Angelo Gordon Raises $3.1B For Distressed CRE
Its closed-end fund is the latest in a series of raises over three years that now total $11 billion.
A third investment vehicle into the distressed and special situations platform was announced this week by Angelo Gordon, which closed its AG Credit Solutions Fund II, L.P.
Over three years, the fund has totaled $11 billion, after the additional 3.1 billion of equity commitments was announced, which exceeded the most recent fund’s $3 billion target in seven months from the initial to final close.
Clients and Institutional Investors Offer ‘Significant Support’
Angelo Gordon is a $50 billion alternative investment firm focused on credit and real estate investing. This fund received “significant support” from both current Angelo Gordon clients and new institutional and retail investors globally, according to the company’s release.
The closed-end Fund is the latest in a series of vehicles raised over the last three years that comprise a now $11 billion all-weather distressed and special situations platform. Consistent with its predecessor, the Fund’s investment strategy seeks to leverage the firm’s capital base and structuring expertise in partnering with companies to create customized financing solutions that can help resolve idiosyncratic liquidity and capital structure situations.
Ryan Mollett, Angelo Gordon’s Global Head of Distressed & Corporate Special Situations and portfolio manager of the Fund, commented in prepared remarks, “Our ability to capitalize on both public and private investment opportunities in varying market environments, as demonstrated particularly over the past two years, has driven performance for our investors.”
The fund’s predecessor vehicle, AG Credit Solutions Fund, closed in 2020 with $1.8 billion of equity commitments, it announced. The firm also raised two CSF Annex Dislocations Funds during the first half of 2020, with a combined $1.2 billion of capital to capitalize on price volatility and market stress.
Angelo Gordon’s entire credit business manages $36 billion in assets and invests across corporate credit, lending and structured credit strategies.