Key Takeaways
- • Tryperion Holdings announced the final closing of Tryperion RE Fund IV (TREF IV) with $163 million in total capital commitments, more than doubling the $67 million deployed by its prior fund.
- • As of the announcement, 72 percent of TREF IV was already committed to commercial real estate equity and credit investments across office, retail, medical office, student housing, multifamily and industrial assets.
- • Tryperion states that its TREF I (2013 vintage) and TREF II (2015 vintage), both fully realized, ranked in the top quartiles of fund performance per the Cambridge Associates Index, with TREF III (2018 vintage) also ranking top quartile though not yet fully realized.
- • Investors include a top 20 Southeast university endowment and the family offices of Howard Marks, Tony Ressler, Ken Moelis, and Andrew and Peggy Cherng, founders of Panda Express.
- • Tryperion, a Beverly Hills-based registered investment adviser founded in 2013, has invested in and managed more than $2 billion of assets across the U.S.
Summary
Tryperion Holdings, a Beverly Hills-based commercial real estate investment firm, has announced the final closing of Tryperion RE Fund IV (TREF IV) with $163 million in total capital commitments, according to a Business Wire release. The fund significantly exceeds the $67 million deployed by Tryperion's prior fund, and 72 percent of TREF IV had already been committed to commercial real estate equity and credit investments at the time of the announcement. Target sectors include office, retail, medical office, student housing, multifamily and industrial assets. The firm focuses on equity and credit opportunities within the U.S. middle market.
The firm attributes its fundraising success to a value-investing approach and historical performance. Tryperion states that its earliest funds, TREF I (2013 vintage) and TREF II (2015 vintage), both fully realized, were ranked in the top quartiles of fund performance as measured by the Cambridge Associates Index. TREF III (2018 vintage) also ranks in the top quartile, although it is not yet fully realized. Jeffrey Karsh, Founder and Managing Partner, said the firm is willing to invest in less-loved opportunities where institutional capital may shy away, and that the team brings a sophisticated institutional approach to the fragmented world of sub-institutional investing.
Investors in TREF IV include a top 20 university endowment located in the Southeast, along with the family offices of investment industry veterans Howard Marks, Tony Ressler and Ken Moelis, and Andrew and Peggy Cherng, founders of Panda Express. Tryperion was founded in 2013 and states it has invested in and managed more than $2 billion of assets across the U.S. The firm notes that it is a registered investment adviser and that prior fund results were achieved before its registration, though its principals were actively involved in managing those funds.
The firm attributes its fundraising success to a value-investing approach and historical performance. Tryperion states that its earliest funds, TREF I (2013 vintage) and TREF II (2015 vintage), both fully realized, were ranked in the top quartiles of fund performance as measured by the Cambridge Associates Index. TREF III (2018 vintage) also ranks in the top quartile, although it is not yet fully realized. Jeffrey Karsh, Founder and Managing Partner, said the firm is willing to invest in less-loved opportunities where institutional capital may shy away, and that the team brings a sophisticated institutional approach to the fragmented world of sub-institutional investing.
Investors in TREF IV include a top 20 university endowment located in the Southeast, along with the family offices of investment industry veterans Howard Marks, Tony Ressler and Ken Moelis, and Andrew and Peggy Cherng, founders of Panda Express. Tryperion was founded in 2013 and states it has invested in and managed more than $2 billion of assets across the U.S. The firm notes that it is a registered investment adviser and that prior fund results were achieved before its registration, though its principals were actively involved in managing those funds.
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