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Sign in Sign up for a FREE subscriptionKern County Employees approves $50m investment in TPG AG’s Essential Housing Financing Fund III
Dominic Brown, CEO of Kern County (Calif.) Employees’ Retirement Association (KCERA), has signed off on a $50 million commitment to TPG AG’s Essential Housing Financing Fund III, according to a recent investment document from August.
Angelo Gordon is an alternative investment firm specializing in credit and real estate strategies. In May 2023, TPG acquired Angelo Gordon in a cash and equity transaction valued at $2.7 billion, and the combined organization currently manages more than $220 billion in assets under management.
The TPG AG Essential Housing Fund III is a real estate debt fund designed to take advantage of an ongoing strategic shift in the homebuilding industry — removing raw land from company balance sheets, for example. Historically, homebuilders purchased tracts of raw land and held them on their balance sheet while they prepared the land for development, notes a memorandum presented to the pension fund by Verus, one of KCERA’s investment consultan
