TPG Capital, the private equity firm run by David Bonderman, hired Ladder Capital Corp.’s Greta Guggenheim to head its newly formed real estate debt unit.
Guggenheim, a co-founder and former chief investment officer at Ladder, will start as the chief executive officer of TPG Real Estate Finance Trust in January, TPG spokesman Luke Barrett said in an e-mailed statement. She will be based in New York.
The group at TPG was formed in January when the Fort Worth, Texas-based company acquired $2.5 billion in high-yield real estate loans from Deutsche Bank AG. Germany’s largest lender retained a 25 percent stake in the loans, which included 57 mortgages tied to apartment complexes, office buildings, condominiums, hotels and industrial properties across the U.S.
Alternative investment firms are building their real estate businesses as banks cut back, constrained by stricter capital requirements and the implementation of the 2010 Dodd-Frank Act that restricts banks’ ability to trade with their own money.
“We’ll certainly miss her, but we have a particularly deep bench of senior management in commercial real estate and we look forward to continued success,” said Thomas Harney, head of merchant banking and capital markets at Ladder, a real estate investment trust that specializes in lending against commercial properties.
TPG’s real estate business, which includes the new group and its equity-investment arm, TPG Real Estate Partners, manages more than $6 billion of assets.