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.

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