TPG Angelo Gordon and Matterhorn Launch $900M Industrial JV Targeting Chicago, Midwest

A new joint venture backed by $300 million in equity and over $900 million in total buying power is targeting industrial assets across the Chicago metro and select Midwest markets — one of the largest industrial investment mandates to emerge in the region this year.

The Partnership

Matterhorn Venture Partners (MVP), a Chicago-based private real estate investment firm, and TPG Angelo Gordon U.S. Real Estate, the real estate credit and equity platform of global alternative asset manager TPG, have formed a four-year partnership focused on lease-up, rent growth, asset repositioning, and sale-leasebacks.

MVP was founded in 2024 by Scott McKibben and Matt Kay, both formerly of Brennan Investment Group, one of the largest private industrial real estate firms in the country. Prior to this JV, MVP had completed more than $91 million in total capitalization spanning seven states and approximately 435,000 square feet.

First Acquisitions

The JV has already closed on two suburban Chicago properties totaling $30 million:

• 2440 Pratt Avenue, Elk Grove Village: 184,902-square-foot distribution facility
• 1000 N Main Street, Lombard: 47,175-square-foot light industrial building

Both properties are located in established industrial submarkets with strong access to interstate corridors and O'Hare International Airport.

Midwest Industrial Thesis

The Chicago industrial market remains one of the nation's deepest and most liquid, with over 1.3 billion square feet of inventory. The JV is targeting value-add and repositioning opportunities — properties that may be under-managed, below-market on rents, or in need of capital improvements to attract higher-credit tenants.

MVP has been building a national footprint ahead of this JV, with recent acquisitions in Denver, Atlanta, and the Dallas-Fort Worth metroplex in addition to its Chicago-area portfolio. The TPG Angelo Gordon backing significantly scales the firm's ability to compete for larger assets and portfolios across the Midwest.