Angelo, Gordon
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Angelo Gordon is a global
alternative investment An alternative investment, also known as an alternative asset or alternative investment fund (AIF), is an investment in any asset class excluding stocks, bonds, and cash. The term is a relatively loose one and includes tangible assets such as ...
manager founded in November 1988 by John M. Angelo and Michael L. Gordon who together ran the arbitrage department of L.F. Rothschild in the 1980s. The firm is 100% employee-owned, SEC-registered, and has over 600 employees and more than 200 investment professionals. Angelo Gordon focuses on four main investment disciplines: credit, real estate, private equity, and multi-strategy. Within those broad categories, the firm offers products in distressed debt and non-investment grade corporate credit, convertible and merger arbitrage, residential and consumer debt, energy direct lending, real estate private equity, real estate debt and lending, net lease real estate, private equity, multi-strategy, and middle market direct lending. Angelo Gordon offers two types of investment structures: open-ended hedge fund products and closed-ended private equity-style products. The firm is headquartered in
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with additional offices worldwide including in
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and
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.


History

John Angelo and Michael Gordon founded the firm on strategies with which they had 15 years prior experience: distressed securities, risk arbitrage, and convertible arbitrage. The multi-strategy platform was added in 1993 as a way to offer investors a single fund which captured many of Angelo Gordon’s investment strategies and which could tactically allocate as markets shifted. In 1998, the leveraged loan business was added as an extension of the distressed debt business. The firm began buying real estate as early as 1990 through investments in the distressed debt of bankrupt real estate companies. In 1993, as real estate markets buckled under the weight of too much debt, the firm launched its opportunistic real estate strategy investments with the goal of improving and repositioning the property by increasing operating income. In early 2002, the company added core plus real estate to its real estate strategies as it was able to benefit from its operating partner network, and purchase high quality real estate. Since 2005, the firm has expanded its real estate offerings through a dedicated opportunistic Asian real estate strategy. In the wake of the global financial crisis of 2008 and the European banking crisis of 2011, Angelo Gordon added European real estate to its strategies as prices were depressed and liquidity was severely curtailed in the region. Net Lease real estate strategy was established in 2005 to focus on below investment grade tenants. Angelo Gordon further expanded into the intersections of real estate and credit with the addition of real estate debt in 2006 and residential and consumer debt in 2008. In 2009, Angelo Gordon was one of only nine private investment firms to partner with the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation in PPIP—the Private-Public Investment Partnership. The U.S. government invested alongside the selected firms to unlock the frozen credit markets in the wake of the global financial crisis. This was a successful program. The firm took advantage of the post-2008 financial crisis contraction in bank lending to smaller companies through senior secure direct lending to energy companies in 2013 and to middle market borrowers in the private equity sponsor community in 2014. Additionally, in 2014, the firm launched Twin Brook Capital Partners, its middle market direct lending subsidiary, which provides cash-flow based financing solutions for the middle market private equity community. In October 2013, Larry Schloss became the president of Angelo Gordon. In March 2016, Mr. Schloss left the firm. Co-founder John M Angelo died in 2016. Co-founder Michael Gordon stepped down as chief executive officer and co-chief investment officer on January 1, 2021, and was succeeded by co-chief investment officers Josh Baumgarten and Adam Schwartz.


Leadership

Angelo Gordon is led by co-CEOs and co-CIOs Josh Baumgarten and Adam Schwartz. Baumgarten and Schwartz were appointed co-CEOs on January 1, 2021, after having served as co-CIOs for three years. Additionally, Mr. Baumgarten leads the firm’s credit business and Mr. Schwartz serves as the head of the firm’s global real estate group.


Awards and recognition

Angelo Gordon’s portfolio managers have in recent years been noted for top performance in their investment strategies. Angelo Gordon’s CMBS fund and the non-investment grade corporate credit fund were recognized by Bloomberg for Best Performance for Directional Fixed Income (2011-2014.) The RMBS/ABS fund appeared in Barron’s Top 100 Hedge Funds in 2013 and in 2014. Angelo Gordon’s flagship multistrategy fund appeared in Business Insider’s 100 Most Successful Hedge Funds in 2012, Bloomberg ‘s 100 Top Performing Large Hedge Funds in 2013 and won the award for CreditFlux Best Credit Multistrategy in 2014.


Investments

Angelo Gordon operates three basic types of investment vehicles: * Illiquid strategies — include a variety of investment strategies:
distressed securities Distressed securities are securities over companies or government entities that are experiencing financial or operational distress, default, or are under bankruptcy. As far as debt securities, this is called distressed debt. Purchasing or holding ...
,
private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a ty ...
, triple net lease and
real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...
. * Liquid strategies — credit opportunities,
convertible arbitrage Convertible arbitrage is a market-neutral investment strategy often employed by hedge funds. It involves the simultaneous purchase of convertible securities and the short sale of the same issuer's common stock. The premise of the strategy is t ...
and
risk arbitrage Risk arbitrage, also known as merger arbitrage, is an investment strategy that speculates on the successful completion of mergers and acquisitions. An investor that employs this strategy is known as an arbitrageur. Risk arbitrage is a type of even ...
. * Multi-strategy — takes advantage of attractive alternative investment opportunities from a range of the firm's disciplines.


References


Additional references

*
Investors Sue Citigroup
" ''The New York Times'', August 27, 2004 *

"
Reuters Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world. The agency was estab ...
, December 7, 2007 *
Angelo Gordon moves into hedge-lite strategies
"
Reuters Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world. The agency was estab ...
, June 13, 2007 *
Delta Financial selling big stake to Angelo Gordon
" MarketWatch, Nov. 16, 2007


External links

* {{authority control Financial services companies established in 1988 Hedge fund firms in New York City Private equity firms of the United States Privately held companies based in New York City Hedge funds