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Laxman Pai, Opalesque Asia: US-based alternative investment firm Angelo, Gordon & Co. has hauled in more than $1.5 billion in commitments for its latest European real estate fund, exceeding the target and hitting the fund's hard cap.
The $35 billion privately held limited partnership, which focuses on credit and real estate, exceeded the $1.2 billion target for the AG Europe Realty Fund III.
Angelo Gordon said the fund will target assets, across all property types, that are located in the UK and major markets in Western Europe and the Nordics.
The Fund received strong backing from existing Angelo Gordon investors and welcomed several new global institutional investors, said a press release.
The Pennsylvania Public School Employees' Retirement System, the Minnesota State Board of Investment and the Los Angeles Water and Power Employees' Retirement Plan each committed to the fund.
Other investors include Texas Permanent School Fund, Austin, which this month committed $75 million to the fund; and Los Angeles Water & Power Employees' Retirement Plan, which this month disclosed a $60 million commitment to the fund and a $15 million commitment on behalf of its retiree health benefits fund.
"We'd like to thank our new and returning investors for their confidence and support of our strategy, which enabled us to hit this Fund's hard cap," said Adam Schwartz, Co-CIO and Head of Real Estate at Angelo Gordon. "Our limited partners' robust response speak...................... To view our full article Click here
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