

and our knowledge obtained during the audit, and we have nothing material to add or draw attention to in relation to:

■ The directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks;

■ The disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging

risks and an explanation of how these are being managed or mitigated;

■ The directors’ statement in the consolidated financial statements about whether they considered it appropriate to adopt

the going concern basis of accounting in preparing them, and their identification of any material uncertainties to the

group’s ability to continue to do so over a period of at least twelve months from the date of approval of the consolidated

financial statements;

■ The directors’ explanation as to their assessment of the group’s prospects, the period this assessment covers and why

the period is appropriate; and

■ The directors’ statement as to whether they have a reasonable expectation that the company will be able to continue in

operation and meet its liabilities as they fall due over the period of its assessment, including any related disclosures

drawing attention to any necessary qualifications or assumptions.

Our review of the directors’ statement regarding the longer-term viability of the group was substantially less in scope than

an audit and only consisted of making inquiries and considering the directors’ process supporting their statements; checking

that the statements are in alignment with the relevant provisions of the Code; and considering whether the statement is

consistent with the consolidated financial statements and our knowledge and understanding of the group and its environment

obtained in the course of the audit.

In addition,

based on the work undertaken as part of our audit, we have concluded that each of the following elements of

the corporate governance statement is materially consistent with the consolidated financial statements and our knowledge

obtained during the audit:

■ The directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable,

and provides the information necessary for the members to assess the group's position, performance, business model

and strategy;

■ The section of the Annual Report that describes the review of effectiveness of risk management and internal control

systems; and

■ The section of the Annual Report describing the work of the Audit and Risk Committee.

We have nothing to report in respect of our responsibility to report when the directors’ statement relating to the company’s

compliance with the Code does not properly disclose a departure from a relevant provision of the Code specified under the

UK Listing Rules for review by the auditors.

Annual Report 2025 | Page 65

PARTNERS GROUP PRIVATE EQUITY LIMITED

Other matter

The company is required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules to include these

consolidated financial statements in an annual financial report prepared under the structured digital format required by DTR

4.1.15R – 4.1.18R and filed on the National Storage Mechanism of the Financial Conduct Authority. This auditor’s report

provides no assurance over whether the structured digital format annual financial report has been prepared in accordance

with those requirements.

Roland Mills

For and on behalf of PricewaterhouseCoopers CI LLP

Chartered Accountants and Recognised Auditor

Guernsey, Channel Islands

20 March 2026

Page 66 | Annual Report 2025

PARTNERS GROUP PRIVATE EQUITY LIMITED

12. Audited consolidated financial statements

Audited consolidated statement of comprehensive income

for the period from 1 January 2025 to 31 December 2025

	Notes	01.01.2025	01.01.2024
In thousands of EUR		31.12.2025	31.12.2024
Net income from financial assets at fair value through profit or loss		(69,407)	154,329
Private equity		(63,863)	164,236
Interest & dividend income		11,807	10,474
Net gains / (losses) on private equity investments	9	(1,596)	128,843
Net gains / (losses) on incentive fee rebates	9	(18,494)	-
Withholding tax on private equity investments	9	(7)	(2,281)
Net foreign exchange gains / (losses)	9	(55,573)	27,200
Other assets		(5,544)	(9,907)
Net gains / (losses) on other assets	9	(2,794)	(11,664)
Withholding tax on other assets	9	-	(110)
Net foreign exchange gains / (losses)	9	(2,750)	1,867
Net income from cash & cash equivalents and other income		(363)	(116)
Interest & dividend income		78	99
Withholding tax on interest income		(17)	(35)
Net foreign exchange gains / (losses)		(424)	(180)
Total net income		(69,770)	154,213
Operating expenses		(17,054)	(42,724)
Management fees	18	(13,633)	(14,744)
Incentive fees	14,18	-	(25,051)
Administration fees	18	(468)	(469)
Service fees	18	(250)	(250)
Other operating expenses		(2,652)	(2,130)
Net gains / (losses) on other long-term receivables		(10)	(12)
Other net foreign exchange gains / (losses)		(41)	(68)
Other financial activities		(3,110)	(2,309)
Interest expense - credit facilities	13	(681)	(1,009)
Other finance cost		(2,429)	(1,307)
Other income		-	7
Profit / (loss) for period before tax		(89,934)	109,180
Income tax expense		(8)	(260)
Other comprehensive income for period; net of tax		-	-

Annual Report 2025 | Page 67

PARTNERS GROUP PRIVATE EQUITY LIMITED

	Notes	01.01.2025	01.01.2024
In thousands of EUR		31.12.2025	31.12.2024
Profit / (loss) for period after tax		(89,942)	108,920
Total comprehensive income / (loss) for period		(89,942)	108,920
Weighted average number of shares outstanding		69,083,808	69,151,168
Basic profit / (loss) per share for period (in EUR)	15	(1.30)	1.58
Diluted profit / (loss) per share for period (in EUR)	15	(1.30)	1.58

The earnings per share is calculated by dividing the profit / (loss) for period by the weighted average number of shares outstanding,

excluding treasury shares.

The denominators used in calculating basic and diluted earnings per share are the same for current period and previous period.

The accompanying notes form an integral part of these audited consolidated financial statements.

Page 68 | Annual Report 2025

PARTNERS GROUP PRIVATE EQUITY LIMITED

Audited consolidated statement of financial position

As at 31 December 2025

	Notes	31.12.2025	31.12.2024
In thousands of EUR
ASSETS
Financial assets at fair value through profit or loss
Private equity - investments	9,17	898,364	1,050,043
Private equity - incentive fee rebates	9,17	15,670	-
Other assets	9,17	15,503	25,007
Deferred receivables on investments		14,132	-
Other long-term receivables		49	54
Non-current assets		943,718	1,075,104
Other short-term receivables	17	4,773	1,153
Cash and cash equivalents		8,138	18,651
Current assets		12,911	19,804
TOTAL ASSETS		956,629	1,094,908
EQUITY AND LIABILITIES
Share capital	11	69	69
Treasury shares	11	(5,840)	-
Reserves	11	897,291	1,038,999
Total equity		891,520	1,039,068
Accruals and other short-term payables	10	65,109	55,840
Current liabilities		65,109	55,840
TOTAL EQUITY AND LIABILITIES		956,629	1,094,908

The accompanying notes form an integral part of these audited consolidated financial statements.

P. McKellar

Director

M. Wheatley

Director

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PARTNERS GROUP PRIVATE EQUITY LIMITED

Audited consolidated statement of changes in equity

for the period from 1 January 2025 to 31 December 2025

	Share capital	Treasury	Reserves	Total
In thousands of EUR		shares
Balance at beginning of period	69	-	1,038,999	1,039,068
Dividends paid	-	-	(51,766)	(51,766)
Treasury shares	-	(5,840)	-	(5,840)
Profit / (loss) for period after tax	-	-	(89,942)	(89,942)
Equity at end of period	69	(5,840)	897,291	891,520

for the period from 1 January 2024 to 31 December 2024

	Share capital	Treasury	Reserves	Total
In thousands of EUR		shares
Balance at beginning of period	69	-	979,176	979,245
Dividends paid	-	-	(49,097)	(49,097)
Treasury shares	-	-	-	-
Profit / (loss) for period after tax	-	-	108,920	108,920
Equity at end of period	69	-	1,038,999	1,039,068

The accompanying notes form an integral part of these audited consolidated financial statements.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

Audited consolidated statement of cash flows

for the period from 1 January 2025 to 31 December 2025

		Notes	01.01.2025	01.01.2024
In thousands of EUR			31.12.2025	31.12.2024
Operating activities
Profit / (loss) for period before interest and income tax expense			(89,253)	110,189
Adjustments:
Net foreign exchange (gains) / losses			58,788	(28,819)
Withholding tax on investments			7	2,391
Net gains / (losses) on private equity investments and other assets			4,390	(117,179)
Net gains / (losses) on incentive fee rebates			18,494	-
Net gains / (losses) on other long-term receivables			10	12
Net result from interest income			(69)	(313)
Net result from dividend income			(11,807)	(10,485)
(Increase) / decrease in receivables			(4,135)	4,489
(Increase) / decrease in withheld taxes available for deemed distributions			-	405
Increase / (decrease) in payables			(24,425)	9,150
Purchase of private equity investments		9	(86,581)	(33,094)
Purchase of other investments		9	(15,000)	(1)
Distributions from and proceeds from sales of private equity investments			166,952	127,288
Distributions from other investments		9	18,960	3,660
Interest & dividends received			11,867	10,549
Net cash from / (used in) operating activities			48,198	78,242
Financing activities
Drawdown of credit facility		13	99,100	55,000
Repayment of credit facility		13	(99,100)	(74,000)
Interest paid	- credit facilities	13	(681)	(1,058)
Dividends paid		7	(51,766)	(49,097)
Repurchase of ordinary shares		11	(5,840)	-
Net cash from / (used in) financing activities			(58,287)	(69,155)
Net increase / (decrease) in cash and cash equivalents			(10,089)	9,087
Cash and cash equivalents at beginning of period			18,651	9,744
Effects of foreign currency exchange rate changes on cash and cash equivalents			(424)	(180)
Cash and cash equivalents at end of period			8,138	18,651

The accompanying notes form an integral part of these audited consolidated financial statements.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

Notes to

the audited consolidated financial statements

for the period from 1 January 2025 to 31 December 2025

1 Organization and business activity

Partners Group Private Equity Limited is an investment holding company established on 12 May 1999. The Company is a

Guernsey limited liability company that invests in a diversified portfolio of private market investments through its wholly

owned subsidiary, Princess Private Equity Subholding Limited (the "Subsidiary") . The Subsidiary also holds certain investments

through its wholly owned subsidiary Princess Direct Investments, L.P. Inc. (the "Sub-Subsidiary"). The Sub-Subsidiary, the

Subsidiary, and the Company form a group (the "Group"). Both of these subsidiaries are consolidated as they are deemed

to provide investment-related services to the Company. The Group primarily accesses investments directly, and to a lesser

extent via Partners Group's private equity programs; the Company also holds a small portfolio of fund investments that is

currently in run-off.

The shares of the Company were listed on the Prime Standard of the Frankfurt Stock Exchange from 13 December 2006

until 5 December 2012 (date of delisting). The shares of the Company remain listed on the Main Market of the London

Stock Exchange, where they have been listed since 1 November 2007. Following the close of business on 19 September

2025, the Company became a constituent of the FTSE 250 index.

2 Basis of preparation

The audited consolidated financial statements comprise the financial statements of the Group. The audited consolidated

financial statements have been prepared on a going concern basis in accordance with IFRS Accounting Standards as

issued by the International Accounting Standards Board ("IFRS Accounting Standards") and under the historical cost

convention as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss.

The preparation of audited consolidated financial statements, in conformity with IFRS Accounting Standards, requires the

use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent

assets and liabilities at the date of the audited consolidated financial statements and the reported amounts of revenues

and expenses during the reporting period. Although these estimates are based on management's best knowledge of current

events and actions, actual results may ultimately differ from those estimates. The areas where assumptions, judgments

and estimates are significant to the audited consolidated financial statements are disclosed in Note 4, 'Critical accounting

estimates and judgments'.

The Directors

of the Company have elected to prepare audited consolidated financial statements for the period ended 31

December 2025 as the parent of the Group and therefore, in accordance with Section 244(5) of The Companies (Guernsey)

Law, 2008, they are not required to prepare individual accounts for the financial period in accordance with Section 243 of

The Companies (Guernsey) Law, 2008.

3 Material accounting policies

The accounting policies below have been applied consistently, except where otherwise noted, in dealing with items which

are considered material in relation to the Group's audited consolidated financial statements.

From 1 January 2025, the following revised IFRS Accounting Standards and interpretations to existing standards were

required to be adopted. The Group has consequently adopted all relevant and below mentioned standards effective from

1 January 2025:

■ Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability (effective from 1

January 2025);

The Group assessed the applicability of this amendment in relation to operations involving currencies which may be subject

to exchange restrictions or controls. Where relevant, the Group has applied the guidance to determine the appropriate spot

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PARTNERS GROUP PRIVATE EQUITY LIMITED

exchange rate(s) and included the required additional disclosures in accordance with IAS 21 The Effects of Changes in

Foreign Exchange Rates in 'Foreign currency exchange risk' note.

The following standards or amendments to existing standards that are mandatory for future accounting periods, but where

early adoption is permitted now, have not been adopted. The Group is still assessing the potential impact of these standards

on the consolidated financial statements:

■ Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (effective from 1 January

2026); and

■ IFRS 18 Presentation and Disclosure in Financial Statements (effective from 1 January 2027).

No other new standards or amendments to standards are expected to have a material effect on the consolidated financial

statements of the Group.

Consolidation

The Directors

of the Company have determined that the Company is an investment entity in accordance with IFRS 10 based

on the fact that it meets the relevant definition criteria. The Company:

■ obtains funds from one or more investors for the purpose of providing those investors with investment management

services;

■ commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment

income or both; and

■ measures and evaluates the performance of substantially all of its investments on a fair value basis.

As a result, the Group does not consolidate any entities other than the Subsidiary and Sub-Subsidiary (the "Subsidiaries"),

as further described in Note 4, "Critical accounting estimates and judgments".

Inter-company transactions,

balances and unrealized gains or losses on transactions between Group companies are

eliminated on consolidation.

A list

of the Group's subsidiaries is set out in Note 19. The consolidation is performed using the purchase method. All Group

companies have 31 December as the end of their reporting periods.

Net income

from short-term investments and cash and cash equivalents

Income from

bank deposits and interest income from short-term investments are included on an accruals basis using the

effective interest rate method. Gains and losses from short-term investments and gains and losses from cash and cash

equivalents also include the increase or decrease in the value of short-term investments purchased at a discount or a

premium. All realized and unrealized profits and losses are recognized in the audited consolidated statement of comprehensive

income. Dividend income from money market funds ("MMFs") and short-term investments are recognized when the right

to receive payment is established.

Expenditure

All items

of expenditure are included in the audited consolidated financial statements on an accruals basis.

Foreign currency translation

(a) Functional and

presentation currency

Items included

in the financial statements of each of the Group's entities are measured using the currency of the primary

economic environment in which the Group operates (the "Functional Currency") that most faithfully represents the economic

effect of the underlying transactions, events and conditions. The Group's economic environment has been assessed and

determined in accordance with the primary and secondary indicators defined in IAS 21 The Effects of Changes in Foreign

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PARTNERS GROUP PRIVATE EQUITY LIMITED

Exchange Rates. The audited consolidated financial statements are presented in Euros, which is the Company and Group's

Functional Currency.

(b) Transactions and balances

Transactions in

foreign currencies are translated into the Functional Currency using the exchange rates prevailing at the

dates of the transactions or valuations where items are remeasured. Foreign exchange gains and losses resulting from the

settlement of such transactions and from the translation at the end of the reporting period exchange rates of monetary

assets and liabilities denominated in foreign currencies are recognized in the audited consolidated statement of comprehensive

income.

Financial assets

and financial liabilities at fair value through profit or loss

(a) Classification

The Group

classifies its investments based on both the Group's business model for managing those financial assets and

the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance

is evaluated on a fair value basis. The Group is primarily focused on fair value information and uses that information to

assess the assets' performance and to make decisions. The Group has not taken the option to irrevocably designate any

equity securities as fair value through other comprehensive income. The contractual cash flows of the Group's debt securities

are solely principal and interest; however, these securities are neither held for the purpose of collecting contractual cash

flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental

to achieving the Group business model's objective. Consequently, all investments are measured at fair value through profit

or loss.

Where the

Group has hedged the value of non-Functional Currency investments against the Functional Currency the Group

does not use hedge accounting as defined in IFRS 9. Derivative financial instruments are classified as financial assets and

financial liabilities at fair value through profit or loss in accordance with IFRS 9. They are initially recognized in the audited

consolidated statement of financial position at fair value and are subsequently remeasured to fair value. As a result, the

realized gains/losses and the unrealized changes in fair value are recognized in the audited consolidated statement of

comprehensive income under the heading "Other financial activities". The fair values of various derivative instruments used

for hedging purposes, if any, are disclosed in the notes.

Financial assets

and financial liabilities at fair value through profit or loss consist of interests which are acquired by the

Group (including all related securities) in (typically unlisted) direct private market investments ("Direct Investments"), some

of which are accessed through Partners Group's access vehicles, and all other types of investments, which comprise

investments through Partners Group's funds, as well as other investment vehicles ("Indirect Investments"). These are

managed and their performance is evaluated on a fair value basis in accordance with the Group's documented investment

strategy. The Group's policy is used by the Investment Manager and the Directors to evaluate the information about these

financial assets and liabilities on a fair value basis together with other related financial information.

Incentive fee rebate financial assets are classified as financial assets at fair value through profit or loss based on the Group's

business model and the asset's contractual cash flow characteristics. The contractual cash flows are contingent and linked

to performance-fee economics of the portfolio of investments and not of payments of principal and interest consistent with

a lending arrangement.

In setting the Group's investment policy the Directors have determined their intention to focus on making investments in

entities that adopt an internationally recognized standard of accounting.

(b) Recognition and

derecognition

All transactions

relating to financial assets and financial liabilities at fair value through profit or loss are recognized when

all risks and rewards of ownership have been transferred.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

Any distributions, including return of principal of investment, received from the underlying Direct and Indirect Investments

are recognized when the Group's right to receive payment has been established.

Financial assets and financial liabilities at fair value through profit or loss are derecognized when the right to receive cash

flows has expired or where substantially all risks and rewards of ownership have been transferred.

Occasionally, the

target investment structure may change under the normal course of operations, where an intermediary

investment vehicle transfers its ownership in the underlying investment to another vehicle within the structure. These

transfers are typically done at cost or fair value, depending on the jurisdiction in which the structures reside. On the basis

that the underlying investments are monitored on a look-through basis, these transactions are not deemed to be realizing

events for the purpose of the incentive fees calculations.

Cash and

payment-in-kind ("PIK") interest relating to debt investments held at fair value through profit or loss are recognized

on an accruals basis within interest income (including PIK) in the audited consolidated statement of comprehensive income

when the Group's right to receive payment is established.

Incentive fee

rebate financial assets are measured when the Group's contractual right to receive the cash flows is established

and derecognized when cash is received or when the Group's contractual right to receive cash flows expires or is extinguished.

As a

matter of principle, financial assets and financial liabilities at fair value through profit or loss are initially recognized at

fair value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are

measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities

at fair value through profit or loss are presented in the audited consolidated statement of comprehensive income within net

income from financial assets at fair value through profit or loss in the period in which they arise.

Distributions from

Indirect Investments held at fair value through profit or loss are recognized in the audited consolidated

statement of financial position when the Group's right to receive payment is established. Distributions received from Indirect

Investments are recognized first as a repayment of the original capital contributed to the Indirect Investments which is

substantially in keeping with the distribution arrangements prescribed by the constituent documents of the Indirect Investments.

On repayment of any of the original capital contributed in full to the Indirect Investments, all subsequent distributions are

recognized in the audited consolidated statement of comprehensive income within revaluation.

Any interest

and dividend distributions derived from Direct Investments are recognized when the Group's right to receive

payment is established and included within interest and dividend income in the audited consolidated statement of

comprehensive income.

Incentive fee

rebate is measured based on the best available information at each reporting date regarding the amount

expected to be received, consistent with the contractual terms and conditions.

(d) Fair value

estimation

The fair

values of financial instruments whose principal markets are actively traded exchange markets are based on quoted

market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the

price within the bid-ask spread which is most representative of fair value at the end of the reporting period.

In assessing

the fair value of non-traded financial instruments, the Group uses a variety of market and income methods

such as time of last financing, earnings and multiple analysis, discounted cash flow method and third-party valuation and

makes assumptions that are based on market conditions and expected market participant assumptions existing at the end

of each period. Quoted market prices or dealer quotes for specific similar instruments are also used for long-term debt

where appropriate. Other information used in determining the fair value of non-traded financial instruments includes latest

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PARTNERS GROUP PRIVATE EQUITY LIMITED

financial reports, subsequent cash flows and internally performed monitoring of triggering events (such as exits and initial

public offerings ("IPOs")) as well as pricing movements in comparable investments together with techniques, such as option

pricing models and estimated discounted value of future cash flows.

Short-term investments

consist of investments in treasury bills and money-market funds with a stated maturity between

three and twelve months at the date of acquisition. Short-term investments are classified and subsequently measured at

fair value through profit or loss.

Offsetting financial

instruments

Financial assets

and liabilities are offset and the net amount reported in the audited consolidated statement of financial

position where there is currently a legally and contractually enforceable right to offset the recognized amounts and there is

an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. A current legally and

contractually enforceable right to offset must not be contingent on a future event. Furthermore, it must be legally and

contractually enforceable in (i) the normal course of business; (ii) the event of default; and (iii) the event of insolvency or

bankruptcy of the Group and any of the counterparties.

Cash and

cash equivalents

Cash and

cash equivalents consist of cash at bank, term deposits, treasury bills and MMFs with original maturity of three

months or less from the date of acquisition. MMFs are classified as cash and cash equivalents due to their liquidity and

insignificant risk of changes in value. The MMFs held at a constant net asset value have a weighted average maturity of

less than 90 days and are able to be redeemed on a same day basis. Cash and cash equivalents are stated at the carrying

amount as this is a reasonable approximation of fair value. Bank overdrafts are included within current liabilities in the

audited consolidated statement of financial position. Cash and cash equivalents may include unrestricted variation margin

balances received from counterparties as collateral on derivative asset positions, which are due back to those counterparties

on settlement of the derivatives.

Other short-term

receivables and long-term receivables

Other short-term

receivables are non-derivative financial assets with fixed or determinable payments that are not quoted

in an active market. They are classified as current assets unless the maturities are more than twelve months after the end

of the reporting period, where they are classified as non-current assets. Other short-term receivables are stated at the

contractual amount less impairment, if any, as this is a reasonable approximation of fair value. Other short-term receivables

may include variation margin balances paid to counterparties on derivative liability positions, which are due back from those

counterparties on settlement of the derivatives.

Other long-term

receivables also include amounts receivable by the Group at the reporting date which represent distributions

from underlying investments that are held through special purpose vehicles that could be subject to corporate tax in

jurisdictions different to that of the Group. In certain cases, all distributions received from underlying investments must be

retained in such vehicles until the investment is fully realized in order to benefit from such structuring. It has been determined

that future payments may need to be made by the special purpose vehicles to tax authorities in the jurisdictions in which

these are based, and as such not all of the amounts paid by the underlying investment may be recoverable in full by the

Group should the distributions be taxed. As a result, these long-term receivable balances are assessed for taxes owing

and the resulting revaluation of these long-term receivables is recorded under "revaluation of long-term receivables" in the

audited consolidated statement of comprehensive income. These underlying investments and related calls and distributions

have been accounted for on a look-through basis.

Deferred receivables

meet the definition of a financial asset as they represent a contractual right to receive cash for a

specified amount at a specified date. Deferred receivables which represent a financial asset are initially measured at fair

value. Subsequently these are measured at amortized cost using the effective interest rate method. At the end of the

reporting period, the Group shall measure the loss allowance on outstanding balance at an amount equal to the lifetime

expected credit losses if the credit risk has increased significantly since initial recognition. If however, the credit risk has

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PARTNERS GROUP PRIVATE EQUITY LIMITED

not increased significantly since initial recognition, the Group shall measure the loss allowance at an amount equal to

12-month expected credit losses. They are classified as assets falling due within one year unless the maturities are more

than 12 months after the end of the reporting period where they are classified as assets falling due after one year. A deferred

receivable is derecognized when the obligation to receive the specifically identified cash flows has been fulfilled, expired,

or there are no reasonable expectations of recovering those cash flows in their entirety or a portion thereof.

Accruals and other short-term payables

Accruals and

other short-term payables are non-derivative financial liabilities with fixed or determinable payments that are

not quoted in an active market. They are classified as current liabilities unless the maturities are more than twelve months

after the end of the reporting period where they are classified as non-current liabilities. Accruals and short-term payables

are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

Accruals and other short-term payables may include variation margin balances received as cash from counterparties on

derivative asset positions, which are payable back to those counterparties on the settlement of the derivatives.

Borrowings

Borrowings consist

of credit facilities and loans received either from financial institutions or from related parties. Such

borrowings are initially recognized at fair value and subsequently measured at amortized cost using the effective interest

rate method. Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired.

In the audited consolidated statement of financial position borrowings are classified as current liabilities unless the maturities

are more than twelve months after the end of the reporting period where they are classified as non-current liabilities.

Deferred payments

meet the definition of a financial liability as they are a contractual obligation for a specified amount at

a specified date. Deferred payments are initially recognized at fair value and subsequently measured at amortized cost

using the effective interest method. They are classified as current liabilities unless the maturities are more than twelve

months after the end of the reporting period where they are classified as non-current liabilities. A deferred payment is

derecognized when the obligation under the liability is paid or discharged.

Equity

Shares are

classified as equity. Where any group company purchases the Company's equity share capital (treasury shares),

the consideration paid, including any directly attributable incremental costs, is deducted from equity attributable to the

Company's equity holders until the shares are canceled or reissued. Where such shares are subsequently reissued, any

consideration received, net of any directly attributable incremental transaction costs, is included in equity attributable to the

Company's equity holders.

4 Critical accounting estimates and judgments

There is significant subjectivity in the valuation of Direct and Indirect Investments with very little transparent market activity

to provide support for fair value levels at which willing buyers and sellers would transact. In addition, there is subjectivity in

the cash flow modeling due to the fact that the underlying investments, in many cases, require funding based on their future

development. The estimates and judgments employed therein are therefore continually evaluated and are based on historical

experience and other factors, including expectations of future events that are believed to be reasonable under the

circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates

will, by definition, seldom equal the related actual results.

Incentive fee rebates

In prior periods, the Group presented incentive fee expense and incentive fee rebates on a net basis, where these amounts

were directly linked and expected to move together, reflecting the Group's net fee exposure and as per the previous IMA

with Partners Group AG. From 1 January 2025, due to the crystallization of the Group's incentive fee accrued at 31 December

2024 as a result of the adoption and implementation of the amended Investment Management Agreement dated 18 February

2025 ("Amended IMA"), movements in the incentive fee rebate accrual is now decoupled from the Group's incentive fee

expense as the incentive fee rebates are dependent on underlying subsequent event performance whereas the incentive

fee expense is no longer only based on such performance measures.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

Critical judgments

The Group concluded that net presentation would no longer faithfully represent the substance and economic effects of the

arrangement and that gross presentation provides more relevant information.

Based on

this assessment, the Group recognizes incentive fee rebates as financial assets at fair value through profit and

loss. Movements therein are recognized separately through the consolidated statement of comprehensive income and the

accrual of the incentive fee rebate financial asset is included in financial assets, Private Equity within the consolidated

statement of financial position.

Unlisted investments

For the

valuation of such investments the Investment Manager reviews the latest information provided by underlying

investments and other business counterparties, which frequently does not coincide with the valuation date, and applies

widely recognized market and income valuation methods to such information such as time of last financing, earnings and

multiple analysis, discounted cash flow method and third-party valuation as well as market prices of similar investments to

estimate a fair value as at the end of the reporting period.

Critical judgments

In order

to determine the underlying assumptions of such valuation methods, significant judgment is required. These may

include but are not limited to:

■ Selection of valuation technique;

■ Selection of a set of comparable listed companies;

■ Selection of performance measures of such listed companies in order to determine comparable trading multiples;

■ Selection of recent transactions for the sales comparison method; and

■ Identification of uncertain tax positions.

As part of the fair valuation of such investments, the Investment Manager uses observable market data (whenever possible),

unobservable data and cash flow data to consider and determine the fair values of the underlying investments. Furthermore,

the Investment Manager considers the overall portfolio against observable data and general market developments to

determine if the valuations attributed appear to be fair based on the current market environment. The Investment Manager

makes practical efforts to obtain the latest available information pertaining to the underlying unquoted investments.

The Investment

Manager adheres to fair value assessment procedures that are determined independently of its investment

committee as part of the continuous evaluation of the fair value of the underlying unquoted investments.

Critical estimates

The Group

estimates the fair value of an investment as at the valuation date based on an assessment of relevant applicable

indicators of fair value. Such indicators may include, but are not limited to:

■ Determination of adjustments to comparable trading multiples based on qualitative factors;

■ Determination of future cash flows;

■ Determination of applicable discount rates considering own and counterparties' credit risk;

■ Determination of applicable capitalization rates for the income method;

■ Determination of price within the bid-ask spread for investments with available broker quotes;

■ An underlying investment's most recent reporting information, including a detailed analysis of underlying company

performance and investment transactions with the Indirect Investments between the latest available reporting information

of the underlying investment and the end of the reporting period of the Group;

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PARTNERS GROUP PRIVATE EQUITY LIMITED

■ Review of a Direct Investment's most recent accounting and cash flow reports and models, including data supplied by

both the sponsor and the company and any additional available information between the date of these reports and the

end of the reporting period of the Group;

■ Review of recent transaction prices and merger and acquisition activity for similar Direct Investments;

■ Review of the Indirect Investment's application of generally accepted accounting principles and the valuation method

applied for its underlying investments, such as discounted cash flow and multiple analysis, which are based on available

information;

■ Review of current market environment and the impact of it on the Direct and Indirect Investments; and

■ Determination of the impact of uncertain tax positions on the valuation.

The variety of valuation bases adopted, quality of management information provided by the underlying Indirect Investments and

the lack of liquid markets for the investments held mean that there are inherent difficulties in determining the fair values of

these investments that cannot be eliminated. There are significant estimates and assumptions that are used in establishing

the fair value of financial assets and liabilities. As a result, the actual amounts realized on the sale of these instruments

may differ from the fair values reflected in these audited consolidated financial statements and these differences may be

significant as a result of the judgments and estimates applied. The output of the above estimation of the fair value of

investments is a significant factor in the calculation of estimated incentive fee accruals and any rebates.

Cash flow

modeling

In addition

to the review of historical data within the cash flow modeling used to estimate the cash flow requirements for

the Group, the Investment Manager also takes into account current portfolio data together with the expected development

of the market environment based on observable market information and subjects this to simulations and stress-testing with

consideration of certain scenarios which could occur and their potential impact on the Group and its investment commitment

and funding strategy.

The results

of such observations are included within the investment models to provide an insight into future expected cash

flows and the liquidity requirements of the Group.

Critical estimates

As at

the end of the reporting period, the Group estimates the cash flow requirements based on an assessment of all

applicable indicators, which may include but are not limited to the following:

■ Historical statistical data: external and internal data serve as the statistical basis of the quantitative model;

■ Current portfolio company information: the model is updated to take into account current data from the Group's Direct

and Indirect Investments;

■ Input from the Investment Manager's investment professionals: quantitative and qualitative inputs from the general market

environment and specific portfolio in the model;

■ Monte-Carlo simulations and stress-tests: stochastic behavior of private market cash flows combined with valuations

and tailor-made scenario analyses provide the basis for commitment decisions and quantitative risk management; and

■ Use of borrowings and anticipated usage of such borrowings for anticipated drawdowns in relation to unfunded

commitments to Direct and Indirect Investments.

There are judgments made, based on assumptions concerning the future, and uncertainty in the estimates in the cash flow

modeling method and as such the Investment Manager, on instruction from the Board of Directors, continuously compares

these assumptions against actual market and business developments and revises the cash flow model accordingly.

Investment entity

status of Subsidiaries

The assessment

whether to consolidate the Subsidiaries which relate to the Group's investment activities requires judgment

as to whether those Subsidiaries meet the definition of an Investment Entity in IFRS 10 and provide services that relate to

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PARTNERS GROUP PRIVATE EQUITY LIMITED

the Company's investment activities. Management has assessed the amendment to IFRS 10 (effective 1 January 2016)

and concluded that each of the Subsidiaries does not meet the definition of an Investment Entity in accordance with IFRS

Accounting Standards, primarily because each of the Subsidiaries has a single investor, which is a related party. Each of

the Subsidiaries' primary services is to provide investment-related services to the parent company, including but not limited

to providing investment management services to the Company and acting as guarantor to the Company of its short-term

credit facility.

5 Expenses

Management fees

Under the Amended IMA between the Company and Investment Manager, with effect from 1 January 2025, the Company

pays quarterly management fees to the Investment Manager in arrears. The quarterly management fees are calculated as

0.375% of the Company's net asset value less the value of any temporary investments, primary investments and secondary

investments, plus the amount of the Company's unfunded commitments to make investments.

Prior to

the change in the management fee basis with effect from 1 January 2025, the quarterly management fees were

calculated as 0.375% of the private equity asset value which is the higher of (i) the net asset value of the Company and (ii)

the value of the assets less any temporary investments of the Company.

Any management

fees are disclosed in accordance with the Investment Management Agreement.

No management

fees are payable by the Company in respect of investments in Partners Group vehicles at the underlying

vehicle level, and the Investment Manager ensures that any management fees that would otherwise arise at such level are

waived or rebated to the Company in accordance with the Investment Management Agreement.

Administration fees

The administration

fees are paid quarterly in advance pursuant to the administration agreement between the Company and

Partners Group (Guernsey) Limited (the "Administrator"). With effect from 1 July 2022, the quarterly administration fees are

calculated as 0.0125% of the first EUR 900 million of net asset value of the Company (previously 0.0125% of the first USD

1 billion of net assets) and 0.005% of the amount by which such net asset value of the Company exceeds EUR 900 million

(previously 0.005% of the amount by which such net assets exceed USD 1 billion).

Service fees

For the

services provided under the investor relations agreement, the Company pays the Investment Manager a quarterly

compensation of EUR 62,500 excluding value added tax, if any, including any overhead, travel, out-of-pocket, information

technology, and other infrastructure expenses in connection with the provision of services under the agreement.

Incentive fees

In accordance

with the IMA, the Investment Manager is entitled to receive a share of the realized profits of the Company,

otherwise referred to as incentive fees. Incentive fees, at each reporting date, are calculated taking into account the required

performance conditions and distribution arrangements of the Company in accordance with the IMA.

Prior to

1 January 2025 the incentive fee arrangement was based on the realized gain (after deducting specific purchase

and sales costs, but before accounting for any management fees) for each of the Company's investments, on a "deal-by-deal"

basis in respect of which the Company achieved an IRR of at least 8%, without reference to the overall net asset value

performance of the Company. Certain shareholders requested to change the "deal-by-deal" mechanism to a more 'fund as

a whole' basis.

Effective 1

January 2025, the Company adopted a revised incentive fee structure under the Amended IMA. The incentive

fee remains at a rate of 15%, tested and paid on a semi-annual basis with monthly accruals. The incentive fee is now

calculated as the net positive difference between (a) NAV (excluding accruals for incentive fees in respect of current

calculation period) and (b) High Water Mark. The High Water Mark is defined as the higher of (i) the NAV at the last

semi-annual date when an incentive fee became payable; and (ii) the NAV as at 31 December 2024. If the calculated

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PARTNERS GROUP PRIVATE EQUITY LIMITED

incentive fee, including any Deferred Incentive Fees, would cause the total incentive fee to exceed 4.99% of the lower of

NAV or market capitalization, or if it would cause the Company’s net debt to exceed 5% of NAV, only the portion of the

incentive fee that would not breach these thresholds is paid. The balance of Incentive Fee which remains unpaid is deferred.

Deferred Incentive Fees are reassessed monthly and paid when conditions permit, with priority given to the earliest

outstanding amounts.

The foreign currency exchange fluctuations are included in this calculation.

The change

in incentive fees is accounted for on an accruals basis and is presented separately in the audited consolidated

statement of comprehensive income.

No incentive

fees are payable by the Company in respect of investments in Partners Group vehicles at the underlying

vehicle level, and the Investment Manager ensures that any performance fees that would otherwise arise at such level are

waived or rebated to the Company in accordance with the Amended IMA ("incentive fee rebates").

Following the

Amended IMA, which resulted in the crystallization of the Group's incentive fee accrued at 31 December

2024, it was concluded that the Group-level incentive fee accrual and the accrual of the benefits from incentive fee rebates

no longer largely offset symmetrically. Accordingly, the Group reassessed the presentation and recognition of amounts

arising from incentive fee rebates in applying its accounting policies to conditions that differ in substance from those previously

occurring (refer to Note 4 Critical accounting estimates and judgments).

Audit fees

During the

reporting period, the Company paid audit fees in the amount of EUR 123,098 (31.12.2024: EUR 142,958).

6 Taxation

The Company and the Subsidiaries are exempt from taxation in Guernsey under The Income Tax (Exempt Bodies) (Guernsey)

Ordinance, 1989 and are each liable for the payment of an annual fixed rate of GBP 1,600 (31.12.2024: GBP 1,600) per

annum for the granting of the exemption.

The Group is treated as a corporation for US federal income tax purposes. According to US tax laws, the Company's

effectively connected taxable income is subject to a federal tax rate of 21%. Such tax is reported as Income tax expense

in the audited consolidated statement of comprehensive income.

The Group

may incur withholding taxes imposed by certain countries on income from underlying investments. Such income

is recognized gross of withholding taxes in the audited consolidated statement of comprehensive income.

7 Dividends

During the reporting period, the Board of Directors of Partners Group Private Equity Limited declared two interim dividends,

each of EUR 0.375 per ordinary share, which were paid on 13 June 2025 and 19 December 2025 to shareholders on the

dividend in 2024: two interim dividends, each of EUR 0.355 per ordinary share, which were paid on 17 June 2024 and 13

December 2024 to shareholders on the register of members as at 17 May 2024 and 8 November 2024, respectively, in

total amounting to EUR 49.1 million).

8 Segment calculation

The Investment Manager makes strategic allocations of assets between segments on behalf of the Group. The Group has

determined the operating segments based on the internal reporting provided by the Investment Manager to the Board of

Directors on a regular basis.

The Investment Manager considers that the investment portfolio of the Group may consist of up to six sub-portfolios, which

are managed by specialist teams within the Investment Manager. Only those segments applicable within the reporting

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PARTNERS GROUP PRIVATE EQUITY LIMITED

period have been reflected in these audited consolidated financial statements and the notes below. There were no changes

in the reportable segments during the period.

The Investment Manager assesses the performance of the reportable segments based on the net income from and capital

appreciation of the financial assets at fair value through profit or loss by segment, based on the fair value methodologies

adopted by the Group. This measurement basis excludes any additional general income and expenses which are not

allocated to segments but are managed by the Administrator on a central basis.

Total assets

allocated to reportable segments are those financial instruments presented in the audited consolidated statement

of financial position by segment, and the Group's other assets, receivables, liabilities, and cash are not considered to be

segment assets or liabilities and are managed centrally by the Administrator. Hedging gains and losses are attributable to

hedging activities of the Group and managed on a central basis by the Investment Manager and Administrator and the

Group's management and incentive fees paid are not considered to be segment expenses.

The segment

information provided by the Investment Manager with respect to reportable segments for the period is as

follows:

	01.01.2025	01.01.2024
In thousands of EUR	31.12.2025	31.12.2024
Private equity
Interest & dividend income	11,807	10,474
Net gains / (losses) on private equity investments	(1,596)	128,843
Net gains / (losses) on incentive fee rebates	(18,494)	-
Withholding tax on private equity investments	(7)	(2,281)
Net foreign exchange gains / (losses)	(55,573)	27,200
Total net income private equity	(63,863)	164,236
Segment result private equity	(63,863)	164,236
Other assets
Net gains / (losses) on other assets	(2,794)	(11,664)
Withholding tax on other assets	-	(110)
Net foreign exchange gains / (losses)	(2,750)	1,867
Total net income other assets	(5,544)	(9,907)
Segment result other assets	(5,544)	(9,907)
Non-attributable
Interest & dividend income	61	64
Net foreign exchange gains / (losses)	(424)	(180)
Total net income non-attributable	(363)	(116)
Segment result non-attributable (including total net income non-attributable)	(17,417)	(42,840)
Other financial activities not allocated	(3,110)	(2,309)
Profit / (loss) for the financial period before tax	(89,934)	109,180
Income tax expense	(8)	(260)
Profit / (loss) for the financial period after tax	(89,942)	108,920

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PARTNERS GROUP PRIVATE EQUITY LIMITED

9 Financial assets at fair value through profit or loss

9.1 PRIVATE EQUITY

	31.12.2025	31.12.2024
In thousands of EUR
Balance at beginning of period	1,050,043	969,391
Incentive fee rebates at 1 January 2025 (refer to Note 14)	34,164	-
Balance at beginning of period including accrued incentive fee rebates	1,084,207	969,391
Purchase of Direct and Indirect Investments	86,581	33,094
Distributions from and proceeds from sales of Direct and Indirect Investments	(181,084)	(127,288)
Reclassification of investments	-	21,095
Accrued cash and PIK interest	-	(11)
Net gains / (losses) on private equity investments	(1,596)	128,843
Net gains / (losses) on incentive fee rebates	(18,494)	-
Withholding tax on private equity investments	(7)	(2,281)
Net foreign exchange gains / (losses)	(55,573)	27,200
Balance at end of period	914,034	1,050,043
Private equity investments	898,364	-
Incentive fee rebates	15,670	-
Changes in unrealized gains / (losses) on private equity investments held at end of period	(177,540)	50,565
and included within net gains / (losses) on private equity investments

9.2 OTHER ASSETS

	31.12.2025	31.12.2024
In thousands of EUR
Balance at beginning of period	25,007	59,668
Purchase of Direct and Indirect Investments	15,000	1
Distributions from and proceeds from sales of Direct and Indirect Investments	(18,960)	(3,660)
Reclassification of investments	-	(21,095)
Net gains / (losses) on other assets	(2,794)	(11,664)
Withholding tax on other assets	-	(110)
Net foreign exchange gains / (losses)	(2,750)	1,867
Balance at end of period	15,503	25,007
Changes in unrealized gains / (losses) on other assets held at end of period and included	(2,526)	(4,210)
within net gains / (losses) on other assets

At the beginning of the previous reporting period, two investments were reclassified from Other Assets to Private Equity,

amounting to EUR 21,095,402, due to a review of categorization. This reclassification does not represent any changes in

the investments themselves and has no impact on the net asset value.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

10 Accruals and other short-term payables

As at the end of the reporting period, accruals and other short-term payables mainly include Crystallized Incentive Fees of

EUR 56,768,069 (2024: EUR 84,478,532 net of incentive fee rebates of EUR 34,163,572) (refer to Note 4 Critical accounting

estimates and judgments and Note 14 Incentive fees).

11 Share capital, treasury shares, and reserves

11.1 SHARE CAPITAL AND TREASURY SHARES

	31.12.2025	31.12.2024
In thousands of EUR
200,100,000 ordinary shares of EUR 0.001 each	200	200
Total authorized shares	200	200
69,151,168 ordinary shares of EUR 0.001 each out of the bond conversion	69	69
Total issued and fully paid shares	69	69

During the reporting period, the shareholders approved a share buyback programme following Free Cash Flow as calculated

under the Company's Capital Allocation Policy, authorizing the Company to acquire 10,365,760 of its ordinary shares, or,

if less, 14.99% of its ordinary shares in issue (excluding those held as treasury shares) at the date of approval. Under this

program, the Company repurchased 562,025 of its ordinary shares at an average price of EUR 10.39 per share during the

reporting period.

On 28 January 2026, the Company announced an extension of the share buyback programme to 30 April 2026. Between

the end of the reporting date and the approval of these consolidated financial statements, the Company repurchased a

further 597,000 of its ordinary shares at an average price of EUR 10.10 per share.

No ordinary shares

were issued or cancelled during the current and previous reporting periods.

Treasury shares are

recognized at cost and presented separately within equity. The Company may hold treasury shares

in relation to the approved share buyback programme until such shares are cancelled in the share register. There were

562,025 treasury shares (31.12.2024: nil). No treasury shares were cancelled during the current and previous reporting

periods.

	31.12.2025		31.12.2024
	Number of shares	Value	Number of shares	Value
		(in thousands of EUR)		(in thousands of EUR)
Ordinary shares
Balance at beginning of period	69,151,168	69	69,151,168	69
Shares issued during the period	-	-	-	-
Shares cancelled during the period	-	-	-	-
Balance at end of period	69,151,168	69	69,151,168	69

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PARTNERS GROUP PRIVATE EQUITY LIMITED

Treasury shares
Balance at beginning of	-	-	-	-
period
Shares repurchased	562,025	5,840	-	-
during the period
Shares sold during t h e	-	-	-	-
period
Shares cancelled during the period	-	-	-	-
Balance at end of	562,025	5,840	-	-
period
Ordinary shares	68,589,143		69,151,168
excluding treasury
shares at period end
Weighted average	69,083,808		69,151,168
number of ordinary
shares excluding
treasury shares during
the period

11.2 RESERVES

The Directors have decided to present Reserves and Retained earnings as one reserve, both of which are distributable

reserves and similar in nature. This presentation remains consistent for the reporting period.

12 Commitments to Direct and Indirect Investments

	31.12.2025	31.12.2024
In thousands of EUR
Unfunded commitments translated at the rate prevailing at end of period	119,802	120,579

13 Short-term credit facility

The Company entered into a multi-currency revolving credit facility with a financial institution on 27 July 2011 (the "Original

Facility Agreement"). The Total Commitments under the facility was EUR 140,000,000 with a margin of 3.25% per annum

(or 2.95% if certain conditions were met, including no default occurring and the total asset ratio being less than or equal to

15%).

Effective 12 November 2025, under the Amended and Restatement Agreement (the "Amended Facility Agreement") with

additional financial institutions, the Total Commitments was increased to EUR 150,000,000, representing an increase of

EUR 10,000,000 in Additional Commitments. Additionally, the margin has been reduced to 2.70% per annum and is subject

to a defined loan-to-value ratio.

The purpose of

the credit facility is to support various investment and operational needs of the Company.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

The facility is secured by way of a market standard security package including a pledge over the shares in Princess Private

Equity Subholding Limited, a wholly owned subsidiary of the Company, and a pledge over ZKB Swiss and Credit Suisse

bank accounts.

The Company must maintain a total net asset value of at least EUR 500,000,000 (2024: EUR 500,000,000) and a total

asset ratio (total debt plus current liabilities as a percentage of restricted net asset value) not greater than 25%. The restricted

net asset value of the Group means total net asset value less:

(a) the aggregate

net asset value in the base currency, calculated using the exchange rate on the specified date, to the

extent that it does not exceed the limits set out in the Diversity Tests as calculated based on (i) in respect of the period from

the original date of this Agreement to and including the Reporting Switch Date, by reference to the most recent Quarterly

Report or (ii) following the reporting switch date by reference to the most recent set of Annual Financial Statement,

Semi-Annual Report or Quarterly Report; and

(b) to the

extent that the value of any shares of the Borrower that are acquired as per definition of Permitted Acquisition

which is included in total net asset value, the value of such shares. Permitted Acquisition is (i) the acquisition of a Private

Equity Investment directly or indirectly by Subco given that certain conditions are met, including compliance with financial

covenants and the Investment Policy; and (ii) the acquisition by the Borrower of its own shares in the market or by tender

offer, as permitted by the Constitutional Documents and the Companies (Guernsey) Law, 2008, in order to mitigate any

discount to the net asset value at which such shares are trading.

As at

the end of the reporting period and the previous reporting period, no event of default has occurred.

Date of

entering the agreement 27 July 2011

Amendment date 12 November 2025

Original date of termination 13 December 2026

Amended date of termination of the agreement 12 November 2029

Amount available for utilization of the Company under the EUR 150,000,000 (2024: EUR 140,000,000)

agreement

Basis

of the interest on principal drawn is: Margin + Interest is payable using EURIBOR in relation to any loan in

EUR plus margin. Prior to Amendment date, the margin was

subject to the loan-to-value and was stepped between 2.95%

and 3.25%. Starting from the Amendment date onwards, the

margin is 2.70% and is subject to the loan-to-value ratio.

	31.12.2025	31.12.2024
In thousands of EUR
Balance at beginning of period	-	19,000
Drawdown of credit facility	99,100	55,000
Repayment of credit facility	(99,100)	(74,000)
Balance at end of period	-	-

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PARTNERS GROUP PRIVATE EQUITY LIMITED

14 Incentive fees

	31.12.2025	31.12.2024
In thousands of EUR
Balance at beginning of period	50,315	37,733
Reclassification of incentive fee rebates (see Note 4 and 9)	34,164	-
Balance at beginning of period excluding accrued incentive fee rebates	84,479	37,733
Change in incentive fees attributable to Investment Manager	-	25,051
Incentive fees paid	(27,711)	(12,469)
Balance at end of period	56,768	50,315
Incentive fee expense accrued	-	-
Incentive fee rebates accrued	-	(34,164)
Crystallized Incentive Fee	56,768	84,479
Total net incentive fees	56,768	50,315

The incentive fee balance as at the end of the prior period presented above represents a net amount which consists of

incentive fees accrued, incentive fee rebates accrued and crystallized incentive fee. Both net incentive fee balance, as well

as Gross incentive fees accrued, incentive fee rebates accrued and Crystallized Incentive Fee as at the end of each period,

are also presented separately.

Crystallized Incentive Fee is equal to the Incentive Fee that would have been payable to the Investment Manager as at 31

December 2024 pursuant to the IMA prior to the enactment of the Amended IMA with effect from 1 January 2025.

In prior periods, the Group presented incentive fee expense and incentive fee rebate amounts on a net basis. Effective 1

January 2025, as a result of the Amended IMA, incentive fee accrued at 31 December 2024 crystallized. As a result,

subsequent changes in incentive fee rebates may occur without a corresponding change in the Crystallized Incentive Fees.

The Group concluded that net presentation would no longer faithfully represent the substance and economic effects of

these arrangements and, accordingly, the Group presents incentive fees expense and incentive fee rebates gross from 1

January 2025 (refer to Note 4 Critical estimates and judgment and Note 9 Financial assets at fair value through profit or

loss).

15 Earnings per share and net assets per share

Basic earnings per share are calculated by dividing the profit or loss for the financial period attributable to the shareholders

by the weighted average number of shares outstanding (excluding treasury shares) during the period. Diluted earnings per

share are calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive

potential shares, if any. There were no dilutive effects on the Group shares during 2025 and 2024.

The net asset value per share is calculated by dividing the net assets in the consolidated statement of financial position by

the number of shares outstanding at the end of the reporting period.

	31.12.2025	31.12.2024
In thousands of EUR
Net asset value of the Group	891,520	1,039,068
Outstanding shares at the end of the reporting period	68,589,143	69,151,168
Net asset value per share at period end (in EUR)	13.00	15.03

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PARTNERS GROUP PRIVATE EQUITY LIMITED

16 Financial risk management

The Group's activities expose it to a variety of financial risks, including the effects of changes in debt and equity market

prices, foreign currency exchange rates and interest rates. There is also counterparty risk from bank balances and derivatives

(and money market instruments if held by the Group). That would be the risk that a counterparty to a financial instrument

will fail to discharge an obligation or commitment it has entered into with the Group. The Group's overall risk management

policy focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial

performance of the Group.

16.1 FOREIGN CURRENCY EXCHANGE RISK

The Group holds assets and liabilities denominated in currencies other than its Functional Currency. The value of assets

and liabilities denominated in other currencies will fluctuate due to changes in exchange rates. The main currency risk for

the Group results from assets and liabilities held in other currencies where a change of exchange rates can have a material

impact on the value of assets and liabilities.

The Group does

not hedge currency exposures but reports the underlying investment currencies on a monthly basis, to

allow investors who prefer a hedged exposure to apply their own hedging overlay.

The annual volatility

analysis uses cross-currency rates over the last ten years to the relevant period end in order to

incorporate long-term rate volatility trends. The analysis is based on the assumption that the non-Functional Currency

fluctuates by the annual volatility percentage, with all other variables held constant, and the amount by which the value of

applicable net assets

would correspondingly fluctuate higher or lower is presented below.

	31.12.2025	31.12.2024
In thousands of EUR
Net assets denominated in AUD	-	1
Net assets denominated in CHF	41,970	52,824
Net assets denominated in GBP	27,973	24,709
Net assets denominated in SEK	3,188	-
Net assets denominated in USD	360,427	416,803
Net assets denominated in BRL	2,695	-
Net assets denominated in INR	40,231	46,841
Net assets denominated in ILS	1	1
Applicable annual volatility AUD	7.38%	7.88%
Applicable annual volatility CHF	4.38%	6.45%
Applicable annual volatility GBP	5.98%	6.48%
Applicable annual volatility SEK	5.75%	5.66%
Applicable annual volatility USD	7.04%	7.43%
Applicable annual volatility BRL	13.20%	14.30%
Applicable annual volatility INR	6.64%	7.69%
Applicable annual volatility ILS	7.87%	8.15%
Fluctuation of net assets and corresponding results depending on above-mentioned volatility	32,096	39,579

16.2 INTEREST RATE RISK

The Group may invest in interest-bearing mezzanine and senior debt investments that are exposed to cash flow interest

rate risk due to changes in market interest rates. The interest on mezzanine and senior debt investments is based on

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PARTNERS GROUP PRIVATE EQUITY LIMITED

alternative reference rates. A decrease in the market interest rates can lead to a decrease in the interest income of the

Group.

Cash and cash equivalents are only short-term and therefore interest rate exposure is limited. Excess cash balances may

be placed into instruments with fixed interest rates when necessary. As at 31 December 2025, there were no term deposits

(31.12.2024: nil).

The interest rates

quoted against the general market are analyzed as part of the Group's liquidity monitoring process to

ensure that these are competitive and action is taken when appropriate.

Other than as

stated herein, the income and operating cash flows are substantially independent from changes in market

interest rates.

A change of

100 basis points in interest rates at the reporting date would have resulted in either an increase or a (decrease)

in profit or loss by the amounts stated below. This analysis assumes that all other variables, in particular foreign currency

rates, remain constant and is performed on the same basis for each relevant reporting period.

The risk exposures

of the Group to variable rate instruments are presented in 'Variable Rate Instruments'. The sensitivity

of the Group's variable rate instruments to movements in interest rates is presented as at the end of each relevant reporting

period.

16.3 VARIABLE RATE INSTRUMENTS

	31.12.2025	31.12.2024
In thousands of EUR
Mezzanine and senior debt investments	17	19
Cash and cash equivalents	8,138	18,651
Total variable rate instruments	8,155	18,670

16.4 SENSITIVITY ANALYSIS REPORTING PERIOD

	100bp increase	100bp
In thousands of EUR		decrease
Impact on variable rate instruments	82	(82)

16.5 SENSITIVITY ANALYSIS PREVIOUS REPORTING PERIOD

	100bp increase	100bp
In thousands of EUR		decrease
Impact on variable rate instruments	187	(187)

16.6 CREDIT RISK

Whilst the Group intends to diversify its portfolio of investments, the Group's investment activities may result in credit risk

relating to investments in which the Group has direct or indirect (through underlying investments and investments in

subsidiaries) exposure. A negative credit development or a default of an investment in which the Group has direct or indirect

exposure will lead to a lower net asset value and potentially lower dividend and interest income from private credit within

Annual Report 2025 | Page 89

PARTNERS GROUP PRIVATE EQUITY LIMITED

the other assets operating segment or where the Group holds a direct interest. In addition, the Investment Manager regularly

conducts a concentration risk analysis on the underlying investments and has concluded that no action needs to be taken.

It is expected that investments will include those made in private credit funds within the other assets operating segment.

Many of the private credit funds may be wholly unregulated investment vehicles. In addition, certain of the private credit

funds may have limited or no operational history and have no proven track record in achieving their stated investment

objective. The investment risk is managed by an investment strategy that diversifies the investments in terms of geography,

financing stage, industry or time.

Derivative counterparties and

cash transactions are typically limited to high credit quality financial institutions, which are

governed by an internal rating system calculated based on publicly available data and takes into account the ratings assigned

by credit rating agencies such as Moody's and Standard & Poor's. However, in certain rare circumstances, the Investment

Manager's best execution committee has the authority to approve such transactions with specific counterparties who do

not have ratings as a one-off authorization, with considerations related to best execution price, liquidity and availability of

other counterparties. The Investment Manager ensures that surplus cash is invested in temporary investments. In addition,

where the Group holds significant amounts of cash the Investment Manager may seek to diversify this exposure across

multiple financial institutions.

The Group may

also invest in mezzanine and senior debt facilities of private market investment backed underlying investments.

These underlying investments' financial performance is monitored on a monthly basis and classified by an internal rating

system, which consists of five categories: too early, with issues, on plan, above plan and outperformer. When assessing

the investment the Investment Manager takes into account a number of factors, including the financial position and actual

versus expected performance. The term "too early" is used during the period just after the initial investment when there is

insufficient information to assess the actual performance of the underlying investment. If an underlying investment's

performance is classified as "with issues", the mezzanine or senior debt facility will be closely and regularly monitored by

the Investment Manager, with regular communications being held with the manager of the underlying investment so that

the actual value can be assessed and, if necessary, written down. The amount of any unrealized loss is disclosed herein

and the change of credit quality, if any, is reflected in the fair value of the instrument.

The Group provides

mezzanine and senior debt facilities to private companies which are represented as debt instruments.

No collateral is received from the underlying companies. The credit quality of these investments is based on the financial

performance of the individual portfolio company. For those assets that are not past due, it is believed that the risk of default

is small and the capital repayments and interest payments will be made in accordance with the agreed terms and conditions.

As part of

the quarterly fair value assessment, the Investment Manager takes into consideration any breaches in covenants

and any changes in general market conditions.

The Group has

no significant concentration of credit risk other than as detailed herein.

The table 'Rating

of Mezzanine and Senior Debt Investments' presents the classification of the Group's mezzanine and

senior debt investments in the categories described above at the end of each reporting period presented. The tables 'Duration

of Credit Risk Reporting Period' and 'Duration of Credit Risk Previous Reporting Period' present the duration of credit risk

of the Group

as at the end of each period, respectively.

16.7 RATING OF MEZZANINE AND SENIOR DEBT INVESTMENTS

	31.12.2025	31.12.2024
In thousands of EUR
Too early	-	-

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PARTNERS GROUP PRIVATE EQUITY LIMITED

	31.12.2025	31.12.2024
In thousands of EUR
With issues	17	19
On plan	-	-
Above plan	-	-
Outperformer	-	-
Total	17	19

16.8 DURATION OF CREDIT RISK REPORTING PERIOD

	Not past due	Past due less	Past due more
In thousands of EUR		than 1 year	than 1 year
Cash and cash equivalents	8,138	-	-
Other short-term receivables	4,773	-	-
Other long-term receivables	49	-	-
Deferred receivables on investments	14,132	-	-
Mezzanine and senior debt investments	17	-	-

As at the end of the Reporting Period, the Group held cash of EUR 8,008,844 with a Swiss-based bank, which at that date

had a Moody's rating of P-1 and EUR 129,149 with another Swiss-based bank, which at that date had a Moody's rating of

P-1.

16.9 DURATION OF CREDIT RISK PREVIOUS REPORTING PERIOD

	Not past due	Past due less	Past due more
In thousands of EUR		than 1 year	than 1 year
Cash and cash equivalents	18,651	-	-
Other short-term receivables	1,153	-	-
Other long-term receivables	54	-	-
Deferred receivables on investments	-	-	-
Mezzanine and senior debt investments	19	-	-

As at the end of the Previous Reporting Period, the Group held cash of EUR 15,796,960 with an International Swiss-based

banking group, which at that date had an S&P rating of A-2 and EUR 2,853,593 with a Swiss-based bank, which at that

date had a Moody's rating of P-1.

16.10 LIQUIDITY RISK

Liquidity risk arises where the Group may not be able to meet the obligations as and when these fall due for settlement.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding

through an adequate amount of committed credit facilities and the ability to close out market positions.

As the unfunded

commitments can be drawn at any time, there may be periods when the Group appears to have inadequate

liquidity to fund its investments or settle other amounts payable by the Group due to unfunded commitments to underlying

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PARTNERS GROUP PRIVATE EQUITY LIMITED

investments or the receipt of recallable distributions from underlying investments that increase the unfunded commitments

to such investments. The Group's financial instruments include investments in unlisted securities, which are not traded in

an organized public market and may generally be illiquid. As a result, the Group may not be able to quickly liquidate its

investments in these instruments at an amount close to fair value in order to respond to its liquidity requirements or to

specific events such as deterioration in their creditworthiness. The liquidity risk is managed through the use of quantitative

models by the Investment Manager's internal risk committee on a quarterly basis. If the risk committee concludes that there

is a risk of insufficient liquidity to fund investments, actions are taken into consideration such as entering into a credit facility,

reducing the amount of listed private equity, if any, or the selling of investments on the secondary market.

In March 2024, the Board introduced a Capital Allocation Policy to further support efficient liquidity management. The policy

provides for a rolling six-month Free Cash Flow forecast which prioritizes the meeting of the dividend objective and quantifies

expected surplus working capital available for share buybacks.

The tables 'Liquidity

Risk Reporting Period' and 'Liquidity Risk Previous Reporting Period' present the maturity bands of

the Group's assets

and liabilities at the end of each period, respectively.

16.11 LIQUIDITY RISK REPORTING PERIOD

	Less than 3	3 to 12 months	More than 12
In thousands of EUR	months		months
Unfunded commitments to Direct and Indirect Investments	(119,802)	-	-
Current liabilities	(8,341)	(56,768)	-
Current assets	12,911	-	-
Other long-term receivables	-	-	4 9
Deferred receivables on investments	-	-	14,132
Undrawn credit facility	150,000	-	-
Total	34,768	(56,768)	14,181

16.12 LIQUIDITY RISK PREVIOUS REPORTING PERIOD

	Less than 3	3 to 12 months	More than 12
In thousands of EUR	months		months
Unfunded commitments to Direct and Indirect Investments	(120,579)	-	-
Current liabilities	(5,525)	(50,315)	-
Current assets	19,804	-	-
Other long-term receivables	-	-	54
Deferred receivables on investments	-	-	-
Undrawn credit facility	140,000	-	-
Total	33,700	(50,315)	54

16.13 OVERCOMMITMENT TO INVESTMENTS

As a result of maintaining a substantially full investment level over time, the Group may be subject to the risk of a shortfall

of liquidity available to meet its obligations in extreme events when distribution from investments is delayed or drawdowns

from commitments to funds are accelerated significantly beyond the expected values. To mitigate liquidity risk, the Group

may employ appropriate measures such as re-investing distributions received from an investment or utilize a revolving

credit facility on a short-term basis to fund capital calls from other investments.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

16.14 CAPITAL RISK MANAGEMENT

The Group's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain a

strong capital base so as to retain investor, creditor and market confidence with regards to its investment objectives. The

Group's capital is represented by its total equity. The Board of Directors also monitors the level of discount between the

market price of its equity and the Group's net asset value per share in open-market transactions. The Board has sought to

manage the level of discount by regular communication with investors and the general market and introduced the following

Capital Allocation Policy in March 2024 as an additional tool to manage the discount level where appropriate:

Once the

share price is at a discount of more than or equal to 30% to the last reported NAV, 75% of "Free Cash Flow" will

be used to acquire issued shares, either for cancellation or to be placed into treasury for potential re-issue, until such time

as the discount is less than 30%. Where the share price is at a discount of more than or equal to 20% to the last reported

NAV, but less than 30%, 50% of Free Cash Flow will be used to acquire issued shares until such time as the discount is

less than 20%.

Free Cash

Flow is defined as gross cash plus distributions and secondary sales contracted to be received by the Company,

less (for the next rolling 6 months) a provision for:

1. payment of

the current dividend objective of 5% of the previous year end NAV;

2. fees, expenses

and interest payable in managing and running the Company;

3. the repayment

of any drawn debt facilities; and

4. a reserve

of 3% of net assets, to cover anticipated cash drawn in respect of existing fund commitments, follow-on funding

for existing direct investments, and new direct investments at an advanced stage where such sums are committed. The

quantum of Free Cash Flow will be calculated at the beginning of each quarter. The above policy is subject to the limits and

terms of the shareholder authority approved at each AGM to buy back up to 14.99% of the Company's shares. The policy

will be reviewed regularly, and at least annually, by the Board and may be amended in light of Company and/or market

conditions. The Board reserves the right to undertake share buybacks at discounts of less than 20%.

As party

to a credit facility contract, the Group is required to meet certain covenants and monitors its compliance with these

externally imposed restrictions. The covenants and the Group's compliance with them are described in the 'Short-term credit

facility' note (Note 13).

16.15 MARKET PRICE RISK

Financial assets at fair value through profit or loss held directly or indirectly bear risks of capital losses. This risk is moderated

through a careful selection of investments within specified limits. The Group's investments are monitored on a regular basis

and their performance is reviewed on a quarterly basis.

	31.12.2025	31.12.2024
In thousands of EUR
Financial assets at fair value through profit or loss	929,537	1,075,050
Total assets subject to market risk	929,537	1,075,050
Annual expected volatility	13.58%	14.12%
Potential impact on audited consolidated financial statements	126,231	151,797

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PARTNERS GROUP PRIVATE EQUITY LIMITED

16.16 STRUCTURED ENTITIES

IFRS 12 'Disclosure of interests in other entities' requires the Group to disclose details regarding structured entities invested

into by the Group. A structured entity in accordance with IFRS 12 is an entity that has been designed so that voting or

similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to

administrative tasks only and the relevant activities are directed by means of contractual arrangements. A structured entity

often has some or all of the following features or attributes:

■ Restricted activities.

■ A narrow and well-defined objective, such as to provide a source of capital or funding to an entity or provide investment

opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to investors.

■ Insufficient equity to permit the structured entity to finance its activities without subordinated financial support.

■ Financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other

risks (tranches).

The Group considers all Indirect Investments held to be structured entities. Indirect Investments are included within the line

item 'Financial assets at fair value through profit or loss' in the audited consolidated statement of financial position. Unrealized

gains/losses arising from such Indirect Investments are accounted for within the line item 'Revaluation' in the audited

consolidated statement of comprehensive income. The risk concentration of the Indirect Investments is disclosed with

respect to geographic region and investment strategy. The net asset value of each line represents the fair value of the

respective Indirect Investments as well as the maximum exposure to loss resulting from such investments.

The presentation

of the investment strategies are aligned with the Investment Manager's portfolio categorization and are

classified as "Buyout" and "Other strategies" in the annual report for the year ended 31 December 2024 and subsequent

reports. The "Other strategies" category includes previous investment strategies such as special situations, venture capital,

real estate, infrastructure and growth.

The table

below has been prepared on a non look-through basis. Further details on the Group's portfolio prepared on a

look-through basis are shown on Portfolio composition page.

16.17 STRUCTURED ENTITIES REPORTING PERIOD

	31.12.2025
NAV in thousands of EUR
Region & Strategy
North America
Buyout	197,841
Other strategies	6,289
Western Europe
Buyout	232,576
Other strategies	29,487
Rest of World
Buyout	1,630
Other strategies	3,742

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PARTNERS GROUP PRIVATE EQUITY LIMITED

16.18 STRUCTURED ENTITIES PREVIOUS REPORTING PERIOD

	31.12.2024
NAV in thousands of EUR
Region & Strategy
North America
Buyout	292,096
Other strategies	7,655
Western Europe
Buyout	272,623
Other strategies	28,568
Rest of World
Buyout	1,943
Other strategies	2,505

17 Fair value measurement

IFRS 13 'Fair value measurement' requires the Group to classify fair value measurements using a fair value hierarchy that

reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

■ Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);

■ Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that

is, as observable prices or firm broker quotes) or indirectly (that is, derived from observable prices including discount

adjustments to quoted prices in the case of regulatory restrictions to sell such securities) (level 2);

■ Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on

the basis of the lowest level of input that is significant to the fair value measurement in its entirety. For this purpose, the

significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses

observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3

measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment,

considering factors specific to the asset or liability.

The determination

of what constitutes "observable" requires significant judgment by the Group. The Group considers the

observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not

proprietary, and provided by independent sources that are actively involved in the relevant market.

In the

event that the Group holds any quoted investments, including any shares received as a result of an IPO or listed

private market investments, these are valued based on quoted market prices in active markets and therefore classified in

level 1.

Any derivatives

used for hedging and short-term investments valued using market dealer quotes can be redeemed at the

fair value measured and are therefore classified in level 2.

Level 3

comprises unquoted investments where the latest information, which may not coincide with the reporting date of

the Group or the valuation date of the investments, provided by underlying investments and other business partners is

reviewed, and widely recognized methods applied to value such investments are detailed in the 'Critical accounting estimates

and judgments' note.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

The reconciliation of each class of financial instrument designated as level 3 is presented in the 'Financial assets at fair

value through profit or loss' note.

Transfers between level 1, 2 and 3, if any, are deemed to have happened at the end of the relevant reporting period.

The Group's classification of financial assets and liabilities measured at fair value in the fair value hierarchy described above

is presented as at the end of the relevant reporting period.

17.1 FAIR VALUE ESTIMATION REPORTING PERIOD

	Level 1	Level 2	Level 3	Total balance
In thousands of EUR
Assets
Other short-termreceivables	-	-	4,773	4,773
Financial assets at fair value through profit or loss - equity	-	-	926,577	926,577
securities
Financial assets at fair value through profit or loss - debt	-	-	2,960	2,960
investments
Total assets	-	-	934,310	934,310
Liabilities
Total liabilities	-	-	-	-

During the reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy.

17.2 FAIR VALUE ESTIMATION PREVIOUS REPORTING PERIOD

	Level 1	Level 2	Level 3	Total balance
In thousands of EUR
Assets
Other short-term receivables	-	-	1,153	1,153
Financial assets at fair value through profit or loss - equity	-	-	1,067,600	1,067,600
securities
Financialassets at fair value through profit or loss - debt	-	-	7,450	7,450
investments
Total assets	-	-	1,076,203	1,076,203
Liabilities
Total liabilities	-	-	-	-

During the previous reporting period, there were no transfers between level 3 and levels 1 and 2 of the fair value hierarchy.

17.3 FINANCIAL STATEMENT LINE ITEMS NOT HELD AT FAIR VALUE THROUGH PROFIT OR LOSS

All assets and liabilities presented in the audited consolidated statement of financial position, except for those measured

at fair value in accordance with IFRS 13, are measured at either amortized cost or their face value, both of which are deemed

to be a reasonable approximation of their fair values. Each of the financial statements line item noted below is measured

at either level 1 and or level 2 except for equity, which is measured at level 3 for reasons mentioned below.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

In conjunction with the fair value hierarchy disclosed in the 'Fair value measurement' note (Note 17):

■ Cash and cash equivalents as well as bank overdrafts are measured at values that would be reflective of level 1 prices.

These include cash in hand, deposits held with banks, money market funds, treasury bills, other short-term investments

in active markets and bank overdrafts.

■ Accruals and other short-term payables represent the contractual amounts and obligations due by the Group for settlement

of trades and expenses and are measured at values that would be reflective of level 2 prices, except for incentive fee

accruals due by the Group which are reflective of level 3 prices.

■ Deferred payments and deferred receivables are measured at values that would be reflective of level 2 prices. These

consist of payments for financial assets purchased and receivables for financial assets sold, for which it was agreed with

the contractual counterparty to defer one or more payment installments.

■ Borrowings include credit facilities and loan granted to the Group and are measured at values that would be reflective

of level 2 prices.

■ Equity is a residual amount calculated by subtracting the total liabilities of the Group from the total assets of the Group.

As the lowest level of input that is significant to the fair value measurement of the inputs into this equation is level 3, the

values at which equity is measured would be reflective of level 3 prices.

17.4 SIGNIFICANT UNOBSERVABLE VALUATION INPUTS

The Group primarily presents level 3 investments using valuation techniques and inputs which consider the available

underlying investment valuation information. Level 3 investments may consist of Equity Instruments, Debt Instruments, and

Partnership Investments.

The main

inputs into the Group's valuation models for Equity Instruments include EBITDA multiples (based on

budgeted/forward-looking EBITDA or historical EBITDA of the issuer and EBITDA multiples of comparable listed companies

for the equivalent period), discount rates, capitalization rates, price to book as well as price to earnings ratios and enterprise

value to sales multiples. The Group also considers the original transaction prices, recent transactions in the same or similar

instruments and completed third-party transactions in comparable instruments and adjusts the model as deemed necessary.

Further inputs consist of external valuation appraisals and broker quotes.

In order

to assess level 3 valuations in accordance with the constituent documents, the performance of the investments

held is reviewed on a regular basis. The appropriateness of the valuation model inputs, as well as the valuation result, is

considered using various valuation methods and techniques generally recognized within the industry. From time to time,

the Group may consider it appropriate to change the valuation model or technique used in the fair valuation depending on

the individual investment circumstances, such as its maturity, stage of operations or recent transaction.

The Group

utilizes comparable trading multiples in arriving at the valuation for the Equity Instruments. Comparable companies'

multiple techniques assume that the valuation of unquoted Equity Instruments can be assessed by comparing performance

measure multiples of similar quoted assets for which observable market prices are readily available. Factors considered in

the determination of appropriate comparable public companies include industry, size, development stage, and strategy.

Consequently, the most appropriate performance measure for determining the valuation of the relevant Equity Instrument

is selected (these include but are not limited to EBITDA, price to earnings ratio for earnings or price to book ratio for book

values). Trading multiples for each comparable company identified are calculated by dividing the enterprise value or market

capitalization of the comparable company by the defined performance measure. The relevant trading multiples might be

subject to adjustment for general qualitative differences such as liquidity, growth rate or quality of customer base between

the valued Equity Instrument and the comparable company set. The indicated fair value of the Equity Instrument is determined

by applying the relevant adjusted trading multiple to the identified performance measure of the valued company.

The valuation

of an Equity Instrument may alternatively be derived using the discounted cash flow method by discounting

its expected future cash flows to a present value at a rate of expected return that represents the time value of money and

reflects its relative risks. Equity Instruments can be valued by using the "cash flow to investor" method (a debt instrument

valuation), or indirectly, by deriving the enterprise value using the "free cash flow to company" method and subsequently

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PARTNERS GROUP PRIVATE EQUITY LIMITED

subtracting the investment's net debt in order to determine the equity value of the relevant investment. The expected future

cash flows are determined based on agreed investment terms or expected growth rates. In addition, based on the current

market environment, an expected return of the respective Equity Instrument is projected. The future cash flows are discounted

to the date of the relevant reporting period end in order to determine the fair value.

Debt Instrument valuations are derived by applying widely acceptable valuation methods suitable for Debt Instruments

which include, but are not limited to, using reliable broker quotes and the comparable debt approach. Reliable broker quotes

for Debt Instruments are provided by a reputable financial information provider. These quotes are applied on the nominal

value of such investments to derive the fair value. The comparable debt approach arrives at the valuation of a Debt Instrument

by discounting its expected future cash flows to a present value with a benchmark rate derived from observable pricing

levels of comparable debt instruments. Factors considered in the determination of such comparable instruments include,

but are not limited to, industry, coupon, duration and maturity date. Other methods used include EBITDA multiples and

enterprise value to sales multiples.

Partnership Investments,

if presented, include the Group's investments into external investment vehicles. Level 3 Partnership

Investments are generally valued at the Partnership Investments' net asset values last reported by its governing bodies.

When the reporting date of such net asset values does not coincide with the Group's reporting date, the net asset values

are adjusted as a result of cash flows to/from a Partnership investment between the most recently available net asset value

reported, and the end of the relevant reporting period. The valuation may also be adjusted for further information gathered

through an ongoing investment monitoring process. This monitoring process includes, but is not limited to, binding bid offers,

non-public information on developments of portfolio companies held by Partnership Investments, syndicated transactions

which involve such companies and the application of reporting standards by Partnership Investments which do not apply

the principle of fair valuation.

The valuation

of level 3 Equity Instruments derived using an unobservable input factor is directly affected by a change in

that factor. The change in valuation of level 3 Equity Instruments may vary between different investments of the same

category as a result of individual levels of debt financing within such an investment.

No interrelationship

between unobservable inputs used in the Group's valuation of its level 3 investments has been identified.

The Group

presents investments whose fair values are measured in whole or in part using valuation techniques based on

assumptions that are not supported by prices or other inputs from observable current market transactions in the same

instrument and the effect of changing one or more of those assumptions behind the valuation techniques adopted based

on reasonable possible alternative assumptions.

Equity and

Debt Instruments may include certain investments using the valuation technique "reported fair value". Such

investments invest solely into an external investment vehicle, hence their fair value is based on reported fair value rather

than a direct investment valuation.

The sensitivity

analysis presents the potential change in fair value for each category of investment in absolute values. For

a 5% movement in the significant unobservable input employed in the relevant valuation model, the corresponding incremental

change in valuation of the investment is calculated.

A sensitivity

analysis is generally not performed for Equity and Debt Instruments that have been acquired within the last

three months of the relevant reporting period and where the acquisition cost was deemed to be fair value in accordance

with IFRS 13 as there is no quantifiable sensitivity range based on valuation inputs that would be considered appropriate

by market participants.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

17.5 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE REPORTING PERIOD

Type of	Fair value at	Valuation	Unobservable	Range		Sensitivity
security	31.12.2025	technique	input	(weighted
				average)	+5%	-5%
Fair value in thousands of EUR
Equity	742,892		Market Enterprise value	3.00x- 41.85x	62,045	(62,045)
Instruments		comparable	to EBITDA	(17.53x)
		companies	multiple
	30,320	Exit price	Recent	n.a.	n.a.	n.a.
			transaction price
	26,572	Market	Price to book	1.92x - 2.30x	1,329	(1,329)
		comparable	ratio	(1.99x)
		companies
	11,614		Market Enterprise value	1.18x - 15.60x	662	(662)
		comparable	to sales multiple	(6.59x)
		companies
	9,025	Recent financing	Recent	n.a.	n.a.	n.a.
		/ transaction	transaction price
	1,947	Discounted cash	Discount factor	13.10% -	17	(17)
		flow		13.10%
				(13.10%)
	418	Reported fair	Reported fair	n.a.	0	0
		value	value
Debt	1,941	Discounted cash	Discount factor	0% - 0% (0%)	0	0
Instruments		flow
	23	Exit price	Recent	n.a.	n.a.	n.a.
			transaction price
Partnership	8,593	Adjusted	Reported net	n.a.	430	(430)
Investments		reported net	asset value
		asset value
		(131) Adjusted	Fair value	n.a.	(7)	7
		reported net	adjustments
		asset value
	833,214	Total
	80'653			Amounts from Partners Group investment vehicles
	15'670			Incentive fee rebates at end of period
	929'537			Total level 3 investments

n.a. - not meaningful as outlined in the note above

The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any

difference in fair value classification of its underlying investments. In certain cases, this may also include underlying

investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since

the investments are held under external partnership investments.

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PARTNERS GROUP PRIVATE EQUITY LIMITED

17.6 SIGNIFICANT UNOBSERVABLE VALUATION INPUT TABLE PREVIOUS REPORTING PERIOD

Type of	Fair value at	Valuation	Unobservable	Range		Sensitivity
security	31.12.2024	technique	input	(weighted
				average)	+5%	-5%
Fair value in thousands of EUR
Equity	863,104		Market Enterprise value	7.70x - 33.10x	68,809	(68,809)
Instruments		comparable	to EBITDA	(17.33x)
		companies	multiple
	39,637	Exit price	Recent	n.a.	n.a.	n.a.
			transaction price
	29,001	Discounted cash	Discount factor	12.90% -	696	(696)
		flow		15.30%
				(14.00%)
	21,101	Market	Price to book	1.92x - 1.92x	1,055	(1,055)
		comparable	ratio	(1.92x)
		companies
	15,416		Market Enterprise value	2.00x - 16.50x	755	(755)
		comparable	to sales multiple	(5.46x)
		companies
	2,555	Recent financing	Recent	n.a.	n.a.	n.a.
			/ transaction transaction price
	374	Reported fair	Reported fair	n.a	19	(19)
		value	value
Debt	2,173		Market Enterprise value	7.25x - 7.50x	n.a.	n.a.
Instruments		comparable	to EBITDA	(7.43x)
		companies	multiple
	640	Discounted cash	Discount factor	15.00% -	5	(5)
		flow		15.00%
				(15.00%)
	26	Exit price	Recent	n.a.	n.a.	n.a.
			transaction price
Partnership	6,980	Adjusted	Reported net	n.a.	349	(349)
Investments		reported net	asset value
		asset value
	360	Adjusted	Fair value	n.a.	18	(18)
		reported net	adjustments
		asset value
	981,368	Total
	93,682			Amounts from Partners Group investment vehicles
	1,075,050			Total level 3 investments

n.a. - not meaningful as outlined in the note above

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PARTNERS GROUP PRIVATE EQUITY LIMITED

The amounts from Partners Group investment vehicles pertain to non-investment related assets/(liabilities) and/or any

difference in fair value classification of its underlying investments. In certain cases, this may also include underlying

investments that are measured under level 1 or level 2 but presented under level 3 in fair value measurement note since

the investments are held under external partnership investments.

18 Related party transactions and balances

A related party to the Group is an entity or person which has the ability to directly or indirectly, and jointly control the Group,

or vice versa, or to exercise significant influence over the Group in making financial and operating decisions or is a member

of the key management team, including their immediate families, of the Group or its Board of Directors. Entities are also

related where they are members of the same group.

In this regard, the following are considered related parties in the context of these audited consolidated financial statements:

Partners Group Holding AG, all entities owned and controlled by Partners Group Holding AG, all entities advised by Partners

Group AG, and each of their key management.

Transactions with

related parties occurring during the reporting period and balances with related parties as at the end of

the reporting period, are identified and disclosed in accordance with the relevant accounting standards, within the tables

below and, where relevant, within their respective notes included within these audited consolidated financial statements.

The following

represents the transactions and balances of the Group with related parties:

18.1 TRANSACTIONS

	31.12.2025	31.12.2024
In thousands of EUR
Management fee expenses	13,633	14,744
Partners Group AG	13,633	14,744
Administration fee expenses	468	469
Partners Group (Guernsey) Limited	468	469
Service fee expenses	250	250
Partners Group AG	250	250
Incentive fee expenses	-	25,051
Partners Group AG	-	25,051
Incentive fee paid	(27,711)	(12,469)
Partners Group AG	(27,711)	(12,469)
Directors' fee expenses	446	370
Invested amounts and distributions from / (to) Partners Group advised entities (investment	96,802	22,971
side), net

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PARTNERS GROUP PRIVATE EQUITY LIMITED

18.2 PERIOD-END BALANCES

	31.12.2025	31.12.2024
In thousands of EUR
Deferred receivable on investments	14,132	-
Partners Group affiliated entities	14,132	-
Other short-term receivables	-	1,053
Partners Group affiliated entities	-	1,053
Accruals and other short-term payables	-	(4,367)
Partners Group affiliated entities	-	(4,367)
Crystallized incentive fee	(56,768)	(84,479)
Partners Group AG	(56,768)	(84,479)
Incentive fee payable	-	-
Partners Group AG	-	-
Fair value of incentive fee rebates (2024: incentive fee rebate receivable)	18,494	34,164
Commitments to Partners Group advised entities (investment side)	1,002,834	947,217
Fair value of investments advised by Partners Group or related parties	646,224	781,756

19 Group entities - significant subsidiaries

Princess Private Equity Subholding Limited

Incorporated in Guernsey

Ownership interest as at 31 December 2025 and 31 December 2024: 100%

Activity: Investment services company

Princess Direct

Investments, L.P. Inc.

Incorporated in

Guernsey

Ownership interest as at 31 December 2025 and 31 December 2024: 100%

Activity: Investment services partnership

20 Events after the reporting date

On 28 February 2026, coordinated military action in the Middle East led to a significant escalation of regional geopolitical

tensions, accompanied by retaliatory activities that further heightened uncertainty in global financial markets. The Board

has assessed the relevance of these events to the Group.

Based on information available as at the date of approval of these audited consolidated financial statements, the current

assessment, from an investment perspective, indicates that the portfolio has negligible exposure to the region.

However, the

Board recognizes that the conflict may influence global financial markets more broadly, including through

potential effects on energy prices, trade routes, and investor sentiment, which could indirectly affect operations or market

conditions even where the Group has no direct geographic exposure, through the impact on investment valuations. Such

indirect consequences may evolve depending on the duration and severity of the conflict and the extent of its impact on

global trade and economic activity.

At this

time, based on the Board’s assessment of the evolving situation and the associated global economic uncertainty, it

is not yet able to estimate the potential indirect impact on the Group. As the conditions giving rise to this event occurred

after the reporting date, it is treated as a non-adjusting subsequent event, and no adjustments have been made to the

audited consolidated financial statements.

Page 102 | Annual Report 2025

PARTNERS GROUP PRIVATE EQUITY LIMITED

Further, on 28 January 2026, the Company announced an extension of the share buyback programme to 30 April 2026

and further repurchases of ordinary shares are disclosed in Note 11 Share capital, treasury shares and reserves.

The Board of Directors is of the opinion that no other events took place between the end of the reporting period and the

date of approval of these audited consolidated financial statements that would require disclosure in or adjustments to the

amounts recognized in these audited consolidated financial statements.

21 Approval of these financial statements

The Board of Directors approved these audited consolidated financial statements on 20 March 2026.

Annual Report 2025 | Page 103

PARTNERS GROUP PRIVATE EQUITY LIMITED

Registered Office

Partners Group Private Equity Limited

Tudor House

Le Bordage

St Peter Port

Guernsey, GY1 6BD

Channel Islands

Info: www.partnersgroupprivateequitylimited.com

Registered number:

35241

Administrator

Partners Group

(Guernsey) Limited

Tudor House

Le Bordage

St Peter Port

Guernsey, GY1 6BD

Channel Islands

Investment Manager

Partners Group

Unternehmer-Park 3

6340 Baar

Switzerland

Independent Auditor

PricewaterhouseCoopers CI LLP

Royal Bank Place

1 Glategny Esplanade

St Peter Port

Guernsey, GY1 4ND

Channel Islands

Investor Relations

Partners Group

Andreea Mateescu

Unternehmer-Park 3

6340 Baar

Switzerland

+41417846673

pgpe-ltd@partnersgroup.com

Company Secretary

Aztec Financial Services (Guernsey) Limited

East Wing, Trafalgar Court

Les Banques

St Peter Port

Guernsey, GY1 3PP

Channel Islands

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