Vermont State Employees places $50m in AG Realty Value Fund XI

Vermont State Employees Retirement System  has disclosed a $50 million commitment to AG Realty Value Fund XI, 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 includes the Alabama Trust Fund , 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 other U.S. pension funds.

Vermont State Employees could not be reached to comment on its investment activity at the time of publication.

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