T. Rowe Price Goldman Sachs Private Markets Fund

TGPIX

For a more detailed description of the fund’s investment guidelines and risk factors, please refer to the prospectus. Consider the investment objectives, risks, and charges and expenses carefully before investing or sending money. For a free prospectus containing this and other information, call 1-800-541-5299 or email Alts.US@troweprice.com . Read it carefully.

Certain investments, including underlying private funds, are valued using fair value methodologies due to the absence of readily available market quotations. These valuations may fluctuate and ultimately vary from realized outcomes. The timing and availability of information, including third‑party inputs, may be limited and can result in the Fund’s NAV on a given day overstating or understating portfolio value.

Expense ratio shown reflects Class I shares. The Fund offers multiple share classes with different fee structures. Expenses will vary depending on the share class purchased. Certain share classes may be subject to sales charges and/or ongoing distribution or shareholder servicing fees, which are not reflected in the Class I expense ratio shown.

Key Risks:

The Fund is a newly organized non-diversified, closed-end management investment company that is registered under the Investment Company
Act of 1940. As a result, there is limited information available about how the Fund may perform over time. 

The Fund is structured as an “interval fund” and continuously offers its shares. In pursuing its investment objective, the Fund intends to obtain exposure to a broad range of private markets through investments in pooled investment vehicles/underlying funds and direct investments in individual securities. Private markets investments are exposed to a high degree of business and financial risk and are therefore speculative and highly illiquid. Such risks may adversely affect the performance of the Fund.

The Fund is designed primarily for long-term investors and not as a trading vehicle. The Fund will conduct quarterly repurchase offers for between 5% and 25% of the Fund’s outstanding Shares at net asset value (“NAV”). In connection with any given repurchase offer, it is likely that the Fund may offer to repurchase only the minimum amount of 5% of its outstanding Shares. It is also possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their Shares repurchased.

The Fund does not currently intend to list its Shares for trading on any national securities exchange. The Shares are, therefore, not readily marketable. Even though the Fund will make quarterly repurchase offers to repurchase a portion of the Shares to provide liquidity to shareholders, you should consider the Shares to be illiquid.

Many underlying investments may use leverage. Leverage can magnify losses, particularly during periods of rising interest rates or economic stress.

The Fund will invest a portion of its assets in securities associated with real assets and real estate which have historically experienced substantial price volatility.

The Fund or its underlying funds may invest in mezzanine investments, bank loans, or structured products such as collateralized loan obligations (CLOs). These investments involve complex risks, including higher credit risk, and price volatility. Below investment grade instruments (also known as “junk bonds”) have predominantly speculative characteristics and may be particularly susceptible to economic downturns.

Some of the Fund’s investments do not have readily available market prices. As a result, valuations may be based on estimates provided by underlying managers or third parties and may change over time. Incorrect valuations could adversely affect the Fund’s performance.

The Fund is considered non‑diversified, meaning it may invest a larger portion of its assets in a limited number of issuers or strategies. This may increase volatility and the impact of losses from a single investment. 

The Fund allocates assets among multiple underlying managers. These managers may pursue different or opposing strategies or have overlapping exposures, which could reduce diversification and increase volatility. 

T. Rowe Price Associates, Inc. expects to select various Underlying Funds and strategies in line with allocations to Goldman Sachs Asset Management, OHA and T. Rowe Price investments, without considering the universe of available investment options managed by other managers of funds.

Goldman Sachs is not a sponsor, investment adviser, sub-adviser, promoter, principal underwriter or affiliate of the Fund.  Goldman Sachs Asset Management is responsible for the Underlying Funds managed by Goldman Sachs Asset Management, L.P, or its affiliates. T. Rowe Price Associates, Inc. is the investment adviser for the Fund and responsible for allocations among the Underlying Funds.