Interest in value-add real estate in Asia is running high. Investment firm Angelo, Gordon & Co., L.P. has raised US$1.3 billion in equity commitments for its most recent Asia real estate fund, AG Asia Realty Fund IV, exceeding the Fund’s US$1 billion target.
The fund will purchase sub-performing assets, which often require significant renovation, repositioning, and lease-up to stabilize, or pursue select development opportunities in major markets, with a strong emphasis on Japan, China, South Korea and Hong Kong. Fund backers included existing Angelo Gordon investors as well as new global institutional investors.
“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 capitalize on those opportunities, improve asset performance, and drive value for our investors,” said head of Asia real estate Wilson Leung.
AG Asia Realty Fund IV’s predecessor fund, AG Asia Realty Fund III, closed in 2016 at approximately $850 million.