Angelo Gordon to Start Mortgage Fund for Property Recovery Bet
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Angelo Gordon & Co., the $24 billion firm started by John Angelo and Michael Gordon, plans a residential and commercial mortgage fund betting on a real estate recovery, according to a presentation.
The fund, the AG Securitized Asset Recovery Fund, or STAR, will invest in a variety of residential and commercial mortgage securities and target a net internal rate of return of at least 15 percent, Angelo Gordon said in the presentation, a copy of which was obtained by Bloomberg News.