SIGNIFICANT ACCOUNTING POLICIES (Policies) |
3 Months Ended |
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Mar. 31, 2026 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. The Fund is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”). The interim consolidated financial statements, including these notes, are unaudited and certain disclosures that will accompany the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of consolidated financial statements for the interim periods presented have been included. These adjustments are of a normal, recurring nature. This Form 10-Q should be read in conjunction with the Fund’s Annual Report on Form 10-K. The results of operations for the periods presented are not necessarily indicative of the operating results to be expected for the full year.
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| Basis of Consolidation | Basis of Consolidation In accordance with ASC 946, the Fund generally does not consolidate entities unless the Fund has a controlling financial interest in an investment company or operating company whose business consists of providing services to the Fund. The Fund determines whether it has a controlling financial interest in an investment company or operating company at such company’s inception or time of acquisition and continuously reconsiders this conclusion. Accordingly, the Fund consolidates in its consolidated financial statements the accounts of certain wholly owned subsidiaries, including entities formed to hold or aggregate investments, that meet the criteria described above. All significant intercompany balances and transactions have been eliminated in consolidation.
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| Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Fund’s accounting policies. Actual results could differ from these estimates and such differences could be material.
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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist principally of cash and/or short term investments, including overnight bank deposits, which are readily convertible into cash and have original maturities of three months or less. The Fund is subject to credit risk should a financial institution be unable to fulfil its obligations and if balances held at a financial institution exceed insured limits.
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| Foreign Currency | Foreign Currency The Fund’s investments may be denominated in foreign currencies and, thus, are subject to foreign currency exchange rate fluctuations. Assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at the prevailing exchange rate at the reporting date. Transactions denominated in foreign currencies, including purchases and sales of investments, and income and expenses, are remeasured into U.S. dollars at the prevailing exchange rates at the respective transaction dates. The effects of changes in foreign currency exchange rates are included in the consolidated statements of operations as part of net change in unrealized appreciation on investments and net realized gain on investments, as applicable.
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| Investment Valuation | Investment Valuation The Fund carries its investments at fair value in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 establishes a hierarchical disclosure framework which ranks the observability of market inputs used in measuring investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. The Fund’s portfolio investments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair value, as follows: •Level I — Inputs are quoted prices in active markets for identical investments as of the reporting date. The Fund does not adjust the quoted price for such investments. •Level II — Inputs are other than quoted prices in active markets and are either directly or indirectly observable as of the reporting date. These inputs may include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, or other observable inputs. •Level III — Inputs are unobservable and significant to the overall fair value measurement. The determination of fair value for investments classified within Level III requires significant judgment or estimation by the General Partner. The Fund recognizes transfers between levels of the fair value hierarchy at the end of the reporting period in which the transfer occurs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. In the absence of observable market prices, the Fund values its investments using valuation methodologies applied on a consistent basis in accordance with the Fund’s valuation policies and procedures approved by the General Partner. Such methodologies may include the market approach, which considers comparable company or transaction multiples, and the income approach, which incorporates discounted cash flow analyses and other valuation techniques. These methods involve a significant degree of judgment. The Fund’s valuation policies and procedures require that a sample of the Fund’s investments be reviewed by external valuation firms monthly. The results of such reviews are communicated to the Fund’s Valuation Committee, which includes the Fund’s Chief Executive Officer and Chief Financial Officer, as well as members of senior management of the General Partner. For investments in private equity funds, secondary funds and other external investment vehicles, the Fund generally determines fair value based on its proportionate share of the most recent NAV reported by the respective underlying fund manager, provided that such NAV is calculated in a manner consistent with ASC 820. The reported NAV is adjusted, as necessary, for subsequent capital contributions, distributions and other known events occurring through the reporting date. To the extent the underlying fund holds publicly traded securities, the Fund considers changes in the quoted market prices of such securities from the date of the most recent NAV. In addition, where appropriate, the Fund may adjust the reported NAV to reflect estimated changes in the fair value of the underlying fund’s non-public investments from the date of the most recent NAV through the reporting date. Investments measured using NAV as a practical expedient are not classified within the fair value hierarchy but are disclosed separately in Note 3, Fair Value Measurements.
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| Income Taxes | Income Taxes As Carlyle Private Equity Partners Fund, L.P. is a partnership for U.S. federal and state income tax purposes, income and losses are allocated to the individual shareholders who are responsible for reporting such and paying any taxes thereon. The Fund anticipates filing its initial tax return in 2026. The Fund intends to operate, in part, through subsidiaries that may be treated as corporations for U.S. and non-U.S. tax purposes. The Fund may therefore be subject to current and deferred U.S., state, and/or local income taxes at these subsidiaries. The Fund accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future consequences of events that have been included in the financial statements or tax returns. A valuation allowance is recorded on the Fund’s gross deferred tax assets when it is “more likely than not” that such asset will not be realized. When evaluating the realizability of the Fund’s deferred tax assets, all evidence, both positive and negative, is evaluated. Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit “more likely than not” to be sustained upon examination. If uncertainties in tax positions exist, a liability is established. The Fund recognizes accrued interest and penalties, if any, as a component of the provision for income taxes. Temporary differences between the tax basis and the reported amounts of assets and liabilities within the Fund’s taxable subsidiaries were not significant.
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| Calculation of Net Asset Value | Calculation of Net Asset Value The Fund calculates NAV under U.S. GAAP as of the end of each month by deducting all accrued fees, expenses and other liabilities from the fair value of investments and other assets. Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Investment Advisor, are prorated among those funds on the basis of relative net assets or other appropriate methods. Net asset value per Unit for each class is calculated by dividing the net asset value for that class by the total number of outstanding Units of that class on the reporting date. For purposes of establishing the price at which transactions in the Fund’s Units occur, the Fund also calculates a monthly “Transactional NAV”, which differs from the Fund’s NAV determined in accordance with U.S. GAAP, primarily due to differences in the recognition and timing of certain fees and expenses. Net Realized Gains or Losses and Net Change in Unrealized Gain (Loss) on Investments Realized gains or losses on investments are recognized upon the sale, repayment, or other disposition of an investment and are measured as the difference between the net proceeds received and the investment’s cost basis, adjusted for any previously recognized unrealized appreciation or depreciation, with cost determined using the specific identification method. Net change in unrealized appreciation (depreciation) on investments reflects the change in fair value of investments during the reporting period, including the reversal of previously recorded unrealized amounts upon realization. Unrealized gains and losses are included in the consolidated statements of operations in the period in which the change in fair value occurs. Realized and unrealized gains and losses on derivative contracts, if any, are recognized in accordance with the Fund’s derivative accounting policy and are presented separately in the consolidated statements of operations, as discussed below.
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| Derivative Instruments | Derivative Instruments CPEP enters into foreign currency forward contracts to economically hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated transactions. A foreign currency forward contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. Foreign currency forward contracts are carried at fair value and are marked-to-market at each reporting date. Changes in fair value are recognized in net change in unrealized appreciation (depreciation) on derivative contracts in the consolidated statements of operations. Upon settlement or termination of a contract, realized gains or losses are recognized in net realized gain (loss) on derivative contracts and represent the difference between the proceeds received or paid and the contract’s carrying value at the time of settlement. Foreign currency forward contracts involve elements of market risk in excess of the amounts reflected in the consolidated statements of assets and liabilities. The primary risk associated with these instruments is the risk of an unfavorable change in the underlying foreign currency exchange rates. The Fund enters into foreign currency forward contracts under ISDA master agreements with its counterparty. These agreements provide for the netting of amounts payable and receivable with the same counterparty and permit, for foreign currency transactions, settlement on a net basis for amounts due on the same date and in the same currency. The Fund does not offset derivative assets and liabilities in its consolidated statements of assets and liabilities, as the conditions required for offsetting are not met. The Fund recognizes derivative instruments as assets or liabilities at fair value in its consolidated statements of assets and liabilities as derivative assets at fair value and derivative liabilities at fair value, respectively. Additional information regarding derivative instruments is included in Note 4, Derivative Instruments.
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| Organizational and Offering Costs | Organizational and Offering Costs Organizational costs are expensed as incurred. Offering costs attributable to the sale of Units are capitalized as deferred offering costs and included in other assets on the consolidated statements of assets and liabilities. Costs associated with the offering of each of the Fund’s classes of units as described in Note 5, Net Assets, are capitalized as a deferred expense and included as an asset on the consolidated statements of assets and liabilities. These deferred offering costs are amortized over a twelve-month period beginning on the date incurred. Organizational and offering costs were not borne by the Fund until the Initial Closing on October 1, 2025.
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| Servicing Fees | Servicing Fees The Fund pays a servicing fee (the “Servicing Fee”) to TCG Capital Markets L.L.C. (the “Dealer Manager”) based on the applicable annual rate of the Transactional NAV of certain Unit classes. No servicing fee is payable with respect to Class I Units, Class A-I Units, Class E-I Units, Class C Units and Class CG Units. Additional information regarding the Servicing Fee arrangement is included in Note 6, Related Party Transactions. In accordance with U.S. GAAP, the Fund accrues the estimated cost of the Servicing Fee at the time Units bearing such fees are issued and records the obligation as an offering cost.
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| Other Expenses | Other Expenses Other expenses consist primarily of fund operating costs, including administration, accounting, legal, audit, tax, servicing and other professional fees incurred in connection with the Fund’s operations.
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| Segment Reporting | Segment Reporting CPEP operates through a single reporting segment with the objective of generating investment returns by providing its investors access to Carlyle’s platform, with an emphasis on its U.S., European, and Asian corporate buyout strategies. The chief operating decision maker of the Fund is the Fund’s Chief Executive Officer, who primarily utilizes net increase in net assets from operations to implement investment policy decisions, manage the portfolio and assess the performance of the Fund. As the Fund’s operations comprise a single reporting segment, there is no difference between segment assets and total consolidated assets as presented on the accompanying consolidated statements of assets and liabilities and the significant segment expense are the same as those listed on the accompanying consolidated statements of operations.
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