Adam Schwartz and Avi Banyasz

TPG’s real estate business has made big strides over the past year under the leadership of Adam Schwartz and Avi Banyasz.

For 2025, TPG deployed $6 billion of capital out of its real estate strategies and saw a 9 percent appreciation for the year, which the firm has touted as outpacing the industry. The momentum continued in early 2026 with a 2 percent real estate platform appreciation for the first quarter and 8 percent over the 12-month period ending March 31.

The platforms stepped up fundraising efforts in early 2026, including through the launch of TPG AG Realty Value Fund XII with a $3 billion target. Roughly 60 percent of the fund will be allocated to the multifamily and industrial real estate sectors with the rest geared toward senior housing, student housing, medical office and self-storage. The firm also recently launched the fifth iteration of its opportunistic TPG Real Estate Partners fund series and its sixth Asia Real Estate Fund.

TPG raised $3.07 billion of capital for real estate strategies over the 12 month term ending March 31, 2026, and invested $7.3 billion during this time, both up 35 percent from the year-ago period.

TPG Real Estate has also been active closing investments in 2026 across both platforms. That included leading a roughly $2 billion acquisition of Echo Realty, an owner and operator of grocery-anchored retail real estate, with PSP Investments, La Caisse and Norges Bank Investment Management. The Echo portfolio acquired by TPG features more than 125 grocery-anchored properties in 21 states with anchor tenants that include Publix and Whole Foods.

The business was also very active over the past 12-plus months in acquisitions. That ran from a $36.9 million warehouse acquisition with a partner in Miami-Dade County to a $51.4 million retail-and-office building purchase with another partner in Manhattan’s Meatpacking District.

Avi Banyasz oversaw $20 billion in assets under management (AUM) for TPG U.S. Real Estate as of March 31, and Schwartz oversaw $18 billion for TPG AG Real Estate.

This article was updated to include correct AUM totals for TPG U.S. Real Estate and TPG AG Real Estate.