Angelo Gordon has raised $1.3 billion for its fourth Asia real estate fund, beating its $1 billion target. The firm closed its previous Asia real estate fund at about $850 million in 2016.
NEW YORK, NY – September 11, 2019 – Angelo, Gordon & Co., L.P. (“Angelo Gordon” or the “Firm”), a $34 billion alternative investment firm focused on credit and real estate investing, announced today that it has raised US$1.3 billion in equity commitments for its most recent Asia real estate fund, AG Asia Realty Fund IV (the “Fund”), exceeding the Fund’s US$1 billion target.
Consistent with Angelo Gordon’s approach to real estate investing in the region, the Fund will seek to identify and capitalize on value-add turnaround and development opportunities across major markets in Asia, with a strong emphasis on Japan, China, South Korea, and Hong Kong. The Fund will aim to purchase sub-performing assets, which often require significant renovation, repositioning, and lease-up to stabilize, or pursue select development opportunities.
The Fund received strong backing from existing Angelo Gordon investors and welcomed a number of new global institutional investors.
“We are thankful for our new and returning investors’ confidence in our strategy and approach, which have remained consistent and contributed to the solid growth of our platform over the past 13 years. Their robust support speaks to the talent of our seasoned team,” said Head of Asia Real Estate Wilson Leung. “We continue to see a wealth of compelling investment opportunities in Asia, and the depth of our experience and strength of our network of local operating partners make us well-positioned to capitalize on those opportunities, improve asset performance, and drive value for our investors.”
Since 2005, the Firm has committed over US$2.5 billion of equity in 83 real estate transactions in Asia. Recent transaction highlights include:
The purchase of over US$500 million of logistics properties, totaling more than 2.7 million square feet of space, in Greater Tokyo and Osaka – the two largest logistics markets in Japan;
The acquisition of a 600,000 square foot sale-leaseback office property in Beijing with one of China’s largest e-commerce companies; and
The sale of two centrally located residential land sites in Seoul for approximately US$300 million.
AG Asia Realty Fund IV’s predecessor fund, AG Asia Realty Fund III, closed in 2016 at approximately US$850 million. The Fund builds on the successful closing of Angelo Gordon’s latest U.S. real estate fund, AG Realty Value Fund X, which brought over US$2.75 billion of new capital to the Firm’s global real estate platform.
ABOUT ANGELO, GORDON & CO., L.P.
Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately held limited partnership founded in November 1988. The Firm currently manages approximately $34 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 515 employees, including nearly 210 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.