Global alternative asset management firm TPG has closed its eighth Asia-focused private equity fund, TPG Asia VIII, and TPG AG Asia Realty Fund V and the TPG AG Japan Realty Value Funds, with combined commitments in excess of $8bn.
The real estate funds are the firm’s first since it completed its acquisition of TPG Angelo Gordon in November 2023.
The fundraising brings TPG’s total Asia AUM to over $35bn, which is diversified across dedicated Asia-focused private equity, real estate and secondaries, as well as the firm’s investments in the region through its global growth and impact funds.
TPG Asia VIII secured approximately $5.3bn in aggregate capital commitments, closing around 14% higher than its predecessor fund and making it the firm’s largest Asia fund in its 30 years of investing in the region. The fund will continue to pursue a geographically distributed strategy of thematic growth investing.
The two real estate funds – TPG AG Asia Realty Fund V and the firm’s first Japan Realty Value fund – closed with more than $2.5bn of capital in aggregate, with both funds exceeding their respective fundraising targets.
Asia Realty V, which closed more than 50% higher than its predecessor, seeks to capitalise on attractive opportunistic real estate investments with a focus on sourcing off-market transactions in the Japan, Korea, China, Hong Kong, and Singapore markets.
The Japan Realty Value Fund will target value-add real estate opportunities in Japan, focused primarily on the acquisition of equity interests in real estate across various product types, including industrial, office, residential, and retail.
