10.27.22 | This week we recognized 2 capital-related transactions with a disclosed value of $7.8 Billion USD.
| Deal Size (Bn USD) | Capital Related Transactions |
| $6.8 | TPG Attains $6.8 Billion Hard Cap for Latest Real Estate Fund |
| $1.0 | Invitation Homes Eyeing $1 Billion Joint Venture |
| $7.8 | Total |
Additionally, we recognized 2 leadership changes within the industry.
- DWS Group Selects New Americas CEO
- DWS Group Picks Next Global CIO, Brings Investment Units Together
Summary of Transaction Headlines
Pension & Investments | “TPG Attains $6.8 Billion Hard Cap for Latest Real Estate Fund”
TPG has closed its latest opportunistic real estate fund, TPG Real Estate Partners IV, at its $6.8 Billion hard cap, a news release shows. The fund will invest in properties in the U.S. and Europe. The fourth fund from TPG’s real estate business is 84% larger than its predecessor, the $3.7 Billion TPG Real Estate Partners III, which closed in 2019. “With the close of this fund, we have more dry powder than at any other time in TPGRE’s history,” said Avi Banyasz, partner and co-head of TPG Real Estate, in the release. Investors in TPG Real Estate Partners IV include the $93.4 Billion Michigan Retirement Systems, East Lansing; $34.8 Billion Texas Municipal Retirement System, Austin; and $20.2 Billion
Los Angeles City Employees’ Retirement System.
The Real Deal | “Invitation Homes Eyeing $1 Billion Joint Venture”
Invitation Homes is floating RSVPs to potential partners for a joint venture as the housing market teeters. The single-family rental firm is looking for a partner on a $1 Billion Joint Venture, Bloomberg reported. People familiar with the matter told the outlet the landlord is working with Eastdil Secured to find a possible partner. Invitation Homes is in the early stages of its search for a joint venture partner. The firm, which owns more than 85,000 homes, decided to go the route of external capital due to the challenge of raising equity with a stock price that has faltered 28 percent this year.
Pension & Investments | “DWS Group Selects New Americas CEO”
Dirk Goergen will assume the role of Americas CEO for DWS Group effective Jan. 1, 2023, replacing Mark Cullen, who also is chief operating officer and is retiring in the spring of next year, confirmed a company spokesman. Mr. Goergen will retain his current position as global head of the firm’s client coverage division and will oversee the Americas Leadership Council which manages the running of the firm.
Pension & Investments | “DWS Group Picks Next Global CIO, Brings Investment Units Together”
DWS Group made a number of changes to its investment and client coverage divisions, including the appointment of Bjorn Jesch as global CIO. Stefan Kreuzkamp was global CIO, a spokeswoman said. Mr. Kreuzkamp retains his title as head of DWS’ investment division. The change coincides with a number of structural changes to the division. DWS has brought together the firm’s chief investment office, multiasset and solutions, and “research house” units under Mr. Jesch’s leadership, an emailed statement said. Mr. Jesch was CIO for Europe, Middle East and Africa and global head of multiasset and solutions, the spokeswoman said. The research house is DWS’ unit where executives produce insights to help clients.
