Angelo Gordon, a $28 billion alternative investment firm focused on credit and real estate investing, has held a final close for its second European realty fund, AG Europe Realty Fund II at $843 million in equity commitments, surpassing its $750 million target.
Consistent with Angelo Gordon’s approach to global real estate investing, the fund will seek to identify complex and off-market investment opportunities with a focus on U.K. and Western Europe subperforming distressed debt, office, retail, hotel, industrial and residential assets.
The fund received backing from existing Angelo Gordon investors and also welcomed a number of new global institutional investors. The fund was oversubscribed.
“European real estate is a market we monitored for nearly a decade before we began investing in 2009,” said Adam Schwartz, co-CIO and head of real estate at Angelo Gordon.
Anuj Mittal, co-portfolio manager of European real estate at Angelo Gordon added, “The real estate sector in Western Europe and the United Kingdom is still experiencing substantial levels of distress and dislocation. We believe our focus on buying transitional assets in geographies with strong fundamentals has proven successful and by using our large network of local partners, we are well-positioned to select the best risk-adjusted return opportunities in the region.”
Angelo Gordon’s AG Europe Realty Fund closed in 2014 with approximately $570 million in commitments. Since 2009, the firm has invested in approximately $2 billion of assets across 42 transactions in Europe.