Alabama Trust Fund contributes $50m to AG Realty Value Fund XI

Alabama Trust Fund has unanimously approved a $50 million commitment to AG Realty Value Fund XI, according to a recent board meeting document.

AG Realty Value Fund XI is a closed-end real estate debt investment vehicle managed by Angelo, Gordon & Co. The fund will invest in distressed and underperforming properties primarily in the United States and 20 percent in Europe and Asia.

A fundraising target has not been disclosed; however, in April, a Form D was filed with the SEC, valuing the fund at around $884 million.

The investor mix also includes the Dallas-Fort Worth Airport Employees Pension Plan, the University System of New Hampshire, the Montana Board of Investments and the Abilene Firemen's Relief and Retirement Fund, among several other U.S. pension funds.

As of June 30, Alabama Trust Fund had some $3.2 billion of assets under management,