Angelo, Gordon & Company has closed AG Realty Value Fund X after exceeding its initial target of $2.5bn. The company raised more than $2.75bn. Proceeds from the funding will be used to pursue 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. The fund will also spend up to spend 20 percent of its capital in Europe and Asia.
“For over 25 years, we have developed and maintained a distinctive value-add approach to investing in US real estate, which is focused on mitigating cyclical risk and does not rely on macrothematic bets to generate returns,” said Reid Liffmann, co-portfolio manager of US real estate for Angelo, Gordon & Company. Since 1993, the company has committed more than $8bn of equity in more than 400 real estate transactions in the US.
