New York-based privately-held investor Angelo, Gordon & Co. said on Wednesday that it has raised $1.3 bn (€1.2 bn) in equity commitments for its largest-to-date Asian real estate fund, AG Asia Realty Fund IV.
The vehicle was oversubscribed exceeding the firm's $1 bn target by $300 mln. It received strong backing from existing Angelo Gordon investors and welcomed a number of new global institutional investors, the company said in a statement.
It will seek to identify and capitalize 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 stabilize, or pursue select development opportunities.
'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,' said head of Asia Real Estate Wilson Leung. '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.'
Since 2005, the firm has committed over $2.5 bn of equity in 83 real estate transactions in Asia.
AG Asia Realty Fund IV’s predecessor fund, AG Asia Realty Fund III, closed in 2016 at approximately $850 mln. The fund follows the successful closing of Angelo Gordon’s latest U.S. real estate fund, AG Realty Value Fund X, which brought over $2.75 bn of new capital to the firm’s global real estate platform.
