NEW YORK--(BUSINESS WIRE)--Angelo, Gordon & Co., the New York-based alternative investment firm, today announced the final close of AG Asia Realty Fund III (the “Fund”) with total capital commitments of approximately US$850 million, exceeding the Fund’s US$750 million target.
AG Asia Realty Fund III will seek to capitalize on value-add turnaround and development opportunities with a strong emphasis on Japan, South Korea, Hong Kong and China. The Fund will purchase sub-performing assets which often require significant repositioning, lease-up or in some cases development to stabilize.
Wilson Leung, Head of Asia Real Estate at Angelo, Gordon, said, “We are grateful for the strong support we received from new and existing limited partners to close our third fund. We continue to see highly compelling real estate investment opportunities in Japan, Korea and Greater China and believe our deep, longstanding relationships with our local operating partners positions us well to generate attractive returns.”
AG Asia Realty Fund III comes on the heels of successful closings for Angelo, Gordon’s US-focused opportunistic and core plus funds, bringing nearly US$3.5 billion of new capital to Angelo, Gordon's global real estate platform. Angelo, Gordon has invested around US$10 billion of equity globally in real estate deals since 1993, with US$1.9 billion of equity invested in 58 real estate deals in Asia since 2005. AG Asia Realty Fund III’s predecessor funds, AG Asia Realty Fund II and AG Asia Realty Fund I, were US$616 million and at US$526 million, respectively.
ABOUT ANGELO, GORDON & CO.
Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988, and currently manages approximately US$26 billion. The Firm's investment focus centers around three core competencies - credit, real estate, and private equity. Angelo, Gordon has nearly 420 employees, over 160 of whom are investment professionals, and is headquartered in New York, with associated offices elsewhere in the US, Europe and Asia. For more information, visit www.angelogordon.com.
