Two US public pension funds have backed Angelo Gordon’s latest European value-add real estate fund, for which it plans to raise $1.2bn (€1.07bn) capital.
Pennsylvania Public School Employees’ Retirement System (PSERS) and Minnesota State Board of Investment said they have invested $100m and $75m, respectively, in AG Europe Realty Fund III.
Angelo Gordon will co-invest 3%.
The predecessor AG Europe Realty Fund II fund raised $843m in May last year, exceeding its $750m target.
PSERS said in a board meeting document that the fund expects to raise $1.2bn.
A first close on the fund is projected to happen next month.
The fund will target Western European sub-performing distressed debt, office, retail, hotel, industrial and residential assets.
