Global investment firm TPG Group closed on its $2.7 billion acquisition of Angelo Gordon, making way for the company to acquire real estate assets "not typically available for sale" in "one of the most interesting investing environments seen in at least two decades," according to TPG's top leader.

TPG, which maintains dual headquarters in San Francisco and Fort Worth, Texas, completed its acquisition of alternative investment manager Angelo Gordon on Nov. 1 in a deal that seeks to significantly expand the firm into credit investing and add to its real estate capabilities.

"Together with TPG AG Real Estate, we now have a combined real estate platform totaling $36 billion of assets under management as of Sept. 30 and we're well positioned to play offense for several reasons," TPG Capital CEO Jon Winkelried said on Tuesday's third-quarter earnings call with investors. "We have combined dry powder of $15 billion. We invest in defensive sectors, where we have long-standing expertise with the ability to collaborate with other TPG platforms in areas such as content production and life sciences."

Prior to completing the Angelo Gordon acquisition, TPG touted it had $6 billion in investment "dry powder" earmarked to build its real estate platform. The firm has sought to bank on favorable secular growth trends in certain sectors, including light industrial, student housing, data centers, single-family rentals and life sciences. Its portfolio had a net operating income that grew 11% in the last 12 months, Winkelried said.

Winkelried, who called real estate a "particularly compelling area of investment opportunity for us today," also said the global markets have entered into a highly unusual period with "certain parts of the market experiencing significant disruption," driven not only by underlying changes to sectors, such as office and retail but also changes in interest rates and property valuations.

"This is creating distinctive opportunities to acquire assets that would not typically be available for sale," he added. "We believe our real estate platform is particularly well suited for this environment, as we raised nearly $7 billion for our current flagship opportunistic fund over a year ago. We intentionally moderated our investment pace in anticipation of more attractive opportunities, and we are beginning to see them now."

Along with acquiring Angelo Gordon, TPG Real Estate also closed on a deal for an 80% ownership position in a joint venture giving it a stake in three data centers in Northern Virginia during the quarter. The investment firm made a $1.5 billion offer in October to take Belgian logistics and office landlord Intervest private in a deal that has yet to close. TPG has built a conviction surrounding industrial real estate in this part of the world, executives said.

Another opportunity for TPG Real Estate with the Angelo Gordon addition: Asia.

The global investment giant has previously shied away from what it has seen as a fragmented and particularly hard-to-enter market. The acquisition of Angelo Gordon comes with two decades of relationships in Tokyo and Seoul that TPG executives hope to leverage.

The Angelo Gordon acquisition, in particular, has given TPG the ability to expand its commercial lending and real estate capabilities. TPG recently launched its new real estate credit strategy, called Treco, at a time when a combination of downward pressure on real estate values, reduced lending activity by banks and other traditional lenders and elevated borrowing costs have created "one of the most interesting investing environments we have seen in at least a decade," Winkelried told investors during the earnings call.

Through the end of the quarter, TPG raised more than $750 million from private investors for this credit fund.

"Banks, in particular, are under pressure looking to shed assets in certain cases," Winkelried said. "That's a clear opportunity for us in this market. If you look at financing solutions that certain real estate players have in the market right now — it's a very disruptive market."