Teachers’ Retirement System of the State of Kentucky has backed Angelo Gordon’s latest real estate sale-leaseback financing fund, according to the pension fund’s investment committee report.
The pension fund has committed $60.5m (€55.4m) to the Angelo Gordon Net Lease Realty V fund.
The fundraising details of the fund are currently unknown.
Angelo Gordon declined a request for comment. The manager raised $568m for a predecessor fund in the series that closed in March 2021.
According to sources, the fund series has a core-plus investment strategy.
The latest fund is expected to mainly target net-leased office, industrial, retail and R&D assets in North America. The fund could also invest in special-purpose properties like theatres and schools.
Kentucky Teachers, through its Retirement Annuity Trust, already has $43.9m invested in Angelo Gordon’s Realty III and $37m invested in the manager’s Realty IV fund.
To read the latest edition of the latest IPE Real Assets magazine click here.