Major problem in compositing with particles is that they can't take a holdout material assignment.
Ie. Software particles can not be held out from hardware renders and vice verse.
Nor, software from software or hardware from hardware.
Must test this. best you can do is assign black material and use a luminance matte in the comp. Or. assign instanced geometry to particles that same shape as particles ... bobbies with Matte Opacity -> Solid Matte = 0