The Teachers’ Retirement System (TRS) of Kentucky has committed $85 million to AG Net Lease Realty Fund V, a program of TPG Angelo Gordon, according to meeting materials from Dec. 15, 2025.
AG Net Lease Realty Fund V is a closed-end fund that invests in non-investment-grade, single-tenant, freestanding triple-net-lease assets in the United States. A fundraising goal has not been determined. The Vermont Pension Investment Commission invested $50 million in the fund in 2023. The fund’s predecessor, AG Net Lease Realty Fund IV, raised $656 million in equity.
Kentucky TRS, a public pension fund, had $29.3 billion in total assets under management, as of Sept. 30, 2025. As of then, it had a 7 percent real estate allocation target with $1.8 billion in total real estate assets.
