TPG Real Estate's third opportunity fund closes at $3.7bn

TPG Real Estate’s third opportunity fund, which set out to raise $3bn (€2.67bn), has secured over $3.7bn of capital commitments at final close, the manager has confirmed.

Last year, IPE Real Assets reported that TPG Real Estate Partners (TREP) III had been over-subscribed, according to one of its investors. At the time, New Mexico Educational Retirement Board told IPE Real Assets that it wanted to commit $50m to the fund but had to reduce this to $40m due to the level of investor demand

TREP invests in commercial and residential properties across the US and Europe through a strategy primarily focused on acquiring and building property-rich platforms and companies.

The manager today announced the closing of the Fund III and said the fund secured over $3.7bn of capital commitments and was oversubscribed.

Kelvin Davis, founder and co-head of TPG Real Estate, said: “With the completion of the TPG Real Estate Partners III fundraise, we are well-capitalised to execute our distinctive investment strategy and continue building a differentiated investment portfolio.”

Avi Banyasz, partner and co-head of TPG Real Estate, said: “From self-storage to senior living, we focus on building property-rich platforms in high-growth asset classes and markets, as well as in select areas of dislocation.

“Looking ahead, we will continue to execute our strategy of investing in real estate-intensive businesses, particularly in sectors where we believe we have proprietary insight and operational competitive advantages.”

Erin Nemser, managing director and head of real estate fundraising, said: “We are thankful for the broad-based support of our existing partners and are excited about newly formed partnerships with institutions representing constituencies from around the world.”

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