Tryperion Holdings, a commercial real estate investment firm, has closed its latest fund—Tryperion RE Fund IV—at $163 million in total commitments. This marks a significant increase from the $67 million raised in its previous fund.
A majority of the fund’s capital—approximately 72%—has already been allocated across a range of U.S. middle-market real estate equity and credit opportunities. These include assets in the office, retail, medical office, student housing, multifamily, and industrial sectors.
Tryperion's earlier funds, TREF I and TREF II, are fully realized and were ranked in the top quartile by the Cambridge Associates Index. Its third fund, TREF III, while still active, is also tracking top-quartile performance.
“Our strategy targets market segments that institutional capital often overlooks,” said Jeffrey Karsh, Founder and Managing Partner of Tryperion Holdings. “By focusing on value and maintaining discipline through market cycles, we aim to create consistent outcomes in sub-institutional markets.”
The new fund drew capital from several institutional and private backers. Notable limited partners include a top-20 Southeastern university endowment and family offices affiliated with high-profile investors such as Howard Marks, Tony Ressler, and Ken Moelis. Also participating were Andrew and Peggy Cherng, co-founders of Panda Express.
Established in 2013, Tryperion focuses on value-add real estate strategies across different asset classes and structures. The firm has invested in over $2 billion worth of U.S. real estate and is expected to continue expanding its investment activities into the next year.
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By Ravi Kumar