TPG Real Estate Partners, the dedicated real estate platform of $127 billion alternative asset firm TPG, closed its latest opportunistic real estate equity fund with $6.8 billion in commitments.
The new fund TPG Real Estate Partners IV (TREP IV) was formed as a continuation of the firm’s opportunistic fund service with a focus on thematic investing in property-rich platforms and strategic portfolio aggregations in the U.S. and Europe. The fund series has invested roughly $9 billion since the inception of the strategy.
“We are focused on investing behind themes backed by either long term secular trends or dislocations caused by capital market volatility,” said Avi Banyasz, partner and co-head of TPG Real Estate. “With the close of this fund we have more dry powder than at any other time in TPGRE’s history.”
In addition to this current fund series, the TPG Real Estate group manages TPG Thematic Advantage Core-Plus (TAC+), which invests in thematic real estate in the U.S. with stabilized tenancy and enduring cash flow. That fund had its final close earlier this year at its hard cap of $1.8 billion. One of the fund’s investors was the New Jersey pension fund system.
