TPG Real Estate (TPGRE), the dedicated real estate platform of global alternative asset firm TPG, has closed its latest opportunistic real estate equity fund, TPG Real Estate Partners IV (TREP IV), with more than $6.8 billion of commitments.
The fund was oversubscribed and hit its hard cap with the support of both new and old partners for TPGRE.
TPGRE’s opportunistic real estate fund series focuses on thematic investing primarily in property-rich platforms and strategic-portfolio aggregations in the United States and Europe. Since inception, TPGRE has invested and committed about $9.1 billion of equity in line with this strategy.
“We are focused on investing behind themes backed by either long term secular trends or dislocations caused by capital market volatility,” said Avi Banyasz, partner and co-head of TPG Real Estate. “With the close of this fund, we have more dry powder than at any other time in TPGRE’s history.”