TPG has raised $6.8bn (€6.89bn) for its latest opportunistic real estate fund focused on the US and Europe.

The global alternative investment manager said it had held a final close for TPG Real Estate Partners IV, which was was oversubscribed and reached its fundraising hard cap.

The fund will continue the strategy of the series to focus on “thematic investing primarily in property‐rich platforms and strategic portfolio aggregations”.

Kelvin Davis, partner and co-head of TPG Real Estate, said: “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.”

Avi Banyasz, partner and co-head of TPG Real Estate, said: “We are focused on investing behind themes backed by either long-term secular trends or dislocations caused by capital market volatility.”

Banyasz added that TPG Real Estate now had more dry powder than at any other time in its history.

The State of Michigan Retirement System, which committed $150m earlier this year, is among investors in the fund.