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TPG targets $2bn for new property fund as bridge vehicle fundraise continues

17 Feb 2014

montreal_170sqTPG Capital is reportedly in the market for a new $2bn property fund amid fundraising for a similarly-sized bridge fund as it finishes investing its most recent flagship vehicle.

The new vehicle will be the firm’s first multi-investor property fund according to Finance & Commerce, which cited an investor presentation and two people with knowledge of the situation.

TPG launched its first property find in 2009 to take advantage of the real estate opportunities following the financial crisis.

That vehicle has made 10 deals representing about $2.3bn of equity according to the investor document seen by F&C.

LPs backing that vehicle include the State of New Jersey pension fund and Caisse de Depot et Placement du Quebec’s real estate arm.

TPG Capital is currently raising up to $2bn for a bridge fund while it attempts to finish deploying the mammoth $19bn vehicle raised just before the financial crisis.

The Oregon Investment Council has reportedly agreed to invest $700m in the TPG Strategic Partnership Interim Fund, which will be rolled into the new TPG Partners VII flagship fund when it begins raising according to Reuters.

The firm has been a strongly-performing business since it was founded in 1992, although returns from its last two vehicles have not matched its previous success.

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