TPG Real Estate said Wednesday that its second fund closed with over $2 billion of equity commitments. Investors of TPG Real Estate Partners II include public and private pension funds, sovereign wealth funds, insurance companies, and other institutional investors. TPG Real Estate is the real estate arm of TPG.
NEW YORK & SAN FRANCISCO–(BUSINESS WIRE)–TPG Real Estate (“TPGRE”), TPG’s dedicated real estate investment platform, announced today the completion of fundraising for TPG Real Estate Partners II (“TREP II”). TREP II secured over $2 billion of equity commitments, exceeding the fund’s objective. Investors in TREP II include leading public and private pension funds, sovereign wealth funds, insurance companies, and other institutional investors.
“We are proud to have reached this milestone and are appreciative of the continued support from our global investor partners,” said Kelvin Davis, Founder and Co-Head of TPGRE. “Our success attracting support from new and existing investors is reflective of our talented team of professionals, our proven track record, and the distinctive nature of our investment strategy. Building on our growth over the past six years, we are looking forward to investing the fund successfully.”
“TREP II will continue to implement our differentiated investment strategy focused on real estate platforms and property-rich companies that leverages our broader capabilities to optimize property performance and enhance platform capabilities,” said Avi Banyasz, Partner at TPG and Co-Head of TPGRE.
TPGRE benefits from the intellectual capital, relationships, specialized capabilities, and infrastructure of TPG, which has approximately $75 billion of assets under management. TPGRE is comprised of TPG Real Estate Partners (“TREP”), the equity investment platform, and TPG Real Estate Finance Trust, the debt origination and acquisition platform. With approximately 35 investment professionals based in TPG’s New York, San Francisco, and London offices, these platforms manage over $6 billion in assets across TPGRE and other TPG-sponsored vehicles.
“Exceeding the target for TREP II is a testament to the momentum of both the real estate team and TPG,” said TPG Co-Founder Jim Coulter. “TPGRE’s success over the past six years reflects our ability to expand our platform and deliver value to our investors in new and innovative ways.”
TREP has successfully invested over $3 billion of equity in both residential properties and approximately 1,100 commercial real estate assets in diversified North American and European markets. Select investments include Catellus Development Corporation, Enlivant, Evergreen Industrial Properties, LifeStorage, MWest Properties, P3 Logistic Parks, Taylor Morrison Home Corporation (NYSE:TMHC), and the Woolgate Exchange building in the City of London.
About TPG Real Estate
TPG Real Estate is the dedicated real estate investment platform of TPG, a leading global private investment firm with approximately $75 billion of assets under management and 17 offices around the world. TPGRE includes both TPG Real Estate Partners (“TREP”), the equity investment platform, and TPG Real Estate Finance Trust (“TRT”), the debt origination and acquisition platform. Collectively, the two platforms have in excess of $6 billion of assets under management across TPGRE and other TPG-sponsored vehicles. TREP has invested approximately $3 billion of equity in North America and Europe since 2009 and focuses primarily on investments in real estate platforms and property rich companies. TRT is a balance sheet lender that originates large, transitional, floating rate first mortgage loans and select mezzanine loans secured by all major property types in major and select secondary United States markets. For more information, please visit www.tpg.com.