The $75 billion New Jersey Division of Investment is planning to invest up to $100 million into TPG Real Estate Partners III, according to board meeting documents.
TPG Real Estate Partners III is focused on opportunistic platform real estate investments in the United States and Europe. The fund will implement a buy-and-build strategy, acquiring assets in inefficient and fragmented markets.
TPG Capital, the manager of the fund, has plans to raise $3 billion for TPG Real Estate Partners III, according to a board meeting document from the Texas Municipal Retirement System.
The fund’s predecessor, TPG Real Estate Partners II, held a final close in 2015, raising more than $2 billion in equity commitments.
New Jersey Division has a target allocation to real estate of 6 percent.
