TPG Private Equity Opportunities (T-POP): NAV, Fees, Redemptions

What T-POP is, and three things the filings do not say

TPG's own description is that T-POP provides “a pure play private equity alternative” built on its twelve private equity strategies. The legal form is plainer. The 10-K says T-POP is a “Delaware limited partnership formed on August 30, 2024 as a private fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940.” It is a perpetual-life vehicle that takes monthly subscriptions and runs a quarterly redemption program, and it invests through a master entity, T-POP US Aggregator (CYM), L.P., alongside a tax-exempt and non-U.S. feeder (TPG Private Equity Opportunities (TE), L.P.) and a parallel entity. The Fund held 80.2% of the Aggregator at June 30, 2026 (Form 10-Q, accession 0002050260-26-000042). The whole group is what the filings call the T-POP Fund Complex.

Three assumptions that come up in searches, and what the filings say:

• It is not a BDC. It has no 1940 Act registration of any kind. TPG's non-traded BDC is a different product, TPG Twin Brook, which is in our non-traded BDC list. T-POP has no prospectus and has filed no 424B3: it sells under Regulation D.
• It is not open to anyone with a brokerage account. The Form 10 says the offering is to investors who are “both (i) accredited investors” and “(ii) qualified purchasers,” the second a higher bar than accredited status. The Form D/A (accession 0002050260-26-000043) claims Rule 506(b) and Section 3(c)(7) and names Merrill Lynch, Morgan Stanley Smith Barney and iCapital Markets as selling agents. It lists 3,615 investors and $892.6 million sold at the time of the amendment, a figure we cannot reconcile to the 8-K sums below, and a minimum investment of $0 that is a form default: the real minimum sits in the private placement memorandum, which is not on EDGAR.
• There is no “expense support” agreement. What exists instead is an advance: the manager paid organizational and offering costs for the first year and T-POP reimburses it over 60 months. That is on the fee table below.

How T-POP compares in shape with the other evergreen private equity vehicles is in our guide to investing in private equity and, for the closest wrapper, KKR's K-PEC and Blackstone's BXPE. This page covers what is specific to T-POP.

Seven classes, and the cheap ones have stopped selling

T-POP has seven unit classes. Four letters (S, D, I, F) are the standard classes; the three “R” classes (R-S, R-D, R-I) carry a lower management fee for their first years and, on our reading of the 8-Ks, were the only investor classes sold from launch through the May 1, 2026 sale. From the June 1, 2026 sale the 8-Ks list only Classes I, S, D and F. What each costs, from the 10-K, the Form 10 and the 10-Q (the Form 10 prints its subscription-fee table flattened, so we read the groups in column order; servicing fees are checked against the 10-Q):

Two details change what the table means. First, the “R” discount is not permanent: the 1.00% runs for 36 months after the six-month anniversary of the June 2, 2025 Initial Closing, that is until about December 2, 2028 (our arithmetic), and then moves to 1.25%. That 1.00% is the 25 basis point reduction the manager gave investors who came in during the first year. Second, the discount classes are half the fund: Classes R-I, R-S and R-D held $974.0 million, 48.9% of the $1,992.5 million NAV at August 31, 2026 (our sum), and the fee-free Class F another $211.1 million, 10.6%. In the second quarter of 2026 the 10-Q's unit table shows 19,724,623 Class R-I units leaving that class, with 15,645,028 added to Class I and 3,965,781 to Class F, and does not say why, so we do not know the fee effect on the holders who moved.

The management fee was waived for the first six months after the Initial Closing, and the manager may take it in cash or in units. The 10-K says that if the fee is paid in units, those units may be redeemed at the manager's request. A 0.10% a year maintenance fee, paid in cash, sits on top of all of this (10-K, accession 0002050260-26-000011). One term works for the investor: the 10-K offsets the management fee by 100% of the Fund's share of fee income the manager or its affiliates earn from portfolio companies and of fees paid on investments in other TPG funds.

Money in: $1.75 billion in 16 months, $99 million of it TPG's own

The 8-K Item 3.02 for each month's sale gives the dollars by class. The first sale, on June 2, 2025, was $316.1 million, of which $99.0 million were Class F units bought by TPG Operating Group II and its subsidiaries, 31.3% of the day-one money and 5.6% of everything sold since (our arithmetic). From October 2025 the filings also state the total issued by the whole Fund Complex, which is larger because it includes the parallel entity.

The January 2026 Class F purchase of $8.3 million by the General Partner is not new cash from outside: it is the units issued to settle half of the 2025 performance allocation (see fees). Excluding the first day, the Fund sold an average of $95.9 million a month over the next 15 (our arithmetic), from a low of $78.8 million (May 2026) to a high of $132.6 million (March 2026). The latest quarter, July-September 2026, was $269.8 million against $300.9 million a year earlier, 10.3% less. The September 1 sale of $102.8 million was 24.4% above August's. The 10-Q counts $592.4 million of subscriptions in the first half of 2026; the 8-K sums for January-June are $589.8 million (our sum), so the two sources are within 0.5%.

One more cross-check: the NAV is $341.2 million above the dollars sold through the August 1 sale ($1,992.5 million against $1,651.3 million, our arithmetic), 17.1% of NAV. Most of that is valuation gain, net of fees and costs, that has not been paid out as cash. The Aggregator's own first-half 2026 results show $27.98 million of realized gains against $240.83 million of unrealized gains (10-Q), so about 10% of the gain was realized (our arithmetic).

NAV by class: $25.00 to $34.71, and the stake is 24% above cost

The monthly 8-K gives a Transactional NAV per unit for each class, about three and a half weeks after month end (the August 31 figure came on September 24). The table is every month since launch. “Aggregator stake” is the fair value of T-POP's investment in the master entity divided by its cost, from the same exhibit (available from the October 31, 2025 exhibit, when the 8-Ks began reporting the stake in the Aggregator).

Class R-I is 38.8% above its $25.00 issue price, Class R-S 37.4% and Class F 46.1% (our arithmetic). Class F is 5.2% above R-I at August 31, 2026 because it pays no management fee, performance allocation or servicing fee. Since December 31, 2025 R-I has gained 12.8% in eight months. The company states annualized inception-to-date returns of 34.33% for R-I and 33.18% for R-S at June 30, 2026 (10-Q), and the returns it showed at earlier dates were not annualized: 12.13% at September 30, 2025 and 23.14% at December 31, 2025 (Form 10-Q accession 0002050260-25-000091 and 10-K).

Three features of that path matter for a buyer.

It is marks, not cash. The Aggregator stake was valued at 1.109 times cost in October 2025, 1.180 in December, 1.255 in June 2026 and 1.242 at August 31, 2026 (our arithmetic). The 10-Q says how new purchases are valued: “The Fund considers the Fund's recent purchase transaction value as a strong indicator of fair value,” and the Fund “may continue to carry the investment at its transaction value for the first several reporting periods following the purchase.” Almost all portfolio companies are Level III (unobservable inputs); the one exception in the June 30 schedule is a telecommunications position of $75.4 million, 3.3% of net assets, valued at a quoted price. The rest are valued by the Fund with an independent valuation advisor, and the 10-K requires Independent Director approval only for a value outside the advisor's range. The 10-K flags the conflict in its own heading: “Control over valuations that determine fees and performance allocations creates incentives to overstate asset values, with no retroactive adjustment if valuations prove inaccurate.”

The steps come at half-year ends. The three biggest monthly gains were June 2025 (+5.24%), December 2025 (+5.81%) and June 2026 (+5.23%). The 10-Q says valuations are updated with “updated quarterly financials, where applicable,” which fits quarter-end jumps, but it does not say what drove these three. The two down months, February 2026 and July 2026, came after the December and June jumps. A buyer in a quiet month and a seller at a half-year end both transact at a price that moves in steps.

Two NAVs. The unit price is the Transactional NAV, and GAAP net assets are lower. At June 30, 2026, GAAP net assets were $1,785.5 million and Transactional NAV $1,808.3 million. The 10-Q reconciles the $22.8 million: $7.1 million of organization and offering expenses, which the Transactional NAV recognizes “ratably over 60 months beginning in June 2026,” and $15.7 million of servicing fees, which GAAP accrues “for the estimated life of the units at the time the Fund sells Class R-S and Class R-D Units” but the price takes monthly. At December 31, 2025 the effect was bigger for the R-S class: GAAP net assets of $369.4 million over 12,446,958 units are $29.67 a unit, 3.1% below the $30.63 Transactional NAV that buyers and sellers used (our arithmetic). The price is what you pay and receive; the GAAP figure is what the audited statements show.

Redemptions: two windows, about $0.95 million, all paid

The program, in the 10-K's words, “intends to offer to redeem in each quarter up to 5% of the Fund Complex’s units outstanding” by aggregate NAV as of the end of the prior quarter, at the quarter-end Transactional NAV. Offers began in the second full quarter after the Initial Closing. The 10-K reports that “no Units were redeemed under the Redemption Program” in 2025. Then:

The 10-Q's footnote says “All redemption requests were satisfied in full,” and that the average price “reflects the 5% early redemption deduction.” That checks: Class R-S NAV was $31.08 on March 31 and $34.10 on June 30, and 95% of those is $29.53 and $32.39. Nothing was redeemed in Classes R-I, R-D or F in the program in either window. Separately, 92,226 units of Classes R-I, F and I held by the feeder were retired in the first half of 2026 to pay the feeder's own expenses, $3.0 million (10-Q), which show up in the redemptions line of the financial statements but are not the program. The Aggregator's redemptions line, which covers every holder of Aggregator units, was $17.5 million in the first quarter and $6.3 million in the second. Against 5% of the Aggregator's net assets at the prior quarter-end ($72.4 million and $87.5 million, our arithmetic), that is at most 24.2% and 7.2% of the cap; the filings do not split that line between program redemptions and other items, so treat those as upper bounds.

What the rules say you give up:

• The 5% deduction hits everyone for now. Units “outstanding for fewer than two years” pay a deduction of 5% of NAV, “subject to certain exceptions,” which the filing does not list. The first units were issued on June 2, 2025, so none reaches two years before June 2, 2027 (our arithmetic). Today, selling is a 5% haircut on NAV, whatever the gain.
• The performance allocation is charged on the way out. The Form 10 says the General Partner is also allocated a performance allocation on redeemed units, and that “proceeds for any such Investor Unit repurchase will be reduced by the amount of any such Performance Participation Allocation.”
• Proration, notes and no carry-over. The Form 10 (February 2025, before launch) says that if not all units submitted are accepted, they are repurchased pro rata after requests tied to death, qualifying disability and divorce are filled first; that unsatisfied requests are not carried over and must be resubmitted next quarter; and that settlement “may be made in the form of a short-term promissory note.” It adds that the Fund intends to run the offers under Rule 13e-4, the tender-offer rule. The 10-K is shorter and does not restate these, so check the current private placement memorandum. On the numbers disclosed, no window has reached the cap.
• The Board can change it. The General Partner may suspend or modify the program for stated reasons, but a suspension or material change “requires approval of the Independent Directors” (the 10-K gives the reasons; three of the six directors are independent, per the October 24, 2025 8-K). The 10-K's own words on liquidity: “This means that T-POP will be more illiquid than certain other investment products or portfolios.”

Why so little has left: this is a 16-month-old fund with a 5% charge on every exit, a rising NAV and about $96 million a month of new money, so a seller pays 5% to leave while the price is going up. That describes the first year, not how the program behaves when NAV falls. The same test, on a longer record, for other vehicles is in our evergreen redemption comparison.

Fees: the performance allocation is the big one

The fixed fees are in the class table. The variable one is the Performance Participation Allocation: 12.5% of total return over a 5% annual hurdle, with a high-water mark and a 100% catch-up, measured by calendar year and accrued monthly. The Form 10 defines the hurdle as one that “results in a 5% annualized internal rate of return” and the catch-up as “100% of such Excess Profits until the total amount allocated to the General Partner equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to the General Partner pursuant to this clause.” In plain terms, once the fund clears the hurdle by enough, the General Partner takes about 12.5% of the whole gain, not only of the part above 5% (our reading of the waterfall). On the NAV path above, 2026 has cleared the hurdle by a wide margin (our reading).

The performance allocation recognized in the first half of 2026 is 5.3 times the management fee recognized in the same period (our arithmetic). The allocation accrues on NAV changes, which include unrealized gains, and is paid in cash or units, with the Class F issue in January 2026 as the first example. In a flat year it would shrink toward zero. Units paid to the General Partner “may be redeemed at the General Partner’s request” (10-Q), so they compete for the same 5% quarterly capacity as investors' units, without the early deduction (Form 10). The filings do not say whether the General Partner has asked for redemptions.

The fee-offset rule in the 10-K reduces the management fee by carried interest, management fees or incentive fees “paid or borne by the Fund in connection with the Fund’s investments in other TPG funds,” but excludes secondary investments in other TPG funds made as part of a portfolio transaction.

What it owns: 56 investments, with SpaceX and Anthropic in the top ten

T-POP's mandate is direct co-investments in deals by TPG's twelve strategies, GP-led secondaries, and “to a lesser extent” primary commitments to TPG and third-party funds, with up to 20% in debt and other securities. One line in the 10-K to read: unlike other TPG funds, T-POP's partnership agreement “does not impose a ‘duty to offer’ to the Registrant any potential investment opportunity,” and its participation in deals “is expected to be limited or curtailed to the extent required by the priority rights of such other TPG funds.”

Four names entered the top ten between March 31 and June 30, 2026 (SpaceX, Hologic, Anthropic, Sabre) and four left it (Conservice, Novotech, Aven Hospitality, Irth Solutions), our comparison of the lists. The filing classes SpaceX and Anthropic as Growth investments in “Technology - AI / Other Tech” and prints no dollar amount for either. The only holding with a named fair value is the first on the list, Creative Planning, classed under Financial Services in the schedule, at $134.1 million, 5.9% of net assets. The direct purchases were $653.8 million in 2025 and $592.2 million in the first half of 2026.

At June 30, 2026 the Fund Complex's investments of $2,021.9 million were 88.7% of net assets by the schedule's own measure (cash of $256.6 million is 11.2% of the Aggregator's $2,281.5 million of net assets, our arithmetic):

By sector, the portfolio companies were led by software and services (22.8% of net assets), health care equipment and services (8.3%) and financial services (8.2%, mostly Creative Planning), with media and entertainment and utilities at 4.4% each. North America was 75.6% of cost (our arithmetic). The key commitment number is not in the holdings table: the Aggregator had unfunded commitments of $255.0 million to affiliated investee funds at June 30, 2026 (it was $237.4 million at December 31, 2025) and none to portfolio companies (it was $82.2 million). Money-market funds of $256.6 million are about the size of those commitments. Third-party and TPG-fund investments together are 23.1% of net assets (our sum); in that part of the portfolio T-POP bears the underlying funds' own fees on top of its own, and only the fees on TPG funds are offset against the management fee.

Leverage and credit lines: nothing drawn, two new lines in a year

The 10-K sets a “Leverage Guideline”: recourse borrowing, net of cash, not above 30%. Investment-level debt in the companies it owns is excluded. At December 31, 2025 and June 30, 2026 nothing was borrowed. The Fund Complex has two credit lines, both signed in August:

The revolver is the notable change. The 8-K does not say it replaces the TPG line, which was due to expire the same day, and nothing was drawn at June 30, 2026 (the latest balance sheet). The affiliate line carves out redemptions: after a repayment event the borrowers must apply excess cash to repay TPG, but may still “make payments to fulfill any repurchase requests pursuant to the Fund’s share redemption program.” With a $125 million facility against $1.99 billion of NAV, the revolver is about 6% of NAV (our arithmetic): a liquidity tool, not a leverage strategy, for now.

Distributions: none, and the reason

The 10-K: “The Fund does not expect to make distributions on a regular basis and has not established a minimum distribution payment level.” It plans to “primarily redeploy any proceeds or current income generated from Investments, into additional Investments.” There is an opt-out distribution reinvestment plan, so any distribution would be reinvested unless a holder elects cash. All of a holder's return is the change in NAV per unit, less the 5% deduction if sold early. The 10-K also warns that “there may be delays in distributing important tax information to investors (including the distribution of U.S. Schedule K-1s or their equivalent)”; a unit in a partnership can mean a K-1 and an extension for the first return (see K-1 vs 1099-DIV).

Who runs it, and the last 60 days

The General Partner is TPG Private Equity Opportunities GenPar, L.P. and the Management Company is T-POP Management Company, LLC, both TPG affiliates. The 10-K lists the management team, and the October 24, 2025 8-K puts the Board at six directors, three of them independent. On September 6, 2026 the General Partner appointed Jack Weingart, already Chief Executive Officer, as Chairperson; the previous Chairperson, Todd Sisitsky, resigned from the role and from the Board the same day (8-K accession 0002050260-26-000051). Limited partners cannot nominate or vote for directors (10-K).

On past timing, the September 30 NAV 8-K should appear in the last week of October (last year's came on October 27) and the third-quarter 10-Q about mid-November (last year's on November 13), and it will carry the first redemption window to include the September 30 redemption date.

What a holder can do with this

• If you hold and want out: the window with the September 30, 2026 redemption date has closed and its result will be in the November 10-Q. The next redemption date is December 31, 2026. The 10-Q tables list January and April as the periods for the March 31 and June 30 redemptions, which suggests requests are made in the first month of the quarter (our reading), so a request for December 31 would fall in October; confirm the deadline in the private placement memorandum or with your adviser, because the filings do not state it. The price is the Transactional NAV for that date, less 5% on every unit held under two years, with the performance allocation applied to the units sold.
• If you are weighing an add or a first purchase: check the price you will pay is the Transactional NAV, which already includes a 38.8% rise since the issue price, with a stake valued 24.2% over cost; none of the gain has been paid in cash. The case for is a transparent monthly NAV, no leverage so far, a redemption plan that has met all requests, and a performance allocation that only pays above a 5% hurdle. The case against is a 16-month record, a 5% exit cost through June 2027, valuations controlled by the manager that earns on them, and no income.
• If you are choosing a class: the R classes at 1.00% management fee were sold only until May 2026; new buyers get Classes I, S or D at 1.25%. Class S adds 0.85% a year of servicing fee and an upfront fee of up to 3.5% charged through the intermediary, so S costs 2.20% a year in standing fees against 1.35% for Class I (our sums).
• What would change the picture (our thresholds, not the company's): a redemption window above 1% of Fund NAV, a monthly sales figure below $50 million, a drawdown on the revolver to meet redemptions, or a change to the program announced in an 8-K Item 8.01. Each would show up in the monthly 8-Ks or the quarterly 10-Q.
• What to read next: the September 30 NAV 8-K in late October, the November 10-Q with the September 30 redemption result, and the first-quarter 2027 filings that will show how the 2026 performance allocation is settled.

FAQ

All figures are from SEC filings of TPG Private Equity Opportunities, L.P. (CIK 2050260) read on EDGAR on October 9, 2026: Form 10-K for 2025 (accession 0002050260-26-000011, filed March 23, 2026), Forms 10-Q for March 31, 2026 (0002050260-26-000026), June 30, 2026 (0002050260-26-000042) and September 30, 2025 (0002050260-25-000091), Amendment No. 1 to the Form 10 (0002050260-25-000008), Form D and D/A (0002050260-25-000052, 0002050260-26-000043), and the monthly Form 8-Ks of June 2025 to September 2026 for unit sales (Item 3.02), NAV (Item 8.01), credit lines (Item 1.01 and 2.03) and the board change (Item 5.02), with accession numbers in the tables and the dataset. Cumulative sales, month-on-month changes, ratios of fair value to cost, percentages of NAV, redemption dollars (units times average price paid) and caps (5% of Aggregator net assets) are our arithmetic. The Form D/A total and the Aggregator redemption line cannot be reconciled to the 8-K figures from the filings alone. This is analysis of public documents, not investment, legal or tax advice.