Angelo Gordon raises $1.9bn for Fund X

The New York-based private investment firm held a first close for its latest real estate fund targeting $2.7bn.

Angelo Gordon has held a first close on AG Realty Fund X at $1.9 billion, surpassing two-thirds of its initial fundraising target of $2.7 billion.

Fund X will follow the series’ investment strategy, which focuses on investing in sub-performing assets across property types in major markets in the US, Europe and Asia.

Fund X, however, will be classified as a value-add fund, which differs from its predecessor vehicle Fund IX, which is an opportunistic fund, according to the PSERS documents on the two vehicles.