For purposes of this brochure, “we,” “us” and “our” refer to TPG PEP Advisors, LLC, together (where the context permits) with our subsidiaries that provide investment advisory services and our affiliates that serve as general partners of the TPEP Funds (as defined below). Advisory Clients. We provide investment advisory services to pooled investment vehicles that are not registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). We refer to these collectively as the “TPEP Funds.” The TPEP Funds’ investors are primarily “qualified purchasers,” as defined in the Investment Company Act, and may include, among others, pension and profit sharing plans, trusts, estates, high net worth individuals, banks, thrift institutions, charitable organizations, corporations, limited partnerships and limited liability companies. We also serve as the sponsor of entities that act as feeder vehicles into certain TPEP Funds. Our only advisory clients are the TPEP Funds. Organization. TPG PEP Advisors, LLC was formed as a Delaware limited liability company in 2013 and is part of a private investment firm originally founded in 1992, which we refer to, together with its affiliates, including us, as “TPG.” In addition, TPG PEP Advisors, LLC is an indirect subsidiary of TPG Inc. (the “Public Company”), whose Class A common stock is listed on Nasdaq under the symbol “TPG.” The Public Company qualifies as a “controlled company” within the meaning of Nasdaq’s corporate governance standards. Each share of the Public Company’s Class A common stock generally entitles its holder to one vote, and each share of Class B common stock entitles its holder to ten votes. TPG Group Holdings (SBS), L.P., Alabama Investments (Parallel), LP, Alabama Investments (Parallel) Founder A, LP and Alabama Investments (Parallel) Founder G, LP collectively hold a majority of the Public Company’s outstanding voting power by virtue of their ownership of Class B common stock, which voting power is exercised by the Control Group as the members of TPG GP A, LLC, the ultimate general partner of these vehicles. The “Control Group” currently consists of David Bonderman, James Coulter and Jon Winkelried. Additional information about the Public Company is available

in its current public filings with the SEC. Unless specifically stated otherwise, references in this Brochure to “we,” “us” and “our” do not include the Public Company. The term “investors” as used herein does not reference stockholders of the Public Company. Nature of Advisory Services. As an investment adviser, we identify investment opportunities and participate in the acquisition, management, monitoring and disposition of investments for each TPEP Fund. We primarily provide investment advisory services related to investments in publicly traded equities globally across all sectors and capitalizations. We take long positions and, depending on the TPEP Fund, short positions. Although the primary focus of the TPEP Funds is generally on publicly traded equity investments, in order to gain exposure to desired asset classes or securities, or for hedging or other investment purposes, we also utilize derivative instruments, such as
• foreign currency exchange contracts;
• options;
• stock index futures contracts;
• warrants;
• forwards;
• futures contracts;
• swap agreements; and
• other commodity interests, in each case to the extent consistent with the applicable TPEP Fund’s investment objectives and strategies (please see “Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss” below). Advisory Services and Related Agreements. We generally provide investment advisory services to each TPEP Fund pursuant to a separate investment advisory agreement, each of which we refer to as an “Advisory Agreement.” Each TPEP Fund’s Advisory Agreement sets forth the terms of the investment advisory services we provide to the TPEP Fund. Investment guidelines for each TPEP Fund, if any, are generally established in its organizational or offering documents. We provide investment advice directly to the TPEP Funds, and not individually to the investors in the TPEP Funds. As described more fully in Item 11 below, we and our related entities routinely enter into side letter agreements with certain investors in the TPEP Funds providing such investors with customized terms, which often results in preferential treatment. Amount of Client Assets. As of December 31, 2023, we managed on a discretionary basis a total of approximately $5,019,900,000 of client assets.