Pomona Investment Fund

06/09/2026 | Press release | Distributed by Public on 06/09/2026 13:31

Annual Report by Investment Company (Form N-CSR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22990

Pomona Investment Fund

(Exact name of registrant as specified in charter)

780 Third Avenue, 46th Floor

New York, NY 10017

(Address of principal executive offices) (Zip code)

Michael D. Granoff

Pomona Management LLC

780 Third Avenue, 46th Floor

New York, NY 10017

(Name and address of agent for service)

registrant's telephone number, including area code: (212) 593-3639

Date of fiscal year end: March 31

Date of reporting period: March 31, 2026

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

(a)

Table of Contents

PAGE
Management's Discussion of Fund Performance (Unaudited) 1
Performance Update (Unaudited) 2
Consolidated Schedule of Investments 3
Consolidated Statement of Assets and Liabilities 10
Consolidated Statement of Operations 11
Consolidated Statements of Changes in Net Assets 12
Consolidated Statement of Cash Flows 14
Consolidated Financial Highlights 15
Notes to Consolidated Financial Statements 17
Report of Independent Registered Public Accounting Firm 28
Additional Information (Unaudited) 29
Approval of Continuance of Investment Management Agreement (Unaudited) 30
Fund Management (Unaudited) 33
Privacy Policy (Unaudited) 36
Management's Discussion of
Pomona Investment Fund Fund Performance (Unaudited)

March 31, 2026

Performance Overview

For the fiscal year ending on March 31, 2026, Pomona Investment Fund ("PIF" or the "Fund") generated a net total return of 2.45%1. While this result modestly lagged the MSCI World Index (the "Index") over the same period, the Fund has continued to deliver strong long-term performance relative to public market benchmarks. Over the past ten years, the Fund has delivered a net annualized return of 12.64%, outperforming the Index by 28 basis points. Since inception on May 7, 2015, PIF has compounded at a net annualized 11.82%, outperforming the Index by 103 basis points and returning 237.86% on a cumulative basis compared to 205.49% for the Index. Across this period, the Fund has delivered these results with materially lower volatility (annualized standard deviation of 8.44% versus 15.55% for the Index)1.

Market Conditions

In 2025, private equity showed signs of recovery, though gains were uneven. Policy uncertainty and tariff-driven market turbulence in the spring weighed on activity in the first half of the year, while a stronger second half helped offset those headwinds. Global buyout deal value rose 44% year over year and exit value increased 47%, though both were driven largely by a small number of very large transactions, and overall deal count declined2.

Private equity fundraising remained challenged, with global buyout fundraising declining 16% as limited partners continued to face constraints from low distributions and extended holding periods. Distributions as a percentage of net asset value held below 15% for the fourth consecutive year, a level not seen since the global financial crisis3.

The secondary market reached a record high in 2025, surpassing $200 billion in annual transaction volume for the first time4. Continued liquidity needs among institutional investors and the growing use of GP-led continuation vehicles drove volume across both the LP-led and GP-led segments of the market. These dynamics continued to create selective opportunities for secondary buyers to acquire high-quality assets at favorable pricing in an active and well-supplied market.

Investment Program

During the fiscal year ended March 31, 2026, Pomona Investment Fund completed investments that brought the portfolio to 339 underlying private equity funds, representing relationships with 155 managers and exposure to approximately 2,300 portfolio companies. The Fund continued to pursue its longstanding strategy of maintaining a highly diversified portfolio, focused on mature private equity assets across a range of strategies, vintages, and regions.

Over the year, the Fund committed approximately $221 million, acquiring interests in 21 funds through secondary transactions and making three additional primary commitments. Pomona Management LLC, the Fund's adviser, remained focused on identifying investments it considers to be strong, long-term opportunities.

See below for a chart depicting the allocation of PIF's portfolio by investment type as of March 31, 2026:

1 Represents performance for PIF's Class A shares.
2 Bain & Company Global Private Equity Report - March 2026
3 Lazard Secondary Market Report 2025 - February 2026
4 Jefferies Global Secondary Market Review - January 2026
5 Calculated as a percent of the total fair value of the Fund's investments as of March 31, 2026. See Note 3 in the Notes to Consolidated Financial Statements for definitions of each investment category. May not foot due to rounding.
Annual Report | March 31, 2026 1
Pomona Investment Fund Performance Update (Unaudited)

March 31, 2026

Performance of $25,000 Initial Investment (as of 3/31/2026)

The graph shown above represents historical performance of a hypothetical investment of $25,000 in the Fund since inception. Past performance does not guarantee future results. All returns reflect reinvested distributions, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Average Annual Total Returns (as of 3/31/2026)

1 Year 3 Year 5 Year 10 Year Since Inception Inception Date
Pomona Investment Fund Class A 2.45% 6.59% 8.58% 12.64% 11.82% 5/7/2015
Pomona Investment Fund Class A (w/Load) -0.62% 5.51% 7.92% 12.30% 11.50% 5/7/2015
Pomona Investment Fund Class I 3.03% 7.20% 9.20% N/A 13.56% 4/1/2018
MSCI World Index 19.39% 17.29% 10.77% 12.36% 10.78% 5/7/2015 (a)

MSCI World Index. The "MSCI World Index" is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. (https://www.msci.com/world) The MSCI World Index has not been selected to represent an appropriate benchmark to compare an investor's performance, but rather is shown as a comparison to that of a well-known and widely recognized index. The MSCI World Index is not subject to any of the fees and expenses to which any Pomona fund would be subject and no fund sponsored by Pomona Capital will attempt to replicate the performance of the MSCI World Index.

The performance data quoted above represents past performance. Past performance is not a guarantee of future results. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance and dollar amounts quoted above do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund shares. Fund performance current to the most recent month-end is available by calling 1-(844)-2POMONA or by visiting www.pomonainvestmentfund.com.

(a) May 7, 2015 is not the inception date of the MSCI World Index.
2 www.pomonainvestmentfund.com
Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

Geographic Acquisition
Private Equity Investments (99.17%)⁽ᵅ⁾ Region(b) Date Cost(c) Fair Value
Direct Investments/Co-Investments (1.67%)
Blue Owl GP Stakes Nimbus Cayman (B) LP⁽ᶠ⁾⁽ᵍ⁾ North America 09/10/2021 $ 3,987,899 $ 7,195,976
Blue Owl GP Stakes Nimbus U.S. (A) LLC⁽ᵍ⁾ North America 09/10/2021 4,846,992 3,269,449
BSV Opportunities B, FCRE⁽ᵈ⁾⁽ᶠ⁾ Europe 12/16/2021 9,070,149 6,013,367
Investcorp Aspen Offshore Fund, L.P.⁽ᵈ⁾ Rest of World 07/01/2019 3,990,814 10,761,832
Roark Capital Partners II Sidecar LP⁽ᵈ⁾⁽ᶠ⁾ North America 10/18/2018 934,681 1,898,094
Total Direct Investments/Co-Investments 22,830,535 29,138,718
Primary Investments (5.81%)
ABS Capital Partners IX, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/25/2024 1,335,119 1,422,856
Accel-KKR Capital Partners VII LP⁽ᵈ⁾⁽ᶠ⁾ North America 12/16/2022 1,584,875 1,098,958
Accel-KKR Growth Capital Partners IV LP⁽ᵈ⁾⁽ᶠ⁾ North America 12/17/2021 1,403,029 1,472,874
Apax XI USD L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 10/19/2023 3,447,004 3,805,734
BC Partners XII GE-1 LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 10/10/2025 - -
Blue Owl GP Stakes V Offshore Investors LP⁽ᶠ⁾⁽ᵍ⁾ North America 09/20/2021 6,395,343 4,601,066
BPEA EQT Mid-Market Growth Partnership, SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Rest of World 06/07/2023 650,572 716,596
Clearlake Capital Partners VII (USTE), L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 09/17/2021 3,961,426 4,188,955
Genstar Capital Partners XI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 04/26/2023 1,065,860 1,227,975
Golden Gate Fund VII-A, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2025 860,409 1,664,360
Green Equity Investors Side IX, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/01/2022 3,286,828 3,866,104
Halifax Capital Partners V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2023 699,848 1,190,615
Hellman & Friedman Capital Partners IX (Parallel), L.P.⁽ᶠ⁾ North America 09/28/2018 1,831,379 3,189,071
Hellman & Friedman Capital Partners X (Parallel), L.P.⁽ᶠ⁾ North America 05/10/2021 4,411,234 5,498,863
Hellman & Friedman Capital Partners XI (Parallel), L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 12/16/2022 - (22,558 )
HighVista Private Equity VIII (Offshore), L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 04/11/2019 2,270,158 3,148,324
Norwest Mezzanine Partners V-A, LP⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2023 6,118,174 5,789,205
Roark Capital Partners V (TE) LP⁽ᶠ⁾ North America 04/30/2018 4,499,436 7,489,593
Roark Capital Partners VI (TE) LP⁽ᶠ⁾⁽ᵍ⁾ North America 01/28/2022 3,423,680 5,638,215
Solamere Capital AF V, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2024 854,369 770,702
Solamere Series IV Leaders Fund, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 11/29/2024 2,155,885 2,217,119
Sorenson Capital Partners IV-B, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 01/11/2022 6,451,046 8,203,736
TA XIV-B, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 05/27/2021 4,237,200 4,705,931
TA XV-B, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 04/27/2023 2,400,000 2,169,867
The Veritas Capital Fund VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 10/10/2019 2,921,282 3,880,787
The Veritas Capital Fund VIII, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/16/2022 6,984,316 8,831,379
Thoma Bravo Explore Fund II-A, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 02/03/2022 1,973,666 1,789,316
Thoma Bravo Fund XV-A, L.P.⁽ᶠ⁾ North America 02/03/2022 4,761,738 5,950,755
Thomas H. Lee Fund X, L.P⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 10/06/2025 - -
Triton Fund 6 SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 10/11/2024 65,720 566,114
Vector Capital VI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 02/26/2025 4,318,362 3,978,457
Vista Equity Partners Fund VIII-A, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 04/27/2022 2,095,586 2,531,747
Total Primary Investments 86,463,544 101,582,716
Early Secondary Investments (5.72%)
Aerospace, Transportation and Logistics Fund II LP⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2019 1,599,605 2,360,837
Avista Healthcare Partners (Offshore) I, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 12/01/2017 311,266 135,042
Gryphon Odin CV-A, L.P.⁽ᶠ⁾ North America 09/05/2024 1,153,363 3,149,413
Gryphon Partners IV, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 06/08/2016 2,509,776 3,905,201
Gryphon Partners VI-A, L.P.⁽ᶠ⁾ North America 12/17/2021 8,766,625 8,673,812
Insight Partners (Cayman) XII Buyout Annex Fund, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 10/26/2021 4,690,000 5,867,932
Ironsides Offshore Direct Investment Fund V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2019 2,125,306 3,300,865
L Catterton IX, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 03/09/2021 6,707,106 6,749,647
Merit Mezzanine Fund VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/02/2018 1,737,132 1,537,554
NB Credit Opportunities II Cayman Feeder LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2023 11,558,769 14,107,992
OceanSound Partners Fund, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 01/31/2022 6,473,677 9,929,822
OceanSound SMX Rollover AIV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/26/2024 2,662,172 3,169,673
Providence Equity Partners IX-A S.C.Sp.⁽ᶠ⁾⁽ᵍ⁾ North America 10/05/2023 5,663,288 6,330,425
Valeas Capital Partners Fund I-A LP⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2024 17,290,949 28,116,353
VSS Structured Capital Parallel III, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 01/26/2018 3,009,047 2,701,120
Total Early Secondary Investments 76,258,081 100,035,688
Secondary Investments (85.98%)
A10 USD (Feeder) L.P.⁽ᶠ⁾⁽ᵍ⁾ Europe 03/28/2024 667,773 1,133,495
A9 EUR (Feeder) L.P.⁽ᶠ⁾⁽ᵍ⁾ Europe 10/19/2023 8,378,244 6,325,330
A9 USD (Feeder) L.P.⁽ᶠ⁾⁽ᵍ⁾ Europe 10/19/2023 2,964,117 2,189,234
ABRY Partners IX, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 1,602,375 1,909,462
ABRY Senior Equity V, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 1,263,427 1,282,279

The accompanying notes are an integral part of these Consolidated Financial Statements.

Annual Report | March 31, 2026 3
Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

Geographic Acquisition
Private Equity Investments (99.17%)⁽ᵅ⁾ (Continued) Region(b) Date Cost(c) Fair Value
Secondary Investments (85.98%) (Continued)
ABS Capital Partners VII Offshore, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 10/01/2023 $ 2,133,217 $ 3,609,554
ABS Capital Partners VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 10/01/2023 5,477,962 9,287,428
Accel-KKR Capital Partners CV III, LP⁽ᵈ⁾⁽ᶠ⁾ North America 06/30/2021 3,546,039 1,109,026
Actis Energy 5 LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 06/30/2023 573,011 712,312
Advent Global Technology II Limited Partnership⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2025 577,220 1,003,205
Advent International GPE VI-A Limited Partnership⁽ᵈ⁾⁽ᵍ⁾ Europe 03/31/2021 41,815 119,488
Advent International GPE VII-B Limited Partnership⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2015 1,576,936 242,136
Advent International GPE VIII-B-2 Limited Partnership⁽ᵈ⁾⁽ᵍ⁾ North America 03/31/2022 2,218,461 1,380,853
Advent International GPE VIII-C Limited Partnership⁽ᵈ⁾⁽ᵍ⁾ Europe 12/31/2019 1,131,941 1,029,684
AEA EXC CF LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 08/12/2022 12,247,040 15,390,647
Alpha Private Equity Fund 7 (SCA) SICAR⁽ᵈ⁾⁽ᵍ⁾ Europe 06/28/2024 21,809,070 22,607,307
American Industrial Partners Fund IV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/28/2024 15,680 179,152
American Securities Partners VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2022 3,788,023 2,698,910
American Securities Partners VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/30/2022 26,370,091 15,737,409
AP VIII Private Investors Offshore (USD), L.P.⁽ᵈ⁾⁽ᶠ⁾ Europe 06/30/2017 155,766 12,296
AP VIII Private Investors, LLC⁽ᵈ⁾⁽ᶠ⁾ Europe 06/28/2019 1,764,225 244,963
Apax Europe VI - A, L.P.⁽ᵈ⁾⁽ᶠ⁾ Europe 12/30/2016 418,681 118,120
Apax Europe VII - B, L.P.⁽ᵈ⁾⁽ᶠ⁾ Europe 03/31/2021 20,004 24,278
Apax IX USD L.P.⁽ᶠ⁾⁽ᵍ⁾ Europe 10/19/2023 12,913,267 9,526,288
Apollo Investment Fund VI, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 12/31/2018 207,218 63,511
Archer Capital Trust 5B⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Rest of World 03/28/2024 654,329 228,457
Artiman Ventures III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2021 547,290 295,995
Astorg Normec Fund⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 09/24/2024 583,596 950,500
Astorg VI SLP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 03/31/2022 3,206,778 1,821,186
Astorg VII SLP⁽ᶠ⁾⁽ᵍ⁾ Europe 03/31/2022 3,047,878 6,886,224
Atlas Capital Resources LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2021 1,197,510 224,239
Audax Mezzanine Fund III, L.P. North America 09/30/2016 1,134,916 112,361
Audax Private Equity Aspen CF, L.P.⁽ᵈ⁾ North America 03/24/2022 7,370,000 9,880,354
Audax Private Equity Fund III, L.P. North America 09/30/2015 2,299,732 95,145
Audax Private Equity Fund, L.P. North America 12/31/2018 2,095 -
Aurora Equity Partners V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2024 1,466,372 1,223,306
Bain Capital Asia Fund II, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Rest of World 12/31/2019 1,427,220 389,688
Bain Capital Asia Fund III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Rest of World 06/30/2023 1,843,662 3,524,444
Bain Capital Distressed and Special Situations 2013 (E), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2015 - 14,364
Bain Capital Empire Holdings, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/21/2022 17,103,635 18,312,206
Bain Capital Europe Fund III, L.P.⁽ᵍ⁾ Europe 12/30/2016 963,168 1
Bain Capital Europe Fund V, SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 06/28/2024 1,462,694 2,447,005
Bain Capital Fund VII, L.P.⁽ᵍ⁾ North America 12/29/2017 5,467,258 2,807,535
Bain Capital Fund X, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 12/30/2015 6,079,283 2,203,099
Bain Capital Fund XI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2024 1,622,172 1,138,662
Bain Capital Fund XII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 674,784 1,097,826
Bain Capital VII Coinvestment Fund, L.P.⁽ᶠ⁾ North America 12/29/2017 49,218 36,387
Barley (No.1) Limited Partnership⁽ᵈ⁾⁽ᶠ⁾ Europe 04/25/2024 651,442 410,953
BC Asia III Private Investors, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Rest of World 06/30/2020 - 1,816,349
BC Europe IV Private Investors, L.P.⁽ᶠ⁾⁽ᵍ⁾ Europe 06/30/2020 455,132 463,524
BC European Capital IX-8 LP⁽ᶠ⁾ Europe 12/31/2020 1,369,226 479,937
BC European Capital X-10 LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 09/03/2025 13,689,208 13,824,419
BC European Capital X-2 LP⁽ᶠ⁾⁽ᵍ⁾ Europe 03/28/2024 12,788,675 10,949,750
BC European Capital X-7 LP⁽ᶠ⁾⁽ᵍ⁾ Europe 03/28/2024 984,267 839,431
BC Life Sciences Private Investors, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 06/30/2020 166,905 778,973
BC Partners XI GD - 2 LP⁽ᶠ⁾⁽ᵍ⁾ Europe 03/28/2024 13,807,316 17,066,321
BC XI Private Investor, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 04/10/2020 801,363 683,188
BC XII Private Investors, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 04/10/2020 972,916 3,477,045
BCP V-S L.P.⁽ᵈ⁾ North America 09/29/2017 47,673 -
Berkshire Fund VI, Limited Partnership⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2018 4,895,898 317,095
Berkshire Fund VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2018 1,177,910 11,347
Berkshire Fund VIII (IND), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/03/2021 5,911,408 865,837
Blackstone Capital Partners V L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 09/29/2017 443,653 4,207
Blackstone Capital Partners VII, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 380,352 478,271
Blackstone Capital Partners VIII (Lux), SCSp⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 402,037 516,702
Blue Owl GP Stakes US Investors LP⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2022 1,286,780 1,500,773
Bowmark Capital Partners V, L.P.⁽ᵈ⁾⁽ᵍ⁾ Europe 06/30/2023 347,940 60,088
BP ACE EV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/12/2025 1,757,299 2,368,446
BPEA Private Equity Fund VI, L.P.1⁽ᶠ⁾⁽ᵍ⁾ Rest of World 06/30/2023 3,649,677 879,857
Brentwood Associates Private Equity V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/29/2023 4,844,032 4,799,516
Bridgepoint Europe IV 'A' L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 03/28/2024 547,430 410,676

The accompanying notes are an integral part of these Consolidated Financial Statements.

Annual Report | March 31, 2026 4
Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

Geographic Acquisition
Private Equity Investments (99.17%)⁽ᵅ⁾ (Continued) Region(b) Date Cost(c) Fair Value
Secondary Investments (85.98%) (Continued)
Bridgepoint Europe IV 'E' L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 03/31/2021 $ 54,141 $ 95,145
Bridgepoint Europe Portfolio IV LP⁽ᶠ⁾⁽ᵍ⁾ Europe 03/28/2024 303,260 523,728
Camden Partners Strategic Fund VI, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 12/31/2024 1,109,364 3,240,208
Capiton VI GmbH & Co. Beteiligungs KG⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 09/30/2025 622,348 734,641
Capvis Equity IV L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 06/28/2024 4,767,901 3,039,551
Capvis Equity V L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 06/28/2024 17,767,892 20,730,362
Carlyle Credit Opportunities Fund (Parallel), L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/29/2023 948,078 1,323,219
Carlyle Europe Partners IV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 03/31/2025 11,650,977 12,932,989
Carlyle Europe Partners V - EU, S.C.Sp.⁽ᶠ⁾⁽ᵍ⁾ Europe 03/28/2024 21,557,752 18,058,388
Carlyle Partners V, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 12/31/2019 53,331 29,292
Carlyle Partners VII, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 45,109,451 48,471,764
Carlyle Partners VIII, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2024 5,577,942 6,420,015
Carlyle US Equity Opportunity Fund II, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2022 1,294,729 1,272,216
CB Offshore CF I, Limited Partnership⁽ᶠ⁾⁽ᵍ⁾ North America 12/11/2024 2,830,057 6,119,283
CCP Climb LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 05/03/2023 17,693,434 26,824,012
CCP Strider LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 10/10/2022 15,545,080 26,883,146
CD&R Value Building Partners I, L.P.⁽ᵍ⁾ Europe 12/02/2021 9,664,748 13,855,655
CDRF8 Private Investors, LLC⁽ᵈ⁾⁽ᶠ⁾ North America 06/30/2017 229,064 5,221
Centerbridge Seaport Acquisition Fund, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 04/27/2022 10,373,954 12,944,388
Cerberus Institutional Partners, L.P. - Series Four⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/30/2016 705,459 37,603
Charlesbank Equity Fund VIII, Limited Partnership⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2022 3,457,338 3,657,120
Charterhouse Capital Partners IX⁽ᵈ⁾⁽ᵍ⁾ Europe 12/31/2021 - 22,118
CHP III, L.P.⁽ᵈ⁾ North America 09/29/2017 215,716 20,006
CI Capital Investors III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2019 21,071,420 10,894,838
Clayton, Dubilier & Rice Fund IX, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2022 4,142,507 2,000,391
Clayton, Dubilier & Rice Fund X, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 608,904 762,971
Clearlake Capital Partners III, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2022 126,092 132,293
Clearlake Capital Partners IV, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2019 2,362,246 1,404,697
Clearlake Capital Partners VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2022 2,093,257 1,954,715
Clearlake Opportunities Partners (P-Offshore), L.P.⁽ᶠ⁾ North America 12/31/2019 654,760 721,125
Coller International Partners VI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2021 318,530 15,348
Comvest Capital III International (Cayman), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/29/2018 1,611,792 174,721
Corsair IV Financial Services Capital Partners, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2024 258,088 1,298,743
Corsair V Financial Services Capital Partners, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2024 2,117,378 2,687,597
Court Square Capital Partners (Offshore) III, L.P.⁽ᶠ⁾ North America 12/31/2020 649,641 472,472
CP VII Investors, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2025 5,603,257 5,964,625
Crestview Partners II, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2024 746,542 629,821
CVC Capital Partners VI (A) L.P.⁽ᶠ⁾⁽ᵍ⁾ Europe 12/29/2023 2,979,407 2,468,954
CVC Capital Partners VI (B) L.P.⁽ᶠ⁾⁽ᵍ⁾ Europe 12/30/2022 11,328,647 8,305,201
CVC Capital Partners VII (A) L.P.⁽ᶠ⁾⁽ᵍ⁾ Europe 08/18/2022 2,158,246 2,869,960
CVC European Equity Partners V (A) L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 12/30/2022 212,127 288,674
CVC European Equity Partners V (C) L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 03/31/2023 235,566 321,217
DCM V, L.P.⁽ᵈ⁾ Rest of World 06/30/2015 1,151,030 -
DCM VI, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 06/30/2015 1,582,190 227,570
Endless Fund IV A LP⁽ᶠ⁾⁽ᵍ⁾ Europe 06/28/2024 4,082,254 1,758,874
EQT IX (No.2) EUR SCSp⁽ᶠ⁾⁽ᵍ⁾ Europe 03/28/2024 1,136,503 1,700,683
EQT VII (No.1) Limited Partnership⁽ᵈ⁾⁽ᶠ⁾ Europe 12/31/2020 780,770 362,405
EQT VIII (No.1) SCSp⁽ᶠ⁾ Europe 12/31/2020 824,173 656,674
EQT VIII (No.2) SCSp⁽ᶠ⁾⁽ᵍ⁾ Europe 03/28/2024 609,609 627,935
Equistone Partners Europe Fund IV "E" L.P.⁽ᶠ⁾⁽ᵍ⁾ Europe 12/31/2021 443,182 103,097
Eurazeo Capital Secondary Fund 2025 SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 05/02/2025 75,564,251 102,079,668
Fifth Cinven Fund (No.3) Limited Partnership Europe 12/31/2021 2,025,627 1,563,280
Five Arrows Florence Continuation Fund SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 05/05/2022 8,412,875 10,955,905
Francisco Partners II, L.P.⁽ᵈ⁾ North America 12/31/2018 106,495 -
Frontenac XI Private Capital (M) Limited Partnership⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 07/24/2023 4,342,764 6,491,160
FS Equity Partners CV1, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 04/03/2025 15,484,919 19,294,662
FSN Capital IV L.P.⁽ᵈ⁾⁽ᶠ⁾ Europe 12/31/2019 127,408 26,259
General Atlantic Investment Partners 2013, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2019 1,801,643 1,615,807
Genstar Capital Partners VIII BL (EU), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2020 1,515,217 2,398,980
Genstar VIII Opportunities Fund I (EU), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2020 1,045,124 1,487,102
GESD Investors II Liquidating Trust⁽ᵈ⁾ North America 09/29/2017 - 4,472
Golden Gate Capital Opportunity Fund, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2025 1,801,450 2,505,798
Golden Gate Capital Opportunity Fund-A, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2025 3,929,202 5,495,360
Great Hill Equity Partners IV, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 06/28/2024 1,440,901 1,319,357
Green Equity Investors CF II, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 11/30/2021 1,185,423 1,909,480
Green Equity Investors CF IV J, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 04/17/2025 2,089,279 1,890,763

The accompanying notes are an integral part of these Consolidated Financial Statements.

Annual Report | March 31, 2026 5
Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

Geographic Acquisition
Private Equity Investments (99.17%)⁽ᵅ⁾ (Continued) Region(b) Date Cost(c) Fair Value
Secondary Investments (85.98%) (Continued)
Green Equity Investors CF IV-A, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 04/17/2025 $ 2,808,180 $ 2,848,128
Green Equity Investors CF, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 04/26/2021 3,369,690 2,616,211
Green Equity Investors Side VI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2021 2,357,922 1,510,494
Green Equity Investors V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/29/2017 3,144,333 12,264
Green Equity Investors VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2022 1,751,245 1,195,899
Green Equity Investors VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 702,568 703,646
Green Equity Investors VIII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 745,670 1,211,180
Gridiron Capital Fund II, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2019 1,889,628 120,409
Gridiron Energy Feeder I, L.P. North America 05/10/2017 54,303 1,010,818
Gryphon Co-Invest Fund IV, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 12/31/2020 294,786 194,997
Gryphon Heritage Partners, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 6,563,507 7,571,848
Gryphon Mezzanine Partners II, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 12/30/2022 9,676,739 9,028,466
Gryphon Mezzanine Partners, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/30/2022 1,506,034 1,778,004
Gryphon Odin CV, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/05/2024 2,657,232 7,313,727
Gryphon Partners 3.5, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 12/31/2020 163,282 15,878
Gryphon Partners IV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2020 9,800,185 11,213,934
Gryphon Partners V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 15,337,696 18,537,846
Gryphon Partners V-A, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 12/31/2020 1,769,913 2,123,594
Gryphon Partners VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 19,051,478 20,411,868
GSO Capital Opportunities Overseas Fund L.P.⁽ᶠ⁾ North America 12/31/2015 234,409 -
GSO Private Investors Offshore II, L.P.⁽ᶠ⁾ North America 06/30/2017 197,243 35,688
H&F Arrow 2, L.P.⁽ᵈ⁾ North America 08/28/2020 1,234,810 2,967,486
H&F Clyde 2, L.P.⁽ᵈ⁾ North America 02/16/2024 1,736,074 1,995,106
H&F Executives IX, L.P.⁽ᶠ⁾ North America 09/30/2020 2,211,213 4,017,114
H&F Executives VIII, L.P.⁽ᶠ⁾ North America 09/30/2020 1,338,852 2,240,101
H.I.G. Advantage Buyout Fund, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 06/28/2024 16,679,912 15,513,551
H.I.G. Bayside Debt & LBO Fund II, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2018 592,614 677,422
H.I.G. Capital Partners IV, L.P.⁽ᵈ⁾ North America 12/31/2018 1,701,384 114,352
H.I.G. Capital Partners V, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2023 5,151,792 2,963,282
H.I.G. Growth Buyouts & Equity Fund II, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 06/28/2024 1,921,678 1,263,271
Halifax Capital Partners IV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2022 7,823,708 11,612,541
Hamilton Lane-Carpenters Partnership Fund IV L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2022 12,193,794 11,129,463
Hamilton Lane-Carpenters Partnership Fund V L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2022 7,818,504 9,796,978
Harvest Partners Structured Capital Fund II, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 12/30/2022 21,371,973 25,823,367
Harvest Partners Structured Capital Fund III, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 12/30/2022 16,876,032 20,218,677
Harvest Partners Structured Capital Fund, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 12/30/2022 9,305,303 5,331,319
HCI Equity Partners EV I, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/09/2024 1,189,928 1,646,489
HCI Equity Partners IV, L.P.⁽ᵍ⁾ North America 03/28/2024 1,625,901 517,789
Heartwood Partners II, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2024 2,176,061 729,157
Hellman & Friedman Capital Partners VII (Parallel), L.P.⁽ᶠ⁾ North America 06/28/2019 7,713,928 288,741
Hellman & Friedman Capital Partners VII, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2021 763,530 385,485
HFCP VII (Parallel-A), L.P.⁽ᶠ⁾ North America 09/30/2021 913,751 102,847
Hg Genesis 7 C L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 03/31/2023 475,927 547,242
Hg Genesis 7 E L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 06/30/2023 791,017 811,007
Hildred Perennial Partners I, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 11/22/2023 22,833,984 35,076,509
HPE Continuation Fund I C.V.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 05/27/2021 3,486,120 4,080,278
Icon Partners II, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 03/27/2021 184,439 218,678
Icon Partners III, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/19/2021 3,915,482 -
Insight Equity I LP⁽ᵈ⁾⁽ᶠ⁾ North America 12/31/2018 157,636 48,941
Insight Equity II LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2018 1,993,952 1,061,874
Insight Partners Continuation Fund (Cayman), L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2024 5,217,223 5,723,582
Insight Partners Continuation Fund, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 08/14/2019 5,951,343 9,407,129
Insight Venture Partners (Cayman) IX, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2019 1,277,611 1,587,592
Insight Venture Partners (Cayman) VIII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2019 1,281,697 1,907,216
Insight Venture Partners (Cayman) X, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 2,785,161 4,209,159
Insight Venture Partners Coinvestment Fund (Delaware) III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2019 293,756 252,365
Insight Venture Partners Coinvestment Fund II, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 06/30/2015 560,617 892,817
Insight Venture Partners Coinvestment Fund III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2015 118,917 130,636
Insight Venture Partners Growth-Buyout Coinvestment Fund (Cayman), L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2019 581,554 286,595
Insight Venture Partners Growth-Buyout Coinvestment Fund, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2019 36,679 17,256
Insight Venture Partners IX, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2019 32,557 35,759
Insight Venture Partners VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2015 1,612,660 1,486,036
Insight Venture Partners VIII (Co-Investors), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2019 161,077 230,123
Insight Venture Partners VIII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2015 2,024,605 2,914,664
Investindustrial VII L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 09/30/2025 1,308,187 1,717,363
JLL Partners Fund VII Secondary (A), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 04/15/2025 17,615,962 19,758,613

The accompanying notes are an integral part of these Consolidated Financial Statements.

Annual Report | March 31, 2026 6
Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

Geographic Acquisition
Private Equity Investments (99.17%)⁽ᵅ⁾ (Continued) Region(b) Date Cost(c) Fair Value
Secondary Investments (85.98%) (Continued)
Kelso Investment Associates IX, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2022 $ 1,111,909 $ 1,186,695
Kelso Investment Associates VIII, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/29/2017 627,868 36,747
KKR Americas Fund XII L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2021 3,361,837 4,199,366
KKR Asian Fund II TE Blocker L.P.⁽ᵍ⁾ Rest of World 12/31/2024 1,357,142 637,850
KKR European Fund V (USD) SCSp⁽ᶠ⁾⁽ᵍ⁾ Europe 03/28/2024 877,046 1,041,973
KKR North America Fund XI L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2021 2,263,751 2,224,634
Lee Equity Partners Fund II, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 7,850,908 3,624,615
Lightspeed Venture Partners IX, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 12/31/2020 2,034,645 2,280,668
Lion/Simba Investors, L.P.⁽ᶠ⁾ Europe 12/22/2020 934,367 2,213,218
Littlejohn Fund IV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2015 1,732,114 85,274
Littlejohn Fund V, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 12/29/2023 5,169,901 6,493,333
Lovell Minnick Equity Partners III LP⁽ᵈ⁾⁽ᶠ⁾ North America 06/30/2021 777,423 181,873
Madison Dearborn Capital Partners VII⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2022 5,370,393 5,574,681
Madison Dearborn Capital Partners VIII-A, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 1,594,746 2,070,139
Marlin Equity III, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 06/30/2021 29,533 34,938
MDCP Insurance SPV, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 05/09/2023 1,798,176 2,827,279
Mid Europa Fund V LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 03/28/2024 397,500 536,010
Montagu+ SCSp⁽ᶠ⁾⁽ᵍ⁾ Europe 11/10/2021 2,253,508 2,885,267
MPE Partners II, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 06/28/2019 - 863,705
NB SPV, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 08/27/2021 5,000,000 5,256,678
New Capital Partners Private Equity Fund II, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2024 948,558 -
New Enterprise Associates 12, Limited Partnership⁽ᵈ⁾⁽ᶠ⁾ North America 09/29/2017 88,504 14,156
New Mountain Partners III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/29/2017 1,040,174 89,739
New Mountain Partners IV, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2023 907,837 538,338
New Mountain Partners V, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2023 2,149,332 2,272,148
New Mountain SRC Rollover Fund, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 04/07/2025 1,547,561 1,650,779
NewView Capital Fund I, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 10/31/2018 3,361,688 4,412,138
Njord SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 03/05/2025 - 1,061,703
North Bridge Growth Equity II, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 12/31/2020 7,253,497 4,998,299
Norwest Mezzanine Partners III, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/29/2023 1,590,607 1,165,485
Norwest Mezzanine Partners IV⁽ᶠ⁾⁽ᵍ⁾ North America 09/29/2023 24,913,717 37,875,325
Oak Investment Partners XII, Limited Partnership⁽ᵈ⁾ North America 03/29/2019 166,027 38,924
Oaktree Opportunities Fund IX (Cayman), L.P.⁽ᵍ⁾ North America 12/31/2021 431,988 1,145,816
Oaktree Opportunities Fund VIII (Cayman) Ltd.⁽ᵍ⁾ North America 12/31/2021 1,436 2,119
Oaktree Private Investment Fund 2010, L.P.⁽ᶠ⁾ North America 06/30/2015 45,196 7,808
Odyssey Investment Partners Fund V, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2023 3,905,285 1,665,216
OEP VI Feeder (Cayman), L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2024 3,587,457 1,096,745
One Equity Partners VIII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2025 1,071,828 1,564,082
Onex Partners IV LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 2,140,364 1,547,834
PA Middle Market Fund, LP⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2024 46,559,416 47,407,854
PAI Mid-Market Fund SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 09/30/2025 761,680 868,283
PAI Strategic Partnerships SCSp⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 03/28/2024 10,735,526 41,120
Paladin III (HR), L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 09/29/2017 15,536 89,669
Pamlico Capital III Continuation Fund, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 01/27/2023 7,695,962 12,002,107
Parthenon Investors III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2018 512,940 544,492
Pegasus WSJLL Fund, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/13/2021 8,821,466 9,990,505
PEP VIII Antares Co-Investment L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 03/28/2024 9,157,861 9,429,863
Permira IV Feeder L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 04/23/2020 3,367,755 6,693,257
Platinum Equity Capital Partners II⁽ᶠ⁾ North America 09/29/2017 269,249 36,096
PRO SPV, LP⁽ᵍ⁾ North America 08/27/2021 6,481,062 2,266,682
Providence Equity Partners (Unity) S.C.SP.⁽ᶠ⁾⁽ᵍ⁾ Europe 05/31/2024 61,846 2,349,168
Providence Equity Partners VI L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/30/2016 3,459,611 30,449
Providence Equity Partners VII L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/29/2017 5,156,636 2,733,311
Providence Equity Partners VII-A L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/29/2023 10,560,306 4,490,992
Providence Equity Partners VIII L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 23,211,391 27,736,070
PT2-A, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/16/2021 6,475,969 8,847,153
PTEV-A, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/30/2021 4,285,377 4,910,537
RC III CKE LLC⁽ᵈ⁾⁽ᵍ⁾ North America 06/30/2023 3,260,872 5,242,446
RCF V Annex Fund L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2021 2,137 (722 )
Resource Capital Fund V L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 06/30/2021 14,852 62,699
Roark Capital Partners CF LP⁽ᶠ⁾⁽ᵍ⁾ North America 05/11/2022 5,549,014 9,779,884
Roark Capital Partners CF RI LP⁽ᶠ⁾ North America 08/26/2022 478,726 1,091,042
Roark Capital Partners II LP⁽ᶠ⁾ North America 06/29/2018 783,059 -
Roark Capital Partners III LP⁽ᶠ⁾⁽ᵍ⁾ North America 06/29/2018 12,139,198 11,637,058
Roark Capital Partners IV LP⁽ᶠ⁾⁽ᵍ⁾ North America 06/29/2018 24,136,791 33,515,306
Roark Capital Partners V (T) LP⁽ᶠ⁾⁽ᵍ⁾ North America 12/29/2023 4,080,575 4,940,339

The accompanying notes are an integral part of these Consolidated Financial Statements.

Annual Report | March 31, 2026 7
Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

Geographic Acquisition
Private Equity Investments (99.17%)⁽ᵅ⁾ (Continued) Region(b) Date Cost(c) Fair Value
Secondary Investments (85.98%) (Continued)
Samson Brunello 1, L.P.⁽ᵍ⁾ North America 06/28/2024 $ 542,879 $ 799,960
Samson Brunello 2, L.P. Europe 02/19/2021 865,735 2,256,503
Samson Hockey 2, L.P.⁽ᵈ⁾ North America 12/23/2020 904,969 1,836,901
Samson Shield 1, L.P.⁽ᵍ⁾ North America 06/28/2024 606,941 698,285
Samson Shield 2, L.P. Europe 12/23/2020 4,010,416 2,192,246
Saw Mill Capital Partners, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 09/29/2017 558,675 8,229
Seidler Equity Partners IV, L.P.⁽ᶠ⁾ North America 06/30/2021 2,036,010 945,958
Silver Lake Partners III, L.P.⁽ᶠ⁾ North America 12/31/2018 847,701 2,339
Silver Lake Partners V, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2020 1,678,794 2,077,948
Sixth Cinven Fund (No. 2) Limited Partnership⁽ᵈ⁾⁽ᶠ⁾ Europe 12/30/2022 896,971 760,127
Sixth Cinven Fund (No. 4) Limited Partnership⁽ᵈ⁾⁽ᶠ⁾ Europe 06/28/2019 806,633 1,002,027
Sixth Street Opportunities Partners III (B), L.P.⁽ᶠ⁾ North America 06/30/2015 17,466 13,085
SL SPV-2, L.P. North America 02/14/2019 313,822 789,891
Sorenson Capital Partners III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2021 14,159,029 14,334,869
Sterling Capital Partners IV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2021 983,201 668,651
Stone Point Fund VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2023 4,093,664 3,145,575
Stone Point Fund VIII L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2025 970,912 1,246,678
Summit Partners Growth Equity Fund VIII-B, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2021 797,205 280,361
Summit Partners Private Equity Fund VII-A, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 12/31/2018 495,237 82,418
Sun Capital Partners IV, LP⁽ᵈ⁾ North America 12/31/2018 243,191 63,219
Sun Capital Partners V, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 12/31/2018 467,090 66,424
SunTx Capital Partners II, L.P.⁽ᵈ⁾ North America 12/31/2019 939,635 6,338,896
TA Atlantic and Pacific VI L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 03/31/2021 20,352 29,083
TA Select Opportunities Fund II-A, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2025 999,519 1,142,670
TA Select Opportunities Fund-A, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2025 2,639,448 2,918,922
TA XI, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2024 43,429 205,044
TA XII-A, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2024 8,651,257 10,124,225
Tennenbaum Opportunities Fund V, LLC⁽ᵈ⁾ North America 09/29/2017 86,179 21,358
The Resolute III Continuation Fund, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/20/2024 23,351,962 24,946,937
The Veritas Capital Fund V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2019 15,648,066 5,113,845
The Veritas Capital Fund VI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/31/2022 13,353,626 3,653,401
Thoma Bravo Fund XII, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2024 4,155,654 2,758,549
Thomas H. Lee Equity Fund VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 199,802 254,005
Thomas H. Lee Equity Fund VIII, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 423,384 561,047
Thomas H. Lee Parallel (Cayman) Fund VII, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 06/29/2018 2,121,499 1,292,211
Thomas H. Lee Parallel Fund VIII, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2025 4,275,189 5,472,500
TowerBrook Investors III, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 12/31/2019 267,492 -
TPF II-A, LP⁽ᵈ⁾⁽ᶠ⁾ North America 12/31/2019 14,855 10
TPG Asia VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ Rest of World 03/28/2024 3,801,708 3,055,584
TPG Growth III (A), L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/31/2019 1,934,520 1,560,237
TPG Partners VI, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 09/29/2017 1,451,036 78,253
TPG Partners VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 616,173 607,819
TPG Partners VIII, L.P.⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 1,629,433 3,154,467
Trinity Ventures 2024, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 12/20/2024 4,629,552 4,295,965
Triton Fund IV L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ Europe 06/30/2023 8,939,621 14,479,396
Vector Capital V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 02/25/2025 24,399,258 22,963,641
Verdane Capital IX AB⁽ᶠ⁾⁽ᵍ⁾ Europe 12/31/2024 1,393,779 1,149,025
Vista Equity Partners Fund V, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2018 10,533,348 6,422,697
Vista Equity Partners Fund VI, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 647,203 872,248
Vista Equity Partners Fund VII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 435,073 890,660
Vista Equity Partners Hubble, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 02/13/2025 30,316,510 51,212,165
Warburg Pincus Global Growth, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/30/2022 5,872,179 9,473,963
Warburg Pincus Private Equity XI, L.P.⁽ᵍ⁾ North America 12/31/2021 3,447,871 2,806,826
Warburg Pincus Private Equity XI-B, L.P.⁽ᵍ⁾ North America 03/31/2022 2,567,190 1,614,106
Warburg Pincus Private Equity XII, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 06/30/2022 5,886,583 5,310,800
Warburg Pincus Private Equity XII-B, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 03/31/2022 5,018,676 3,057,343
WCAS XIII, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 03/28/2024 339,738 565,853
WCAS XIV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2025 432,890 690,848
Webster Equity Partners Bristol CF, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 10/15/2021 6,956,619 16,943,436
Wind Point Partners AAV, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 06/29/2021 1,002,136 438,366
Wind Point Partners VII-B, L.P.⁽ᵈ⁾⁽ᶠ⁾ North America 09/29/2017 473,866 8,612
WP AUSA, L.P.⁽ᵈ⁾⁽ᵍ⁾ North America 07/22/2019 5,000,000 10,780,374
ZMC II, L.P.⁽ᵈ⁾⁽ᶠ⁾⁽ᵍ⁾ North America 09/30/2024 1,037,868 13,727
Total Secondary Investments 1,424,830,747 1,503,590,716
Total Private Equity Investments $ 1,610,382,907 $ 1,734,347,838

The accompanying notes are an integral part of these Consolidated Financial Statements.

Annual Report | March 31, 2026 8
Pomona Investment Fund Consolidated Schedule of Investments

March 31, 2026

Short-Term Investments (6.18%) Fair Value
Money Market Funds (6.18%)
Fidelity Government Portfolio, Class I, 3.49%(e) 107,266,531
JPMorgan US Government Money Market Fund, 3.35%(e) 732,976
Total Money Market Funds 107,999,507
Total Short-Term Investments (Cost $107,999,507) $ 107,999,507
Total Investments (105.35%) (Cost $1,718,382,414) $ 1,842,347,345
Liabilities in Excess of Other Assets (-5.35%) (93,564,534 )
Net Assets (100.00%) $ 1,748,782,811

Open Foreign Currency Forward Contracts

Settlement Date Counterparty Buy Sell

Unrealized

Appreciation

(Depreciation)

06/30/2026 Lloyds Bank plc. $ 309,650,488 € 266,066,186 $ 1,813,610
Total Foreign Currency Forward Contracts $ 1,813,610

Open Equity Forward Contracts

Settlement Date* Counterparty Notional Amount Exercise Price

Unrealized Appreciation

(Depreciation)

8/18/2026 Nomura Global Financial Products Inc. $ 595,882 $ 49.40 $ (494,021 )
8/18/2027 Nomura Global Financial Products Inc. $ 816,294 $ 49.40 $ (643,045 )
8/18/2028 Nomura Global Financial Products Inc. $ 816,294 $ 49.40 $ (610,471 )
1/22/2027 Nomura Global Financial Products Inc. $ 480,912 $ 5.90 $ (333,426 )
1/24/2028 Nomura Global Financial Products Inc. $ 1,202,279 $ 5.90 $ (798,841 )
1/22/2029 Nomura Global Financial Products Inc. $ 1,202,279 $ 5.90 $ (765,860 )
$ (3,645,664 )
* Nomura Global Financial Products Inc. has entered into two contracts with the Fund.
(a) The Private Equity Investments above pursue strategies including buyout, growth equity, mezzanine, and other private market strategies. Private Equity Investments are generally offered in private placement transactions and as such are illiquid and generally restricted as to resale. Total cost and fair value of illiquid and restricted securities as of March 31, 2026 was $1,610,382,907 and $1,734,347,838, respectively. The total fair value as a percentage of net assets of Private Equity investments that are restricted securities is 99.17%.
(b) In the case of Private Equity Investments, geographic region generally refers to the location of the principal operations of the underlying investment.
(c) Pomona Investment Fund ordinarily acquires portfolios of investments that are comprised of interests in multiple private equity funds (rather than single interests in such funds) and pays a single purchase price for each such portfolio. As a result, the specific acquisition cost allocated to each Private Equity Investment does not necessarily reflect the actual cost of each such investment. The information regarding the Private Equity Investments, as listed in the Consolidated Schedule of Investments above, has not been prepared, reviewed or approved by any such Private Equity Fund or any general partner, manager or sponsor of such Private Equity Investments or any of their respective affiliates.
(d) Non-income producing security.
(e) The rate shown is the annualized 7-day yield as of March 31, 2026.
(f) For the identified investments, the Fund has committed capital but the investment has not been fully funded as of March 31, 2026. See Note 3 for total unfunded investment commitments.
(g) All or a portion of these assets are held by Pomona Investment Fund LLC, a wholly-owned subsidiary of the Fund, and are indirectly pledged as collateral in connection with the Fund's revolving credit agreement.

The information regarding the Private Equity Investments, as presented above, has not been prepared, reviewed or approved by any such Private Equity Fund or any general partner, manager or sponsor of such Private Equity Investments or any of their respective affiliates.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Annual Report | March 31, 2026 9
Pomona Investment Fund Consolidated Statement of Assets and Liabilities

March 31, 2026

ASSETS:
Private Equity Investments, at fair value (Cost, $1,610,382,907) $ 1,734,347,838
Short-term investments, at fair value (Cost, $107,999,507) 107,999,507
Cash 125,681
Cash held in foreign currency denominations (Cost, $22,295,940) 22,394,559
Unrealized appreciation on foreign currency forward contract 1,813,610
Distributions from Private Equity Investments receivable 542,393
Interest receivable 265,754
Prepaid expenses 138,199
Private Equity Investments paid in advance 34,391
Other assets 90,035
Total Assets 1,867,751,967
LIABILITIES:
Payable for shares repurchased 104,913,817
Management fees payable 7,810,130
Equity forward contracts, at fair value 3,645,664
Administration fees payable 1,183,353
Professional fees payable 532,622
Commitment and interest fee payable 371,875
Distribution and servicing fees payable 341,638
Payable for investments purchased, not yet settled 59,872
Other accounts payable and accrued expenses 110,185
Total Liabilities 118,969,156
Contingencies and commitments (see Notes 10 and 11)
Net Assets $ 1,748,782,811
Net Assets
Paid-in capital $ 1,380,551,885
Total distributable earnings 368,230,926
Net Assets $ 1,748,782,811
Net Assets Attributable to:
Class A Shares $ 669,715,467
Class I Shares 1,079,067,344
1,748,782,811
Shares Outstanding:
Class A Shares 44,480,519
Class I Shares 66,644,687
111,125,206
Net asset value per share:
Class A Shares $ 15.06
Class I Shares $ 16.19

The accompanying notes are an integral part of these Consolidated Financial Statements.

10 www.pomonainvestmentfund.com
Pomona Investment Fund Consolidated Statement of Operations

For the Year Ended March 31, 2026

Income
Dividend income $ 12,855,637
Interest income 8,981,451
Other income 702,821
Total Income 22,539,909
Expenses
Management fees 32,452,022
Administration fees 4,916,973
Distribution and servicing fees 4,327,969
Sub-administration fees 1,692,708
Professional fees 1,682,848
Commitment fees and interest expense 1,508,160
Offering fees 449,028
Transfer agent fees 431,227
Other expenses 1,148,802
Total Expenses 48,609,737
Net Investment Loss (26,069,828 )
Net Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Private Equity Investments, Foreign Currency Transactions, Equity Forward Contracts and Foreign Currency Forward Contracts
Net realized gain from private equity investments 151,492,630
Net realized loss on foreign currency transactions (1,994 )
Net realized loss from foreign currency forward contracts (11,281,551 )
Net realized gain from equity forward contracts 28,482
Total net realized gain from Private Equity Investments, Foreign Currency Translation, Equity Forward Contracts and Foreign Currency Forward Contracts 140,237,567
Net change in unrealized appreciation/(depreciation) on private equity investments (61,951,877 )
Net change in unrealized appreciation/(depreciation) on foreign currency translation 834,261
Net change in unrealized appreciation/(depreciation) on foreign currency forward contracts 2,270,007
Net change in unrealized appreciation/(depreciation) on equity forward contracts 1,073,496
Total net change in unrealized appreciation/(depreciation) on Private Equity Investments, Foreign
Currency Translation, Equity Forward Contracts and Foreign Currency Forward Contracts 		(57,774,113 )

Net Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Private Equity Investments,

Foreign Currency Transactions, Equity Forward Contracts and Foreign Currency Forward Contracts

82,463,454
Net Increase in Net Assets from operations $ 56,393,626

The accompanying notes are an integral part of these Consolidated Financial Statements.

Annual Report | March 31, 2026 11
Pomona Investment Fund

Consolidated Statements of Changes

in Net Assets

For the

Year Ended

March 31, 2026

For the

Year Ended

March 31, 2025

Operations
Net investment loss $ (26,069,828 ) $ (7,427,109 )
Net realized gain from Private Equity Investments, Foreign Currency Transactions, Equity Forward Contracts and Foreign Currency Forward Contracts 140,237,567 107,750,730
Net change in unrealized appreciation/(depreciation) from Private Equity Investments, Foreign Currency Translation, Equity Forward Contracts and Foreign Currency Forward Contracts (57,774,113 ) 7,801,857
Net increase in Net Assets from operations 56,393,626 108,125,478
Distributions to Shareholders
Capital gains:
Class A Shares (21,407,078 ) (38,542,436 )
Class M2 Shares - - (a)
Class I Shares (29,863,580 ) (47,543,150 )
Decrease in Net Assets from distributions to Shareholders (51,270,658 ) (86,085,586 )
Net Assets Transactions
Class A Shares
Proceeds from sale of shares 4,574,958 165,464,617
Reinvestment of distributions 17,852,997 31,529,028
Exchange of shares (708,354 ) (16,710,679 )
Repurchase of shares (151,617,821 ) (45,513,985 )
Total Class A Transactions (129,898,220 ) 134,768,981
Class M2 Shares
Proceeds from sale of shares - -
Reinvestment of distributions - -
Exchange of shares - (1,233,807 )(a)
Repurchase of shares - -
Total Class M2 Transactions - (1,233,807 )
Class I Shares
Proceeds from sale of shares 110,531,275 248,333,501
Reinvestment of distributions 21,887,302 34,321,786
Exchange of shares 708,354 17,944,486
Repurchase of shares (159,880,333 ) (86,430,149 )
Total Class I Transactions (26,753,402 ) 214,169,624
Increase/(Decrease) in Net Assets from capital transactions (156,651,622 ) 347,704,798
Net Assets
Beginning of year 1,900,311,465 1,530,566,775
End of year $ 1,748,782,811 $ 1,900,311,465
(a) For the period from April 1, 2024 to July 1, 2024 (Class M2 liquidation date).

The accompanying notes are an integral part of these Consolidated Financial Statements.

12 www.pomonainvestmentfund.com
Pomona Investment Fund

Consolidated Statements of Changes in

Net Assets (Continued)

For the

Year Ended

March 31, 2026

For the

Year Ended

March 31, 2025

Fund Share Transaction
Shares sold 294,434 11,036,343
Shares reinvested 1,170,404 2,137,170
Shares exchanged (46,206 ) (1,121,826 )
Shares redeemed (9,862,651 ) (3,008,664 )
Net increase/(decrease) in Class A Shares outstanding (8,444,019 ) 9,043,023
Shares sold - -
Shares reinvested - -
Shares exchanged - (77,627 )(a)
Shares redeemed - -
Net increase/(decrease) in Class M2 Shares outstanding - (77,627 )
Shares sold 6,690,607 15,621,237
Shares reinvested 1,336,882 2,185,837
Shares exchanged 43,095 1,134,444
Shares redeemed (9,653,118 ) (5,356,608 )
Net increase/(decrease) in Class I Shares outstanding (1,582,534 ) 13,584,910
(a) For the period from April 1, 2024 to July 1, 2024 (Class M2 liquidation date).

The accompanying notes are an integral part of these Consolidated Financial Statements.

Annual Report | March 31, 2026 13
Pomona Investment Fund Consolidated Statement of Cash Flows

For the Year Ended March 31, 2026

Cash Flows From Operating Activities:
Net increase in Net Assets resulting from operations $ 56,393,626
Adjustments to reconcile net increase in Net Assets from operations to net cash used in operating activities:
Purchase of Private Equity Investments (272,286,068 )
Capital distributions received from Private Equity Investments 282,004,357
Proceeds from sale of Private Equity Investments 91,072,118
Net proceeds from equity forward contracts 4,724,069
Net sales of short-term investments 129,195,845
Net payments for foreign currency forward contracts (11,281,551 )
Total net realized gain from Private Equity Investments, foreign currency transactions, equity forward contracts and foreign currency forward contracts (140,237,567 )
Net change in unrealized (appreciation)/depreciation on Private Equity Investments and foreign currency translation 61,117,616
Net change in unrealized (appreciation)/depreciation on forward foreign currency contracts (2,270,007 )
Net change in unrealized (appreciation)/depreciation on equity forward contracts (1,073,496 )
Amortization of equity forward discount 96,249
Amortization of deferred financing costs 25,616
Changes in operating assets and liabilities:
Decrease in distribution from Private Equity Investments receivable 4,554,742
Decrease in interest receivable 694,497
Decrease in prepaid expenses 10,944
Decrease in Private Equity Investments paid in advance 17,476
Increase in other assets (32,480 )
Decrease in payable for investments purchased, not yet settled (71,988,453 )
Decrease in management fees payable (296,083 )
Decrease in administration fees payable (44,861 )
Increase in professional fees payable 18,144
Decrease in distribution and servicing fees payable (795,344 )
Decrease in sub-administration fees payable (3,889 )
Decrease in other accounts payable and accrued expenses (8,030 )
Net cash provided by operating activities 129,607,470
Cash flows from financing activities:
Proceeds from sale of shares 115,106,233
Payments for shares repurchased (263,988,100 )
Payments for distribution to shareholders, net of reinvestment of distributions (11,530,359 )
Net cash used in financing activities (160,412,226 )
Net change in cash (30,804,756 )
Cash and cash equivalents at beginning of year 53,324,996
Cash and cash equivalents at end of year $ 22,520,240
Supplemental disclosure of financing activity
Reinvested distributions $ 39,740,299
Supplemental disclosure of cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash 1,441,431
Cash held in foreign currency 51,883,565
Total cash and foreign currencies shown on the Consolidated Statement of Cash Flows $ 53,324,996
Cash and cash equivalents at end of year
Cash 125,681
Cash held in foreign currency 22,394,559
Total cash and foreign currencies shown on the Consolidated Statement of Cash Flows $ 22,520,240

The accompanying notes are an integral part of these Consolidated Financial Statements.

14 www.pomonainvestmentfund.com
Pomona Investment Fund Consolidated Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class A Shares

For the

Year Ended

March 31, 2026

For the

Year Ended

March 31, 2025

For the

Year Ended

March 31, 2024

For the

Year Ended

March 31, 2023

For the

Year Ended

March 31, 2022

Net asset value - beginning of year $ 15.11 $ 15.04 $ 14.03 $ 14.79 $ 13.34
Net increase/(decrease) in Net Assets from investment operations:
Net investment loss(a) (0.26 ) (0.11 ) (0.15 ) (0.32 ) (0.32 )
Net realized and unrealized gain/(loss) on investments 0.64 0.95 1.77 0.11 3.71
Total income/(loss) from investment operations: 0.38 0.84 1.62 (0.21 ) 3.39
Distributions from capital gains (0.43 ) (0.77 ) (0.61 ) (0.55 ) (1.94 )
Distributions from return of capital - - - - -
Total distributions: (0.43 ) (0.77 ) (0.61 ) (0.55 ) (1.94 )
Net asset value per Share, end of year $ 15.06 (g) $ 15.11 $ 15.04 $ 14.03 $ 14.79
Total Return(b) 2.45 %(g) 5.74 % 11.77 % (1.28 %) 26.25 %
Ratios/Supplemental Data:
Net Assets, end of year (in thousands) $ 669,715 $ 799,797 $ 659,830 $ 440,313 $ 273,039
Ratio of net investment loss to average Net Assets(c) (1.70 %) (0.74 %) (0.98 %) (2.30 %) (2.32 %)
Ratio of gross expenses to average Net Assets(c)(d) 2.88 % 3.04 % 3.53 % 3.61 % 3.59 %
Ratio of expense waiver to average Net Assets(f) 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %(e)
Ratio of net expenses to average Net Assets(f) 2.88 % 3.04 % 3.53 % 3.61 % 3.59 %
Portfolio turnover rate(h) 5.00 % -% -% -% 1.23 %
Senior Securities
Total borrowings (000s) $ - $ - $ 93,226 $ 77,576 $ 47,991
Asset coverage per $1,000 unit of senior indebtedness(i) $ - $ - $ 17,418 $ 13,079 $ 12,376
(a) Based on average shares outstanding during the year.
(b) Total Return based on net asset value per share.
(c) The ratios do not include investment income or expenses of the Private Equity Investments in which the Fund invests.
(d) Represents the ratio of expenses to average Net Assets absent fee waivers and/or expense reimbursement by the Adviser.
(e) Amount is less than 0.005%.
(f) The Adviser has entered into an Expense Limitation and Reimbursement Agreement with the Fund for a one-year term ending at the end of the Limitation Period to limit the amount of the Fund's total annual ordinary operating expenses, excluding certain ''Specified Expenses'' as outlined in the Notes to Consolidated Financial Statements. This amount includes expenses incurred by the Fund for recoupment to the Adviser for expenses previously waived. Had the Fund not incurred such expenses, the annualized ratio of net expenses to average net assets would have been 2.88% for the year ended March 31, 2026, and the annualized ratio of net expenses to average net assets would have been, 3.04%, 3.45%, 3.47%, and 3.53% for the years ended March 31, 2025, 2024, 2023, and 2022, respectively.
(g) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at year end for financial reporting purposes and may differ from returns based on net asset values calculated for shareholder transactions during the year.
(h) Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the period divided by the average monthly fair value of the Fund's investments during the year.
(i) Calculated by subtracting the Fund's total liabilities (excluding borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Annual Report | March 31, 2026 15
Pomona Investment Fund Consolidated Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Class I Shares

For the

Year Ended

March 31, 2026

For the

Year Ended

March 31, 2025

For the

Year Ended

March 31, 2024

For the

Year Ended

March 31, 2023

For the

Year Ended

March 31, 2022

Net asset value - beginning of year $ 16.13 $ 15.91 $ 14.72 $ 15.41 $ 13.76
Net increase/(decrease) in Net Assets from investment operations:
Net investment loss(a) (0.18 ) (0.03 ) (0.06 ) (0.26 ) (0.24 )
Net realized and unrealized gain/(loss) on investments 0.67 1.02 1.86 0.12 3.83
Total income/(loss) from investment operations: 0.49 0.99 1.80 (0.14 ) 3.59
Distributions from capital gains (0.43 ) (0.77 ) (0.61 ) (0.55 ) (1.94 )
Distributions from return of capital - - - - -
Total distributions: (0.43 ) (0.77 ) (0.61 ) (0.55 ) (1.94 )
Net asset value per Share, end of year $ 16.19 (g) $ 16.13 $ 15.91 $ 14.72 $ 15.41
Total Return(b) 3.03 %(g) 6.33 % 12.46 % (0.74 %) 26.95 %
Ratios/Supplemental Data:
Net Assets, end of year (in thousands) $ 1,079,067 $ 1,100,514 $ 869,503 $ 495,638 $ 271,743
Ratio of net investment loss to average Net Assets(c) (1.14 %) (0.18 %) (0.34 %) (1.76 %) (1.86 %)
Ratio of gross expenses to average Net Assets(c)(d) 2.32 % 2.49 % 2.98 % 3.07 % 3.05 %
Ratio of expense waiver to average Net Assets(f) 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %(e)
Ratio of net expenses to average Net Assets(f) 2.32 % 2.49 % 2.98 % 3.07 % 3.05 %
Portfolio turnover rate(h) 5.00 % -% -% -% 1.23 %
Senior Securities
Total borrowings (000s) $ - $ - $ 93,226 $ 77,576 $ 47,991
Asset coverage per $1,000 unit of senior indebtedness(i) $ - $ - $ 17,418 $ 13,079 $ 12,376
(a) Based on average shares outstanding during the year.
(b) Total Return based on net asset value per share.
(c) The ratios do not include investment income or expenses of the Private Equity Investments in which the Fund invests.
(d) Represents the ratio of expenses to average Net Assets absent fee waivers and/or expense reimbursement by the Adviser.
(e) Amount is less than 0.005%.
(f) The Adviser has entered into an Expense Limitation and Reimbursement Agreement with the Fund for a one-year term ending at the end of the Limitation Period to limit the amount of the Fund's total annual ordinary operating expenses, excluding certain ''Specified Expenses'' as outlined in the Notes to Consolidated Financial Statements. This amount includes expenses incurred by the Fund for recoupment to the Adviser for expenses previously waived. Had the Fund not incurred such expenses, the annualized ratio of net expenses to average net assets would have been 2.32% for the year ended March 31, 2026, and the annualized ratio of net expenses to average net assets would have been, 2.49%, 2.96%, 2.93%, and 2.99% for the years ended March 31, 2025, 2024, 2023, and 2022, respectively.
(g) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at year end for financial reporting purposes and may differ from returns based on net asset values calculated for shareholder transactions during the year.
(h) Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the period divided by the average monthly fair value of the Fund's investments during the year.
(i) Calculated by subtracting the Fund's total liabilities (excluding borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

The accompanying notes are an integral part of these Consolidated Financial Statements.

16 www.pomonainvestmentfund.com
Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

1. ORGANIZATION

Pomona Investment Fund (the "Fund") was organized as a Delaware statutory trust on August 12, 2014 and commenced operations on May 7, 2015. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund is managed by Pomona Management LLC (the "Adviser" and the "Administrator"), an investment adviser registered under the Investment Advisers Act of 1940, as amended. The Fund seeks long-term capital appreciation by investing principally in private equity investments ("Private Equity Investments"). On August 3, 2017, in connection with the Fund's revolving credit agreement, Pomona Investment Fund LLC was organized as a Delaware limited liability company and is a wholly owned subsidiary of the Fund.

The Fund's Private Equity Investments will predominantly consist of secondary and primary investments in private equity and other private asset funds ("Investment Funds") and, to a lesser degree, direct investments in operating companies. Co-investments refer to direct investments in an operating company by the Fund alongside other investors, often one or more Investment Funds. Primary investments refer to investments in newly established private equity funds, typically sponsored by investment managers with an established investment track record. Early secondary investments, or early secondaries, refer to secondary investments made after an Investment Fund has already invested a certain percentage of its capital commitments. Secondary investments refer to investments in existing Investment Funds that are typically acquired in privately negotiated transactions.

A board of trustees (the "Board") has overall responsibility for the management and supervision of the business operations of the Fund. As permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, or the Adviser.

As of March 31, 2026, the Fund offered two classes of shares; Classes A and I shares. All shares are continuously offered on a quarterly basis.

Class A Shares are offered at the then-current net asset value ("NAV") plus an initial sales charge, if applicable, with a general minimum initial investment of $25,000. Class A Shareholders pay a fee for distribution and shareholder servicing.

Class I Shares are offered to certain institutional investors, at the then-current NAV without an initial sales charge and with a general minimum initial investment of $25,000. Class I Shareholders do not pay a fee for distribution or shareholder servicing.

All share classes have the same rights and privileges, and have ownership in the same underlying investment portfolio.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is considered an investment company and therefore applies the guidance of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services - Investment Companies". The following is a summary of significant accounting policies used in preparing the consolidated financial statements.

Consolidation of a Subsidiary

The consolidated financial statements of the Fund include Pomona Investment Fund LLC, a wholly owned-subsidiary of the Fund. All inter-company accounts and transactions have been eliminated in consolidation.

As of March 31, 2026 the total value of Private Equity Investments held by the subsidiary is $1,584,835,839 or approximately 91% of the Fund's net assets.

Annual Report | March 31, 2026 17
Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

Valuation of Investments

The Fund values its investments monthly and follows the provisions of Fair Value Measurement set forth in ASC 820-10, "Fair Value Measurements and Disclosures" ("ASC 820-10"). The Fund has formal valuation policies and procedures (the "Valuation Procedures"), which have been approved by the Board. The Adviser is designated as the Valuation Designee (the "Valuation Designee") for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities.

The Board receives valuation reports from the Valuation Designee quarterly, annually and promptly (as necessary in accordance with Rule 2a-5) and determines if the Valuation Procedures are operating as expected and the outcomes are reliable.

All investments are recorded at "Fair Value" in good faith. Fair value is based on actual or estimated market value, with special provisions for assets not having readily available market quotations, and for situations in which market quotations are deemed unreliable. The Private Equity Investments that the Fund makes normally do not have readily available market prices. Determining the fair value of Private Equity Investments and other assets requires that judgment be applied to the specific facts and circumstances of each asset while seeking to employ a valuation process that is consistently followed. There is not necessarily a single standard for determining fair value of such assets, and determinations of fair value may involve subjective judgments and estimates.

The Fund uses the net asset value ("NAV") reported by the investment manager of a Private Equity Investment as a practical expedient to determine fair value. If the Valuation Designee determines that the most recent NAV does not represent fair value, if no NAV is reported, or if the NAV is not provided as of the relevant valuation date, a fair value determination is made in accordance with the Valuation Procedures. This may include adjusting the previous NAV with other relevant information available at the time, such as capital activity, market conditions, the application of a Market Adjustment Factor ("MAF"), and events occurring between the investment manager's valuation date and the Fund's valuation date.

For investments that do not have readily determinable fair values and for which it is not possible to use NAV as a practical expedient, such as certain Direct Investments/Co-Investments, the Valuation Designee will review and value such investments using one or more of the following types of analyses:

● Market comparable statistics and public trading multiples discounted for illiquidity, minority ownership and/or other factors for investments with similar characteristics.
● Discounted cash flow analysis, including a terminal value or exit multiple.
● The cost of the investment, if the cost is determined to best approximate the fair value of the investment.
● Valuations implied by third-party investment in similar assets or issuers.

Cash

The Fund holds cash at UMB Bank N.A. (the "Custodian") and JPMorgan Chase Bank, N.A. At times, such deposits may be in excess of federally insured limits. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such accounts. There are no restrictions on the cash held by the Fund.

Short-term Investments

Short-term investments represent investments in money market instruments and money market mutual funds, and are recorded at NAV per share which approximates fair value. Money market instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include U.S. Government securities, commercial paper, certificates of deposit and bankers acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements. There are no restrictions on the short-term investments held by the Fund.

Realized Gain/(Loss) on Investments, Interest Income, and Dividend Income

The Fund accounts for realized gains and losses, interest income, and dividend income on distributions received from Private Equity Investments based on the nature of such distributions as determined by each underlying investment manager.

Other Income from Private Equity Investments

The Fund accounts for other income on distributions received from Private Equity Investments based on the nature of such distributions as determined by the underlying investment fund managers. For the year ended March 31, 2026, the Fund earned other income of $702,821 which is reflected in Other income on the Consolidated Statement of Operations.

18 www.pomonainvestmentfund.com
Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

Income Recognition and Expenses

Income is recognized on an accrual basis as earned. Expenses are recognized on an accrual basis as incurred. The Fund's primary sources of income are investment income and gains recognized upon distributions from Private Equity Investments and unrealized appreciation/depreciation in the fair value of its Private Equity Investments. The Fund generally recognizes investment income and realized gains/losses based on the characterization of distributions provided by the underlying investment manager of the Private Equity Investment on the date received. Distributions occur at irregular intervals, and the exact timing of distributions from the Private Equity Investment has not been communicated to the Fund. It is estimated that distributions will occur over the life of the Private Equity Investments.

The Fund bears all expenses incurred in the course of its operations, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Fund's account; professional fees; costs of insurance; registration expenses; and expenses of meetings of the Board. Certain expenses of the Fund attributable to a particular share class will be allocated to the share class to which they are attributable.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Fund's Administrator to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Changes in the economic environment, financial markets, and any other factors or parameters used in determining these estimates could cause actual results to differ materially.

Foreign Currency

Assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of investments and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations.

Income and Expense Allocation

The Fund allocates income and expenses to each class of shares based on net assets at the end of the prior quarter plus capital transactions effective as of the beginning of the current quarter. However, certain expenses are applicable to a specific share class in which case they are allocated 100% to that respective share class.

Foreign Currency Forward Contracts

The Fund may enter into foreign currency forward contracts to manage foreign exchange rate risk. These contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date may be entered into as a hedge against either specific transactions or portfolio positions. The objective of the Fund's foreign currency hedging transactions is to reduce the risk that the U.S. Dollar value of the Fund's foreign currency denominated investments will decline due to changes in foreign currency exchange rates. All foreign currency forward contracts are "marked-to-market" daily at the applicable translation rates resulting in unrealized gains or losses. Realized gains or losses are recorded at the time the foreign currency forward contract is offset by entering into a closing transaction or by the delivery or receipt of the currency. The inherent risks associated with foreign currency forward contracts are the potential inability of counterparties to meet the terms of their contracts and unanticipated movements in the value of a foreign currency relative to the U.S. Dollar.

During the year ended March 31, 2026, the Fund entered into six short foreign currency forward contracts. As disclosed in the Consolidated Statement of Assets and Liabilities, the Fund had $1,813,610 in unrealized appreciation on foreign currency forward contracts. As disclosed in the Consolidated Statement of Operations, the Fund had $(11,281,551) in net realized losses and $2,270,007 change in net unrealized appreciation on foreign currency forward contracts. The foreign currency forward contracts are subject to an enforceable master netting agreement, such as an ISDA Master Agreement. For financial reporting purposes, none of the foreign currency forward contracts have been offset. The outstanding foreign currency forward contract amounts at March 31, 2026, listed in the Consolidated Schedule of Investments, are representative of contract amounts during the year.

Annual Report | March 31, 2026 19
Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

Equity Forward Contracts

The Fund may enter into equity forward contracts to manage exposure to changes in the market value of certain equity securities held or expected to be acquired by the Fund. These contracts obligate the Fund and its counterparty to exchange payments based on the future market price of an underlying equity security at a fixed valuation date. The objective of the Fund's equity forward transactions is to reduce the risk that the value of specific equity investments will fluctuate due to movements in the underlying market price. All equity forward contracts are marked-to-market daily at current market prices of the underlying securities, resulting in unrealized gains or losses. Realized gains or losses are recorded at the time the equity forward contract is terminated, closed, or settled. The inherent risks associated with equity forward contracts include the potential inability of the counterparty to meet the terms of the contract and unanticipated movements in the market value of the underlying security.

During the year ended March 31, 2026, the Fund entered into two prepaid equity forward contracts with Nomura Global Financial Products Inc. As disclosed in the Consolidated Statement of Assets and Liabilities, the Fund had a $3,645,664 liability on the equity forward contracts. As disclosed in the Consolidated Statement of Operations, the Fund had $28,482 in net realized gains and $1,073,496 change in net unrealized appreciation during the year. For financial reporting purposes, the contracts have not been offset with any other derivative positions. The outstanding notional amount of the equity forward contracts at March 31, 2026, listed in the Consolidated Schedule of Investments, are representative of contracts amount during the year.

Operating Segment Reporting

Since its commencement, the Fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the Fund's prospectus. The accounting policies of the Fund are consistent with those described in these Consolidated Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by the Fund's Officers, consisting of the Fund's President and Principal Executive Officer, the Principal Financial Officer and Treasurer as well as the Fund's Secretary. The CODM considers the Fund's change in assets from operations when deciding whether to buy more investments. Distributions to shareholders are based on realized gains, in line with RIC requirements. Detailed financial information for the Fund is disclosed within these financial statements with total assets and liabilities disclosed on the Consolidated Statement of Assets and Liabilities, investments held on the Consolidated Schedule of Investments, results of operations and significant segment expenses on the Consolidated Statement of Operations and other information about the Fund's performance, including total return, portfolio turnover and ratios within the Consolidated Financial Highlights.

Recent Accounting Pronouncements

During the year ended March 31, 2026, the Fund adopted FASB Accounting Standards Update 2023-09, "Income Taxes" (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"), which is intended to improve the transparency of income tax disclosures, and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

3. FAIR VALUE DISCLOSURES

In accordance with ASC 820, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based on unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurement). The guidance establishes three levels of fair value as listed below.

Level 1 - Unadjusted quoted prices in active markets for identical investments that the Fund has the ability to access at the
measurement date

Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, including inputs in markets that are not considered to be active

Level 3 - Significant unobservable inputs

The notion of unobservable inputs is intended to allow for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Under Level 3, the owner of an asset must determine fair value based on its own assumptions about what market participants would take into account in determining the fair value of the asset, using the best information available.

The inputs or methodology for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

20 www.pomonainvestmentfund.com
Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes "observable" requires significant judgment by the Administrator. The Administrator considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The Fund's Private Equity Investments are generally restricted securities that are subject to substantial holding periods and restrictions on resale and are not traded in public markets. Accordingly, the Fund may not be able to resell such investments for extended periods, if at all.

The following table is a summary of information about the levels within the fair value hierarchy at which the Fund's investments are measured as of March 31, 2026:

Investments in Securities at Value Level 1 - Unadjusted Quoted Prices Level 2 - Other Significant Observable Inputs Level 3 - Significant Unobservable Inputs Total
Money Market Funds $ 107,999,507 $ - $ - $ 107,999,507
Total Investments in Securities $ 107,999,507 $ - $ - $ 107,999,507
Other Investments - Assets
Foreign Currency Forward Contract* $ - $ 1,813,610 $ - $ 1,813,610
Other Investments - Liabilities
Equity Forward Contracts** - $ (3,645,664 ) $ - $ (3,645,664 )
Total Other Investments $ - $ (1,832,054 ) $ - $ (1,832,054 )
Total $ 107,999,507 $ (1,832,054 ) $ - $ 106,167,453
* Foreign currency forward contracts are valued at unrealized appreciation/(depreciation)
** Equity forward contracts are valued at cost plus unrealized appreciation/(depreciation)

As the Fund uses the NAV as a practical expedient to determine the fair value of certain Private Equity Investments, these investments have not been classified in the U.S. GAAP fair value hierarchy. As of March 31, 2026, $1,734,347,838 was fair valued utilizing NAV as a practical expedient.

A listing of the Private Equity Investment types held by the Fund and the related attributes, as of March 31, 2026, are shown in the table below:

Investment Category Investment Strategy Fair Value Unfunded Commitments Redemption Frequency* Notice Period (In Days) Redemption
Restrictions Terms**
Direct Investments/
Co-Investments 		Investments in an operating company alongside
other investors 		$ 29,138,718 $ 735,722 None N/A Liquidity in the form of distributions from Private
Equity Investments
Primary Investments in newly established private equity funds $ 101,582,716 $ 87,238,671 None N/A Liquidity in the form of distributions from Private
Equity Investments
Early Secondary Secondary investments made after an Investment Fund has already invested a certain percentage of its capital commitment $ 100,035,688 $ 18,131,557 None N/A Liquidity in the form of distributions from Private
Equity Investments
Secondary Investments in existing Private Equity Investments that
are typically
acquired in privately
negotiated transactions 		$ 1,503,590,716 $ 221,856,316 None N/A Liquidity in the form of distributions from Private
Equity Investments
* The information summarized in the table above represents the general terms for the specified investment type. Individual Private Equity Investments may have terms that are more or less restrictive than those terms indicated for the investment type as a whole. In addition, most Private Equity Investments have the flexibility, as provided for in their constituent documents, to modify and waive such terms.
** Distributions from Private Equity Investments occur at irregular intervals, and the exact timing of distributions from Private Equity Investments cannot be determined. It is estimated that distributions will occur over the life of the Private Equity Investments.
Annual Report | March 31, 2026 21
Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

The fair value relating to certain underlying investments of these Private Equity Investments, for which there is no readily available market, has been estimated by the respective Private Equity Investment's manager and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a readily available market for the investments existed. These differences could be material.

4. MANAGEMENT FEE, ADMINISTRATION FEE, RELATED PARTY TRANSACTIONS AND OTHER

The Adviser provides certain management and advisory services to the Fund, including allocating the Fund's assets and monitoring each Private Equity Investment to determine whether its investment program is consistent with the Fund's investment objective and whether its investment performance and other criteria are satisfactory. In consideration for these services, the Fund accrues the fee monthly and pays the Adviser a quarterly management fee of 0.4125% (1.65% on an annualized basis) of the Fund's quarter-end NAV (before any repurchases of Shares) (the "Management Fee"). For the year ended March 31, 2026, the Fund incurred a Management Fee of $32,452,022, of which $7,810,130 was payable at year end.

The Administrator performs certain administrative, accounting and other services for the Fund, including (i) providing and/or arranging and overseeing the provision of office space, adequate personnel, and communications and other facilities necessary for administration of the Fund, (ii) performing certain administrative functions to support the Fund and its service providers, (iii) supporting the Board and providing it with information, (iv) providing accounting and legal services in support of the Fund, (v) providing compliance testing services, (vi) analyzing the value of the Fund's assets, and (vii) reviewing and arranging for payment of the Fund's expenses and other support services. In consideration of these services, the Fund accrues the fee monthly and pays the Administrator a quarterly administration fee of 0.0625% (0.25% on an annualized basis) of the Fund's quarter-end NAV (before any repurchase of Shares) (the "Administration Fee"). For the year ended March 31, 2026, the Fund incurred an Administration Fee of $4,916,973, of which $1,183,353 was payable at year end.

The Adviser has entered into an expense limitation agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund that has been extended through September 30, 2027 (the "Limitation Period") to limit the amount of the Fund's aggregate quarterly ordinary operating expenses, excluding certain specified expenses listed below ("Specified Expenses"), borne by the Fund during the Limitation Period, to an amount not to exceed 0.50% on an annualized basis of the Fund's quarter-end NAV (the "Expense Cap"). Specified Expenses include: (i) the Management Fee; (ii) all fees and expenses of Private Equity Investments and direct investments in which the Fund invests (including all acquired fund fees and expenses); (iii) transactional costs, including legal costs and brokerage commissions, associated with the acquisition and disposition of secondaries, primaries, direct investments, ETFs, and other investments; (iv) interest payments incurred on borrowing by the Fund; (v) fees and expenses incurred in connection with any credit facility, if any, obtained by the Fund; (vi) the administration fee; (vii) the distribution and servicing fee or shareholder servicing fee, as applicable; (viii) taxes; and (ix) extraordinary expenses (expenses resulting from events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence). To the extent that the Fund's aggregate quarterly ordinary operating expenses, exclusive of the Specified Expenses for any quarter exceed the Expense Cap, the Adviser will waive its fees and/ or reimburse the Fund for expenses to the extent necessary to eliminate such excess. To the extent that the Adviser waives fees or reimburses expenses, it is permitted to recoup any amounts waived and expense amounts previously paid or borne by the Adviser, for a period not to exceed three years from the quarter in which such fees were waived or expenses were borne by the Adviser, even if such reimbursement occurs after the termination of the Limitation Period, provided that the Fund's aggregate quarterly ordinary operating expenses for the quarter in which such reimbursement is sought, not including Specified Expenses, have fallen to a level below the Expense Cap that was in effect during the quarter in which the fees were waived or expenses were borne by the Adviser.

As of March 31, 2024, all eligible expenses have been recouped by the Adviser.

22 www.pomonainvestmentfund.com
Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

Voya Investments Distributor, LLC acts as the distributor of the Shares (the "Distributor"). The Distributor directly distributes Shares to investors and may also enter into selected dealer agreements with various brokers and dealers ("Selling Agents") that have agreed to participate in the distribution of the Fund's Shares. The Fund pays the Distributor a monthly fee of 0.04583% (0.55% on an annualized basis) of the Fund's NAV attributable to Class A shares as of each month-end, determined as of the last day of each month (before any repurchases of Shares) (the "Distribution and Servicing Fee"), for distribution and investor services provided to Class A shareholders. The Distribution and Servicing Fee is charged on an aggregate class-wide basis, and shareholders are expected to be subject to the Distribution and Servicing Fee as long as they hold their Class A Shares. The Distributor may, in its sole discretion, pay various Selling Agents some or all of the Distribution and Servicing Fee to compensate such Selling Agents for distribution and servicing support. The Distributor, Adviser, and Administrator are subsidiaries of Voya Financial, Inc. For the year ended March 31, 2026, the Fund incurred a Distribution and Servicing Fee of $4,327,969, of which $341,638 was payable at year end.

Each member of the Board that is not an "interested person" (as defined in the 1940 Act) (an "Independent Trustee") is paid an annual retainer of $45,000, a fee of $5,000 per year for serving on committees of the Board, and a fee per each regular quarterly meeting of the Board of $2,500, plus reimbursement of reasonable out of pocket expenses. Additionally, the Audit Committee Chair is paid an annual fee of $5,000. For the year ended March 31, 2026, the Fund incurred Trustee fees and expenses in the amount of $185,000 which is reflected in Other Expenses on the Consolidated Statement of Operations.

The Fund retained Kroll Associates, Inc. to provide compliance services to the Fund, including a Chief Compliance Officer. For the year ended March 31, 2026, the Fund incurred Chief Compliance Officer fees and expenses in the amount of $104,325 which is reflected in Other Expenses on the Consolidated Statement of Operations.

The Fund will continuously incur offering fees so long as it is accepting new investors. These costs enable the Fund to be offered to investors. These offering fees are expensed by the Fund as incurred. For the year ended March 31, 2026, the Fund incurred $449,028 of offering fees.

Certain shareholders of the Fund ("Affiliated Shareholders") are affiliated with the Adviser. The aggregate value of the Affiliated Shareholders' share of NAV at March 31, 2026 is $105,689,561.

Colmore, Inc. provides certain sub-administrative, sub-accounting, and administration services to the Fund based on the Fund's service agreement. For these services, the Fund pays a quarterly fee to Colmore based on ending quarterly net assets.

Ultimus Fund Solutions, LLC serves as the Fund's transfer agent with respect to maintaining the registry of the Fund's Shareholders and processing matters relating to subscriptions for, and repurchases of, Shares.

5. REVOLVING CREDIT AGREEMENT

Effective March 30, 2020, the Fund entered into a $40,000,000 revolving credit agreement with Barclays Bank PLC (the "Barclays Facility"). Effective June 3, 2021, July 8, 2022, and March 12, 2026, the Fund amended its agreement with Barclays Bank PLC to increase the size of the Barclays Facility to $80,000,000, $175,000,000, and $200,000,000, respectively. Borrowings under the July 8, 2022 Barclays Facility bore interest at Secured Overnight Financing Rate ("SOFR"), Sterling Overnight Index Average ("SONIA"), or Euro Interbank Offer Rate ("EURIBOR") plus 2.85% per annum, and had a commitment fee of 0.85% per annum on the daily unused portion. Effective March 12, 2026 the EURIBOR margin was increased to 2.95% and the commitment fee was increased to 0.95% per annum. The Barclays Facility will mature on March 12, 2031. The Fund entered into the Barclays Facility for working capital requirements, such as financing repurchases of shares, distributions to investors, and investments. As of March 31, 2026, the Fund had no outstanding borrowings on the Barclays Facility. For the year ended March 31, 2026, the Fund incurred $1,508,160 in commitment fees and no interest expense.

Annual Report | March 31, 2026 23
Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

6. CAPITAL SHARE TRANSACTIONS

The Fund accepts initial and additional purchases of Shares as of the first business day of each calendar month at the Fund's then-current NAV per Share of each respective share class (determined as of the close of business on the last business day of the immediately preceding month). To provide a limited degree of liquidity to Shareholders, the Fund may from time to time offer to repurchase Shares pursuant to written tenders by shareholders. It is expected that the Adviser will normally recommend to the Board that the Fund conduct an offer to repurchase shares on a quarterly basis as of the end of each calendar quarter, so that each repurchase would occur as of each March 31, June 30, September 30 and December 31 of every year, although the Adviser may not recommend, and the Board may not authorize, a repurchase offer for any quarter in which the Adviser believes that it would be detrimental to the Fund for liquidity or other reasons. It is also expected that the Adviser will recommend to the Board that any such tender offer (in the aggregate) would be for an amount that is not more than 5% of the Fund's NAV. There can be no assurance that the Board will accept the Adviser's recommendation. For the year ended March 31, 2026 the Fund made four repurchase offers, which resulted in 19,515,769 shares being repurchased for a total of $311,498,154.

An investor may be permitted to exchange Shares between classes of Shares of the Fund, provided that, among other things: (1) the investor's aggregate investment would have met the minimum initial investment requirements in the applicable Class at the time of purchase and continues to meet those requirements; (2) the Shares are otherwise available for offer and sale; and (3) the investment meets all other requirements for investing in the applicable class.

7. FEDERAL AND OTHER TAXES

It is the Fund's intention to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), that are applicable to a regulated investment company ("RIC"). The Fund elected to be a RIC with the filing of its 2015 federal income tax return. The Fund intends to continue to operate so as to qualify to be taxed as a RIC under the Code and, as such, to not be subject to federal income tax on the portion of its taxable income and gains distributed to stockholders. To qualify for RIC tax treatment, among other requirements, the Fund is required to distribute at least 90% of its investment company taxable income, as defined by the Code. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. While the Fund intends to distribute substantially all of its taxable net investment income and capital gains, if any, in a manner necessary to minimize the imposition of a 4% excise tax, there can be no assurance that it will avoid any or all of the excise tax. In such event, the Fund will be liable only for the amount by which it does not meet the foregoing distribution requirements. The Fund has adopted October 31 as its tax year end. Accordingly, tax basis distributions made during the 12 months ended March 31, 2026, but after the Tax Year ended October 31, 2025, will be reflected in the notes to the Fund's financial statements for the fiscal year ending March 31, 2027. The Fund's open tax years are generally the three prior taxable years for which the applicable statutes of limitations have not expired are subject to examination by U.S. federal, state and local tax authorities.

In accounting for income taxes, the Fund follows the guidance in FASB ASC Codification 740, as amended by ASU 2009-06, "Accounting for Uncertainty in Income Taxes" ("ASC 740"). ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the consolidated financial statements. Management has concluded, there were no uncertain tax positions as of March 31, 2026 for federal income tax purposes or in, the Fund's major state and local tax jurisdictions; Delaware, New York State, and New York City. Management evaluates the tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions will "more-likely-than-not" be sustained upon examination by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold that would result in a tax benefit or expense to the Fund would be recorded as a tax benefit or expense in the current year. The Fund has not recognized any tax liability for unrecognized tax benefits or expenses. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the year ended March 31, 2026, the Fund did not incur any interest or penalties.

Because U.S. federal income tax regulations differ from U.S. GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect the applicable tax characterization. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. The tax basis components of distributable earnings differ from the amounts reflected in the Consolidated Statement of Assets and Liabilities and Net Assets due to temporary book/tax differences arising primarily from partnership investments. These amounts will be finalized before filing the Fund's federal tax return.

24 www.pomonainvestmentfund.com
Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

For the tax year ended October 31, 2025, permanent differences between book and tax basis are attributable to certain non-deductible expenses for tax purposes, net operating losses and investments in partnerships. These reclassifications have no effect on total NAV or NAV per Share. For the tax year ended October 31, 2025, the following amounts were reclassified:

Paid-in Capital $ (64,821,597 )
Total distributable earnings (or loss) 64,821,597

At March 31, 2026, the federal tax cost of investments and unrealized appreciation (depreciation) as of the year ended are as follows:

Cost of investments for tax purposes $ 1,497,694,129
Gross tax unrealized appreciation $ 577,399,565
Gross tax unrealized depreciation $ (234,479,884 )
Net tax unrealized appreciation (depreciation) on investments $ 342,919,681

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences related to the timing of the recognition of income, gains and losses from the underlying investments for tax purposes.

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income $ -
Undistributed long-term capital gains -
Tax accumulated earnings -
Accumulated capital and other losses -
Unrealized appreciation 467,217,017
Other timing differences -
Distributable net earnings $ 467,217,017

As of October 31, 2025, the Fund had no capital loss carryforwards.

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. The tax character of distributions paid during the tax year ended October 31, 2025 and October 31, 2024 was as follows:

Distribution paid from: 2025 2024
Ordinary income $ - $ -
Long-term capital gains 86,085,586 49,570,474
Return of Capital - -
Total distributions paid $ 86,085,586 $ 49,570,474
Annual Report | March 31, 2026 25
Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

8. AUTOMATIC DIVIDEND REINVESTMENT PLAN

Pursuant to the dividend reinvestment plan established by the Fund (the "DRIP"), each Shareholder whose Shares are registered in its own name will automatically be a participant in the DRIP and have all income dividends and/or capital gains distributions automatically reinvested in additional Shares unless such Shareholder specifically elects to receive all income, dividends and/or capital gain distributions in cash. A Shareholder is free to change this election at any time. If, however, a Shareholder requests to change its election within 90 days prior to the record date for a distribution, the request will be effective only with respect to distributions after the 90 day period. A Shareholder whose Shares are registered in the name of a nominee must contact the nominee regarding its status under the DRIP, including whether such nominee will participate on such Shareholder's behalf.

A Shareholder may elect to:

● reinvest both dividends and capital gain distributions;
● receive dividends in cash and reinvest capital gain distributions; or
● receive both dividends and capital gain distributions in cash.

Generally, for U.S. federal, state and local income tax purposes, Shareholders receiving Shares pursuant to the DRIP will be treated as having received a taxable distribution equal to the amount payable to them in cash.

Shares will be issued pursuant to the DRIP at the net asset value determined on the next Valuation Date following the ex-dividend date (the last date of a dividend period on which an investor can purchase Shares and still be entitled to receive the dividend). There is no sales load or other charge for reinvestment. A request must be received by the Fund before the record date to be effective for that dividend or capital gain distribution. The Fund may terminate or amend the DRIP at any time. All expenses related to the DRIP will be borne by the Fund. The reinvestment of dividends and distributions pursuant to the DRIP will increase the Fund's net assets on which the Management Fee and the Administration Fee are payable to the Adviser and the Administrator, respectively.

9. INVESTMENT TRANSACTIONS

Total contributions to and purchases of Investments (excluding short-term investments) for the year ended March 31, 2026 amounted to $272,286,068. Total distributions received from Private Equity Investments, proceeds from actual sales, redemption, or other disposition of Investments (excluding short-term investments) for the year ended March 31, 2026 amounted to $373,076,475.

10. INDEMNIFICATION

Under the Fund's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the ordinary course of business, the Fund may enter into contracts or agreements that contain indemnification or warranties. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

11. COMMITMENTS

As of March 31, 2026, the Fund had outstanding investment commitments to Private Equity Investments totaling $327,962,266.

26 www.pomonainvestmentfund.com
Pomona Investment Fund Notes to Consolidated Financial Statements

March 31, 2026

12. MACROECONOMIC RISKS

Geopolitical concerns and other global events, including, without limitation, trade conflict, national and international political circumstances, armed conflict (including wars, terrorist acts or security operations), natural disasters, pandemics or other severe public health events and other significant events, may adversely affect the United States and/or other nations, financial markets and global economies and could affect the Fund's ability to meet its investment objectives and other obligations. The potential for such events has created economic and political uncertainty in the past and may do so in the future. Such uncertainty may adversely affect the United States and/or other nations, financial markets and global economies and the Fund for the short or long-term in ways that cannot presently be predicted or predicted on an accurate basis. The outbreak of armed conflict in jurisdictions in which the Partnership invests or otherwise could have a negative impact on economic and market conditions and trigger a period of global economic slowdown. Similarly, a significant outbreak of infectious disease or any other serious public health concern, together with any resulting restrictions on travel or quarantines imposed, could have a negative impact on economic and market conditions and trigger a period of global economic slowdown. Such events have the potential to severely disrupt or suspend certain cross-border trade, supply chains and tourism and to create humanitarian crises and the economic impacts of such events could adversely affect the performance of the Fund's investments and of the Fund's overall performance and financial results.

13. SUBSEQUENT EVENTS

Since April 1, 2026, there were subscriptions to the Fund in the amount of $86,330 for Class A and, $11,098,411 for Class I Shares. Through the date the consolidated financial statements were issued, there have not been any additional subscriptions to the Fund.

The Fund has evaluated subsequent events through the date the consolidated financial statements were issued, and has determined that there were no other subsequent events that require disclosure in or adjustment to the consolidated financial statements.

Annual Report | March 31, 2026 27
Report of Independent Registered
Pomona Investment Fund Public Accounting Firm

March 31, 2026

The Board of Trustees and Shareholders of Pomona Investment Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Pomona Investment Fund (the "Fund"), including the consolidated schedule of investments, as of March 31, 2026, and the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund at March 31, 2026, the consolidated results of its operations and its cash flows for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. 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 Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits 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. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits 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 procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the underlying investees, custodians, brokers, and others; when replies were not received from underlying investees or custodians, we performed other auditing procedures. Our audits 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 audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Pomona investment companies since 2021.

Boston, Massachusetts

May 29, 2026

28 www.pomonainvestmentfund.com
Pomona Investment Fund Additional Information (Unaudited)

March 31, 2026

PROXY VOTING

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31. The Fund's Form N-PX filing is available: (i) without charge, upon request, by calling the Fund at 1-844-2POMONA or (ii) by visiting the SEC's website at www.sec.gov.

AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT Part F. The Fund's Form N-PORT Part F are available, without charge and upon request, on the SEC's website at www.sec.gov or may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the Public Reference Room may be obtained by calling 1-800-SEC-0330.

TAX INFORMATION

For Federal income tax purposes, the Fund designated long-term capital gain dividends of $86,085,586 for the tax year ended October 31, 2025.

Annual Report | March 31, 2026 29
Approval of Continuance of Investment
Pomona Investment Fund Management Agreement (Unaudited)

March 31, 2026

This section describes some factors considered by the Board of Trustees (the "Trustees" or "Board") of Pomona Investment Fund (the "Fund") in the Board's consideration and approval of the continuance of key agreements under which the Fund is managed. The Board is responsible for the oversight of the Fund. As a registered investment company, the Fund is subject to the Investment Company Act of 1940, as amended (the "1940 Act") and the rules under the 1940 Act that have been adopted by the U.S. Securities and Exchange Commission (the "SEC"). Under the 1940 Act, the Board, including a majority of the Trustees who are not parties to the Fund's contract for investment advisory services and who are independent from management under a statutory standard set forth in that Act (the "Independent Trustees"), must, to allow an investment adviser to manage the Fund, approve the Fund's agreement for investment advisory services for an initial term of not greater than two years, and thereafter must annually review and approve the agreement. For the Fund, this agreement is called the Investment Management Agreement (the "Advisory Agreement") and it appoints Pomona Management LLC (the "Adviser") to serve as investment adviser.

At a meeting held on April 28, 2026 (the "Meeting"), the Board, including a majority of the Independent Trustees, met, joined by, among others, representatives of the Adviser and counsel to the Fund and Adviser ("Fund Counsel"), to give consideration to information provided by the Adviser in seeking approval from the Board of the continuance of the Advisory Agreement. A description of certain of the factors the Board considered and its conclusions in approving the continuance of the Advisory Agreement for a one-year period (the "Renewal Period") follows.

In preparation for the Meeting, the Board was presented with information to assist in its deliberations. Those materials included information prepared by the Adviser comparing the Fund's total contractual advisory fees, fees for administrative services, and total expense ratio, both gross and net of expense limitations, with those of peer funds with comparable investment and structural features selected by the Adviser (the "Selected Peer Group"). The Board also received information related to the methodology used by the Adviser in constructing the Selected Peer Group. The materials also included information about the Adviser, a copy of the Advisory Agreement, a copy of the Fund's Administration Agreement and a copy of the Adviser's Form ADV filed with the SEC. The Trustees also received a memorandum from Fund Counsel describing the Board's responsibilities with respect to the approval of the Advisory Agreement.

In connection with the Meeting, the Board also reviewed information provided by the Adviser or others concerning the following:

● the key terms of the Advisory Agreement, including the fees payable under the agreement;
● the nature and extent of the services provided by the Adviser, including information about the investment objective, policies and strategies applicable to the Fund and the Adviser's experience and capabilities in private equity investing;
● the Adviser's experience and capabilities in managing a fund that invests primarily in secondary investments in private equity funds;
● the Adviser's experience and capabilities in managing a fund that provides private equity exposure that is differentiated by type of private equity opportunity and geography;
● the investment performance of the Fund and other accounts that are managed by the Adviser;
● the current organization and personnel of the Adviser, including background information and their experience in private equity investing, changes in the Fund's portfolio management team during the preceding year and information about expected changes to certain personnel of the Adviser;
● a copy and a summary of the key terms of the Administration Agreement between the Fund and the Adviser (in its role as Administrator under the Administration Agreement), including the fees payable under the Administration Agreement and indemnification provisions in favor of the Adviser; and
● a copy of the Distribution Agreement between the Fund and Voya Investments Distributor, LLC (the "Distributor") and a description of the manner in which the Fund's shares are distributed by its principal underwriter, and the payment by certain share classes of the Fund of a distribution and shareholder servicing fee to the Distributor.
30 www.pomonainvestmentfund.com
Approval of Continuance of Investment
Pomona Investment Fund Management Agreement (Unaudited)

March 31, 2026

Nature, Extent and Quality of Services Provided Under the Advisory Agreement

In addition to the items described above, the Board considered and reviewed information concerning (1) the services provided under the Advisory Agreement; (2) the nature and quality of services provided to the Fund by the Adviser; (3) the risk and reward characteristics of the Fund based on the Adviser's strategies and management; (4) the access that the Fund provides to eligible investors to private equity investments that otherwise can be difficult to access; and (5) the value of making available in a registered fund strategies similar to those that the Adviser provides to privately offered funds.

Based upon its review, the Board concluded that Adviser's continued management likely would benefit the Fund and its shareholders.

Fee Rates and Profitability

The Board reviewed and considered the contractual fee for advisory services, as well as the contractual fee for administrative services, payable by the Fund to the Adviser. The Trustees also reviewed the comparative fee information from the analysis prepared by the Adviser. The Trustees noted the difficulty in identifying relevant comparative fee information due to the Fund's unique structure and investment strategies and the relatively limited universe of similar funds. The Trustees considered the criteria the Adviser had used in selecting the Selected Peer Group and in determining which funds in the Selected Peer Group are relevant for the various comparisons of fee and expense information presented by the Adviser.

In considering the fees payable under the Advisory Agreement, the Board considered the pricing structure, including the expense ratio borne by shareholders of the Fund, including that the advisory fee is higher than the median advisory fee of relevant funds in the Selected Peer Group, although some of those funds are subject to performance and/or incentive fees that can raise their effective fee levels. In this regard, they noted the amounts of performance and/or incentive fees that a number of the funds in the Selected Peer Group paid in 2025. The Trustees also took into account the Adviser's representations regarding the complexity associated with managing the Fund given its strategies and focus on private equity investing, including the emphasis on secondary investments in private equity funds and on private equity exposure that is differentiated by type of private equity opportunity and geography. The Board also considered that the net expense ratio of the Fund is lower than the median net expense ratio, but within the range, of relevant funds in the Selected Peer Group. They also considered the incentive fees to which some of the funds in the Selected Peer Group are subject and noted the impact of the incentive fees paid by relevant funds in the Selected Peer Group in 2025 on the effective net expense ratios of these funds. The Trustees took into account that, with the exception of a small subset, the Selected Peer Group did not include funds that focused principally on secondary investments in underlying private equity funds in a manner similar to the Fund.

The Board also considered the fees charged by the Adviser to private funds under its management with similar investment strategies to those of the Fund, and noted that although the advisory fee for the Fund is higher than the advisory fee charged to the Adviser's most recent private funds, each of the private funds has a performance and/or incentive fee that, depending on performance, may cause the private fund's effective fee to be higher than its base fee. In addition, each private fund's fee is assessed on the basis of its committed capital, while the Fund's management fee is calculated based on its net assets.

The Trustees also reviewed the contractual fee paid under the Administration Agreement, and compared the Fund's administration fee structure to that of certain funds in the Selected Peer Group. The Board considered that the relevant Selected Peer Group funds were subject to a lower administration fee than that of the Fund. The Trustees also noted that the Fund's estimated "other expenses," inclusive of the administration fee, is slightly higher than the median of "other expenses" (but within the range) of the Selected Peer Group funds.

With respect to the profits realized by the Adviser, the Board considered: (i) the Adviser's projected profit margins relating to its management of the Fund; (ii) the Adviser's expectation that the Fund would continue to be profitable in 2026; and (iii) that the Adviser expects to continue to realize increasing profits from the Fund in future projected years. Based on its review, the Board concluded, in light of the Fund's investment objective and strategies and the services rendered by the Adviser, that the fee for the Advisory Agreement is reasonable and that the overall expenses borne by the Fund, including the fees paid under the Advisory and Administration Agreements, and the net expenses of the Fund after the expense limits that the Adviser bears are reasonable.

Economies of Scale

While it was noted that the Fund's advisory and administration fees will not decrease as the Fund's assets grow because these fees are not subject to fee breakpoints, the Board concluded that the Fund's advisory and administration fees are appropriate in light of the projected size of the Fund and appropriately reflect the current economic and competitive environment for the Adviser. The Board further noted that for the period ended September 30, 2025, the Class A and Class I shares of the Fund had not incurred expenses in excess of the current expense limitation agreement. The Trustees also observed that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale in the future as the Fund grows to determine if and how any such economies of scale could be shared with the Fund and its investors.

Performance

The Board concluded on the basis of information derived from a comparison of performance among funds in a peer group with the Fund that the Adviser had achieved investment performance that was competitive relative to comparable funds over longer-term trailing periods, and the Trustees took into consideration the fact that the Adviser focuses on long-term performance results with respect to its management of the Fund and that the Fund may have periods of underperformance when measured on a more short-term basis.

Annual Report | March 31, 2026 31
Approval of Continuance of Investment
Pomona Investment Fund Management Agreement (Unaudited)

March 31, 2026

The Board considered the performance of the Fund relative to that of a peer group of funds selected by the Adviser with similar investment strategies and objectives to those of the Fund (the "Performance Peer Group"). The Board noted the difficulty in selecting a peer group for the Fund, based on factors similar to those discussed in the "Fee Rates and Profitability" section above. The Trustees considered that the returns of the Fund's Class A Shares was in line with the median returns of the funds in the Performance Peer Group for the ten-year period ended September 30, 2025, underperformed the median returns for the three-year, five-year and six-month periods ended September 30, 2025, and underperformed the median return for the one-year period ended March 31, 2025. The Board concluded that the Adviser has the capabilities to generate a satisfactory long-term investment performance in managing the Fund that is appropriate in light of the Fund's investment objective, policies and strategies.

Other Benefits to the Adviser

The Board also considered other ancillary benefits that have been realized by the Adviser from its relationship with the Fund. The Board noted that the Adviser also serves as Administrator to the Fund and is compensated for those services. The Board also noted that an affiliate of the Adviser serves as Distributor for the Fund and is compensated for those services. The Board did not identify any other ancillary benefits. The Trustees concluded that the other benefits derived by the Adviser and its affiliates from their relationship with the Fund are reasonable and fair and consistent with industry practice and the best interests of the Fund and its shareholders.

Conclusion

Based on consideration of all factors deemed relevant, the Board determined that approval of the continuance of the Advisory Agreement was in the best interests of the Fund. The Board did not identify any single factor or group of factors as all important or controlling and considered multiple factors.

32 www.pomonainvestmentfund.com
Pomona Investment Fund Fund Management (Unaudited)

March 31, 2026

Independent Trustees

The Independent Trustees of the Fund, addresses, their birth year, positions held, lengths of time served, their principal business occupations during the past five years, the number of portfolios in the Fund Complex (defined below) overseen by each Independent Trustee and other directorships, if any, held by the Trustees, are shown below. The Fund Complex includes any open-end and closed-end funds (including all of their portfolios) advised by the Adviser and any registered funds that have an adviser that is an affiliate of the Adviser.

INDEPENDENT TRUSTEES

Name, Address and Birth year Position(s) Held with Registrant Length of Time Served* Principal Occupation(s) During Past 5 Years Number of Portfolios Overseen in Fund Complex

Other Trusteeships/

Directorships Held Outside the Fund Complex**

Anthony Bowe

780 Third Avenue

46th Floor

New York, NY 10017

(1957)

Trustee January 2015 - Present

Retired, former Co-Head of the Credit Suisse Private Fund Group (private investment placement agent and advisor)

(1998 - 2014)

1 None

Richard D'Amore

780 Third Avenue

46th Floor

New York, NY 10017

(1953)

Trustee January 2015 - Present

Co-Founder and General Partner of North Bridge Venture Partners

(venture capital firm) (1999 - present)

1 Director, Veeco Instruments, Inc., Everbridge, Inc.

Edwin A. Goodman

780 Third Avenue

46th Floor

New York, NY 10017

(1939)

Trustee January 2015 - Present

General Partner of Activate Venture Partners and Co-Founder and General Partner of Milestone Venture Partners

(predecessor of Active Venture Partners) (venture capital firms) (1999 - present)

1 None
* Each Trustee serves an indefinite term, until his or her successor is elected.
** This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.
Annual Report | March 31, 2026 33
Pomona Investment Fund Fund Management (Unaudited)

March 31, 2026

Interested Trustees

The Interested Trustees of the Fund, addresses, their birth year, positions held, length of time served, principal business occupations during the past five years, the number of portfolios in the Fund Complex overseen by each Interested Trustee (as of March 31, 2026) and the other directorships, if any, held by the Interested Trustee, are shown below.

INTERESTED TRUSTEES

Name, Address and Birth year Position(s) Held with Registrant Length of Time Served*

Principal Occupation(s)

During Past 5 Years

Number of Portfolios Overseen in Fund Complex

Other Trusteeships/

Directorships Held Outside the Fund Complex**

Michael D. Granoff

780 Third Avenue

46th Floor

New York, NY 10017

(1958)

Trustee, President and Principal Executive Officer August 2014 - Present Chief Executive Officer of Pomona Management LLC (1994 - present) 1

None

Michael J. Roland

7337 East Doubletree

Ranch Road, Suite 100

Scottsdale, AZ 85258

(1958)

Trustee January 2015 - Present Retired, former Managing Director and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (April 2012 - March 2018). Formerly, Chief Compliance Officer, Directed Services LLC and Voya Investments, LLC (March 2011 - December 2013), Executive Vice President and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (January 2007 - April 2012) and, Chief Compliance Officer, Voya Family of Funds (March 2011 - February 2012). 1 None
* Each Trustee serves an indefinite term, until his or her successor is elected.
** This includes any directorships at public companies and registered investment companies held by the Trustee at any time during the past five years.
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Pomona Investment Fund Fund Management (Unaudited)

March 31, 2026

Officers

The executive officers of the Fund, addresses, their birth year, positions held, lengths of time served and principal business occupations during the past five years are shown below.

OFFICERS
Name, Address and Birth year Position(s) Held with Registrant Length of Time Served

Principal Occupation(s)

During Past 5 Years

Michael D. Granoff

780 Third Avenue

46th Floor

New York, NY 10017

(1958)

Trustee, President and Principal Executive Officer August 2014 - Present Chief Executive Officer of Pomona Management LLC (1994 - present)

Frances Janis

780 Third Avenue

46th Floor

New York, NY 10017

(1959)

Treasurer and Principal Financial Officer May 2022 - Present Secretary, Pomona Investment Fund (August 2014 - May 2022); Senior Partner, Pomona Management LLC (1994 - present)

John Stephens

780 Third Avenue

46th Floor

New York, NY 10017

(1968)

Secretary May 2022 - Present Partner and Chief Financial Officer, Pomona Management LLC (2018 - Present); Chief Financial Officer, Pomona Management LLC (2015 - 2018)

The Statement of Additional Information includes additional information about the Fund's Trustees and is available, without charge, upon request by calling 1-844-2POMONA.

Annual Report | March 31, 2026 35
Pomona Investment Fund Privacy Policy (Unaudited)

March 31, 2026

FACTS WHAT DOES POMONA INVESTMENT FUND ("POMONA") DO WITH YOUR PERSONAL INFORMATION?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?

The types of personal information we collect and share depend on the product or service you have with us.

This information can include: Your name, address, phone number, e-mail address, social security number and your transactions with us. When you are no longer our customer, we may continue to share your information as described in this notice.

How? All financial companies need to share personal information to run their everyday business. In the section below, we list the reasons financial companies can share their personal information; the reasons we choose to share; and whether you can limit this sharing.
Reasons we can share your personal information Does Pomona share? Can you limit this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No
For our marketing purposes - to offer our products and services to you Yes No
For joint marketing with other financial companies No We don't share
For our affiliates' everyday business purposes - information about your transactions and experiences No We don't share
For our affiliates' everyday business purposes - information about your creditworthiness No We don't share
For nonaffiliates to market to you No We don't share

Questions?

Call 1-844-2POMONA or go to pomonainvestmentfund.com.

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Pomona Investment Fund Privacy Policy (Unaudited)

March 31, 2026

Who We Are
Who is providing this notice? POMONA INVESTMENT FUND ("POMONA")
What We Do
How does Pomona protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Pomona collect my personal information?

We collect your personal information, for example, when you:

• open an account

• provide account information

• seek information about your investments

• make investments or withdrawals from your account

• tell us where to send the money

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can't I limit all sharing?

Federal law gives you the right to limit only:

• sharing for affiliates' everyday business purposes-information about your creditworthiness

• affiliates from using your information to market to you

• sharing for non-affiliates to market to you

State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.

Definitions
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
Non-affiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
For Other Important Information

See our Supplemental State-Specific Privacy Notice, attached as Appendix A, for additional information about the categories of personal information that we collect and share, the individual rights granted under certain state laws, and how to exercise those rights. Pomona does not sell personal information. If you live in a state such as California or Vermont where the laws further restrict the sharing of your personal information, we will not share information we collect about you with nonaffiliates, unless the law allows, and we will limit sharing among our affiliates to the extent required by state law.

Questions?

Call 1-844-2POMONA or go to pomonainvestmentfund.com

Annual Report | March 31, 2026 37
Pomona Investment Fund Privacy Policy (Unaudited)

March 31, 2026

This notice applies to individuals only as and to the extent required by state law. You may live in a state that does not have an applicable law, or the law may contain exemptions that make this notice inapplicable to you.

DO NOT SELL POMONA DOES NOT SELL PERSONAL INFORMATION
Categories of personal information we collect The categories of personal information we collect depend on the product or service you have with us and may include your name, postal address, email address, Social Security number, driver's license number, passport number, professional or employment-related information and other financial information. If you visit our website, we may collect your Internet Protocol (IP) address, browsing history, search history and information regarding your interaction with our web sites, applications and advertisements.
Purposes for which we collect personal information The business purposes for which we collect personal information include the provision of financial products and services (e.g. maintaining accounts, processing payments, servicing customers), auditing consumer interactions and transactions, detecting security incidents and preventing fraud, identifying and repairing errors that impair functionality, activities to verify or enhance the quality of services, and other internal uses permitted under applicable laws.
Third parties with which personal information is shared The categories of personal information we collect depend on the product or service you have with us and may include your name, postal address, email address, Social Security number, driver's license number, passport number, professional or employment-related information and other financial information. If you visit our website, we may collect your Internet Protocol (IP) address, browsing history, search history and information regarding your interaction with our web sites, applications and advertisements.
Individual Rights Description
Right to deletion Your right to request that Pomona delete your personal information, unless it is necessary for us to retain it for a purpose permitted by law.
Right to disclosure Your right to request that Pomona disclose to you the following: (1) the categories of personal information we have collected about you, (2) the categories of sources from which the personal information is collected, (3) the business or commercial purpose for collecting the personal information, (4) the categories of third parties with which we share the personal information, and (5) the specific pieces of personal information we have collected about you.
Right to information about onward disclosures Your right to request that Pomona disclose to you the following: (1) the fact that we do not sell your personal information, and (2) the categories of your personal information that we have disclosed for a business purpose.
Right to prohibit sales Your right to direct a business that sells personal information to third parties not to sell your personal information. Pomona does not sell personal information.
Right to fair treatment We may not discriminate against you for exercising any of your individual rights, such as by denying you products or services, charging you different prices or rates, or providing a different level or quality of products and services.
To Exercise Your Individual Rights Contact us to submit a personal data request at 1-844-2POMONA or pomonainvestmentfund.com.

Voya Investments Distributor, LLC, Member FINRA/SIPC, serves as distributor for Pomona Investment Fund. Our office is located at 780 Third Avenue, 46th Floor, New York, NY 10017.

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Intentionally Left Blank

Annual Report | March 31, 2026 39
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(b) Not applicable.

ITEM 2. CODE OF ETHICS.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by the report, the registrant's board of trustees has determined that Mr. Richard D'Amore is qualified to serve as the audit committee financial expert serving on its audit committee and that Mr. D'Amore is "independent," as defined by Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees

(a) The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal periods are $285,000 for the fiscal year ended March 31, 2025 and $315,000 for the fiscal year ended March 31, 2026.

Audit-Related Fees

(b) The aggregate fees billed for each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were $5,000 for the fiscal year ended March 31, 2025 and $5,000 for the fiscal year ended March 31, 2026. The fees listed in Item 4(b) are related to out-of-pocket expenses in relation to the annual audit of the registrant.

Tax Fees

(c) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $218,445 for the fiscal year ended March 31, 2025 and $238,245 for the fiscal year ended March 31, 2026.

All Other Fees

(d) The aggregate fees billed for each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended March 31, 2025 and $0 for the fiscal year ended March 31, 2026.

(e)(1) The audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X are as follows:

The Registrant's Audit Committee must pre-approve the audit and non-audit services of the Auditors prior to the Auditor's engagement.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) 100%

(c) 100%

(d) 0%

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the last two fiscal years for the registrant was $223,445 for the fiscal year ended March 31, 2025 and $226,250 for the fiscal year ended March 31, 2026.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

A statement regarding basis for approval of the Advisory Agreement is included in the Registrant's Report to Shareholders under Item 1 herein.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Proxy Voting Policies and Procedures Summary

Investments in the Investment Funds do not typically convey traditional voting rights, and the occurrence of corporate governance or other consent or voting matters for this type of investment is substantially less than that encountered in connection with registered equity securities. However, Pomona Investment Fund (the "Fund") may occasionally receive notices or proposals from its Investment Funds seeking the consent of or voting by holders ("proxies"). The Fund has delegated any voting of proxies in respect of portfolio holdings to Pomona Management LLC (the "Adviser") to vote the proxies in accordance with the Adviser's proxy voting policies and procedures. In general, the Adviser believes that voting proxies in accordance with the policies described below will be in the best interests of the Fund.

When exercising its voting authority over client securities, the Adviser considers all relevant information, evaluates other issues that could have an impact on the value of the security and votes with a view toward maximizing overall value. The Adviser votes all proxies in a prudent manner, considering the prevailing circumstances at such time, and in a manner consistent with its proxy voting policies and procedures and the Adviser's fiduciary duties to the Fund.

The Adviser will generally vote to support management recommendations relating to routine matters, such as the election of board members (where no corporate governance issues are implicated) or the selection of independent auditors. The Adviser will generally vote in favor of management or investor proposals that the Adviser believes will maintain or strengthen the shared interests of investors and management, increase value for investors and maintain or increase the rights of investors. On non-routine matters, the Adviser will generally vote in favor of management proposals for mergers or reorganizations and investor rights plans, so long as it believes such proposals are in the best economic interests of the Fund. In exercising its voting discretion, the Adviser will seek to avoid any direct or indirect conflict of interest presented by the voting decision. If any substantive aspect or foreseeable result of the matter to be voted on presents an actual or potential conflict of interest involving the Adviser, the Adviser will make written disclosure of the conflict to the Independent Trustees indicating how the Adviser proposes to vote on the matter and its reasons for doing so.

The Fund intends to hold its interests in the Investment Funds in non-voting form. Where only voting securities are available for purchase by the Fund, in all, or substantially all, instances, the Fund will seek to create by contract the same result as owning a non-voting security by entering into a contract, typically before the initial purchase, to relinquish the right to vote in respect of its investment.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)(1) Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members

The following table provides biographical information about the members of the Adviser who are primarily responsible for the day-to-day portfolio management of the Fund as of May 19, 2026:

Name and Title Fund Responsibility Years Primarily Responsible Five Year Employment History
Michael Granoff, Chief Executive Officer Portfolio Manager March 2018 to Present Chief Executive Officer, Pomona Management LLC
Frances Janis, Senior Partner Portfolio Manager Since Inception Senior Partner, Pomona Management LLC
Jim Rorer, Partner Portfolio Manager May 2022 to Present Partner, Pomona Management LLC

(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest

The following table shows information regarding accounts (other than the Fund) managed by Mr. Granoff, Ms. Janis and Mr. Rorer as of March 31, 2026:

Number of Accounts* Total Assets in Accounts*
($ Million)
Registered Investment Companies 0 $0
Other Pooled Investment Vehicles 19 $10,994
Other Accounts 4 $2,223
* as of September 30, 2025, the most recent available financial information

Conflicts of Interest

The Adviser may, from time to time, be presented with investment opportunities that fall within the investment objective of the Fund and other investment funds and/or accounts managed by the Adviser, and in such circumstances the Adviser will allocate such opportunities among the Fund and such other funds and/or accounts under procedures intended to result in allocations that are fair and equitable taking into account the sourcing of the transaction, the nature of the investment focus of each fund, including the Fund, and/or account, the relative amounts of capital available for investment, and other considerations deemed relevant by the Adviser in good faith. Where there is an insufficient amount of an investment opportunity to satisfy the Fund and other investment funds and/or accounts managed by the Adviser, the allocation policy provides that allocations between the Fund and other investment funds and/or accounts will generally be made pro rata based on the amount that each such party would have invested if sufficient amounts of an investment opportunity were available. The Adviser's allocation policy provides that in circumstances where pro rata allocation is not practicable or possible, investment opportunities will be allocated on a random or rotational basis that is fair and equitable over time. In addition, the Adviser's Investment Committee will review allocations. Not all other investment funds and/or accounts managed by the Adviser have the same fees and certain other investment funds and/or accounts managed by the Adviser may have a higher management fee than the Fund or a performance-based fee. If the fee structure of another investment fund and/or account is more advantageous to the Adviser than the fee structure of the Fund, the Adviser could have an incentive to favor the other fund and/or account over the Fund.

(a)(3) Compensation of the Portfolio Management Team & Portfolio Manager Compensation Structure

The compensation of each portfolio manager is typically comprised of a fixed annual salary, a discretionary annual bonus, which may include cash or other non-cash long-term incentive compensation, determined by the Adviser. In addition, each portfolio manager may be eligible to receive a share of any fees or carried interest earned by the Adviser in any given year. Such amounts are payable by the Adviser and not by the Fund.

(a)(4) Disclosure of Securities Ownership

Portfolio Management Team's Ownership of Shares

The following table sets forth the dollar range of equity securities beneficially owned by each Portfolio Manager in the Fund as of March 31, 2026:

Portfolio Manager

Dollar Range of Fund

Shares Beneficially Owned

Michael Granoff None
Frances Janis $100,001-$500,000
Jim Rorer $50,001-$100,000

(b) Not Applicable

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The registrant's nominating and governance committee accepts and reviews shareholder nominations for trustees. A shareholder nomination for trustee may be submitted to the registrant by sending the nomination to the nominating and governance committee. The nominating and governance committee will evaluate candidates recommended by management of the registrant and by shareholders in a similar manner, as long as the recommendation submitted by a shareholder includes at a minimum: the name, address and telephone number of the recommending shareholder and information concerning the shareholder's interests in the registrant in sufficient detail to establish that the shareholder held shares on the relevant record date; and the name, address and telephone number of the recommended nominee and information concerning the recommended nominee's education, professional experience, and other information that might assist the nominating and governance committee in evaluating the recommended nominee's qualifications to serve as a trustee. During the reporting period there were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1)

(a)(2) Not applicable.

(a)(3)

(b)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) Pomona Investment Fund
By (Signature and Title)* /s/ Michael Granoff
Michael Granoff, President & Principal Executive Officer
(Principal Executive Officer)
Date June 9, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Michael Granoff
Michael Granoff, President & Principal Executive Officer
(Principal Executive Officer)
Date June 9, 2026
By (Signature and Title)* /s/ Frances Janis
Frances Janis, Treasurer and Principal Financial Officer
(Principal Financial Officer)
Date June 9, 2026
* Print the name and title of each signing officer under his or her signature.
Pomona Investment Fund published this content on June 09, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 09, 2026 at 19:31 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]