Angelo Gordon Raises $1.3B for Real Estate Fund
Alternative investment firm Angelo Gordon beat its $1B fundraising goal for its latest real estate fund, Angelo Gordon Core Plus Realty Fund IV, raising $1.3B, the largest amount for the firm to date.
Angelo Gordon has invested 15% of the fund’s capital to date, including a 745k SF, $510M acquisition in New York City's 575 Lexington Ave, PERE reports.
Leveraging local JV partners, AGCP IV will target sub-performing property types across various asset classes, which it will turn around, the report says. The fund has a net return target of 11% to 12% with the majority of its funds on major US markets (with minor allocations in Asia and Europe.)
Limited partners in the fund are the New Mexico State Investment Council, Pennsylvania Public Schools Employees’ Retirement and the Texas Permanent School Fund. [PereNews]
