TPG’s Evergreen Private Equity Fund Lines Up $125 Million Wells Fargo Revolver

Leverage headroom under the facility steps up only once the portfolio clears 70 holdings and $4.5 billion in adjusted value, a bar set well above where the fund stands today.

September 2, 2026

TPG Private Equity Opportunities, L.P., the Fort Worth-based evergreen private equity vehicle known as T-POP, has arranged a $125 million revolving credit and letter-of-credit facility, giving the fund a borrowing line sized off the value of its underlying holdings rather than off investor commitments. The agreement took effect August 26.

The borrower is T-POP Finance Holdings, LLC, an indirect subsidiary of T-POP US Aggregator (CYM), L.P., the entity through which the fund conducts its investment activities. Wells Fargo Bank serves as administrative agent and lead arranger, joined by additional lenders and letter-of-credit issuers. The facility matures August 25, 2027, with a 364-day extension option that requires sign-off from the administrative agent and the extending lenders.

Where the Leverage Ceiling Sits

Capacity is governed by loan-to-value tests measured against the adjusted net asset values of eligible investments plus certain other specified items:

• Incurrence test — new loans and letters of credit cannot be taken on above a 15 percent loan-to-value ratio
• Maintenance ceiling — 25 percent, rising to 30 percent once the borrower holds at least 70 eligible investments and aggregate adjusted NAV of portfolio investments clears $4.5 billion

That $4.5 billion trigger sits well above the roughly $1.87 billion transactional NAV the fund last reported. Commitments themselves can be raised on either a permanent or a temporary basis by agreement with the lead arranger and the increasing lenders.

Pricing and Collateral

Dollar borrowings price at the borrower’s election off one-month term SOFR plus 300 basis points, daily simple SOFR plus 300 basis points, or a base rate plus 200 basis points. A continuing cash sweep period or an event of default can push those rates up by as much as 250 basis points in aggregate. The borrower also carries closing, arrangement, administration and unused fees.

Collateral consists of the distributions the borrower receives from its investments together with the equity interests in certain of its indirect subsidiaries. The obligations are non-recourse to T-POP, which places the leverage at the asset-holding level rather than at the fund that investors subscribe into.

Built for a Bigger Portfolio

For a vehicle that has been closing monthly subscriptions and deploying continuously, the structure supplies two things a capital-call line would not: liquidity secured against portfolio value as that value builds, and dedicated letter-of-credit capacity for backing commitments. The tenor is short by design, and the covenant architecture reads as forward-looking, with the wider leverage allowance held in reserve for a portfolio several times the fund’s present size and diversified across at least 70 positions.

Matt White, the fund’s chief financial officer, signed the report on September 1.