Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jun. 30, 2026

The Fund’s condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The Fund’s condensed financial statements and related financial information have been prepared pursuant to the requirements of Regulation S-X. The Condensed Statement of Assets and Liabilities as of March 31, 2026, was derived from the audited annual financial statements. The condensed financial statements as of and for the period ended June 30, 2026, including these notes, are unaudited. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed financial statements are fairly stated and that estimates made in preparing its condensed financial statements are reasonable and prudent. The Fund is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The functional currency of the Fund is the United States (“U.S.”) dollar and these condensed financial statements have been prepared in that currency. These condensed financial statements should be read in conjunction with the audited financial statements included in the Fund’s Annual Report on Form 10-K for the year ended March 31, 2026, filed with the SEC.

Principles of Consolidation

In accordance with ASC 946, the Fund generally does not consolidate investments unless the Fund has a controlling financial interest in an investment company or operating company whose business consists of providing services to the Fund. A controlling financial interest is defined as (a) the power to direct the activities of the entity that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the entity.

The Fund determines whether it has a controlling financial interest in an entity at such entity’s inception and continuously reconsiders that conclusion. In instances where the Fund wholly owns another investment company, the Fund believes this would constitute a controlling financial interest and consolidation would be appropriate. For non-wholly owned interests in investment companies, the Fund assesses the nature of the investment structure and considers its interests in and governance rights over the entity to determine whether the Fund holds a controlling financial interest. Performance of that analysis requires the exercise of judgment.

The Fund does not have a controlling financial interest in and, as a result, does not consolidate the Aggregator, because (a) the General Partner is not acting solely on behalf of the Fund as it carries out its duties and (b) the Fund does not absorb substantially all of the Aggregator’s variability. At each reporting date, the Fund assesses whether it has a controlling financial interest in the Aggregator or any other reporting entities within the Fund, and any associated consolidation implications.

Use of Estimates

In preparing the condensed financial statements in conformity with GAAP, the General Partner has made judgments, estimates and specific assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these condensed financial statements. Such estimates include those used in the valuation of the investment in the Aggregator, including the valuation of the Aggregator’s investments, derivative instruments, and promissory notes. Actual results may differ from those estimates.

Fair Value of Investments

Fair Value of Investments and Financial Instruments

In accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Fund defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer or settle a liability in an orderly transaction between market participants at the measurement date. The Fund uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of the three broad levels described below:

•

Level 1 - Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.

•

Level 2 - Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

The Fund has estimated the fair value of its investments and financial instruments using available market information and valuation methodologies the Fund believes to be appropriate for these purposes.

The Fund measures its investment in the Aggregator at fair value using the net asset value of the Aggregator. The net asset value of the Aggregator is considered a practical expedient that represents fair value as (a) the investment does not have a readily determinable fair value because the Aggregator’s net asset value is not published or the basis for current transactions, (b) the Aggregator is an investment company and (c) the net asset value of the Aggregator is calculated in a manner in which all of its investments are reported at fair value as of the measurement date. Changes in the fair value of the Fund’s investment in the Aggregator are presented within net change in unrealized gain (loss) on investments in the Condensed Statements of Operations.

The Aggregator’s determination of fair value is based on the best information available in the circumstances and incorporates the Aggregator’s own assumptions, including assumptions that the Aggregator believes market participants would use in valuing the investments, and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including appropriate risk adjustments for non-performance and liquidity. The values estimated by the Aggregator may differ significantly from values that would have been used had a readily available market for the investments existed and the differences could be material to the condensed financial statements. For information regarding valuation of investments, net realized and change in unrealized gains and losses on such investments held by the Aggregator, see Note 3. “Investments and Fair Value Measurement” in the “Notes to Condensed Consolidated Financial Statements” of the Aggregator.

The Fund invests in government bonds including U.S. Treasury bills and non-U.S. government bonds. U.S. Treasury bills are valued using quoted prices in active markets and are classified within Level 1 of the fair value hierarchy. Non-U.S. government bonds are generally valued using quoted prices or observable market inputs, including dealer quotations and pricing services, and are classified within Level 1 or Level 2 of the fair value hierarchy, depending on the availability of observable market data.

The Fund measures derivative instruments using quoted forward foreign exchange prices at the reporting date. These valuations use primarily observable (Level 2) inputs.

Promissory notes are valued at their transaction price (Level 3) excluding transaction expenses given the Fund issued the instruments in December 2025 and no events have occurred that would warrant an adjustment to fair value.

The following table summarizes the valuation of the Fund’s investments by the fair value hierarchy levels:


	June 30, 2026
	Level 1		Level 2		Level 3		NAV		Total
Assets
Treasury Bills	$	9,845,036	$	-	$	-	$	-	$	9,845,036
MIF Cayman L.P		-		-		-		94,055,758		94,055,758
Total investments		9,845,036		-		-		94,055,758		103,900,794

Derivative assets		-		1,138,065		-		-		1,138,065
Total	$	9,845,036	$	1,138,065	$	-	$	94,055,758	$	105,038,859

Liabilities
Promissory notes	$	-	$	-	$	110,000	$	-	$	110,000
Derivative liabilities		-		65,580		-		-		65,580
Total	$	-	$	65,580	$	110,000	$	-	$	175,580


	March 31, 2026
	Level 1		Level 2		Level 3		NAV		Total
Assets
Treasury Bills	$	49,854	$	-	$	-	$	-	$	49,854
MIF Cayman L.P		-		-		-		11,073,581		11,073,581
Total investments		49,854		-		-		11,073,581		11,123,435

Derivative assets		-		55,677		-		-		55,677
Total	$	49,854	$	55,677	$	-	$	11,073,581	$	11,179,112

Liabilities
Promissory notes	$	-	$	-	$	110,000	$	-	$	110,000
Derivative liabilities		-		38,014		-		-		38,014
Total	$	-	$	38,014	$	110,000	$	-	$	148,014

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value:


	Level 3 Financial Liability at Fair Value
	Three Months Ended June 30, 2026
	Promissory Notes
Balance, beginning of period	$	110,000
Issuance		-
Balance, end of period	$	110,000
Changes in unrealized gain (loss) included in earnings related to financial liabilities still held at the reporting date	$	-

For the comparative period from June 20, 2025 (Date of Incorporation) to June 30, 2025, the Fund did not issue any promissory notes.

There were no transfers of investments into or out of Level 3 of the fair value hierarchy during the three months ended June 30, 2026, and from June 20, 2025 (Date of Incorporation) to June 30, 2025.

Government Bonds

The Fund recognizes government bonds at fair value. Interest on government bonds is recognized on an accrual basis and included in interest income on the Condensed Statements of Operations. Realized gains and losses on government bonds represent the difference between sale proceeds and the investment’s carrying value at the time of disposition. Unrealized gain or loss represents the change in fair value of government bonds during the period. Realized gains or losses and unrealized gains or losses are recorded within net realized gain (loss) on investments, derivatives and translation of assets and liabilities in foreign currencies and net unrealized gain (loss) on investments, respectively, on the Condensed Statements of Operations.

As of June 30, 2026, the Fund had $1,496,125 relating to the purchase of Treasury bills, which is recorded in Payable for investments purchased in the Condensed Statements of Assets and Liabilities.

Promissory Notes

The Fund recognizes promissory notes at fair value. No costs were incurred as part of the issuance of these notes. Interest expense is recognized using the effective interest method, and accrues until settlement, prepayment, or maturity. Any interest owed but unpaid at the reporting date is recorded as accrued interest expense and included in Accounts payable and accrued expenses in the Condensed Statements of Assets and Liabilities.

On December 1, 2025, in connection with the offering of Class I Units, the Fund issued a series of promissory notes (the “Notes”) with a principal amount of $110,000. The Notes bear interest at a fixed rate of 12% per annum, payable semi-annually in arrears, and mature 30 years from the date of issuance.

Derivatives

The Fund recognizes derivative instruments as Derivative assets, at fair value or Derivative liabilities, at fair value in the Condensed Statements of Assets and Liabilities.

Realized gains and losses on derivatives that are closed or mature during the period are measured as the difference between the contract’s value at inception and its value at closing. Realized results are presented in net realized gain (loss) on investments, derivatives and translation of assets and liabilities in foreign currencies in the Condensed Statements of Operations.

For derivative positions outstanding at period end, unrealized gains and losses reflect the period-over-period change in fair value, net of reversals of amounts previously recognized upon realization. Unrealized results are presented in net change in unrealized gain (loss) on derivatives in the Condensed Statements of Operations.

As a result of the use of derivative contracts, the Fund is exposed to the risk that counterparties will fail to fulfil their contractual obligations. To mitigate such counterparty risk, the Fund enters into these contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.

The Fund enters into foreign exchange forward contracts to hedge against foreign currency exchange rate risk on a portion or all of its non-U.S. dollar denominated assets. These derivative contracts are not designated as hedging instruments for accounting purposes.

The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional amount represents the absolute value amount of the foreign exchange contracts:


	June 30, 2026
	Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value
Derivative instruments
Foreign currency forward contracts (AUD)	$	14,293,847	$	297,918	$	1,739,769	$	25,417
Foreign currency forward contracts (EUR)		10,899,194		160,685		1,255,681		12,502
Foreign currency forward contracts (GBP)		56,972,692		679,462		5,396,732		27,661
Total	$	82,165,733	$	1,138,065	$	8,392,182	$	65,580


	March 31, 2026
	Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value
Derivative instruments
Foreign currency forward contracts (AUD)	$	25,845	$	311	$	3,075,314	$	32,096
Foreign currency forward contracts (EUR)		1,780,440		12,496		286,566		2,652
Foreign currency forward contracts (GBP)		4,705,015		42,870		1,325,626		3,266
Total	$	6,511,300	$	55,677	$	4,687,506	$	38,014

The derivative instruments as of June 30 and March 31, 2026, had maturity dates of August 4 and May 5, 2026, respectively.

The table below summarizes the impact to the Condensed Statements of Operations from derivative instruments:


	Three Months Ended June 30, 2026
Derivative instruments
Realized gains (losses)	$	(110,847	)
Net change in unrealized gain (loss) on derivatives		1,054,821
Foreign currency forward contracts	$	943,974

For the comparative period from June 20, 2025 (Date of Incorporation) to June 30, 2025, the Fund did not enter into any foreign currency forward contracts.

The Fund is subject to requirements to disclose information about offsetting assets and liabilities and similar arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. For financial reporting purposes, the Fund does not offset derivative assets and liabilities that are subject to Master Netting Agreements (“MNA”) or similar arrangements in the Condensed Statements of Assets and Liabilities.

Fair Value of Investments

Fair Value of Investments and Financial Instruments

•

Level 1 - Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.

•

The Fund measures derivative instruments using quoted forward foreign exchange prices at the reporting date. These valuations use primarily observable (Level 2) inputs.

The following table summarizes the valuation of the Fund’s investments by the fair value hierarchy levels:


	June 30, 2026
	Level 1		Level 2		Level 3		NAV		Total
Assets
Treasury Bills	$	9,845,036	$	-	$	-	$	-	$	9,845,036
MIF Cayman L.P		-		-		-		94,055,758		94,055,758
Total investments		9,845,036		-		-		94,055,758		103,900,794

Derivative assets		-		1,138,065		-		-		1,138,065
Total	$	9,845,036	$	1,138,065	$	-	$	94,055,758	$	105,038,859

Liabilities
Promissory notes	$	-	$	-	$	110,000	$	-	$	110,000
Derivative liabilities		-		65,580		-		-		65,580
Total	$	-	$	65,580	$	110,000	$	-	$	175,580


	March 31, 2026
	Level 1		Level 2		Level 3		NAV		Total
Assets
Treasury Bills	$	49,854	$	-	$	-	$	-	$	49,854
MIF Cayman L.P		-		-		-		11,073,581		11,073,581
Total investments		49,854		-		-		11,073,581		11,123,435

Derivative assets		-		55,677		-		-		55,677
Total	$	49,854	$	55,677	$	-	$	11,073,581	$	11,179,112

Liabilities
Promissory notes	$	-	$	-	$	110,000	$	-	$	110,000
Derivative liabilities		-		38,014		-		-		38,014
Total	$	-	$	38,014	$	110,000	$	-	$	148,014

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value:


	Level 3 Financial Liability at Fair Value
	Three Months Ended June 30, 2026
	Promissory Notes
Balance, beginning of period	$	110,000
Issuance		-
Balance, end of period	$	110,000
Changes in unrealized gain (loss) included in earnings related to financial liabilities still held at the reporting date	$	-

For the comparative period from June 20, 2025 (Date of Incorporation) to June 30, 2025, the Fund did not issue any promissory notes.

There were no transfers of investments into or out of Level 3 of the fair value hierarchy during the three months ended June 30, 2026, and from June 20, 2025 (Date of Incorporation) to June 30, 2025.

Foreign Currency

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. The fair values of assets and liabilities denominated in foreign currency are translated to U.S. dollars based on the current exchange rates at the end of each reporting period. Income and expenses denominated in foreign currencies are translated at current exchange rates when accrued or incurred. The Fund includes the effects of foreign currency exchange rate changes on realized and unrealized gains and losses on investments within net realized gain (loss) on investments, derivatives and translation of assets and liabilities in foreign currencies and net change in unrealized gain (loss) on investments, respectively, in the Condensed Statements of Operations.

Income Recognition

Securities Transactions, Revenue Recognition and Expenses

The Fund records its investment transactions on a trade date basis. The Fund measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method. Expenses are recorded on an accrual basis.

Distributions

Any distributions the Fund makes will be at the discretion of the Adviser in its good faith judgment, considering factors such as earnings, cash flow, capital needs, taxes and general financial condition and the requirements of applicable law. The Fund may declare distributions from time to time, or not at all, as authorized by the Adviser.

Under the Fund’s distribution reinvestment plan, distributions paid by the Fund, if any, will be automatically reinvested in additional Units unless an Investor elects not to reinvest in Units. Generally, whether an Investor takes a distribution in cash or Units, should not affect whether the Investor is subject to incremental tax at the time of such distribution, however, in certain cases a distribution of cash may result in taxation. Investors may opt out from the automatic reinvestment of distributions in Units initially and thereafter may change their election at any time. Units from reinvestment will be issued at their transactional NAV. There is no sales charge or other charge for reinvestment, although a monthly fee out of the net assets for Class S Units and Class D Units at the annual rate of 0.85% and 0.25% of the NAV of Class S Units and Class D Units, respectively, determined and accrued as of the last day of each calendar month (before any redemptions of Class S Units or Class D Units) (the “Distribution and/or Servicing Fee”), as applicable. The Fund reserves the right to suspend or limit at any time the ability of Investors to reinvest distributions in Units.

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term investments in an active market with original maturities of three months or less, which are subject to an insignificant risk of change in value. As of June 30, 2026 and March 31, 2026, cash of $2,168,431 and $342,030, respectively, was held and there were no cash equivalents or restricted cash.

Organizational Expenses

Organizational expenses include, among other things, the cost of incorporating the Fund and the cost of legal services and other fees pertaining to the Fund’s organization. These costs are expensed as incurred. For the three months ended June 30, 2026, the Fund incurred organizational expenses of $1,952, which have been recorded as organizational expenses on the Condensed Statements of Operations. For the comparative period from June 20, 2025 (Date of Incorporation) to June 30, 2025, no organizational expenses were incurred. As of June 30, 2026 and March 31, 2026, organizational expenses payable amounting to $1,385,106 and $1,383,154 respectively, are included within organizational expenses and offering costs payable on the Condensed Statements of Assets and Liabilities.

Offering Costs

Offering costs include registration fees and legal fees regarding the preparation of the offering memorandum and costs in connection with the continuous offering of Units of the Fund. Offering costs are recognized as a deferred charge and amortized on a straight-line basis over 12 months. For the three months ended June 30, 2026, the Fund recognized deferred offering costs amortization of $636,535 in the Condensed Statements of Operations. During the same period, the Fund incurred $168,670 of additional offering costs, which have been recorded as an increase to deferred offering costs. For the comparative period from June 20, 2025 (Date of Incorporation) to June 30, 2025, no offering costs were incurred. As of June 30, 2026 and March 31, 2026, the offering amounts of $1,089,168 and $1,557,033, respectively, are included within deferred offering costs in the Condensed Statements of Assets and Liabilities. As of June 30, 2026 and March 31, 2026, offering costs payable amounting to $2,588,670 and $2,420,000, respectively, are included within organization expenses and offering costs payable on the Condensed Statements of Assets and Liabilities.

Affiliates

Affiliates of the Fund include the General Partner, the Adviser, MIF International, Macquarie Infrastructure and Real Assets Inc., an affiliate of the Adviser, MIF TE Feeder, L.P. (the “Feeder”), Parallel Funds (the term “Parallel Funds” refers to one or more parallel vehicles established by, or at the direction of, the General Partner or any affiliate thereof to invest alongside the Fund, but excluding MIF International), and other vehicles sponsored, advised and/or managed by Macquarie or its affiliates.

Segment Reporting

The Fund operates through a single reportable segment. The chief operating decision makers (the “CODMs”) consist of the Fund’s Chief Executive Officer and Chief Financial Officer. The CODMs assess the performance of, allocate resources to and make operating decisions for the Fund primarily based on the Fund’s net assets resulting from operations. Reportable segment assets are reflected on the accompanying Condensed Statements of Assets and Liabilities as total assets and reportable segment significant expenses reviewed by the CODMs are listed on the Condensed Statements of Operations.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis. The update will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Fund is currently evaluating the impact of adopting this guidance on its financial statements and disclosures.

MIF Cayman, L.P.

Basis of Presentation

The Aggregator’s accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The Aggregator’s condensed consolidated financial statements and related financial information have been prepared pursuant to the requirements of Regulation S-X. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are fairly stated and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The Aggregator is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The functional currency of the Aggregator is the U.S. dollar and these condensed consolidated financial statements have been prepared in that currency. These condensed financial statements should be read in conjunction with the audited financial statements included in the Fund’s Annual Report on Form 10-K for the year ended March 31, 2026, filed with the SEC.

Principles of Consolidation

In accordance with ASC 946, the Aggregator generally does not consolidate investments unless the Aggregator has a controlling financial interest in (a) an investment company or (b) an operating company whose business consists of providing services to the Aggregator. Accordingly, the Aggregator consolidates wholly owned investment company subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

In preparing the condensed consolidated financial statements in conformity with GAAP, the General Partner has made judgments, estimates and specific assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these condensed consolidated financial statements. Such estimates include those used in the valuation of the Aggregator’s investments. Actual results may differ from those estimates.

Fair Value of Investments

In accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Aggregator defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer or settle a liability in an orderly transaction between market participants at the measurement date. The Aggregator uses a fair value hierarchy that prioritizes

observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of the three broad levels described below:

•

Level 1 - Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.

•

Investments at Fair Value

The Aggregator records public and private investments at trade date and closing date, respectively, and values its investments at fair value in accordance with ASC 820. In the absence of observable market prices, the Aggregator’s investments are valued using valuation methodologies applied on a consistent basis as described below. Additional information regarding these investments is provided in Note 3. “Investments and Fair Value Measurement.”

The Aggregator measures its investment in the affiliated funds at fair value using the net asset value of the affiliated funds. The net asset value of the affiliated funds is considered a practical expedient that represents fair value as (a) the investment does not have a readily determinable fair value because the affiliated funds’ net asset value is not published or the basis for current transactions, (b) the affiliated fund is an investment company and (c) the net asset value of the affiliated fund is calculated in a manner in which all of its investments are reported at fair value as of the measurement date. Changes in the fair value of the Aggregator’s investment in the affiliated fund are presented within net change in unrealized gain (loss) on investments in the Condensed Consolidated Statement of Operations.

Under the income approach, which is generally the Aggregator’s primary valuation approach, fair value is determined by converting future amounts, such as cash flows or earnings, discounted to a single present amount using current market expectations about those future amounts. In determining fair value under this approach, the Aggregator makes assumptions over a projection period regarding unobservable inputs such as revenues, operating income, capital expenditures, income taxes, working capital needs and the terminal value and exit multiple of the investee company, among other things. The Aggregator discounts those projected cash flows by deriving a discount rate based on a capital structure similar to that of a market participant using observable inputs such as the rate of return available in the market on an investment free of default risk, an equity risk premium to reflect the additional risk of a market portfolio of equity instruments over risk-free instruments, beta as a measure of risk based on share price correlation to the market, and equity and debt-to-capital ratios of companies deemed comparable to the investee company.

Under the market approach, which is generally the Aggregator’s secondary valuation approach, fair value may be determined by reference to a recent transaction involving the investment or by reference to observable valuation measures for companies or assets that are determined by the Aggregator to be comparable, such as multiplying a key performance metric of the investee company, such as earnings before interest and taxes or other performance metric, by a relevant valuation multiple observed in the range of comparable companies or transactions, adjusted by the Aggregator for differences between the investment and the referenced comparables. Observable inputs used in the market approach to derive a valuation multiple may include the public prices for securities issued by, and the relevant performance metrics of, companies deemed comparable to the

investee company, and/or transaction prices involving significant equity interests in companies deemed comparable to the investee company. Unobservable inputs used in the market approach may include the key performance metric of the investee company, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”).

Investments may also be valued at their acquisition price for a period of time after an acquisition as the best measure of fair value in the absence of any conditions or circumstances that would indicate otherwise. In the event of an announced sale of investments with a definitive agreement in place, investments may also be valued using a discount-to-sale approach as the primary method with emphasis given to certain considerations including, but not limited to unitholder approval, regulatory approval, financing, completion of due diligence and break-up fees.

Investments in debt securities that are not listed on an exchange, but for which external pricing sources, such as dealer quotes or independent pricing services may be available, are valued by the Aggregator after considering, among other factors, such external pricing sources, recent trading activity or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks.

Fair Value of Investments

observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of the three broad levels described below:

•

Level 1 - Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.

•

Investments at Fair Value

Foreign Currency

The accounting records of the Aggregator are maintained in U.S. dollars. The fair values of assets and liabilities denominated in foreign currency are translated to U.S. dollars based on the current exchange rates at the end of each reporting period. Income and expenses denominated in foreign currencies are translated at current exchange rates when accrued or incurred. The Aggregator includes the effects of foreign currency exchange rate changes on realized and unrealized gains and losses on investments within net realized gain (loss) on investments and translation of assets and liabilities in foreign currencies and net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies, respectively, in the Condensed Consolidated Statement of Operations.

Net Realized and Unrealized Gain (Loss) on Investments

The Aggregator recognizes net realized gains (losses) on investments when earned at the time of receipt of proceeds. Without regard to unrealized gains or losses previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment or disposal of an asset and the adjusted cost basis of the asset.

Net change in unrealized gain (loss) on investments is the change in fair value of its underlying investments. Net change in unrealized gains or losses will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Income Recognition

The Aggregator recognizes interest income from investments when earned pursuant to the terms of the respective investment. Prepayment premiums are recorded as interest income upon receipt of the prepayment. The Aggregator recognizes dividend income from its investments when declared. In the case of proceeds received from investments, the Aggregator determines the character of such proceeds and records any interest income, dividend income, realized gain or loss, or return of capital accordingly.

Organizational Expenses

Organizational expenses include, among other things, the cost of incorporating the Aggregator and the cost of legal services and other fees pertaining to the Aggregator’s organization. These costs are expensed as incurred. For the three-month period ended June 30, 2026, no organizational expenses were incurred by the Aggregator. As of June 30, 2026 and March 31, 2026, organizational expenses payable amounting to $110,147 and $110,147, respectively, are included within organizational expenses and offering costs payable on the Condensed Consolidated Statements of Assets and Liabilities.

Professional Fees

Professional fees include but are not limited to audit, tax, and legal fees. For the period ended June 30, 2026, the Aggregator incurred professional fees of $154,681, which have been recorded as professional fees on the Condensed Consolidated Statement of Operations. There were no operations from June 20, 2025 (Date of Incorporation) to June 30, 2025. As

of June 30, 2026 and March 31, 2026, professional fees of $294,277 and $146,250, respectively, are included within professional fees payable in the Condensed Consolidated Statements of Assets and Liabilities.

Distributions

The Aggregator may declare monthly distributions as authorized by the General Partner. Distributions are recognized on the record date of the distribution. The declaration of distributions by the Aggregator to the Fund and any Parallel Fund (the term “Parallel Funds” refers to one or more parallel vehicles established by, or at the direction of, the General Partner or any affiliate thereof to invest alongside the Fund, but excluding MIF International) generally occurs concurrent with the Fund and any Parallel Fund declaring distributions to its unitholders. Distributions are generally made to partners pro rata based on capital contributions.

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term investments in an active market with original maturities of three months or less, which are subject to an insignificant risk of change in value. As of June 30, 2026 and March 31, 2026, cash of $9,617,687 and $4,203,051, respectively, was held and there were no cash equivalents or restricted cash.

Affiliates

The General Partner, the Adviser, Macquarie Private Markets, SICAV, with respect to its sub‑fund MIF International and the Fund are affiliates of the Aggregator. In addition, the limited partners, the General Partner, and their respective affiliates may engage in investment activities for their own accounts or for other persons or entities, including pursuing investment opportunities independently of the Aggregator, without any obligation to offer such opportunities to the Aggregator.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis. The update will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Aggregator is currently evaluating the impact of adopting this guidance on its condensed consolidated financial statements and disclosures.