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TPG closes latest real estate fund at $3.7 billion

TPG closed its latest real estate fund, TPG Real Estate Partners III, at $3.7 billion.

The fund was oversubscribed, a news release said. It is 85% more than its prior fund, the TPG Real Estate Partners II that closed in 2015 at more than $2 billion.

The fund will focus on building broad portfolios of properties in high-growth sectors such as self-storage and senior living.

Investors in the fund include the $70.9 billion New Jersey Pension Fund, Trenton; $69.5 billion Michigan Retirement Systems, East Lansing; and $12.9 billion New Mexico Educational Retirement Board, Santa Fe.

Separately, Anand Tejani, a partner in the London office of TPG's real estate business, has retired, the news release said. Louis-Simon Ferland and James Piper will join the London office of TPG's real estate business later this year. Both will join as partners. Mr. Ferland was a managing director at Blackstone Group, and Mr. Piper was a partner at Ares Management. Blackstone spokeswoman Paula Chirhart and Ares spokesman Bill Mendel could not be immediately reached.

TPG has about $103 billion of assets under management.