Angelo Gordon raises $1.3bn for value-add Asia property fund

Angelo Gordon’s latest value-add Asia property fund has raised $1.3bn (€1.18bn) at close, exceeding the fund’s $1bn target.

The manager said the AG Asia Realty Fund IV fund received strong backing from existing Angelo Gordon investors and welcomed a number of new global institutional investors.

AG Asia Realty Fund IV’s predecessor fund, AG Asia Realty Fund III, closed in 2016 at $850m.

As previously reported, the Minnesota State Board of Investment and the Los Angeles County Employees Retirement Association committed to the fund.

The manager said, consistent with Angelo Gordon’s approach to real estate investing in the region, the fund will seek to identify and capitalise on value-add turnaround and development opportunities across major markets in Asia, with a strong emphasis on Japan, China, South Korea, and Hong Kong.

The fund will aim to purchase sub-performing assets, which often require significant renovation, repositioning, and lease-up to stabilise or pursue select development opportunities.

Wilson Leung, head of Angelo Gordon’s Asia real estate business, said: “We are thankful for our new and returning investors’ confidence in our strategy and approach, which have remained consistent and contributed to the solid growth of our platform over the past 13 years. Their robust support speaks to the talent of our seasoned team.

“We continue to see a wealth of compelling investment opportunities in Asia, and the depth of our experience and strength of our network of local operating partners make us well-positioned to capitalize on those opportunities, improve asset performance, and drive value for our investors.”

 

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