TPG Private Markets Fund

TPG Private Markets Fund: Institutional Private Equity Access in an Evergreen Structure

The TPG Private Markets Fund (TPM) is a fundamentally different way that accredited investors can participate in one of the premier alternative asset platforms in the world. The fund is affiliated with TPG Inc., one of the largest alternative asset fund managers in the world with $303 billion of assets under management and 30 years of private equity investment experience. The fund enables investors to acquire a single position in a portfolio of investments that will be acquired directly by TPG and invested alongside of TPG’s institutional private equity funds. These institutional funds offer access to some of the most compelling private equity investment opportunities in the world, while being burdened by capital calls, the vagaries of the “J-curve” and the complexity of K-1 tax reporting. The TPM seeks to alleviate the operational and structural challenges of investing in private equity and leverage the proven track record that TPG has established since 1992.

Investment Strategy

TPM invests in 100% co-investments on a deal-by-deal basis, paralleling the investments made to TPG’s private equity funds. The fund seeks to invest at least 80% of its net assets in Direct Access Investments and other private equity investment interests in the form of buyout, growth equity and secondary investments across the spectrum of opportunities identified by TPG Operating Group and Angelo, Gordon & Co. These include (i) buyout opportunities in mature businesses where TPG can implement operational and cost improvements to generate growth and incremental value, (ii) growth equity opportunities in high growth companies with significant opportunity for scale, and (iii) secondary transactions providing portfolio diversification by vintage and immediate exposure to private equity. Key focus sectors for the fund will include healthcare, technology, consumer, business services and energy transition, where TPG has substantial expertise and an established network of relationships, enabling access to a broad range of investment opportunities in North America, Asia and Europe. The balance of the portfolio will be used to manage liquidity to meet the quarterly redemption requirements.

• Direct access to TPG's $303 billion alternative asset management platform through a single, perpetual commitment vehicle
• 100% co-investment model alongside TPG's institutional private equity funds, providing deal-level alignment without layered fund-of-funds economics at the TPM level
• No J-curve effect — Direct Access Investments enable immediate portfolio exposure from the point of subscription, unlike traditional blind-pool fund commitments
• Low $25,000 minimum investment opens institutional-caliber private equity to a broader accredited investor base
• 1099 tax reporting eliminates the K-1 complexity and delayed filing timelines associated with traditional limited partnership structures
• Multi-strategy diversification across buyout, growth equity, and secondaries spanning five high-conviction sectors
• TPG's 33+ years of private equity experience, with over 1,800 employees including 650+ investment and operations professionals across 34 global offices
• Registered under the Investment Company Act of 1940, providing SEC-level regulatory oversight and transparency requirements

Fund Structure & Access

TPG Private Markets Fund is a Delaware Statutory Trust operating as a tender offer fund registered under the Securities Act of 1933 and the Investment Company Act of 1940. The semi-liquid, evergreen structure features monthly subscription windows and quarterly redemption opportunities, providing a level of monthly liquidity and quarterly redemption that is unprecedented in traditional private equity. The fund has three share classes: Class A shares feature an upfront sales load of up to 3.50% of the committed investment amount, which may be waived; Class I shares are for institutional investors; and the Founder’s Share Class is available to founding investors. The fund is advised by iCapital Fund Advisors LLC. The portfolio is managed by Nick Veronis, Co-Founder and Managing Partner of iCapital and Head of Registered Fund Portfolio Management, along with Co-Portfolio Manager Jonathan Meltzer. The fund is distributed by iCapital Markets LLC through the iCapital Marketplace. The administrator of the fund is Ultimus Fund Services and legal counsel is provided by Dechert LLP. The TPG Private Markets Fund does not have an incentive fee at the fund level, but investors should note that they will pay the TPG private fund fees on the underlying investments through the investment interests. The fund is available only to accredited investors and the fund has a monthly NAV calculation.

Performance & Track Record

The prospectus for the new fund, TPG Private Markets Fund, was filed in March 2025. While there is no historical track record for this fund, the investment strategy is underpinned by the firm of TPG Inc. which is an institutional firm with a long history of investing, and is one of the largest alternative asset managers in the world. Founded in 1992 by David Bonderman and Jim Coulter, the firm manages $303 billion of assets (as of December 31, 2025), including private equity, credit, real estate and impact investments. It has a portfolio of 300 “active” companies, 300 real estate properties and 5,000 debt positions, across 30 countries. The firm’s private equity business has a long history of investing in a variety of situations over a long period and across market cycles. The firm’s 2022 IPO on the Nasdaq gave a window into how the firm operates and its financials. A co-investment arrangement is proposed, which means that participants in TPM will be investing in the same opportunities that TPG shares with its institutional LPs. The expectation is that the institutional LPs will not change the terms, and therefore TPM investors will have full benefit of the firm’s expertise in sourcing deals, underwriting companies and running portfolios.

The launch of the TPG Private Markets Fund represents another step in a broader industry movement to allow individual accredited investors to participate more directly in private equity market trends that have been historically dominated by institutional players. Institutional investors have long benefited from the illiquidity premium and diversification benefits offered by private equity. The challenge has been designing a product that allows wealth management to participate while not compromising the investment merits. TPM achieves this by giving investors access to the same TPG institutional-level deal flow as co-investors, rather than developing a separate portfolio of investment opportunities. We believe that this approach, when combined with the 1099 tax reporting, the “j-curve” effect is eliminated, there are monthly subscription options and a $25,000 minimum, creates a high value addition to the investors’ portfolios. We encourage prospective investors to review the information disclosed in the fund’s N-2 and consider the potential risks, including the fact that the fund invests in illiquid securities, there are limited redemption periods and the overall fee structure.