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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File No. 000-56746

Carlyle Private Equity Partners Fund, L.P.

(Exact name of Registrant as specified in its charter)


Delaware		33-3814841
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

1001 Pennsylvania Ave., N.W., Suite 220 South, Washington, DC 20004-2505		(202) 729-5626
(Address of principal executive office) (Zip Code)		(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
N/A	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities

Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and

(2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted

pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the

registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller

reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting

company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2026, the registrant had the following limited partnership units outstanding: 24,000 Class A-S units, 873,796 Class A-I

units, 164,829 Class E-A units, 12,781 Class E-S units, 2,242,975 Class E-I units and 164,970 Class C units.

CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

TABLE OF CONTENTS



Part I.	Financial Information
Item 1.	Unaudited Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 and December 31, 2025 ................	1
	Consolidated Statements of Operations for the three months ended March 31, 2026 and for the period from February 11, 2025 (Inception) through March 31, 2025 .........................................................................	2
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and for the period from February 11, 2025 (Inception) through March 31, 2025 ..............................................................	3
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and for the period February 11, 2025 (Inception) through March 31, 2025 .................................................................................	4
	Condensed Consolidated Schedules of Investments as of March 31, 2026 and December 31, 2025 ..............	5
	Notes to Consolidated Financial Statements ....................................................................................................	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations ..........................	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk .........................................................................	33
Item 4.	Controls and Procedures ...................................................................................................................................	33
Part II.	Other Information
Item 1.	Legal Proceedings ............................................................................................................................................	35
Item 1A.	Risk Factors ......................................................................................................................................................	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds .........................................................................	35
Item 3.	Defaults Upon Senior Securities ......................................................................................................................	35
Item 4.	Mine Safety Disclosures ...................................................................................................................................	35
Item 5.	Other Information .............................................................................................................................................	35
Item 6.	Exhibits .............................................................................................................................................................	36
	Signatures .........................................................................................................................................................	37

Table of Contents

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements

include, but are not limited to, statements related to our expectations, estimates, beliefs, projections, future plans and strategies,

anticipated events or trends, and similar expressions and statements that are not historical facts, including our expectations

regarding our future operations, business plans, business and investment strategies and portfolio management and the

performance of our investments. You can identify these forward-looking statements by the use of words such as “outlook,”

“believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,”

“plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking

statements are subject to various risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that

could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to,

those described in this Quarterly Report on Form 10-Q and under "Part I, Item 1A. Risk Factors” in our Annual Report on Form

10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 30,

2026, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s

website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other

cautionary statements that are included in this Quarterly Report on Form 10-Q and in our other periodic filings with the SEC.

We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new

information, future developments, or otherwise, except as required by applicable law.

In this Quarterly Report on Form 10-Q, except where the context suggests otherwise:

•the term “Carlyle” refers collectively to The Carlyle Group Inc. and its subsidiaries and affiliated entities;

•the term “Carlyle AlpInvest” refers to AlpInvest Private Equity Investment Management, LLC;

•the terms “CPEP,” “we,” “us,” “our” and “Fund,” refer to Carlyle Private Equity Partners Fund, L.P., a Delaware

limited partnership, and may include the Feeder, Intermediate Entities, Lower Funds and Parallel Funds, as the context

requires;

•the term “CPEP Lux” refers to Carlyle Private Equity Partners – EU, a sub-fund of Carlyle Private Markets S.A.

SICAV – UCI Part II, and a Luxembourg alternative investment fund available to individual investors primarily

domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, Asia and certain other

jurisdictions, together with its related entities;

•the term “Feeder” refers to CPEP Feeder, L.P., a Delaware limited partnership;

•the term “General Partner” refers to CPEP GP, LLC, a Delaware limited liability company, our general partner;

•the term “Intermediate Entity” refers to entities (including corporations) used to acquire, hold or dispose of any

investment asset or otherwise facilitate the Fund’s investment activities;

•the term “Investment Advisor” refers to Carlyle Investment Management L.L.C., our investment advisor;

•the term “Lower Funds” refers to CPEP Aggregator, Ltd., a Cayman Islands limited company, together with one or

more additional vehicles that aggregate, or may in the future aggregate, the holdings or a portion of the holdings of the

Fund (including any successor vehicles thereto), directly or indirectly through one or more Intermediate Entities;

•the term “net asset value” or “NAV” refers to, as the context requires, transactional NAV (i.e., the price at which

transactions in the Fund’s Units are made);

•the term “Other Carlyle Accounts” refers to, individually and collectively, any of the following: other funds,

investment vehicles, separate managed account arrangements, special purpose vehicles, co-investors, co-investment

vehicles and/or other similar arrangements sponsored, advised and/or managed by Carlyle or its affiliates, whether

currently in existence or subsequently established, including CPEP Lux;

•the term “Parallel Funds” refers to one or more parallel investment vehicles established by, or at the direction of,

Carlyle to facilitate investment by certain investors, including to accommodate legal, tax, regulatory, compliance, or

certain other operational requirements, but excluding CPEP Lux;

Table of Contents

•the term “Portfolio Companies” refers to the companies in which the Fund invests; and

•the term “Shareholders” refers to holders of our limited partnership units (the “Units”). There are fourteen classes of

Units (each a “Class”): Class A Units (“Class A Units”), Class S Units (“Class S Units”), Class D Units (“Class D

Units”) and Class I Units (“Class I Units” and together with Class A Units, Class S Units and Class D Units, the

“Standard Units”); Class A-A Units (“Class A-A Units”), Class A-S Units (“Class A-S Units”), Class A-D Units

(“Class A-D Units”) and Class A-I Units (“Class A-I Units” and together with Class A-A Units, Class A-S Units and

Class A-D Units, the “Anchor Units” ); Class E-A Units (“Class E-A Units”), Class E-S Units (“Class E-S Units”),

Class E-D Units (“Class E-D Units”) and Class E-I Units (“Class E-I Units” and together with Class E-A Units, Class

E-S Units and Class E-D Units, the “Early Investor Units” and together with the Standard Units and Anchor Units, the

“Investor Units”); and Class C Units (“Class C Units”) and Class CG Units (“Class CG Units”, and together with Class

C Units, “Carlyle Units”).

The Fund is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS

Act”) and the Fund will take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of

1933, as amended (the “1933 Act”).

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(Dollars in Thousands, Except Unit Data)


	March 31, 2026	December 31, 2025
Assets	(unaudited)
Investments, at fair value (cost of $66,958 and $41,722, respectively)	$73,576	$44,900
Derivative assets, at fair value	493	759
Cash and cash equivalents	14,219	11,176
Interest and other income receivable	55	65
Deferred offering costs	1,754	2,146
Receivable from investments	230	—
Total assets	$90,327	$59,046
Liabilities
Payable for investments purchased	$—	$5,770
Derivative liabilities, at fair value	265	359
Management fee payable	36	18
Incentive allocation payable	444	434
Due to affiliate	3,304	2,599
Servicing fees payable	131	74
Offering costs payable	3,212	2,828
Accrued organizational expenses	—	45
Other accrued expenses and liabilities	983	737
Total liabilities	8,375	12,864
Commitments and contingencies
Net Assets
Class A units, unlimited units authorized, no units issued and outstanding	—	—
Class S units, unlimited units authorized, no units issued and outstanding	—	—
Class D units, unlimited units authorized, no units issued and outstanding	—	—
Class I units, unlimited units authorized, no units issued and outstanding	—	—
Class A-A units, unlimited units authorized, no units issued and outstanding	—	—
Class A-S units, unlimited units authorized, 29,000 and 29,000 units issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	648	635
Class A-D units, unlimited units authorized, no units issued and outstanding	—	—
Class A-I units, unlimited units authorized, 868,820 and 868,850 units issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	21,212	20,709
Class E-A units, unlimited units authorized, 48,143 and 0 units issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	1,327	—
Class E-S units, unlimited units authorized, 11,050 and 11,050 units issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	287	281
Class E-D units, unlimited units authorized, no units issued and outstanding	—	—
Class E-I units, unlimited units authorized, 1,923,732 and 809,598 units issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	54,362	22,053
Class C units, unlimited units authorized, 148,072 and 95,584 units issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	4,116	2,504
Class CG units, unlimited units authorized, no units issued and outstanding	—	—
Total net assets	81,952	46,182
Total liabilities and net assets	$90,327	$59,046

See accompanying notes to these consolidated financial statements.

Table of Contents

CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in Thousands)


	Three Months Ended March 31, 2026	For the Period from February 11, 2025 (Inception) through March 31, 2025
Investment income:
Dividend income	$167	$—
Interest income	9	—
Total investment income	176	—
Expenses:
Organizational expenses	54	—
Offering cost expense	776	—
Management fees	131	—
Incentive allocation	444	—
Professional fees	678	—
Administrative fees	234	—
Other expenses	91	—
Total expenses	2,408	—
Management fees waived	(48)	—
Total expenses after fees waived	2,360
Net investment loss	(2,184)	—
Net realized gain and change in unrealized appreciation/(depreciation):
Net realized gain on investments	54	—
Net realized gain on derivative contracts	486	—
Net change in unrealized appreciation on investments	3,441	—
Net change in unrealized depreciation on derivative contracts	(172)	—
Net realized and unrealized gain on investments, including derivative contracts	3,809	—
Net increase in net assets resulting from operations	$1,625	$—

See accompanying notes to these consolidated financial statements.

Table of Contents

CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

(Dollars in Thousands)


	Class A-S Units	Class A-I Units	Class E-A Units	Class E-S Units	Class E-I Units	Class C Units	Total Net Assets
Net Assets at February 11, 2025 (Inception)	$—	$—	$—	$—	$—	$—	$—
Proceeds from units issued	—	—	—	—	—	1	1
Net Assets at March 31, 2025	$—	$—	$—	$—	$—	$1	$1


	Class A-S Units	Class A-I Units	Class E-A Units	Class E-S Units	Class E-I Units	Class C Units	Total Net Assets
Net Assets at December 31, 2025	$635	$20,709	$—	$281	$22,053	$2,504	$46,182
Proceeds from units issued	—	—	1,367	—	31,338	1,500	34,205
Net investment loss	(20)	(677)	(14)	(10)	(1,376)	(87)	(2,184)
Net realized gain on investments	—	14	1	—	36	3	54
Net realized gain on derivative contracts	6	198	(2)	3	254	27	486
Net change in unrealized appreciation on investments	34	1,117	20	16	2,072	182	3,441
Net change in unrealized appreciation on derivative contracts	(5)	(148)	11	(2)	(15)	(13)	(172)
Servicing fees	(2)	—	(56)	(1)	—	—	(59)
Distributions for units redeemed	—	(1)	—	—	—	—	(1)
Net Assets at March 31, 2026	$648	$21,212	$1,327	$287	$54,362	$4,116	$81,952

See accompanying notes to these consolidated financial statements.

Table of Contents

CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in Thousands)


	Three Months Ended March 31, 2026	For the Period from February 11, 2025 (Inception) through March 31, 2025
Cash flows from operating activities:
Net increase in net assets resulting from operations	$1,625	$—
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Net realized gain on investments	(54)	—
Net realized gain on derivative contracts	(486)	—
Net change in unrealized appreciation on investments	(3,441)	—
Net change in unrealized depreciation on derivative contracts	172	—
Cost of investments purchased	(25,685)	—
Proceeds from sales and repayments of investments	505	—
Proceeds from settlement of derivative contracts	486	—
Changes in operating assets:
Interest and other income receivable	10	—
Deferred offering costs	392	—
Receivable from investment	(230)	—
Changes in operating liabilities:
Payable for investments purchased	(5,770)	—
Management fee payable	18	—
Incentive allocation payable	10	—
Offering costs payable	384	—
Due to affiliate	705	—
Accrued expenses and other liabilities	200	—
Net cash used in operating activities	(31,159)	—
Cash flows from financing activities:
Proceeds from issuance of units	34,205	1
Redemption of units	(1)	—
Servicing fees paid	(2)	—
Net cash provided by financing activities	34,202	1
Net increase in cash and cash equivalents	3,043	1
Cash and cash equivalents, beginning of period	11,176	—
Cash and cash equivalents, end of period	$14,219	$1

Supplemental disclosures of non-cash information
Servicing fee payable	$131	$—

See accompanying notes to these consolidated financial statements.

CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

As of March 31, 2026

(Dollars in Thousands)


Issuer	Asset	Geography (3)	Fair Value ($) (2)	Fair Value as Percentage of Net Assets (%)

Investments in Portfolio Companies
Aerospace & Defense
Other Investments in Portfolio Companies (1)		Americas	$2,724	3.32%
			2,724	3.32
Consumer Services
Other Investments in Portfolio Companies (1)		Japan	729	0.89
			729	0.89
Financial Services
Other Investments in Portfolio Companies (1)		Americas	7,651	9.34
Total Financial Services			7,651	9.34

Healthcare
Knack RCM	Equity interest held through CA Poppy Holdings	Other Asia	4,814	5.87
Tarrytown Expocare Pharmacy	Equity interests held through CP Maverick Holdings, L.P. and CP Catapult Holdings, L.P.	Americas	6,518	7.95
Vantive	Equity interest held through CP VIII Participations S.a.r.l., SICAR	Americas	4,350	5.31
Other Investments in Portfolio Companies (1)		Japan	1,970	2.40
Total Healthcare			17,651	21.53

Industrials
Waste Services Group Pty Ltd	Equity interest held through CAP V Odin, L.P.	Australia	5,633	6.87
TRYT, Inc.	Equity interest held through CJP V HC Holdings VI, L.P.	Japan	4,779	5.83
Other Investments in Portfolio Companies (1)		Europe	2,117	2.58
Other Investments in Portfolio Companies (1)		Americas	3,697	4.51
Other Investments in Portfolio Companies (1)		Other Asia	1,166	1.42
Total Industrials			17,392	21.21

CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

As of March 31, 2026

(Dollars in Thousands)


Issuer	Asset	Geography (3)	Fair Value ($) (2)	Fair Value as Percentage of Net Assets (%)

Technologies
Kyoden Co., Ltd	Equity interest held through Fountain Holdings, L.P.	Japan	$4,523	5.52%
Other Investments in Portfolio Companies (1)		Americas	330	0.41
Other Investments in Portfolio Companies (1)		Japan	736	0.90
Other Investments in Portfolio Companies (1)		Europe	8,264	10.08
Total Technologies			13,853	16.91

Total Investments in Portfolio Companies			60,001	73.20
(Cost: $20,942 Americas, $10,528 Europe, $5,133 Australia, $12,280 Japan, $6,157 Other Asia)

Investments in Affiliated Investee Funds
Aerospace & Defense
Other Investments in affiliated investee funds (1)		Americas	4,022	4.91
			4,022	4.91
Financial Services
Other Investments in affiliated investee funds (1)		Americas	371	0.45
			371	0.45
Healthcare
Other Investments in affiliated investee funds (1)		Americas	1,448	1.77
			1,448	1.77
Industrials
Other Investments in affiliated investee funds (1)		Europe	667	0.81
			667	0.81

Total Investments in Affiliated Investee Funds			6,507	7.94
(Cost: $5,198 Americas, $670 Europe )

Investments in Unaffiliated Investee Funds
Industrials
Other Investments in Secondaries (1)		Americas	2,433	2.97
			2,433	2.97

CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

As of March 31, 2026

(Dollars in Thousands)


Issuer	Asset	Geography (3)	Fair Value ($) (2)	Fair Value as Percentage of Net Assets (%)

Various
Other Investments in Secondaries (1)		Americas	$4,635	5.66%
			4,635	5.66

Total Investments in Unaffiliated Investee Funds			7,068	8.62
(Cost: $6,050 Americas)

Total Investments			$73,576	89.78%

Derivative Instruments
Foreign Currency Forward Contracts (assets)			$493	0.60%
Foreign Currency Forward Contracts (liabilities)			(265)	(0.32)
Total Derivative Instruments			$228	0.28%
(Cost: $—)

Cash Equivalents
Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Class)		Americas	$12,710	15.51%
Total Cash Equivalents			$12,710	15.51%
(Cost: $12,710 Americas)

Total Investments, Derivative Instruments and Cash Equivalents			$86,515	105.57%
(Cost: $44,900 Americas, $11,198 Europe, $5,133 Australia, $12,280 Japan, $6,157 Other Asia)

(1)There were no investments in this category that individually exceeded 5% of net assets.

(2)Fair value is determined by the General Partner pursuant to the Fund’s valuation policy (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these

consolidated financial statements).

(3)Geography is generally based on the region where underlying portfolio companies are headquartered. For investments in underlying funds, geographic classification is based on the

primary geographic focus or investment mandate of such funds.

See accompanying notes to these consolidated financial statements.

CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(Dollars in Thousands)


Issuer	Asset	Geography (4)	Fair Value ($) (2)	Fair Value as Percentage of Net Assets (%)

Investments in Portfolio Companies
Aerospace & Defense
Other Investments in Portfolio Companies (1)		Americas	$943	2.04%
			943	2.04
Consumer Services
Other Investments in Portfolio Companies (1)		Japan	708	1.53
			708	1.53
Financial Services
Other Investments in Portfolio Companies (1)		Americas	3,745	8.11
Total Financial Services			3,745	8.11

Healthcare
Knack RCM	Equity interest held through CA Poppy Holdings	Other Asia	3,098	6.71
Tarrytown Expocare Pharmacy	Equity interests held through CP Maverick Holdings, L.P. and CP Catapult Holdings, L.P.	Americas	2,993	6.48
Other Investments in Portfolio Companies (1)		Americas	2,126	4.60
Total Healthcare			8,217	17.79

Industrials
Waste Services Group Pty Ltd	Equity interest held through CAP V Odin, L.P.	Australia	3,691	7.99
TRYT, Inc.	Equity interest held through CJP V HC Holdings VI, L.P.	Japan	2,984	6.46
Other Investments in Portfolio Companies (1)		Europe	2,068	4.48
Other Investments in Portfolio Companies (1)		Americas	1,833	3.97
Total Industrials			10,575	22.90

CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(Dollars in Thousands)


Issuer	Asset	Geography (4)	Fair Value ($) (2)	Fair Value as Percentage of Net Assets (%)

Technologies
Adastra	Equity interest held through CETP V Participations S.a.r.l., SICAR	Europe	$3,458	7.49%
Ingentis	Equity interest held through CETP V Participations S.a.r.l., SICAR	Europe	3,465	7.50
Kyoden Co., Ltd	Equity interest held through Fountain Holdings, L.P.	Japan	3,025	6.55
Other Investments in Portfolio Companies (1)		Americas	330	0.72
Other Investments in Portfolio Companies (1)		Japan	821	1.78
Other Investments in Portfolio Companies (1)		Europe	676	1.46
Total Technologies			11,774	25.50

Total Investments in Portfolio Companies			35,962	77.87
(Cost: $10,301 Americas, $9,095 Europe, $3,478 Australia, $7,850 Japan, $3,098 Other Asia)

Investments in Affiliated Investee Funds
Aerospace & Defense
	Partnership interest in Carlyle Moose Coinvestment, L.P. (3)	Americas	4,024	8.71
Total Aerospace & Defense			4,024	8.71

Financial Services
Other Investments in affiliated investee funds (1)		Americas	361	0.78
			361	0.78
Healthcare
Other Investments in affiliated investee funds (1)		Americas	1,627	3.52
Total Healthcare			1,627	3.52

Total Investments in Affiliated Investee Funds			6,011	13.01
(Cost: $5,418 Americas)

CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(Dollars in Thousands)


Issuer	Asset	Geography (4)	Fair Value ($) (2)	Fair Value as Percentage of Net Assets (%)

Investments in Unaffiliated Investee Funds
Industrials
Audax Private Equity Beacon CF	Equity interest through ASP Bluebird, L.P.	Americas	$2,317	5.02%
Total Industrials			2,317	5.02

Various
Other Investments in Secondaries (1)		Americas	610	1.32
Total Various			610	1.32

Total Investments in Unaffiliated Investee Funds			2,927	6.34
(Cost: $2,482 Americas)

Total Investments			$44,900	97.22%

Derivative Instruments
Foreign Currency Forward Contracts (assets)			$759	1.64%
Foreign Currency Forward Contracts (liabilities)			(359)	(0.78)
Total Derivative Instruments			$400	0.87%
(Cost: $—)

Cash Equivalents
Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Class)		Americas	$10,833	23.46%
Total Cash Equivalents			$10,833	23.46%
(Cost: $10,833 Americas)

Total Investments, Derivative Instruments and Cash Equivalents			$56,134	121.55%
(Cost: $29,034 Americas, $9,095 Europe, $3,478 Australia, $7,850 Japan, $3,098 Other Asia)

CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(Dollars in Thousands)

(1)There were no investments in this category that individually exceeded 5% of net assets.

(2)Fair value is determined by the General Partner pursuant to the Fund’s valuation policy (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these

consolidated financial statements).

(3)The investment includes indirect exposure to the portfolio company, Mantech. The Fund’s total exposure to Mantech is $4.0 million (which represents 8.71% of the Fund’s Net

Assets).

(4)Geography is generally based on the region where underlying portfolio companies are headquartered. For investments in underlying funds, geographic classification is based on the

primary geographic focus or investment mandate of such funds.

See accompanying notes to these consolidated financial statements.

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CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted)(unaudited)

1. ORGANIZATION

Carlyle Private Equity Partners Fund, L.P. (“CPEP” or the “Fund”), a Delaware limited partnership formed on February 11,

2025 (“Inception”), is a private fund exempt from registration pursuant to Section 3(c)(7) of the Investment Company Act of

1940, as amended (the “1940 Act”). CPEP’s investment objective is to generate attractive risk-adjusted returns and achieve

medium-to-long-term capital appreciation through a well-diversified portfolio of private equity investments. CPEP seeks to

achieve its investment objective by providing access to Carlyle’s Global Private Equity (“GPE”) platform, with an emphasis on

its U.S., European, and Asian corporate buyout strategies. CPEP also provides investors access to Secondary Investments (as

defined below) through Carlyle AlpInvest, as well as certain other investment strategies, such as growth, infrastructure and, in

certain instances, Global Credit. We expect to access these private equity investments in a variety of ways, including through:

•Direct Investments: Investments in companies and other private assets which may include, without limitation, private

and public investments in equity instruments, preferred equity instruments, convertible debt or equity derivative

instruments, warrants, options, “PIK” (paid-in-kind) notes, mezzanine debt, hybrid capital (including, but not limited

to, structured equity, distressed credit and opportunities arising due to market dislocation), collateralized loan

obligation equity, other debt investments and “PIPE” (private investments in public equity) transactions;

•Secondary Investments: Certain secondary investments of AlpInvest Private Equity Investment Management, LLC

(“Carlyle AlpInvest”) which target investments in private equity assets and private equity funds managed by third-

party managers and portfolios of direct private equity investments through privately negotiated transactions (typically

structured through new investment vehicles) in the secondaries market and from time to time may include secondary

market purchases of existing investments in Other Carlyle Accounts; and

•Primary Commitments: Capital commitments to investment funds managed by Carlyle or third-party managers.

The Fund may also invest in debt and other types of liquid securities (“Liquid Investments”). CPEP generally seeks to

invest 80% to 90% of its net asset value (“NAV”) in Direct Investments, Secondary Investments, and Primary Commitments

and up to 10% to 20% of its NAV in Liquid Investments. “Carlyle” refers to The Carlyle Group Inc. and its affiliates and its

consolidated subsidiaries (other than portfolio companies of its affiliated funds), a global investment firm which is publicly

traded on the Nasdaq Global Select Market under the symbol “CG”.

CPEP is conducting a continuous private offering of its units in reliance on exemptions from the registration requirements

of the Securities Act of 1933, as amended (the “1933 Act”) to investors that are both (i) accredited investors (as defined in

Regulation D under the 1933 Act) and (ii) qualified purchasers (as defined in the 1940 Act and the rules thereunder). Structured

as a perpetual life investment solution, CPEP accepts fully funded subscriptions monthly and aims to provide limited partners a

liquidity option by means of a quarterly redemption program.

In addition, CPEP Feeder, L.P. (the “Feeder”) was formed to facilitate investments by certain investors with specific tax

considerations. The Feeder invests substantially all of its assets in the Fund and, as a result, its financial position and results of

operations are dependent on those of the Fund.

CPEP commenced operations on October 1, 2025 (the “Commencement Date” or “Initial Closing Date”), when the Fund

sold Units in its continuous private offering and commenced investing. CPEP’s first fiscal period ended December 31, 2025.

CPEP GP, LLC (the “General Partner”), a Delaware limited liability company, serves as the general partner of the Fund.

On September 2, 2025, CPEP General Partner, L.P. (the “Original General Partner”), a Delaware limited partnership which

served as the original general partner of the Fund, assigned, transferred and conveyed all of its general partner interests in the

Fund to the General Partner. Overall responsibility for the Fund’s oversight rests with the General Partner, subject to certain

oversight rights held by the Fund’s board of directors (the “Board”) with respect to periodic reports under the Securities

Exchange Act of 1934, as amended (the “Exchange Act”) and certain situations involving conflicts of interest, or other matters

as deemed appropriate by the General Partner in its sole discretion. Carlyle Investment Management L.L.C. (“CIM” or the

“Investment Advisor”), a Delaware limited liability company, manages the Fund pursuant to the terms of the investment

advisory agreement (see Note 6, Related Party Transactions). The Investment Advisor is registered as an investment adviser

with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended from

time to time (the “Advisers Act”). Both the General Partner and the Investment Advisor are subsidiaries of Carlyle.

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CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted) (unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The interim consolidated financial statements have been prepared in accordance with accounting principles generally

accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting

on Form 10-Q and Articles 6 and 10 of Regulation S-X. The Fund is an investment company for the purposes of accounting and

financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification

(“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”).

The interim consolidated financial statements, including these notes, are unaudited and certain disclosures that will

accompany the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of

management, all adjustments considered necessary for the fair presentation of consolidated financial statements for the interim

periods presented have been included. These adjustments are of a normal, recurring nature. This Form 10-Q should be read in

conjunction with the Fund’s Annual Report on Form 10-K. The results of operations for the periods presented are not

necessarily indicative of the operating results to be expected for the full year.

Basis of Consolidation

In accordance with ASC 946, the Fund generally does not consolidate entities unless the Fund has a controlling financial

interest in an investment company or operating company whose business consists of providing services to the Fund. The Fund

determines whether it has a controlling financial interest in an investment company or operating company at such company’s

inception or time of acquisition and continuously reconsiders this conclusion. Accordingly, the Fund consolidates in its

consolidated financial statements the accounts of certain wholly owned subsidiaries, including entities formed to hold or

aggregate investments, that meet the criteria described above. All significant intercompany balances and transactions have been

eliminated in consolidation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make

assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and

liabilities at the date of the consolidated financial statements. Management’s estimates are based on historical experiences and

other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also

requires management to exercise judgment in the process of applying the Fund’s accounting policies. Actual results could differ

from these estimates and such differences could be material.

Cash and Cash Equivalents

Cash and cash equivalents consist principally of cash and/or short term investments, including overnight bank deposits,

which are readily convertible into cash and have original maturities of three months or less. The Fund is subject to credit risk

should a financial institution be unable to fulfil its obligations and if balances held at a financial institution exceed insured

limits.

Foreign Currency

The Fund’s investments may be denominated in foreign currencies and, thus, are subject to foreign currency exchange rate

fluctuations. Assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at the prevailing exchange

rate at the reporting date. Transactions denominated in foreign currencies, including purchases and sales of investments, and

income and expenses, are remeasured into U.S. dollars at the prevailing exchange rates at the respective transaction dates. The

effects of changes in foreign currency exchange rates are included in the consolidated statements of operations as part of net

change in unrealized appreciation on investments and net realized gain on investments, as applicable.

Investment Valuation

The Fund carries its investments at fair value in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”).

ASC 820 establishes a hierarchical disclosure framework which ranks the observability of market inputs used in measuring

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CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted) (unaudited)

investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, the

characteristics specific to the investment and the state of the marketplace, including the existence and transparency of

transactions between market participants.

The Fund’s portfolio investments measured and reported at fair value are classified and disclosed based on the

observability of inputs used in the determination of fair value, as follows:

•Level I — Inputs are quoted prices in active markets for identical investments as of the reporting date. The Fund does

not adjust the quoted price for such investments.

•Level II — Inputs are other than quoted prices in active markets and are either directly or indirectly observable as of

the reporting date. These inputs may include quoted prices for similar investments in active markets, quoted prices for

identical or similar investments in markets that are not active, or other observable inputs.

•Level III — Inputs are unobservable and significant to the overall fair value measurement. The determination of fair

value for investments classified within Level III requires significant judgment or estimation by the General Partner.

The Fund recognizes transfers between levels of the fair value hierarchy at the end of the reporting period in which the

transfer occurs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such

cases, the classification within the hierarchy is determined based on the lowest level input that is significant to the fair value

measurement in its entirety.

In the absence of observable market prices, the Fund values its investments using valuation methodologies applied on a

consistent basis in accordance with the Fund’s valuation policies and procedures approved by the General Partner. Such

methodologies may include the market approach, which considers comparable company or transaction multiples, and the

income approach, which incorporates discounted cash flow analyses and other valuation techniques. These methods involve a

significant degree of judgment. The Fund’s valuation policies and procedures require that a sample of the Fund’s investments

be reviewed by external valuation firms monthly. The results of such reviews are communicated to the Fund’s Valuation

Committee, which includes the Fund’s Chief Executive Officer and Chief Financial Officer, as well as members of senior

management of the General Partner.

For investments in private equity funds, secondary funds and other external investment vehicles, the Fund generally

determines fair value based on its proportionate share of the most recent NAV reported by the respective underlying fund

manager, provided that such NAV is calculated in a manner consistent with ASC 820. The reported NAV is adjusted, as

necessary, for subsequent capital contributions, distributions and other known events occurring through the reporting date. To

the extent the underlying fund holds publicly traded securities, the Fund considers changes in the quoted market prices of such

securities from the date of the most recent NAV. In addition, where appropriate, the Fund may adjust the reported NAV to

reflect estimated changes in the fair value of the underlying fund’s non-public investments from the date of the most recent

NAV through the reporting date.

Investments measured using NAV as a practical expedient are not classified within the fair value hierarchy but are

disclosed separately in Note 3, Fair Value Measurements.

Income Taxes

As Carlyle Private Equity Partners Fund, L.P. is a partnership for U.S. federal and state income tax purposes, income and

losses are allocated to the individual shareholders who are responsible for reporting such and paying any taxes thereon. The

Fund anticipates filing its initial tax return in 2026. The Fund intends to operate, in part, through subsidiaries that may be

treated as corporations for U.S. and non-U.S. tax purposes. The Fund may therefore be subject to current and deferred U.S.,

state, and/or local income taxes at these subsidiaries.

The Fund accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax

assets and liabilities for the expected future consequences of events that have been included in the financial statements or tax

returns. A valuation allowance is recorded on the Fund’s gross deferred tax assets when it is “more likely than not” that such

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CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted) (unaudited)

asset will not be realized. When evaluating the realizability of the Fund’s deferred tax assets, all evidence, both positive and

negative, is evaluated.

Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit “more likely than

not” to be sustained upon examination. If uncertainties in tax positions exist, a liability is established. The Fund recognizes

accrued interest and penalties, if any, as a component of the provision for income taxes.

Temporary differences between the tax basis and the reported amounts of assets and liabilities within the Fund’s taxable

subsidiaries were not significant.

Calculation of Net Asset Value

The Fund calculates NAV under U.S. GAAP as of the end of each month by deducting all accrued fees, expenses and other

liabilities from the fair value of investments and other assets. Expenses directly related to the Fund or its classes are charged to

the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are

allocated to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several

funds, including other funds managed by the Investment Advisor, are prorated among those funds on the basis of relative net

assets or other appropriate methods. Net asset value per Unit for each class is calculated by dividing the net asset value for that

class by the total number of outstanding Units of that class on the reporting date.

For purposes of establishing the price at which transactions in the Fund’s Units occur, the Fund also calculates a monthly

“Transactional NAV”, which differs from the Fund’s NAV determined in accordance with U.S. GAAP, primarily due to

differences in the recognition and timing of certain fees and expenses.

Net Realized Gains or Losses and Net Change in Unrealized Gain (Loss) on Investments

Realized gains or losses on investments are recognized upon the sale, repayment, or other disposition of an investment and

are measured as the difference between the net proceeds received and the investment’s cost basis, adjusted for any previously

recognized unrealized appreciation or depreciation, with cost determined using the specific identification method.

Net change in unrealized appreciation (depreciation) on investments reflects the change in fair value of investments during

the reporting period, including the reversal of previously recorded unrealized amounts upon realization. Unrealized gains and

losses are included in the consolidated statements of operations in the period in which the change in fair value occurs.

Realized and unrealized gains and losses on derivative contracts, if any, are recognized in accordance with the Fund’s

derivative accounting policy and are presented separately in the consolidated statements of operations, as discussed below.

Derivative Instruments

CPEP enters into foreign currency forward contracts to economically hedge against foreign currency exchange rate risk on

its non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated transactions. A foreign

currency forward contract is an agreement between two parties to buy and sell a currency at a set price with delivery and

settlement at a future date. Foreign currency forward contracts are carried at fair value and are marked-to-market at each

reporting date. Changes in fair value are recognized in net change in unrealized appreciation (depreciation) on derivative

contracts in the consolidated statements of operations.

Upon settlement or termination of a contract, realized gains or losses are recognized in net realized gain (loss) on derivative

contracts and represent the difference between the proceeds received or paid and the contract’s carrying value at the time of

settlement. Foreign currency forward contracts involve elements of market risk in excess of the amounts reflected in the

consolidated statements of assets and liabilities. The primary risk associated with these instruments is the risk of an unfavorable

change in the underlying foreign currency exchange rates.

The Fund enters into foreign currency forward contracts under ISDA master agreements with its counterparty. These

agreements provide for the netting of amounts payable and receivable with the same counterparty and permit, for foreign

currency transactions, settlement on a net basis for amounts due on the same date and in the same currency. The Fund does not

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CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted) (unaudited)

offset derivative assets and liabilities in its consolidated statements of assets and liabilities, as the conditions required for

offsetting are not met.

The Fund recognizes derivative instruments as assets or liabilities at fair value in its consolidated statements of assets and

liabilities as derivative assets at fair value and derivative liabilities at fair value, respectively.

Additional information regarding derivative instruments is included in Note 4, Derivative Instruments.

Organizational and Offering Costs

Organizational costs are expensed as incurred. Offering costs attributable to the sale of Units are capitalized as deferred

offering costs and included in other assets on the consolidated statements of assets and liabilities. Costs associated with the

offering of each of the Fund’s classes of units as described in Note 5, Net Assets, are capitalized as a deferred expense and

included as an asset on the consolidated statements of assets and liabilities. These deferred offering costs are amortized over a

twelve-month period beginning on the date incurred. Organizational and offering costs were not borne by the Fund until the

Initial Closing on October 1, 2025.

Servicing Fees

The Fund pays a servicing fee (the “Servicing Fee”) to TCG Capital Markets L.L.C. (the “Dealer Manager”) based on the

applicable annual rate of the Transactional NAV of certain Unit classes. No servicing fee is payable with respect to Class I

Units, Class A-I Units, Class E-I Units, Class C Units and Class CG Units. Additional information regarding the Servicing Fee

arrangement is included in Note 6, Related Party Transactions.

In accordance with U.S. GAAP, the Fund accrues the estimated cost of the Servicing Fee at the time Units bearing such

fees are issued and records the obligation as an offering cost.

Other Expenses

Other expenses consist primarily of fund operating costs, including administration, accounting, legal, audit, tax, servicing

and other professional fees incurred in connection with the Fund’s operations.

Segment Reporting

CPEP operates through a single reporting segment with the objective of generating investment returns by providing its

investors access to Carlyle’s platform, with an emphasis on its U.S., European, and Asian corporate buyout strategies. The chief

operating decision maker of the Fund is the Fund’s Chief Executive Officer, who primarily utilizes net increase in net assets

from operations to implement investment policy decisions, manage the portfolio and assess the performance of the Fund. As the

Fund’s operations comprise a single reporting segment, there is no difference between segment assets and total consolidated

assets as presented on the accompanying consolidated statements of assets and liabilities and the significant segment expense

are the same as those listed on the accompanying consolidated statements of operations.

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CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted) (unaudited)

3. FAIR VALUE MEASUREMENTS

The following tables summarize the valuation of the Fund’s investments, derivative assets and derivative liabilities held at

fair value by the fair value hierarchy levels as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Level I	Level II	Level III	NAV	Total
Assets
Cash and Cash Equivalents
Money Market Fund	$12,710	$—	$—	$—	$12,710
Total Cash and Cash Equivalents(1)	12,710	—	—	—	12,710

Investments
Investments in portfolio companies	—	—	60,001	—	60,001
Investments in affiliated and non- affiliated investee funds	—	—	—	13,575	13,575
Total Investments	—	—	60,001	13,575	73,576

Derivative Assets		493	—	—	493
Total	$12,710	$493	$60,001	$13,575	$86,779

Liabilities
Derivative Liabilities	$—	$265	$—	$—	$265

___________________

(1)Cash held at banks of $1.5 million is carried at cost, which approximates fair value, and is therefore not included in the fair value hierarchy.


	December 31, 2025
	Level I	Level II	Level III	NAV	Total
Assets
Cash and Cash Equivalents
Money Market Fund	$10,833	$—	$—	$—	$10,833
Total Cash and Cash Equivalents(1)	10,833	—	—	—	10,833

Investments
Investments in portfolio companies	—	—	35,962	—	35,962
Investments in affiliated and non- affiliated investee funds	—	—	—	8,938	8,938
Total Investments	—	—	35,962	8,938	44,900

Derivative Assets	—	759	—	—	759
Total	$10,833	$759	$35,962	$8,938	$56,492

Liabilities
Derivative Liabilities	$—	$359	$—	$—	$359

__________________

(1)Cash held at banks of $0.3 million is carried at cost, which approximates fair value, and is therefore not included in the fair value hierarchy.

Table of Contents

CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted) (unaudited)

The following tables summarize the quantitative information related to the significant unobservable inputs for Level III

instruments which are carried at fair value as of March 31, 2026 and December 31, 2025:

Fair Value as of

March 31, 2026

Valuation

Techniques

Significant

Unobservable

Inputs

Range

Weighted

Average

Impact to Valuation

from Increase in

Input

Low

High

Investments in

portfolio

companies

$60,001

Discounted Cash

Flow

Discount Rate

8.29%

16.99%

12.14%

Lower

Terminal Growth

Rate

2.00%

11.00%

3.80%

Higher

Comparable

Multiple

EBITDA

Multiple

6.86x

20.47x

13.24x

Higher

Revenue

Multiple

4.27x

8.15x

5.13x

Higher

Total Level III

Investments

$60,001

Fair Value as of

December 31, 2025

Valuation

Techniques

Significant

Unobservable

Inputs

Range

Weighted

Average

Impact to Valuation

from Increase in

Input

Low

High

Investments in

portfolio

companies

$35,962

Discounted Cash

Flow

Discount Rate

8.20%

16.78%

12.19%

Lower

Terminal Growth

Rate

2.00%

11.00%

4.28%

Higher

Comparable

Multiple

EBITDA

Multiple

6.31x

23.77x

14.43x

Higher

Revenue

Multiple

4.78x

8.34x

5.19x

Higher

Total Level III

Investments

$35,962

The changes in the Fund’s investments at fair value for which the Fund has used Level III inputs to determine fair value

and net change in unrealized appreciation (depreciation) included in earnings for Level III investments still held are as follows

for the three months ended March 31, 2026:


		Equity Securities
Balance, beginning of period		$35,962
Purchases		21,449
Sales and proceeds from Investments		(231)
Transfers into Level III		—
Transfers out of Level III		—
Net realized gains (losses)		—
Net change in unrealized appreciation		2,821
Balance, end of period		$60,001
Net change in unrealized appreciation included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation on investments on the consolidated statement of operations		$2,821

4. DERIVATIVE INSTRUMENTS

In the normal course of business, the Fund may enter into derivative contracts to achieve certain risk management

objectives. The Fund may enter into derivative instruments to hedge against foreign currency exchange rate risk on a portion or

all of its non-U.S. dollar denominated investments. These instruments primarily include foreign currency forward contracts.

The Fund utilizes forward currency contracts to economically hedge the currency exposure associated with certain foreign-

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CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted) (unaudited)

denominated investments. These derivative contracts are not designated as hedging instruments for accounting purposes. The

use of foreign currency forward contracts does not eliminate fluctuations in the price of the underlying investments recognized

by the Fund. As a result of the use of derivative contracts, the Fund is exposed to the risk that counterparties will fail to fulfill

their contractual obligations. To mitigate such counterparty risk, the Fund enters into contracts with certain major financial

institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of

derivative instruments.

The tables below summarize the aggregate notional amount and fair value of the derivative instruments as of March 31,

2026 and December 31, 2025. The notional amount represents the absolute value amount of the foreign exchange contracts:


	March 31, 2026				December 31, 2025
	Assets		Liabilities		Assets		Liabilities
	Notional	Fair Value	Notional	Fair Value	Notional	Fair Value	Notional	Fair Value
Derivative Investments
Foreign Currency Forward Contracts (EUR)	€4,548	$53	€1,897	$(26)	€—	$—	€5,049	$(103)
Foreign Currency Forward Contracts (JPY)	¥1,752,396	326	¥213,605	(6)	¥1,329,690	759	¥—	—
Foreign Currency Forward Contracts (AUD)	A$5,527	53	A$2,647	(166)	A$—	—	A$5,527	(216)
Foreign Currency Forward Contracts (INR)	Rs137,430	61	Rs137,430	(67)	Rs—	—	Rs—	—
Foreign Currency Forward Contracts (CAD)	C$—	—	C$—	—	C$—	—	C$4,822	(40)
		$493		$(265)		$759		$(359)

For the three months ended March 31, 2026, the Fund recognized $486 thousand of net realized gain and $(172) thousand

of net unrealized loss on foreign currency forward contracts. These amounts are included in net realized gain on derivative

contracts and net change in unrealized depreciation on derivative contracts, respectively, in the consolidated statements of

operations.

5. NET ASSETS

CPEP, at the direction of the General Partner, has the authority to issue an unlimited number of units of each class of units

(as defined below). CPEP offers twelve classes of units to investors, as follows:


Standard Units		Class A Units, Class S Units, Class D Units, Class I Units
Anchor Units (1)		Class A-A Units, Class A-S Units, Class A-D Units, Class A-I Units
Early Investor Units (2)		Class E-A Units, Class E-S Units, Class E-D Units, Class E-I Units

___________________

(1)Available to investors in the Initial Closing of the Fund.

(2)Available to investors in closings which occur within one year of the Initial Closing.

Additionally, Class C and Class CG Units (collectively, the “Carlyle Units”) are available for Other Carlyle Accounts (as

defined in the Partnership Agreement) that invest in the Fund as part of custom mandates and Carlyle Units are available to

Carlyle and certain of its affiliates and employees, officers and directors and other persons as determined by the General Partner

in its discretion. The Carlyle Units are not offered to other investors.

The primary differences among the classes of units relates to the Management Fee, the Servicing Fee, and upfront

subscription fees (discussed below). See Note 6, Related Party Transactions, for further detail regarding the Management Fee

and Servicing Fee by class of units.

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CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted) (unaudited)

Certain financial intermediaries may charge investors upfront selling commissions, placement fees, subscription fees, or

similar fees (“Subscription Fees”) of up to the following, as a percentage of Transactional NAV:


Subscription Fee		Classes of Units
3.00%		Class A Units, Class S Units, Class A-A Units, Class A-S Units, Class E-A Units, Class E-S Units
1.50%		Class D Units, Class A-D Units, Class E-D Units
—%		Class I Units, Class A-I Units, Class E-I Units, Class C Units, Class CG Units

Units issued pursuant to the Fund’s distribution reinvestment plan are not subject to Subscription Fees. These Subscription

Fees are paid by investors outside of their investment in CPEP and are not reflected in CPEP’s NAV.

The Fund’s units are offered on a monthly basis, effective as of the first calendar day of each month. The purchase price

per unit of each class is equal to the Transactional NAV per unit for such class as of the last business day of the immediately

preceding month. Units were first issued to investors on October 1, 2025 at an initial subscription price of $25.00 per unit, and

the Transactional NAV was first determined as of October 31, 2025.

The following tables present transactions in the Units during the three months ended March 31, 2026, and the period from

Inception through March 31, 2025:


	Class A-S Units	Class A-I Units	Class E-A Units	Class E-S Units	Class E-I Units	Class C Units
Units Outstanding as of December 31, 2025	29,000	868,850	—	11,050	809,598	95,584
Units issued			48,143		1,114,134	52,488
Non-cash redemptions (1)	—	(30)	—	—	—	—
Units Outstanding as of March 31, 2026	29,000	868,820	48,143	11,050	1,923,732	148,072


	Class A-S Units	Class A-I Units	Class E-A Units	Class E-S Units	Class E-I Units	Class C Units
Units Outstanding as of February 11, 2025 (Inception)	—	—	—	—	—	—
Units issued	—	—	—	—	—	40
Non-cash redemptions	—	—	—	—	—	—
Units Outstanding as of March 31, 2025	—	—	—	—	—	40

___________________

(1)During the three months ended March 31, 2026, the Fund effected a non-cash redemption of Units held indirectly by the Feeder through the redemption of

Units at Transactional NAV. This redemption was undertaken to settle Servicing Fees paid by the Fund on the Feeder’s behalf. The transaction did not

involve any cash consideration and resulted in a reduction of partners’ capital in the applicable Unit Class. No redemptions were effected from third-party

investors during the period.

No Class A Units, Class S Units, Class D Units, Class I Units, Class A-A Units, Class A-D Units, Class E-D Units or Class

CG Units have been issued since Inception.

Redemption Program

At the discretion of the General Partner and in accordance with the Partnership Agreement, CPEP intends to implement a

redemption program (the “Redemption Program”), pursuant to which it expects to offer to redeem in each quarter up to 3% of

the Fund’s units outstanding (excluding the Class C Units), either by number of units or aggregate Transactional NAV. The

Redemption Program is expected to commence the quarter following the first anniversary of the Initial Closing. Class C Units

are not subject to the Redemption Program, including with respect to any redemption limits. The Fund has adopted a separate

arrangement pursuant to which Class C Units held by Carlyle or its affiliates may be redeemed on a monthly basis, generally

based on available subscription proceeds and subject to certain limitations, including where such redemptions would adversely

impact the Fund’s liquidity or where redemption requests under the Redemption Program are not fully satisfied.

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CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted) (unaudited)

Under the Redemption Program, the General Partner currently expects to redeem units quarterly using a purchase price

equal to the Transactional NAV per unit as of the date specified in the redemption offer (the “Redemption Date”). Any

redemption request for units that have not been outstanding for at least two years will be subject to an early redemption

deduction equal to 5% of the Transactional NAV of the units being redeemed, calculated as of the Redemption Date, (the

“Early Redemption Deduction”) for the benefit for CPEP and its Shareholders.

6. RELATED PARTY TRANSACTIONS

Partnership Agreement

CPEP has entered into an Amended and Restated Limited Partnership Agreement, dated October 1, 2025, with the General

Partner (the “Partnership Agreement”).

Incentive Allocation

Pursuant to the Partnership Agreement, the General Partner is entitled to receive an incentive allocation (the “Incentive

Allocation”) equal to 12.5% of the Fund’s Total Return, subject to (i) a 5% annual hurdle rate and (ii) a high water mark. The

Incentive Allocation includes a 100% catch-up provision, pursuant to which the General Partner receives 100% of returns in

excess of the hurdle until it has received 12.5% of cumulative profits for the applicable period. The Incentive Allocation is

calculated on a calendar year basis, accrued monthly and payable quarterly in arrears. The Incentive Allocation may be paid in

cash, Class C Units, and/or interests in any Lower Fund or any combination of the foregoing. The Carlyle Units are not subject

to the Incentive Allocation. For the three months ended March 31, 2026, the Fund recorded $444 thousand of Incentive

Allocation expense. As of March 31, 2026 and December 31, 2025, $444 thousand and $434 thousand, respectively, was

accrued and payable to the General Partner.

Advisory Agreement

The Fund has entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Investment Advisor,

dated October 1, 2025, pursuant to which the Investment Advisor manages the Fund and supports the Fund in managing its

investments. The Investment Advisor will not make investment decisions on behalf of CPEP and does not have the authority to

enter into contracts or commitments on behalf of CPEP.

Management Fee

In consideration for its investment management services, the Investment Advisor is entitled to receive a management fee

(the “Management Fee”) with respect to each class of units payable by CPEP, directly or indirectly through an Intermediate

Entity (including any Lower Funds), equal to, in the aggregate, 1.25% per annum of the Transactional NAV of the units

attributable to such class of units, payable monthly in arrears, before giving effect to any accruals for the Management Fee, the

Incentive Allocation, the Servicing Fee (defined below), pending unit redemptions for the month, any distributions and without

taking into account accrued and unpaid taxes (whether paid, payable accrued or otherwise) of any Intermediate Entity

(including corporations) through which CPEP indirectly invests in an Investment or taxes paid by any such Intermediate Entity

during the applicable month, as determined in the good faith judgment of the General Partner; provided, that (i) with respect to

the Anchor Units, the Management Fee shall be waived for the first twelve (12) months following the Initial Closing and shall

be equal to 0.75% of the month-end Transactional NAV attributable to the Anchor Units for twenty-four (24) months thereafter

and (ii) with respect to Early Investor Units, the Management Fee shall be equal to 0.75% per annum of the month-end

Transactional NAV attributable to the Early Investor Units for the first thirty-six (36) months following the Initial Closing.

Carlyle Units do not pay a Management Fee.

The Investment Advisor may elect to receive the Management Fee in cash, Class C Units and/or shares, units or interests of

any Lower Fund. See Note 5, Net Assets, for a definition and description of the Fund’s classes of units.

For the three months ended March 31, 2026, the Investment Advisor earned $131 thousand in Management Fees, of which

$48 thousand were waived. As of March 31, 2026 and December 31, 2025, $36 thousand and $18 thousand, respectively, in

Management Fees were payable.

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CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted) (unaudited)

Expense Support Arrangement

Pursuant to the Advisory Agreement, the Investment Advisor may advance organizational and offering expenses and

certain operating expenses on behalf of the Fund (the “Expense Support”). Organizational and offering expenses were not

allocated to the Fund until the Initial Closing on October 1, 2025.

Through and including the first twelve months following the Initial Closing, the Investment Advisor has agreed to waive a

portion of its Management Fee and/or pay, absorb or reimburse certain Fund expenses to the extent necessary so that annual

Specified Expenses do not exceed 0.60% of net assets (annualized), subject to the terms of the advisory agreement. Amounts

waived or reimbursed during this period may be subject to recoupment, provided that such recoupment would not cause

Specified Expenses to exceed the applicable limitation in the month of recoupment.

The Fund is economically responsible for advanced expenses and will reimburse the Investment Advisor in accordance

with the terms of the advisory agreement. Reimbursements may be made in cash or, at the Investment Advisor’s election, in

Class C Units, which are not subject to the volume limitations of the Fund’s redemption program. In the event of dissolution,

liquidation or termination of the advisory agreement, the Fund is obligated to reimburse any unreimbursed advances made by

the Investment Advisor.

As of March 31, 2026, the Investment Advisor had advanced approximately $6.5 million of expenses on behalf of the

Fund, of which $3.2 million is included in offering costs payable and $3.3 million is included in due to affiliates on the

accompanying consolidated statements of assets and liabilities. During the three month period ended March 31, 2026, the Fund

reimbursed the Investment Advisor $151 thousand of such advances.

Dealer Manager Agreement

On July 25, 2025, the Fund and the Feeder entered into an agreement (the “Dealer Manager Agreement”) with the Dealer

Manager, a broker-dealer registered with the SEC under the Exchange Act and a member of the Financial Industry Regulatory

Authority. Pursuant to the Dealer Manager Agreement, the Dealer Manager manages the Fund’s relationships with third-party

brokers engaged by the Dealer Manager to participate in the distribution of the Fund’s units. The Dealer Manager also

coordinates the Fund’s marketing and distribution efforts with participating brokers and their registered representatives with

respect to communications related to the terms of the Fund’s offering, its investment strategies, material aspects of its

operations, and subscription procedures.

The Dealer Manager is entitled to receive the Servicing Fee monthly in arrears at an annual rate of the Transactional NAV

of each class of Units as outlined in the following table:


Servicing Fee (per annum)		Classes of Units (1)
0.85%		Class S Units, Class A-S Units, Class E-S Units
0.50%		Class A Units, Class A-A Units, Class E-A Units
0.25%		Class D Units, Class A-D Units, Class E-D Units
—%		Class I Units, Class A-I Units, Class E-I Units, Class C Units, Class CG Units

________________

(1)See Note 5, Net Assets, for a description of the Fund’s classes of units.

The Servicing Fee is calculated based on Transactional NAV as of the end of each month before giving effect to any

accruals for the Servicing Fee, redemptions, if any, for that month and distributions payable on Units. The Servicing Fee is

payable to the Dealer Manager, but generally all or a portion of the Servicing Fee is paid to participating brokers or other

financial intermediaries.

In accordance with U.S. GAAP, the Fund accrues the cost of the Servicing Fee for the estimated life of the relevant Units

as an offering cost at the time such Units are sold. As of March 31, 2026 and December 31, 2025, the Fund has accrued $131

thousand and $74 thousand, respectively, of Servicing Fees.

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CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted) (unaudited)

Warehousing Agreement

On August 4, 2025, CPEP and the Investment Advisor, in its capacity as investment advisor of CPEP, entered into a

Warehousing Agreement with CPEP Seed Investments, L.P. (the “Warehouse Entity”), an affiliate of Carlyle. In order to

support the development of CPEP, the Warehouse Entity has, and will continue to, warehouse investments that have been

approved by the General Partner on behalf of CPEP over time as CPEP raises capital, subject in each case to the Warehouse

Entity’s approval at the time of acquisition (each, an “Approved Warehoused Investment”). The Warehouse Entity has agreed

to subsequently transfer to CPEP, and CPEP has agreed to acquire from the Warehouse Entity, such Approved Warehoused

Investments at a price as agreed to between the parties, subject to certain conditions, including that CPEP has sufficient capital

to acquire such Approved Warehoused Investments. CPEP Lux is also expected to acquire Approved Warehoused Investments

from the Warehouse Entity. The Investment Advisor will determine which and what portions of Approved Warehoused

Investments will be acquired by CPEP and CPEP Lux at each sale and transfer date.

CPEP bears its proportionate share of (a) fees, costs, and expenses, if any, incurred in developing, negotiating and

structuring any Approved Warehoused Investment that is transferred to CPEP, and (b) any broken deal expenses allocated by

Carlyle to the Warehouse Entity. The term of the Warehousing Agreement shall continue until terminated by a party upon at

least thirty calendar days’ written notice to the other parties.

During the three months ended March 31, 2026, the Fund acquired interests in 15 Approved Warehoused Investments from

the Warehouse Entity for $24.3 million. These interests were generally acquired at a price that approximated the Warehouse

Entity’s cost basis.

Feeder

The Feeder is a Delaware limited partnership formed on February 11, 2025 for the benefit of certain shareholders with

particular tax characteristics. The Feeder intends to invest all or substantially all of its investable assets in one or more entities

treated as a corporation for U.S. federal income tax purposes (a “Corporation”), which, in turn, intends to invest all or

substantially all of its investable assets in Class A-I, Class E-I and Class I Units of the Fund. The Feeder wholly owns CPEP

Blocker, L.P. (the “Blocker”), a limited partnership formed on February 21, 2025, in accordance with the laws of the Cayman

Islands, which is a Corporation for U.S. federal income tax purposes. Investors in the Feeder indirectly bear, without

duplication, their proportional share of the Fund’s expenses.

CPEP Lux

CPEP invests alongside Carlyle Private Equity Partners - EU (“CPEP Lux”), a sub-fund of Carlyle Private Markets S.A.

SICAV – UCI Part II, and a Luxembourg alternative investment fund available to individual investors primarily domiciled in

countries of the European Economic Area, the United Kingdom, Switzerland, Asia and certain other jurisdictions. While the

Fund and CPEP Lux have substantially similar investment objectives and strategies and are expected to have overlapping

investment portfolios, the Fund and CPEP Lux are operated as distinct investment structures.

Affiliates

The General Partner, Investment Advisor, Dealer Manager, Feeder, Blocker, CPEP Lux and any other vehicle sponsored,

advised and/or managed by Carlyle, are affiliates of the Fund.

7. COMMITMENTS AND CONTINGENCIES

The Fund had unfunded commitments of $6.8 million in unaffiliated investee funds and $0.1 million in affiliated investee

funds as of March 31, 2026.

The Fund has also entered into an Expense Support arrangement with the Investment Advisor, pursuant to which certain

organizational, offering and operating expenses have been advanced on behalf of the Fund and are subject to reimbursement

over time in accordance with the terms of the arrangement. See Note 6, Related Party Transactions, for additional information.

In the ordinary course of its business, CPEP may enter into contracts or agreements that contain indemnifications or

warranties. Future events could occur that lead to the enforcement of such indemnifications or warranties against the Fund.

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CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted) (unaudited)

Based on its history and experience, the General Partner believes that the likelihood of such an event is remote; however, the

maximum potential exposure is unknown.

CPEP may, from time to time, be party to various legal matters arising in the ordinary course of business, including claims

and litigation proceedings. As of March 31, 2026, CPEP was not subject to any material litigation nor was CPEP aware of any

material litigation threatened against it.

8. CONSOLIDATED FINANCIAL HIGHLIGHTS

The following financial highlights relate to investment performance and operations for each class of Unit outstanding for

the three months ended March 31, 2026.


	For the three months ended March 31, 2026
	Class A-S Units	Class A-I Units	Class E-S Units	Class E-I Units	Class E-A Units	Class C Units
Class Inception Date	Oct 1, 2025	Oct 1, 2025	Dec 1, 2025	Nov 3, 2025	Mar 2, 2026	Oct 1, 2025
Per Unit Data:
Net asset value per Unit, beginning of period	$21.89	$23.84	$25.46	$27.24	$—	$26.20
Proceeds from Units issued (1)	—	—	—	0.38	28.40	0.74
Net investment loss (2)	(0.73)	(0.78)	(0.87)	(0.92)	(0.31)	(0.67)
Net realized and unrealized gain on investments, including derivative contracts (2)	1.25	1.35	1.45	1.56	0.63	1.53
Servicing fees	(0.08)	—	(0.06)	—	(1.16)	—
Net asset value per Unit, end of period	$22.33	$24.41	$25.98	$28.26	$27.56	$27.80
Number of Units outstanding, end of period	29,000	868,820	11,050	1,923,732	48,143	148,072
Total return based on net asset value (3)	2.01%	2.39%	2.04%	3.74%	(2.96)%	6.11%
Ratio to Weighted-Average Net Assets(4):
Incentive Allocation	(0.85)%	(0.78)%	(0.70)%	(0.65)%	(0.25)%	—%
Total Expenses before waived expenses	(3.82)%	(3.73)%	(3.64)%	(3.57)%	(1.19)%	(2.72)%
Total waived expenses	0.24%	0.22%	—%	—%	—%	—%
Total Expenses after waived expenses	(3.57)%	(3.50)%	(3.64)%	(3.57)%	(1.19)%	(2.72)%
Net investment loss	(3.31)%	(3.24)%	(3.37)%	(3.31)%	(1.11)%	(2.46)%

________________

(1)Represents the per Unit impact of subscriptions during the period. The difference between issuance price (Transactional NAV) and U.S. GAAP net asset

value throughout the period, as well as the timing of Unit issuances, may result in subscriptions may be accretive (or dilutive) to net asset value per Unit.

(2)Net investment loss per Unit was calculated as net investment loss for the period divided by the weighted average number of Units outstanding for the

period.

(3)Total return based on net asset value (not annualized) is calculated as the change in net asset value per Unit during the period divided by the net asset

value per Unit at the beginning of the period. For unit classes with an inception date during the period, total return is calculated as the change in net asset

value per Unit from the Class inception date through March 31, 2026 divided by the net asset value per Unit at the Class inception date. Total return does

not include upfront transaction fees, if any.as of the beginning of the period. For unit classes with an inception date during the period, total return is

calculated from the class inception date.

(4)These ratios to average net assets have not been annualized.

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CARLYLE PRIVATE EQUITY PARTNERS FUND, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

(All Dollars are in Thousands, Except Unit and Per Unit Data, except as noted) (unaudited)

9. SUBSEQUENT EVENTS

Subsequent to March 31, 2026, CPEP accepted subscriptions for an additional $22.5 million in connection with its April

and May closings bringing inception to date subscriptions in its continuous private offering to $103.7 million.

Subsequent to March 31, 2026, CPEP acquired interests in Approved Warehouse Investments from the Warehouse Entity,

an affiliate of Carlyle, for a total purchase price of $8.1 million.

There have been no events since March 31, 2026, other than those already disclosed, that require recognition or disclosure

in the consolidated financial statements.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Unless context suggests otherwise, references in this report to “CPEP,” the “Fund,” “we,” “us,” and “our” refer to

Carlyle Private Equity Partners Fund, L.P. and references in this report to “Carlyle” refer collectively to The Carlyle Group

Inc. and its subsidiaries and affiliated entities. The following discussion and analysis should be read in conjunction with the

consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q.

Overview

CPEP is a Delaware limited partnership formed on February 11, 2025 as a private fund exempt from registration pursuant

to Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “1940 Act”). Our general partner, CPEP GP, LLC

(the “General Partner”), and our investment advisor, Carlyle Investment Management L.L.C. (the “Investment Advisor”), are

affiliates of Carlyle.

Our investment objective is to generate attractive risk-adjusted returns and achieve medium-to-long-term capital

appreciation through a well-diversified portfolio of private equity investments. We seek to achieve our investment objective by

providing access to Carlyle’s Global Private Equity (“GPE”) platform, with an emphasis on its U.S., European, and Asian

corporate buyout strategies. We also provide investors access to Secondary Investments through Carlyle AlpInvest, as well as

certain other investment strategies, such as growth, infrastructure and, in certain instances, Global Credit. We expect to access

these private equity investments in a variety of ways, including through:

•Direct Investments: Investments in companies and other private assets which may include, without limitation, private

and public investments in equity instruments, preferred equity instruments, convertible debt or equity derivative

instruments, warrants, options, “PIK” (paid-in-kind) notes, mezzanine debt, hybrid capital (including, but not limited

to, structured equity, distressed credit and opportunities arising due to market dislocation), collateralized loan

obligation equity, other debt investments and “PIPE” (private investments in public equity) transactions;

•Secondary Investments: Certain secondary investments of Carlyle AlpInvest which target investments in private equity

assets and private equity funds managed by third-party managers and portfolios of direct private equity investments

through privately negotiated transactions (typically structured through new investment vehicles) in the secondaries

market and from time to time may include secondary market purchases of existing investments in Other Carlyle

Accounts; and

•Primary Commitments: Capital commitments to investment funds managed by Carlyle or third-party managers.

CPEP may also invest in continuation vehicles sponsored by Carlyle or third-party managers and may invest alongside

other third-party managers in investments acquired from Other Carlyle Accounts. Further, CPEP may create, invest or co-invest

with Other Carlyle Accounts or third parties in platform arrangements, including existing companies or newly-formed

investment vehicles, to pursue investment opportunities that may lead to the creation or expansion of Portfolio Companies.

While we frequently expect to invest in or alongside Other Carlyle Accounts, we may be the sole Carlyle-sponsored vehicle

participating in an investment.

Additionally, CPEP may invest in debt and other types of liquid securities, including but not limited to loans, debt

securities, public equities, shares and/or units of exchange traded funds, collateralized debt obligations, collateralized loan

obligations, asset-backed securities, mortgage-backed securities and other securitized products, derivatives, total return swaps,

money market instruments, investment companies and cash and cash equivalents (each such transaction or series of transactions

in single or multiple assets, a “Liquid Investment” and together with Direct Investments, Secondary Investments and Primary

Commitments, “Investments”), in each case in order to provide us with income, manage overall portfolio risk and to provide a

potential source of liquidity for the Redemption Program.

We generally seek to invest 80-90% of our NAV in a global portfolio of private equity investments consisting of Direct

Investments, Secondary Investments and Primary Commitments and up to 10-20% of our NAV in Liquid Investments. Our

Investments may vary materially from these indicative allocation ranges, including due to factors such as a large inflow of

capital over a short period of time, the General Partner’s assessment of the relative attractiveness of opportunities, or an

increase in anticipated cash requirements or redemption requests and subject to any limitations or requirements relating to

applicable law. Certain Investments could be characterized by the General Partner, in its discretion, as either Direct Investments

or Liquid Investments depending on the terms and characteristics of such Investments. For the avoidance of doubt, in the event

that our Investments vary from the ranges indicated above for any reason, the General Partner shall have no obligation to sell

any Investments or take any other action to remedy such variances and may determine to maintain a different target ratio in the

future.

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We may use financial leverage for any purpose, including to provide additional funds to support our investment activities,

and leverage may be used more heavily in certain investment strategies, particularly during the initial ramp-up period. We do

not intend to incur cash borrowings to finance the acquisition of an Investment if such borrowings would cause the aggregate

amount of recourse indebtedness for borrowed money incurred by us for purposes of acquiring Investments to exceed 30% of

our total assets, measured at the time we make such borrowings, except that such limit will not apply to the extent we incur

borrowings to provide interim financing prior to the receipt of capital. In addition, there is, however, no limit on the amount we

may borrow with respect to our Portfolio Companies or joint ventures that is not recourse to the Fund. During the initial ramp-

up period, our leverage may exceed such target. We may also exceed a leverage ratio of 30% at other times, particularly during

a market downturn or in connection with a large acquisition.

At the discretion of the General Partner and in accordance with our Amended and Restated Limited Partnership Agreement

(as amended, restated or supplemented from time to time, the “Partnership Agreement”), we expect to implement a redemption

program pursuant to which we expect to redeem in each quarter up to 3% of Investor Units and Class CG Units outstanding

(either by number of Units or aggregate NAV) (the “Redemption Program”). The Redemption Program is expected to

commence the quarter following the first anniversary of the Initial Closing, although the General Partner retains discretion to

commence the Redemption Program prior to such date. The General Partner may amend or suspend the Redemption Program if

in its reasonable judgment it deems such action to be in the Fund’s best interest, including, but not limited to, for tax, regulatory

or other structuring reasons. As a result, the Redemption Program may not be available each quarter, such as when the

Redemption Program would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse

impact on the Fund that would outweigh the benefit of the Redemption Program, in each case as determined by the General

Partner in its sole discretion and in accordance with the Partnership Agreement.

Recent Developments

Business Environment and Outlook

The commencement of hostilities in the Middle East and the closure of the Strait of Hormuz have not yet manifested as

visible economic damage. However, risks to the global economy remain elevated as the conflict in the Middle East persists, and

those risks will continue to rise for as long as the Strait remains effectively shut. In the U.S., which is less reliant on imports

that traverse the Strait, economic activity remained relatively resilient, supported by continued business investment, including

AI-related spending. However, increases in energy prices and the potential impacts of prolonged disruptions to supply chains

introduce risks to overall growth and consumer demand. Macroeconomic conditions varied across regions elsewhere. China,

which was able to import oil from Iran in March, and Taiwan and South Korea, which continued to benefit from the AI

buildout, were particularly resilient. Those more exposed to energy imports, including Europe and India, faced increased risks

related to potential supply disruptions.

Public equity markets experienced volatility during the quarter, including sector rotations associated with changing

expectations for AI-related investment and the impact of geopolitical developments. However, after ending the quarter down

4.6%, the S&P 500 rallied to new all-time highs in May on optimism for an end to the conflict coupled with upgrades to

“consensus” earnings estimates. This recent rally is a symptom of the difficulty investors face in hedging and quantifying

geopolitical risk. In contrast to other discrete shocks, such as the failure of SVB in 2023, markets face less clarity in mapping

out the trajectory of evolving geopolitical developments and so tend to “look through” them. The shock also reaffirmed the

notion that bonds no longer hedge equity market risk. Bonds have now sold off with stocks during each major shock of the last

12 months, and the correlation between the monthly returns of stocks and bonds has moved from -25% to +50% since 2022. As

the “natural” hedge of the traditional 60/40 portfolio continues to dissolve, investors may choose to rotate towards private

markets to achieve greater diversification.

Private equity activity reflected mixed conditions. While overall M&A volumes increased, driven by larger transactions,

leveraged buyout activity and exit volumes declined compared to prior periods. Initial public offering activity remained

subdued, and broader market volatility and liquidity conditions may affect exit timing across the industry.

Given CPEP’s diversified exposure across sectors and geographies, these conditions may affect investment deployment,

valuation levels, and portfolio performance.

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Subsequent Notable Transactions

Subsequent to March 31, 2026, CPEP accepted subscriptions for an additional $22.5 million in connection with its April

and May closings bringing inception to date subscriptions in its continuous private offering to $103.7 million.

Subsequent to March 31, 2026, CPEP acquired interests in Approved Warehouse Investments from the Warehouse Entity,

an affiliate of Carlyle, for a total purchase price of $8.1 million.

For additional information, see Note 6, Related Party Transactions, to the consolidated financial statements included in

“Part I, Item 1. Financial Statements.”

Portfolio and Investment Activity

During the period, the Fund completed 16 investment transactions, consisting of 5 new investments and 11 follow-on

investments in existing portfolio investments, for an aggregate purchase price of $25.7 million. These acquisitions were sourced

through a combination of investments acquired from the Warehouse Entity and investments sourced directly from general

partners. These investments consist primarily of global buyout and secondary investments diversified across aerospace and

defense, technology, financial services, industrial, consumer and healthcare sectors and across North America, Europe and

Asia-Pacific.

The charts below present the diversification of CPEP’s portfolio companies by strategy, sector and geography based on the

fair value of our investments as of March 31, 2026.

Pie Charts - MDA - same as factsheet.jpg

___________

•Totals may not foot due to rounding.

•Current portfolio composition is not necessarily indicative of the future composition of the portfolio of CPEP.

•Industry and geography classifications are presented on a look-through basis to the underlying portfolio companies held directly or indirectly through

investee funds. Geography is generally based on the region where each underlying portfolio company is headquartered. “Other Asia” currently includes

India; the composition of this category may change over time and may include other countries in the future.

•Strategy and industry are based solely on Carlyle’s analysis and reflect solely Carlyle’s opinion.

•The portfolio composition presented in the charts above differs from the presentation in the accompanying condensed consolidated schedules of

investments included in Part I, Item 1 of this Quarterly Report on Form 10-Q. The condensed consolidated schedules of investments presents investments

at the investee fund level and is not presented on a full look-through basis to the underlying portfolio companies.

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As of March 31, 2026, CPEP’s ten largest investments, based on fair value, were:


Company	Strategy	Geography	Sector
Knack RCM	International Exposure	Other Asia	Healthcare
Kyoden Co., Ltd.	International Exposure	Japan	Technology
Mantech (1)	Scale	North America	Aerospace & Defense
Sedgwick Inc.	Scale	North America	Financial Services
Tarrytown Expocare Pharmacy	Scale	North America	Healthcare
Trucordia	Opportunistic	North America	Financial Services
TRYT Inc.	International Exposure

Carlyle Private Equity Partners Fund, L.P. 10-Q