TPGโข Real Estate Credit Closes $2.1 billion Fund Amidโ Rising Realโข Estate โขDebt Fundraising
NEW YORK – โขTPG Real estateโ Credit has finalized its latest โขfundโค with approximatelyโ $2.1 billion in commitments,โข the firm announced during its Q3 2025 earnings call. The fund, launched in โSeptember 2023 and holdingโ a first close in November of that year with $750 million, focuses on real estate credit opportunities in North America.
The โคfinal close positions the fund as one of the largest North America-focused real estate debt funds closed to date this year, according to data from PERE Credit. Notable commitments include a $200 million allocation from โขthe Texas Municipal Retirementโฃ System in October 2023.
“we’re seeing โฃour thesis โprove out, with โthe fund outperforming its initial return projections and generating โฃdouble-digit cash-on-cash yields,” โคsaid โJon Winkelried, โTPG’s chief executive.The firm believes a contraction in valuations and available leverage presents an opportunity for attractiveโ risk-adjusted returns.
TPG has already deployed approximately $426 million of equity across 17 investments, primarily in the industrialโ and multifamilyโ sectors. The fund’s flexible mandate allows investments across high-yield โฃsenior and subordinate loans, preferredโฃ equity, and real estate debt securities, led by partner and head of โคreal estate credit, Doug Bouquard.
This fund is an extension of TPG’s broader real estate platform, which โhas committed or invested roughly $15 billion of equity and originated โขor acquired around $20 โbillion of debt since 2009.The platform โคalso includesโ TPG RE Finance trust, a publicly traded mortgage REIT, and core-plus and high-yield real estate equity strategies.
The close occurs during a period of increased fundraising activity โขin the real estate โคprivate credit space. Bridge โInvestment Group recently closed its Bridgeโฃ Debt Strategies V at $2.15 billion, and other meaningful closes this year include fundsโข from Related Fund Management ($1.47 โขbillion), KSL โคCapital Partners ($1.44 billion), and Prime Financeโ ($1.4 billion).
Through theโ first three quarters of 2025, approximately $17.42 billion has been raised for North America-focused real estate private strategies, aโ substantial increaseโข from the $14.29 billion raised during the same period in 2024, according to PERE credit data.
