Texas C&D commits $40m to opportunistic real estate
The $24.4 billion Texas County & District Retirement System has committed $40 million to AG Realty Fund IX, an opportunistic fund managed by Angelo, Gordon & Co., according to a transaction report on the firm’s website.
Fund IX is an opportunistic fund that launched in mid-2014 and is reportedly seeking $1.5 billion in equity. The fund series targets returns of 20 percent by acquiring and developing properties in North America, Asia and Europe, as well as buying mortgages. Its predecessor closed in 2012 after raising $1.3 billion.
Texas C&D has a long relationship with Angelo Gordon, committing $50 million to AG Realty Fund VIII in 2012 and another $50 million to AG Net Lease Realty Fund III in 2013, according to IREI’s FundTracker Database. The retirement system invested $40 million into high-yield real estate in December as well,