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Minn. pension fund allocates $250M for Angelo Gordon investment funds

Minnesota State Board of Investment is investing an aggregate $250 million in two Angelo Gordon & Co. investment vehicles, IPE Real Assets reported, citing a board meeting update.

One of the funds that the pension fund will invest in is AG Realty Fund X, in which Angelo Gordon is expected to make a co-investment of approximately $15 million. The fund will invest largely in value-add and sub-performing assets in the U.S., with a focus on office, industrial, retail, apartment and hotel properties, as well as land.

Minnesota State Board will also invest in the AG Asia Realty Fund IV value-add fund. The manager expects to largely stabilize either existing assets via substantial repositioning or lease-ups, with a focus in Japan, South Korea, Hong Kong and China.