ITEM 1.      REPORTS TO STOCKHOLDERS.

(a)      The Report to Shareholders is attached herewith.

Dear Shareholders,

Constitution Capital Partners (an affiliate of Constitution Capital PM, L.P.) is pleased to present the Annual Report for the Constitution Capital Access Fund, LLC (the “Fund”) for the fiscal year ended March 31, 2025. The Fund produced an 8.22%1 (Class I) total return for the fiscal year. The Fund finished the fiscal year with net assets of $710 million and fair market value of investments of $764 million2. The Fund is composed of 80 investments into 339 underlying companies. These investments are managed by 35 unique sponsors with proven value-producing strategies and are tactically weighted across geography and sector.

Management Commentary

The twelve-month period ending March 31, 2025, has unfolded amidst shifts in the political and economic environment following the inauguration of a new administration in January 2025. Despite the uncertainty introduced by new policies including changes in tariffs as well as government downsizing and modernization efforts, the US economy has shown resilience. Even with economic uncertainties around tariffs and federal spending cuts, the private equity (“PE”) market entered 2025 with solid momentum tempered by a cautious outlook. In Q1 2025, the US private equity market saw deal value rise 36% year-over-year to $260 billion compared to $191 billion in Q1 2024. For the LTM period ended Q1 2025, the US PE market saw $958 billion (8% year-over-year increase) in total deal value across 9,014 transactions compared to 2024 which saw $889 billion of total deal value across 8,775 transactions.3

The Fund’s Institutional Share Class (Class I) generated an 8.22% total return for the fiscal year ended March 31, 2025. The Fund’s performance during the trailing twelve-month period ended March 31, 2025, was driven primarily by strong appreciation of Direct Equity Investments, followed by appreciation in Investment Funds. Foreign exchange movements also helped drive an increase in value. The Fund intends to declare dividends each year equal to all or substantially all of its taxable income. As such, in December 2024 the Fund announced a distribution of $0.66 per Class I share to investors composed entirely of long-term capital gains4. The distribution was paid in January 2025. In the trailing twelve months of operations, the Fund Investments generated $53 million in distributions against $25 million of capital calls, producing net cash distributions of $28 million. The Fund also received a combined $47 million in distributions from Direct Equity Investments, primarily related to an international boarding school business, a global entertainment agency, and a Swiss pharmaceutical skincare company. This net cash flow is a testament to the Fund’s focus on mitigating the “J-curve”5 through portfolio construction and vintage diversification.

The Fund completed eighteen new investments in the trailing twelve months totaling approximately $116 million in new commitments. Sixteen Direct Equity Investments accounted for 91% of the new commitments. The Fund also made a $10 million commitment to a healthcare-focused North American, middle-market buyout Investment Fund. The investment activity reflects the Fund’s commitment to its focus on Direct Investments.

Of the eighteen new investments completed during the fiscal year, fifteen were in North America and three were in Europe. The Fund continues to seek opportunities on a global basis with primary exposure in North America. As of March 31, 2025, the top four sector exposures in the Fund are as follows: healthcare (26.2%), consumer (25.5%)6, industrials/business services (16.6%)7, and Information Technology (14.0%). Constitution Capital Partners continues to favor investments in healthcare, industrials/business services, and consumer sectors.

_______________________

​1     Excluding US GAAP adjustments required for financial reporting purposes, Class I total return for the fiscal year was 10.34%.

​2     FMV of investments excludes short-term investments

​3     Sources: Pitchbook: “Q1 2025 US PE Middle Market Report”

​4     $0.66 per share (Class I) of annual dividend

​5     In private equity, the J-Curve represents the tendency of private equity funds to post negative returns in the initial years and then post increasing returns in later years when the investments mature.

​6     Inclusive of Consumer Staples and Consumer Discretionary.

​7     Inclusive of Industrials and Materials.

Outlook and Portfolio Positioning

Against the backdrop of wider market uncertainty, we remain confident in our cycle-tested approach of investing in middle market opportunities with (i) well-established leadership, (ii) organizational depth, (iii) secular tailwinds and durability, (iv) attractive financial profile with regard to growth, profitability, capital intensity and liquidity, (v) prudent levels of debt relative to comparable companies, (vi) entry enterprise valuations at a discount to public comparable companies and precedent transactions, and (vii) clear and actionable value creation plans that minimize downside exposure.

We expect this approach to deliver continued success to the Fund and remain prepared to capitalize on opportunities for outsized growth and returns.

We appreciate the trust and confidence you have demonstrated in Constitution Capital Partners through your investment in the Fund. Thank you for your continued support. If you have any additional questions or comments, we invite you to contact us at info@ccaf.com.

Sincerely,

Constitution Capital Partners

Past performance is no guarantee of future results.

Risk Considerations: Mutual fund investing involves risk, including the possible loss of principal.

An investment in the Fund should be considered illiquid. An investment in the Fund is not suitable for investors who need access to the money they invest. Current and future portfolio holdings are subject to change and risk. Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Please see the Schedule of Investments in this report for a complete list of Fund holdings.

This graph compares a hypothetical $500,000 investment in the Fund’s Class I Shares with a similar investment in the MSCI World Index. This index does not serve as a benchmark for the Fund and is shown for illustrative purposes only. The Fund does not have a designated performance benchmark. Results include the reinvestment of all dividends and capital gains. The index does not reflect expenses, fees, or sales charges, which would lower performance.

The MSCI World Index captures large and mid-cap representation across 23 Developed Markets (DM) countries. With 1,507 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The index is unmanaged and it is not available for investment.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Performance reflects waivers and reimbursements in effect, without which performance would have been lower. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent quarter end performance may be obtained by calling 1-855-551-2276.

Constitution Capital PM, LP (the “Adviser”) has entered into an expense limitation agreement and reimbursement agreement (the “Expense Limitation Agreement”) with the Fund, whereby, for at least one-year from commencement of operations, the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a “Waiver”), if required to ensure the Total Annual Expenses (excluding taxes, interest, brokerage commissions, certain transaction related expenses arising out of investments made by the Fund, extraordinary expenses, the Incentive Fee, and any acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses) do not exceed 2.95%, 2.25% and 2.50% of the average daily net assets of Class A Shares, Class I Shares and Class D Shares, respectively (the “Expense Limit”). Because taxes, leverage interest, brokerage commissions, dividend, and interest expenses on short sales, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 2.95%, 2.25% and 2.50% for the Class A Shares, Class I Shares and Class D Shares, respectively. The Expense Limitation Agreement automatically renews for consecutive one-year terms unless terminated by the Fund or Adviser. Gross expenses were 3.97%, 3.27%, and 3.52%, and net expenses were 2.72%, 2.02%, and 2.27% for the Class A Shares, Class I Shares and Class D Shares, respectively, which were stated in the current prospectus dated July 1, 2024. For the Fund’s current expense ratios, please refer to the Consolidated Financial Highlights section of this report.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Report of Independent Registered Public Accounting Firm

To the Board of Managers and Shareholders of Constitution Capital Access Fund, LLC

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Constitution Capital Access Fund, LLC and its subsidiaries (the “Fund”) as of March 31, 2025, the related consolidated statements of operations and cash flows for the year ended March 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated 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 of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated 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 consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, agent banks, broker, and underlying investment fund managers; when replies were not received from the underlying investment fund managers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

May 29, 2025

We have served as the Fund’s auditor since 2022.

See accompanying notes to the Consolidated Financial Statements.

See accompanying notes to the Consolidated Financial Statements.

See accompanying notes to the Consolidated Financial Statements.

See accompanying notes to the Consolidated Financial Statements.

See accompanying notes to the Consolidated Financial Statements.

See accompanying notes to the Consolidated Financial Statements.

See accompanying notes to the consolidated financial statements.

​1    Includes amortization of loan issuance costs, commitment fees, and interest expense.

See accompanying notes to the consolidated financial statements.

See accompanying notes to the consolidated financial statements.

See accompanying notes to the consolidated financial statements.