TPG Private Equity Opportunities, L.P.

TPG Private Equity Opportunities, L.P. (T-POP), a perpetual-life private equity fund launched by TPG on June 2, 2025, delivered a Net Increase in Net Assets Resulting from Operations of $135.2 million for the fiscal year ended December 31, 2025. This result was propelled by $169.2 million in total net unrealized gains ($170.0 million on investments offset by -$766K on derivatives), which overshadowed a -$33.0 million net investment loss stemming from $2.6 million in dividend and interest income against $35.5 million in expenses, including $19.3 million performance participation allocation, $7.4 million organizational expenses, $5.7 million professional fees, $854K management fees, and $2.3 million other expenses. After $1.1 million income taxes, $134.9 million was attributable to T-POP. The portfolio, viewed on a look-through basis via the 76.1%-owned Aggregator, reached $1,220.3 million in fair value (88.4% of net assets), diversified across 40 private equity investments in sectors like Software & Services (24.5%) and Financial Services (12.2%), plus $171.0 million in money market funds. Cash flows reflected heavy deployment: -$795.7 million used in operations (driven by $684.5 million investment purchases and deconsolidation effects), offset exactly by $795.7 million from financing (primarily $796.6 million unit issuances). Ending cash was $0, with total assets at $1,051.0 million and liabilities $33.0 million. Inception-to-date total returns were 23.14% for Class R-I units and 22.51% for Class R-S units, underscoring strong capital appreciation in a volatile market.

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