Minnesota State Board of Investment (SBI) has expanded its existing manager relationship with Angelo Gordon & Co with two new commitments totalling $250m (€212m).

The pension fund said in a board meeting update that it will invest the amount into AG Realty Fund X and AG Asia Realty Fund IV, but did not disclose how much would be placed into each fund.

Minnesota SBI’s existing relationship with Angelo Gordon includes an investment it made into the AG Asia Realty Fund III in 2016 and a previous commitment to the manager’s AG Realty Fund IX.

Angelo Gordon is expected to be making a co-investment of around $15m into Realty Fund X, which will invest mostly in value-add and sub-performing properties in the US.

It will target a mixture of traditional and speciality types which includes office, industrial, retail, apartments, hotels and land.

Asia IV is a value-add fund and the manager expects to stabilise either existing assets through significant repositioning or lease-ups, or in some cases plan new development projects.

The target markets for the fund are Japan, South Korea, Hong Kong and China.