TPG Capital to raise US$2b for new fund

[SEATTLE] TPG Capital, the private-equity firm that formed a real estate division after the credit crisis, is trying to raise as much as US$2 billion for its first multi-investor property fund.

The firm, whose real estate unit was founded by Kelvin Davis, a senior partner, has begun soliciting pledges for the new fund, according to investor presentation documents and two people with knowledge of the situation. They asked not to be identified because the fund-raising is private.

TPG is among private-equity firms that have been chasing distressed real estate assets since the US housing collapse and Europe's economic crisis depressed commercial property values worldwide. The Fort Worth, Texas-based company is seeking to capitalise on investor appetite for real estate at a time of low rates on fixed-income assets.