TPG Private Markets Fund

Providing access to TPG’s private equity investments.

About

TPG Private Markets Fund (“TPM” or the “Fund”) offers access to private equity investments through a perpetual, semi-liquid format.

Private Equity Exposure

Easy-to-use Structure

Cost Efficient

Access to TPG's Private Equity Investments

TPG is a global investment firm with a 32-year history rooted in insights, engagement, and creative problem solving. TPG strives to take a hands-on approach to private equity investing, leveraging deep expertise and operational engagement, and allowing them to work towards company transformation through strategic improvements.²

TPG strategies accessible to the TPG Private Markets Fund include: healthcare, technology, consumer, business services, and energy transition.³

TPG’s business approach includes:

Strategic orientation towards attractive global economic sectors that typically would benefit secular growth
Sector expertise to invest behind high-conviction themes and ideas that we believe are shaping the future
Partner connectivity to unlock investment opportunities
Hands-on operational approach to strive for portfolio company growth
Disciplined investment approach to drive resilience across economic cycles

Direct Access to TPG's Expertise

What is Private Equity?

Why Allocate to Alternatives?

Performance

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Total Return YTD

XX

Total Returns Since Inception

XX

NAV

XX

Net Asset Value
Per Share

* Performance of X shares as of [DATE]. The inception date of the fund is [DATE].

Past performance is not a guarantee of future returns. Returns shown net of all fees and expenses.

Illustrative Long-Term Portfolio Details⁴

The TPG Private Markets Fund portfolio is expected to reflect a broad diversification across TPG strategies and sectors. Individual investment allocations are determined by the Fund’s portfolio manager under iCapital Fund Advisors.

Strategy Allocations

Geographic Allocations

Industries Represented

No Data Found

About the Advisor

iCapital

iCapital Fund Advisors is an alternative investment provider bringing investors access to opportunities in the private markets. Our parent company, iCapital, has:⁵

$255B+

In Alternative
Platform Assets

Global Reach Across

16

Offices

Deep Expertise In Private Equity Investments

Portfolio Management Leadership Team

The portfolio management leadership team are experienced and educated investment professionals with a long performance record in alternative investments. Their approach is powered by our deep industry expertise, disciplined investment management process and a focus on value enhancement.

Nick Veronis

Co-Founder & Managing Partner, iCapital
Head of Registered Funds Portfolio Management

Nick Veronis is a Co-Founder and one of the Managing Partners of iCapital, Inc., where he is Head of Registered Fund Portfolio Management and a member of iCapital’s Operating Committee. He is also a co-portfolio manager of the Fund. Mr. Veronis spent 11 years at Veronis Suhler Stevenson (VSS), a middle market private equity firm where he was a Managing Director responsible for originating and structuring investment opportunities.

Jonathan Meltzer

Senior Vice President, Portfolio Manager

Jonathan Meltzer is Co-Portfolio Manager of the Fund. Prior to joining iCapital, Mr. Meltzer was a Managing Partner at Alumni Ventures, where he managed diversified portfolios of co-investments in venture-backed companies. Previously, he spent 12 years investing in private equity at Spring Creek Investment Management, Ulysses Management, and American Capital. Mr. Meltzer began his career as an investment banker at Goldman Sachs and at Wasserstein Perella. He graduated cum laude from the Wharton School, University of Pennsylvania with a BS in Economics and from Columbia Business School with an MBA.

Materials

Marketing Materials

Offering Materials

To learn more about TPG Private Markets Fund:

Current Investors

Contact iCapital Investor Relations at: (212) 994-7333.

Wealth Managers

Investments in the fund can be made via iCapital Marketplace. Log in or register today.

Prospective Investors

Speak with your Wealth Manager to find out if this fund would make a complementary addition to your current investment portfolio.

Get in Touch

Contact a representative by completing the form below or by contacting [email protected] or (203) 769-7772.

Diversification does not ensure profit or protect against loss in a positive or declining market. Although the Fund invests in diversified products or sectors, the Fund is non-diversified for purposes of the Investment Company Act of 1940, which means it is permitted to invest a greater portion of its assets in a smaller number of issuers than a “diversified” fund. For this reason, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely. The Fund may also be subject to greater market fluctuation and price volatility than a more broadly diversified fund. There can be no assurance that the Fund will be able to implement its investment strategy or achieve its investment objectives.
Source: TPG as of June 25, 2025. (Tpg.com)
Diversification does not ensure profit or protect against loss in a positive or declining market. There can be no assurance that the Fund will be able to implement its investment strategy or achieve its investment objectives.
There can be no assurance that the Fund will be able to implement its investment strategy or achieve its investment objectives. Holdings are subject to change.
Alternative Platform Assets, as of June 30, 2025. iCapital has over $945 billion in active assets on its Global Platform which includes alternative platform assets, structured investments and annuities outstanding, and data solutions reporting assets, as of May 31, 2025.

INVESTORS SHOULD CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE TPG PRIVATE MARKETS FUND (THE “FUND”) BEFORE INVESTING. THIS AND OTHER IMPORTANT INFORMATION ABOUT THE FUND IS CONTAINED IN THE FUND’S PROSPECTUS, WHICH CAN BE OBTAINED BY CALLING 833-446-4600 THE PROSPECTUS SHOULD BE READ CAREFULLY BEFORE INVESTING.

RISKS ASSOCIATED WITH AN INVESTMENT IN THE FUND

The discussion of the various risks associated with the Fund and the Shares (as defined and described in the Fund’s Prospectus) are not intended to be a complete enumeration or explanation of the risks involved in an investment in the Fund. The Fund should be considered a speculative investment and involves a high degree of risk and may involve loss of capital, up to the entire amount of a shareholder’s investment.

The nature of private equity can result in a lack of transparency due to limited information, and the risk of loss is increased due to speculative strategies employed by the Fund, including investing assets in private equity, private credit, early stage and other private investments which may not perform as expected. More importantly, Fund shares and shares of underlying funds will not be listed on any national securities exchange and are subject to restrictions on transferability, thereby making them illiquid.

Other risks include, but are not limited to, market risk, concentration risk, and potentially less diversification due to the substantial portion of Fund assets invested in manager-specific private equity. The Fund is also subject to the risks of leverage, higher fees and additional layers of expenses, as well as the potential for greater volatility due to Fund assets invested in a limited number of securities, or a focus on particular sectors and geographical regions.

Assets invested in foreign securities exposes the Fund to various geopolitical risks and currency fluctuations typically not applicable in the U.S., and this risk is magnified for emerging markets. The potential for adverse changes in business and tax laws involves tax risk and heightened regulatory scrutiny. The lack of a secondary market for trading private equity subjects the Fund to liquidity risks and may result in greater price risk and potential for inaccuracies in determining fair market value of investments held in the portfolio. Investments acquired in reliance on imperfect information increases counterparty risk and liabilities, and anticipated value may not be realized.

The Fund is distributed by iCapital Markets LLC, an SEC-registered broker-dealer and member of FINRA and SIPC. iCapital Fund Advisors, LLC (the “Adviser”), an affiliate of iCapital Markets LLC, serves as the investment adviser to the Fund. The Adviser is registered as an investment adviser with the Securities and Exchange Commission; however, such registration does not imply a certain level of skill or training and no inference to the contrary should be made. The Adviser is exempt from registration with the Commodity Futures Trading Commission as a commodity pool operator. For detailed information about the Adviser’s services and fees, please read the Prospectus of the Fund, which can be found at https://www.sec.gov/edgar/searchedgar/companysearch.html or call 855.891.0092 to request a copy.

Investors should be aware that iCapital Markets LLC provides distribution services to the Fund and that iCapital Markets LLC does not provide services to any investor, including any determination regarding whether an investment in the Fund is in the best interests of, or is suitable for, any investor. Investors should exercise their own judgment and/or consult with a professional advisor to determine whether an investment in the Fund is advisable.