SAN FRANCISCO—TPG Capital's dedicated real estate platform, TPG Real Estate, has exceeded its fundraising goal for TPG Real Estate Partners II. The newly closed fund has secured more than $2 billion of equity commitments from institutional investors, TPG said Wednesday.

“Our success attracting support from new and existing investors is reflective of our talented team of professionals, our proven track record and the distinctive nature of our investment strategy,” says Kelvin Davis, founder and co-head of TGPRE. “Building on our growth over the past six years, we are looking forward to investing the fund successfully.”

TPGRE's investment platform, TPG Real Estate Partners, has invested about $3 billion in equity across North America and Europe since 2009, acquiring both individual properties and companies including Catellus Development Corp. and LifeStorage Properties. Bloomberg Business reported that the parent company, Fort Worth-based TPG Capital, bundled the 10 real estate investments it had made during that time into TPG Real Estate I. TREP II is actually the company's first-ever multi-investor property fund.

Fundraising on TREP II began in the first half of 2014, with a goal of raising between $1.5 billion and $2 billion, the Wall Street Journal reported Wednesday. Although TPGRE has established a track record and the parent company has $75 billion in assets under management, in terms of fundraising “we had to build some relationships from scratch, and understandably that takes time,” Davis told the WSJ.

Nonetheless, it's been a fertile period for real estate fundraising lately. TPGRE's successful closing follows those of the Carlyle Group, which reached the $4.2-billion hard cap on its seventh US real estate fund, Carlyle Realty Partners VII L.P., last month. Also in September, the Blackstone Group completed fundraising on its eighth global real estate fund, Blackstone Real Estate Partners VIII, setting a new record at $15.8 billion.

Year to date, fundraising by closed-end opportunistic private real estate funds has totaled $47.7 billion globally, a figure that already surpasses the $34.5 billion total of funds that closed the year prior, Preqin said earlier this week. It's also the highest total since before the Global Financial Crisis of 2008.