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New York- and LA-based TPG Real Estate announced last week that it's closed the TPG Real Estate Partners II fund with $2B in commitments from institutional investors.
While most real estate investment funds target single assets, TREP II is focused on corporate carve-outs or spinoffs, public-to-private transactions, private placements and controlling stakes in private operators. These types of investment platforms involve a less competitive bidding than singe value-add projects.
TREP II will consider assets in niche property sectors where it can build platforms and achieve scale; in out-of favor sectors; distressed assets; corporate platforms; underperforming assets where upgraded executive leadership can drive transformation. The company’s portfolio, which includes America West Airlines, is valued at $75B.
