Angelo Gordon collects $1.5bn for Europe-focused fund

Angelo Gordon announced that it has raised over $1.5 billion in equity commitments for its most recent European real estate fund, AG Europe Realty Fund III, exceeding the fund’s $1.2 billion target and hitting the fund’s hard cap. The new fund will invest in off-market investment opportunities with a focus on sub-performing assets along the entire value-add spectrum, from those with attractive in-place cash flow to distressed assets that require significant capital restructuring and asset repositioning to stabilize. Targeting all property types, the fund will invest in the U.K. and major markets in Western Europe and the Nordics, officials said. “Significant levels of dislocation and distress in the real estate sector in the U.K. and Western Europe persist, with political uncertainty, weak banks, and sluggish economies contributing to the emergence of new pockets of stress,” said Anuj Mittal, co-portfolio manager of European Real Estate at Angelo Gordon. The team sees COVID-19 as leading to a new set of distress. Mittal said the team’s focus has long been on buying transitional assets in geographies with strong fundamentals, and that strategy coupled with Angelo Gordon’s network of more than 40 operating partners with deep local knowledge will position the firm to select the most compelling investment opportunities in the region. Officials added that Fund III received strong backing from existing Angelo Gordon investors and welcomed new global institutional investors too. The firm’s previous fund, AG Europe Realty Fund II, closed in 2018 at $840 million. Since 2009, Angelo Gordon has done more than 75 real estate transactions in Europe totaling over $4 billion. Overall, the firm has $35 billion in credit and real estate strategies.

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