TPG’s real estate debt arm is planning an initial public offering to raise at least $100 million, according to an amended filing with the Securities and Exchange Commission posted Tuesday.
New York-based TPG RE Finance Trust originally filed a prospectus for the IPO in April. The firm plans to list the REIT on the New York Stock Exchange under the symbol TRTX and use the proceeds to continue acquiring assets. Share pricing has not yet been determined.
Spokespeople for TPG declined to comment.
TPG founded its real estate financing platform in 2014 with $714 million of equity commitments from seven third-party investors and $54 million from TPG affiliates, according to the document. Since that time, the firm raised an additional $433 million of equity.
The firm’s portfolio comprised 54 first mortgage loans and four mezzanine loans as of March 31.
“We believe that favorable market conditions have provided attractive opportunities for non-bank lenders such as us to finance commercial real estate properties that exhibit strong fundamentals but require more customized financing structures and loan products than regulated financial institutions can provide in today’s market,” the filing said. “We intend to continue our track record of capitalizing on these opportunities and growing the size of our portfolio.”
TPG Real Estate had about $7 billion in debt and equity assets under management as of March 31.
TPG RE Finance Trust’s IPO follows another investment manager, KKR, which took KKR Real Estate Finance Trust public last month, raising $210 million. The real estate debt platform, also founded in 2014, is listed on the New York Stock Exchange under the ticker symbol KREF.
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