Angelo, Gordon & Co has raised over $2.75bn (€3.1bn) in equity commitments for its latest US real estate fund.
AG Realty Value Fund X – which received backing from existing investors and a number of new global institutional investors – exceeded its $2.5bn target, making it the firm’s largest real estate fund to date.
The manager said the AG Realty Value Fund X fund will seek to identify off-market investment opportunities with a focus on sub-performing or distressed office, multifamily, retail, residential, hotel, for-sale housing, senior housing, self-storage, and student housing assets, primarily in the US.
The fund may also invest up to 20% of its capital in Europe and Asia, regions.
Co-CIO and head of real estate Adam Schwartz, said: “We are grateful for the confidence of our new and returning investors, whose support of our strategy enabled us to hit this fund’s hard cap.
“The overwhelmingly positive response from investors is a testament to the talent of our team, depth of our industry expertise, and strength of our network of local operating partners – all of which make us well positioned to identify and capitalize on the most attractive investment opportunities in the US market.”
Co-portfolio manager of US Real Estate Reid Liffmann, said: “For over 25 years, we have developed and maintained a distinctive value-add approach to investing in US real estate, which is focused on mitigating cyclical risk, and does not rely on macro-thematic bets to generate returns.
“Our wealth of experience and strong operating partner relationships create a competitive advantage when it comes to deal sourcing and enable us to improve asset performance and create value for our investors.”