TPG hired Greta Guggenheim as CEO of TPG Real Estate Finance Trust, its newly formed real estate debt unit.
Ms. Guggenheim, a co-founder and former chief investment officer at Ladder Capital, will start in January, spokesman Luke Barrett said in an e-mailed statement. She will be based in New York.
The group at TPG was formed in January when the company acquired $2.5 billion in high-yield real estate loans from Deutsche Bank. Germany's largest lender retained a 25% stake in the loans, which included 57 mortgages tied to apartment complexes, office buildings, condominiums, hotels and industrial properties across the U.S.
Alternative investment firms are building their real estate businesses as banks cut back, constrained by stricter capital requirements and the implementation of the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act, which restricts banks' ability to trade with their own money.
“We'll certainly miss her, but we have a particularly deep bench of senior management in commercial real estate and we look forward to continued success,” said Thomas Harney, head of merchant banking and capital markets at Ladder, a real estate investment trust that specializes in lending against commercial properties.
TPG's real estate business, which includes the new group and its equity investment arm, TPG Real Estate Partners, manages more than $6 billion of assets.