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Los Angeles Department of Water and Power re-ups in Angelo Gordon, Longpoint real estate funds
The Los Angeles Department of Water and Power (LADWP) Employees’ Retirement Plan has unanimously approved $150 million of commitments to real estate funds managed by Angelo, Gordon & Co. and Longpoint Realty Partners.
In a recent board meeting document, LADWP slated $75 million each for AG Europe Realty Fund IV and Longpoint Fund III.
AG Europe Realty Fund IV is a closed-end fund that seeks to invest in a diversified real estate portfolio located in major markets in the United Kingdom, Western Europe and the Nordics. The vehicle will opportunistically acquire assets in need of repositioning, capital restructuring or development.
LADWP said it previously committed $75 million to AG Europe Realty Fund III in 2019 and $20 million to AG Core Plus Realty Fund III in 2011. According to the pension fund, its previous investments with Angelo Gordon represent ap