TPG raises $3.7bn

The global alternative asset firm has closed its latest opportunity fund.

TPG has held a final close of TPG Real Estate Partners III at $3.7 billion. The fund invests in commercial and residential properties across the US and Europe and seeks to deploy its capital across a variety of property types.

The Michigan Department of Treasury and Cathay Life Insurance each committed $50m to the fund, and Taiwan-based China Life Insurance Co. committed $15 million.