Angelo Gordon has attracted further capital commitments from US pension funds as it seeks to raise $2.5bn (€2.1bn) for AG Realty Value Fund X.

Alameda County Employees’ Retirement Association and Hawaii Employees Retirement System are committing $35m and $50m, respectively, according to recent board meeting reports.

As previously reported, Texas Permanent School Fund, Pennsylvania Public School Employees’ Retirement System and Minnesota State Board of Investment, have all committed capital to the fund this year.

According to sources familiar with the fund, Angelo Gordon is yet to reach a first close.

The commitment from Alameda County represents only the second time the pension fund has allocated to an opportunistic real estate strategy.

The $8.1bn pension fund, which has a $514m real estate portfolio, said the fund will make value-add investments and target gross returns of 16% to 17%.

Most of the capital for the fund will be invested in US offices and rental apartments.

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