The firm aims to raise between $9bn and $10bn for its next opportunistic real estate fund, according to chief executive Jon Winkelried. Investor interest has picked up after property values declined by 15% to 25%, creating opportunities that were previously unavailable. Winkelried said market stress has brought higher-quality assets to market, allowing TPG to pursue deals more aggressively. He added that timing the cycle remains central to delivering attractive returns. Beyond institutional capital, TPG is developing real estate products for wealth investors. The firm is working on a structure that could combine equity and credit exposure, broadening access to property strategies. Subscribe to our Newsletter to increase your edge. Don't worry about the news anymore, through our newsletter you'll receive weekly access to what is happening. Join 120,000 other PE professionals today....

The consortium will pay A$2.86 a share, representing a 26.5% premium to National Storage's 25 November closing price. The bidders completed due diligence and signed a binding deed on Monday, sending the target's shares to an all-time high of A$2.810 and making it one of the top performers on the ASX 200, despite the broader index slipping 0.3%. Analysts noted that while the bid premium falls below the historic average for AREIT control transactions, the valuation is supported by the transaction's scale, the consortium's long-standing relationship with the company, and limited competitive tension in the market. National Storage, founded in 1995, operates more than 270 self-storage centres across Australia and New Zealand. It has drawn periodic takeover interest, including approaches from Warburg Pincus and Public Storage in 2020 that failed to advance. Earlier this year, a rival consortium led by Nathan Kirsh and Public Storage tabled an A$2.17bn bid for Abacus Storage King, but that process also stalled....

Founded in 2021 by Christian Keiber, a former member of Blackstone's real estate private equity team, and Bastian Wolff, who previously worked at Partners Group, Aquilius focuses on acquiring stakes in mature real estate funds. Many of its transactions involve U.S. and European investors selling Asian property interests to rebalance portfolios or reallocate capital closer to home. Aquilius' primary markets include Australia, India, Japan, and South Korea, while it remains selectively active in China, Hong Kong, and Southeast Asia. Its investor base comprises sovereign wealth funds, pension funds, and family offices from Asia and the Middle East. The global market for real estate secondaries reached $24.3bn in 2024, according to CBRE Investment Management, reflecting growing demand for liquidity solutions as slower exits and high interest rates reshape private markets. The fundraising momentum places Aquilius among a growing group of specialist managers benefiting from structural shifts in investor behaviour. Global firms including Blackstone, Ares Management, and Neuberger Berman have all expanded their real estate secondaries platforms in the past year to capitalise on the same trend....

In this episode, WIRED's executive editor Brian Barrett is joined by senior politics editor Leah Feiger to run through five stories that you need to know about this week'from the release of Grokipedia to real estate entering its AI slop era. Then, Brian and Leah dive into why the promise of a tech-forward school in Texas with software instead of teachers fell apart. Brian Barrett: Welcome to WIRED's Uncanny Valley. I'm WIRED's executive editor Brian Barrett filling in today for Zoe Schiffer. Today on the show, we're bringing you five stories that you need to know about this week, including why the promise of a tech-forward school in Texas with software instead of teachers fell apart. I'm joined by our senior politics editor, Leah Feiger. Hey Leah. Brian Barrett: So Leah, our first story today. Today is a consequential and unfortunate moment. It is the 30th day of the federal government shutdown. Our reporters Victoria Elliott and McKenna Kelly spoke with more than a dozen workers who are struggling to pay the bills, working side gigs, some of them are even relying on free food programs to get by. As of this recording, around 750,000 federal workers had been furloughed with no end in sight. One of the people that Tori McKenna spoke with was a federal worker who was working abroad and a month ago learned that her husband, who's also a federal worker, had an aggressive form of cancer. Doctors told the couple that they needed to move quickly to remove it, so they did, but now with the government shutdown, their health care claims aren't being paid out. They're out tens of thousands of dollars at least, and they're not sure when that's going to change....