Alabama Trust Fund, Montgomery, committed $50 million to AG Realty Value Fund XI.
The $3.2 billion sovereign wealth fund's board approved the commitment to the value-added real estate fund managed by Angelo Gordon & Co. at its June 29 meeting, recently released meeting minutes show.
The fund had issued an RFP in February for a closed-end core real estate fund. The RFP did not disclose the funding sources for the new managers.
According to the sovereign wealth fund's most recent available investment report, its actual allocation to real estate was 8.9% as of June 30, well below the real estate target of 10%.
The sovereign wealth fund also previously made a commitment to AG Realty Value Fund X, as well as AG Core Plus Realty Fund III and AG Core Plus Realty Fund IV, according to the investment report.
The Alabama Trust Fund also issued an RFP in February for an open-end, core-plus real estate manager, but selection information was not immediately available.
Investment consultant Callan assisted.
Cory Rambo, director of the fund's fiscal operations division, could not be immediately reached for further information.
