Warburg Pincus Access Fund, L.P. SEC Filing Summary

Business Overview Warburg Pincus Access Fund, L.P. (the "Fund" or "WP ACE"), a Delaware limited partnership, is managed by the prominent investment firm Warburg Pincus LLC. The Fund invests as part of a larger structure, alongside related investment vehicles known as "Aggregators" and "Parallel Funds," primarily targeting private companies.

The Fund has not yet begun its investment operations and therefore has no historical performance, financial results, or operational track record from the past year.

Fund Structure and Units The Fund issues various classes of "Limited Partnership Units" (e.g., Class A1, B1, C1, D, and E). These units represent ownership stakes in the private fund. Unlike public stocks, these units are not traded on any public exchange and are illiquid. As of January 28, 2026, 400 Class E units were outstanding, typically held by Warburg Pincus itself, its employees, or affiliates.

Financial Performance As a newly formed, non-operational fund, WP ACE reports no financial performance metrics such as revenue, profit, or growth rates for the period.

Risk Factors Despite its non-operational status, the Fund has identified numerous potential risks. The most significant risk is its lack of operating history, meaning there's no past performance to predict future outcomes. Other key risks include:

• Investment Execution: Challenges in raising sufficient capital, identifying suitable investment opportunities, or achieving desired performance from portfolio companies.
• Valuation & Liquidity: Difficulties in accurately valuing illiquid private investments and the inability to easily sell investments when desired.
• Limited Control: The Fund may have limited influence over the businesses it invests in.
• Manager Reliance & Conflicts: Success depends heavily on the expertise of the Warburg Pincus management team. Potential conflicts of interest can arise between the Fund and its managers or other Warburg Pincus entities.
• Economic & Market Dependence: Performance responds strongly to overall economic conditions, interest rate fluctuations, and the health of the industries in which it invests.
• Competition: The Fund faces intense competition from other private equity firms for attractive investment opportunities, which could impact the quality and availability of deals.
• External & Regulatory Factors: Geopolitical events (e.g., wars, pandemics), changes in government policies, new regulations, legal challenges, or data security breaches can adversely impact the Fund.
• Tax Changes: Shifts in tax laws could negatively affect the Fund.

Management Discussion and Analysis (MD&A) Highlights The Fund's activities during the reporting period focused on organizational efforts, capital raising, and establishing its operational framework.

• Results of Operations: The Fund recognized no investment income, management fees, or other operational revenues or expenses during the period, other than potential organizational and offering costs.
• Liquidity and Capital Resources: The Fund's primary capital source comes from commitments from its limited partners. The Fund maintains liquidity through capital calls as needed to cover organizational expenses and prepare for future investment activities. As of the reporting date, the Fund had not yet made significant investments. Its cash position primarily relates to initial capital contributions and/or reserves for organizational expenses. The Fund does not anticipate generating significant operating cash flows until it begins making and realizing investments.
• Critical Accounting Policies: The Fund's initial accounting policies primarily relate to recognizing capital commitments, organizational expenses, and the fair value of any initial assets or liabilities. Specific investment valuation policies are not yet in effect.

Financial Health The Fund's financial health reflects its early stage of development.

• Capitalization: The Fund's capital structure relies on unfunded capital commitments from its limited partners. As of the reporting date, the Fund may have called a portion of these commitments to cover organizational expenses, but the majority remains available for future investment.
• Cash and Liquidity: The Fund holds minimal cash, which comes primarily from initial capital calls to cover formation costs. Its liquidity depends largely on its ability to make future capital calls from its limited partners as investment opportunities arise. The Fund has no significant debt outstanding.
• Net Asset Value (NAV): The Fund's Net Asset Value primarily represents the contributed capital from limited partners, less any organizational and offering expenses incurred to date. An investment portfolio for valuation is not yet in place.

Future Outlook The future outlook remains inherently uncertain, focusing on the Fund's intention to commence operations and make investments. While the Fund aims to achieve its investment objectives, actual results could differ significantly from expectations due to numerous risks and external factors. Success hinges on its ability to effectively raise capital, source high-quality investments, and navigate dynamic market conditions, including broad economic trends, global events, and regulatory shifts.

Competitive Position The Fund's strategy involves participating in a broader Warburg Pincus investment structure, leveraging the firm's expertise to identify and invest in private companies. As a new entity, it is establishing its initial strategy. The Fund acknowledges that it will compete vigorously with other investment firms to secure promising deals and faces intense competition for attractive investment opportunities.