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Minnesota invests in Angelo Gordon fund

by Jody Barhanovich

The $80.9 billion Minnesota State Board of Investment has committed $50 million to AG Asia Realty Fund III, a real estate fund managed by Angelo, Gordon & Co.

The opportunistic, closed-end fund focuses most of its investments in Asia, in areas such as China, Japan and Korea. The fund has an investment focus in industrial, multifamily, retail, single family and unconstrained markets.

The investment board has a target real estate allocation of 8.4 percent and an actual allocation of 2 percent, according to IREI’s FundTracker database. 

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