Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with CVC-PEF's unaudited consolidated financial statements and the related notes included within this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements and actual results may differ materially from those contained in or implied by any forward-looking statements.

In this report, reference to the "Fund," "CVC-PEF," "we," "us" or "our" refer to CVC-PE Global Private Equity Fund, LP.

Overview

We were organized on September 8, 2025, as a limited partnership under the laws of the State of Delaware. We are a private fund exempt from registration pursuant to Section 3(c)(7) of the Investment Company Act of 1940, as amended.

Our investment objective is to generate attractive risk-adjusted returns and medium- to long-term capital appreciation for Unitholders. CVC-PEF will seek to meet its investment objectives by primarily investing in CVC Private Equity Fund strategies directly or through Intermediate Entities in a variety of ways, including through:

To a lesser extent, we will also invest in debt and other types of liquid securities ("Liquid Assets"), including but not limited to loans, debt securities, public equities, collateralized debt obligations, collateralized loan obligations, asset-backed securities, mortgage-backed securities and other securitized products, derivatives, money market instruments, cash and cash equivalents as well as in any open-ended CVC Funds having a liquid credit strategy ("CVC Liquid Investments").

We will generally seek to invest 80% of our net asset value ("NAV") in Direct Investments, Secondary Investments and Primary Commitments and up to 20% of our NAV in Liquid Assets. Our investments may vary materially from these indicative allocation ranges due to factors such as a large inflow of capital over a short period of time, the General Partner and/or the Investment Adviser'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.

Our limited partnership units ("Units") will not be listed for trading on any securities exchange or other trading market. There is currently no secondary market for our Units, and one is not expected to develop. We are conducting a continuous private offering of our Units in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended.

At the discretion of the General Partner and in accordance with the Partnership Agreement, we have implemented a redemption program allowing for redemptions of up to 5% of Units outstanding each quarter, measured using the aggregate NAV of the Fund (including the NAV attributable to any feeder funds, including the Feeder TE and any Parallel Funds) as of the last calendar day of the immediately preceding calendar quarter. For additional information see Note 6. "Net Assets" in the "Notes to Consolidated Financial Statements" in "Part I. Item 1. Financial Statements (Unaudited)" of this report.

Business Environment and Outlook

Global equities rose modestly in the third quarter of 2026, with the MSCI World Index up 1.9% in net U.S. dollar terms. Resilient corporate earnings and continued investment in artificial intelligence supported markets, despite renewed tensions in the Middle East pushing energy prices higher and adding to inflation concerns.

Against this backdrop, both the European Central Bank and the US Federal Reserve raised rates by 25 basis points in September 2026. The ECB deposit rate reached 2.50%, while the Fed's target range rose to 3.75% to 4.00%.

Global private equity dealmaking remained selective, with European activity easing in the third quarter after a stronger first half. Meanwhile, European exit value remains on pace to make 2026 one of the strongest years on record, according to the latest PitchBook Q3 2026 data.

At CVC, we believe our platform is well positioned in this environment. Supported by a robust global pipeline and a disciplined approach to deployment, we continue to identify investment opportunities across regions. While remaining mindful of monetary policy, trade dynamics and geopolitical developments, we view the outlook as constructive for long-term investors.

Recent Developments

On April 1, 2026, we commenced operations and sold Class R-S, Class R-I, Class C and Class G Units to certain investors as part of our continuous private offering. As of September 30, 2026, we have issued Units for aggregate consideration of approximately $348.0 million.

In October 2026, we sold Units to certain investors as part of our continuous private offering for aggregate consideration of approximately $36.0 million.

In October 2026, we acquired, from our affiliates, an additional tranche in two Direct Investments and one Secondary Investment totaling $34.8 million, including financing charges.

On November 12, 2026 we executed a second amended and restated Investment Advisory Agreement to make certain non-material and conforming updates, including to clarify the parties' intent.

Portfolio and Investment Activity

As of September 30, 2026, our portfolio consists of eleven Direct Investments, eight Secondary Investments, including interests in four CVC Private Equity Funds, and one CVC Liquid Investment with an aggregate fair value of $392.8 million.

Performance Summary

The table below shows the quarter-to-date and inception-to-date Transactional NAV returns for each Class of Units outstanding as of September 30, 2026:

Investment Portfolio

The charts below present the diversification of our portfolio companies by sector, strategy, geography and vintage based on the fair value of our investments as of September 30, 2026:

As of September 30, 2026, our ten largest investments based on fair value were:

Key Components of Our Results of Operations

Our key financial measures and results of operations for the three and six months ended September 30, 2026 are discussed below. From January 1, 2026 through March 31, 2026, we had not commenced investment activities and operations. On April 1, 2026, we first accepted third-party investors and began investment activities and operations (the "Initial Closing Date").

Investment Income (Loss) and Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)

We generate investment income primarily from our Direct Investments, Secondary Investments and Primary Commitments, including net realized gains and losses and net unrealized appreciation and depreciation on investments and derivative instruments and interest income from Liquid Assets. Realized gains or losses are measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation and depreciation reflects the change in investment values during the reporting period, including any reversal of previously recorded unrealized appreciation and depreciation, when gains or losses are realized. Net realized gains and losses and unrealized appreciation and depreciation can also arise due to the translation of investments denominated in foreign currencies.

For the three months ended September 30, 2026, we recognized a Net Realized Gain and Change in Unrealized Appreciation of $28.1 million and Investment Income of $4.1 million. The Net Realized Gain and Change in Unrealized Appreciation was primarily due to a Net Change in Unrealized Appreciation on Investments of $24.5 million and a Net Realized Gain on Investments of $2.8 million, partially offset by a Provision for Income Taxes of $1.1 million. The Net Change in Unrealized Appreciation on Investments was attributable to net appreciation of Direct Investments and Secondary Investments and fluctuations in foreign exchange rates. The Net Change in Unrealized Appreciation on Investments included $6.1 million of appreciation related to investments in CVC Private Equity Funds and CVC Liquid Investments. The Net Realized Gain on Investments was attributable to realizations of investments through distributions received from CVC Private Equity Funds. The Investment Income was primarily due to distributions received from Direct Investments and Secondary Investments and money market funds. Investment Income included $1.4 million of Dividend Income from CVC Private Equity Funds.

For the six months ended September 30, 2026, we recognized a Net Realized Gain and Change in Unrealized Appreciation of $55.3 million and Investment Income of $4.2 million. The Net Realized Gain and Change in Unrealized Appreciation was primarily due to a Net Change in Unrealized Appreciation on Investments of $46.5 million and a Net Realized Gain on Investments of $6.5 million, partially offset by a Provision for Income Taxes of $1.1 million. The Net Change in Unrealized Appreciation on Investments was attributable to net appreciation of Direct Investments and Secondary Investments and fluctuations in foreign exchange rates. The Net Change in Unrealized Appreciation on Investments included $7.2 million of appreciation related to investments in CVC Private Equity Funds and CVC Liquid Investments. The Net Realized Gain on Investments was attributable to realizations of investments through distributions received from CVC Private Equity Funds. The Investment Income was primarily due to distributions received from Direct Investments and Secondary Investments and money market funds. Investment Income included $1.4 million of Dividend Income from CVC Private Equity Funds.

Expenses

For the three months ended September 30, 2026, we incurred $12.9 million in gross Expenses, comprised primarily of $3.5 million of Incentive Allocation, $3.0 million of Deal Expenses, $1.4 million of Professional Fees, $0.5 million of Servicing Fees, $0.5 million of Interest Expense, $0.5 million of Offering Expenses and $2.3 million of Other Expenses. Management Fees for the three months ended September 30, 2026 were $0.9 million, which were fully waived.

For the six months ended September 30, 2026, we incurred $25.7 million in gross Expenses, comprised primarily of $6.1 million of Incentive Allocation, $5.8 million of Deal Expenses, $2.8 million of Organizational Expenses, $2.8 million of Professional Fees, $1.1 million of Offering Expenses, $0.8 million of Servicing Fees, $0.7 million of Interest Expense and $3.9 million of Other Expenses. Management Fees for the six months ended September 30, 2026 were $1.3 million, which were fully waived.

For additional information regarding Management Fees and the Incentive Allocation, see Note 5. "Related Party Transactions" in the "Notes to Consolidated Financial Statements" in "Part I. Item 1. Financial Statements (Unaudited)" of this report.

In accordance with the investment advisory agreement we have entered into with the Investment Adviser (the "Investment Advisory Agreement"), the Investment Adviser has agreed to limit the amount of Specified Expenses (as defined below) borne by us during the one-year period beginning on the Initial Closing Date and ending on the one-year anniversary thereof (the "Expense Support Period") to the amount stated in the Investment Advisory Agreement, on an annualized basis, of our Transactional NAV as of the end of each calendar month (such limit, the "Expense Limitation" and such payment by the Investment Adviser, the "Expense Support"). The Expense Support Period may be renewed by the Investment Adviser in its sole discretion. To the extent that, as of the end of a given calendar month during the Expense Support Period, the Specified Expenses (annualized) exceed the Expense Limitation calculated as of the end of such calendar month, the Investment Adviser will pay, absorb or reimburse us the amount of such excess or forgo its Management Fee in the amount of such excess (the "Expense Limitation Payment"). After the Expense Support Period ends (including, for the avoidance of doubt, any renewal thereof) and upon the request of the Investment Adviser, we shall be obligated to reimburse the Investment Adviser the amount of any Expense Limitation Payments (the "Expense Limitation Reimbursement") at any time during a period of five (5) years from when the final Expense Support Period ends, but only to the extent that such Expense Limitation Reimbursement, together with any Specified Expenses borne by us, does not exceed the Expense Limitation, calculated as of the end of each calendar month on an annualized basis, or such lower expense limitation as may be in effect for the relevant portions of the Expense Support Period. The Investment Adviser, in its sole discretion, may waive its right to any Expense Limitation Reimbursement. The Investment Adviser may elect to receive the Expense Limitation Reimbursement in cash, Class C Units and/or shares, units or interests of any Aggregator.

"Specified Expenses" means all expenses incurred in our business, including, among other things, organizational and offering expenses, professional fees, and fees and expenses of our administrator, custodian and transfer agent, with the exception of (i) the management fee payable to the Investment Adviser or its designated recipient pursuant to the Investment Advisory Agreement (the "Management Fee"); (ii) the incentive allocation payable to Capital Investors Founders Group Limited, an affiliate of CVC, or such other person as the General Partner may designate (the "Incentive Allocation"); (iii) monthly servicing fees payable to participating brokers or other financial intermediaries (the "Servicing Fee"); (iv) transaction-related costs, including, without limitation, costs related to unconsummated transactions and hedging and other derivatives transactions; (v) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by us); (vi) taxes; (vii) portfolio company expenses, joint-venture level expenses or Intermediate Entity expenses; (viii) ordinary corporate operating expenses (including costs and expenses related to hiring, retaining, and compensating officers of us); (ix) certain insurance costs; and (x) extraordinary expenses (as determined in the sole discretion of the Investment Adviser).

Under the Investment Advisory Agreement, the Investment Adviser advanced our organizational and offering expenses through the Initial Closing Date. On the Initial Closing Date, we became obligated to reimburse the Investment Adviser for such advanced organizational and offering expenses, subject to the conditions and limitations described above.

For the three and six months ended September 30, 2026, the Investment Adviser has agreed to reimburse $2.5 million and $8.0 million, respectively, of Specified Expenses to the Fund.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended September 30, 2026, the Net Increase in Net Assets Resulting from Operations was $22.7 million resulting from Net Realized Gain and Change in Unrealized Appreciation on Investments of $28.1 million, partially offset by a Net Investment Loss of $5.4 million.

For the six months ended September 30, 2026, the Net Increase in Net Assets Resulting from Operations was $43.1 million resulting from Net Realized Gain and Change in Unrealized Appreciation on Investments of $55.3 million, partially offset by a Net Investment Loss of $12.2 million.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from (i) the net proceeds of our continuous private offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. We believe that cash provided by such means will be sufficient to satisfy our anticipated cash requirements for the next twelve months and foreseeable future.

Our primary uses of cash are for (i) making Investments, (ii) the cost of operations (including the Servicing Fee, the Management Fee and the Incentive Allocation), (iii) debt service of any borrowings, (iv) periodic redemptions, including under the Redemption Program, and (v) cash distributions, if any, to the holders of our Units. For additional information regarding the Management Fee, the Incentive Allocation, the Servicing Fee and the Redemption Program, see Note 5. "Related Party Transactions" and Note 6. "Net Assets" in the "Notes to Consolidated Financial Statements" in "Part I. Item 1. Financial Statements (Unaudited)" of this report.

As of September 30, 2026, we had $45.5 million in cash and cash equivalents.

Contractual Obligations and Commitments

For contractual obligations and commitments see Note 7. "Commitments and Contingencies" in the "Notes to Consolidated Financial Statements" in "Part I. Item 1. Financial Statements (Unaudited)" of this report.

Transactional Net Asset Value

We calculate transactional net asset value ("Transactional NAV") for purposes of establishing a price at which transactions in the respective Units are made. A description of our valuation process is included under "Valuation" within "Item 1(c). Description of Business" and "Calculation of NAV" within "Item 9. Market Price and Dividends on the Registrant's Common Equity and Related Unitholder Matters" of the Form 10. Transactional NAV is based on the month-end fair values of all assets of the Fund less the liabilities of the Fund and all fees attributable to the Fund, including Servicing Fees, the Management Fee, the Incentive Allocation, distribution entitlements and other fees and expenses, in all cases as determined in accordance with the Fund's valuation policy that has been approved by the General Partner. Transactional NAV differs from the Fund's net asset value as determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). To calculate our Transactional NAV, (i) the Expense Support paid by the Investment Adviser will be recognized as a reduction to NAV after the expiration of the Expense Support Period and in the month the Fund reimburses the Investment Adviser for such costs, (ii) Servicing Fees, as applicable, are recognized as a reduction to NAV on a monthly basis as such fees are paid and (iii) contingent tax liabilities of certain Intermediate Entities that are not expected to be recognized due to the expected structure of the divestment of the associated underlying investment may not be recognized as a reduction to NAV (although tax liabilities of those same Intermediate Entities may be taken into account in determining the fair value of the associated underlying investment).

The following table provides details of the major components of our Transactional NAV as of September 30, 2026:

The following table provides details of Transactional NAV and the Transactional NAV per Unit as of September 30, 2026:

The following table reconciles our U.S. GAAP NAV to Transactional NAV as of September 30, 2026:

Off-Balance Sheet Arrangements

We do not have any off-balance sheet financings or liabilities other than contractual commitments incurred in the normal course of our business. Refer to Note 7. "Commitments and Contingencies" in the "Notes to Consolidated Financial Statements" in "Part I. Item 1. Financial Statements (Unaudited)" for additional information.

Critical Accounting Estimates

The preparation of the unaudited consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Refer to Note 2. "Summary of Significant Accounting Policies" in the "Notes to Consolidated Financial Statements" in "Part I. Item 1. Financial Statements (Unaudited)" of this report for further discussion of our accounting policies.

The following is a summary of our significant accounting policies that are most impacted by judgments, estimates or assumptions.

Fair Value Measurements

As an investment company under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, Financial Services - Investment Companies ("Topic 946"), we are required to report investments, including those for which current market values are not readily available, at fair value in accordance with ASC 820, Fair Value Measurements ("Topic 820"). Topic 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. The fair value process is used to both recognize the investments in accordance with GAAP and for purposes of computing a monthly Transactional NAV.

In the absence of observable market prices, we value our investments using valuation methodologies applied on a consistent basis in accordance with our 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.

When making fair value determinations for investments that do not have an observable market price, the General Partner will engage one or more independent valuation advisors to provide positive assurance regarding the reasonableness of such valuations as of the relevant measurement date. It is expected that the independent valuation advisor will provide such positive assurance at least once a quarter throughout the year, subject to a lag of up to two quarters post the investment closing into CVC-PEF. However, the General Partner is ultimately responsible for determining the fair value of all applicable investments in good faith in accordance with the Fund's valuation policies and procedures.

Secondary Investments and Primary Commitments are generally valued based on their proportionate share of the most recent NAV reported by the respective underlying fund manager, provided NAV is calculated in a manner consistent with Topic 946. The reported NAV may be adjusted where appropriate, for subsequent capital contributions, distributions and other material known, knowable and quantifiable events occurring through the reporting date. To the extent the underlying fund holds publicly traded securities, we consider material changes in the quoted market prices of such securities from the date of the most recent reported NAV. In addition, where appropriate, we may adjust the reported NAV to reflect estimated material changes in the fair value of the underlying fund's non-public investments from the date of the most recent reported NAV through the reporting date.

Accrued Servicing Fees

We pay participating brokers or other financial intermediaries a Servicing Fee on Class S Units, Class D Units, Class R-S Units and Class R-D Units in an amount equal to, on an annualized basis, 0.85%, 0.25%, 0.85% and 0.25%, respectively, of the Transactional NAV of such Class as of the end of each month. No Servicing Fee will be payable with respect to Class I, Class R-I, Class C and Class G Units. In calculating the Servicing Fee, we use the Transactional NAV as of the end of each month before giving effect to any accruals for the Servicing Fee, redemptions, if any, for the applicable month and distributions payable on Units.

In accordance with U.S. GAAP, we accrue the estimated cost of the Servicing Fee for the estimated life of its Units as an offering cost at the time Units bearing such fees are issued. The calculation of the estimated amount of Servicing Fees to be paid in future periods includes significant judgments and estimates. These include estimating the life of the Units held by a unitholder at the time of subscription, making judgments regarding market expectations and assessing historical trends. As of September 30, 2026, the Fund has accrued Servicing Fees of $9.7 million.

Recent Accounting Developments

Information regarding recent accounting developments and their impact on CVC-PEF, if any, can be found in Note 2. "Summary of Significant Accounting Policies" in the "Notes to Consolidated Financial Statements" in "Part I. Item 1. Financial Statements (Unaudited)" of this report.