San Bernardino County Employees’ Retirement Association (SBCERA) has approved a $150m commitment to TPG’s latest US residential credit vehicle.
The pension fund disclosed in a board meeting document that it has committed the capital to the yet-to-be launched TPG Essential Housing Fund 4.
TPG is seeking to raise at least $3bn for its fourth essential housing fund, and the manager expects to reach a first close by July 2026.
Fund 4 provides homebuilders with off-balance-sheet financing for short-duration, shovel-ready land inventory. The fund is expected to have a 30-month investment period to deploy its debt capital.
TPG declined a request for comment.
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