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TPG Private Markets Fund

DE
Tender-offer fundK-1
Peers (…)All funds
Compared against all funds.
1Y return
+28.7%
98th pctile · ahead of most peersas of 2026-06-09
Since inception
+28.5%
annualized, as reported
Distribution rate
not stated in filings
exceeds net investment income
Net assets
$414.7M
as of 2026-06-09
Net expenses
0.63%
2th pctile · cheaper than median
Repurchase
5% quarterly (recommended by the Adviser, subject to Board discretion)
1 of 293 peers match
Level 3
0%
1th pctile · less model-priced than peers
Last offer
no offer yet
1 offer on record · never prorated
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 0.35% management fee)0.63%
Class F investors pay 0.35% to the manager plus fund operating costs contractually capped at 0.28%, which totals 0.63% a year. There is no borrowing and no fund-level performance fee. The underlying private equity vehicles charge a further 1.17%. Without the cap the period cost would have been 1.13%. Class A pays 1.63% plus a 3.50% sales charge.
Sales loadnone
Total drag per year0.63%
This is the cost for class F (cheapest class; Class A is the most expensive at 1.63% plus a 3.50% sales charge).
Based on Annual report for the period October 1, 2025 (commencement of operations) to March 31, 2026; the fund states its expense ratios are already annualized.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (The Fund itself charges no incentive fee; the 0.35% management fee is separate from the asset-based fees and incentive fees paid in respect of the Investment Interests to TPG or other private equity managers and indirectly borne by investors.) apply only to returns earned. Acquired fund fees of 1.17% are charged inside the funds this fund invests in and are already reflected in reported returns, so they are not part of drag. Net expenses reflect a fee waiver expiring August 8, 2027; the gross ratio is 1.13%. How this is calculated
Against all funds
Total drag
3th pctile · cheaper than most
1Y return
98th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Annual report for the period October 1, 2025 (commencement of operations) to March 31, 2026; the fund states its expense ratios are already annualized, so no further annualization applied. Figure is the Class F net expense ratio, cross-checked against the July 29, 2026 prospectus estimate of 1.80% total after reimbursement less 1.17% acquired fund fees, which equals 0.63%..
Open the filing on sec.gov (0001580642-26-003681)
Size and leverage
Net assets$414.7M?
Borrowings$0?
Leveragedebt to equity0.00x?
Investments held30?
Started2025-10-01?
What the manager charges
Management feeof net assets0.35%?
Expense cap0.28%?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersquarterly (recommended by the Adviser, subject to Board discretion)?
Share of the fund offered5.00%?
Notice required7 days?
Early repurchase fee2.00%?
Last offer filled in fullYes?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
Funded by borrowing0.00%?
What it holds
Largest position16.12%?
Top ten91.42%?
Priced by the managerno market price available0.00%?
MostlyTechnology (52% of invested exposure)?
Who is involved
AdviseriCapital Fund Advisors LLC?
AuditorPricewaterhouseCoopers LLP?
Valuedmonthly?
Independent valuation agentNo?
Deals with affiliatesYes?
Share classes
ClassOngoing feeEntry chargeExpense ratioMinimum
Class A1.00%3.50%1.63%$10,000
Class I0.30%0.00%0.93%$10,000
Class F0.00%0.00%0.63%$10,000
Also worth knowing
  • Unfunded commitments to Direct Access Investments: 185,538,718 USD (Equal to 45% of net assets and callable at irregular intervals, which constrains how much cash can be returned through quarterly repurchases and drives the need for cash reserves or a credit line.)
  • Share of return attributable to seeded assets transferred at cost: 53 % of total performance (Roughly half of the 28.7% first-period return came from marking up investments TPG had warehoused and sold to the fund at cost, so the reported track record is not a repeatable measure of investment skill.)
  • Expense cap expiry and recoupable amount: 0.28% cap runs to September 10, 2027; $595,578 waived and recoupable through March 31, 2029 (If the cap is not extended, the Class F ratio could move from 0.63% toward the 1.13% gross level, and past waivers can be clawed back up to the cap, which limits any future fall in cost.)
  • Concentration in seven TPG special purpose vehicles: 91.42% of net assets in 7 T-POP Investment Holdings partnerships (All private exposure runs through vehicles managed by a single sponsor with positions from 10.5% to 16.1% of net assets, so manager and valuation risk is undiversified.)
  • Class F eligibility requirement: Available only through an RIA that has committed $1 billion or greater in assets to the Fund (The 0.63% headline cost is not available to most buyers; ordinary investors face 0.93% for Class I or 1.63% plus a 3.50% load for Class A.)
  • Class A cost recovery hurdle: 3.76 % total return needed to recover load and offering expenses (Quantifies the upfront drag on Class A buyers before any return accrues to them.)
  • Subscriptions received in advance: 85,827,300 USD (Money already committed but not yet issued as shares, equal to 21% of net assets, signals continuing rapid inflows that will dilute existing holders' share of the seeded portfolio.)
  • Portfolio turnover and cash position: 0% turnover; 8.53% in a money market fund plus $86.1 million of cash (Nothing was sold in the first period and a meaningful share of assets sits in cash, which dampens returns while capital is deployed and while unfunded commitments remain.)
Fees
Management fee0.35%
Incentive feechanged · Jun 2026
The Fund itself charges no incentive fee; the 0.35% management fee is separate from the asset-based fees and incentive fees paid in respect of the Investment Interests to TPG or other private equity managers and indirectly borne by investors.
Sales load0%
Acquired fund fees and expenses1.17%
Interest on borrowings0%
Incentive fees accrued0%
Total annual expenses, gross1.13%
Waiver expireschanged · Jul 2026August 8, 2027
Liquidity terms
Repurchase frequencyvaries across filingsquarterly
Repurchase percentage of shares outstandingunchanged, 2 filings5%
Early repurchase feeunchanged, 6 filings2%
Notice period, daysunchanged, 2 filings60
Minimum investmentunchanged, 5 filings$10,000
Valuation
Fair value determined byunchanged, 4 filingsAdviser as valuation designee
Valuation frequencyvaries across filingsmonthly
Structure
Legal structurevaries across filings
Delaware statutory trust, non-diversified, closed-end management investment company
Share classesvaries across filingsClass A, Class I, Class F
Leverage limitvaries across filingsup to the regulatory limit
Feeder structure
The Fund intends to allocate at least 80% of its net assets plus any borrowings for investment purposes to private equity Investment Interests sponsored or managed by TPG
Tax reporting formunchanged, 4 filingsK-1
Stated benchmarkMSCI All Country World Index (ACWI)
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.