TREP closes latest opportunity fund on more than €3.3b

TPG Real Estate Partners (TREP), the real estate equity investment platform of global alternative asset firm TPG, said it has raised over $3.7 bn (€3.3 bn) of capital at the close of its latest opportunity fund.

TPG Real Estate Partners III will invest across asset classes and markets in the US and Europe, focusing on ‘acquiring and building property-rich platforms and companies,’ the company said, adding that the fund was oversubscribed.

‘With the completion of the TPG Real Estate Partners III fundraise, we are well-capitalized to execute our distinctive investment strategy and continue building a differentiated investment portfolio,’ said Kelvin Davis, founder and co-head of TPG Real Estate.

‘From self-storage to senior living, we focus on building property-rich platforms in high-growth asset classes and markets, as well as in select areas of dislocation,’ said Avi Banyasz, partner and co-head of TPG Real Estate. ‘Looking ahead, we will continue to execute our strategy of investing in real estate-intensive businesses, particularly in sectors where we believe we have proprietary insight and operational competitive advantages.’

TREP has invested over $5 bn of equity across 30 transactions to date. The firm has offices in London, New York, and San Francisco, employing a team of over 30 dedicated professionals.

Additions to European team
TREP also announced additions to its leadership team in Europe. Louis-Simon Ferland and James Piper will join the firm’s London team as partners later this year. Ferland most recently served as managing director at Blackstone Real Estate and Piper as a partner at Ares Management.

Ferland and Piper will join current TREP partner Michael Abel in leading the group’s European investing efforts. Anand Tejani, a partner in the London office, has retired from the firm.


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