New York-based alternative investment firm Angelo, Gordon & Co has raised about $850 million in funding for its third Asia realty fund, beating its $750 million target.
AG Asia Realty Fund III will focus on real estate investment and turnaround opportunities in Japan, Korea and Greater China. The fund will target sub-performing assets in those areas.
The limited partners of AG Asia Realty Fund III included North Carolina Retirement Systems, Minnesota State Board of Investment and Hawaii Employees’ Retirement System, said a spokesperson for Angelo, Gordon.
Angelo, Gordon’s previous Asia realty fund closed at $616 million in 2011. No information was available on the performance of AG Asia Reality Fund II.
According to the firm, it has invested around $10 billion in global real estate deals since 1993, with $1.9 billion of equity invested in 58 real estate deals in Asia since 2005.
Launched in November 1988, Angelo, Gordon currently manages about $26 billion.
Photo: An illuminated Tokyo Tower (C) is seen between skyscrapers in Tokyo, Japan, March 10, 2016. Reuters/Issei Kato