TPG Real Estate has secured more than $2bn (£1.3bn) of commitments for its latest real estate fund.
TPG Real Estate Partners II, which is backed by public and private pension funds, sovereign wealth funds, insurance companies and other institutions, will target “real estate platforms and property-rich companies”, according to TPG partner and co-head of TPGRE, Avi Banyasz.
The $2bn fundraise exceeded TPG’s target for the fund, which is the follow-on to TREP, a $3bn fund that has bought both residential and commercial property in North America and Europe.
Among TREP’s investments were Woolgate Exchange, EC2, the City of London office building it bought in 2012 and sold at a significant premium less than two years later.
“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.”
