The Texas Municipal Retirement System (TMRS) committed $250 million to TPG Real Estate Partners IV, managed by TPG Real Estate Partners (TREP), during the month of December 2021, according to a recent board-meeting document.
TPG Real Estate Partners IV opened in September 2021 with a focus 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, while improving operations at the company level.
The fund’s predecessor, TPG Real Estate Partners III, closed in March 2019 with more than $3.7 billion of capital commitments. A fundraising target for Fund IV was not known at the time of publication.
In other news, TMRS also has proposed a new 2022 Investment Pacing Plan, dedicating $750 million to real estate investments over the next year, as well as
