TPG Private Markets Fund

Providing access to TPG’s private equity investments.

Portfolio Details¹

(as of December 31, 2025)

$177M

Fund Net Asset Value
(“NAV”)

$11.78

**Class A

$11.78

Class I

NAV Per Unit

17.80%

**Class A

17.94%

Class I

Cumulative ITD Return

Portfolio
Companies

10/1/25

Fund Inception Date
(For All Share Classes)

**Class A shares are subject to a maximum sales charge of 3.5%. Performance data shown for Class A shares does not reflect the deduction of the sales load, and, if reflected, would reduce the performance quoted.

About

TPG Private Market Fund (“TPM”) is an evergreen fund seeking to provide direct access to TPG’s private equity platform through a single commitment.

Private Equity Exposure

Easy-to-use Structure

Cost Efficient

TPG: A Different Approach to Private Equity

Driving alpha through insight, creativity, and engagement.

TPG is a global investment firm with a 33-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.³ TPG strategies accessible to the TPG Private Markets Fund include: healthcare, technology, consumer, business services, and energy transition.⁴

Traditional Private Equity Playbook
Wall Street Origins
Generalist Approach, Investing in Mature and Conventional Businesses
Buy What’s For Sale
Primarily a Capital Provider
Returns Often Through Debt and Financial Engineering

TPG’s Approach
Entrepreneurial, Family Office Roots
Sector Experts, Pursuing Themes Shaping the Future
Proactively Source What They Want to Buy
Creative and Solutions-Oriented Deals
Seek Returns Through Business Building

Direct Access to TPG's Expertise

What is Private Equity?

Why Allocate to Alternatives?

Portfolio Details²

(as of December 31, 2025)

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

Data as of December 31, 2025

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

$288B+

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.

Watch the Latest TPM Fund Update

Unlocking Access: TPG Private Markets Fund

Hosted by:

Nick Veronis, Co-Founder & Managing Partner

Jonathan Meltzer, TPM Co-Portfolio Manager

The TPG Private Markets Fund provides direct access to private equity investment opportunities through a perpetual, semi-liquid structure.

Webinar Topics:

Gain insights into the fund’s direct access to TPG Strategies, and their expertise and hands-on approach to private equity investing.
Understand how the TPG Private Markets Fund delivers differentiated diversification through its unique allocation strategy, while enhancing accessibility through client-friendly features such as cost efficiency and an easy-to-use structure. ^{5, 6}

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.

The performance data quoted represents past performance, which is no guarantee of future results. Current and future performance may be lower or higher than the performance data shown above. Investment return and principal value will fluctuate, so that shares, when sold, may be worth more or less than their original cost. The Fund’s performance is net of fees and expenses. See the Fund’s prospectus for a comprehensive explanation of the Fund’s fees and expenses. The returns reflect any expense limitation and reimbursement agreement in place at the time, without which, the performance in certain periods would have been lower or higher. The Fund’s performance, especially for short periods of time, should not be the sole factor in making your investment decision.
There can be no assurance that the Fund will be able to implement its investment strategy or achieve its investment objectives. 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.
TPG as of September 30, 2025. (tpg.com). Past performance is not indicative of future results. Future results are not guaranteed. For discussion purposes only. This is not intended to be an offer or solicitation to purchase or sell any security or to employ a specific investment strategy.
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.
Alternative Platform Assets, as of November 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.
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.
Please see fund prospectus for full details.

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 833.446.4600 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.

A link to FINRA’s internet home page can be found here: https://www.finra.org/#/. A link to SIPC’s website can be found here: https://www.sipc.org/.

This website is for informational purposes only. This website is the property of iCapital and may not be shared, reproduced in any form, or referred to in any other publication, without express written permission of iCapital. This website and any information included on it are not intended, and may not be relied on in any manner, as legal, tax or investment advice, a recommendation, or as an offer to sell, a solicitation of an offer to purchase or a recommendation of any interest in any fund or security. Financial products, including investment funds, are complex and may be speculative and are not suitable for all investors. You should consult your personal accounting, tax and legal advisors to understand the implications of any investment specific to your personal financial situation. This website and the information contained on it is not intended to, and does not, address the financial objectives, situation or specific needs of any specific investor.