Angelo Gordon & Co. LP raised $2.75 billion for its latest U.S. property fund at final close, exceeding its fundraising target by $250 million, PERE News reported.

AG Realty Value Fund X, which is now the privately held alternative investment firm's biggest U.S. real estate fund, has a value-add strategy and will target a variety of asset types, including office, multifamily, retail, hotel, self-storage, seniors housing and student accommodation.

The fund will mostly focus on U.S. acquisitions, with up to 20% of its capital to be deployed in Asia and Europe.

The Pennsylvania Public School Employees' Retirement System and the Minnesota State Board of Investment each committed $150 million to the vehicle, while the New York State Teachers' Retirement System committed $100 million, PERE News reported.

AG Realty Value Fund X also attracted $75 million each from the Public Employees' Retirement System of Mississippi, the Texas County and District Retirement System and the Texas Permanent School Fund, with the Employees' Retirement System of The State of Hawaii committing $50 million, PERE added, citing its own data.