Adams Street Private Equity Navigator Fund LLC

 

 

 

Consolidated Schedule of Investments

As of June 30, 2026 (Unaudited)

 

                                                  Amounts in USD  

Fund Investments

   Footnotes     Investment Type     Geographic
Region**		   Position
(if applicable)		     Reference Rate
& Spread
(if applicable)***		     Maturity Date
(if applicable)		     Quantity
(if applicable)		     Acquisition
Date****		     Cost     Fair Value  

Primary Investments - 1.9% (1)

 

AEA Investors Fund VIII LP *

      
 Limited Partnership
Interest
 		   United States             9/30/2023     $   1,926,591     $ 1,763,106  

Astorg VIII *

     (2)      
 Limited Partnership
Interest		  
 		   Western Europe             6/30/2023       4,037,320       4,797,027  

Cub SPV-C, L.P.

     (3)      
 Limited Partnership
Interest		  
 		   United States             6/30/2026       602,220       602,220  

Madison Dearborn Capital Partners VIII-C, L.P.

      
 Limited Partnership
Interest		  
 		   United States             6/21/2021       2,752,233       2,329,667  

NewView Capital Fund II, L.P. *

      
 Limited Partnership
Interest		  
 		   United States             10/18/2021       1,741,978       2,808,406  

TA XIV-B L.P.

      
 Limited Partnership
Interest		  
 		   United States             9/30/2021       805,657       912,148  
                 

 

 

    

 

 

  

Total Primary Investments

                      11,865,999        13,212,574  
                 

 

 

    

 

 

  

Secondary Investments - 55.0% (1)

              

A10 USD (Feeder) L.P.

      
 Limited Partnership
Interest		  
 		   Western Europe             6/30/2026       185,796       213,008  

ABRY Advanced Securities Fund II, L.P. *

     (14)      
 Limited Partnership
Interest		  
 		   United States             7/8/2021       440       2,383  

ABRY Advanced Securities Fund III, L.P. *

     (14)      
 Limited Partnership
Interest		  
 		   United States             7/8/2021       -        421  

ABRY Advanced Securities Fund IV, L.P.

     (14)      
 Limited Partnership
Interest		  
 		   United States             7/8/2021       199,173       177,718  

ABRY Heritage Partners, L.P. *

     (3)(14)      
 Limited Partnership
Interest		  
 		   United States             7/8/2021       59,330       87,213  

ABRY Partners IX, L.P. *

     (3)(14)      
 Limited Partnership
Interest		  
 		   United States             7/8/2021       481,167       530,978  

ABRY Partners VII, L.P. *

     (3)(14)      
 Limited Partnership
Interest		  
 		   United States             1/3/2022       63,734       47,835  

ABRY Partners VIII, L.P.

     (3)(14)      
 Limited Partnership
Interest		  
 		   United States             7/8/2021       110,929       41,496  

ABRY Senior Equity IV, L.P. *

     (14)      
 Limited Partnership
Interest		  
 		   United States             7/8/2021       29,431       20,176  

ABRY Senior Equity V, L.P.

     (14)      
 Limited Partnership
Interest		  
 		   United States             7/8/2021       150,643       196,975  

Accel Europe L.P. *

     (3)(7)      
 Limited Partnership
Interest		  
 		   Western Europe             12/31/2024       28,425       43,798  

Accel IX L.P. *

     (3)(7)      
 Limited Partnership
Interest		  
 		   United States             12/31/2024       56,154       172,903  

Accel London II L.P. *

     (3)(7)      
 Limited Partnership
Interest		  
 		   Western Europe             12/31/2024       4,427,396       6,933,312  

Accel VI-S L.P. *

     (3)(7)      
 Limited Partnership
Interest		  
 		   United States             12/31/2024       22,052       37,298  

Advent International GPE IX-D SCSp

      
 Limited Partnership
Interest		  
 		   Western Europe             6/30/2026       2,411,534       2,574,009  

Advent International GPE VIII-E Limited Partnership

     (3)      
 Limited Partnership
Interest		  
 		   Western Europe             12/29/2025       1,212,440       1,185,411  

 

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 June 30, 2026 (Unaudited) (Continued)

 

                                              Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

              

Advent International GPE X Limited Partnership

     Limited Partnership
Interest		   Western Europe             6/30/2026     $   1,969,072     $   2,043,114  

AEA Investors Fund VI LP

   (3)   Limited Partnership
Interest		   United States             6/30/2025       294,947       398,430  

AEA Investors Fund VII LP

   (3)   Limited Partnership
Interest		   United States             6/30/2025       533,274       580,593  

AKKR Isosceles CV LP

   (3)   Limited Partnership
Interest		   United States             6/26/2025       6,496,673       7,038,287  

Alder Strategic Opportunities Fund I AB

   (2)   Limited Liability
Company Interest		   Western Europe             3/13/2026       2,179,216       2,150,517  

Alma Opportunities I

   (2)(3)   Limited Partnership
Interest		   Western Europe             9/13/2021       1,460,775       1,945,227  

Altor Fund IV (No. 1) AB

   (2)   Limited Liability
Company Interest		   Western Europe             6/30/2026       1,452,071       1,533,016  

Altor Fund V (No. 1) AB

   (2)   Limited Liability
Company Interest		   Western Europe             6/30/2026       4,681,249       5,240,200  

Altor Fund VI (No. 1) AB

   (2)   Limited Liability
Company Interest		   Western Europe             6/30/2026       2,170,703       2,253,329  

Ambienta IV, SCSp

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2026       2,317,643       2,296,490  

American Industrial Partners Capital Fund IV, L.P. *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       -        6,990  

American Industrial Partners Capital Fund VI, L.P.

   (3)   Limited Partnership
Interest		   United States             12/29/2025       1,530,493       1,084,677  

American Securities Partners VII

   (3)   Limited Partnership
Interest		   United States             12/29/2025       1,509,992       1,221,147  

Apollo Overseas Partners IX, L.P.

   (3)(14)   Limited Partnership
Interest		   United States             10/12/2021       331,236       406,626  

Apollo Overseas Partners VIII, L.P.

   (3)(14)   Limited Partnership
Interest		   United States             10/12/2021       85,245       41,619  

Aquiline Financial Services Fund, L.P. *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       13,955       38,507  

Arcline Capital Partners III LP

   (3)   Limited Partnership
Interest		   United States             6/30/2025       691,444       1,081,689  

Ares Private Credit Solutions (Cayman), L.P.

   (14)   Limited Partnership
Interest		   United States             7/8/2021       10,338       44,958  

ASP Sec Fac 10 LP *

   (3)   Limited Partnership
Interest		   United States             9/30/2024       6,382,117       6,912,060  

Astorg Normec Fund

   (2)(3)   Limited Partnership
Interest		   Western Europe             9/24/2024       750,465       1,192,579  

Aurora Equity Partners V A LP

   (3)   Limited Partnership
Interest		   United States             12/29/2025       1,264,616       1,507,349  

Bain Capital Distressed and Special Situations 2016 (B), L.P. *

   (14)   Limited Partnership
Interest		   United States             7/9/2021       12,470       65,069  

 

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 June 30, 2026 (Unaudited) (Continued)

 

                                              Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

Bain Capital Fund XII, L.P.

     Limited Partnership
Interest		   United States             6/30/2026     $ -      $ 107,450  

Bain Capital Middle Market Credit 2014 (A), L.P. *

   (14)   Limited Partnership
Interest		   United States             7/9/2021       1       20,735  

BayPine Capital Partners Fund I-B, LP

   (3)   Limited Partnership
Interest		   United States             6/30/2025       190,701       253,286  

BC European Capital X-5 L.P.

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2026       771,892       822,341  

Berkshire Fund IX, L.P.

   (3)   Limited Partnership
Interest		   United States             6/30/2021         2,098,150         2,734,299  

Berkshire Fund VI, Limited Partnership *

     Limited Partnership
Interest		   United States             6/30/2021       39,675       6,420  

Berkshire Fund VII, L.P. *

     Limited Partnership
Interest		   United States             6/30/2021       20,676       409  

Berkshire Fund VII-A, L.P.

   (14)   Limited Partnership
Interest		   United States             6/30/2021       7,542       127  

Berkshire Fund VIII, L.P. *

   (3)   Limited Partnership
Interest		   United States             6/30/2021       3,773,741       503,859  

Berkshire Fund VIII-A, L.P. *

   (3)   Limited Partnership
Interest		   United States             9/3/2021       320,445       36,442  

Berkshire Fund X, L.P. *

   (3)   Limited Partnership
Interest		   United States             9/30/2021       2,034,565       2,397,247  

Bolt III LP

     Limited Partnership
Interest		   United States             6/30/2026       447,718       1,077,286  

Broad Street Real Estate Credit Partners II Offshore Feeder Fund, L.P. *

   (14)   Limited Partnership
Interest		   United States             7/21/2021       6,167       556  

Cairngorm Capital Partners III Annex, L.P.

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2025       2,067,701       16,693  

Cairngorm Capital Partners III CoInvest C, L.P.

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2025       1,071,790       4,605  

Cairngorm Capital Partners III CoInvest D, L.P.

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2025       735,658       4,797  

Carlyle Asia Partners IV, L.P.

   (3)(14)   Limited Partnership
Interest		   United States             7/21/2021       121,912       19,755  

Carlyle Europe Partners III, L.P. *

   (2)(14)   Limited Partnership
Interest		   United States             7/21/2021       1,198       675  

Carlyle Europe Partners V - EU, S.C.Sp.

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2026       265,363       227,795  

Carlyle Partners V, L.P.

   (3)(14)   Limited Partnership
Interest		   United States             7/21/2021       -        11,170  

Carlyle Partners VII, L.P.

     Limited Partnership
Interest		   United States             6/30/2026       448,430       484,744  

Carlyle Strategic Partners III, L.P.

   (14)   Limited Partnership
Interest		   United States             7/21/2021       29,630       504  

Carlyle Strategic Partners IV, L.P.

   (3)(14)   Limited Partnership
Interest		   United States             7/21/2021       272,219       297,751  

 

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 June 30, 2026 (Unaudited) (Continued)

 

                                              Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

Carlyle U.S. Equity Opportunity Fund II, L.P.

   (3)(14)   Limited Partnership
Interest		   United States             7/21/2021     $ 146,537     $ 123,882  

Carlyle U.S. Equity Opportunity Fund, L.P. *

   (14)   Limited Partnership
Interest		   United States             7/21/2021       3,049       1,013  

CHAMP IV Management Pty Limited

   (2)(3)   Limited Partnership
Interest		   Australasia             5/28/2026       554,805       867,552  

CIVC SIB CF, L.P. *

     Limited Partnership
Interest		   The Americas             5/4/2023       3,404,298       5,522,896  

Clayton Dubilier & Rice Fund X

   (3)   Limited Partnership
Interest		   United States             12/29/2025         1,201,937         1,364,514  

Clearlake Capital Partners VII, L.P. *

   (3)   Limited Partnership
Interest		   United States             7/1/2025       522,554       548,520  

Clearstone Venture Partners III-A, L.P. *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       345,914       3,354,053  

Columbia Capital Equity Partners IV (NON-US), L.P. *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       -        47,374  

Columbia Capital Equity Partners IV (QP), L.P. *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       -        38,675  

Columbia Capital Equity Partners IV (QPCO), L.P. *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       -        286,639  

CRV XVII, L.P.

     Limited Partnership
Interest		   United States             6/30/2026       1,055,918       1,155,823  

Cub SPV-C, L.P.

   (3)   Limited Partnership
Interest		   United States             6/26/2026       3,692,866       3,692,866  

CVC Capital Partners VII (A) L.P.

   (2)(3)(10)   Limited Partnership
Interest		   Western Europe             3/31/2023       774,896       691,862  

CVC Capital Partners VII (A) L.P.

   (2)(3)(11)   Limited Partnership
Interest		   Western Europe             3/31/2023       1,765,574       1,471,563  

CVC Capital Partners VII (A) L.P.

   (2)   Limited Partnership
Interest		   Western Europe             6/29/2026       1,534,756       1,774,127  

CVC Capital Partners VIII (A) L.P.

   (2)(3)(10)   Limited Partnership
Interest		   Western Europe             3/31/2023       671,545       878,984  

CVC Capital Partners VIII (A) L.P.

   (2)(3)(11)   Limited Partnership
Interest		   Western Europe             3/31/2023       630,879       788,174  

CVI Credit Value Fund A V LP

     Limited Partnership
Interest		   United States             7/1/2025       631,996       632,976  

Davidson Kempner Long-Term Distressed Opportunities International III LP *

   (14)   Limited Partnership
Interest		   United States             7/12/2021       -        10,578  

Davidson Kempner Long-Term Distressed Opportunities International IV LP *

   (14)   Limited Partnership
Interest		   United States             7/12/2021       -        62,016  

DPE Continuation Fund I Geschlossene Spezial-Investment GmbH & Co. KG *

   (2)(3)(5)   Limited Partnership
Interest		   Western Europe             10/12/2022       2,193,094       3,299,915  

 

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 June 30, 2026 (Unaudited) (Continued)

 

                                              Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

Draper Associates V, L.P.

     Limited Partnership
Interest		   United States             6/30/2026     $ 659,678     $ 671,512  

Energy Capital Partners Mezzanine Opportunities Fund, LP *

   (14)   Limited Partnership
Interest		   United States             7/8/2021       -        7,707  

EQT VIII (NO.1) SCSp

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2026       130,196       139,487  

Equistone Partners Europe Fund V “A” L.P.

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2026       214,862       249,989  

Equistone Partners Europe Fund VI “B” SCSp

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2026       756,822       982,750  

EW Healthcare Partners Fund 2-A, L.P.

     Limited Partnership
Interest		   United States             6/30/2026         1,161,169        1,516,682  

Flexential Opportunity LP *

   (3)   Limited Partnership
Interest		   United States             12/30/2021       446,923       686,963  

Flexpoint Fund II LP *

   (3)   Limited Partnership
Interest		   United States             12/29/2023       108,606       77,394  

Flexpoint Fund III, L.P. *

   (3)   Limited Partnership
Interest		   United States             12/29/2023       774,574       702,991  

Flexpoint Fund IV-B, L.P. *

   (3)   Limited Partnership
Interest		   United States             12/29/2023       1,568,994       1,901,808  

Flexpoint Overage Fund IV-B, L.P. *

   (3)   Limited Partnership
Interest		   United States             12/29/2023       469,735       570,242  

Fortress Credit Opportunities Fund V Expansion (A) LP

     Limited Partnership
Interest		   United States             9/30/2025       481,840       534,025  

Forward Ventures V LP *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       26,817       365,429  

Foundry Venture Capital 2016, L.P.

     Limited Partnership
Interest		   United States             6/30/2026       446,683       899,765  

Francisco Partners IV-A, L.P.

   (3)   Limited Partnership
Interest		   United States             7/9/2025       94,666       71,357  

Francisco Partners V, L.P.

   (3)   Limited Partnership
Interest		   United States             7/9/2025       196,247       219,844  

Francisco Partners VI, L.P.

   (3)   Limited Partnership
Interest		   United States             7/9/2025       700,936       847,719  

Francisco Partners VII, L.P.

   (3)   Limited Partnership
Interest		   United States             7/9/2025       343,208       394,758  

Frazier Healthcare Athena Fund PV, L.P.

   (3)   Limited Partnership
Interest		   United States             3/27/2026       151,920       125,663  

Frazier Healthcare Athena Fund, L.P.

   (3)   Limited Partnership
Interest		   United States             3/27/2026       30,387       25,135  

Frazier Healthcare Growth Buyout Fund IX PV, L.P.

   (3)   Limited Partnership
Interest		   United States             6/30/2025       563,601       292,779  

Frazier Healthcare Growth Buyout Fund IX, L.P.

   (3)   Limited Partnership
Interest		   United States             6/30/2025       111,015       58,462  

Frazier Healthcare Growth Buyout Fund VIII PV, L.P.

   (3)   Limited Partnership
Interest		   United States             6/30/2025       204,261       164,449  

 

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 June 30, 2026 (Unaudited) (Continued)

 

                                              Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

Frontenac XI Private Capital Limited Partnership

   (3)   Limited Partnership
Interest		   United States             12/29/2023     $ 382,554     $ 180,510  

Frontenac XI Private Capital (Parallel) Limited Partnership

   (3)   Limited Partnership
Interest		   United States             12/29/2023       861,606       404,674  

FS Equity Partners CV1, L.P.

   (3)   Limited Partnership
Interest		   United States             5/8/2025       3,344,780       4,389,525  

G Square Capital CV II L.P.

   (2)(3)   Limited Partnership
Interest		   Western Europe             6/18/2026        12,398,480        12,284,087  

GCM Grosvenor VCP II, L.P. *

   (3)(14)   Limited Partnership
Interest		   United States             7/20/2021       37,164       23,847  

Genstar Capital Partners VII LP

   (3)   Limited Partnership
Interest		   United States             12/29/2025       1,382,265       1,328,940  

Genstar Capital Partners VIII BL

   (3)   Limited Partnership
Interest		   United States             12/29/2025       3,713,818       3,649,965  

GI Partners Fund V LP

   (3)   Limited Partnership
Interest		   United States             12/30/2021       2,709,888       3,958,029  

Graham Partners OptConnect Continuation Fund, L.P. *

   (3)(8)   Limited Partnership
Interest		   United States             12/20/2022       3,253,717       6,027,276  

Green Equity Investors Side VIII, L.P.

     Limited Partnership
Interest		   United States             6/30/2026       198,004       229,356  

Greycroft Growth II, L.P.

     Limited Partnership
Interest		   United States             6/30/2026       617,929       966,276  

Greycroft Partners V, L.P.

     Limited Partnership
Interest		   United States             6/30/2026       2,462,669       3,239,906  

GS Mezzanine Partners VII Offshore, L.P. *

   (14)   Limited Partnership
Interest		   United States             7/21/2021       46,441       113,784  

GTCR Evergreen Fund I/C LP

   (3)   Limited Partnership
Interest		   United States             4/3/2023       1,268,143       2,367,137  

GTCR Fund XIII, L.P. *

   (3)   Limited Partnership
Interest		   United States             3/31/2023       981,390       1,375,233  

GTCR Oak Fund LP

     Limited Partnership
Interest		   United States             12/15/2025       10,725,440       11,963,302  

H.I.G. Middle Market Leveraged Buyout Fund IV, L.P.

   (3)   Limited Partnership
Interest		   United States             9/30/2025       238,714       288,685  

H.I.G. Venture Partners II, L.P.

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       183,938       451,473  

HealthCare Ventures VIII, L.P. *

   (7)   Limited Partnership
Interest		   United States             12/31/2024       -        41,441  

HG Capital 8 A L.P.

   (2)   Limited Partnership
Interest		   Western Europe             12/29/2025       1,666,226       1,751,218  

HG Capital 8 D L.P.

   (2)(3)   Limited Partnership
Interest		   Western Europe             6/30/2025       2,089,548       1,677,623  

HG Genesis 10 A LP

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2026       1,456,196       1,352,857  

HG Genesis 9 B L.P.

   (2)(3)   Limited Partnership
Interest		   Western Europe             6/30/2025       1,145,272       1,426,383  

 

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 June 30, 2026 (Unaudited) (Continued)

 

                                              Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

HG Mercury 3 B LP

   (2)(3)   Limited Partnership
Interest		   Western Europe             6/30/2025     $ 431,676     $ 695,405  

Hg Saturn B L.P.

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2026       1,604,661       1,577,318  

Highland Capital Partners VII Limited Partnership *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       3,940       42,310  

Highland Capital Partners VII-B Limited Partnership *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       28,775       297,987  

Highland Capital Partners VII-C Limited Partnership *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       3,231       34,547  

HPE Continuation Fund I C.V. *

   (2)(3)(4)   Limited Partnership
Interest		   Western Europe             11/18/2021         1,547,492         1,871,593  

HPE PPRO Invest II B.V. *

   (2)(4)   Limited Liability
Company Interest		   Western Europe             2/9/2024       54,280       82,670  

Icon Ventures V, L.P.

     Limited Partnership
Interest		   United States             6/30/2026       119,648       231,037  

IK IX Fund No.1 SCSp

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2026       4,071,597       4,560,497  

IK VIII No.4 Limited Partnership

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2026       699,800       718,943  

IK X Fund No.1 SCSp

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2026       1,256,894       1,322,287  

Inflexion Buyout Fund VI

   (2)(3)   Limited Partnership
Interest		   Western Europe             7/2/2025       578,756       728,081  

Intersouth Partners VI LP *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       87,756       896,797  

JMI Extended Value Fund, L.P. *

   (3)   Limited Partnership
Interest		   United States             12/22/2023       1,616,360       2,231,833  

K2 Private Investors LP

   (3)   Limited Partnership
Interest		   United States             12/29/2025       1,477,034       1,307,285  

K3 Private Investors LP

   (3)   Limited Partnership
Interest		   United States             12/29/2025       2,149,063       2,331,398  

KarpReilly Capital Partners, L.P.

   (7)   Limited Partnership
Interest		   United States             12/31/2024       161,260       23,277  

KSL Capital IV Te L.P.

     Limited Partnership
Interest		   United States             12/29/2025       2,415,225       2,632,211  

KSL Capital Partners V L.P.

   (3)   Limited Partnership
Interest		   United States             6/30/2025       146,104       158,119  

Lightstone Ventures II, L.P.

     Limited Partnership
Interest		   United States             6/30/2026       275,257       538,453  

Longwood Fund II, L.P.

     Limited Partnership
Interest		   United States             6/30/2026       -        7,670  

Longwood Fund III, L.P.

     Limited Partnership
Interest		   United States             6/30/2026       22,932       6,099  

M.D. Sass-Macquarie Financial Strategies LP *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       22       330  

 

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 June 30, 2026 (Unaudited) (Continued)

 

                                              Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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

   (3)   Limited Partnership
Interest		   United States             9/30/2022     $ 1,230,290     $ 1,100,604  

Madison Dearborn Capital Partners VII-C, L.P.

     Limited Partnership
Interest		   United States             6/30/2026       373,915       455,881  

Madison Dearborn Capital Partners VIII-C, L.P.

     Limited Partnership
Interest		   United States             6/29/2026       50,025       59,392  

Mayfield XV

     Limited Partnership
Interest		   United States             6/30/2026       451,532       656,263  

MC Private Equity IV-B, LP

   (3)   Limited Partnership
Interest		   United States             10/13/2022       1,827,890       2,216,285  

MC Private Equity Partners I-A Feeder, LP

   (3)   Limited Partnership
Interest		   United States             3/31/2021       646,315       501,885  

MC Private Equity Victoria Fund, LP *

   (3)   Limited Partnership
Interest		   United States             9/30/2022       3,927,822       4,469,159  

MDCP Insurance SPV, L.P.

   (3)   Limited Partnership
Interest		   United States             5/5/2023       3,984,753       7,875,322  

Menlo Ventures X, L.P. *

   (7)   Limited Partnership
Interest		   United States             12/31/2024       7,646       56,126  

MIC Capital Partners III Parallel (Cayman), LP *

   (3)   Limited Partnership
Interest		   United States             3/31/2021       781,574       997,003  

MML Dorchester SCSp

   (2)(3)   Limited Partnership
Interest		   Western Europe             12/5/2025         5,808,489         7,475,038  

Monarch Capital Partners Offshore VI LP

     Limited Partnership
Interest		   United States             7/10/2025       1,179,478       1,268,819  

Montagu V+ SCSp

   (2)(3)   Limited Partnership
Interest		   Western Europe             12/2/2021       817,946       741,184  

Montagu+ 2 SCSp

   (2)(3)   Limited Partnership
Interest		   Western Europe             10/30/2025       9,110,524       11,132,537  

Morgenthaler Partners VIII, L.P. *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       528,489       295,593  

New Enterprise Associates 10, Limited Partnership *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       30,885       367,731  

New Enterprise Associates 11, Limited Partnership *

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       -        500,355  

New Mountain Capital IV, L.P. *

   (3)(9)   Limited Partnership
Interest		   United States             3/31/2023       194,977       81,525  

New Mountain CAS Continuation Feeder, L.P. *

   (3)   Limited Partnership
Interest		   United States             9/22/2021       2,474,275       950,927  

New Mountain Partners III, L.P.

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2025       7,780       19,759  

New Mountain Partners V, L.P.

   (3)(9)   Limited Partnership
Interest		   United States             3/31/2023       371,732       368,061  

New Mountain Partners VI, L.P.

   (3)(9)   Limited Partnership
Interest		   United States             3/31/2023       645,191       814,003  

NewSpring Elevate SPV, L.P.

     Limited Partnership
Interest		   United States             6/30/2026       46,416       83,462  

 

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 June 30, 2026 (Unaudited) (Continued)

 

                                              Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

NewSpring Growth Capital IV, LP

     Limited Partnership
Interest		   United States             6/30/2026     $ 375,701     $ 730,635  

NFX Capital Fund I, LP

     Limited Partnership
Interest		   United States             6/30/2026       992,375       1,919,945  

Nordic Capital IX Alpha, L.P.

   (2)   Limited Partnership
Interest		   Western Europe             6/30/2026       369,261       388,924  

North Bridge Venture Partners V-A, L.P.

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       441,023       492,972  

North Bridge Venture Partners VI, L.P.

   (3)(7)   Limited Partnership
Interest		   United States             12/31/2024       456,037       371,357  

Norvestor SPV III SCSp

   (2)(3)   Limited Partnership
Interest		   Western Europe             7/11/2025         3,593,371         4,761,327  

Oak Hill Capital Partners V, L.P. *

     Limited Partnership
Interest		   United States             8/10/2021       271,583       14,133  

Oakley Capital Guinness B1 SCSp *

   (2)(3)   Limited Partnership
Interest		   Western Europe             6/8/2023       2,125,460       3,511,348  

Oaktree Mezzanine Fund IV, L.P.

   (14)   Limited Partnership
Interest		   United States             7/14/2021       6,261       2,507  

Oaktree Opportunities Fund IX (Cayman), L.P.

   (14)   Limited Partnership
Interest		   United States             7/14/2021       6,208       93,482  

Oaktree Opportunities Fund X, L.P.

   (14)   Limited Partnership
Interest		   United States             7/14/2021       1,190       55,930  

Oaktree Opportunities Fund Xb, L.P. *

   (14)   Limited Partnership
Interest		   United States             7/14/2021       42,531       241,031  

Odyssey Investment Partners Fund V, L.P.

   (3)   Limited Partnership
Interest		   United States             9/30/2025       1,161,920       1,819,020  

Odyssey Investment Partners Fund VI-A, L.P.

   (3)   Limited Partnership
Interest		   United States             9/30/2025       12,278,978       14,141,806  

Onex Partners Co-Investment Fund LP

   (3)   Limited Partnership
Interest		   United States             7/9/2025       52,303       50,519  

Onex Partners V LP

   (3)   Limited Partnership
Interest		   United States             6/30/2025       554,484       519,901  

Onex Partners V LP

     Limited Partnership
Interest		   United States             6/29/2026       1,232,960       1,802,490  

OpenView Venture Partners IV, L.P.

     Limited Partnership
Interest		   United States             6/30/2026       263,901       291,939  

Pamlico Capital IV LP

   (3)   Limited Partnership
Interest		   United States             12/29/2025       1,835,962       2,253,325  

Panthera Growth I *

   (3)   Limited Liability
Company Interest		   Asia             6/23/2021       641,971       1,188,870  

Panthera Growth II

   (3)   Limited Liability
Company Interest		   Asia             5/11/2023       71,398       105,718  

Parthenon Investors V, L.P.

   (3)   Limited Partnership
Interest		   United States             6/30/2025       1,115,068       1,088,274  

Parthenon Investors VI Parallel, L.P.

   (3)   Limited Partnership
Interest		   United States             6/30/2025       726,526       703,321  

 

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 June 30, 2026 (Unaudited) (Continued)

 

                                                Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

Parthenon Kairos, L.P.

   (3)   Limited Partnership
Interest		     United States               3/3/2026     $ 6,485,928     $ 6,581,314  

Peak Equity Partners I LP

     Limited Partnership
Interest		     United States               6/30/2026       71,835       96,695  

Peak Rock Capital Fund II LP

   (3)   Limited Partnership
Interest		     United States               7/1/2025       114,497       41,974  

PEG Crescentspot U.S. Corporate Finance Fund, L.P. *

   (3)(7)   Limited Partnership
Interest		     United States               12/31/2024       -        3,072  

Pegasus WSJLL Fund, L.P. *

   (3)   Limited Partnership
Interest		     United States               12/14/2021       2,860,214       3,366,671  

Permira VII *

   (2)(3)(10)   Limited Partnership
Interest		     Western Europe               4/3/2023       256,217       363,179  

Petershill II Offshore LP

   (3)(14)   Limited Partnership
Interest		     United States               7/21/2021       45,957       60,105  

Petershill Private Equity LP

   (3)(14)   Limited Partnership
Interest		     United States               7/21/2021       36,414       59,114  

Pioneer Square Ventures Fund I, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       328,081       647,112  

PPC Fund II LP *

   (3)   Limited Partnership
Interest		     United States               12/30/2021       3,719,204       5,181,302  

Procemsa Build-Up GP S.A R.L. *

   (2)(3)   Limited Partnership
Interest		     Western Europe               11/15/2023       3,226,183       4,687,800  

Prospect Partners III Continuation Fund

   (3)   Limited Partnership
Interest		     United States               12/3/2021       12,265       2,003,076  

PSC Accelerator II (C), LP *

   (2)(3)   Limited Partnership
Interest		     Western Europe               11/22/2023         5,303,888         8,838,883  

PT2, L.P.

   (3)   Limited Partnership
Interest		     United States               12/31/2021       82,365       2,698,091  

Redpoint Ventures III, LP *

   (7)   Limited Partnership
Interest		     United States               12/31/2024       191,689       369,234  

Riverside Micro-Cap Fund VI, L.P.

   (3)   Limited Partnership
Interest		     United States               6/30/2025       331,495       375,861  

Riverstone Global Energy & Power Fund V, L.P. *

   (14)   Limited Partnership
Interest		     United States               7/8/2021       179       694  

Riverstone/Carlyle Renewable and Alternative Energy Fund II, L.P.

   (3)(14)   Limited Partnership
Interest		     United States               7/8/2021       5,966       1,177  

Riverwood Capital Partners II L.P.

   (14)   Limited Partnership
Interest		     United States               7/6/2021       269,061       234,556  

Riverwood Capital Partners L.P. *

   (14)   Limited Partnership
Interest		     United States               7/6/2021       22,393       12,766  

Roark Capital Partners V (TE) LP

   (3)(9)   Limited Partnership
Interest		     United States               12/30/2022       602,419       836,246  

Roark Capital Partners VI (TE) LP

   (9)   Limited Partnership
Interest		     United States               12/30/2022       243,282       391,497  

 

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 June 30, 2026 (Unaudited) (Continued)

 

                                                Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

Rothwell Ventures I L.P.

     Limited Partnership
Interest		     United States               9/10/2021     $ 1,888,180     $ 2,826,298  

Sagamore China Partners III, L.P. *

   (3)(13)   Limited Partnership
Interest		     Asia               3/30/2021       1,675,330       2,074,784  

Sagamore China Partners IV, L.P. *

   (3)(13)   Limited Partnership
Interest		     Asia               3/30/2021         2,102,619         2,493,435  

Sandler Capital Partners V LP *

   (7)   Limited Partnership
Interest		     United States               12/31/2024       283       693  

Saturn Opportunity LP

   (3)   Limited Partnership
Interest		     United States               12/30/2021       600,586       1,392,001  

SB Asia Investment Fund II L.P. *

   (3)(7)   Limited Partnership
Interest		     Asia               12/31/2024       118,276       257,269  

Searchlight Capital II PV, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       485,189       724,450  

Searchlight Capital III PV, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       4,577,718       5,487,705  

Serent Capital III, L.P. *

   (3)   Limited Partnership
Interest		     United States               9/30/2022       172,201       332,763  

Serent Capital IV L.P. *

   (3)   Limited Partnership
Interest		     United States               9/30/2022       281,134       397,611  

Seventh Cinven Fund (No. 1) Limited Partnership

   (2)(3)   Limited Partnership
Interest		     Western Europe               7/3/2025       647,314       695,235  

Sevin Rosen Fund IX L.P. *

   (3)(7)   Limited Partnership
Interest		     United States               12/31/2024       32,814       12,959  

Shasta Ventures Fund IV, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       120,918       264,789  

SK Capital Partners V-B, L.P. *

   (3)(9)   Limited Partnership
Interest		     United States               3/31/2023       1,106,855       789,877  

SSG 2026 VC Secondary Investments, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       6,249,173       8,092,973  

Summa Equity Fund III (No. 1) AB

   (2)   Limited Liability
Company Interest		     Western Europe               6/30/2026       1,910,567       2,724,747  

Summit Partners Growth Equity Fund IX-B, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       247,231       252,236  

Summit Partners Growth Equity Fund X-B, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       316,503       366,800  

TA Associates XI, L.P. *

   (3)(7)   Limited Partnership
Interest		     United States               12/31/2024       6,452       34,573  

TA Subordinated Debt Fund III L.P. *

   (7)   Limited Partnership
Interest		     United States               12/31/2024       211       895  

TA XIII-B, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       360,968       372,552  

TA XIV-A, L.P.

   (3)   Limited Partnership
Interest		     United States               12/30/2022       1,674,303       2,214,687  

TA XIV-B, L.P.

     Limited Partnership
Interest		     United States               6/29/2026       412,876       446,986  

 

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 June 30, 2026 (Unaudited) (Continued)

 

                                                Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

TDR Capital IV ‘A’ L.P.

   (2)(3)(9)   Limited Partnership
Interest		     Western Europe               3/31/2023     $ 749,990     $ 1,340,581  

TDR Capital IV ‘A’ L.P.

   (2)(3)   Limited Partnership
Interest		     Western Europe               6/30/2025       3,584,839       5,741,150  

Tenzing Belay L.P.

   (2)(3)   Limited Partnership
Interest		     Western Europe               6/30/2025       982,256       1,503,938  

Tenzing Private Equity I LP

   (2)(3)   Limited Partnership
Interest		     Western Europe               6/30/2025       527,134       448,525  

Tenzing Private Equity II LP

   (2)(3)   Limited Partnership
Interest		     Western Europe               6/30/2025         2,110,306         3,774,940  

The Baring Asia Private Equity Fund VI, L.P.1

     Limited Partnership
Interest		     Asia               6/30/2026       181,683       208,868  

The Baring Asia Private Equity Fund VII, SCSp

     Limited Partnership
Interest		     Asia               6/30/2026       1,062,372       1,434,033  

The Resolute III Continuation Fund, L.P. *

   (3)(12)   Limited Partnership
Interest		     United States               9/27/2024       3,440,314       3,784,391  

The Sixth Cinven Fund LP

   (2)(3)   Limited Partnership
Interest		     Western Europe               7/3/2025       371,306       180,516  

Thoma Bravo Fund XIV-A, L.P.

   (3)(9)   Limited Partnership
Interest		     United States               3/31/2023       1,003,440       1,304,643  

Thoma Bravo XIII-A

   (3)   Limited Partnership
Interest		     United States               7/3/2025       654,536       695,361  

TPG Partners VIII, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       952,326       978,666  

True Ventures IV, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       631,648       1,424,815  

True Ventures V, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       429,594       743,230  

True Ventures VI, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       -        1,613,572  

U.S. Venture Partners IX, L.P. *

   (3)(7)   Limited Partnership
Interest		     United States               12/31/2024       17,340       206,758  

Verdane Lif Continuation (D1) AB

   (2)(3)   Limited Liability
Company Interest		     Western Europe               4/30/2026       9,027,560       8,636,509  

Vitruvian Investment Partnership III *

   (2)(3)   Limited Partnership
Interest		     Western Europe               12/30/2022       2,576,617       3,412,191  

Warburg Pincus Global Growth, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       650,318       731,275  

Water Street Orion Fund Parallel, L.P. *

   (3)   Limited Partnership
Interest		     United States               12/31/2021       4,408,896       5,961,417  

WCAS XIII, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       396,554       446,881  

WestCap Strategic Operator Fund II, L.P.

   (3)(6)   Limited Partnership
Interest		     United States               5/31/2022       437,390       533,455  

WestCap Strategic Operator Fund, L.P.

   (3)(6)   Limited Partnership
Interest		     United States               4/14/2022       1,595,323       1,048,143  

 

The accompanying notes are an integral part of this consolidated schedule of investments.
12

Adams Street Private Equity Navigator Fund LLC

 

 

 

Consolidated Schedule of Investments

As of June 30, 2026 (Unaudited) (Continued)

 

                                                Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

WestCap STUB, LLC *

   (3)(6)   Limited Liability
Company Interest		     United States               4/14/2022     $ 265,449     $ 44,015  

WestCap VG, LLC *

   (3)(6)   Limited Liability
Company Interest		     United States               4/14/2022       30,471       5,317  

Wynnchurch Capital Partners IV LP

   (3)   Limited Partnership
Interest		     United States               12/29/2025       1,085,146       847,366  

5AM Opportunities I, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       30,994       84,587  

5AM Ventures V, L.P.

     Limited Partnership
Interest		     United States               6/30/2026       90,713       226,447  
                 

 

 

    

 

 

  

Total Secondary Investments

                 308,597,679       375,788,954  
                 

 

 

    

 

 

  

Private Credit Investments - 1.5% (1)

                

Fastener Distribution Holdings *

   (3)   Common Stock     United States             24       10/2/2023       84,673       270,954  

Four Seasons *

   (3)   Common Stock     United States      
 Class A Common
Units		  
 		         209       4/4/2023       209,228       244,776  

Four Seasons

   (3)(17)   Loan Notes     United States      
 First Amendment
Term Loan		  
 		    
 1M
SOFR + 5.50%		  
 		     11/18/2028       390,190       4/19/2024       390,190       390,190  

Four Seasons

   (3)(17)   Loan Notes     United States       Term Loan      
 1M
SOFR + 5.50%		  
 		     11/18/2028       4,383,826       4/4/2023       4,346,419       4,383,826  

Symplr

   (3)(16)(17)   Loan Notes     United States      
 Fourth Amendment
Term Loan		  
 		    
 3M
SOFR + 10.00%		  
 		     12/22/2028       6,108,297       5/15/2024       6,017,677       3,832,957  

Tank Holding

   (3)(17)   Loan Notes     United States       Term Loan      
 1M
SOFR + 6.00%		  
 		     3/31/2028       1,369,451       5/26/2023       1,354,499       1,352,333  
                 

 

 

    

 

 

  

Total Private Credit Investments

                 12,402,686       10,475,036  
                 

 

 

    

 

 

  

Co-Investments - 50.6% (1)

                

ACP Ukulele Co-Invest LP *

     Limited Partnership
Interest		     United States               3/4/2024       3,060,104       4,502,424  

Adams Street Apos Co-Inv. Aggregator LP

   (2)   Limited Partnership
Interest		     Western Europe               7/16/2021       689,438       1,346,206  

Adams Street Ocean AK Co-Inv. Aggregator LP

     Limited Partnership
Interest		     Asia               6/28/2021       270,208       255,484  

Adams Street Synthesis Co-Inv. Aggregator LP

   (2)   Limited Partnership
Interest		     Western Europe               5/27/2021       493,385       524,324  

AEA EXC CF LP *

     Limited Partnership
Interest		     United States               8/11/2022       2,148,223       2,701,659  

Altor I Co-Invest AB *

   (2)   Limited Partnership
Interest		     Western Europe               12/29/2023       2,298,159       3,066,247  

Altruist Corp *

   (3)   Preferred Stock     United States       Series D           605,421       3/17/2023       3,809,681       7,081,505  

Altruist Corp *

   (3)   Preferred Stock     United States       Series E           237,915       2/14/2024       2,196,719       3,006,023  

Amalfi Invest Collective S.C.A

   (2)   Limited Partnership
Interest		     Western Europe               2/28/2023       1,641,372       6,137,889  

ASP Co-Inv Fac 1 LP

     Common Stock     Asia       Ordinary Shares           6,176       4/11/2022       621,369       2,408,417  

ASP Co-Inv Fac 2 LP

   (2)(3)   Limited Partnership
Interest		     Western Europe               8/1/2022       1,705,285       2,903,597  

 

The accompanying notes are an integral part of this consolidated schedule of investments.
13

Adams Street Private Equity Navigator Fund LLC

 

 

 

Consolidated Schedule of Investments

As of June 30, 2026 (Unaudited) (Continued)

 

                                                Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

ASP Corp Fac 1 Inc.

   (3)   Limited Liability
Company Interest		     United States               6/29/2022     $ 341,101     $ 1,466,871  

Astorg Normec Fund

   (2)   Limited Partnership
Interest		     Western Europe               9/23/2024       749,973       1,150,139  

Astorg VIII Co-Invest Acturis *

   (2)(3)   Limited Partnership
Interest		     Western Europe               10/17/2024       6,372,321       9,346,021  

Astorg VIII Co-Invest Corden Fac

   (2)(3)   Limited Partnership
Interest		     Western Europe               8/1/2022       283,914       293,956  

Astro Co-Invest, L.P.

     Limited Partnership
Interest		     United States               6/26/2025       5,715,200       7,782,673  

BAH Co-Investor, L.P. *

   (3)   Limited Partnership
Interest		     United States               10/11/2022       1,399,362       2,692,960  

BC Partners Dory Co-Investment LP *

     Limited Partnership
Interest		     United States               10/25/2023       2,411,088       3,421,608  

BEHP Co-Investor II, L.P.

   (3)   Limited Partnership
Interest		     United States               4/14/2022       474,106       2,253,987  

Belize Co-Investment

   (3)   Common Stock     United States       Ordinary Shares           8,864       1/26/2026         8,863,640         8,863,640  

Bigtincan Holdings (Cayman) Limited Partnership

     Limited Partnership
Interest		     United States               8/25/2025       6,890,000       6,889,348  

BillionToOne, Inc. *

     Common Stock     United States             246,939       11/6/2025       6,913,965       29,627,741  

BW Colson Co-Invest, L.P.

     Limited Partnership
Interest		     United States               2/25/2021       507,196       1,055,472  

CMC Tarzan, L.P. *

   (3)   Limited Partnership
Interest		     Asia               6/14/2021       737,400       -   

Cub SPV-C, L.P.

   (3)   Limited Partnership
Interest		     United States               6/26/2026       3,692,866       3,692,866  

Cyberhaven, Inc. *

   (3)   Preferred Stock     United States       Series C           4,988,147       4/25/2024       5,201,260       10,941,610  

Cyberhaven, Inc. *

   (3)   Preferred Stock     United States       Series D           349,154       12/23/2024       649,392       765,877  

DispatchHealth Holdings, Inc.

   (3)   Common Stock     United States             20,808       11/1/2022       6,089,703       915,656  

DispatchHealth Holdings, Inc.

   (3)   Preferred Stock     United States      
 Series A-1
Preferred		  
 		         1,347       5/15/2026       85,081       74,587  

DispatchHealth Holdings, Inc.

   (3)   Preferred Stock     United States      
 Series A-1-F
Preferred		  
 		         3,593       5/23/2025       183,195       183,181  

DispatchHealth Holdings, Inc.

   #(3)   Warrants     United States             1       5/23/2025       -        46,734  

DL Inv Aggregator Fund LP *

   (3)   Preferred Stock     The Americas       Series A-7           2,808       10/8/2021       459,516       84,576  

Dremio Corporation *

   (3)   Preferred Stock     United States       Series E           168,576       1/18/2022       1,439,048       1,420,853  

Emerald Technologies Holdings, L.P.

   (3)   Limited Partnership
Interest		     United States               4/13/2022       676,162       673,111  

Espresso Opportunity LP

     Limited Partnership
Interest		     United States               8/26/2025       2,998,531       3,998,927  

Ethos Capital Digital Infrastructure LP

     Limited Partnership
Interest		     United States               12/15/2025       8,339,822       12,301,179  

Evolution Parent, LP

     Limited Partnership
Interest		     United States               6/11/2021       679,153       1,516,846  

FH KH Parent, L.P.

   (3)   Limited Partnership
Interest		     United States               1/29/2025       10,189,272       14,264,846  

 

The accompanying notes are an integral part of this consolidated schedule of investments.
14

Adams Street Private Equity Navigator Fund LLC

 

 

 

Consolidated Schedule of Investments

As of June 30, 2026 (Unaudited) (Continued)

 

                                                Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

FS NU Investors, LP *

   (3)   Limited Liability
Company Interest		     United States               8/11/2022     $   1,694,560     $   1,372,922  

Goldeneye Holdings Parent, LP *

   (3)   Limited Partnership
Interest		     United States               7/1/2021       7,005,308       8,421,812  

HG Lighthouse Co-Invest L.P. *

   (2)   Limited Partnership
Interest		     United States               5/27/2022       830,792       996,729  

Homeward, Inc. *

   (3)   Preferred Stock     United States       Series B           210,588       5/14/2021       1,600,018       1,340,293  

Homeward, Inc. *

   (3)   Preferred Stock     United States       Series C-1           259,819       5/14/2021       401,446       401,446  

Homeward, Inc. *

   (3)   Preferred Stock     United States       Series C-2           4,415,251       5/14/2021       4,998,545       5,457,692  

Homeward, Inc.

   (3)   Preferred Stock     United States      
 Series D-2
Preferred		  
 		         405,778       4/3/2026       854,123       854,123  

Homeward, Inc. *

   #(3)   Warrants     United States      
 Series C-1
Preferred Warrants		  
 		         295,612       9/18/2025       -        456,750  

Homeward, Inc. - expiring 7/28/2033, $0.001 *

   #(3)   Warrants     United States      
 Series B
Preferred Warrants		  
 		         385,012       5/14/2021       -        2,450,419  

Industrial F&B Collective S.C.A.

   (2)   Limited Partnership
Interest		     United States               2/9/2026       14,926,200       14,817,390  

JMI PCC Holdings, L.P. *

     Limited Partnership
Interest		     The Americas               5/3/2022       888,465       1,134,883  

Keensight Actico Coinvestment SLP

   (2)   Limited Partnership
Interest		     Western Europe               6/25/2025       4,295,509       4,170,436  

Kelso XI Heights Co-Investment (DE), L.P. *

     Limited Partnership
Interest		     United States               8/22/2022       1,038,099       1,108,145  

Kenco PPC Blocker LLC

     Limited Liability
Company Interest		     United States               11/14/2022       1,132,374       4,347,006  

Level AI *

   (3)   Preferred Stock     United States       Series C           671,542       6/26/2024       1,008,460       1,756,688  

Magenta Blocker Aggregator LP *

     Limited Partnership
Interest		     United States               7/23/2021       468,528       576,867  

MDCP Co-Investors (Jade III), L.P.

   (2)   Limited Partnership
Interest		     Western Europe               6/25/2025       6,807,086       8,198,434  

MDCP Co-Investors (Tango), L.P. *

     Limited Partnership
Interest		     Western Europe               5/26/2022       943,070       1,869,076  

Menlo Ridgeview CoInvest LLC

     Limited Liability
Company Interest		     United States               5/16/2025       7,201,700       8,964,341  

NC Ocala Co-Invest Beta, L.P. *

     Limited Partnership
Interest		     United States               11/19/2021       1,102,222       1,216,487  

NMSEF I Aggregator, L.P. *

     Limited Partnership
Interest		     United States               11/10/2021       454,078       966,866  

NMSEF I Holdings VII, L.P. *

     Limited Partnership
Interest		     The Americas               8/7/2024       3,383,102       4,251,687  

Nomad Health, Inc. *

   (3)   Common Stock     United States             18,980       5/27/2022       250,298       -   

Nomad Health, Inc. *

   (3)   Preferred Stock     United States       Series AA-1           36,893       5/27/2022       20,627       17,279  

Nomad Health, Inc. *

   (3)   Preferred Stock     United States      
 Series AAA
Preferred		  
 		         83,284       9/30/2025       34,814       39,007  

Nomad Health, Inc. *

   (3)   Preferred Stock     United States       Series BB-1           73,786       5/27/2022       41,254       -   

Nomad Health, Inc. *

   (3)   Preferred Stock     United States       Series CC-1           39,483       5/27/2022       520,680       -   

 

The accompanying notes are an integral part of this consolidated schedule of investments.
15

Adams Street Private Equity Navigator Fund LLC

 

 

 

Consolidated Schedule of Investments

As of June 30, 2026 (Unaudited) (Continued)

 

                                                Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

Nomad Health, Inc. *

   #(3)   Warrants     United States      
 Series AAA -
Preferred Warrants		  
 		         22,123       9/30/2025     $ -      $ 10,362  

NT SPV 14 *

     Common Stock     Asia       Ordinary Shares           600,000       1/9/2023       601,450       1,451,102  

Oakley Capital Guinness B1 SCSp *

   (2)   Limited Partnership
Interest		     Western Europe               6/8/2023       2,120,842       3,380,464  

Oakley Capital V Co-Investment (A) SCSp *

   (2)   Limited Partnership
Interest		     Western Europe               12/9/2022       1,439,041       2,701,815  

Odyssey Investment Partners VI Mercalis CoInvest, LP

     Limited Partnership
Interest		     United States               5/27/2025       8,048,825       7,997,479  

Onward Co-Invest L.P.

   (3)   Limited Partnership
Interest		     United States               3/23/2026        17,211,395        17,167,117  

Orca Security, Ltd. *

   (3)   Common Stock     Asia       Ordinary Shares           20,545       8/27/2021       202,478       142,929  

Orca Security, Ltd. *

   (3)   Preferred Stock     Asia       Seed           51,360       8/27/2021       505,753       357,305  

Orca Security, Ltd. *

   (3)   Preferred Stock     Asia       Series A           15,055       8/27/2021       148,198       104,736  

Orca Security, Ltd. *

   (3)   Preferred Stock     Asia       Series B           11,855       8/27/2021       116,698       82,474  

Orca Security, Ltd. *

   (3)   Preferred Stock     Asia       Series C-1           20,345       8/27/2021       243,889       243,187  

Orca Security, Ltd. *

   (3)   Preferred Stock     Asia       Series C-2           6,184       12/5/2025       45,335       68,002  

Orca Security, Ltd. *

   #(3)   Warrants     Asia             1       12/5/2025       -        52,566  

Parthenon Kairos, L.P.

     Limited Partnership
Interest		     United States               3/2/2026       6,328,175       6,292,674  

Partners Group Client Access 34, L.P. Inc. *

   (3)   Limited Partnership
Interest		     United States               4/15/2021       209,797       218,151  

Plutus Financial Holdings, Inc. (ABRA) *

   (3)   Common Stock     United States             86,339       3/31/2026       485,197       963,543  

Poolside, Inc. *

   (3)   Preferred Stock     Western Europe       Series B           26,245       7/10/2024       2,003,926       2,933,338  

PPC CHG Blocker LLC *

     Limited Liability
Company Interest		     United States               12/9/2021       1,203,735       1,979,826  

PSC Stanley Coinvest, LP *

     Limited Partnership
Interest		     United States               9/26/2023       2,149,258       3,854,720  

Reify Health, Inc. *

   (3)   Common Stock     United States             25,464       12/3/2021       76,458       90,656  

Reify Health, Inc. *

   (3)   Preferred Stock     United States       Series C           139,040       6/9/2021       746,479       745,217  

Reify Health, Inc. *

   (3)   Preferred Stock     United States       Series Seed           67,500       6/28/2021       361,782       240,312  

Remote Technology, Inc. *

   (3)   Preferred Stock     United States       Series B           25,965       7/15/2021       1,047,793       2,737,554  

Remote Technology, Inc. *

   (3)   Preferred Stock     United States       Series C           4,601       5/4/2022       441,193       485,095  

SLP EGF III Co-Investment Fund

     Limited Partnership
Interest		     Western Europe               6/14/2021       516,499       439,796  

SLP Valor Co-Invest, L.P. *

     Limited Partnership
Interest		     United States               5/28/2024       2,617,517       4,780,275  

Special Packaging Solutions Opportunities S.C.A *

   (2)   Limited Partnership
Interest		     Western Europe               11/18/2021       610,807       1,171,606  

Sprints Watson LP

   (3)   Limited Partnership
Interest		     Western Europe               6/5/2026       7,554,812       7,554,812  

STG Bravo, L.P. *

     Limited Partnership
Interest		     United States               4/13/2021       12,049       104,116  

 

The accompanying notes are an integral part of this consolidated schedule of investments.
16

Adams Street Private Equity Navigator Fund LLC

 

 

 

Consolidated Schedule of Investments

As of June 30, 2026 (Unaudited) (Continued)

 

                                                Amounts in USD  

Fund Investments

   Footnotes   Investment Type   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)

                

STG Mercury, L.P. *

     Limited Partnership
Interest		     United States               5/26/2023     $ 2,152,292     $ 2,254,390  

Stichting Administratiekantoor Ristretti Co-Investment (Expereo) *

   (2)(3)   Common Stock     Western Europe      
 Depository
Receipts		  
 		         420,380       4/23/2021       511,564       379,683  

TA ID Aggregator, L.P. *

     Limited Partnership
Interest		     United States               3/1/2021       270,065       285,903  

TidalWave

     Limited Partnership
Interest		     United States               6/2/2023       2,062,725       2,708,837  

Truehold *

   (3)   Preferred Stock     United States       Series C           568,397       8/28/2024         5,736,357         7,901,469  

Truehold *

   (3)   Preferred Stock     United States       Series C-1           31,554       3/16/2026       430,150       438,642  

Turquoise Health Co. *

   (3)   Preferred Stock     United States       Series B           351,555       12/22/2023       3,321,166       4,074,448  

Turquoise Health Co. *

   (3)   Preferred Stock     United States      
 Series C
Preferred		  
 		         33,971       9/18/2025       390,586       393,717  

Turquoise Health Co. *

   (3)   Preferred Stock     United States      
 Series C-1
Preferred		  
 		         28,151       9/18/2025       291,309       326,264  

Vector Solstice Co-Investment, L.P.

     Limited Partnership
Interest		     United States               9/26/2025       12,000,000       12,008,418  

Verdane P Co-Invest AB *

   (2)   Limited Partnership
Interest		     Western Europe               3/30/2022       863,427       256,278  

Welbe Health, LLC

   (3)   Limited Liability
Company Interest		     United States               11/29/2021       3,250,619       6,045,540  

24PT Co-Investment Limited Partnership *

     Limited Partnership
Interest		     United States               11/5/2024       4,885,909       5,474,203  
                 

 

 

    

 

 

  

Total Co-Investments

                 256,393,118       345,744,839  
                 

 

 

    

 

 

  

Short-Term Investments - 2.2%

                

State Street Institutional Treasury Plus Money Market Fund - Premier Class

   (15)   Money Market
Fund		     United States         3.58%         15,046,558       $ 15,046,558     $ 15,046,558  
                 

 

 

    

 

 

  

Total Short-Term Investments

                 15,046,558       15,046,558  
                 

 

 

    

 

 

  

Total Investments - 111.2%

                 604,306,040       760,267,961  
                 

 

 

    

 

 

  

Liabilities in excess of other assets - (11.2)%

 

               (76,765,649)  
                   

 

 

  

Total Net Assets - 100%

                 $ 683,502,312  
                   

 

 

  

 

The accompanying notes are an integral part of this consolidated schedule of investments.
17

Adams Street Private Equity Navigator Fund LLC

 

 

 

Consolidated Schedule of Investments

As of June 30, 2026 (Unaudited) (Continued)

 

Investment Type allocation   Cost    Fair Value      % of Investments,
at Fair Value		  

Common Stock

   $ 24,910,023      $ 45,359,097        6.0 % 

Limited Liability Company Interest

     37,309,024        48,141,414        6.3 % 

Limited Partnership Interest

     475,597,177        584,188,255        76.8 % 

Loan Notes

     12,108,785        9,959,306        1.3 % 

Money Market Fund

     15,046,558        15,046,558        2.0 % 

Preferred Stock

     39,334,473        54,556,500        7.2 % 

Warrants

     -         3,016,831        0.4 % 
 

 

 

 

   

 

 

     

 

 

  

Total Investments

   $ 604,306,040      $ 760,267,961        100.0 % 
 

 

 

 

   

 

 

     

 

 

  

 

Geographic allocation   Cost    Fair Value      % of Investments,
at Fair Value		  

Asia

   $ 9,346,427      $ 12,929,179        1.7 % 

Australasia

     554,805        867,552        0.1 % 

The Americas (excluding United States)

     8,135,381        10,994,042        1.5 % 

United States

     419,399,758        531,491,438        69.9 % 

Western Europe

     166,869,669        203,985,750        26.8 % 
 

 

 

 

   

 

 

     

 

 

  

Total Investments

   $ 604,306,040      $ 760,267,961        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.

 

***

Investment Abbreviations: SOFR - Secured Overnight Financing Rate.

 

****

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, Private Credit Investments and Co-Investments (each as defined in Note 1) have no redemption provisions, are issued in private placement transactions and are restricted as to resale. For investments that were acquired through multiple transactions, the acquisition date represents the initial acquisition date of the Fund’s investment in the position. Total fair value of restricted securities amounts to $745,221,403, which represents 109.0% of net assets as of June 30, 2026.

 

(2)

The investment is denominated in a 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 fair value hierarchy. Level 3 security values are determined using significant unobservable inputs. See Note 3 for additional information regarding Level 3 investments.

 

(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 an 8.65% ownership interest.

 

(15)

The rate shown is the annualized seven-day yield as of June 30, 2026.

 

(16)

The stated interest rate includes 4.00% PIK.

 

(17)

As of June 30, 2026, the following reference rates were in effect: 1M SOFR - 1 Month SOFR was 3.63%; 3M SOFR - 3 Month SOFR was 3.63%.

 

The accompanying notes are an integral part of this consolidated schedule of investments.
18

Adams Street Private Equity Navigator Fund LLC

 

 

 

Notes to Consolidated Schedule of Investments

June 30, 2026 (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 Predecessor Fund converted to a Delaware limited liability company, and on April 1, 2025, the Fund registered under the 1940 Act (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 adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).

The business operations of the Fund are supervised under the direction of the Fund’s Board of Directors (the “Board”), subject to the laws of the State of Delaware and the Fund’s limited liability company agreement, as may be amended, restated or otherwise modified from time to time.

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 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 “Co-Investment” is an investment in an identified buyout, venture growth or other alternative asset transaction (the securities or instruments of which primarily constitute equity or equity-like instruments), generally made by the Fund as a lead investor or 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; short-term, high-quality (i.e., investment grade or higher), 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 Advisers Act.

2. SIGNIFICANT ACCOUNTING POLICIES

Valuation

The Fund values its investments at fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement (“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 U.S. Securities and Exchange Commission (“SEC”) adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments.

 

 

19

Adams Street Private Equity Navigator Fund LLC

 

 

 

Notes to Consolidated Schedule of Investments

June 30, 2026 (Unaudited) (Continued)

 

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 Accounting Standards Codification Topic 946, Financial Services – Investment Companies. 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 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. 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.

 

 

20

Adams Street Private Equity Navigator Fund LLC

 

 

 

Notes to Consolidated Schedule of Investments

June 30, 2026 (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.

Investments classified within Level 1 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.

Investments classified within Level 2 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.

Investments classified within Level 3 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 requires 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 market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary and provided by multiple independent sources 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.

 

 

21

Adams Street Private Equity Navigator Fund LLC

 

 

 

Notes to Consolidated Schedule of Investments

June 30, 2026 (Unaudited) (Continued)

 

The following table is a summary of information about the levels within the fair value hierarchy at which the Fund’s investments are measured as of June 30, 2026:

 

Investments    Level 1      Level 2      Level 3      Total  

Primary Investments

    $ -      $    -      $ 602,220      $ 602,220  

Secondary Investments

      -        -        269,355,475        269,355,475  

Private Credit Investments

      -        -        10,475,036        10,475,036  

Co-Investments

      29,627,741        -        147,298,007        176,925,748  

Short-Term Investments

      15,046,558        -        -        15,046,558  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 44,674,299      $ -      $ 427,730,738      $ 472,405,037  
  

 

 

     

 

 

     

 

 

     

 

 

  

The Fund held Primary Investments, Secondary Investments and Co-Investments with a fair value of $12,610,354, $106,433,479 and $168,819,091, respectively, which are excluded from the fair value hierarchy as of June 30, 2026, 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 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). Increases (decreases) in these inputs in isolation would result in a significantly higher (lower) fair value measurement. The impact of such changes is not necessarily linear and may be affected by the interaction of multiple inputs.

The following table shows a reconciliation of investments classified within Level 3 during the period:

 

      Primary
Investments		      Secondary
Investments		      Private
Credit		      Co-
Investments		      Total  

Balance as of March 31, 2026

    $ -      $ 73,605,820      $ 11,881,545      $ 137,774,476      $ 223,261,841  

Transfers into Level 3

      -        169,188,120        -        11,545,971        180,734,091  

Transfers out of Level 3

      -        (2,806,682 )       -        (20,590,662 )       (23,397,344 ) 

Purchases of Investments

      602,220        28,079,790        -        12,450,039        41,132,049  

Amortization of Discounts

      -        -        14,892        -        14,892  

Payment-in-kind

      -        -        60,478        -        60,478  

Sales/Paydowns/Distributions Received

      -        (2,872,507 )       (15,752 )       (200,691 )       (3,088,950 ) 

Net change in unrealized appreciation (depreciation)

      -        4,160,934        (1,466,127 )       6,318,874        9,013,681  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Balance as of June 30, 2026

    $ 602,220      $ 269,355,475      $ 10,475,036      $ 147,298,007      $ 427,730,738  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net change in unrealized appreciation (depreciation) on investments held at June 30, 2026

    $ -      $ 4,160,934      $ (1,466,127 )     $ 6,318,874      $ 9,013,681  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

The Fund had investments that transferred out of Level 3 valued at $23,397,344. The transfers out of Level 3 were due to the investment being valued at net asset value as of June 30, 2026. 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.

 

 

22

Adams Street Private Equity Navigator Fund LLC

 

 

 

Notes to Consolidated Schedule of Investments

June 30, 2026 (Unaudited) (Continued)

 

The following table provides a summary of valuation techniques and quantitative inputs and assumptions used for investments classified within Level 3 of the fair value hierarchy as of June 30, 2026:

 

Investment Type   Fair Value at
June 30, 2026		     Valuation Technique(s)   Unobservable Input(s)   Range (Weighted Average
by Fair Value)
Primary Investments        

Limited Partnership Interest

   $ 602,220     Recent Financings   N/A   N/A
Secondary Investments        

Limited Liability Company Interest

   $

$

 1,343,920

8,636,509

  

 

   Adjusted Reported NAV Recent Financings   Fair Value Adjustments N/A  

N/A

N/A

Limited Partnership Interest

   $
$		  242,530,540
    16,844,506		  
 		   Adjusted Reported NAV Recent Financings  

Fair Value Adjustments

N/A

  

N/A

N/A

Private Credit Investments        

Common Stock

   $ 515,730     Market Approach   EBITDA Multiple   11.3x - 19.7x (15.3x)

Loan Notes

   $ 9,959,306     Income Approach   Market Interest Rate   9.7% - 34.6% (19.6%)
Co-Investments        

Common Stock

   $

$

$

 379,683

1,149,241

9,827,183

  

 

 

  

Market Approach

Market Comparables

Recent Financings

  

Gross Profit Multiple

Revenue Multiple

N/A

  

0.8x (0.8x)
5.8x -14.2x (10.9x)

N/A

Limited Liability Company Interest

   $

$

 2,839,793

6,045,540

  

 

  

Market Approach

Market Comparables

  

MOIC

Revenue Multiple

  

0.8x - 2.8x (1.8x)

11.6x (11.6x)

Limited Partnership Interest

   $

$

$

 -

40,395,330

29,087,906

  

 

 

  

Adjusted Reported NAV

Market Approach

Recent Financings

  

Discount to NAV

MOIC

N/A

  

100% (100%)

1.1x - 2.9x (1.5x)

N/A

Preferred Stock

   $

$

 51,538,587

3,017,913

  

 

   Market Comparables Recent Financings  

Revenue Multiple

N/A

  

2.2x - 21.3x (10.6x)

N/A

Warrants

   $

$

 2,970,097

46,734

  

 

   Market Comparables Recent Financings  

Revenue Multiple

N/A

  

2.2x - 14.2x (2.4x)

N/A

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.

 

 

23

Adams Street Private Equity Navigator Fund LLC

 

 

 

Notes to Consolidated Schedule of Investments

June 30, 2026 (Unaudited) (Continued)

 

The significant unobservable inputs used in the fair value measurement of the privately held securities are revenue multiple, EBITDA multiple, multiple on invested capital (MOIC), discount for lack of marketability, 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 investments 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.

 

 

24