Notice2025-15200
Partners Group Private Equity (Master Fund), LLC, et al.
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 11, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 152 (Monday, August 11, 2025)</title>
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[Federal Register Volume 90, Number 152 (Monday, August 11, 2025)]
[Notices]
[Page 38686]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15200]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 35708; File No. 812-15772]
Partners Group Private Equity (Master Fund), LLC, et al.
August 7, 2025.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').
ACTION: Notice.
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Notice of application for an order under sections 17(d) and 57(i)
of the Investment Company Act of 1940 (the ``Act'') and rule 17d-1
under the Act to permit certain joint transactions otherwise prohibited
by sections 17(d) and 57(a)(4) of the Act and rule 17d-1 under the Act.
Summary of Application: Applicants request an order to permit certain
business development companies (``BDCs'') and closed-end management
investment companies to co-invest in portfolio companies with each
other and with certain affiliated investment entities.
Applicants: Partners Group Private Equity (Master Fund), LLC; Partners
Group Next Generation Infrastructure, LLC; Partners Group Growth, LLC;
Partners Group Lending fund, LLC; Lincoln Partners Group Royalty Fund;
Partners Group (USA) Inc., Partners Group AG; Partners Group (UK) Ltd,
Partners Group (Luxembourg) S.A., Partners Group (Guernsey) Ltd,
Partners Group Cayman Management I Ltd, Partners Group Cayman
Management III Ltd, Partners Group Cayman Management IV Ltd, Partners
Group Management Ltd, Partners Group Management (Scots) LLP, Partners
Group Management I S.[agrave].r.l., Partners Group Management II Ltd,
Partners Group Management II S.[agrave].r.l., Partners Group Management
III S.[agrave].r.l., Partners Group Management IV (EUR)
S.[agrave].r.l., Partners Group Management V (GBP) S.[agrave].r.l.,
Partners Group Management VI (USD) S.[agrave].r.l., Partners Group
Management IX Ltd, Partners Group Management V Ltd, Partners Group
Management VII Ltd, Partners Group Management VIII Ltd, Partners Group
Management XI Ltd, Partners Group Management XII Ltd, Partners Group US
Management II LLC, Partners Group US Management III LLC, Princess
Management Ltd, Partners Group Management Direct Equity V
S.[agrave].r.l., Partners Group Cayman Management Direct Equity V
Limited, and certain of their affiliated entities as described in
Appendix A to the application.
Filing Dates: The application was filed on May 1, 2025, and amended on
July 28, 2025.
Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing on any application by emailing
the SEC's Secretary at <a href="/cdn-cgi/l/email-protection#9fccfafcedfaebfeede6ecb2d0f9f9f6fcfadfecfafcb1f8f0e9"><span class="__cf_email__" data-cfemail="8ddee8eeffe8f9ecfff4fea0c2ebebe4eee8cdfee8eea3eae2fb">[email protected]</span></a> and serving the
Applicants with a copy of the request by email, if an email address is
listed for the relevant Applicant below, or personally or by mail, if a
physical address is listed for the relevant Applicant below. Hearing
requests should be received by the Commission by 5:30 p.m. on September
2, 2025, and should be accompanied by proof of service on the
Applicants, in the form of an affidavit or, for lawyers, a certificate
of service. Pursuant to rule 0-5 under the Act, hearing requests should
state the nature of the writer's interest, any facts bearing upon the
desirability of a hearing on the matter, the reason for the request,
and the issues contested. Persons who wish to be notified of a hearing
may request notification by emailing the Commission's Secretary at
<a href="/cdn-cgi/l/email-protection#cd9ea8aebfa8b9acbfb4bee082ababa4aea88dbea8aee3aaa2bb"><span class="__cf_email__" data-cfemail="d784b2b4a5b2a3b6a5aea4fa98b1b1beb4b297a4b2b4f9b0b8a1">[email protected]</span></a>.
ADDRESSES: The Commission: <a href="/cdn-cgi/l/email-protection#9fccfafcedfaebfeede6ecb2d0f9f9f6fcfadfecfafcb1f8f0e9"><span class="__cf_email__" data-cfemail="7320161001160712010a005e3c15151a1016330016105d141c05">[email protected]</span></a>. Applicants:
Joshua B. Deringer, Esq. and Joshua M. Lindauer, Esq., Faegre Drinker
Biddle & Reath LLP, <a href="/cdn-cgi/l/email-protection#5d37322e35283c7339382f34333a382f1d3b3c383a2f38392f343336382f733e3230"><span class="__cf_email__" data-cfemail="4b212438233e2a652f2e3922252c2e390b2d2a2e2c392e2f392225202e3965282426">[email protected]</span></a> and
<a href="/cdn-cgi/l/email-protection#f59f9a869d8094db999c9b9194809087b593949092879091879c9b9e9087db969a98"><span class="__cf_email__" data-cfemail="c4aeabb7acb1a5eaa8adaaa0a5b1a1b684a2a5a1a3b6a1a0b6adaaafa1b6eaa7aba9">[email protected]</span></a>; Robert M. Collins, Partners Group
(USA) Inc., <a href="/cdn-cgi/l/email-protection#41332e232433356f222e2d2d282f3201312033352f24333226332e34316f222e2c"><span class="__cf_email__" data-cfemail="374558555245431954585b5b5e594477475645435952454450455842471954585a">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Adam Large, Senior Special Counsel,
Deepak T. Pai, Senior Counsel, or Daniele Marchesani, Assistant Chief
Counsel, at (202) 551-6825 (Division of Investment Management, Chief
Counsel's Office).
SUPPLEMENTARY INFORMATION: For Applicants' representations, legal
analysis, and conditions, please refer to Applicants' first amended
application, dated July 28, 2025, which may be obtained via the
Commission's website by searching for the file number at the top of
this document, or for an Applicant using the Company name search field,
on the SEC's EDGAR system. The SEC's EDGAR system may be searched at
<a href="https://www.sec.gov/edgar/searchedgar/companysearch.html">https://www.sec.gov/edgar/searchedgar/companysearch.html</a>. You may also
call the SEC's Office of Investor Education and Advocacy at (202) 551-
8090.
For the Commission, by the Division of Investment Management,
under delegated authority.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-15200 Filed 8-8-25; 8:45 am]
BILLING CODE 8011-01-P
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