TPG is considering raising its first pure property fund. The US private equity firm, which manages $50bn in assets globally, last week won a large European property deal with Patron Capital, and is increasing its focus on Europe.
It is hunting for similarly complex deals to the distressed Dutch Uni-Invest portfolio, which the pair landed after tracking it for over a year. Sources close to the company say TPG intends to raise a global fund for property.
In the past six months it has hired several experienced real estate capital raisers. London property team head and principal Anand Tejani led the Uni-Invest bid with Patron’s Laurens Feleus and is also on the board of TPG’s joint venture with Irish property firm Green.
Earlier this month, Krysto Nikolic, a former vice-president at AREA Property Partners, joined TPG as a vice-president of real estate in London. Nikolic was involved in AREA’s acquisition and structuring of stakes in Capital & Regional’s The Junction retail park fund and the X-Leisure fund.