TPG’s Evergreen Private Equity Fund Draws $82.6M as NAV Tops $1.86 Billion

Subscriptions were confined to three of the fund’s seven unit classes, while a $19.5 million accrued performance participation allocation shows carry building against the underlying portfolio.

August 25, 2026

TPG Private Equity Opportunities, L.P., the Fort Worth-based evergreen private equity vehicle known as T-POP, sold $82.6 million of unregistered limited partnership units on August 1 and reported a transactional net asset value of roughly $1.87 billion as of July 31.

The subscriptions were confined to three of the fund’s seven classes:

• Class I — 1,890,774 units for $64.2 million
• Class S — 543,688 units for $18.3 million
• Class F — 5,616 units for $200,000, sold to employees of affiliates of the general partner, TPG Private Equity Opportunities GenPar, L.P.

Nothing was placed in the R-I, R-S, R-D or D classes, which together hold the majority of units outstanding.

The units were issued under Section 4(a)(2) of the Securities Act and Regulation D. Of the Class I units sold, 646,782 went to TPG Private Equity Opportunities (TE), L.P., the feeder built for tax-exempt and non-U.S. investors, against that entity’s own issuance of feeder-class interests to third parties. Across the wider T-POP Fund Complex, which pairs the fund and the feeder with parallel entities all channeling capital into T-POP US Aggregator (CYM), L.P., interests totaling roughly $89.7 million were issued the same day.

Where the NAV Sits

The fund’s stake in the Aggregator was carried at $1.888 billion against a cost of $1.544 billion. Deducted against that were an accrued performance participation allocation of $19.5 million, a management fee payable of $1.4 million, servicing fees of $471,000 and other liabilities of $260,000, leaving transactional NAV of $1.867 billion across 54.9 million units.

Per-unit values ran from $33.60 for Class S to $35.61 for Class F. The spread among the institutional and advisory tiers tracks the fund’s own footnote that servicing fees apply only to the R-S, S, R-D and D classes, each of which prices below its I-class counterpart. Class F, the employee class, sits above every other class, though the filing does not break out what drives the gap.

A Price That Is Not the GAAP Number

Transactional NAV is the price at which units change hands, and the fund is explicit that it can diverge from a figure struck under U.S. accounting standards. Organizational and offering costs advanced by the investment manager began amortizing against it over 60 months in June, and certain contingent tax liabilities may be left out altogether where the general partner expects them not to crystallize on divestment.

The August sale continues a monthly cadence of subscription and valuation disclosure from one of the larger evergreen private equity vehicles aimed at the wealth channel. T-POP last drew coverage for a $99.2 million sale on June 1 and a transactional NAV near $1.62 billion at the end of May.