TPG Real Estate Partners
TPG Real Estate (TPGRE), the dedicated real estate platform of global alternative asset firm TPG, announced Monday that it had closed its latest opportunistic real estate equity fund, TPG Real Estate Partners IV.
The fund was oversubscribed, hitting its hard cap and securing more than $6.8 billion of total commitments.
“We are grateful for the ongoing support of our investors, who have shown their trust in our strategy of building a differentiated real estate investing business,” said Kelvin Davis, partner and co-head of TPG Real Estate.
TPG is based in Fort Worth, San Francisco, and London.
TREP IV was formed as a continuation of TPGRE’s opportunistic real estate fund series. Its strategy focuses on thematic investing primarily in property‐rich platforms and strategic portfolio aggregations in the U.S. and Europe. Since inception, TPGRE has invested and committed approximately $9.1 billion of equity in line with this 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 TPG Real Estate Partners (TREP), TPGRE manages TPG Thematic Advantage Core-Plus (TAC+), which pursues thematic real estate investments in the U.S. with stabilized tenancy and enduring cash flow. TAC+ had its final closing earlier in 2022 at its hard cap of approximately $1.8 billion.
“This fundraise incorporates the support of both new and old partners for TPGRE, and we look forward to continuing to invest this capital to drive value for our investors,” said Erin Nemser, partner and head of TPG Real Estate Capital Formation.