The Montana Board of Investments has committed $50 million to a closed-end real estate debt investment vehicle managed by Angelo, Gordon & Co, according to a recent board meeting document.
In April, a Form D was filed with the SEC for AG Realty Value Fund XI, valuing the fund at around $884 million. Other recent investors in the fund include the Oklahoma Firefighters Pension & Retirement System, the Maine Public Employees Retirement System, the Teachers' Retirement System of Kentucky, and the Abilene (Texas) Firemen's Relief and Retirement Fund.
AG Realty Value Fund XI will invest in distressed and underperforming properties primarily in the United States, with about 20 percent in Europe and Asia. A fundraising target was not disclosed.
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