California-based self-storage operator LifeStorage LP has secured a $120 million investment from TPG Real Estate, the real estate division of TPG, a global private-investment firm. LifeStorage will use the funds to support its acquisition strategy in the top 50 U.S. markets, company officials said in a press release. Additional terms of the transaction were not disclosed.

“We are excited about our partnership with TPG and are poised to quickly lever its deep real estate and operational expertise to accelerate our growth strategy by expanding our portfolio of premier storage facilities,” said Mark Good, LifeStorage CEO. “We are committed to delivering the very best storage solutions, and TPG provides us the flexibility to invest in high-quality facilities at locations that add value for our portfolio and customers.”

Since 2009, TPG Real Estate has invested more than $2.6 billion of equity in Europe and North America. Founded in 1992, parent company TPG has $66 billion in global assets under management. It makes public and private investments through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings, according to the release.

“Not only is there strong continued demand for self-storage, but the industry also remains very fragmented, which should provide opportunities for further consolidation and attractive follow-on acquisitions,” said Avi Banyasz, partner and co-head of TPG Real Estate. “Mark and his team have built a leading self-storage company in LifeStorage, and we are excited to be a partner in the company's continued success.”

LifeStorage also announced that Jasper Ridge Partners made a “follow-on investment” after the company announced last month it had secured a $100 million revolving line of credit from Citigroup Global Markets. Jasper Ridge Partners provides discretionary investment-management services and customized solutions to prominent families, foundations and global institutions. It manages more than $11 billion in assets across public equity, fixed income, hedge funds, private equity, venture capital, real estate and natural resources.

LifeStorage changed brand ownership in 2011 and moved its headquarters from Chicago to Roseville, Calif. Today, the company operates a self-storage portfolio of 78 properties in nine states, with a heavy concentration in the Chicagoland area.

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