Angelo, Gordon Raises Nearly $3B For New Equity CRE Fund
The $2.75 billion in equity commitments exceeded the fund’s $2.5 billion target, becoming the firm’s largest real estate fund to date.
NEW YORK CITY—Angelo, Gordon & Co. has raised more than $2.75 billion in equity commitments for its most recent US real estate fund, AG Realty Value Fund X. This fundraising exceeded the fund’s $2.5 billion target and has become the alternative investment firm’s largest real estate fund to date.
Per Angelo Gordon’s usual approach to the global real estate market, the fund will seek 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.
These assets will primarily located in the US, but the fund may also invest up to 20% of its capital in Europe and Asia, regions in which Angelo, Gordon has a presence and local investment teams. AG Realty Value Fund X has a flexible mandate that allows for investments along the entire value-add spectrum, with risk profiles ranging from core-plus to opportunistic.
The fund received backing from existing Angelo, Gordon investors and included a number of new global institutional investors.
The fund is led by the co-portfolio manager team that has managed Angelo, Gordon’s last four US real estate vehicles: Co-CIO and Head of Real Estate Adam Schwartz and Co-Portfolio Manager of US Real Estate Reid Liffmann, with assistance from Steve White, head of Western US Real Estate and deputy portfolio manager, and Matt Jackson, who was recently promoted to the role of deputy portfolio manager.
Angelo, Gordon has committed over $8 billion of equity in over 400 real estate transactions in the US since 1993.