UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22241

Partners Group Private Equity Fund, LLC

(Exact name of registrant as specified in charter)

c/o Partners Group (USA) Inc.

1114 Avenue of the Americas, 37th Floor

New York, NY 10036

(Address of principal executive offices) (zip code)

Registrant’s telephone number, including area code: (212) 908-2600

Date of fiscal year end: March 31

Date of reporting period: March 31, 2026

Item 1. Reports to Shareholders.

(a) The Reports to Shareholders are attached herewith.

PARTNERS GROUP PRIVATE EQUITY FUND, LLC
(a Delaware Limited Liability Company)

Annual Report

For the Year Ended March 31, 2026

Important information about access to shareholder reports

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website, and each time a report is posted you will be notified by mail and provided with a website address to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the Fund, by calling 1-888-977-9790.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-888-977-9790 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Partners Group funds held in your account if you invest through a financial intermediary or all Partners Group funds held with the fund complex if you invest directly with the Fund.

Partners Group Private Equity Fund, LLC

(a Delaware Limited Liability Company)

Table of Contents
For the Year Ended March 31, 2026

Partners Group Private Equity Fund, LLC

(a Delaware Limited Liability Company)

Report of Independent Registered Public Accounting Firm
For the Year Ended March 31, 2026

To the Board of Managers and Members of
Partners Group Private Equity Fund, LLC

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Partners Group Private Equity Fund, LLC and its subsidiaries (the “Fund”) as of March 31, 2026, the related consolidated statements of operations and cash flows for the year ended March 31, 2026, the consolidated statement of changes in net assets for each of the two years in the year ended March 31, 2026, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the year ended March 31, 2026 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

We conducted our audit of these consolidated financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian, portfolio company investees private equity funds or agent banks; when replies were not received from the custodian, portfolio company investees, private equity funds or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Dallas, Texas
May 30, 2026

We have served as the auditor of one or more investment companies in the Partners Group investment company group since 2010.

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Partners Group Private Equity Fund, LLC

Management’s Discussion of Fund Performance (Unaudited)
March 31, 2026

Dear Members¹,

Partners Group is pleased to present the Partners Group Private Equity Fund, LLC (the “Fund”) annual report for the fiscal year ending March 31, 2026. The Fund (Class I)² produced a 5.6% total return for the fiscal year and finished the year with USD 15.8 billion⁸ in net assets. It was the Fund’s sixteenth consecutive year of positive performance. The Fund intends to declare dividends each year equal to all or substantially all its taxable income. As such, in December 2025 the Fund distributed $0.0769 per share to investors, entirely composed of long-term capital gains.

Management commentary

In 2025, global financial markets remained broadly resilient but increasingly volatile across regions. The US economy stayed comparatively strong, supported by AI-driven investment and higher-income consumption. At the same time, trade restrictions and tariff rates began to reintroduce core goods price pressure. As labor market conditions cooled, the Federal Reserve’s focus shifted toward employment and it began easing, with rate cuts starting in September and extending into year-end. In Europe, growth was subdued but showed signs of stabilization as inflation moved closer to the ECB’s target. China’s growth was sustained by policy support for a period, but momentum faded as structural headwinds reasserted and domestic demand stayed soft. In private markets, buyout volumes softened earlier in the year, though pricing remained relatively firm amid resilient public markets and persistent buyer appetite. Exit activity improved as M&A conditions strengthened and IPO markets reopened, supporting a rebound in exit values. Overall transaction activity accelerated into Q4 alongside lower rates and better financing conditions. Against this backdrop, portfolio companies continue to illustrate how thematic alignment, operational transformation, and sustained value creation strategies combine to position assets to crystallize gains while maintaining exposure to future upside potential.

The public equity markets continued to experience a rally in 2025 following the strong performance in 2024. The Fund’s Blended Benchmark 1³, Blended Benchmark 2⁴, and MSCI World Index⁵ posted total returns of 16.2%, 15.6%, and 21.1%, respectively in the calendar year 2025, propelled by the technology industry, especially as it relates to AI. In contrast to private markets, the public market returns in 2025 were primarily valuation-driven, building on the gains of 2024 and continuing the rebound from the lows of 2022. Notwithstanding the volatility in public market prices, we continued to see improved growth and positioning from the companies in the Fund’s portfolio. We believe that focusing on market-leading businesses and taking an active investing approach fosters long-term business growth, leading to outperformance.

While the Fund’s existing portfolio continues to create value for investors, the Adviser was selective in pursuing new investment opportunities in 2025. We remained disciplined in our rigorous underwriting and found select attractive opportunities while still accepting less than 5% of the investments screened. We also focused on maintaining a high investment level with less than 10% cash in any given month.

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Partners Group Private Equity Fund, LLC

Management’s Discussion of Fund Performance (Unaudited)
March 31, 2026 (continued)

Portfolio positioning

As has been the case since the Fund’s inception, the Adviser’s relative value views across asset class, investment type, geography, or position in the capital structure will vary over time. We believe that the flexibility afforded by the Fund’s ability to make Direct, Secondary, and Primary Private Equity investments in a variety of markets, regions, and sectors, will continue to help the Fund achieve its investment objectives. Private Equity Direct and Secondary Investments were the investment focus of 2025. This approach allowed the Fund to capitalize on the appealing opportunities within the secondary market, while also continuing to leverage direct investments, which we believe will be the key driver of returns in the future.

As of March 31, 2026, the Fund has direct and indirect exposure to more than 3,000 portfolio companies with the top 20 representing 27.5% of the portfolio. Geographic splits are North America (55%), Europe (39%), Asia-Pacific (3%), and other regions (3%). Of these, the Fund held direct interests in 460 assets (65% of portfolio value), 73 stakes in secondary investments (16%), 232 primary commitments (15%), and 123 listed investments (4%). The Fund is further diversified with investments across more than 16 vintage years.

We expect to maintain a structural overweight to Private Equity Direct investments and opportunistic secondaries in 2026. While secondaries can be an attractive source of near-term returns if LP portfolios are acquired at a discount, we believe that ultimately the value created by direct investments is essential for long-term performance of the Fund.

3

Partners Group Private Equity Fund, LLC

Management’s Discussion of Fund Performance (Unaudited)
March 31, 2026 (continued)

Private Equity

In 2025, the Fund maintained an overweight allocation to Private Equity relative to its other asset classes, with Direct investments complemented by exposure to Secondary and Primary investments. Private Equity Direct investments were the largest individual contributor to the positive performance during the year, accounting for about 25% of the Fund’s investment value creation.

Within our Private Equity portfolio, our strategy continues to be a defensive and disciplined approach in how we select and manage our portfolio companies. We remain focused on acquiring market-leading businesses in resilient, non-cyclical sectors that are poised for future expansion. These already strong companies are further reinforced by the expertise of our network of experienced Operating Directors. We continue to capitalize on organic growth opportunities by driving business transformation and digitalization. This transformational investing approach remains central to our value creation thesis, leveraging technology-enabled solutions and operational improvements to enhance efficiency and scalability.

During the fiscal year, the portfolio companies in the Fund delivered robust EBITDA growth during a dynamic market environment. This sustained performance underscores the investment team’s expertise in identifying and capitalizing on stable, long-term themes. The active involvement of our investment professionals and Operating Directors remained a key driver of value creation in 2025. This year marked the full implementation of our “Operators 2.0” model, which integrates Operating Directors more deeply into the investment process, enhancing strategic alignment and execution at the portfolio company level. Our hands-on ownership approach was further supported by digital governance tools, including data-driven boardroom dashboards that enabled real-time performance tracking and decision-making. On the risk management front, we maintained a proactive stance: nearly all debt maturities across the Private Equity Direct portfolio are now extended to 2028 or beyond, and the majority of floating-rate exposures are hedged, ensuring resilience against interest rate volatility and preserving financial flexibility.

Private Debt

In 2025, our global direct lending strategy performed broadly in line with expectations, benefiting from elevated base rates and the steady income profile of senior floating-rate loans. Returns were driven primarily by coupon income, while credit performance remained relatively stable despite pockets of macro volatility and continued higher interest burdens for borrowers.

The Fund maintained its tactical target allocation to Private Debt throughout the financial year. Throughout the year, we stayed disciplined in underwriting and portfolio construction, and while increased competition led to broadly tighter economics, active portfolio management and selective new origination helped us maintain credit quality and manage risk. Overall, 2025 reinforced the defensive characteristics of senior direct lending and the importance of scale, selectivity, and active underwriting in navigating a more complex credit environment.

Private Infrastructure

Over the course of the year, the Fund’s allocation to Private Infrastructure was well-positioned. Market activity remained resilient and was supported by the asset’s fundamentally defensive characteristics, for example: long-term contracts, essential services, and high barriers to entry. These infrastructure investments helped to shield the portfolio from inflationary pressures and geopolitical turbulence over the course of the year and contributed a combined 27% of the Fund’s investment value creation across all infrastructure investment transaction types.

The Fund invests in infrastructure assets via both direct and indirect structures, focused on the highest quality opportunities within high-conviction thematic areas. The team prioritizes opportunities where assets are primarily operational and where downside mitigation is anticipated, and where there is a clear pathway to scaling or improving the business/assets further over the course of the hold.

Other investments

A considerably smaller portion of the Fund’s investments is allocated to other liquid assets, including Common Stocks (both listed infrastructure and listed Private Equity). Additionally, to a lesser degree, the Fund also invests nominal amounts in Asset-Backed Securities. In 2025, the liquid portion of the fund remained flat, despite a volatile year and market headwinds as resilient industrial investments continue to be a key hedge in the listed portfolio.

4

Partners Group Private Equity Fund, LLC

Management’s Discussion of Fund Performance (Unaudited)
March 31, 2026 (continued)

Looking ahead

At a macro level, the past 12 months have been characterized by elevated uncertainty driven by major policy shifts and evolving geopolitical tensions. In particular, ongoing US policy uncertainty — such as tariffs — alongside the conflict in the Middle East have brought renewed uncertainty to the outlook. In 2025, inflation remained broadly contained and labor market indicators softened, leading the Fed to deliver three consecutive 25 bps rate cuts toward the end of the year. More recently, the rise in energy prices as a result of the Iran war has re-introduced the risk of increasing inflation (especially headline inflation, while core inflation should be more stable) while at the same time presenting downside risk to economic growth (although we don’t forecast a recession in the US). These circumstances have introduced conflicting forces with regards to the Fed’s dual mandate, but we continue to expect further Fed funds rate cuts in 2026, though the timing will likely be delayed.

Against this backdrop, we believe PGPE remains well positioned to navigate near term volatility. Direct exposure to recent developments in the Middle East is very limited and the rise in energy prices is not expected to have a material impact on portfolio companies; only a small number of companies are at risk to some near term negative impact, and in those cases, mitigation is already well advanced. Specifically, exposure is largely buffered through long term supply and off take contracts, contractual pass through mechanisms, and diversified sourcing arrangements. Management teams are also actively executing operational initiatives to manage input cost volatility—such as procurement renegotiations, targeted pricing actions, and cost discipline measures—while maintaining conservatively structured balance sheets.

More broadly, we believe private equity benefits from a favorable environment: valuation discounts relative to public markets are at their widest in 15 years⁹, borrowing costs have retreated more than 60% from post COVID peaks, and exit activity and premiums are recovering alongside improving capital markets conditions¹⁰. We remain constructive on the Fund’s ability to manage uncertainty and capitalize on attractive investment opportunities.

We sincerely appreciate the trust and confidence you have placed in Partners Group through your investment in the Fund. Thank you for your ongoing support. If you have any further questions or comments, we encourage you to reach out to your dedicated Partners Group representative or email our team at the provided address at DLPGPEOperations@partnersgroup.com.

Sincerely,

Partners Group (USA) Inc.

Note: Data as of March 31, 2026.

5

Partners Group Private Equity Fund, LLC

Management’s Discussion of Fund Performance (Unaudited)
March 31, 2026 (continued)

Foreside Fund Services, LLC is the placement agent for the Fund.

6

Partners Group Private Equity Fund, LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2026

INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS

INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS

7

Partners Group Private Equity Fund, LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2026 (continued)

The accompanying notes are an integral part of these Consolidated Financial Statements.

8

Partners Group Private Equity Fund, LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2026 (continued)

The accompanying notes are an integral part of these Consolidated Financial Statements.

9

Partners Group Private Equity Fund, LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2026 (continued)

The accompanying notes are an integral part of these Consolidated Financial Statements.

10

Partners Group Private Equity Fund, LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2026 (continued)

The accompanying notes are an integral part of these Consolidated Financial Statements.

11

Partners Group Private Equity Fund, LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2026 (continued)

The accompanying notes are an integral part of these Consolidated Financial Statements.

12

Partners Group Private Equity Fund, LLC

(a Delaware Limited Liability Company)

Consolidated Schedule of Investments –
March 31, 2026 (continued)