Angelo, Gordon & Co. raises $1.3B for latest real estate fund

Investment firm beats goal by $300M, will target sub-performing properties

New York /
Dec.December 10, 2015 02:00 PM

Angelo, Gordon & Co. raised $1.3 billion for its latest real estate fund, thus beating its fundraising goal by $300 million.

The Midtown-based investment firm’s fund Angelo Gordon Core Plus Realty Fund IV will look to target sub-performing property types across various asset classes with the goal of turning those assets around.

The company has already invested 15 percent of the capital raised to date – including $510 million on its acquisition of 575 Lexington Avenue in Midtown.

Angelo Gordon completed its acquisition of the 35-story, 739,000-square-foot office tower from Normandy Real Estate Partners in September, as The Real Deal reported.

The new fund has a net return target of 11 percent to 12 percent, with the majority of the capital to be allocated in major U.S. markets and minor allocations in Asia and Europe, according to financial publication PERE.

Limited partners in the fund include the New Mexico State Investment Council, the Pennsylvania Public Schools Employees’ Retirement System and the Texas Permanent School Fund.

Angelo Gordon currently manages approximately $27 billion in assets, according to the company’s website. [PERE]Rey Mashayekhi


Related Articles

arrow_forward_ios
575 Lexington Avenue (Credit: Google Maps, iStock)

Normandy looks to sell 575 Lex for more than $650M

Normandy looks to sell 575 Lex for more than $650M
Cory Elbaum

Angelo Gordon taps new real estate exec after $2.75B fund raise

Angelo Gordon taps new real estate exec after $2.75B fund raise
Kushner Cos. selling lone Chicago property

Kushner Cos. selling lone Chicago property

Kushner Cos. selling lone Chicago property
WeWork is taking a five-floor spread in Midtown East

WeWork is taking a five-floor spread in Midtown East

WeWork is taking a five-floor spread in Midtown East
575 Lex owners secure $415M refi loan

575 Lex owners secure $415M refi loan

575 Lex owners secure $415M refi loan
Angelo Gordon picks up Chicago office complex for $148M

Angelo Gordon picks up Chicago office complex for $148M

Angelo Gordon picks up Chicago office complex for $148M
Angelo, Gordon & Co. is one of the owners of Industry City, above, in Brooklyn. (Credit from back: Joshsjackson, Pixabay)

Angelo, Gordon’s head of investor relations out due to in-house policy violations

Angelo, Gordon’s head of investor relations out due to in-house policy violations
Placeholder image

Angelo Gordon looks to sell DoBro leasehold for $100M

Angelo Gordon looks to sell DoBro leasehold for $100M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...