TPG’s T-POP Raises $73.1M as Evergreen Private Equity Fund’s NAV Tops $2.16 Billion

Sales were limited to three of the fund’s seven unit classes, and the accrued performance participation allocation charged against NAV reached $34.3 million.

October 23, 2026

TPG Private Equity Opportunities, L.P., the evergreen private equity fund known as T-POP, sold $73.1 million of limited partnership units on October 1 and reported a transactional net asset value of $2.16 billion as of September 30.

The sale was spread across three classes:

• Class I: 1,373,801 units for $49.3 million
• Class S: 670,556 units for $23.8 million
• Class F: 1,052 units for $40,000, sold to employees of affiliates of the general partner, TPG Private Equity Opportunities GenPar, L.P.

No units were sold in the R-I, R-S, R-D or D classes.

The units were issued in the fund's continuous private offering under Section 4(a)(2) of the Securities Act and Regulation D. Of the units sold, 627,786 Class I units and all 1,052 Class F units went to TPG Private Equity Opportunities (TE), L.P., the feeder vehicle for tax-exempt and non-U.S. investors, which issued its own feeder-class units to third parties.

The fund, the feeder and parallel entities invest substantially all of their assets through T-POP US Aggregator (CYM), L.P. Across that broader T-POP Fund Complex, interests totaling about $103.2 million were issued on October 1.

Portfolio and Accruals

The fund's investment in the Aggregator was carried at $2.20 billion against a cost of $1.72 billion, alongside cash of $3.0 million and other assets of $714,000. Deductions included an accrued performance participation allocation of $34.3 million, a management fee payable of $1.7 million, servicing fees payable of $533,000 and other liabilities of $536,000.

Transactional NAV of $2.16 billion was spread across 60.2 million units in seven classes. Class F, the employee class, carried the highest per-unit value at $38.01. Class R-I units were valued at $35.93 and Class I at $35.87, while the four classes subject to servicing fees (R-S, S, R-D and D) ranged from $35.46 to $35.81. The Class I figure excludes expenses and other net assets and liabilities specific to the TE feeder.

Transactional NAV sets the price at which units are bought and sold and can differ from NAV under GAAP. Certain contingent tax liabilities may be left out of it when the general partner reasonably expects them not to be recognized on divestment of the underlying investment.

Two months earlier, the fund reported transactional NAV of roughly $1.87 billion as of July 31, alongside an $82.6 million unit sale on August 1.