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Angelo Gordon & Co., L.P., a $33 billion alternative investment firm focused on credit and real estate investing, announced that it has raised over $2.75 billion in equity commitments for its most recent U.S. real estate fund, AG Realty Value Fund X, exceeding the fund’s $2.5 billion target and making this the firm’s largest real estate fund to date.
Consistent with Angelo Gordon’s approach to global real estate investing, the fund will seek to identify 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, primarily located in the U.S. The fund may also invest up to 20 percent of its capital in Europe and Asia, regions in which Angelo Gordon has a strong presence and local investment teams. AG Realty Value Fund X benefits from a flexible mandate that allows for pursuit of investments along the entire value-add spectrum, with risk profiles ranging from core-plus to opportunistic.
The fund received strong backing from existing Angelo Gordon investors and welcomed a number of new global institutional investors.
“We are grateful for the confidence of our new and returning investors, whose support of our strategy enabled us to hit this fund’s hard cap. The overwhelmingly positive response from investors is a testament to the talent of our team, depth of our industry expertise, and strength of our network of local operating partners – all of which make us well positioned to identify and capitalize on the most attractive investment opportunities in the U.S. market.” -Adam Schwartz, Co-CIO and Head of Real Estate, Angelo Gordon
Reid Liffmann, co-portfolio manager of U.S. real estate added, “For over 25 years, we have developed and maintained a distinctive value-add approach to investing in U.S. real estate, which is focused on mitigating cyclical risk, and does not rely on macro-thematic bets to generate returns. Our wealth of experience and strong operating partner relationships create a competitive advantage when it comes to deal sourcing and enable us to improve asset performance and create value for our investors.”
Since 1993, Angelo Gordon has committed over $8 billion of equity in over 400 real estate transactions in the U.S. The firm currently manages approximately $33 billion with a primary focus on credit and real estate strategies. Angelo Gordon has 510 employees, including nearly 210 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia.