Indiana Public Retirement System (INPRS) has made its first-ever net-lease property fund investment via a fund managed by Angelo Gordon.

In a meeting document, INPRS said it is committing $75m (€67.8m) into the manager’s AG Net Lease Realty Fund IV, a US property fund which according to sources raised $196m at its first close in March.

The core-plus fund will have a four-year investment period, an 11-year total life and two one-year extension options.

Angelo Gordon’s net lease strategy involves providing real estate sale-leaseback financing to less-than-investment grade owner-occupiers of corporate real estate.

Sale and leaseback transactions are a way for the vendors to get cash for capital expenses, M&A and balance sheet restructuring.