Aegon Real Assets US Closes $151 Million LIHTC Fund

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Aug 13, 2019, 08:54 ET

CEDAR RAPIDS, Iowa, Aug. 13, 2019 /PRNewswire/ -- Aegon Real Assets US (Aegon RA) announced the closing of a $151 million national low-income housing tax credit (LIHTC) fund sponsored by Aegon RA, a member company of Aegon Asset Management, the global group of asset managers affiliated with Netherlands-based Aegon N.V. In addition to sponsoring the fund, Aegon RA will also provide ongoing fund oversight and asset management services.

Aegon RA has been a consistent participant in this socially responsible market sector and currently manages 420+ partnerships nationwide. Since 2003, the firm has raised $3.5 billion in tax credit equity from institutional investors across 58 funds. Since 1987, the firm has deployed $4.8 billion in total equity commitments to lower tier investments on behalf of institutional nonaffiliated clients and Aegon RA's insurance company affiliates. This is Aegon RA's 13^th multi-investor LIHTC fund closing with two new investors joining the LIHTC platform alongside five repeat investors.

"We continue to see growth in the real assets equity platform, led by our tax credit group. We also recently launched real asset equity strategies focused on workforce housing and opportunity zones, which were made possible in large part due to the firm's long history and experience with multifamily investing via the affordable housing platform," said Christoph Gabler, Co-Head of Aegon RA.

The fund is expected to be comprised of investments in 14 partnerships with affordable housing multifamily properties located in nine states across the country. Aegon RA has now closed either tax credit or affordable housing related funds with 49 institutional investors primarily across the banking, insurance and technology industries. Bank of America Merrill Lynch acted as placement agent for the funds.

About Aegon Real Assets US

Aegon Real Assets US (Aegon RA) is the primary real assets investment center in the US for Aegon Asset Management, a leading global investment manager with $361 billion (as of December 31, 2018) in assets under management/advisement.

With over 30 years of experience, Aegon RA provides yield-oriented private debt and equity strategies and specialty solutions for insurance company and other institutional clients. The firm is built upon a vertically integrated platform, deep and broad market access and long-term relationships.

Aegon RA's multi-disciplined, fully-integrated team of 200 professionals manages/advises over $20 billion (as of June 30, 2019) in real assets backed by a full range of support services.

For more information, visit aegonrealassets.com.

SOURCE Aegon Asset Management