TPG Opens Tokyo Office as Fund Managers Deepen Japan Push

TPG has officially opened its new Tokyo office, consolidating its Japan operations and highlighting the country’s draw for global capital as Asia Pacific’s most active real estate market continues to attract fresh investment.

The US fund manager announced the opening on Wednesday in a LinkedIn post, describing the new base as a hub for the firm’s expanded team in Japan across private equity, real estate and secondaries. The Minato ward office sits on the 28th floor of the 52-storey Mori Tower at Toranomon Hills, one of the flagship commercial complexes developed by Mori Building.

TPG closed its $5.3 billion Asia VIII fund in May 2024, representing the firm’s largest-ever vehicle targeting the region. That month, TPG also disclosed $2.5 billion in fundraising for a pair of Angelo Gordon co-branded vehicles, TPG AG Asia Realty V and TPG AG Japan Realty Value. Three years ago the firm acquired property-focused Angelo Gordon, which has operated out of Mori Building’s Roppongi Hills in Minato ward as TPG’s sole office footprint in Tokyo.

“TPG has a long history of investing in Asia, bringing more than 30 years of experience in the region alongside a distinctive investment approach built on innovation, growth, and a culture of collaboration,” the Texas-based firm said Wednesday.

Global Capital Settles In

The office launch comes amid a broader wave of expansions by international fund managers, with North American heavyweights Warburg Pincus, Brookfield and KKR all ramping up their presence in Tokyo.

The Japanese capital was ranked the most desirable destination for property investment in Asia Pacific for a third straight year in 2025, according to a survey by Urban Land Institute and PwC, as commercial real estate deal volume in the entire country totalled $51.1 billion on the year — well ahead of second-place China’s $32.5 billion, MSCI reported.

Manhattan-based Warburg Pincus opened a Tokyo office in November, marking a formal entry into Japan after years of investing in the market through portfolio companies like ESR, Princeton Digital Group and life sciences platform Vita Partners.

Canada’s Brookfield has also expanded its footprint, with the group’s asset management arm relocating from Chiyoda ward to Mori’s Roppongi Hills earlier this year and roughly doubling its Tokyo office space, Bloomberg reported.

Building on the total of $1.6 billion it committed last year to pick up a roughly 30 percent interest in Tokyo’s Meguro Gajoen complex and ownership of two Japanese logistics projects, Brookfield in February agreed to buy the headquarters of ad agency Dentsu Group in Minato ward for about $1.9 billion.

KKR underscored Japan’s importance by holding its first Asia board meeting in Tokyo last September, as the NYSE-listed giant builds out private equity, credit, insurance and real estate operations in the country. The New York firm has identified Japan as a key growth market in Asia, with executives citing strong deal flow and structural tailwinds.

KKR has been among the most active foreign investors in Japan’s property-linked opportunities, including teaming with PAG to acquire Sapporo Holdings’ real estate portfolio in a deal valued at $3 billion and orchestrating a $4.1 billion buyout of systems developer Fuji Soft, whose balance sheet includes significant real estate holdings.

Last month, KKR and Gaw Capital Partners completed their sale of the Hyatt Regency Tokyo to Japan Hotel REIT for around $800 million.

Ready for More Deals

TPG’s Tokyo office opening comes as the firm steps up dealmaking in Japan and across Asia.

The group teamed with fund manager Kenedix in 2024 to acquire the 882-room Grand Nikko Tokyo Daiba from Japanese developer Hulic, marking a return to large-scale hospitality investment in the capital and notching Asia Pacific’s biggest hotel deal that year.

TPG has also been expanding its healthcare and senior living exposure in the region, including the launch of the One Aged Care platform in Singapore and Malaysia. Announced last month, the entity brings together three Singapore-based businesses — Econ Healthcare Asia, Ambulance Medical Service and Orange Valley Nursing Homes — under a unified structure.

One Aged Care was created under TPG’s Asia mid-market growth strategy, which also backs Australian home care provider Five Good Friends alongside Swedish fund manager EQT.

TPG’s other healthcare interests in the region include Indian hospital group Asia Healthcare Holdings, which the US firm backs alongside Singapore sovereign giant GIC. The partners announced in 2024 that GIC would deploy a further $150 million into AHH following an initial commitment of $170 million in 2022.

TPG is also considering a sale or IPO of its Asia OneHealthcare, a Malaysian medical services provider, in a deal that could value the Kuala Lumpur-based group at as much as MYR 30 billion ($7.6 billion), Bloomberg reported in December.