TPG Real Estate has raised $1.75bn (€1.6bn) from a set of “founding” investors for its core-plus US real estate platform.

Although traditionally known for higher-return real estate strategies, private equity firm TPG established its Thematic Advantage Core-Plus platform last year.

It has already hit its $1.75bn fundraising limit, according to a board meeting report from the Teachers’ Retirement System of Louisiana (TRSL).

TRSL, which committed $50m, is among a number of founding investors that have the option of converting their investments into an open-ended fund near or at the end of the investment period.

TPG Real Estate declined to comment, but according to a presentation in the TRSL report TPG had invested or committed around $630m of the equity raised.

This included a $379m equity investment to purchase a 750,000sqft life-science and R&D portfolio for around $750m, reflecting a 4.6% cap rate based on current rents.

The portfolio is located in three markets: 323,000sqft in the San Francisco Bay Area, 289,000sqft in Boston, and 139,000sqft in Raleigh.

TPG also invested $193m of equity to buy 17 light industrial assets, covering 1.6msqft in the San Francisco Bay Area, Seattle and Chicago, for $380m.

A third transaction involved the $113m purchase of the 300-unit Sierra Grande apartment complex in Naples, Florida. TPG invested $56m of equity and the cap rate was 3.4%.

According to the TRSL report, TPG planned to diversify the portfolio into other property sectors, including self-storage.