{"url_path":"/sec/cik-0002079966/10-k/2026/item-8","section_key":"item-8","section_title":"Item 8 Financial Statements and Supplementary Data","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-26","source_url":"https://www.sec.gov/Archives/edgar/data/2079966/0001193125-26-283312-index.html","accession_number":"0001193125-26-283312","cik":"0002079966","ticker":null,"issuer_name":"Macquarie Infrastructure Fund, L.P.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2079966/0001193125-26-283312-index.html","primary_entity_key":"0002079966","primary_entity_name":"Macquarie Infrastructure Fund, L.P."},"word_count":14663,"has_tables":true,"body_markdown":"Item 8. Financial Statements and Supplementary Data\n\n \n\nIndex to Financial Statements\n\nPage\n\n[Financial Statements of Macquarie Infrastructure Fund, L.P.](#macquarie_infrastrucure_fund)\n\n111\n\n \n\n[Report of Independent Registered Public Accounting Firm](#report_independent_registered_public1) (PCAOB ID 238)\n\n112\n\n \n\n[Statement of Assets and Liabilities as of March 31, 2026](#condensed_statement_assets_liabilities)\n\n113\n\n \n\n[Statement of Operations for the Period from June 20, 2025 (Date of Incorporation) to March 31, 2026](#condensed_statements_of_operations)\n\n114\n\n \n\n[Statement of Changes in Net Assets for the Period from June 20, 2025 (Date of Incorporation) to March 31, 2026](#condensed_statements_changes_net_assets)\n\n115\n\n \n\n[Statement of Cash Flows for the Period from June 20, 2025 (Date of Incorporation) to March 31, 2026](#condensed_statement_cash_flows)\n\n116\n\n \n\n[Schedule of Investments as of March 31, 2026](#condensed_schedule_of_investments)\n\n117\n\n \n\n[Notes to Financial Statements](#macquarie_notes_to_fs)\n\n118\n\n \n\n \n\n[Financial Statements of MIF Cayman, L.P.](#mif_cayman_lp_fs)\n\n130\n\n \n\n[Report of Independent Auditors](#report_independent_registered_public2)\n\n131\n\n \n\n[Statement of Assets and Liabilities as of March 31, 2026](#consolidated_stmts_assets_liabilities)\n\n133\n\n \n\n[Statement of Operations for the Period from October 31, 2025 (Commencement of Operations) to March 31, 2026](#consolidated_stmts_operations)\n\n134\n\n \n\n[Statement of Changes in Net Assets for the Period from](#consolidated_stmts_changes_net_assets)[October 31, 2025 (Commencement of Operations) to March 31, 2026](#consolidated_stmts_operations)\n\n135\n\n \n\n[Statement of Cash Flows for the Period from](#consolidated_stmts_cash_flows)[October 31, 2025 (Commencement of Operations) to March 31, 2026](#consolidated_stmts_operations)\n\n136\n\n \n\n[Condensed Schedule of Investments as of March 31, 2026](#mifsoi)\n\n137\n\n \n\n[Notes to Financial Statements](#mif_cayman_notes_to_fs)\n\n139\n\n \n\n110\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nMacquarie Infrastructure Fund, L.P.\n\n111\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nReport of Independent Registered Public Accounting Firm\n\n \n\nTo the Board of Directors and Unitholders of Macquarie Infrastructure Fund, L.P.\n\n \n\nOpinion on the Financial Statements\n\n \n\nWe have audited the accompanying statement of assets and liabilities, including the schedule of investments of Macquarie Infrastructure Fund, L.P. (the “Partnership\") as of March 31, 2026, and the related statements of operations, of changes in net assets and of cash flows, including the notes for the period from June 20, 2025 (Date of Incorporation) to March 31, 2026, (collectively referred to as the \"financial statements\"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership as of March 31, 2026, and the results of its operations and its cash flows for the period from June 20, 2025 (Date of Incorporation) to March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.\n\n \n\nBasis for Opinion\n\n \n\nThese financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.\n\nOur audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.\n\n \n\n/s/ PricewaterhouseCoopers LLP\n\nNew York, New York\nJune 25, 2026\n\nWe have served as the Partnership’s auditor since 2025.\n\n112\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nPART II. FINANCIAL INFORMATION\n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nStatement of Assets and Liabilities\n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\nAssets\n\n \n\n \n\n \n\nInvestments in affiliated fund, at fair value (cost $9,805,183)\n\n \n\n$\n\n11,073,581\n\n \n\nDeferred offering costs\n\n \n\n \n\n1,557,033\n\n \n\nCash and cash equivalents\n\n \n\n \n\n342,030\n\n \n\nPrepaid expenses\n\n \n\n \n\n130,443\n\n \n\nDerivative assets, at fair value (cost $-)\n\n \n\n \n\n55,677\n\n \n\nInvestments, at fair value (cost $49,548)\n\n \n\n \n\n49,854\n\n \n\nDue from Affiliate\n\n \n\n \n\n1,530\n\n \n\n    Total assets\n\n \n\n$\n\n13,210,148\n\n \n\n \n\n \n\n \n\nLiabilities\n\n \n\n \n\n \n\nOrganizational expenses and offering costs payable\n\n \n\n$\n\n3,803,154\n\n \n\nProfessional fees payable\n\n \n\n \n\n1,852,386\n\n \n\nAccounts payable and accrued expenses\n\n \n\n \n\n227,617\n\n \n\nPromissory notes, at fair value\n\n \n\n \n\n110,000\n\n \n\nAdministration fees payable\n\n \n\n \n\n62,500\n\n \n\nDerivative liabilities, at fair value (cost $-)\n\n \n\n \n\n38,014\n\n \n\nPerformance allocation payable\n\n \n\n \n\n33\n\n \n\n    Total liabilities\n\n \n\n$\n\n6,093,704\n\n \n\n \n\n \n\n \n\nCommitments and contingencies (Note 9)\n\n \n\n \n\n \n\n \n\n \n\n \n\nNet assets\n\n \n\n \n\n \n\nLimited Partnership Units - Class E Units, unlimited Units authorized (420,000 Units issued and\n    outstanding as of March 31, 2026)\n\n \n\n \n\n7,114,144\n\n \n\nLimited Partnership Units - Class I Units, unlimited Units authorized (110 Units issued and\n    outstanding as of March 31, 2026)\n\n \n\n \n\n2,300\n\n \n\n    Total net assets\n\n \n\n$\n\n7,116,444\n\n \n\n \n\n \n\n \n\n \n\nTotal net assets and liabilities\n\n \n\n$\n\n13,210,148\n\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n113\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nStatement of Operations\n\n \n\n \n\n \n\nJune 20, 2025\n(Date of Incorporation) to\nMarch 31, 2026\n\n \n\nIncome\n\n \n\n \n\n \n\nDividend income\n\n \n\n$\n\n41,274\n\n \n\nInterest income\n\n \n\n \n\n1,308\n\n \n\nTotal income\n\n \n\n \n\n42,582\n\n \n\n \n\n \n\n \n\nExpenses\n\n \n\n \n\n \n\nProfessional fees\n\n \n\n \n\n1,958,321\n\n \n\nOrganizational expenses\n\n \n\n \n\n1,406,654\n\n \n\nDeferred offering costs amortization\n\n \n\n \n\n862,967\n\n \n\nDirector fees\n\n \n\n \n\n123,614\n\n \n\nInsurance expense\n\n \n\n \n\n90,495\n\n \n\nAdministration fees\n\n \n\n \n\n73,750\n\n \n\nInterest expense\n\n \n\n \n\n4,436\n\n \n\nPerformance allocation expense\n\n \n\n \n\n33\n\n \n\nManagement fees\n\n \n\n \n\n12\n\n \n\nOther expenses\n\n \n\n \n\n117,663\n\n \n\nTotal expenses\n\n \n\n \n\n4,637,945\n\n \n\nManagement fees waived\n\n \n\n \n\n(12\n\n)\n\nNet expenses\n\n \n\n \n\n4,637,933\n\n \n\nNet investment income (loss)\n\n \n\n \n\n(4,595,351\n\n)\n\nNet realized and unrealized gain (loss) on investments, derivatives and\n    translation of assets and liabilities in foreign currencies\n\n \n\n \n\n \n\nNet realized gain (loss) on investments, derivatives and translation of assets and liabilities in\n    foreign currencies\n\n \n\n \n\n(77,319\n\n)\n\nNet change in unrealized gain (loss) on investments\n\n \n\n \n\n1,268,706\n\n \n\nNet change in unrealized gain (loss) on derivatives\n\n \n\n \n\n17,663\n\n \n\nNet change in unrealized gain (loss) on translation of assets and liabilities in foreign\n    currencies\n\n \n\n \n\n(5\n\n)\n\nNet realized and unrealized gain (loss) on investments, derivatives and\n     translation of assets and liabilities in foreign currencies\n\n \n\n \n\n1,209,045\n\n \n\nNet increase (decrease) in net assets resulting from operations\n\n \n\n$\n\n(3,386,306\n\n)\n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n114\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nStatement of Changes in Net Assets\n\n \n\n \n\nJune 20, 2025\n(Date of Incorporation) to\nMarch 31, 2026\n\n \n\n \n\nClass E\n\n \n\n \n\nClass I\n\n \n\n \n\nTotal\n\n \n\nNet assets as of June 20, 2025\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\nCapital contribution, net\n\n \n\n \n\n10,500,000\n\n \n\n \n\n \n\n2,750\n\n \n\n \n\n \n\n10,502,750\n\n \n\nNet investment income (loss)\n\n \n\n \n\n(4,594,639\n\n)\n\n \n\n \n\n(712\n\n)\n\n \n\n \n\n(4,595,351\n\n)\n\nNet realized and unrealized gain (loss) on investments, derivatives and\n   translation of assets and liabilities in foreign currencies\n\n \n\n \n\n1,208,783\n\n \n\n \n\n \n\n262\n\n \n\n \n\n \n\n1,209,045\n\n \n\nNet assets as of March 31, 2026\n\n \n\n$\n\n7,114,144\n\n \n\n \n\n$\n\n2,300\n\n \n\n \n\n$\n\n7,116,444\n\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n115\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nStatement of Cash Flows\n\n \n\n \n\n \n\nJune 20, 2025\n(Date of Incorporation) to\nMarch 31, 2026\n\n \n\nCash flows from operating activities:\n\n \n\n \n\n \n\nNet increase (decrease) in net assets resulting from operations\n\n \n\n$\n\n(3,386,306\n\n)\n\nAdjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash\n    provided by (used in) operating activities\n\n \n\n \n\n \n\nNet realized (gain) loss on investments, derivatives and translation of assets and liabilities in\n    foreign currencies\n\n \n\n \n\n77,319\n\n \n\nNet change in unrealized (gain) loss on investments\n\n \n\n \n\n(1,268,706\n\n)\n\nNet change in unrealized (gain) loss on derivatives\n\n \n\n \n\n(17,663\n\n)\n\nNet change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies\n\n \n\n \n\n5\n\n \n\nPurchase of investments\n\n \n\n \n\n(10,566,972\n\n)\n\nProceeds from investments\n\n \n\n \n\n634,919\n\n \n\nChange in operating assets:\n\n \n\n \n\n \n\nDeferred offering costs\n\n \n\n \n\n(1,557,033\n\n)\n\nPrepaid expenses\n\n \n\n \n\n(130,443\n\n)\n\nDue from Affiliate\n\n \n\n \n\n(1,530\n\n)\n\nChange in operating liabilities:\n\n \n\n \n\n \n\nOrganizational expenses and offering costs payable\n\n \n\n \n\n3,803,154\n\n \n\nProfessional fees payable\n\n \n\n \n\n1,852,386\n\n \n\nAccounts payable and accrued expenses\n\n \n\n \n\n227,617\n\n \n\nAdministration fees payable\n\n \n\n \n\n62,500\n\n \n\nPerformance allocation payable\n\n \n\n \n\n33\n\n \n\nNet cash provided by (used in) operating activities\n\n \n\n$\n\n(10,270,720\n\n)\n\nCash flows from financing activities:\n\n \n\n \n\n \n\nCapital contribution\n\n \n\n \n\n10,504,750\n\n \n\nReturn of capital contribution\n\n \n\n \n\n(2,000\n\n)\n\nPromissory notes\n\n \n\n \n\n110,000\n\n \n\nNet cash provided by (used in) financing activities\n\n \n\n$\n\n10,612,750\n\n \n\nNet increase in cash and cash equivalents\n\n \n\n$\n\n342,030\n\n \n\nCash and cash equivalents at the beginning of the period\n\n \n\n \n\n—\n\n \n\nCash and cash equivalents at the end of the period\n\n \n\n$\n\n342,030\n\n \n\n \n\n \n\n \n\n \n\nSupplemental disclosure of cash flow information\n\n \n\n \n\n \n\nCash paid for interest\n\n \n\n$\n\n1,100\n\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n116\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nSchedule of Investments\n\n \n\n \n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\nName of Investment\n\n \n\nType of\nInvestment\n\n \n\nGeography\n\n \n\nIndustry\n\n \n\nFair Value\n\n \n\n \n\nFair Value as\na Percentage\nof Net Assets\n\n \n\nInvestments in affiliated fund\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nMIF Cayman, L.P. (1)\n\n \n\nLP interest\n\n \n\nVarious\n\n \n\nVarious\n\n \n\n$\n\n11,073,581\n\n \n\n \n\n \n\n155.61\n\n%\n\nTotal investments in affiliated fund\n  (Cost : Various $9,805,183)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n11,073,581\n\n \n\n \n\n \n\n155.61\n\n%\n\nInvestments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTreasury Bill\n\n \n\nGovernment bonds\n\n \n\nAmericas\n\n \n\nN/A\n\n \n\n$\n\n49,854\n\n \n\n \n\n \n\n0.70\n\n%\n\nTotal investments\n  (Cost: Americas $49,548)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n49,854\n\n \n\n \n\n \n\n0.70\n\n%\n\nTotal investments in affiliated fund and investments\n(Cost : $9,854,731)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n11,123,435\n\n \n\n \n\n \n\n156.31\n\n%\n\nDerivative instruments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign currency forward contracts\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWestpac Banking Corp.\n\n \n\nSell GBP/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n$\n\n1,108\n\n \n\n \n\n \n\n0.02\n\n%\n\nWestpac Banking Corp.\n\n \n\nBuy GBP/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\n(487\n\n)\n\n \n\n \n\n-0.01\n\n%\n\nWestpac Banking Corp.\n\n \n\nSell AUD/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\n(29,760\n\n)\n\n \n\n \n\n-0.42\n\n%\n\nWestpac Banking Corp.\n\n \n\nSell EUR/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\n12,496\n\n \n\n \n\n \n\n0.18\n\n%\n\nWestpac Banking Corp.\n\n \n\nSell GBP/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\n39,593\n\n \n\n \n\n \n\n0.56\n\n%\n\nWestpac Banking Corp.\n\n \n\nBuy AUD/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\n311\n\n \n\n \n\n \n\n0.00\n\n%\n\nWestpac Banking Corp.\n\n \n\nSell GBP/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\n10\n\n \n\n \n\n \n\n0.00\n\n%\n\nWestpac Banking Corp.\n\n \n\nBuy AUD/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\n(1,389\n\n)\n\n \n\n \n\n-0.02\n\n%\n\nWestpac Banking Corp.\n\n \n\nBuy GBP/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\n(2,775\n\n)\n\n \n\n \n\n-0.04\n\n%\n\nWestpac Banking Corp.\n\n \n\nBuy EUR/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\n(2,571\n\n)\n\n \n\n \n\n-0.04\n\n%\n\nWestpac Banking Corp.\n\n \n\nBuy AUD/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\n(947\n\n)\n\n \n\n \n\n-0.01\n\n%\n\nWestpac Banking Corp.\n\n \n\nSell GBP/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\n2,159\n\n \n\n \n\n \n\n0.03\n\n%\n\nWestpac Banking Corp.\n\n \n\nBuy EUR/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\n(81\n\n)\n\n \n\n \n\n0.00\n\n%\n\nWestpac Banking Corp.\n\n \n\nSell GBP/USD\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\n(4\n\n)\n\n \n\n \n\n0.00\n\n%\n\nTotal foreign currency forward contracts\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n17,663\n\n \n\n \n\n \n\n0.25\n\n%\n\nTotal derivatives (Cost : $-)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n17,663\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFair Value as a Percentage of Net Assets may not add due to rounding.\n\n \n\n(1)\nThe Partnership had an interest of 1.24% in MIF Cayman, L.P. as of March 31, 2026.\n\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n117\n\n[Table of Contents](#toc_page)\n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nNotes to Financial Statements\n\n \n\n1.\nOrganization\n\nMacquarie Infrastructure Fund, L.P. (the “Partnership”) is a Delaware limited partnership formed on June 20, 2025, and is a private fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Partnership operates pursuant to the Second Amended and Restated Limited Partnership Agreement, dated October 31, 2025, as amended by Amendment No. 1, dated January 30, 2026, which may be further amended and restated from time to time (the “Partnership Agreement”). The Partnership is structured as a perpetual vehicle, with monthly, fully funded subscriptions and aims to make periodic redemptions.\n\nThe Partnership is conducting a continuous private offering on a monthly basis of limited partnership units (the “Units”), consisting of four classes, Class I Units, Class D Units, Class E Units, and Class S Units (each, a “Class”), to prospective investors (the “Investors”) who are both (i) accredited investors (as defined in Regulation D under the Securities Act) and (ii) qualified purchasers (as defined in the 1940 Act and rules thereunder).\n\nThe Partnership’s investment objective is to generate capital appreciation and yield over the medium-to-long term by investing in a globally diversified portfolio of equity, equity-like and hybrid investments consisting of infrastructure or having infrastructure-like characteristics (each, an “Eligible Real Asset”). The Partnership may invest in Eligible Real Assets directly in portfolio companies, including as a co-investor with any other vehicle that holds capital managed or advised by any MAM-Managed Entities, or indirectly through investments in MAM-Managed Entities.\n\nThe Partnership invests substantially all of its assets in MIF Cayman, L.P. (the “Aggregator”). The Aggregator has the same investment objectives as the Partnership.\n\nMIF GP, LLC, a Delaware limited liability company, is the Partnership’s general partner (the “General Partner”). Overall responsibility for the Partnership’s oversight rests with the General Partner, subject to certain oversight rights held by the Partnership’s Board of Directors (the “Board of Directors”). The General Partner delegates the portfolio management function of the Partnership to Macquarie Wealth Advisers, LLC (formerly known as Central Park Advisers, LLC), a Delaware limited liability company and the Partnership’s investment adviser (the “Adviser”). Both the General Partner and the Adviser are affiliates of Macquarie.\n\nOn July 31, 2025, Macquarie Infrastructure and Real Assets Inc., an affiliate of the Partnership’s investment adviser, provided the initial seed funding of $2,000 to the Partnership. This funding was subsequently returned to the affiliate.\n\nInvestment operations commenced on October 31, 2025, when the Partnership first sold Class E units (the “initial Closing Date”) and began investing. Effective February 2, 2026, the Partnership changed its fiscal year end from June 30 to March 31.\n\nFollowing the initial Closing Date, the Partnership acquired from Macquarie Private Markets SICAV’s sub-fund, Macquarie Infrastructure Fund (“MIF International”), and/or Macquarie and its affiliates, interests in certain assets directly or indirectly, including through acquiring interests in the Aggregator that is jointly owned by the Partnership and MIF International.\n\n2.\nSummary of Significant Accounting Policies\n\nMaterial accounting policy information applied in the preparation of these financial statements are set out in the notes below. These policies have been consistently applied throughout the period presented, unless otherwise stated.\n\nBasis of Presentation\n\nThe Partnership’s financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Partnership’s financial statements and related financial information have been prepared pursuant to the requirements of Regulation S-X. There has been no activity prior to the current fiscal year and as such, there is no comparative information to present. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the financial statements are fairly stated and that estimates made in preparing its financial statements are reasonable and prudent. The Partnership is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The functional currency of the Partnership is the U.S. dollar and these financial statements have been prepared in that currency.\n\n118\n\n[Table of Contents](#toc_page)\n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nNotes to Financial Statements\n\n \n\nPrinciples of Consolidation\n\nIn accordance with ASC 946, the Partnership generally does not consolidate investments unless the Partnership has a controlling financial interest in an investment company or operating company whose business consists of providing services to the Partnership. A controlling financial interest is defined as (a) the power to direct the activities of the entity that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the entity.\n\nThe Partnership determines whether it has a controlling financial interest in an entity at such entity’s inception and continuously reconsiders that conclusion. In instances where the Partnership wholly owns another investment company, the Partnership believes this would constitute a controlling financial interest and consolidation would be appropriate. For non-wholly owned interests in investment companies, the Partnership assesses the nature of the investment structure and considers its interests in and governance rights over the entity to determine whether the Partnership holds a controlling financial interest. Performance of that analysis requires the exercise of judgment.\n\nThe Partnership does not have a controlling financial interest in and, as a result, does not consolidate the Aggregator, nor any other reporting entities within the Partnership, because (a) the General Partner is not acting solely on behalf of the Partnership as it carries out its duties and (b) the Partnership does not absorb substantially all of the Aggregator’s variability. At each reporting date, the Partnership assesses whether it has a controlling financial interest in the Aggregator or any other reporting entities within the Partnership, and any associated consolidation implications.\n\nUse of Estimates\n\nIn preparing the financial statements in conformity with U.S. GAAP, the General Partner has made judgments, estimates and specific assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these financial statements. Such estimates include those used in the valuation of the investment in the Aggregator, including the valuation of the Aggregator’s investments, derivative instruments, and promissory notes. Actual results may differ from those estimates.\n\nFair Value of Investments and Financial Instruments\n\nIn accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Partnership defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer or settle a liability in an orderly transaction between market participants at the measurement date. The Partnership uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of the three broad levels described below:\n\n•\nLevel 1 - Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.\n\n•\nLevel 2 - Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.\n\n•\nLevel 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.\n\nIn certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.\n\nThe Partnership has estimated the fair value of its investments and financial instruments using available market information and valuation methodologies the Partnership believes to be appropriate for these purposes. The Partnership measures its investment in the Aggregator at fair value using the net asset value of the Aggregator. The net asset value of the Aggregator is considered a practical expedient that represents fair value as (a) the investment does not have a readily determinable fair value because the Aggregator’s net asset value is not published or the basis for current transactions, (b) the Aggregator is an investment\n\n119\n\n[Table of Contents](#toc_page)\n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nNotes to Financial Statements\n\n \n\ncompany and (c) the net asset value of the Aggregator is calculated in a manner in which all of its investments are reported at fair value as of the measurement date. Changes in the fair value of the Partnership’s investment in the Aggregator are presented within net change in unrealized gain (loss) on investments in the Statement of Operations.\n\nThe Aggregator’s determination of fair value is based on the best information available in the circumstances and incorporates the Aggregator’s own assumptions, including assumptions that the Aggregator believes market participants would use in valuing the investments, and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including appropriate risk adjustments for non-performance and liquidity. The values estimated by the Aggregator may differ significantly from values that would have been used had a readily available market for the investments existed and the differences could be material to the financial statements.\n\nThe Partnership invests in government bonds including United States (“U.S.”) Treasury bills and non-U.S. government bonds. U.S. Treasury bills are valued using quoted prices in active markets and are classified within Level 1 of the fair value hierarchy. Non-U.S. government bonds are generally valued using quoted prices or observable market inputs, including dealer quotations and pricing services, and are classified within Level 1 or Level 2 of the fair value hierarchy, depending on the availability of observable market data.\n\nThe Partnership measures derivative instruments using quoted forward foreign exchange prices at the reporting date. These valuations use primarily observable (Level 2) inputs.\n\nPromissory notes are valued at their transaction price (Level 3) excluding transaction expenses given the Partnership had recently issued the instruments in December and no events have occurred that would warrant an adjustment to fair value.\n\nThe following table summarizes the valuation of the Partnership’s investments by the fair value hierarchy levels:\n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\n \n\nLevel 1\n\n \n\n \n\nLevel 2\n\n \n\n \n\nLevel 3\n\n \n\n \n\nNAV\n\n \n\n \n\nTotal\n\n \n\nAssets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGovernment bonds\n\n \n\n$\n\n49,854\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n49,854\n\n \n\nInvestments in affiliated fund\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nMIF Cayman, L.P.\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n11,073,581\n\n \n\n \n\n \n\n11,073,581\n\n \n\nTotal investments\n\n \n\n \n\n49,854\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n11,073,581\n\n \n\n \n\n \n\n11,123,435\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDerivative assets\n\n \n\n \n\n-\n\n \n\n \n\n \n\n55,677\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n55,677\n\n \n\n \n\n \n\n$\n\n49,854\n\n \n\n \n\n$\n\n55,677\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n11,073,581\n\n \n\n \n\n$\n\n11,179,112\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLiabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPromissory notes\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n110,000\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n110,000\n\n \n\nDerivative liabilities\n\n \n\n \n\n-\n\n \n\n \n\n \n\n38,014\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n38,014\n\n \n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n38,014\n\n \n\n \n\n$\n\n110,000\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n148,014\n\n \n\n \n\nThe following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in Level 3 of the fair value hierarchy as of March 31, 2026:\n\n \n\n \n\n \n\nFair Value\n\n \n\n \n\nValuation\nTechniques\n\n \n\nUnobservable\nInputs\n\n \n\nRanges\n\n \n\nWeighted-\nAverage\n\n \n\nImpact to\nValuation\nfrom an\nIncrease\nin Input\n\nFinancial Liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPromissory notes\n\n \n\n$\n\n110,000\n\n \n\n \n\nCost\n\n \n\nN/A\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n120\n\n[Table of Contents](#toc_page)\n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nNotes to Financial Statements\n\n \n\nThe following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value:\n\n \n\n \n\n \n\n \n\n \n\nLevel 3 Financial\nLiability at\nFair Value\n\n \n\n \n\n \n\n \n\n \n\nJune 20, 2025\n(Date of Incorporation)\nto March 31, 2026\n\n \n\n \n\n \n\n \n\n \n\nPromissory Notes\n\n \n\nBalance, beginning of period\n\n \n\n \n\n \n\n$\n\n-\n\n \n\nIssuance\n\n \n\n \n\n \n\n \n\n110,000\n\n \n\nBalance, end of period\n\n \n\n \n\n \n\n$\n\n110,000\n\n \n\nChanges in unrealized gain (loss) included in earnings related to financial liabilities still held at the reporting date\n\n \n\n \n\n \n\n$\n\n-\n\n \n\n \n\nThere were no transfers of investments into or out of Level 3 of the fair value hierarchy during the period from June 20, 2025 (Date of Incorporation) to March 31, 2026.\n\nGovernment Bonds\n\nThe Partnership recognizes government bonds at fair value. Interest on government bonds is recognized on an accrual basis and included in interest income on the Statement of Operations. Realized gains and losses on government bonds represent the difference between sale proceeds and the investment’s carrying value at the time of disposition. Unrealized gain or loss represents the change in fair value of government bonds during the period. Realized gains or losses and unrealized gains or losses are recorded within net realized gain (loss) on investments, derivatives and translation of assets and liabilities in foreign currencies and net unrealized gain (loss) on investments, respectively, on the Statement of Operations.\n\nPromissory Note\n\nThe Partnership recognizes promissory notes at fair value. No costs were incurred as part of the issuance of these notes. Interest expense is recognized using the effective interest method, and accrues until settlement, prepayment, or maturity. Any interest owed but unpaid at the reporting date is recorded as accrued interest expense and included in the Statement of Assets and Liabilities.\n\nOn December 1, 2025, in connection with the offering of Class I Units, the Partnership issued a series of promissory notes (the “Notes”) with a principal amount of $110,000. The Notes bear interest at a fixed rate of 12% per annum, payable semi-annually in arrears, and mature 30 years from the date of issuance.\n\nDerivatives\n\nThe Partnership recognizes derivative instruments as assets or liabilities at fair value in the Statement of Assets and Liabilities and presents them as derivative assets, at fair value, and derivative liabilities, at fair value, respectively.\n\nRealized gains and losses on derivatives that are closed or mature during the period are measured as the difference between the contract’s value at inception and its value at closing. Realized results are presented in net realized gain (loss) on investments, derivatives and translation of assets and liabilities in foreign currencies in the Statement of Operations.\n\nFor derivative positions outstanding at period end, unrealized gains and losses reflect the period-over-period change in fair value, net of reversals of amounts previously recognized upon realization. Unrealized results are presented in net change in unrealized gain (loss) on derivatives in the Statement of Operations.\n\n121\n\n[Table of Contents](#toc_page)\n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nNotes to Financial Statements\n\n \n\nAs a result of the use of derivative contracts, the Partnership is exposed to the risk that counterparties will fail to fulfil their contractual obligations. To mitigate such counterparty risk, the Partnership 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.\n\nThe Partnership enters into foreign exchange forward contracts to hedge against foreign currency exchange rate risk on a portion or all of its non-U.S. dollar denominated assets. These derivative contracts are not designated as hedging instruments for accounting purposes.\n\nThe table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional amount represents the absolute value amount of the foreign exchange contracts:\n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\n \n\nAssets\n\nLiabilities\n\n \n\n \n\n \n\nNotional\n\n \n\n \n\nFair Value\n\n \n\n \n\nNotional\n\n \n\n \n\nFair Value\n\n \n\nDerivative instruments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign currency forward contracts (AUD)\n\n \n\n$\n\n25,845\n\n \n\n \n\n$\n\n311\n\n \n\n \n\n$\n\n3,075,314\n\n \n\n \n\n$\n\n32,096\n\n \n\nForeign currency forward contracts (EUR)\n\n \n\n \n\n1,780,440\n\n \n\n \n\n \n\n12,496\n\n \n\n \n\n \n\n286,566\n\n \n\n \n\n \n\n2,652\n\n \n\nForeign currency forward contracts (GBP)\n\n \n\n \n\n4,705,015\n\n \n\n \n\n \n\n42,870\n\n \n\n \n\n \n\n1,325,626\n\n \n\n \n\n \n\n3,266\n\n \n\nTotal\n\n \n\n$\n\n6,511,300\n\n \n\n \n\n$\n\n55,677\n\n \n\n \n\n$\n\n4,687,506\n\n \n\n \n\n$\n\n38,014\n\n \n\n \n\nEach of the derivative instruments has a maturity date of May 5, 2026.\n\nThe table below summarizes the impact to the Statement of Operations from derivative instruments:\n\n \n\n \n\n \n\nJune 20, 2025\n(Date of\nIncorporation) to\nMarch 31, 2026\n\n \n\nDerivative instruments\n\n \n\n \n\n \n\nRealized gains (losses)\n\n \n\n$\n\n75,587\n\n \n\nForeign currency forward contracts\n\n \n\n \n\n \n\nNet change in unrealized gain (loss)\n\n \n\n \n\n17,663\n\n \n\nForeign currency forward contracts\n\n \n\n$\n\n93,250\n\n \n\n \n\nDistributions\n\nAny distributions the Partnership makes will be at the discretion of the Adviser in its good faith judgment, considering factors such as earnings, cash flow, capital needs, taxes and general financial condition and the requirements of applicable law. The Partnership may declare distributions from time to time, or not at all, as authorized by the Adviser.\n\nUnder the Partnership’s distribution reinvestment plan, distributions paid by the Partnership, if any, will be automatically reinvested in additional Units unless an Investor elects not to reinvest in Units. Generally, whether an Investor takes a distribution in cash should not affect whether the Investor is subject to incremental tax at the time of such distribution, however, in certain cases a distribution of cash may result in taxation. Investors may opt out initially and thereafter may change their election at any time by contacting the administrator. Units purchased by reinvestment will be issued at their transactional NAV. There is no sales charge or other charge for reinvestment, although a monthly fee out of the net assets for Class S Units and Class D Units at the annual rate of 0.85% and 0.25% of the NAV of Class S Units and Class D Units, respectively, determined and accrued as of the last day of each calendar month (before any redemptions of Class S Units or Class D Units) (the “Distribution and/or Servicing Fee”) will apply, as applicable. The Partnership reserves the right to suspend or limit at any time the ability of Investors to reinvest distributions.\n\n122\n\n[Table of Contents](#toc_page)\n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nNotes to Financial Statements\n\n \n\nSecurities Transactions, Revenue Recognition and Expenses\n\nThe Partnership records its investment transactions on a trade date basis. The Partnership measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method. Expenses are recorded on an accrual basis.\n\nForeign Currency Translation\n\nThe accounting records of the Partnership are maintained in U.S. dollars. The fair values of foreign securities, foreign cash and liabilities denominated in foreign currency are translated to U.S. dollars based on the current exchange rates at the end of each reporting period. Income and expenses denominated in foreign currencies are translated at current exchange rates when accrued or incurred. The Partnership includes the effects of foreign currency exchange rate changes on realized and unrealized gains and losses on investments within net realized gain (loss) on investments, derivatives and translation of assets and liabilities in foreign currencies and net change in unrealized gain (loss) on investments, respectively, in the Statement of Operations.\n\nAffiliates\n\nThe General Partner, the Adviser, MIF International, Macquarie Infrastructure and Real Assets Inc., an affiliate of the Adviser, MIF TE Feeder, L.P. (the “Feeder”), Parallel Funds (the term “Parallel Funds” refers to one or more parallel vehicles established by, or at the direction of, the General Partner or any affiliate thereof to invest alongside the Partnership, but excluding MIF International), and other vehicles sponsored, advised and/or managed by Macquarie or its affiliates are affiliates of the Partnership.\n\nSegment Reporting\n\nThe Partnership operates through a single reportable segment. The chief operating decision makers (the “CODMs”) consist of the Partnership’s Chief Executive Officer and Chief Financial Officer. The CODMs assess the performance of, allocate resources to and make operating decisions for the Partnership primarily based on the Partnership’s net assets resulting from operations. Reportable segment assets are reflected on the accompanying Statement of Assets and Liabilities as total assets and reportable segment significant expenses reviewed by the CODMs are listed on the Statement of Operations.\n\nRecent Accounting Pronouncements\n\nIn November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis. The update will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Partnership is currently evaluating the impact of adopting this guidance on its financial statements and disclosures.\n\n3.\nCash and Cash Equivalents\n\nCash and cash equivalents include cash in hand, deposits held at call with banks and other short-term investments in an active market with original maturities of three months or less, which are subject to an insignificant risk of change in value. As of March 31, 2026, cash of $342,030 was held and there were no cash equivalents or restricted cash.\n\n4.\nInvestment in the Aggregator\n\nThe Partnership recognizes dividend income on the record date of distributions from the Aggregator. The Partnership had an interest of 1.24% in the Aggregator as of March 31, 2026. The remaining interest in the Aggregator is held by MIF International. The Partnership’s interest in the Aggregator may result in the Partnership indirectly holding investments of the Aggregator that, on a proportional basis, at times may proportionally exceed 5% of the net assets of the Partnership. For a listing of investments that may proportionally exceed 5% of the Partnership’s net assets, see the Condensed Schedule of Investments of the Aggregator. As of March 31, 2026, the Partnership had no unfunded commitments.\n\n123\n\n[Table of Contents](#toc_page)\n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nNotes to Financial Statements\n\n \n\nThe Aggregator primarily invests in Eligible Real Assets (as defined above). As of March 31, 2026, a majority of these investments may not be redeemed at or within three months of the reporting date and certain investments may not be sold without consent of the Aggregator’s general partner. Certain investments cannot be redeemed and distributions received will be a result of income and/or sales of underlying assets of each investment; however, an estimate of the period of time over which the underlying assets are expected to be liquidated for such investments cannot be made.\n\nPolitical developments, natural disasters, public health crises and other events outside of the Partnership’s control can adversely, directly and indirectly, impact the Partnership and its investments in material respects. The Partnership’s investments are subject to various risk factors including market and credit risk, foreign exchange risk, and risks associated with investing in private equity investments. Additionally, the Partnership’s investments are concentrated in certain industries as shown in the Condensed Schedule of Investments of the Aggregator. The industry classifications and geographic locations represent the most meaningful presentation of the principal business and location of the investments.\n\nInvesting in foreign investments involves foreign currency exchange risk and may involve risks such as expropriation, confiscatory taxation, increases in withholding tax rates, limitations on the use or transfer of Partnership’s assets, imposition of divestiture requirements on non-resident Investors and imposition of currency exchange controls which could affect the Partnership’s ability to repatriate assets.\n\n5.\nOrganizational Expenses and Offering Costs\n\nOrganizational Expenses\n\nOrganizational expenses include, among other things, the cost of incorporating the Partnership and the cost of legal services and other fees pertaining to the Partnership’s organization. These costs are expensed as incurred. For the period ended March 31, 2026, the Partnership incurred organizational expenses of $1,406,654, which have been recorded as organizational expenses on the Statement of Operations. As of March 31, 2026, organizational expenses payable amounting to $1,383,154 are included within organizational expenses and offering costs payable on the Statement of Assets and Liabilities.\n\nOffering Costs\n\nOffering costs include registration fees and legal fees regarding the preparation of the registration statement and costs in connection with the continuous offering of Units of the Partnership. Offering costs are recognized as a deferred charge and are amortized on a straight-line basis over 12 months beginning October 31, 2025 as the date investment operations commenced. For the period ended March 31, 2026, the Partnership recognized amortization of offering costs of $862,967, which have been recorded as deferred offering costs amortization on the Statement of Operations. As of March 31, 2026, the remaining unamortized balance of $1,557,033 is included within deferred offering costs in the Statement of Assets and Liabilities. As of March 31, 2026, offering costs payable amounting to $2,420,000 are included within organizational expenses and offering costs payable on the Statement of Assets and Liabilities.\n\n6.\nTaxation\n\nThe Partnership is treated as a partnership for U.S. federal income tax purposes and therefore generally is not subject to any U.S. federal and state income taxes. Taxable income is allocated to the Partnership’s Investors. It is possible that the Partnership may be considered a publicly traded partnership and not meet the qualifying income exception in certain years. In such a scenario, the Partnership would be treated as a publicly traded partnership taxed as a corporation, rather than a partnership. The investors in the Partnership would be treated as shareholders in a corporation, and the Partnership itself would become taxable as a corporation for U.S. federal, state and/or local income tax purposes. The Partnership would be required to pay income tax at corporate rates on its net taxable income.\n\nThe Partnership is required to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is limited to the largest amount of benefit, determined on a cumulative basis that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.\n\n124\n\n[Table of Contents](#toc_page)\n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nNotes to Financial Statements\n\n \n\nThe Partnership files tax returns, where applicable, as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Partnership is subject to examination by U.S. federal, state, local and non-U.S. jurisdictions, where applicable. As of March 31, 2026, the tax year that remains subject to examination by the major tax jurisdictions under the statute of limitations, or other similar requirements, where applicable, is 2025.\n\nThe Partnership did not have any recognized tax benefits or liabilities resulting from tax positions for the period ending March 31, 2026. The Partnership does not expect that the total amount of unrecognized tax benefits will materially change over the next 12 months.\n\n7.\nNet Assets\n\nThe Partnership is authorized to issue an unlimited number of Units on a continuous basis to eligible Investors.\n\nThe Partnership offers four separate classes of Units designated as Class I Units, Class D Units, Class S Units and Class E Units to Investors. Each class of Units will have certain differing characteristics, particularly in terms of the distribution fees that may be charged to Investors. Class D Units and Class S Units will be sold subject to certain upfront selling commissions, placement fees, subscription fees or similar fees (“Subscription Fees”) of up to 1.50% and up to 3.50%, respectively, of the purchase amount.\n\nThe purchase price per unit of each class is equal to the transactional NAV per unit for such class as of the last calendar day of the immediately preceding month. For each Class that has no outstanding Units as of the end of the month, the NAV per Unit for such Class will be equal to the NAV per Unit for Class I Units as of the end of that month. Before the Partnership determined its first transactional NAV, the subscription price for Units was $25 per unit plus applicable Subscription Fees.\n\nThereafter, the Adviser determines the transactional NAV for each class of Units monthly and will prepare the valuations with respect to each investment. The transactional NAV per Unit for each class will be determined by dividing the total assets of the Partnership attributable to such class, less the value of any liabilities of such class, by the total number of outstanding Units of such class. Classes of Units may have a different transactional NAV per unit as a result of different fees charged to different classes.\n\nThe following table presents transactions in the Units during the period from June 20, 2025 (Date of Incorporation) to March 31, 2026.\n\n \n\n \n\n \n\nJune 20, 2025 (Date of Incorporation) to March 31, 2026\n\n \n\n \n\n \n\nClass I Units\n\n \n\n \n\nClass E Units\n\n \n\n \n\nTotal\n\n \n\nUnits Outstanding as of June 20, 2025\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nUnits Issued\n\n \n\n \n\n110\n\n \n\n \n\n \n\n420,000\n\n \n\n \n\n \n\n420,110\n\n \n\nUnits Outstanding as of March 31, 2026\n\n \n\n \n\n110\n\n \n\n \n\n \n\n420,000\n\n \n\n \n\n \n\n420,110\n\n \n\n \n\nRedemption Program\n\nThe Partnership may, from time to time, provide liquidity to Investors by redeeming Units pursuant to the Partnership’s redemption program (the “Redemption Program”). Redemptions will be made at such times, in such amounts and on such terms as may be determined by the General Partner, in its sole discretion and in accordance with the Partnership Agreement. In determining whether the Partnership should redeem Units, the General Partner will consider relevant factors such as the timing of the redemptions, as well as a variety of operational, business, tax and economic factors.\n\nThe General Partner anticipates that the Partnership will provide the option for Investors to redeem Units on a quarterly basis up to 5% of Units outstanding (by number of Units), with such redemptions to occur using a purchase price equal to the NAV per Unit as of the last business day of each calendar quarter (each such date is referred to as a “Redemption Date”). The NAV per Unit for each class will generally be available around the 20th business day of the month following each Redemption Date (e.g., the NAV for March 31 will generally be available around April 28). Each redemption generally will commence approximately on the first business day of the second month of the applicable calendar quarter (e.g., the redemption for the first quarter of the year will commence around February 1) and expire the last business day of the second month of the quarter (such\n\n125\n\n[Table of Contents](#toc_page)\n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nNotes to Financial Statements\n\n \n\ndate, the “Redemption Deadline”). Each redemption by an Investor must be made pursuant to a written redemption request submitted to the Partnership and/or its agent on or before the Redemption Deadline. Investors that elect to redeem their Units will not know the price at which such Units will be redeemed until after the Redemption Date.\n\nThe Partnership intends to generally provide payment with respect to the redemption proceeds no earlier than 60 calendar days, but within 65 calendar days, of each Redemption Deadline. Investors whose Units are accepted for redemption bear the risk that the Partnership’s NAV may fluctuate significantly between the time that they submit their redemption requests and the date as of which such Units are valued for purposes of such redemption.\n\nIf Investors request redeeming their Units in an amount that exceeds the 5% quarterly limitation in any calendar quarter, the Partnership generally will redeem a pro rata portion of the Units presented by each Investor, subject to the Partnership’s ability to redeem all Units for which redemption has been requested due to death, disability or divorce and other limited exceptions. However, the General Partner may, but is not obligated to, take any other action in its sole discretion as permitted by applicable law and the Partnership Agreement, such as extending the Redemption Deadline, if necessary, and increasing the amount of Units that the Partnership will redeem. As a result, in any particular quarter, Investors requesting redemption of Units may not have all of such Units redeemed by the Partnership. Additionally, the General Partner may choose to redeem fewer Units than have been requested in any particular quarter, or none at all, in its discretion at any time. In addition, the Partnership may redeem Units of Investors if, among other reasons, the General Partner determines that such redemption would be in the interests of the Partnership. Unsatisfied redemption requests will not be automatically carried over to the next redemption period and, in order for a redemption request to be reconsidered, Investors must resubmit their request in the next quarter.\n\nThe Partnership is not able to guarantee liquidity to Investors through redemptions. Redemptions principally will be funded by cash, cash equivalents or borrowings, as well as by the sale of certain liquid securities.\n\nOptions to redeem Units commenced in the first full fiscal quarter of 2026. The General Partner may make exceptions to, modify, amend or suspend the Redemption Program if it deems such action to be in the Partnership’s best interest and the best interest of Investors.\n\nThe Partnership will not impose any charges in connection with redemptions of Units unless the Units are held for less than one year. Redemption of Units from an Investor at any time prior to the day immediately preceding the one-year anniversary of the Investor’s purchase of the Units (the “Early Redemption Deduction”). The Early Redemption Deduction will be retained by the Partnership and will be for the benefit of the remaining Investors. Units for which redemptions are requested will be treated as having been redeemed on a “first-in, first-out” basis. An Early Redemption Deduction payable by an Investor may be waived by the Partnership in circumstances where the General Partner determines that doing so is in the best interests of the Partnership.\n\n8.\nRelated Party Transactions\n\nPartnership Agreement\n\nThe General Partner will control the business and affairs of the Partnership, with oversight of certain matters by the Board of Directors. While the General Partner is responsible for the day-to-day business management of the Partnership, various rights and obligations of the General Partner will be delegated to and performed by the Adviser. The responsibilities of the General Partner are set out in the Partnership Agreement.\n\nPerformance Allocation\n\nThe General Partner or an affiliate will be entitled to a performance allocation (the “Performance Allocation”) in respect of each class of Units, with the exception of Class E Units, in an amount equal to 12.50% of the Partnership’s total return for such class of Units, subject to a 5% annual hurdle amount and a high-water mark with a 100% catch-up, without duplication for any Performance Allocation paid by the Partnership in respect of such class during such fiscal year.\n\nAs of March 31, 2026, the Partnership accrued performance allocation expense of $33, which is unpaid as of period end.\n\nAdvisory Agreement\n\nThe management of the Partnership is generally under the direction of the Adviser, at the delegation of the General Partner pursuant to the Advisory Agreement. Additionally, the Adviser has been delegated the ability to engage sub-advisers.\n\n126\n\n[Table of Contents](#toc_page)\n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nNotes to Financial Statements\n\n \n\nManagement Fee\n\nIn consideration of the advisory services provided to the Partnership by the Adviser, the Partnership will pay the Adviser a management fee (the “Management Fee”), computed and payable monthly in arrears, at the annual rate of 1.25% of the Partnership’s NAV for Class S Units, Class D Units and Class I Units. Class E Units are not subject to the Management Fee, making it a class-specific expense.\n\nThe Management Fee is waived for the first twelve months following the date of the initial acceptance by the Partnership of a subscription for Units by persons that are not affiliates of the General Partner (the “Initial Closing”). For the twelve months following the first anniversary of the Initial Closing, the Management Fee will be computed and payable monthly in arrears at the annual rate of 1.00% of the Partnership’s NAV for Class S Units, Class D Units and Class I Units.\n\nFor the year ended March 31, 2026, the Partnership accrued management fees of $12, of which the Adviser waived all $12. The waived Management Fees are reported in management fees waived on the Statement of Operations.\n\nExpense Limitation and Reimbursement Agreement\n\nPursuant to the Expense Limitation and Reimbursement Agreement, for a one-year term beginning on the Initial Closing and ending on the one-year anniversary thereof, the Adviser has agreed to forgo an amount of its monthly management fee and/or pay, absorb or reimburse certain expenses of the Partnership to the extent necessary so that the Partnership’s annual Specified Expenses (as defined below) do not exceed 0.70%, on an annualized basis, of the sum of (a) the Partnership’s net asset value as of the last calendar day of each calendar month or as otherwise determined by the Adviser and (b) to the extent deducted in the determination of the Partnership’s net asset value as set forth in clause (a), accrued expenses, any accrued/allocated Management Fee, administration fee, Performance Allocation or Distribution and/or Servicing Fee applicable to certain classes, or distributions. Under the Expense Limitation and Reimbursement Agreement, the Partnership has agreed to reimburse the amount of any forgone Management Fee and expenses paid, absorbed or reimbursed by the Adviser, when and if requested by the Adviser, within five years from the end of the month in which the Adviser waived, paid, absorbed or reimbursed such fees or expenses, but only if and to the extent that Specified Expenses, on an annualized basis, plus any recoupment, do not exceed 0.70% of the sum of (a) the Partnership’s net asset value as of the last calendar day of each calendar month or as otherwise determined by the Adviser and (b) to the extent deducted in the determination of the Partnership’s net asset value as set forth in clause (a), accrued expenses, any accrued/allocated Management Fee, administration fee, Performance Allocation or Distribution and/or Servicing Fee applicable to certain classes, or distributions, calculated as of the end of each calendar month on an annualized basis (or, if a lower expense limit under the Expense Limitation and Reimbursement Agreement is then in effect, such lower limit). The Adviser may recapture a Specified Expense in the same year it is incurred. This arrangement cannot be terminated within the one-year period beginning on the Initial Closing without the Board of Directors’ consent.\n\nThe Adviser may, in its sole discretion, advance the organizational and offering expenses attributable to the Partnership through the first anniversary of the Initial Closing. The Partnership will be obligated to reimburse the Adviser for all such advanced organizational and offering expenses over the five years following the first anniversary of the Initial Closing. The Adviser will determine what organizational and offering expenses are attributable to the Partnership, in its sole discretion.\n\n“Specified Expenses” means all expenses incurred in the business of the Partnership, including, among other things, organizational and offering expenses, professional fees, and fees and expenses of the Partnership’s administrator, custodian and transfer agent, with the exception of (i) the Management Fee; (ii) the Performance Allocation; (iii) any Distribution and/or Servicing fee paid applicable to any Units, including the Distribution and/or Servicing Fee; (iv) transaction-related costs, including, without limitation, costs related to unconsummated transactions and hedging and other derivatives transactions; (v) interest payments; (vi) fees and expenses incurred in connection with a credit facility, if any, obtained by the Partnership; (vii) taxes; (viii) portfolio company expenses, Intermediate Entity expenses and ordinary corporate operating expenses; and (ix) extraordinary expenses (as determined in the sole discretion of the Adviser).\n\nForeign Currency Hedging Agreement\n\nOn October 31, 2025, the Adviser entered into a foreign currency hedging agreement (“FX Hedging Agreement”) with Macquarie Investment Management Global Limited (the “FX Service Provider”), an affiliate, pursuant to which the FX Service Provider is appointed to act as agent of the Partnership to implement foreign currency hedging strategies.\n\n127\n\n[Table of Contents](#toc_page)\n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nNotes to Financial Statements\n\n \n\nUnder the FX Hedging Agreement, the FX Service Provider enters into foreign exchange transactions, including spot and forward contracts, to hedge the Partnership’s exposure to non-U.S. dollar denominated investments, in accordance with specified hedging instructions and target hedge ratios. The FX Service Provider is authorized to execute derivative transactions and related documentation with approved counterparties on behalf of the Partnership.\n\nThe FX Service Provider is entitled to a fee calculated at an annual rate of 0.03% of the hedged notional exposure, subject to a minimum annual fee of $50,000, with such fees accrued monthly and invoiced quarterly. The Partnership is also responsible for transaction-related costs incurred in connection with FX hedging activities. As of March 31, 2026, the Partnership has not yet recognized any of such fees.\n\nCapital Contributions\n\nOn October 31, 2025, the Partnership sold Class E Units, at a price per unit of $25 for aggregate consideration of $10,500,000. The offer and sale of the Class E Units were made as part of the Partnership’s continuous private offering and were exempt from the registration provisions of the Securities Act, pursuant to Section 4(a)(2) and Regulation D thereunder. Class E Units were sold to affiliates of the General Partner.\n\nFeeder\n\nMIF TE Feeder, L.P. is a feeder vehicle for the Partnership. The Feeder was established to allow certain Investors with particular tax characteristics, such as tax-exempt Investors and non-U.S. Investors, to participate in the Partnership in a more efficient manner. Investors in the Feeder will indirectly bear their pro rata portion of the management fee and performance participation allocation paid by the Partnership, but such expenses will not be duplicated at the Feeder level.\n\n9.\nCommitments and Contingencies\n\nIn the normal course of business, the Partnership enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown as it could involve future claims against the Partnership that have not yet occurred. However, based on experience, the General Partner of the Partnership expects the risk of loss to be remote.\n\n128\n\n[Table of Contents](#toc_page)\n\n \n\nMacquarie Infrastructure Fund, L.P.\n\nNotes to Financial Statements\n\n \n\n10.\nFinancial Highlights\n\nThe following financial highlights are calculated for the Investors of the Partnership as a whole and exclude data for the General Partner, except as otherwise noted herein. Calculation of these highlights on an individual Investor basis may yield results that vary from those stated herein due to the timing of capital transactions and differing fee arrangements.\n\n \n\n \n\n \n\nJune 20, 2025 (Date of Incorporation)\nto March 31, 2026\n\n \n\n \n\n \n\nClass I Units\n\n \n\n \n\nClass E Units\n\n \n\nPer Unit Data\n\n \n\n \n\n \n\n \n\n \n\n \n\nNet Asset Value, beginning of period\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\nProceeds from units issued\n\n \n\n \n\n25.00\n\n \n\n \n\n \n\n25.00\n\n \n\nNet investment income (loss)\n\n \n\n \n\n(6.47\n\n)\n\n \n\n \n\n(10.94\n\n)\n\nNet realized and unrealized gain (loss) on investments, derivatives and translation of assets and liabilities in foreign currencies\n\n \n\n \n\n2.38\n\n \n\n \n\n \n\n2.88\n\n \n\nNet increase (decrease) in net assets\n\n \n\n \n\n(4.09\n\n)\n\n \n\n \n\n(8.06\n\n)\n\nDistributions\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nNet Asset Value, end of period\n\n \n\n$\n\n20.91\n\n \n\n \n\n$\n\n16.94\n\n \n\nUnits outstanding, end of period\n\n \n\n \n\n110\n\n \n\n \n\n \n\n420,000\n\n \n\nTotal return based on Net Asset Value (a)\n\n \n\n \n\n-16.36\n\n%\n\n \n\n \n\n-32.24\n\n%\n\nRatios to weighted‐average net assets (annualized)\n\n \n\n \n\n \n\n \n\n \n\n \n\nExpenses without waivers (b) (c)\n\n \n\n \n\n-59.87\n\n%\n\n \n\n \n\n-105.95\n\n%\n\nManagement fees waivers (c)\n\n \n\n \n\n1.20\n\n%\n\n \n\n-\n\n \n\nAccrued performance allocation\n\n \n\n \n\n-1.37\n\n%\n\n \n\n-\n\n \n\nTotal expenses (c)\n\n \n\n \n\n-58.66\n\n%\n\n \n\n \n\n-105.95\n\n%\n\nNet investment income (c)\n\n \n\n \n\n-57.57\n\n%\n\n \n\n \n\n-104.66\n\n%\n\n \n\n(a)\nTotal return is calculated as the change in Net Asset Value per Unit during the period, plus distributions per Unit (assuming dividends and distributions are reinvested in accordance with the distribution reinvestment plan) divided by the initial Net Asset Value per Unit.\n\n(b)\nExpense ratio includes organizational expenses, professional fees, director fees, administration fees, insurance expense, deferred offering costs amortization, interest expense and other expenses. Class I Units expense ratio includes a Management Fee which is a class-specific expense.\n\n(c)\nAll income and expenses, except certain one-time costs are annualized.\n\n11.\nSubsequent Events\n\nThe General Partner has performed an evaluation of subsequent events through the date these financial statements were issued. Other than as disclosed below, there have been no subsequent events that would require disclosure in, or would be required to be recognized in, these financial statements as of March 31, 2026.\n\nUnregistered Sale of Units\n\nOn May 1, 2026, the Partnership sold the following Units of the Partnership (with the final number of shares determined on May 29, 2026) to third party investors for cash:\n\n \n\nClass\n\nNumber of\nShares Sold\n\n \n\n \n\nConsideration\n\n \n\nClass I\n\n \n\n1,807\n\n \n\n \n\n$\n\n50,000\n\n \n\nClass E\n\n \n\n3,134,752\n\n \n\n \n\n \n\n89,500,000\n\n \n\nTotal\n\n \n\n \n\n \n\n$\n\n89,550,000\n\n \n\n \n\n129\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nMIF Cayman, L.P.\n\n130\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nReport of Independent Auditors\n\n \n\nTo the General Partner of MIF Cayman, L.P.\n\n \n\nOpinion\n\nWe have audited the accompanying financial statements of MIF Cayman, L.P. (the \"Aggregator\"), which comprise the statement of assets and liabilities, including the condensed schedule of investments as of March 31, 2026, and the related statements of operations, of changes in net assets and of cash flows, including the related notes for the period from October 31, 2025 (Commencement of Operations) to March 31, 2026, (collectively referred to as the \"financial statements\").\n\nIn our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Aggregator as of March 31, 2026, and the results of its operations, changes in net assets and its cash flows for the period from October 31, 2025 (Commencement of Operations) to March 31, 2026 in accordance with accounting principles generally accepted in the United States of America.\n\n \n\nBasis for Opinion\n\nWe conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Aggregator and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.\n\n \n\nResponsibilities of Management for the Financial Statements\n\nManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.\n\nIn preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Aggregator’s ability to continue as a going concern for one year after the date the financial statements are available to be issued.\n\n \n\nAuditors' Responsibilities for the Audit of the Financial Statements\n\nOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.\n\nIn performing an audit in accordance with US GAAS, we:\n\n•\nExercise professional judgment and maintain professional skepticism throughout the audit.\n\n•\nIdentify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\n\n•\nObtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Aggregator’s internal control. Accordingly, no such opinion is expressed.\n\n131\n\n[Table of Contents](#toc_page)\n\n \n\n \n\n•\nEvaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.\n\n•\nConclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Aggregator’s ability to continue as a going concern for a reasonable period of time.\n\nWe are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.\n\n \n\n/s/ PricewaterhouseCoopers LLP\n\nNew York, New York\nJune 25, 2026\n\n \n\n \n\n \n\n \n\n132\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nMIF Cayman, L.P.\n\nStatement of Assets and Liabilities\n\n \n\n \n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\nAssets\n\n \n\n \n\n \n\nInvestments, at fair value (cost $763,562,434)\n\n \n\n$\n\n853,532,236\n\n \n\nInvestments in affiliated fund, at fair value (cost $38,682,799)\n\n \n\n \n\n37,429,665\n\n \n\nCash and cash equivalents\n\n \n\n \n\n4,203,051\n\n \n\nInterest receivable\n\n \n\n \n\n794,978\n\n \n\nTotal assets\n\n \n\n$\n\n895,959,930\n\n \n\n \n\n \n\n \n\n \n\nLiabilities\n\n \n\n \n\n \n\nAccounts payable and accrued expenses\n\n \n\n$\n\n904,164\n\n \n\nProfessional fees payable\n\n \n\n \n\n146,250\n\n \n\nOrganizational expenses payable\n\n \n\n \n\n110,147\n\n \n\nAdministration fees payable\n\n \n\n \n\n32,500\n\n \n\nTotal liabilities\n\n \n\n$\n\n1,193,061\n\n \n\n \n\n \n\n \n\n \n\nCommitments and contingencies (Note 8)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet assets\n\n \n\n \n\n \n\nLimited Partners\n\n \n\n \n\n894,766,869\n\n \n\nGeneral Partner\n\n \n\n \n\n-\n\n \n\nTotal net assets\n\n \n\n$\n\n894,766,869\n\n \n\n \n\n \n\n \n\n \n\nTotal net assets and liabilities\n\n \n\n$\n\n895,959,930\n\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n133\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nMIF Cayman, L.P.\n\nStatement of Operations\n\n \n\n \n\n \n\nOctober 31, 2025\n(Commencement\nof Operations) to\nMarch 31, 2026\n\n \n\nIncome\n\n \n\n \n\n \n\nDividend income\n\n \n\n$\n\n5,007,958\n\n \n\nInterest income\n\n \n\n \n\n1,277,765\n\n \n\nTotal income\n\n \n\n \n\n6,285,723\n\n \n\n \n\n \n\n \n\n \n\nExpenses\n\n \n\n \n\n \n\nProfessional fees\n\n \n\n \n\n174,733\n\n \n\nOrganizational expenses\n\n \n\n \n\n110,147\n\n \n\nAdministration fees\n\n \n\n \n\n32,500\n\n \n\nOther expenses\n\n \n\n \n\n1,063\n\n \n\nTotal expenses\n\n \n\n \n\n318,443\n\n \n\nNet investment income (loss)\n\n \n\n \n\n5,967,280\n\n \n\nNet realized and unrealized gain (loss) on investments and translation of\n    assets and liabilities in foreign currencies\n\n \n\n \n\n \n\nNet realized gain (loss) on investments and translation of assets and liabilities in foreign\n   currencies\n\n \n\n \n\n21,253\n\n \n\nNet change in unrealized gain (loss) on investments\n\n \n\n \n\n92,149,305\n\n \n\nNet change in unrealized gain (loss) on translation of assets and liabilities in foreign\n   currencies\n\n \n\n \n\n(3,025,415\n\n)\n\nNet realized and unrealized gain (loss) on investments and translation of\n    assets and liabilities in foreign currencies\n\n \n\n \n\n89,145,143\n\n \n\nNet increase (decrease) in net assets resulting from operations\n\n \n\n$\n\n95,112,423\n\n \n\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\nparte\n\n134\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nMIF Cayman, L.P.\n\nStatement of Changes in Net Assets\n\n \n\n \n\n \n\nOctober 31, 2025 (Commencement of Operations) to March 31, 2026\n\n \n\n \n\n \n\nLimited Partners\n\n \n\n \n\nGeneral Partner\n\n \n\n \n\nTotal\n\n \n\nNet assets as of October 31, 2025\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\nCapital contribution\n\n \n\n \n\n802,654,446\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n802,654,446\n\n \n\nDistributions\n\n \n\n \n\n(3,000,000\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(3,000,000\n\n)\n\nNet investment income (loss)\n\n \n\n \n\n5,967,280\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n5,967,280\n\n \n\nNet realized and unrealized gain (loss) on investments and translation\n   of assets and liabilities in foreign currencies\n\n \n\n \n\n89,145,143\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n89,145,143\n\n \n\nNet assets as of March 31, 2026\n\n \n\n$\n\n894,766,869\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n894,766,869\n\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n135\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nMIF Cayman, L.P.\n\nStatement of Cash Flows\n\n \n\n \n\nOctober 31, 2025\n(Commencement\nof Operations) to\nMarch 31, 2026\n\n \n\nCash flows from operating activities:\n\n \n\n \n\nNet increase (decrease) in net assets from operations\n\n$\n\n95,112,423\n\n \n\nAdjustments to reconcile net increase (decrease) in net assets from operations to net cash\n    provided by (used in) operating activities\n\n \n\n \n\nNet realized (gain) loss on investments and translation of assets and liabilities in foreign\n   currencies\n\n \n\n(21,253\n\n)\n\nNet change in unrealized (gain) loss on investments\n\n \n\n(92,149,305\n\n)\n\nNet change in unrealized (gain) loss on translation of assets and liabilities in foreign\n   currencies\n\n \n\n3,025,415\n\n \n\nPurchase of and loans to investments\n\n \n\n(138,995,335\n\n)\n\nChange in operating assets:\n\n \n\n \n\nInterest receivable\n\n \n\n(794,978\n\n)\n\nChange in operating liabilities:\n\n \n\n \n\nAccounts payable and accrued expenses\n\n \n\n904,164\n\n \n\nProfessional fees payable\n\n \n\n146,250\n\n \n\nOrganizational expenses payable\n\n \n\n110,147\n\n \n\nAdministration fees payable\n\n \n\n32,500\n\n \n\nNet cash provided by (used in) operating activities\n\n$\n\n(132,629,972\n\n)\n\nCash flows from financing activities:\n\n \n\n \n\nCapital contributions\n\n \n\n139,393,679\n\n \n\nDistributions\n\n \n\n(3,000,000\n\n)\n\nNet cash provided by (used in) financing activities\n\n$\n\n136,393,679\n\n \n\nNet increase in cash and cash equivalents\n\n$\n\n3,763,707\n\n \n\nEffects of exchange rate changes on cash\n\n$\n\n439,344\n\n \n\nCash and cash equivalents at the beginning of the period\n\n \n\n-\n\n \n\nCash and cash equivalents at the end of the period\n\n$\n\n4,203,051\n\n \n\n \n\n \n\n \n\nSupplemental disclosure of non-cash operating and financing activities\n\n \n\n \n\nInvestments acquired through in-kind contributions\n\n$\n\n663,260,767\n\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n136\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nMIF Cayman, L.P.\n\nCondensed Schedule of Investments\n\n \n\n \n\n \n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\nName of Investment\n\n \n\nHolding entity\n\n \n\nType of Investment\n\n \n\nGeography\n\n \n\nIndustry\n\n \n\nFair Value\n\n \n\n \n\nFair Value as a Percentage of Net Assets\n\n \n\nInvestments and investments in affiliated fund\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity investments (a)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGreen energy\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIsland Green Power (b)\n\n \n\nMIF Cooks Holdings S.à r.l.\n\n \n\nEquity investment\n\n \n\nEMEA\n\n \n\nGreen energy\n\n \n\n$\n\n90,653,904\n\n \n\n \n\n \n\n10.13\n\n%\n\nD. E. Shaw Renewable Investments (c)\n\n \n\nMGIF Hobbs Holdings L.P.\n\n \n\nEquity investment\n\n \n\nAmericas\n\n \n\nGreen energy\n\n \n\n \n\n166,495,564\n\n \n\n \n\n \n\n18.61\n\n%\n\nTotal Green energy\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n257,149,468\n\n \n\n \n\n \n\n28.74\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nUtilities and energy\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDiamond Infrastructure Solutions (d)\n\n \n\nInfraPark CI Blocker LLC\n\n \n\nEquity investment\n\n \n\nAmericas\n\n \n\nUtilities and energy\n\n \n\n \n\n97,739,702\n\n \n\n \n\n \n\n10.92\n\n%\n\nSouthern Water (e)\n\n \n\nMSCIF Sandstone Ventures S.à r.l.\n\n \n\nEquity investment\n\n \n\nEMEA\n\n \n\nUtilities and energy\n\n \n\n \n\n72,028,335\n\n \n\n \n\n \n\n8.05\n\n%\n\nTotal Utilities and energy\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n169,768,037\n\n \n\n \n\n \n\n18.97\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWaste\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRenewi (f)\n\n \n\nMIF Earth Holdings S.à r.l\n\n \n\nEquity investment\n\n \n\nEMEA\n\n \n\nWaste\n\n \n\n \n\n60,284,692\n\n \n\n \n\n \n\n6.74\n\n%\n\nTotal Waste\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n60,284,692\n\n \n\n \n\n \n\n6.74\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDigital\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nVocus Group (g)\n\n \n\nVoyage MAIF3 Consortium Trust\n\n \n\nEquity investment\n\n \n\nAPAC\n\n \n\nDigital\n\n \n\n \n\n87,950,865\n\n \n\n \n\n \n\n9.83\n\n%\n\nAligned Data Centers (h)\n\n \n\nAligned Co-Invest Aggregator, L.P.\n\n \n\nEquity investment\n\n \n\nAmericas\n\n \n\nDigital\n\n \n\n \n\n183,338,199\n\n \n\n \n\n \n\n20.49\n\n%\n\n Total Digital\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n271,289,064\n\n \n\n \n\n \n\n30.32\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTransport\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBristol and Birmingham Airports (i)\n\n \n\nMEIF 7 Homecoming Regional Ventures S.à r.l.\n\n \n\nEquity investment\n\n \n\nEMEA\n\n \n\nTransport\n\n \n\n \n\n44,755,488\n\n \n\n \n\n \n\n5.00\n\n%\n\nTotal Transport\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n44,755,488\n\n \n\n \n\n \n\n5.00\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther equity investments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nVarious\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther investments (j)\n\n \n\n \n\n \n\nEquity investment\n\n \n\nVarious\n\n \n\nVarious\n\n \n\n \n\n15,708,116\n\n \n\n \n\n \n\n1.76\n\n%\n\nTotal Various\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n15,708,116\n\n \n\n \n\n \n\n1.76\n\n%\n\n \n\n137\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nTotal equity investments\n  (Cost: EMEA $221,822,621,\n  Americas $409,773,497, APAC\n  $81,235,907, Various $16,771,183)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n818,954,865\n\n \n\n \n\n \n\n91.53\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDebt investments (k)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  Various\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n   Other investments (j)\n\n \n\n \n\n \n\nDebt investment\n\n \n\nVarious\n\n \n\nVarious\n\n \n\n \n\n34,577,371\n\n \n\n \n\n \n\n3.86\n\n%\n\nTotal debt investments\n (Cost: Various $33,959,226)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n34,577,371\n\n \n\n \n\n \n\n3.86\n\n%\n\nTotal investments\n (Cost: EMEA $221,822,621,\n  Americas $409,773,497, APAC\n  $81,235,907, Various $50,730,409)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n853,532,236\n\n \n\n \n\n \n\n95.39\n\n%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInvestments in affiliated fund\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nVarious\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nMacquarie Global Infrastructure Fund (USD Feeder) SCSp\n\n \n\n \n\n \n\nLP interest\n\n \n\nEMEA\n\n \n\nVarious\n\n \n\n \n\n37,429,665\n\n \n\n \n\n \n\n4.18\n\n%\n\nTotal investments in affiliated fund\n  (Cost: EMEA $38,682,799)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n37,429,665\n\n \n\n \n\n \n\n4.18\n\n%\n\nTotal investments and investments in affiliated fund\n (Cost: EMEA $260,505,420,\n  Americas $409,773,497, APAC\n  $81,235,907, Various $50,730,409)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n$\n\n890,961,901\n\n \n\n \n\n \n\n99.57\n\n%\n\n \n\nFair Value as a Percentage of Net Assets may not add due to rounding.\n\nEMEA Europe, Middle East and Africa.\n\nAPAC Asia Pacific.\n\n(a)\nEquity investments generally include different forms of interests and rights and obligations that represent ownership in an entity or the right to acquire or dispose of ownership in an entity, including but not limited to (1) common equity, (2) preferred equity, (3) limited partner interests, (4) warrants and (5) other equity-linked securities.\n\n(b)\nThe Aggregator holds an indirect equity interest in Island Green Power through its 40.83% ownership of MGREF 2 Cooks Holdings 2 Limited.\n\n(c)\nThe Aggregator holds an indirect equity interest in D. E. Shaw Renewable Investments through its 13.29% ownership in MGIF Hobbs Holdings LLC. The Aggregator holds an additional indirect equity interest in D. E. Shaw Renewable Investments of 2.55% through its 10.76% holding in Macquarie Global Infrastructure Fund (USD Feeder) SCSp.\n\n(d)\nThe Aggregator holds an indirect equity interest in Diamond Infrastructure Solutions through its 13.60% ownership in InfraPark CI Blocker, LLC.\n\n(e)\nThe Aggregator holds an indirect equity interest in Southern Water through its 2.34% ownership in MSCIF Sandstone Ventures S.à r.l.\n\n(f)\nThe Aggregator holds an indirect equity interest in Renewi through its 100% ownership in MIF Earth Holdings S.à r.l.\n\n(g)\nThe Aggregator holds an indirect equity interest in Vocus Group through its 3.40% ownership in Voyage MAIF3 Consortium Trust.\n\n(h)\nThe Aggregator holds an indirect equity interest in Aligned Data Centers through its 3.74% ownership in Aligned Co-Invest Aggregator, L.P.\n\n(i)\nThe Aggregator holds an indirect equity interest in Bristol and Birmingham Airports through its 2.84% ownership in MEIF 7 Homecoming Regional Ventures S.à r.l.\n\n(j)\nThere were no single investments included in this category that exceeded 5% of the net assets of the Aggregator.\n\n(k)\nDebt investments includes different forms of interests that represent a creditor relationship with an investee, including but not limited to (1) bank loans, (2) interests in collateralized loan obligations and (3) direct lending debt investments.\n\n \n\n \n\nThe accompanying notes are an integral part of these financial statements.\n\n138\n\n[Table of Contents](#toc_page)\n\nMIF Cayman, L.P.\n\n \n\nNotes to Financial Statements\n\n \n\n1.\nOrganization\n\nMIF Cayman, L.P. (the “Aggregator”) is a Cayman Islands exempted limited partnership formed on July 29, 2025. The Aggregator operates pursuant to the Second Amended and Restated Limited Partnership Agreement, dated October 31, 2025, as further amended and restated (the “Partnership Agreement”).\n\nMacquarie Private Markets, SICAV, with respect to its sub‑fund, Macquarie Infrastructure Fund (“MIF International”), and Macquarie Infrastructure Fund, L.P. (the “Partnership”) are the only limited partners of the Aggregator. As of March 31, 2026, the Partnership and MIF International own 1.24% and 98.76%, respectively, of the Aggregator. MIF Cayman GP, LLC, is the general partner (the “General Partner”) of the Aggregator and is vested with the overall responsibility for oversight of the Aggregator.\n\nThe Aggregator was established to make, hold, and dispose of portfolio investments which may include debt, equity and derivative instruments.\n\nInvestment operations commenced on October 31, 2025 when the Partnership sold its first unregistered limited partnership units to third-party investors and subsequently invested those proceeds into the Aggregator, which in turn began investing operations.\n\n2.\nSummary of Significant Accounting Policies\n\nBasis of Presentation\n\nThe Aggregator’s financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Aggregator’s financial statements and related financial information have been prepared pursuant to the requirements of Regulation S-X. There has been no activity prior to the current fiscal year and as such, there is no comparative information to present. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the financial statements are fairly stated and that estimates made in preparing its financial statements are reasonable and prudent. The Aggregator is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The functional currency of the Aggregator is the U.S. dollar and these financial statements have been prepared in that currency.\n\nUse of Estimates\n\nIn preparing the financial statements in conformity with U.S. GAAP, the General Partner has made judgments, estimates and specific assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these financial statements. Such estimates include those used in the valuation of the Aggregator’s investments. Actual results may differ from those estimates.\n\nFair Value of Investments\n\nIn accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Aggregator defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer or settle a liability in an orderly transaction between market participants at the measurement date. The Aggregator uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of the three broad levels described below:\n\n•\nLevel 1 - Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.\n\n•\nLevel 2 - Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.\n\n139\n\n[Table of Contents](#toc_page)\n\nMIF Cayman, L.P.\n\n \n\nNotes to Financial Statements\n\n \n\n•\nLevel 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.\n\nIn certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.\n\nInvestments at Fair Value\n\nThe Aggregator records public and private investments at trade date and closing date, respectively, and values its investments at fair value in accordance with ASC 820. In the absence of observable market prices, the Aggregator’s investments are valued using valuation methodologies applied on a consistent basis as described below. Additional information regarding these investments is provided in Note 3. “Investments and Fair Value Measurement.”\n\nThe Aggregator’s determination of fair value is based on the best information available in the circumstances and incorporates the Aggregator’s own assumptions, including assumptions that the Aggregator believes market participants would use in valuing the investments, and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including appropriate risk adjustments for non-performance and liquidity. The values estimated by the Aggregator may differ significantly from values that would have been used had a readily available market for the investments existed and the differences could be material to the financial statements.\n\nThe Aggregator measures its investment in the affiliated funds at fair value using the net asset value of the affiliated funds. The net asset value of the affiliated funds is considered a practical expedient that represents fair value as (a) the investment does not have a readily determinable fair value because the affiliated funds’ net asset value is not published or the basis for current transactions, (b) the affiliated fund is an investment company and (c) the net asset value of the affiliated fund is calculated in a manner in which all of its investments are reported at fair value as of the measurement date. Changes in the fair value of the Aggregator’s investment in the affiliated fund are presented within net change in unrealized gain (loss) on investments in the Statements of Operations.\n\nUnder the income approach, which is generally the Aggregator’s primary valuation approach, fair value is determined by converting future amounts, such as cash flows or earnings, discounted to a single present amount using current market expectations about those future amounts. In determining fair value under this approach, the Aggregator makes assumptions over a projection period regarding unobservable inputs such as revenues, operating income, capital expenditures, income taxes, working capital needs and the terminal value and exit multiple of the investee company, among other things. The Aggregator discounts those projected cash flows by deriving a discount rate based on a capital structure similar to that of a market participant using observable inputs such as the rate of return available in the market on an investment free of default risk, an equity risk premium to reflect the additional risk of a market portfolio of equity instruments over risk-free instruments, beta as a measure of risk based on share price correlation to the market, and equity and debt-to-capital ratios of companies deemed comparable to the investee company.\n\nUnder the market approach, which is generally the Aggregator’s secondary valuation approach, fair value may be determined by reference to a recent transaction involving the investment or by reference to observable valuation measures for companies or assets that are determined by the Aggregator to be comparable, such as multiplying a key performance metric of the investee company, such as earnings before interest and taxes or other performance metric, by a relevant valuation multiple observed in the range of comparable companies or transactions, adjusted by the Aggregator for differences between the investment and the referenced comparables. Observable inputs used in the market approach to derive a valuation multiple may include the public prices for securities issued by, and the relevant performance metrics of, companies deemed comparable to the investee company, and/or transaction prices involving significant equity interests in companies deemed comparable to the investee company. Unobservable inputs used in the market approach may include the key performance metric of the investee company, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”).\n\nInvestments may also be valued at their acquisition price for a period of time after an acquisition as the best measure of fair value in the absence of any conditions or circumstances that would indicate otherwise. In the event of an announced sale of investments with a definitive agreement in place, investments may also be valued using a discount-to-sale approach as the primary method with emphasis given to certain considerations including, but not limited to unitholder approval, regulatory approval, financing, completion of due diligence and break-up fees.\n\n140\n\n[Table of Contents](#toc_page)\n\nMIF Cayman, L.P.\n\n \n\nNotes to Financial Statements\n\n \n\nInvestments in debt securities that are not listed on an exchange, but for which external pricing sources, such as dealer quotes or independent pricing services may be available, are valued by the Aggregator after considering, among other factors, such external pricing sources, recent trading activity or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks.\n\nForeign Currency\n\nThe accounting records of the Aggregator are maintained in U.S. dollars. The fair values of foreign securities, foreign cash and liabilities denominated in foreign currency are translated to U.S. dollars based on the current exchange rates at the end of each reporting period. Income and expenses denominated in foreign currencies are translated at current exchange rates when accrued or incurred. The Aggregator includes the effects of foreign currency exchange rate changes on realized and unrealized gains and losses on investments within net realized gain (loss) on investments and translation of assets and liabilities in foreign currencies and net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies, respectively, in the Statement of Operations.\n\nNet Realized and Unrealized Gain (Loss) on Investments\n\nThe Aggregator recognizes net realized gains (losses) on investments when earned at the time of receipt of proceeds. Without regard to unrealized gains or losses previously recognized, realized gains or losses will be 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.\n\nNet change in unrealized gain (loss) on investments is the change in fair value of its underlying investments. Net change in unrealized gains or losses will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses when gains or losses are realized.\n\nIncome Recognition\n\nThe Aggregator recognizes interest income from investments when earned pursuant to the terms of the respective investment. The Aggregator recognizes dividend income from its investments when declared. In the case of proceeds received from investments, the Aggregator determines the character of such proceeds and records any interest income, dividend income, realized gain or loss, or return of capital accordingly.\n\nOrganizational Expenses\n\nOrganizational expenses include, among other things, the cost of incorporating the Aggregator and the cost of legal services and other fees pertaining to the Aggregator’s organization. These costs are expensed as incurred. For the period ended March 31, 2026, the Aggregator incurred organizational expenses of $110,147, which have been recorded as organizational expenses on the Statement of Operations. As of March 31, 2026, organizational expenses payable of $110,147 are included within organizational expenses payable in the Statement of Assets and Liabilities.\n\nProfessional Fees\n\nProfessional fees include but are not limited to audit, tax, and legal fees. For the period ended March 31, 2026, the Aggregator incurred professional fees of $174,733, which have been recorded as professional fees on the Statement of Operations. As of March 31, 2026, professional fees of $146,250 are included within professional fees payable in the Statement of Assets and Liabilities.\n\nDistributions\n\nThe Aggregator may declare monthly distributions as authorized by the General Partner. Distributions are recognized on the record date of the distribution. The declaration of distributions by the Aggregator to the Partnership and any Parallel Fund (the term “Parallel Funds” refers to one or more parallel vehicles established by, or at the direction of, the General Partner or any affiliate thereof to invest alongside the Partnership, but excluding MIF International) generally occurs concurrent with the Partnership and any Parallel Fund declaring distributions to its unitholders. Distributions are generally made to partners pro rata based on capital contributions.\n\n141\n\n[Table of Contents](#toc_page)\n\nMIF Cayman, L.P.\n\n \n\nNotes to Financial Statements\n\n \n\nAffiliates\n\nThe General Partner, the Adviser, Macquarie Private Markets, SICAV, with respect to its sub‑fund MIF International and the Partnership are affiliates of the Aggregator. In addition, the limited partners, the General Partner, and their respective affiliates may engage in investment activities for their own accounts or for other persons or entities, including pursuing investment opportunities independently of the Aggregator, without any obligation to offer such opportunities to the Aggregator.\n\nRecent Accounting Pronouncements\n\nIn November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis. The update will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Aggregator is currently evaluating the impact of adopting this guidance on its financial statements and disclosures.\n\n3.\nInvestments and Fair Value Measurement\n\nThe following table summarizes the valuation of the Aggregator’s investments by the fair value hierarchy levels:\n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\n \n\nLevel 1\n\n \n\n \n\nLevel 2\n\n \n\n \n\nLevel 3\n\n \n\n \n\nNAV\n\n \n\n \n\nTotal\n\n \n\nAssets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-affiliated investments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity investments\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n818,954,865\n\n \n\n \n\n \n\n-\n\n \n\n \n\n$\n\n818,954,865\n\n \n\nDebt investments\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n34,577,371\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n34,577,371\n\n \n\nTotal non-affiliated investments\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n853,532,236\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n853,532,236\n\n \n\nInvestments in affiliated fund\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInvestee funds\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n37,429,665\n\n \n\n \n\n \n\n37,429,665\n\n \n\nTotal investments\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n853,532,236\n\n \n\n \n\n$\n\n37,429,665\n\n \n\n \n\n$\n\n890,961,901\n\n \n\n \n\nThe Aggregator may hold equity securities that are subject to sale restrictions that are contractual or legal in nature and are deemed an attribute of the holder rather than the investment. Contractual restrictions may include but are not limited to (a) consent-rights or event-based transfer restrictions imposed by third parties, (b) underwriter lock-ups and (c) sale or transfer restrictions applicable to investments pledged as collateral. Restrictions will generally lapse over time or after a predetermined date. The Aggregator’s Level 3 equity securities are generally illiquid and privately negotiated in nature and may also be subject to contractual sale or transfer restrictions including those pursuant to their respective governing or similar agreements.\n\nThe Aggregator’s investment in the affiliated funds is generally valued based on the latest NAV reported or provided by the investment adviser or investment manager. NAV as a practical expedient is appropriate if the reported NAV of the investment in affiliated funds is calculated in a manner consistent with the measurement principles applied to investment companies. As of March 31, 2026, the Aggregator measured investments of $37,429,665 using NAV as a practical expedient and had no unfunded commitments.\n\n142\n\n[Table of Contents](#toc_page)\n\nMIF Cayman, L.P.\n\n \n\nNotes to Financial Statements\n\n \n\nThe following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in Level 3 of the fair value hierarchy as of March 31, 2026:\n\n \n\n \n\n \n\nFair Value\n\n \n\n \n\nValuation\nTechniques\n\n \n\nUnobservable\nInputs\n\nRanges\n\n \n\nWeighted‐ \nAverage\n\n \n\nImpact to Valuation from an Increase in Input\n\nFinancial Assets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInvestments\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity investments\n\n \n\n$\n\n635,616,666\n\n \n\n \n\nDiscounted Cash Flows\n\n \n\nDiscount rate\n\n10.0%-15.0%\n\n \n\n10.9%\n\n \n\nLower\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTerminal value multiple\n\n1.0x-15.0x\n\n \n\n6.0x\n\n \n\nHigher\n\nDebt investments\n\n \n\n \n\n34,577,371\n\n \n\n \n\nDiscounted Cash Flows\n\n \n\nYield\n\n8.3%-15.6%\n\n \n\n13.7%\n\n \n\nLower\n\nTotal investments\n\n \n\n$\n\n670,194,037\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nThe investment in Aligned Data Centers, with a fair value of $183,338,199, has been valued based on the price listed in the October 13, 2025 sale and purchase agreement, by discounting proceeds expected to be received by the Aggregator using discount rates between 5% and 10%.\n\nThe following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value:\n\n \n\n \n\n \n\nLevel 3 Financial Assets at Fair Value\n\n \n\n \n\n \n\nOctober 31, 2025 (Commencement of Operations) to March 31, 2026\n\n \n\n \n\n \n\nEquity\ninvestments\n\n \n\n \n\nDebt\ninvestments\n\n \n\n \n\n \n\nTotal\n\n \n\nBalance, beginning of period\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n \n\n$\n\n-\n\n \n\nPurchases\n\n \n\n \n\n729,603,208\n\n \n\n \n\n \n\n33,959,226\n\n \n\n \n\n \n\n \n\n763,562,434\n\n \n\nSales and proceeds from investments\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n-\n\n \n\nNet realized and unrealized gain (loss) on investments and translation of assets and liabilities in foreign currencies\n\n \n\n \n\n89,351,657\n\n \n\n \n\n \n\n618,145\n\n \n\n \n\n \n\n \n\n89,969,802\n\n \n\nBalance, end of period\n\n \n\n$\n\n818,954,865\n\n \n\n \n\n$\n\n34,577,371\n\n \n\n \n\n \n\n$\n\n853,532,236\n\n \n\n \n\nThere were no transfers of investments into or out of Level 3 of the fair value hierarchy during the period from October 31, 2025 (Commencement of Operations) to March 31, 2026.\n\n4.\nCash and Cash Equivalents\n\nCash and cash equivalents include cash in hand, deposits held at call with banks and other short-term investments in an active market with original maturities of three months or less, which are subject to an insignificant risk of change in value. As of March 31, 2026, cash of $4,203,051 was held and there were no cash equivalents or restricted cash.\n\n5.\nIncome Taxes\n\nThe Aggregator is treated as a partnership for U.S. federal and state income tax purposes and is not directly subject to U.S. federal and state income taxes. Taxable income is allocated to the Aggregator’s unitholders.\n\n143\n\n[Table of Contents](#toc_page)\n\nMIF Cayman, L.P.\n\n \n\nNotes to Financial Statements\n\n \n\n6.\nNet Assets\n\nPartners may make capital contributions to the Aggregator from time to time in such amounts and at such times as determined by the partners, subject to the consent of the General Partner. Capital contributions are not required to be made on a pro rata basis, and each partner’s interest in the Aggregator is reflected on the books and records of the Aggregator, which are maintained by the General Partner.\n\nA partner may not withdraw from the Aggregator except with the consent of the General Partner and upon such terms and conditions as may be agreed between the General Partner and the withdrawing partner. Upon withdrawal, a partner is entitled only to the distributions specifically agreed to at the time of withdrawal. A withdrawing partner remains liable for certain obligations of the Aggregator and remains a partner solely for purposes of allocating losses attributable to periods prior to such withdrawal. Distributions representing a return of capital are made solely at the discretion of the General Partner and no partner has the right to require the Aggregator to return all or any portion of its capital contributions.\n\n7.\nRelated Party Transactions\n\n \n\nAggregator Partnership Agreement\n\n \n\nThe General Partner has exclusive authority to manage and control the business and affairs of the Aggregator, including responsibility for the day-to-day operations of the Aggregator. The responsibilities of the General Partner are set out in the Partnership Agreement.\n\n \n\nAcquisition of Investments from Affiliates\n\n \n\nMacquarie, MAM-Managed Entities and their affiliates may hold or acquire assets and contribute or sell such assets to the Partnership, the Aggregator or their subsidiaries. These transfers may occur in kind, at FMV if transferred from a MAM-Managed Entity, or otherwise at cost plus roll forward or FMV, in each case as determined by the Adviser, plus related expenses, including transaction costs and a risk or similar premium.\n\n \n\nDuring the period ended March 31, 2026, the Aggregator acquired investments from affiliates of the Adviser at a cost of $801,621,018 of which $662,636,552 was in exchange for equity consideration in the Aggregator. The aggregate fair value of these investments as of March 31, 2026 was $890,058,369.\n\n \n\nDistributions\n\n \n\nPursuant to the Aggregator’s Partnership Agreement, distributions of cash or other assets are made at the discretion of the General Partner. Distributions generally consist of available cash and are expected to occur at least monthly; however in certain circumstances, the General Partner may elect not to make distributions, including to retain cash for partnership expenses or reserves.\n\n \n\nDistributions from each underlying investment are generally made to limited partners which include MAM-Managed Entities and their affiliates, on a pro rata basis.\n\n \n\nFor the period ended March 31, 2026, the Aggregator distributed $3,000,000 to MAM-Managed Entities and their affiliates.\n\n8.\nCommitments and Contingencies\n\n \n\nIn the normal course of business, the Aggregator enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Aggregator’s maximum exposure under these arrangements is unknown as it could involve future claims against the Aggregator that have not yet occurred. However, based on experience, the General Partner of the Aggregator expects the risk of loss to be remote.\n\n144\n\n[Table of Contents](#toc_page)\n\nMIF Cayman, L.P.\n\n \n\nNotes to Financial Statements\n\n \n\nAs of March 31, 2026, the Aggregator had unfunded commitments of $492,598,433 to existing investments which are generally due upon demand. Included in the unfunded commitments is EUR8,556,838 ($9,859,189), GBP139,739,133 ($184,273,955) and AUD359,739,469 ($246,385,562).These amounts remain unfunded as they relate to reserves for future capital deployments on existing investments and capital commitments to investment funds that have not yet been called. Commitments are expected to be funded by available cash and cash generated from capital contributions and investment sale realizations. The Aggregator expects to continue making fund commitments in the future and, at times, reevaluate commitments to existing vehicles.\n\n9.\nFinancial Highlights\n\nThe following expenses and net investment income (loss) ratios for the period from October 31, 2025 (commencement of operations) to March 31, 2026 are calculated as a percentage of average Limited Partners’ capital and are calculated for the Limited Partner class taken as a whole. The computation of such ratios based on the amount of expenses and net investment income (loss) assessed to an individual Limited Partners’ capital account may vary from these ratios based on the timing of its entry into the Aggregator.\n\n \n\n \n\n \n\nOctober 31, 2025\n(Commencement\nof Operations) to\nMarch 31, 2026\n\n \n\nTotal Return (Limited Partners)(a)\n\n \n\n \n\n11.85\n\n%\n\n \n\n \n\n \n\n \n\nRatio to average Limited Partners\n\n \n\n \n\n \n\nTotal expenses(b)\n\n \n\n \n\n0.08\n\n%\n\nTotal net investment income (loss)(b)\n\n \n\n \n\n1.93\n\n%\n\n \n\n(a)\nTotal return is calculated as the change in Net Asset Value during the period, plus distributions, divided by the initial Net Asset Value.\n\n(b)\nAll income and expenses, except for certain one-time expenses, are annualized.\n\n10.\nSubsequent Events\n\nThe General Partner has performed an evaluation of subsequent events through the date these financial statements were issued. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, these financial statements as of March 31, 2026.\n\n145\n\n[Table of Contents](#toc_page)"}