Angelo Gordon raises $1.5bn for new European fund
Angelo Gordon has raised more than $1.5bn (£1.2bn) for its latest European property fund.
The investment firm had been targeting $1.2bn in equity commitments for AG Europe Realty Fund III.
Angelo Gordon will continue with its strategy of targeting off-market investment opportunities to deploy the fund, focusing on under-performing and value-add assets.
Angelo Gordon has raised more than $1.5bn (£1.2bn) for its latest European property fund.
The investment firm had been targeting $1.2bn in equity commitments for AG Europe Realty Fund III.
Angelo Gordon will continue with its strategy of targeting off-market investment opportunities to deploy the fund, focusing on under-performing and value-add assets.
It is aiming to deploy the fund in the UK, major western European markets and the Nordics.
“We would 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-chief investment officer and head of real estate at Angelo Gordon.
Anuj Mittal, co-portfolio manager of European real estate at Angelo Gordon, added: “Significant levels of dislocation and distress in the real estate sector in the UK and western Europe persist, with political uncertainty, weak banks, and sluggish economies contributing to the emergence of new pockets of stress.
“Additionally, we believe Covid-19 will likely lead to a new set of distress. Our focus has long been on buying transitional assets in geographies with strong fundamentals, and that strategy coupled with our network of more than 40 operating partners with deep local knowledge make us well-positioned to select and capitalise on the most compelling investment opportunities in the region.”
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