Angelo Gordon raises more cash for second energy fund

The firm held a final close on its first energy investment vehicle last summer. 

 Angelo, Gordon & Co. has collected $114.09 million for its sophomore energy investment vehicle, the firm disclosed in a Friday filing with the US Securities and Exchange Commission. 

The New York-based investment shop is seeking $400 million for its AG Energy Partners II.

The firm declined to comment on the fundraising.

The firm held a final close on the strategy’s first vehicle, AG Energy Credit Opportunities Fund, on $650 million last summer, Private Debt Investor exclusively reported, which had a $600 million to $700 million target.

Contra Costa County Employees’ Retirement Association committed $75 million to ECOF. According to CCCERA meeting materials, the initial energy fund targeted loan origination or purchases on the secondary market of first and second lien debt alongside stressed and distressed debt, royalties and production payments. 

The fund’s investment period will last two years from the initial capital call with the option of a one-year extension, while its life would extend another three years following the investment period, which is subject to an extension of up to two years.

The fund charged a 1.5 percent management fee on net funded capital commitments and 20 percent in carried interest with a 7 percent hurdle rate and an 80/20 catch-up. Angelo Gordon was slated to make a general partner commitment of up to $20 million.