TPG Real Estate Closes Third Fund at Nearly $4 Billion
“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,” says Kelvin Davis, founder and co-head of TPG Real Estate.
SAN FRANCISCO—TPG Real Estate Partners reports it has closed its TPG Real Estate Partners III fund at more than $3.7 billion.
The real estate platform of global alternative asset firm TPG, states that the TPG Real Estate Partners III fund was oversubscribed.
TPG Real Estate Partners, also announced today additions to its European operations. Louis-Simon Ferland and James Piper will join TREP’s London team as partners later this year. Ferland most recently served as managing director at Blackstone Real Estate and Piper served as a partner at Ares Management. TPG maintains dual headquarters in San Francisco and Fort Worth.
Together with current TREP Partner Michael Abel, Ferland and Piper will help lead the group’s European investing efforts. Anand Tejani, a partner in the London office, has retired from the firm, TPG announced.
“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.
Avi Banyasz, partner and co-head of TPG Real Estate, adds that the firm will focus on building property rich platforms in high growth asset classes and markets as well as in “select areas of dislocation.”
“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,” Banyasz notes.
TREP has successfully invested more than $5 billion of equity across 30 transactions to date. The firm, which also has offices in New York and London, has since its inception built a strong investment portfolio across a variety of thematic sectors and asset classes. Current and past investments include A&O Hotels and Hostels, Catellus, Enlivant, Evergreen Industrial Properties, Life Storage, P3 Logistic Parks, Taylor Morrison, and TriGranit.
In other TPG news, TPG Capital, the private equity platform of global alternative asset firm TPG, announced today it has signed a definitive agreement to acquire a majority stake in Dallas-based Goodnight Midstream, a leading midstream produced water infrastructure company, for approximately $930 million. TPG is acquiring the company from Tailwater Capital and private investors. Existing shareholders, including management, will retain a significant minority interest in the company, TPG reports.
Goodnight Midstream is a leading midstream provider of oilfield water management infrastructure. Through an extensive network of more than 420 miles of dedicated produced water gathering and transportation pipelines and more than 50 saltwater disposal wells, Goodnight Midstream gathers, transports, and disposes more than 350,000 barrels of produced water per day.