Partners Group (USA) Inc..

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GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Item 11.H. of Part
1A or Item 2.F. of Part 1B of Form ADV.
Civil Judicial
Check Part 1A item(s) being responded to:
11.H(1)(a)
11.H(1)(b)
11.H(1)(c)
11.H(2)
Check Part 1B item(s) being responded to:
2.F(1)
2.F(2)
2.F(3)
2.F(4)
2.F(5)
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the
same event. Unrelated civil judicial actions must be reported on separate DRPs.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
2083322
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
SCHWARTZ, JOEL, TODD
(For individuals, Last, First,
Middle)
CRD
Number:
6304127
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
GRASTY, PRESTON, REID
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H.

(1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) 
PRIVATE PLAINTIFF
2.
Principal Relief Sought:
Money Damages (Private/Civil Complaint)
Other Relief Sought: 
COMPENSATORY OR RESCISSORY DAMAGES; REASONABLE COSTS AND EXPENSES INCURRED IN CONNECTION WITH THE ACTION, INCLUDING
ATTORNEYS' FEES AND COSTS INCURRED BY CONSULTING AND TESTIFYING EXPERT WITNESSES.
3.
Filing Date of Court Action (MM/DD/YYYY):
08/12/2025
 Exact
 Explanation
If not exact, provide explanation:
AN AMENDED COMPLAINT WAS FILED ON FEBRUARY 6, 2026 IN WHICH PARTNERS GROUP (USA) INC. IS A NAMED DEFENDANT.
4.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
5.
Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case
Number): 
UNITED STATES DISTRICT COURT, DISTRICT OF OREGON, PORTLAND DIVISION; CASE 3:25-CV-01424-AR
6.
Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 
PARTNERS GROUP (USA) INC. IS A NAMED DEFENDANT IN THE CASE. TWO OF PARTNERS GROUP (USA) INC.'S EMPLOYEES, JOEL TODD SCHWARTZ AND
PRESTON REID GRASTY, WERE DIRECTORS OF KINDERCARE LEARNING COMPANIES, INC. AT THE TIME OF THE INITIAL PUBLIC OFFERING AND ARE ALSO
NAMED DEFENDANTS. COLLECTIVELY, JOEL TODD SCHWARTZ AND PRESTON REID GRASTY ARE "ADVISORY AFFILIATES" OF PARTNERS GROUP (USA) INC.
7.
Describe the allegations related to this civil action (your response must fit within the space provided): 
PLAINTIFFS HAVE ALLEGED THAT THERE WERE MATERIALLY FALSE AND MISLEADING STATEMENTS AND OMISSIONS IN KINDERCARE LEARNING
COMPANIES, INC.'S FORM S-1 REGISTRATION STATEMENT THAT WAS FILED ON SEPTEMBER 6, 2024 WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION.
8.
Current Status? 
 Pending
 On Appeal
 Final
9.
If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 
N/A
10. If pending, date notice/process was served (MM/DD/YYYY):
01/22/2026
 Exact
 Explanation
If not exact, provide explanation:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only.
11. How was matter resolved:
12. Resolution Date (MM/DD/YYYY): 
 Exact
 Explanation
If not exact, provide explanation:
13. Resolution Detail:
A.  Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)?

Monetary/Fine Amount: $
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions:
C.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must
fit within the space provided). 
KINDERCARE LEARNING COMPANIES, INC. ("KLC") IS A PROVIDER OF EARLY CHILDHOOD EDUCATION IN THE UNITED STATES. ON SEPTEMBER 6, 2024,
KLC FILED A FORM S-1 (THE "REGISTRATION STATEMENT") WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION WITH THE INTENTION
OF SELLING SECURITIES TO THE PUBLIC (THE "IPO"). AT THE TIME OF THE IPO, THE MAJORITY OF KLC'S SECURITIES WERE OWNED BY INVESTMENT
FUNDS MANAGED BY AFFILIATES OF PARTNERS GROUP (USA) INC. THE PLAINTIFFS ARE A PUTATIVE CLASS OF INVESTORS IN THE IPO AND HAVE
ALLEGED THAT THERE WERE MATERIALLY FALSE AND MISLEADING STATEMENTS AND OMISSIONS IN THE REGISTRATION STATEMENT AND HAVE
BROUGHT AN ACTION UNDER SECTIONS 11 AND 15 OF THE SECURITIES ACT OF 1933. THE DEFENDANTS NAMED IN THE ACTION ARE KLC, KLC'S
DIRECTORS AND OFFICERS AT THE TIME OF THE IPO (WHICH INCLUDE THE AFOREMENTIONED ADVISORY AFFILIATES), THE IPO UNDERWRITERS AND
PARTNERS GROUP (USA) INC.