New Jersey Division of Investment is planning to make a commitment of up to $150m (€129.3m) to TPG Real Estate Thematic Advantage Core-Plus (TAC+) JV, according to the pension fund’s meeting document.
Earlier this year, TPG Real Estate formed TAC+ as an extension of its opportunistic real estate investment practice. TAC+ targets investments in stabilised (or near stabilised) high-quality real estate, particularly in thematic sectors where the manager has experience.
New Jersey Division is proposing the separate account relationship alongside TAC+. The investment will make New Jersey Division a founding investor for the venture which could be converted into an open-ended fund vehicle in future.
The venture will initially focus on US life science and industrial real estate investments.
TPG Real Estate declined a request for comment.
New Jersey Division is also considering up to a $150m commitment to Hammes Partners IV, a US healthcare-related real estate fund seeking to raise $675m.
Patrick Hammes, principal with Hammes Partners said: “We look forward to continuing our long-standing partnership with New Jersey Division of Investment and other investors in our latest institutional healthcare real estate fund.”
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