TPG Angelo Gordon has closed its TPG AG Europe Realty Fund IV at nearly $2.5 billion (€2.2 billion), including $2.27 billion (€1.99 billion) in capital commitments and an additional $214 million (€188 billion) in co-invest capital.

The fund is TPG Angelo Gordon’s largest European fund to date and is 50 percent larger than its predecessor. Run under TPG AG Europe Real Estate, which was launched in 2009, Fund IV will target all property types in the United Kingdom and major markets in Western Europe and the Nordics. It seeks to identify off-market investment opportunities with a focus on sub-performing assets along the entire value-add spectrum. TPG Angelo Gordon believes the fund’s target markets will provide attractive opportunities, given the meaningful interest rate increase in Europe has led to a significant erosion in real estate valuations. The manager says Fund IV is approximately 20 percent committed, with a robust pipeline of opportunities. Recent notable tr