Report of Independent Registered Public Accounting Firm
To the Board of Managers and Members of Partners Group Private Equity (Master Fund), LLC
In planning and performing our audit of the consolidated financial statements of Partners Group Private
Equity (Master Fund), LLC (the “Fund”) as of and for the year ended March 31, 2023, in accordance with
the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we
considered the Fund’s internal control over financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on
the consolidated financial statements and to comply with the requirements of Form N-CEN, but not for
the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial
reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund's internal control
over financial reporting.
The management of the Fund is responsible for establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls. A company’s internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of consolidated financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of consolidated financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s
assets that could have a material effect on the consolidated financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control
does not allow management or employees, in the normal course of performing their assigned functions, to
prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that
a material misstatement of the company’s annual or interim consolidated financial statements will not be
prevented or detected on a timely basis.
Our consideration of the Fund’s internal control over financial reporting was for the limited purpose
described in the first paragraph and would not necessarily disclose all deficiencies in internal control over
financial reporting that might be material weaknesses under standards established by the PCAOB.
However, we noted no deficiencies in the Fund’s internal control over financial reporting and its
operation, including controls over safeguarding securities, that we consider to be material weaknesses as
defined above as of March 31, 2023.
This report is intended solely for the information and use of the Board of Managers of Partners Group
Private Equity (Master Fund), LLC and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers LLP
Dallas, Texas
May 30, 2023