First, .NET do not support PEM format with private key. But if such format is presented the following outcome is defined:
1) if certificate header/footer is first in the file, .NET will ignore the rest content of the file (e.g. private key information) and creates valid X509Certificate2
object without private key (because PKCS#1 and PKCS#8 keys are not supported by CryptoAPI functions which are called by a X509Certificate2
constructor. Though, there are functions to work with PKCS#1).
2) if private key header/footer is first in the file, .NET will raise exception about invalid certificate.
p.s. this combination is possible only when Base64 encoding is used and each section uses header and footer (e.g. -----BEGIN CERTIFICATE-----
and -----END CERTIFICATE-----
). It is impossible to combine them in binary form without using PKCS#12 container.
update: if you want to test it yourself, here is an example of such PEM file:
-----BEGIN CERTIFICATE-----
MIIEIDCCA+CgAwIBAgIUHSle8379VhDdbksPu2S6q+CkCMQwCQYHKoZIzjgEAzAjMSEwHwYDVQQD
ExhUb2tlbiBTaWduaW5nIFB1YmxpYyBLZXkwHhcNMTMwNzAzMTkzNDIzWhcNMTMwNzEwMTkzNDIz
WjAtMSswKQYDVQQDHiIAYgBiADEANAAxADkAYQAyAGMAZgBjADEAZQAwADAAOAAAMIGfMA0GCSqG
SIb3DQEBAQUAA4GNADCBiQKBgQDbU9p4AwJy2RZxHYMXKalKv6K6cwrUB2RnFHZbelPgggfJyIZm
kL5pbB7u6tFYCBiNcMR6t8ItfVsi9iL33Uuluov7YZ3DPjRAVx4MZqXN3YR9bhzmOZpMgzKNxzoR
Kdhxy3qWYFAKdYZ9P1ln+9aUGJE3f1MuM7OPg1vWFUZ2VwIDAQABo4ICoDCCApwwDgYDVR0PAQH/
BAQDAgWgMBMGA1UdJQQMMAoGCCsGAQUFBwMCMIIB/wYDVR0gBIIB9jCCAfIwggHuBgorBgEEAYI3
MwMCMIIB3jCCAdoGCCsGAQUFBwICMIIBzB6CAcgATQBpAGMAcgBvAHMAbwBmAHQAIABkAG8AZQBz
ACAAbgBvAHQAIAB3AGEAcgByAGEAbgB0ACAAbwByACAAYwBsAGEAaQBtACAAdABoAGEAdAAgAHQA
aABlACAAaQBuAGYAbwByAG0AYQB0AGkAbwBuACAAZABpAHMAcABsAGEAeQBlAGQAIABpAG4AIAB0
AGgAaQBzACAAYwBlAHIAdABpAGYAaQBjAGEAdABlACAAaQBzACAAYwB1AHIAcgBlAG4AdAAgAG8A
cgAgAGEAYwBjAHUAcgBhAHQAZQAsACAAbgBvAHIAIABkAG8AZQBzACAAaQB0ACAAbQBhAGsAZQAg
AGEAbgB5ACAAZgBvAHIAbQBhAGwAIABzAHQAYQB0AGUAbQBlAG4AdABzACAAYQBiAG8AdQB0ACAA
dABoAGUAIABxAHUAYQBsAGkAdAB5ACAAbwByACAAcwBhAGYAZQB0AHkAIABvAGYAIABkAGEAdABh
ACAAcwBpAGcAbgBlAGQAIAB3AGkAdABoACAAdABoAGUAIABjAG8AcgByAGUAcwBwAG8AbgBkAGkA
bgBnACAAcAByAGkAdgBhAHQAZQAgAGsAZQB5AC4wUwYDVR0jBEwwSoAUaISoloVlkV/P4JGkgUGj
gzjrVSChJ6QlMCMxITAfBgNVBAMTGFRva2VuIFNpZ25pbmcgUHVibGljIEtleYIJAKs+FSwkyech
MB0GA1UdDgQWBBQQOhVxyI6GdpyHsij3PQU1ep0k7DAJBgcqhkjOOAQDAy8AMCwCFAPO2/xwhf37
xELxJhiMFEGvQXmgAhRNgAk/L2YWq1SlQ7Ax/XH5c8Ep0w==
-----END CERTIFICATE-----
-----BEGIN PRIVATE KEY-----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-----END PRIVATE KEY-----
when you instantiate an X509Certificate2
object from this file, the call will succeed. Swap sections and you will see exception about invalid format.