TPG Real Estate Partners is seeking to raise $5.5bn (€4.8bn) for its opportunistic fund, according to an investor’s meeting document.

The Teachers’ Retirement System of Louisiana disclosed in the meeting document that it has approved a commitment of up to $65m to TPG Real Estate Partners IV. The pension fund said the amount it intends to invest will not exceed 10% of the total capital raised for the fund.

The manager raised $3.7bn for is its third opportunity fund in March 2019.

The fund is expected to target a mixture of office, industrial, residential, senior housing, life science, hospitality, student housing, retail and self-storage assets across North America and Europe.

Partners IV expects a leverage component of up to 75% loan-to-value at the portfolio level.

The fund is expected to hold between 25 to 30 investments with a plan to hold for the investments for four to six years.

TPG declined a request for comment.

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