Adams Street Private Equity Navigator Fund LLC
Consolidated Schedule of Investments
As of December 31, 2025 (Unaudited)
| Amounts in USD | ||||||||||||||||||||||||||||||||||||||||
| Fund Investments |
Footnotes | Investment Purpose |
Geographic Region** |
Position (if applicable) |
Reference Rate & Spread (if applicable) |
Maturity Date (if applicable) |
Quantity (if applicable) |
Acquisition Date*** |
Cost | Fair Value | ||||||||||||||||||||||||||||||
| Primary Investments - 2.5% (1)(18) |
| |||||||||||||||||||||||||||||||||||||||
| AEA Investors Fund VIII LP * |
Buyouts | United States | 9/30/2023 | $ | 1,926,591 | $ | 1,665,596 | |||||||||||||||||||||||||||||||||
| Astorg VIII * |
(2) | Buyouts | Western Europe | 6/30/2023 | 3,812,272 | 4,437,623 | ||||||||||||||||||||||||||||||||||
| Madison Dearborn Capital Partners VIII-C, L.P. |
Buyouts | United States | 6/21/2021 | 2,840,208 | 2,864,749 | |||||||||||||||||||||||||||||||||||
| NewView Capital Fund II, L.P. * |
Venture Capital | United States | 10/18/2021 | 1,835,646 | 2,887,866 | |||||||||||||||||||||||||||||||||||
| TA XIV-B L.P. |
Buyouts | United States | 9/30/2021 | 836,722 | 993,859 | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Total Primary Investments |
11,251,439 | 12,849,693 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Secondary Investments - 50.2% (1)(18) |
|
|||||||||||||||||||||||||||||||||||||||
| ABRY Advanced Securities Fund II, L.P. * |
(14) | Debt/Credit | United States | 7/8/2021 | 440 | 2,714 | ||||||||||||||||||||||||||||||||||
| ABRY Advanced Securities Fund III, L.P. * |
(14) | Other | United States | 7/8/2021 | - | 563 | ||||||||||||||||||||||||||||||||||
| ABRY Advanced Securities Fund IV, L.P. |
(14) | Debt/Credit | United States | 7/8/2021 | 204,544 | 217,176 | ||||||||||||||||||||||||||||||||||
| ABRY Heritage Partners, L.P. * |
(3)(14) | Buyouts | United States | 7/8/2021 | 58,799 | 92,558 | ||||||||||||||||||||||||||||||||||
| ABRY Partners IX, L.P. * |
(14) | Buyouts | United States | 7/8/2021 | 574,622 | 716,153 | ||||||||||||||||||||||||||||||||||
| ABRY Partners VII, L.P. * |
(14) | Buyouts | United States | 1/3/2022 | 74,710 | 50,903 | ||||||||||||||||||||||||||||||||||
| ABRY Partners VIII, L.P. |
(14) | Buyouts | United States | 7/8/2021 | 137,214 | 81,457 | ||||||||||||||||||||||||||||||||||
| ABRY Senior Equity IV, L.P. * |
(14) | Debt/Credit | United States | 7/8/2021 | 29,368 | 21,113 | ||||||||||||||||||||||||||||||||||
| ABRY Senior Equity V, L.P. |
(14) | Debt/Credit | United States | 7/8/2021 | 181,018 | 262,261 | ||||||||||||||||||||||||||||||||||
| Accel Europe L.P. * |
(7) | Venture Capital | Western Europe | 12/31/2024 | 28,425 | 42,248 | ||||||||||||||||||||||||||||||||||
| Accel IX L.P. * |
(7) | Venture Capital | United States | 12/31/2024 | 56,154 | 144,002 | ||||||||||||||||||||||||||||||||||
| Accel London II L.P. * |
(7) | Venture Capital | Western Europe | 12/31/2024 | 4,427,396 | 7,521,054 | ||||||||||||||||||||||||||||||||||
| Accel VI-S L.P. * |
(7) | Venture Capital | United States | 12/31/2024 | 22,052 | 34,133 | ||||||||||||||||||||||||||||||||||
| Advent International GPE VIII-E Limited Partnership |
Buyouts | Western Europe | 12/29/2025 | 1,346,682 | 1,593,170 | |||||||||||||||||||||||||||||||||||
| AEA Investors Fund VII LP |
Buyouts | United States | 6/30/2025 | 518,568 | 554,924 | |||||||||||||||||||||||||||||||||||
| AEA Investors Fund VI LP |
Buyouts | United States | 6/30/2025 | 293,304 | 340,620 | |||||||||||||||||||||||||||||||||||
| AKKR Isosceles CV LP |
Buyouts | United States | 6/26/2025 | 6,496,673 | 6,610,120 | |||||||||||||||||||||||||||||||||||
| Alma Opportunities I |
(2) | Buyouts | Western Europe | 9/13/2021 | 1,396,148 | 1,777,236 | ||||||||||||||||||||||||||||||||||
| American Industrial Partners Capital Fund IV, L.P. * |
(7) | Buyouts | United States | 12/31/2024 | - | 11,036 | ||||||||||||||||||||||||||||||||||
| American Industrial Partners Capital Fund VI, L.P. |
Buyouts | United States | 12/29/2025 | 1,538,983 | 1,717,825 | |||||||||||||||||||||||||||||||||||
| American Securities Partners VII |
Buyouts | United States | 12/29/2025 | 1,630,440 | 1,675,155 | |||||||||||||||||||||||||||||||||||
| Apollo Overseas Partners IX, L.P. |
(14) | Buyouts | United States | 10/12/2021 | 364,455 | 452,154 | ||||||||||||||||||||||||||||||||||
| Apollo Overseas Partners VIII, L.P. |
(14) | Buyouts | United States | 10/12/2021 | 99,928 | 64,117 | ||||||||||||||||||||||||||||||||||
| Aquiline Financial Services Fund, L.P. * |
(7) | Buyouts | United States | 12/31/2024 | 13,955 | 37,142 | ||||||||||||||||||||||||||||||||||
| Arcline Capital Partners III LP |
Buyouts | United States | 6/30/2025 | 651,601 | 785,493 | |||||||||||||||||||||||||||||||||||
| The accompanying notes are an integral part of this consolidated schedule of investments. |
| 1 |
Adams Street Private Equity Navigator Fund LLC
Consolidated Schedule of Investments
As of December 31, 2025 (Unaudited) (Continued)
| Amounts in USD | ||||||||||||||||||||||||
| Fund Investments |
Footnotes | Investment Purpose |
Geographic Region** |
Position (if applicable) |
Reference Rate & Spread (if applicable) |
Maturity Date (if applicable) |
Quantity (if applicable) |
Acquisition Date*** |
Cost | Fair Value | ||||||||||||||
| Secondary Investments (continued) |
| |||||||||||||||||||||||
| Ares Private Credit Solutions (Cayman), L.P. |
(14) | Debt/Credit | United States | 7/8/2021 | $ | 14,975 | $ | 52,192 | ||||||||||||||||
| ASP Sec Fac 10 LP * |
Buyouts | United States | 9/30/2024 | 6,382,117 | 7,649,861 | |||||||||||||||||||
| Astorg Normec Fund |
(2) | Buyouts | Western Europe | 9/24/2024 | 750,465 | 1,071,643 | ||||||||||||||||||
| Aurora Equity Partners V A LP |
Buyouts | United States | 12/29/2025 | 1,254,637 | 1,557,673 | |||||||||||||||||||
| Bain Capital Distressed and Special Situations 2016 (B), L.P. * |
(14) | Debt/Credit | United States | 7/9/2021 | 41,791 | 91,853 | ||||||||||||||||||
| Bain Capital Europe Fund III, L.P. * |
(2)(14) | Buyouts | Western Europe | 7/13/2021 | 4,446 | - | ||||||||||||||||||
| Bain Capital Middle Market Credit 2014 (A), L.P. * |
(14) | Debt/Credit | United States | 7/9/2021 | 16,564 | 44,310 | ||||||||||||||||||
| BayPine Capital Partners Fund I-B, LP |
Buyouts | United States | 6/30/2025 | 136,668 | 180,961 | |||||||||||||||||||
| Berkshire Fund IX, L.P. |
Buyouts | United States | 6/30/2021 | 2,054,589 | 2,633,106 | |||||||||||||||||||
| Berkshire Fund VI, Limited Partnership * |
Buyouts | United States | 6/30/2021 | 39,675 | 14,292 | |||||||||||||||||||
| Berkshire Fund VII, L.P. * |
Buyouts | United States | 6/30/2021 | 22,763 | 9,770 | |||||||||||||||||||
| Berkshire Fund VII-A, L.P. |
(14) | Buyouts | United States | 6/30/2021 | 8,216 | 3,288 | ||||||||||||||||||
| Berkshire Fund VIII, L.P. * |
Buyouts | United States | 6/30/2021 | 3,773,741 | 706,233 | |||||||||||||||||||
| Berkshire Fund VIII-A, L.P. * |
Buyouts | United States | 9/3/2021 | 320,445 | 52,820 | |||||||||||||||||||
| Berkshire Fund X, L.P. * |
Buyouts | United States | 9/30/2021 | 1,986,457 | 2,228,006 | |||||||||||||||||||
| Broad Street Real Estate Credit Partners II Offshore Feeder Fund, L.P. * |
(14) | Debt/Credit | United States | 7/21/2021 | 6,167 | 526 | ||||||||||||||||||
| Cairngorm Capital Partners III Annex, L.P |
(2) | Buyouts | Western Europe | 6/30/2025 | 2,061,138 | - | ||||||||||||||||||
| Cairngorm Capital Partners III CoInvest C, L.P. |
(2) | Buyouts | Western Europe | 6/30/2025 | 1,068,725 | - | ||||||||||||||||||
| Cairngorm Capital Partners III CoInvest D, L.P. |
(2) | Buyouts | Western Europe | 6/30/2025 | 732,354 | - | ||||||||||||||||||
| Carlyle Asia Partners IV, L.P. |
(3)(14) | Buyouts | United States | 7/21/2021 | 121,913 | 17,831 | ||||||||||||||||||
| Carlyle Europe Partners III, L.P. * |
(2)(14) | Buyouts | United States | 7/21/2021 | 1,323 | 1,133 | ||||||||||||||||||
| Carlyle Partners V, L.P. |
(14) | Buyouts | United States | 7/21/2021 | - | 20,453 | ||||||||||||||||||
| Carlyle Strategic Partners III, L.P. |
(14) | Other | United States | 7/21/2021 | 29,630 | 1,558 | ||||||||||||||||||
| Carlyle Strategic Partners IV, L.P. |
(14) | Buyouts | United States | 7/21/2021 | 270,427 | 293,877 | ||||||||||||||||||
| Carlyle U.S. Equity Opportunity Fund, L.P. * |
(14) | Buyouts | United States | 7/21/2021 | 3,049 | 991 | ||||||||||||||||||
| Carlyle U.S. Equity Opportunity Fund II, L.P. |
(3)(14) | Buyouts | United States | 7/21/2021 | 146,537 | 121,001 | ||||||||||||||||||
| CIVC SIB CF, L.P. * |
Buyouts | The Americas | 5/4/2023 | 3,390,635 | 4,783,225 | |||||||||||||||||||
| Clayton Dubilier & Rice Fund X |
Buyouts | United States | 12/29/2025 | 1,191,911 | 1,521,463 | |||||||||||||||||||
| The accompanying notes are an integral part of this consolidated schedule of investments. |
| 2 |
Adams Street Private Equity Navigator Fund LLC
Consolidated Schedule of Investments
As of December 31, 2025 (Unaudited) (Continued)
| Amounts in USD | ||||||||||||||||||||||||
| Fund Investments |
Footnotes | Investment Purpose |
Geographic Region** |
Position (if applicable) |
Reference Rate & Spread (if applicable) |
Maturity Date (if applicable) |
Quantity (if applicable) |
Acquisition Date*** |
Cost | Fair Value | ||||||||||||||
| Secondary Investments (continued) |
| |||||||||||||||||||||||
| Clearlake Capital Partners VII, L.P. * |
Buyouts | United States | 7/1/2025 | $ | 449,954 | $ | 486,878 | |||||||||||||||||
| Clearstone Venture Partners III-A, L.P. * |
(3)(7) | Buyouts | United States | 12/31/2024 | 345,914 | 3,240,536 | ||||||||||||||||||
| Columbia Capital Equity Partners IV (NON-US), L.P. * |
(7) | Buyouts | United States | 12/31/2024 | - | 51,709 | ||||||||||||||||||
| Columbia Capital Equity Partners IV (QP), L.P. * |
(7) | Buyouts | United States | 12/31/2024 | - | 41,985 | ||||||||||||||||||
| Columbia Capital Equity Partners IV (QPCO), L.P. * |
(7) | Buyouts | United States | 12/31/2024 | - | 313,558 | ||||||||||||||||||
| CVC Capital Partners VII (A) L.P. |
(2)(3)(11) | Buyouts | Western Europe | 3/31/2023 | 1,929,739 | 1,762,815 | ||||||||||||||||||
| CVC Capital Partners VII (A) L.P. |
(2)(3)(10) | Buyouts | Western Europe | 3/31/2023 | 853,389 | 827,732 | ||||||||||||||||||
| CVC Capital Partners VIII (A) L.P. |
(2)(11) | Buyouts | Western Europe | 3/31/2023 | 664,326 | 794,856 | ||||||||||||||||||
| CVC Capital Partners VIII (A) L.P. |
(2)(10) | Buyouts | Western Europe | 3/31/2023 | 709,066 | 886,463 | ||||||||||||||||||
| CVI Credit Value Fund A V LP |
Debt/Credit | United States | 7/1/2025 | 645,570 | 638,288 | |||||||||||||||||||
| Davidson Kempner Long-Term Distressed Opportunities International III LP * |
(14) | Debt/Credit | United States | 7/12/2021 | - | 9,930 | ||||||||||||||||||
| Davidson Kempner Long-Term Distressed Opportunities International IV LP * |
(14) | Debt/Credit | United States | 7/12/2021 | - | 83,470 | ||||||||||||||||||
| DPE Continuation Fund I Geschlossene Spezial-Investment GmbH & Co. KG * |
(2)(5) | Buyouts | Western Europe | 10/12/2022 | 2,128,645 | 3,054,576 | ||||||||||||||||||
| Energy Capital Partners Mezzanine Opportunities Fund, LP * |
(14) | Other | United States | 7/8/2021 | - | 7,655 | ||||||||||||||||||
| Flexpoint Fund II LP * |
(3) | Buyouts | United States | 12/29/2023 | 188,557 | 172,625 | ||||||||||||||||||
| Flexpoint Fund III, L.P. * |
(3) | Buyouts | United States | 12/29/2023 | 876,685 | 855,726 | ||||||||||||||||||
| Flexpoint Fund IV-B, L.P. * |
Buyouts | United States | 12/29/2023 | 1,519,680 | 2,157,087 | |||||||||||||||||||
| Flexential Opportunity LP * |
Buyouts | United States | 12/30/2021 | 451,908 | 517,968 | |||||||||||||||||||
| Flexpoint Overage Fund IV-B, L.P. * |
Buyouts | United States | 12/29/2023 | 469,735 | 553,188 | |||||||||||||||||||
| Fortress Credit Opportunities Fund V Expansion (A) LP |
Debt/Credit | United States | 9/30/2025 | 673,520 | 700,162 | |||||||||||||||||||
| Forward Ventures V LP * |
(3)(7) | Buyouts | United States | 12/31/2024 | 26,817 | 187,216 | ||||||||||||||||||
| Francisco Partners IV-A, L.P. |
Buyouts | United States | 7/9/2025 | 94,666 | 88,851 | |||||||||||||||||||
| Francisco Partners V, L.P. |
Buyouts | United States | 7/9/2025 | 197,342 | 228,535 | |||||||||||||||||||
| Francisco Partners VI, L.P. |
Buyouts | United States | 7/9/2025 | 700,936 | 821,289 | |||||||||||||||||||
| Francisco Partners VII, L.P. |
Buyouts | United States | 7/9/2025 | 283,289 | 308,303 | |||||||||||||||||||
| Frazier Healthcare Growth Buyout Fund VIII PV, L.P. |
(3) | Buyouts | United States | 6/30/2025 | 199,037 | 170,777 | ||||||||||||||||||
| Frazier Healthcare Growth Buyout Fund IX, L.P. |
(3) | Buyouts | United States | 6/30/2025 | 117,842 | 95,257 | ||||||||||||||||||
| The accompanying notes are an integral part of this consolidated schedule of investments. |
| 3 |
Adams Street Private Equity Navigator Fund LLC
Consolidated Schedule of Investments
As of December 31, 2025 (Unaudited) (Continued)
| Amounts in USD | ||||||||||||||||||||||||
| Fund Investments |
Footnotes | Investment Purpose |
Geographic Region** |
Position (if applicable) |
Reference Rate & Spread (if applicable) |
Maturity Date (if applicable) |
Quantity (if applicable) |
Acquisition Date*** |
Cost | Fair Value | ||||||||||||||
| Secondary Investments (continued) |
| |||||||||||||||||||||||
| Frazier Healthcare Growth Buyout Fund IX PV, L.P. |
(3) | Buyouts | United States | 6/30/2025 | $ | 591,351 | $ | 476,497 | ||||||||||||||||
| Frontenac XI Private Capital Limited Partnership |
Buyouts | United States | 12/29/2023 | 382,554 | 176,777 | |||||||||||||||||||
| Frontenac XI Private Capital (Parallel) Limited Partnership |
Buyouts | United States | 12/29/2023 | 861,606 | 396,233 | |||||||||||||||||||
| FS Equity Partners CV1, L.P. |
Buyouts | United States | 5/8/2025 | 3,327,731 | 3,981,335 | |||||||||||||||||||
| GCM Grosvenor VCP II, L.P. * |
(3)(14) | Other | United States | 7/20/2021 | 37,164 | 25,752 | ||||||||||||||||||
| Genstar Capital Partners VII LP |
Buyouts | United States | 12/29/2025 | 1,415,037 | 1,648,229 | |||||||||||||||||||
| Genstar Capital Partners VIII BL |
Buyouts | United States | 12/29/2025 | 3,882,676 | 4,465,468 | |||||||||||||||||||
| GI Partners Fund V LP |
Buyouts | United States | 12/30/2021 | 2,713,964 | 3,663,356 | |||||||||||||||||||
| Graham Partners OptConnect Continuation Fund, L.P. * |
(8) | Buyouts | United States | 12/20/2022 | 3,397,698 | 5,138,659 | ||||||||||||||||||
| GS Mezzanine Partners VII Offshore, L.P. * |
(14) | Debt/Credit | United States | 7/21/2021 | 47,000 | 138,192 | ||||||||||||||||||
| GTCR Evergreen Fund I/C LP |
(3) | Buyouts | United States | 4/3/2023 | 3,087,636 | 5,054,581 | ||||||||||||||||||
| GTCR Fund XIII, L.P. * |
Buyouts | United States | 3/31/2023 | 1,040,319 | 1,353,196 | |||||||||||||||||||
| GTCR Oak Fund LP |
Buyouts | United States | 12/15/2025 | 8,435,321 | 8,435,321 | |||||||||||||||||||
| HealthCare Ventures VIII, L.P. * |
(3)(7) | Venture Capital | United States | 12/31/2024 | - | 38,602 | ||||||||||||||||||
| HG Capital 8 A L.P. |
(2) | Buyouts | Western Europe | 12/29/2025 | 1,719,502 | 1,952,888 | ||||||||||||||||||
| HG Capital 8 D L.P. |
(2) | Buyouts | Western Europe | 6/30/2025 | 2,137,861 | 1,810,469 | ||||||||||||||||||
| HG Genesis 9 B L.P. |
(2) | Buyouts | Western Europe | 6/30/2025 | 1,205,404 | 1,600,594 | ||||||||||||||||||
| HG Mercury 3 B LP |
(2) | Buyouts | Western Europe | 6/30/2025 | 448,669 | 664,557 | ||||||||||||||||||
| H.I.G. Middle Market Leveraged Buyout Fund IV, L.P. |
Buyouts | United States | 9/30/2025 | 197,789 | 221,918 | |||||||||||||||||||
| H.I.G. Venture Partners II, L.P. |
(3)(7) | Buyouts | United States | 12/31/2024 | 183,938 | 322,870 | ||||||||||||||||||
| Highland Capital Partners VII Limited Partnership * |
(7) | Venture Capital | United States | 12/31/2024 | 3,940 | 53,246 | ||||||||||||||||||
| Highland Capital Partners VII-B Limited Partnership * |
(7) | Buyouts | United States | 12/31/2024 | 28,775 | 379,918 | ||||||||||||||||||
| Highland Capital Partners VII-C Limited Partnership * |
(7) | Buyouts | United States | 12/31/2024 | 3,231 | 42,834 | ||||||||||||||||||
| HPE Continuation Fund I C.V. * |
(2)(4) | Venture Capital | Western Europe | 11/18/2021 | 1,542,833 | 1,857,569 | ||||||||||||||||||
| HPE PPRO Invest II B.V. * |
(2)(4) | Venture Capital | Western Europe | 2/9/2024 | 54,280 | 74,548 | ||||||||||||||||||
| Inflexion Buyout Fund VI |
(2) | Buyouts | Western Europe | 7/2/2025 | 525,517 | 657,470 | ||||||||||||||||||
| Intersouth Partners VI LP * |
(7) | Buyouts | United States | 12/31/2024 | 87,756 | 762,720 | ||||||||||||||||||
| JMI Extended Value Fund, L.P. * |
Buyouts | United States | 12/22/2023 | 1,848,894 | 2,522,565 | |||||||||||||||||||
| K2 Private Investors LP |
Buyouts | United States | 12/29/2025 | 1,477,034 | 1,687,415 | |||||||||||||||||||
| K3 Private Investors LP |
Buyouts | United States | 12/29/2025 | 2,149,063 | 2,586,198 | |||||||||||||||||||
| KarpReilly Capital Partners, L.P. |
(7) | Buyouts | United States | 12/31/2024 | 137,565 | 111,172 | ||||||||||||||||||
| KSL Capital Partners V L.P. |
Buyouts | United States | 6/30/2025 | 168,650 | 195,029 | |||||||||||||||||||
| KSL Capital IV Te L.P. |
Other | United States | 12/29/2025 | 2,341,338 | 2,664,897 | |||||||||||||||||||
| The accompanying notes are an integral part of this consolidated schedule of investments. |
| 4 |
Adams Street Private Equity Navigator Fund LLC
Consolidated Schedule of Investments
As of December 31, 2025 (Unaudited) (Continued)
| Amounts in USD | ||||||||||||||||||||||||
| Fund Investments |
Footnotes | Investment Purpose |
Geographic Region** |
Position (if applicable) |
Reference Rate & Spread (if applicable) |
Maturity Date (if applicable) |
Quantity (if applicable) |
Acquisition Date*** |
Cost | Fair Value | ||||||||||||||
| Secondary Investments (continued) |
| |||||||||||||||||||||||
| Madison Dearborn Capital Partners VII -A/B/Global |
Buyouts | United States | 9/30/2022 | $ | 1,270,594 | $ | 1,111,383 | |||||||||||||||||
| MC Private Equity IV-B, LP |
Buyouts | United States | 10/13/2022 | 1,725,780 | 1,927,123 | |||||||||||||||||||
| MC Private Equity Partners I-A Feeder, LP |
Buyouts | United States | 3/31/2021 | 646,315 | 511,814 | |||||||||||||||||||
| MC Private Equity Victoria Fund, LP * |
Buyouts | United States | 9/30/2022 | 3,189,602 | 4,366,946 | |||||||||||||||||||
| M.D. Sass-Macquarie Financial Strategies LP * |
(7) | Buyouts | United States | 12/31/2024 | 13 | 536 | ||||||||||||||||||
| MDCP Insurance SPV, L.P. |
Buyouts | United States | 5/5/2023 | 3,973,292 | 7,435,483 | |||||||||||||||||||
| Menlo Ventures X, L.P. * |
(7) | Venture Capital | United States | 12/31/2024 | 7,646 | 118,885 | ||||||||||||||||||
| MIC Capital Partners III Parallel (Cayman), LP * |
Buyouts | United States | 3/31/2021 | 808,793 | 959,791 | |||||||||||||||||||
| MML Dorchester SCSp |
(2) | Buyouts | Western Europe | 12/5/2025 | 5,900,900 | 5,895,882 | ||||||||||||||||||
| Monarch Capital Partners Offshore VI LP |
Debt/Credit | United States | 7/10/2025 | 1,179,478 | 1,258,365 | |||||||||||||||||||
| Montagu V+ SCSp |
(2) | Buyouts | Western Europe | 12/2/2021 | 816,894 | 878,168 | ||||||||||||||||||
| Montagu+ 2 SCSp |
(2) | Buyouts | Western Europe | 10/30/2025 | 9,110,524 | 9,190,740 | ||||||||||||||||||
| Morgenthaler Partners VIII, L.P. * |
(3)(7) | Buyouts | United States | 12/31/2024 | 528,489 | 302,902 | ||||||||||||||||||
| New Enterprise Associates 10, Limited Partnership * |
(7) | Venture Capital | United States | 12/31/2024 | 30,885 | 404,272 | ||||||||||||||||||
| New Enterprise Associates 11, Limited Partnership * |
(7) | Venture Capital | United States | 12/31/2024 | - | 538,237 | ||||||||||||||||||
| New Mountain Capital IV, L.P. * |
(9) | Buyouts | United States | 3/31/2023 | 190,981 | 85,202 | ||||||||||||||||||
| New Mountain CAS Continuation Feeder, L.P. * |
Buyouts | United States | 9/22/2021 | 2,474,275 | 1,283,332 | |||||||||||||||||||
| New Mountain Partners V, L.P. |
(9) | Buyouts | United States | 3/31/2023 | 368,553 | 367,806 | ||||||||||||||||||
| New Mountain Partners VI, L.P. |
(9) | Buyouts | United States | 3/31/2023 | 716,353 | 1,106,549 | ||||||||||||||||||
| North Bridge Venture Partners V-A, L.P. |
(7) | Buyouts | United States | 12/31/2024 | 441,023 | 510,692 | ||||||||||||||||||
| North Bridge Venture Partners VI L P |
(7) | Buyouts | United States | 12/31/2024 | 456,037 | 363,103 | ||||||||||||||||||
| Norvestor SPV III SCSp |
(2) | Buyouts | Western Europe | 7/11/2025 | 3,593,371 | 4,061,879 | ||||||||||||||||||
| Oak Hill Capital Partners V, L.P. * |
(3) | Buyouts | United States | 8/10/2021 | 271,583 | 9,378 | ||||||||||||||||||
| Oakley Capital Guinness B1 SCSp * |
(2) | Buyouts | Western Europe | 6/8/2023 | 2,107,606 | 3,430,165 | ||||||||||||||||||
| Oaktree Mezzanine Fund IV, L.P. |
(14) | Debt/Credit | United States | 7/14/2021 | 6,187 | 3,376 | ||||||||||||||||||
| Oaktree Opportunities Fund IX (Cayman), L.P. |
(14) | Debt/Credit | United States | 7/14/2021 | 660 | 140,401 | ||||||||||||||||||
| Oaktree Opportunities Fund X, L.P. |
(14) | Other | United States | 7/14/2021 | 1,131 | 55,745 | ||||||||||||||||||
| Oaktree Opportunities Fund Xb, L.P. * |
(14) | Debt/Credit | United States | 7/14/2021 | 68,842 | 246,772 | ||||||||||||||||||
| The accompanying notes are an integral part of this consolidated schedule of investments. |
| 5 |
Adams Street Private Equity Navigator Fund LLC
Consolidated Schedule of Investments
As of December 31, 2025 (Unaudited) (Continued)
| Amounts in USD | ||||||||||||||||||||||||
| Fund Investments |
Footnotes | Investment Purpose |
Geographic Region** |
Position (if applicable) |
Reference Rate & Spread (if applicable) |
Maturity Date (if applicable) |
Quantity (if applicable) |
Acquisition Date*** |
Cost | Fair Value | ||||||||||||||
| Secondary Investments (continued) |
| |||||||||||||||||||||||
| Odyssey Investment Partners Fund V, L.P. |
(3) | Buyouts | United States | 9/30/2025 | $ | 1,161,920 | $ | 1,610,085 | ||||||||||||||||
| Odyssey Investment Partners Fund VI-A, L.P. |
Buyouts | United States | 9/30/2025 | 12,866,930 | 14,885,374 | |||||||||||||||||||
| Onex Partners V LP |
Buyouts | United States | 6/30/2025 | 590,881 | 671,377 | |||||||||||||||||||
| Onex Partners Co-Investment Fund LP |
Buyouts | United States | 7/9/2025 | 29,264 | 29,264 | |||||||||||||||||||
| Pamlico Capital IV LP |
Buyouts | United States | 12/29/2025 | 2,012,145 | 2,466,121 | |||||||||||||||||||
| Panthera Growth I * |
(3) | Venture Capital | Asia | 6/23/2021 | 641,971 | 1,139,164 | ||||||||||||||||||
| Panthera Growth II |
(3) | Venture Capital | Asia | 5/11/2023 | 45,547 | 71,640 | ||||||||||||||||||
| Parthenon Investors VI Parallel, L.P. |
Buyouts | United States | 6/30/2025 | 673,098 | 750,625 | |||||||||||||||||||
| Parthenon Investors V, L.P. |
(3) | Buyouts | United States | 6/30/2025 | 1,085,246 | 1,249,412 | ||||||||||||||||||
| Peak Rock Capital Fund II LP |
Buyouts | United States | 7/1/2025 | 114,497 | 59,211 | |||||||||||||||||||
| PEG Crescentspot U.S. Corporate Finance Fund, L.P. * |
(7) | Buyouts | United States | 12/31/2024 | - | 3,292 | ||||||||||||||||||
| Pegasus WSJLL Fund, L.P. * |
(3) | Buyouts | United States | 12/14/2021 | 2,846,024 | 3,395,286 | ||||||||||||||||||
| Permira VII * |
(2)(10) | Buyouts | Western Europe | 4/3/2023 | 274,851 | 425,796 | ||||||||||||||||||
| Petershill II Offshore LP |
(14) | Other | United States | 7/21/2021 | 45,652 | 49,088 | ||||||||||||||||||
| Petershill Private Equity LP |
(14) | Other | United States | 7/21/2021 | 36,409 | 49,342 | ||||||||||||||||||
| Prospect Partners III Continuation Fund |
Buyouts | United States | 12/3/2021 | 12,265 | 1,698,384 | |||||||||||||||||||
| PPC Fund II LP * |
Buyouts | United States | 12/30/2021 | 3,611,012 | 4,706,043 | |||||||||||||||||||
| Procemsa Build-Up GP S.A R.L. * |
(2) | Buyouts | Western Europe | 11/15/2023 | 3,169,564 | 4,738,386 | ||||||||||||||||||
| PSC Accelerator II (C), LP * |
(2) | Buyouts | Western Europe | 11/22/2023 | 5,070,070 | 8,117,638 | ||||||||||||||||||
| PT2, L.P. |
Buyouts | United States | 12/31/2021 | 82,365 | 2,461,330 | |||||||||||||||||||
| Redpoint Ventures III, LP * |
(3)(7) | Venture Capital | United States | 12/31/2024 | 191,689 | 281,939 | ||||||||||||||||||
| Riverside Micro-Cap Fund VI, L.P. |
Buyouts | United States | 6/30/2025 | 260,433 | 276,497 | |||||||||||||||||||
| Riverstone Global Energy & Power Fund V, L.P. * |
(14) | Natural Resources | United States | 7/8/2021 | - | 13,007 | ||||||||||||||||||
| Riverstone/Carlyle Renewable and Alternative Energy Fund II, L.P. |
(14) | Natural Resources | United States | 7/8/2021 | 5,966 | 1,176 | ||||||||||||||||||
| Riverwood Capital Partners L.P. * |
(3)(14) | Buyouts | United States | 7/6/2021 | 22,393 | 13,398 | ||||||||||||||||||
| Riverwood Capital Partners II L.P. |
(14) | Buyouts | United States | 7/6/2021 | 269,061 | 261,393 | ||||||||||||||||||
| Roark Capital Partners V (TE) LP |
(9) | Buyouts | United States | 12/30/2022 | 616,015 | 854,975 | ||||||||||||||||||
| Roark Capital Partners VI (TE) LP |
(9) | Buyouts | United States | 12/30/2022 | 236,056 | 375,182 | ||||||||||||||||||
| Rothwell Ventures I L.P. |
Buyouts | United States | 9/10/2021 | 1,888,180 | 2,597,609 | |||||||||||||||||||
| The accompanying notes are an integral part of this consolidated schedule of investments. |
| 6 |
Adams Street Private Equity Navigator Fund LLC
Consolidated Schedule of Investments
As of December 31, 2025 (Unaudited) (Continued)
| Amounts in USD | ||||||||||||||||||||||||||||||||||||||||
| Fund Investments |
Footnotes | Investment Purpose |
Geographic Region** |
Position (if applicable) |
Reference Rate & Spread (if applicable) |
Maturity Date (if applicable) |
Quantity (if applicable) |
Acquisition Date*** |
Cost | Fair Value | ||||||||||||||||||||||||||||||
| Secondary Investments (continued) |
| |||||||||||||||||||||||||||||||||||||||
| Sagamore China Partners III, L.P. * |
(3)(13) | Venture Capital | Asia | 3/30/2021 | $ | 1,697,341 | $ | 2,135,005 | ||||||||||||||||||||||||||||||||
| Sagamore China Partners IV, L.P. * |
(3)(13) | Venture Capital | Asia | 3/30/2021 | 2,129,314 | 2,373,339 | ||||||||||||||||||||||||||||||||||
| Sandler Capital Partners V LP * |
(3)(7) | Buyouts | United States | 12/31/2024 | 283 | 695 | ||||||||||||||||||||||||||||||||||
| Saturn Opportunity LP |
Buyouts | United States | 12/30/2021 | 600,586 | 1,281,497 | |||||||||||||||||||||||||||||||||||
| SB Asia Investment Fund II L.P. * |
(3)(7) | Venture Capital | Asia | 12/31/2024 | 118,276 | 231,690 | ||||||||||||||||||||||||||||||||||
| Serent Capital III, L.P. * |
(3) | Buyouts | United States | 9/30/2022 | 172,201 | 353,742 | ||||||||||||||||||||||||||||||||||
| Serent Capital IV L.P. * |
Buyouts | United States | 9/30/2022 | 281,134 | 379,146 | |||||||||||||||||||||||||||||||||||
| Seventh Cinven Fund (No. 1) Limited Partnership |
(2) | Buyouts | Western Europe | 7/3/2025 | 646,995 | 720,656 | ||||||||||||||||||||||||||||||||||
| Sevin Rosen Fund IX L.P. * |
(3)(7) | Buyouts | United States | 12/31/2024 | 32,814 | 52,199 | ||||||||||||||||||||||||||||||||||
| SK Capital Partners V-B, L.P * |
(9) | Buyouts | United States | 3/31/2023 | 1,066,676 | 841,058 | ||||||||||||||||||||||||||||||||||
| TA Associates XI, L.P. * |
(7) | Buyouts | United States | 12/31/2024 | 6,452 | 29,862 | ||||||||||||||||||||||||||||||||||
| TA Subordinated Debt Fund III L.P. * |
(7) | Debt/Credit | United States | 12/31/2024 | 211 | 885 | ||||||||||||||||||||||||||||||||||
| TA XIV-A, L.P. |
Buyouts | United States | 12/30/2022 | 1,722,486 | 2,269,392 | |||||||||||||||||||||||||||||||||||
| TDR Capital IV ‘A’ L.P. |
(2) | Buyouts | Western Europe | 6/30/2025 | 4,033,865 | 5,321,511 | ||||||||||||||||||||||||||||||||||
| TDR Capital IV ‘A’ L.P. |
(2)(9) | Buyouts | Western Europe | 3/31/2023 | 853,232 | 1,399,979 | ||||||||||||||||||||||||||||||||||
| Tenzing Belay L.P. |
(2) | Buyouts | Western Europe | 6/30/2025 | 982,256 | 1,264,657 | ||||||||||||||||||||||||||||||||||
| Tenzing Private Equity I LP |
(2) | Buyouts | Western Europe | 6/30/2025 | 514,553 | 721,329 | ||||||||||||||||||||||||||||||||||
| Tenzing Private Equity II LP |
(2) | Buyouts | Western Europe | 6/30/2025 | 2,110,306 | 3,226,405 | ||||||||||||||||||||||||||||||||||
| The Resolute III Continuation Fund, L.P. * |
(12) | Buyouts | United States | 9/27/2024 | 3,397,305 | 3,488,848 | ||||||||||||||||||||||||||||||||||
| The Sixth Cinven Fund LP |
(2)(3) | Buyouts | Western Europe | 7/3/2025 | 399,524 | 298,201 | ||||||||||||||||||||||||||||||||||
| Thoma Bravo XIII-A |
Buyouts | United States | 7/3/2025 | 649,412 | 728,117 | |||||||||||||||||||||||||||||||||||
| Thoma Bravo Fund XIV-A, L.P. |
(9) | Buyouts | United States | 3/31/2023 | 974,846 | 1,287,880 | ||||||||||||||||||||||||||||||||||
| U.S. Venture Partners IX, L.P. * |
(7) | Venture Capital | United States | 12/31/2024 | 17,340 | 188,652 | ||||||||||||||||||||||||||||||||||
| Vitruvian Investment Partnership III * |
(2) | Buyouts | Western Europe | 12/30/2022 | 2,614,230 | 3,627,574 | ||||||||||||||||||||||||||||||||||
| Water Street Orion Fund Parallel, L.P. * |
Buyouts | United States | 12/31/2021 | 4,408,896 | 5,498,818 | |||||||||||||||||||||||||||||||||||
| WestCap Strategic Operator Fund, L.P. |
(6) | Venture Capital | United States | 4/14/2022 | 1,602,368 | 1,144,403 | ||||||||||||||||||||||||||||||||||
| WestCap Strategic Operator Fund II, L.P. |
(6) | Venture Capital | United States | 5/31/2022 | 424,807 | 472,262 | ||||||||||||||||||||||||||||||||||
| WESTCAP STUB, LLC * |
(6) | Venture Capital | United States | 4/14/2022 | 265,449 | 115,225 | ||||||||||||||||||||||||||||||||||
| WestCap VG, LLC * |
(6) | Venture Capital | United States | 4/14/2022 | 30,471 | 13,652 | ||||||||||||||||||||||||||||||||||
| Wynnchurch Capital Partners IV LP |
Buyouts | United States | 12/29/2025 | 1,328,293 | 1,651,213 | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Total Secondary Investments |
215,812,783 | 263,016,756 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| The accompanying notes are an integral part of this consolidated schedule of investments. |
| 7 |
Adams Street Private Equity Navigator Fund LLC
Consolidated Schedule of Investments
As of December 31, 2025 (Unaudited) (Continued)
| Amounts in USD | ||||||||||||||||||||||||||||||||||||||||
| Fund Investments |
Footnotes | Investment Purpose |
Geographic Region** |
Position (if applicable) |
Reference Rate & Spread (if applicable) |
Maturity Date (if applicable) |
Quantity (if applicable) |
Acquisition Date*** |
Cost | Fair Value | ||||||||||||||||||||||||||||||
| Private Credit Investments - 2.7% (18) |
|
|||||||||||||||||||||||||||||||||||||||
| Fastener Distribution Holdings * |
(3) | Debt/Credit | United States | Common Equity | 24 | 10/2/2023 | $ | 84,673 | $ | 230,311 | ||||||||||||||||||||||||||||||
| Four Seasons |
(3)(17) | Debt/Credit | United States | Term Loan | |
1M SOFR + 5.50% |
|
11/18/2028 | 4,406,524 | 4/4/2023 | 4,361,208 | 4,406,524 | ||||||||||||||||||||||||||||
| Four Seasons |
(3)(17) | Debt/Credit | United States | |
First Amendment Term Loan |
|
|
1M SOFR + 5.50% |
|
11/18/2028 | 392,191 | 4/19/2024 | 392,191 | 392,191 | ||||||||||||||||||||||||||
| Four Seasons * |
(3) | Debt/Credit | United States | |
Class A Common Units |
|
209 | 4/4/2023 | 209,228 | 244,776 | ||||||||||||||||||||||||||||||
| Portfolio Group |
(3)(17) | Debt/Credit | United States | Term Loan | |
6M SOFR + 6.00% |
|
6/2/2026 | 1,541,875 | 6/22/2022 | 1,538,878 | 1,537,881 | ||||||||||||||||||||||||||||
| Symplr |
(3)(16)(17) | Debt/Credit | United States | |
Fourth Amendment Term Loan |
|
|
3M SOFR + 10.00% |
|
12/22/2028 | 5,987,281 | 5/15/2024 | 5,878,902 | 5,987,282 | ||||||||||||||||||||||||||
| Tank Holding |
(3)(17) | Debt/Credit | United States | Term Loan | |
1M SOFR + 6.00% |
|
3/31/2028 | 1,376,528 | 5/26/2023 | 1,357,312 | 1,376,528 | ||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Total Private Credit Investments |
|
13,822,392 | 14,175,493 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Co-Investments - 33.7% (1)(18) |
||||||||||||||||||||||||||||||||||||||||
| ACP Ukulele Co-Invest LP * |
Buyouts | United States | LP interest | 3/4/2024 | 3,056,771 | 4,757,831 | ||||||||||||||||||||||||||||||||||
| Adams Street Apos Co-Inv. Aggregator LP |
(2) | Buyouts | Western Europe | LP interest | 7/16/2021 | 689,437 | 1,137,342 | |||||||||||||||||||||||||||||||||
| Adams Street Ocean AK Co-Inv. Aggregator LP |
Buyouts | Asia | LP interest | 6/28/2021 | 270,208 | 266,916 | ||||||||||||||||||||||||||||||||||
| Adams Street Synthesis Co-Inv. Aggregator LP |
(2) | Buyouts | Western Europe | LP interest | 5/27/2021 | 493,385 | 540,044 | |||||||||||||||||||||||||||||||||
| AEA EXC CF LP * |
Buyouts | United States | LP interest | 8/11/2022 | 2,138,959 | 2,285,886 | ||||||||||||||||||||||||||||||||||
| Altor I Co-Invest AB * |
(2) | Buyouts | Western Europe | LP interest | 12/29/2023 | 2,298,159 | 3,044,786 | |||||||||||||||||||||||||||||||||
| Amalfi Invest Collective S.C.A |
(2) | Buyouts | Western Europe | LP interest | 2/28/2023 | 1,641,372 | 6,163,834 | |||||||||||||||||||||||||||||||||
| ASP Corp Fac 1 Inc. |
(3) | Buyouts | United States | LLC interest | 6/29/2022 | 668,923 | 1,636,017 | |||||||||||||||||||||||||||||||||
| ASP Co-Inv Fac 1 LP |
Buyouts | Asia | Ordinary Shares | 6,176 | 4/11/2022 | 621,369 | 2,019,910 | |||||||||||||||||||||||||||||||||
| ASP Co-Inv Fac 2 LP |
(2)(3) | Buyouts | Western Europe | LP interest | 8/1/2022 | 1,705,285 | 3,039,256 | |||||||||||||||||||||||||||||||||
| Astorg Normec Fund |
(2) | Buyouts | Western Europe | LP interest | 9/23/2024 | 749,973 | 1,071,643 | |||||||||||||||||||||||||||||||||
| Astorg VIII Co-Invest Acturis * |
(2)(3) | Buyouts | Western Europe | LP interest | 10/17/2024 | 6,372,321 | 8,710,887 | |||||||||||||||||||||||||||||||||
| Astorg VIII Co-Invest Corden Fac |
(2)(3) | Buyouts | Western Europe | LP interest | 8/1/2022 | 78,718 | 78,714 | |||||||||||||||||||||||||||||||||
| Astro Co-Invest, L.P. |
Buyouts | United States | LP interest | 6/26/2025 | 5,715,200 | 6,399,979 | ||||||||||||||||||||||||||||||||||
| BAH Co-Investor, L.P. * |
(3) | Buyouts | United States | LP interest | 10/11/2022 | 1,600,053 | 2,508,316 | |||||||||||||||||||||||||||||||||
| BC Partners Dory Co-Investment LP * |
Buyouts | United States | LP interest | 10/25/2023 | 2,411,088 | 3,127,040 | ||||||||||||||||||||||||||||||||||
| BEHP Co-Investor II, L.P. |
(3) | Buyouts | United States | LP interest | 4/14/2022 | 705,693 | 2,228,736 | |||||||||||||||||||||||||||||||||
| Bigtincan Holdings (Cayman) Limited Partnership |
(3) | Buyouts | United States | LP interest | 8/25/2025 | 6,890,000 | 6,890,000 | |||||||||||||||||||||||||||||||||
| BW Colson Co-Invest, L.P. |
Buyouts | United States | LP interest | 2/25/2021 | 507,196 | 1,025,228 | ||||||||||||||||||||||||||||||||||
| CMC Tarzan, L.P. * |
Buyouts | Asia | LP interest | 6/14/2021 | 737,400 | 361,471 | ||||||||||||||||||||||||||||||||||
| The accompanying notes are an integral part of this consolidated schedule of investments. |
| 8 |
Adams Street Private Equity Navigator Fund LLC
Consolidated Schedule of Investments
As of December 31, 2025 (Unaudited) (Continued)
| Amounts in USD | ||||||||||||||||||||||||
| Fund Investments |
Footnotes | Investment Purpose |
Geographic Region** |
Position (if applicable) |
Reference Rate & Spread (if applicable) |
Maturity Date (if applicable) |
Quantity (if applicable) |
Acquisition Date*** |
Cost | Fair Value | ||||||||||||||
|
Co-Investments (continued) |
| |||||||||||||||||||||||
| Emerald Technologies Holdings, L.P. |
(3) | Buyouts | United States | LP interest | 4/13/2022 | $ | 676,162 | $ | 673,111 | |||||||||||||||
| Espresso Opportunity LP |
Buyouts | United States | LP interest | 8/26/2025 | 2,998,531 | 3,546,227 | ||||||||||||||||||
| Ethos Capital Digital Infrastructure LP |
(3) | Buyouts | United States | LP interest | 12/15/2025 | 8,301,533 | 8,301,532 | |||||||||||||||||
| Evolution Parent, LP |
Buyouts | United States | LP interest | 6/11/2021 | 679,153 | 1,398,874 | ||||||||||||||||||
| FH KH Parent, L.P. |
(3) | Buyouts | United States | LP interest | 1/29/2025 | 9,388,495 | 11,179,576 | |||||||||||||||||
| FS NU Investors, LP * |
(3) | Buyouts | United States | LLC interest | 8/11/2022 | 1,629,092 | 1,447,306 | |||||||||||||||||
| Goldeneye Holdings Parent, LP * |
(3) | Buyouts | United States | LP interest | 7/1/2021 | 7,005,308 | 8,106,260 | |||||||||||||||||
| HG Lighthouse Co-Invest L.P. * |
(2) | Buyouts | United States | LP interest | 5/27/2022 | 830,792 | 1,074,508 | |||||||||||||||||
| JMI PCC Holdings, L.P. * |
Buyouts | The Americas | LP interest | 5/3/2022 | 887,884 | 1,159,663 | ||||||||||||||||||
| Keensight Actico Coinvestment SLP |
(2) | Buyouts | Western Europe | LP interest | 6/25/2025 | 3,984,382 | 3,964,038 | |||||||||||||||||
| Kelso XI Heights Co-Investment (DE), L.P. * |
Buyouts | United States | LP interest | 8/22/2022 | 1,038,099 | 1,022,023 | ||||||||||||||||||
| Kenco PPC Blocker LLC |
Buyouts | United States | LLC interest | 11/14/2022 | 1,132,374 | 3,527,469 | ||||||||||||||||||
| Magenta Blocker Aggregator LP * |
Buyouts | United States | LP interest | 7/23/2021 | 468,528 | 576,994 | ||||||||||||||||||
| MDCP Co-Investors (Jade III), L.P. |
(2) | Buyouts | Western Europe | LP interest | 6/25/2025 | 6,807,086 | 7,638,534 | |||||||||||||||||
| MDCP Co-Investors (Tango), L.P. * |
Buyouts | Western Europe | LP interest | 5/26/2022 | 943,070 | 1,922,260 | ||||||||||||||||||
| Menlo Ridgeview CoInvest LLC |
Buyouts | United States | LLC interest | 5/16/2025 | 7,162,793 | 6,903,232 | ||||||||||||||||||
| NC Ocala Co-Invest Beta, L.P. * |
Buyouts | United States | LP interest | 11/19/2021 | 1,102,222 | 1,477,562 | ||||||||||||||||||
| NMSEF I Aggregator, L.P. * |
Buyouts | United States | LP interest | 11/10/2021 | 454,078 | 861,548 | ||||||||||||||||||
| NMSEF I Holdings VII, L.P. * |
Buyouts | The Americas | LP interest | 8/7/2024 | 3,383,102 | 3,971,913 | ||||||||||||||||||
| NT SPV 14 * |
Buyouts | Asia | Ordinary Shares | 600,000 | 1/9/2023 | 601,450 | 1,337,304 | |||||||||||||||||
| Oakley Capital Guinness B1 SCSp * |
(2) | Buyouts | Western Europe | LP interest | 6/8/2023 | 2,103,023 | 3,423,516 | |||||||||||||||||
| Oakley Capital V Co-Investment (A) SCSp * |
(2) | Buyouts | Western Europe | LP interest | 12/9/2022 | 1,434,467 | 2,003,480 | |||||||||||||||||
| Odyssey Investment Partners VI Mercalis CoInvest, LP |
Buyouts | United States | LP interest | 5/27/2025 | 8,042,946 | 7,994,640 | ||||||||||||||||||
| Partners Group Client Access 34, L.P. Inc. * |
Buyouts | United States | LP interest | 4/15/2021 | 209,797 | 272,541 | ||||||||||||||||||
| PPC CHG Blocker LLC * |
Buyouts | United States | LLC interest | 12/9/2021 | 1,203,735 | 1,965,665 | ||||||||||||||||||
| PSC Stanley Coinvest, LP * |
Buyouts | United States | LP interest | 9/26/2023 | 2,149,258 | 3,208,403 | ||||||||||||||||||
| SLP EGF III Co-Investment Fund |
Buyouts | Western Europe | LP interest | 6/14/2021 | 516,499 | 508,823 | ||||||||||||||||||
| SLP Valor Co-Invest, L.P. * |
Buyouts | United States | LP interest | 5/28/2024 | 2,617,517 | 4,793,351 | ||||||||||||||||||
| Special Packaging Solutions Opportunities S.C.A * |
(2) | Buyouts | Western Europe | LP interest | 11/18/2021 | 610,807 | 1,274,267 | |||||||||||||||||
| STG Bravo, L.P. * |
Buyouts | United States | LP interest | 4/13/2021 | 12,049 | 106,687 | ||||||||||||||||||
| STG Mercury, L.P. * |
Buyouts | United States | LP interest | 5/26/2023 | 2,152,292 | 2,381,021 | ||||||||||||||||||
| The accompanying notes are an integral part of this consolidated schedule of investments. |
| 9 |
Adams Street Private Equity Navigator Fund LLC
Consolidated Schedule of Investments
As of December 31, 2025 (Unaudited) (Continued)
| Amounts in USD | ||||||||||||||||||||||||||||||||||||||||
| Fund Investments |
Footnotes | Investment Purpose |
Geographic Region** |
Position (if applicable) |
Reference Rate & Spread (if applicable) |
Maturity Date (if applicable) |
Quantity (if applicable) |
Acquisition Date*** |
Cost | Fair Value | ||||||||||||||||||||||||||||||
|
Co-Investments (continued) |
| |||||||||||||||||||||||||||||||||||||||
| Stichting Administratiekantoor Ristretti Co-Investment (Expereo) * |
(2)(3) | Buyouts | Western Europe | |
Depository Receipts |
|
420,380 | 4/23/2021 | $ | 511,564 | $ | 454,210 | ||||||||||||||||||||||||||||
| TA ID Aggregator, L.P. * |
Buyouts | United States | LP interest | 3/1/2021 | 270,065 | 349,846 | ||||||||||||||||||||||||||||||||||
| TidalWave |
Buyouts | United States | LP interest | 6/2/2023 | 2,051,023 | 2,605,199 | ||||||||||||||||||||||||||||||||||
| Vector Solstice Co-Investment, L.P. |
(3) | Buyouts | United States | LP interest | 9/26/2025 | 12,000,000 | 12,000,000 | |||||||||||||||||||||||||||||||||
| Verdane P Co-Invest AB * |
(2) | Buyouts | Western Europe | LP interest | 3/30/2022 | 863,427 | 401,836 | |||||||||||||||||||||||||||||||||
| 24PT Co-Investment Limited Partnership * |
Buyouts | United States | LP interest | 11/5/2024 | 4,885,909 | 5,482,073 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Total Co-Investments |
140,460,022 | 176,609,328 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
| Growth Equity Investments - 17.0% (1)(18) |
|
|||||||||||||||||||||||||||||||||||||||
| Altruist Corp (Growth Equity) * |
(3) | Venture Capital | United States | Series D | 605,421 | 3/17/2023 | 3,809,681 | 5,087,980 | ||||||||||||||||||||||||||||||||
| Altruist Corp (Growth Equity) * |
(3) | Venture Capital | United States | Series E | 237,915 | 2/14/2024 | 2,196,719 | 2,195,955 | ||||||||||||||||||||||||||||||||
| BillionToOne, Inc. * |
Growth | United States | Common | 246,939 | 11/6/2025 | 6,913,966 | 20,209,489 | |||||||||||||||||||||||||||||||||
| Cyberhaven, Inc. * |
(3) | Growth | United States | Series C | 4,988,147 | 4/25/2024 | 5,201,260 | 10,576,658 | ||||||||||||||||||||||||||||||||
| Cyberhaven, Inc. * |
(3) | Growth | United States | Series D | 349,154 | 12/23/2024 | 649,392 | 740,331 | ||||||||||||||||||||||||||||||||
| Dispatchhealth Holdings, Inc. * |
(3) | Growth | United States | Series E | 5,202 | 11/1/2022 | 6,089,703 | 6,317,498 | ||||||||||||||||||||||||||||||||
| Dispatchhealth Holdings, Inc. |
(3) | Growth | United States | |
Convertible Promissory Note |
|
5/23/2025 | 172,198 | 344,397 | |||||||||||||||||||||||||||||||
| Dispatchhealth Holdings, Inc. |
#(3) | Growth | United States | Warrants | 1 | 5/23/2025 | - | 43,720 | ||||||||||||||||||||||||||||||||
| DL Inv Aggregator Fund LP * |
(3) | Venture Capital | The Americas | Series A-7 | 2,808 | 10/8/2021 | 459,515 | 338,303 | ||||||||||||||||||||||||||||||||
| Dremio Corporation * |
(3) | Venture Capital | United States | Series E | 168,576 | 1/18/2022 | 1,439,048 | 1,435,930 | ||||||||||||||||||||||||||||||||
| Homeward, Inc. * |
(3) | Venture Capital | United States | Series C-2 | 4,415,251 | 5/14/2021 | 4,998,545 | 5,457,692 | ||||||||||||||||||||||||||||||||
| Homeward, Inc. * |
(3) | Venture Capital | United States | |
Convertible Promissory Note |
|
819,287 | 9/18/2025 | 819,287 | 837,962 | ||||||||||||||||||||||||||||||
| Homeward, Inc. - expire 7/28/2033, $0.001 * |
#(3) | Venture Capital | United States | |
Series B Preferred Warrant |
385,012 | 5/14/2021 | - | 2,925,244 | |||||||||||||||||||||||||||||||
| Homeward, Inc. * |
#(3) | Venture Capital | United States | |
Series C-1 Preferred Warrants |
|
295,612 | 9/18/2025 | - | 456,750 | ||||||||||||||||||||||||||||||
| Homeward, Inc. * |
(3) | Venture Capital | United States | Series C-1 | 259,819 | 5/14/2021 | 401,446 | 401,446 | ||||||||||||||||||||||||||||||||
| Homeward, Inc. * |
(3) | Venture Capital | United States | Series B | 210,588 | 5/14/2021 | 1,600,018 | 1,600,006 | ||||||||||||||||||||||||||||||||
| Homeward, Inc. - expire 8/30/2034, $0.01 * |
#(3) | Venture Capital | United States | |
Common Stock Warrant |
|
41,790 | 5/14/2021 | - | 27,556 | ||||||||||||||||||||||||||||||
| Level AI * |
(3) | Venture Capital | United States | Series C | 671,542 | 6/26/2024 | 1,008,460 | 1,124,206 | ||||||||||||||||||||||||||||||||
| Nomad Health, Inc. * |
(3) | Venture Capital | United States | Series BB-1 | 73,786 | 5/27/2022 | 41,254 | 9,391 | ||||||||||||||||||||||||||||||||
| Nomad Health, Inc. * |
(3) | Venture Capital | United States | |
Series AAA Preferred |
|
83,284 | 9/30/2025 | 34,814 | 34,814 | ||||||||||||||||||||||||||||||
| Nomad Health, Inc. * |
(3) | Venture Capital | United States | Series CC-1 | 39,483 | 5/27/2022 | 520,680 | - | ||||||||||||||||||||||||||||||||
| Nomad Health, Inc. * |
(3) | Venture Capital | United States | Series AA-1 | 36,893 | 5/27/2022 | 20,627 | 51,567 | ||||||||||||||||||||||||||||||||
| The accompanying notes are an integral part of this consolidated schedule of investments. |
| 10 |
Adams Street Private Equity Navigator Fund LLC
Consolidated Schedule of Investments
As of December 31, 2025 (Unaudited) (Continued)
| Amounts in USD | ||||||||||||||||||||||||||||||||||||||
| Fund Investments |
Footnotes | Investment Purpose |
Geographic Region** |
Position (if applicable) |
Reference Rate & Spread (if applicable) |
Maturity Date (if applicable) |
Quantity (if applicable) |
Acquisition Date*** |
Cost | Fair Value | ||||||||||||||||||||||||||||
| Growth Equity Investments (continued) |
| |||||||||||||||||||||||||||||||||||||
| Nomad Health, Inc. * |
#(3) | Venture Capital | United States | |
Series AAA - Preferred Warrants |
|
22,123 | 9/30/2025 | $ | - | $ | 9,248 | ||||||||||||||||||||||||||
| Nomad Health, Inc. * |
(3) | Venture Capital | United States | Common | 18,980 | 5/27/2022 | 250,298 | - | ||||||||||||||||||||||||||||||
| Orca Security, Ltd. * |
(3) | Venture Capital | Asia | Seed | 51,360 | 8/27/2021 | 505,753 | 334,329 | ||||||||||||||||||||||||||||||
| Orca Security, Ltd. * |
(3) | Venture Capital | Asia | Ordinary Shares | 20,545 | 8/27/2021 | 202,478 | 133,738 | ||||||||||||||||||||||||||||||
| Orca Security, Ltd. * |
(3) | Venture Capital | Asia | Series C-1 | 20,345 | 8/27/2021 | 243,889 | 243,187 | ||||||||||||||||||||||||||||||
| Orca Security, Ltd. * |
(3) | Venture Capital | Asia | Series A | 15,055 | 8/27/2021 | 148,198 | 98,001 | ||||||||||||||||||||||||||||||
| Orca Security, Ltd. * |
(3) | Venture Capital | Asia | Series B | 11,855 | 8/27/2021 | 116,698 | 77,170 | ||||||||||||||||||||||||||||||
| Orca Security, Ltd. * |
(3) | Venture Capital | Asia | Series C-2 | 6,184 | 12/5/2025 | 45,335 | 68,002 | ||||||||||||||||||||||||||||||
| Orca Security, Ltd. * |
#(3) | Venture Capital | Asia | Warrants | 1 | 12/5/2025 | - | 49,186 | ||||||||||||||||||||||||||||||
| Plutus Financial Holdings, Inc. (ABRA) * |
(3) | Venture Capital | United States | Common | 17,468 | 12/1/2025 | - | 122,217 | ||||||||||||||||||||||||||||||
| Plutus Financial Holdings, Inc. (ABRA) * |
(3) | Venture Capital | United States | Series D-1 | 5,865 | 12/1/2025 | 41,699 | 41,329 | ||||||||||||||||||||||||||||||
| Plutus Financial Holdings, Inc. (ABRA) * |
(3) | Venture Capital | United States | Series C | 63,006 | 10/6/2021 | 443,498 | 440,897 | ||||||||||||||||||||||||||||||
| Poolside, Inc. * |
(3) | Venture Capital | Western Europe | Series B | 26,245 | 7/10/2024 | 2,003,926 | 4,400,006 | ||||||||||||||||||||||||||||||
| Reify Health, Inc. * |
(3) | Venture Capital | United States | Series C | 139,040 | 6/9/2021 | 746,479 | 876,165 | ||||||||||||||||||||||||||||||
| Reify Health, Inc. * |
(3) | Venture Capital | United States | Series Seed | 67,500 | 6/28/2021 | 361,782 | 425,353 | ||||||||||||||||||||||||||||||
| Reify Health, Inc. * |
(3) | Venture Capital | United States | Common | 25,464 | 12/3/2021 | 76,458 | 160,462 | ||||||||||||||||||||||||||||||
| Remote Technology, Inc. * |
(3) | Venture Capital | United States | Series B | 25,965 | 7/15/2021 | 1,047,793 | 2,908,251 | ||||||||||||||||||||||||||||||
| Remote Technology, Inc. * |
(3) | Venture Capital | United States | Series C | 4,601 | 5/4/2022 | 441,193 | 515,342 | ||||||||||||||||||||||||||||||
| Truehold * |
(3) | Venture Capital | United States | Series C | 568,397 | 8/28/2024 | 5,736,357 | 7,993,462 | ||||||||||||||||||||||||||||||
| Turquoise Health Co. * |
(3) | Venture Capital | United States | Series B | 351,555 | 12/22/2023 | 3,321,166 | 4,120,400 | ||||||||||||||||||||||||||||||
| Turquoise Health Co. * |
(3) | Venture Capital | United States | SAFE | 9/18/2025 | 291,309 | 323,673 | |||||||||||||||||||||||||||||||
| Welbe Health, LLC |
(3) | Growth | United States | LLC interest | 11/29/2021 | 3,250,619 | 5,705,748 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Total Growth Equity Investments |
|
55,651,541 | 89,263,061 | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Total Investments - 106.1% (18) |
$ | 436,998,177 | $ | 555,914,331 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Cash and cash equivalents - 0.7% (18) |
||||||||||||||||||||||||||||||||||||||
| State Street Institutional Treasury Plus Money Market Fund - Premier Class |
(15) | Cash Equivalent | United States | 3.74% | 3,583,022 | $ | 3,583,022 | $ | 3,583,022 | |||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Total investments and cash equivalents - 106.8% (18) |
|
440,581,199 | 559,497,353 | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Liabilities in excess of other assets - (6.8)% (18) |
|
(35,343,760 | ) | |||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||
| Total Net Assets - 100% (18) |
|
$ | 524,153,593 | |||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||
| The accompanying notes are an integral part of this consolidated schedule of investments. |
| 11 |
Adams Street Private Equity Navigator Fund LLC
Consolidated Schedule of Investments
As of December 31, 2025 (Unaudited) (Continued)
| Investment Purpose allocation | Cost | Fair Value | % of Investments, at Fair Value |
|||||||||
| Buyouts |
$ | 346,736,789 | $ | 423,813,375 | 76.2 | % | ||||||
| Debt/Credit |
16,938,727 | 18,087,479 | 3.3 | % | ||||||||
| Growth |
22,277,138 | 43,937,841 | 7.9 | % | ||||||||
| Natural Resources |
5,966 | 14,183 | 0.0 | % | ||||||||
| Venture Capital |
48,548,233 | 67,206,853 | 12.1 | % | ||||||||
| Other |
2,491,324 | 2,854,600 | 0.5 | % | ||||||||
|
|
|
|
|
|
|
|
||||||
| Total Investments |
$ | 436,998,177 | $ | 555,914,331 | 100.0 | % | ||||||
|
|
|
|
|
|
|
|
||||||
| Geographic allocation | Cost | Fair Value | % of Investments, at Fair Value |
|||||||||
| Asia |
$ | 8,125,227 | $ | 10,940,052 | 2.0 | % | ||||||
| The Americas (excluding United States) |
8,121,136 | 10,253,104 | 1.8 | % | ||||||||
| United States |
315,198,890 | 399,237,222 | 71.8 | % | ||||||||
| Western Europe |
105,552,924 | 135,483,953 | 24.4 | % | ||||||||
|
|
|
|
|
|
|
|
||||||
| Total Investments |
$ | 436,998,177 | $ | 555,914,331 | 100.0 | % | ||||||
|
|
|
|
|
|
|
|
||||||
| * | Non-income producing. |
| ** | Geographic Region generally reflects the location of the investments and may be different from where the underlying portfolio company assets are located. |
| *** | Acquisitions prior to April 1, 2025 reflect acquisitions by the Predecessor Fund (as defined in Note 1). See Note 1 for additional information. |
| # | Warrants with zero or nominal cost were acquired as part of a follow-on financing. Warrants are convertible to equity subject to various conditions upon the occurrence of future financing events. |
| (1) | Primary Investments, Secondary Investments, Co-Investments and Growth Equity Investments (each as defined in Note 1) are generally issued in private placement transactions and as such are generally restricted as to resale. |
| (2) | Investment interest denominated in foreign currency; cost includes the impact of exchange rate differences from actual draws and distributions. |
| (3) | These investments are characterized as Level 3 securities within the disclosure hierarchy. Level 3 security values are determined using significant unobservable inputs. |
| (4) | Invests through ASP Herengracht Facilitation Ltd, holding a 4.15% ownership interest. |
| (5) | Invests through ASP Sec Corp 1 S.à r.l., holding a 4.65% ownership interest. |
| (6) | Invests through ASP Sec Fac 1 LP, holding a 4.76% ownership interest. |
| (7) | Invests through ASP Sec Fac 11 LP, holding a 14.29% ownership interest. |
| (8) | Invests through ASP Sec Fac 3 LP, holding a 10.95% ownership interest. |
| (9) | Invests through ASP Sec Fac 4 LP, holding a 6.20% ownership interest. |
| (10) | Invests through ASP Sec Fac 5 LP, holding a 6.89% ownership interest. |
| (11) | Invests through ASP Sec Fac 7 LP, holding a 3.09% ownership interest. |
| (12) | Invests through ASP Sec Fac 9 LP, holding a 5.45% ownership interest. |
| (13) | Invests through ASP Stitch Facilitation LP, holding a 6.94% ownership interest. |
| (14) | Invests through ASP Ursus Facilitation LP, holding a 8.65% ownership interest. |
| (15) | The rate shown is the annualized seven-day yield as of December 31, 2025. |
| (16) | The stated interest rate includes 4.00% PIK. |
| (17) | As of December 31, 2025, the following reference rates were in effect: 1M SOFR - 1 Month SOFR was 3.72%; 3M SOFR - 3 Month SOFR was 3.84%; 6M SOFR - 6 Month SOFR was 3.60%. |
| (18) | Shown as a percentage of net assets. |
| The accompanying notes are an integral part of this consolidated schedule of investments. |
| 12 |
Adams Street Private Equity Navigator Fund LLC
Notes to Consolidated Schedule of Investments
December 31, 2025 (Unaudited)
1. ORGANIZATION
Adams Street Private Equity Navigator Fund LLC (the “Fund”) is a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a closed-end, non-diversified, management investment company. The Fund is the successor to Adams Street Global Private Markets Fund LP (the “Predecessor Fund”), a Cayman Islands exempted limited partnership that was organized on November 30, 2020 and commenced operations on February 2, 2021. On March 26, 2025, the Fund converted to a Delaware limited liability company, and on April 1, 2025, the Fund registered under the 1940 Act (the “Conversion”). ASP GPM GP Management LP served as the general partner for the Predecessor Fund and as the managing member for the Fund until the Conversion.
The Fund is managed and advised by Adams Street Advisors, LLC (the “Adviser”), a subsidiary of Adams Street Partners, LLC (“Adams Street”). The Adviser is registered as an investment advisor under the Investment Advisers Act of 1940, as amended.
The Fund’s investment objective is to seek attractive long-term capital appreciation. The Fund seeks to achieve its investment objective by investing in a broad portfolio of global private markets investments. The Fund may gain access to private markets investments through a number of different approaches, including: (i) primary and secondary investments in private funds, holding vehicles or other investment vehicles managed by unaffiliated third-party managers (“Portfolio Funds”) (such, investments, “Primary and Secondary Investments”) and (ii) direct investments in the equity and/or debt of private companies, including growth equity investments, co-investments and private credit investments (“Direct Investments”). Primary Investments are investments in an original issuance of a Portfolio Fund which has yet to invest a substantial portion of its capital in underlying portfolio companies. Secondary Investments are investments through a secondary purchase of a Portfolio Fund or the substantive equivalent based on underwriting of identified funds/portfolio companies. A “Growth Equity Investment” is an equity or equity-like investment in an identified portfolio company. A “Co-Investment” is an investment in a Portfolio Fund or sponsored transaction that is intended to invest in an identified buyout, growth equity or other alternative asset transaction, generally made alongside a private fund sponsor. A “Private Credit Investment” is an investment in senior and/or subordinated debt that is secured and/or unsecured and, potentially as a component of the transaction, preferred or common equity, warrants and other securities offered in connection with such Private Credit Investment.
The Fund also invests a portion of its assets in a portfolio of liquid assets, including: cash and cash equivalents; short-term, high-quality, liquid debt securities and other credit instruments; and other investment companies, including money market funds and exchange traded funds.
Investments in the Fund may be made only by eligible investors that are “qualified clients” as defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended.
2. SIGNIFICANT ACCOUNTING POLICIES
Valuation
The Fund values its investments at fair value in accordance with ASC Topic 820-10, Fair Value Measurements and Disclosures (“ASC 820”). The fair value of the Fund’s assets which qualify as financial instruments approximates the carrying amounts presented in the consolidated statement of assets and liabilities.
Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC adopted related recordkeeping requirements and rescinded previously issued guidance,
| 13 |
Adams Street Private Equity Navigator Fund LLC
Notes to Consolidated Schedule of Investments
December 31, 2025 (Unaudited) (Continued)
including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments.
Certain investments in Portfolio Funds and Direct Investments are valued based on the latest net asset value (“NAV”) reported by the Portfolio Fund manager or general partner. This is commonly referred to as using NAV as a practical expedient which allows for estimation of the fair value of a private investment based on NAV or its equivalent if the NAV of the private investment is calculated in a manner consistent with ASC 946. If the NAV of an investment in a Portfolio Fund or Direct Investment is not available at the time the Adviser is calculating the Fund’s NAV, the most recently provided valuation information about such investment will typically be adjusted by the Adviser pursuant to the Adviser’s valuation procedures to estimate the fair value, on a monthly basis, of the interests in such Portfolio Fund or Direct Investment. For debt and equity securities which are not publicly traded or for which market prices are not readily available (unquoted investments), the fair value will be determined in good faith by the Adviser. In determining the fair values of these investments, the Adviser will apply generally accepted valuation approaches and methods for fair value measurement. The approaches that may be utilized include, but are not limited to, (i) a market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business), or (ii) an income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The foregoing approaches are not exhaustive, and other methodologies may be employed as appropriate. In order to determine a fair value, these methods are applied to the latest information provided by the underlying portfolio companies, investment sponsors or other business counterparties.
A valuation committee consisting of senior personnel of the Adviser reviews and approves the valuation results related to the investments. The Adviser also utilizes independent valuation firms to provide third-party valuation positive assurance services for Direct Investments.
The Fund values portfolio securities for which market quotations are readily available at the last reported sales price or official closing price on the primary market or exchange on which they trade. Generally, trading in U.S. government securities and money market instruments is substantially completed each day at various times prior to the close of business on the New York Stock Exchange. The values of such securities used in computing the Fund’s NAV are determined as of such times.
Due to the inherent uncertainty in determining the fair value of investments for which market values are not readily available, the fair values of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.
Pursuant to Rule 2a-5, the board of directors of the Fund (the “Board”) has selected the Adviser as the “valuation designee” (as defined in Rule 2a-5) to perform fair value determinations in good faith for investments held by the Fund without readily available market quotations, subject to the oversight of the Board (in such capacity, the “Valuation Designee”). The Valuation Designee is responsible for developing and implementing the valuation processes and procedures for the Fund’s investments, conducting periodic reviews of the valuation policies, and evaluating the overall fairness and consistent application of the valuation policies.
3. FAIR VALUE MEASUREMENTS
The Fund records its investments at fair value in accordance with accounting principles generally accepted in the United States of America. Fair value is the price that would be received upon the sale of an investment in an orderly transaction between market participants at the measurement date.
| 14 |
Adams Street Private Equity Navigator Fund LLC
Notes to Consolidated Schedule of Investments
December 31, 2025 (Unaudited) (Continued)
The investments fall into one of the following three categories within the fair value hierarchy of inputs:
| • | Level 1 - inputs reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date. |
Level 1 investments held by the Fund typically consist of public stock positions distributed from Primary and Secondary Investments or held as a result of an initial public offering of a Direct Investment as well as cash equivalents held as money market funds. Management does not adjust the quoted price for such instruments, even in situations where the Fund holds a large position and a sale could reasonably impact the quoted price.
| • | Level 2 - inputs include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active. |
Level 2 investments held by the Fund may consist of public stock positions where the valuation is adjusted to reflect illiquidity and/or non-transferability.
| • | Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
Level 3 investments held by the Fund typically consist of other investments that are not measured at net asset value (“NAV”). When observable prices are not available, management uses valuation techniques for which sufficient and reliable data is available. The valuation of nonmarketable privately-held investments require significant judgment by management due to the absence of quoted market values, inherent lack of liquidity, changes in market conditions and the long-term nature of such assets. Such investments are valued initially based upon the transaction price. Valuations are reviewed quarterly utilizing available market data and additional factors to determine if the carrying value of these investments should be adjusted. Market data includes observations of the trading multiples of public companies considered comparable to the private companies being valued. Valuations are adjusted to account for company-specific issues, the lack of liquidity inherent in a non-public investment and the fact that comparable public companies are not identical to the companies being valued. In addition, a variety of additional factors are reviewed by management, including, but not limited to, estimates of liquidation value, prices of recent transactions in the same or similar issuer, current operating performance and future expectations of the particular investment, changes in market outlook and the financing environment. In determining valuation adjustments, emphasis is placed on market participants’ assumptions and market-based information over entity specific information.
The Fund measures the fair value of its investments in Portfolio Funds that do not have a readily determinable fair value, based on the NAV of the investment as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity’s measurement date, a fair value determination is made under procedures established by and under the general supervision of the Adviser. In using the NAV as a practical expedient, certain attributes of the investment, which may impact the fair value of the investment, are not considered in measuring fair value.
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by management. Management considers observable data to be that market data, which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary and provided by multiple, independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to management’s perceived risk of that investment.
| 15 |
Adams Street Private Equity Navigator Fund LLC
Notes to Consolidated Schedule of Investments
December 31, 2025 (Unaudited) (Continued)
The following table is a summary of information about the levels within the fair valuation hierarchy at which the Fund’s investments are measured as of December 31, 2025:
Fair Value Measurements as of December 31, 2025
| Investment
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
| Primary Investments
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
| ||||
| Secondary Investments
|
|
-
|
|
|
-
|
|
|
26,980,451
|
|
|
26,980,451
|
| ||||
| Private Credit Investments
|
|
-
|
|
|
-
|
|
|
14,175,493
|
|
|
14,175,493
|
| ||||
| Co-Investments
|
|
-
|
|
|
-
|
|
|
67,253,921
|
|
|
67,253,921
|
| ||||
| Growth Equity Investments
|
|
20,209,489
|
|
|
-
|
|
|
69,053,572
|
|
|
89,263,061
|
| ||||
| Cash equivalent
|
|
3,583,022
|
|
|
-
|
|
|
-
|
|
|
3,583,022
|
| ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 23,792,511 | $ | - | $ | 177,463,437 | $ | 201,255,948 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The Fund held Primary Investments, Secondary Investments and Co-Investments with a fair value of $12,849,693, $236,036,305 and $109,355,407 respectively, which are excluded from the fair value hierarchy as of December 31, 2025, in accordance with ASC 820-10 as investments in underlying funds valued at net asset value, as a “practical expedient” are not required to be included in the fair value hierarchy.
The classification of an investment as Level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 financial investments typically include, in addition to unobservable or Level 3 inputs, observable inputs (that is, inputs that are actively quoted and can be validated to market sources).
| 16 |
Adams Street Private Equity Navigator Fund LLC
Notes to Consolidated Schedule of Investments
December 31, 2025 (Unaudited) (Continued)
The following table shows a reconciliation of Level 3 investments during the period:
| Secondary Investments |
Private Credit |
Co- Investment |
Growth Equity |
Total | ||||||||||||||||
| Balance as of March 31, 2025 |
$ | - | $ | 18,962,231 | $ | 21,370,253 | $ | 79,534,292 | $ | 119,866,776 | ||||||||||
| Transfers into Level 3 |
26,263,245 | - | 9,915,112 | - | 36,178,357 | |||||||||||||||
| Transfers out of Level 3 |
- | - | - | (9,741,363 | ) | (9,741,363 | ) | |||||||||||||
| Purchases of Investments |
5,386,443 | - | 29,664,475 | 1,362,943 | 36,413,861 | |||||||||||||||
| Amortization of Discounts |
- | 113,308 | - | - | 113,308 | |||||||||||||||
| Payment-in-kind |
- | 195,630 | - | - | 195,630 | |||||||||||||||
| Sales/Paydowns/Distributions Received |
(3,128,964 | ) | (5,150,079 | ) | (408,310 | ) | - | (8,687,353 | ) | |||||||||||
| Net Realized Gains (Losses) |
25,984 | - | - | - | 25,984 | |||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) |
(1,566,257 | ) | 54,403 | 6,712,391 | (2,102,300 | ) | 3,098,237 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Balance as of December 31, 2025 |
$ | 26,980,451 | $ | 14,175,493 | $ | 67,253,921 | $ | 69,053,572 | $ | 177,463,437 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on investments held at December 31, 2025 |
$ | (1,566,257 | ) | $ | 20,854 | $ | 6,712,391 | $ | (2,281,987 | ) | $ | 2,885,001 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
The Fund had investments that transferred out of Level 3 valued at $9,741,363. The transfer out of Level 3 was due to the investment’s public listing during the period as its fair value is now based on quoted prices in an active market. Transfers into Level 3, if any, may represent distributions of privately-traded stock from the limited partnership investments and privately-held investments not measured at net asset value. Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur.
The following table provides a summary of valuation techniques and quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy as of December 31, 2025:
| Investment Type | Fair Value at December 31, 2025 |
Valuation Technique(s) | Unobservable Input(s) | Range (Weighted Average by Fair Value) | ||||||
| Secondary Investments | $ | 26,980,451 | Adjusted Reported NAV | Fair Value Adjustments | N/A | |||||
| Private Credit | ||||||||||
| Common stock |
$ | 475,087 | Market Approach | EBITDA Multiple | 11.3x - 11.7x (11.5x) | |||||
| Term loans |
$ | 13,700,406 | Income Approach | Market Interest Rate | 8.97% - 13.87% (11.72%) | |||||
| Co-Investment | ||||||||||
| Depository Receipts |
$ | 454,210 | Market Approach | Gross Profit Multiple | 0.89x (0.89x) | |||||
| LLC Interest |
$ | 3,083,323 | Market Approach Recent Financings |
MOIC N/A |
0.89x (0.89x) N/A | |||||
| LP Interest |
$ | 63,716,388 | Market Approach Recent Financings |
MOIC N/A |
1.1x - 2.57x (1.40x) N/A | |||||
| Growth Equity | ||||||||||
| LLC Interest |
$ | 5,705,748 | Market Comparables | Revenue Multiple | 10.84x (10.84x) | |||||
| Preferred Shares |
$ | 59,428,951 | Market Comparables Recent Financings |
Revenue Multiple N/A |
2.69x -19.86x (9.75x) N/A | |||||
| Warrants |
$ | 3,502,456 | Market Comparables | Revenue Multiple | 2.69x - 11.79x (2.90x) | |||||
| Common Shares |
$ | 416,417 | Recent Financings Market Comparables |
N/A Revenue Multiple |
N/A 8.18x - 11.79x (9.83x) | |||||
| 17 |
Adams Street Private Equity Navigator Fund LLC
Notes to Consolidated Schedule of Investments
December 31, 2025 (Unaudited) (Continued)
Four of the valuation techniques used in Level 3 of the fair value hierarchy utilize unobservable inputs developed by management in determining the fair value of the Fund’s investments. These are detailed below:
| • | Income Approach – fair value is determined based on an analysis of the contractual yield earned on the investment with a comparable market rate. |
| • | Market Approach – investments are valued based on recent transactions, adjusted as necessary for any changes in unobservable inputs, market conditions and other similar transactions. |
| • | Market Comparables – market data includes observations of the trading multiples of public companies considered comparable to the private companies being valued. |
| • | Recent Financings – may include fair value indications based on a round of financing in which the Fund may or may not have participated. |
The significant unobservable inputs used in the fair value measurement of the privately held securities are revenue multiple, EBITDA multiple, net income multiple, discount for lack of marketability, expected percentage of escrow, price per share in a recent round of financing, potential bids, assessment of credit quality, and comparable market rates. Significant increases or decreases in these inputs in isolation would result in a significantly lower or higher fair value measurement.
While management believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to estimate the fair value of investments in nonmarketable privately-held investment funds could result in a different estimate of fair value at the reporting date. Those fair value estimates, including those carried at net asset value, may differ significantly from the values that would have been determined had a readily available market for such investments existed, or had such investments been liquidated or sold to non-affiliated investors, and these differences could be material to the consolidated financial statements.
| 18 |