New York-headquartered alternative investment manager Angelo, Gordon & Co has raised US$1.3bn in equity commitments for its latest Asia property fund, AG Asia Realty Fund IV.
The fund, which exceeded its US$1bn target, will focus on value-add turnaround and development opportunities across major markets in Asia, with a strong emphasis on Japan, China, South Korea and Hong Kong.
Wilson Leung (image: Angelo, Gordon & Co)
It will look to acquire sub-performing assets, which often require significant renovation, repositioning and lease-up to stabilise, or pursue select development opportunities.
“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,” said Wilson Leung, head of Asia real estate at Angelo Gordon.
“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 capitalise on those opportunities, improve asset performance, and drive value for our investors.”
Angelo Gordon has committed more than US$2.5bn of equity to real estate deals across Asia since 2005, including the acquisition of a 600,000 sq.ft. sale-leaseback office property in Beijing with one of China’s largest e-commerce companies.
The firm has purchased over US$500m of logistics properties, totalling more than 2.7m sq.ft. of space across Greater Tokyo and Osaka, and has sold two centrally-located residential land sites in Seoul for approximately US$300m.
The fund’s predecessor, AG Asia Realty Fund III, closed with about US$850m in 2016.
Angelo Gordon is a privately-held limited partnership and manages approximately $34bn with a primary focus on credit and real estate strategies.