Vermont Pension Investment Commission commits $100m to real estate funds

The Vermont Pension Investment Commission (VPIC), which invests on behalf of several Vermont retirement systems, has approved a $50 million commitment to Angelo Gordon Net Lease Realty (AGNLR) Fund V and a $50 million commitment to Blue Owl Real Estate Fund (BOREF) VI, according to the drafted minutes of the VPIC’s Oct. 31 meeting.

Managed by Angelo Gordon & Co., AGNLR Fund V will seek to invest in non-investment–grade, single-tenant, freestanding triple-net-lease assets structuring a long-term lease with appropriate landlord protections and an emphasis on mission-critical locations.

AGNLR Fund V intends to purchase both existing facilities and build-to-suit facilities that are integral to the ongoing operations of tenants.

AGNLR Fund V’s predecessor fund, AGNLR Fund IV, closed in 2022 after raising $656 million of capital.

BOREF VI, managed by Blue Owl Real Estate (formerly Oak Street Real Estate), will seek to make value-add investments in fre