INDEPENDENT VERDICT
AG Net Lease Realty Fund V is a large institutional net-lease real estate strategy managed by TPG Angelo Gordon, not a stand-alone "AG" sponsor and not the same vehicle as J.P. Morgan's Net Lease Real Estate Fund II reviewed elsewhere. The main Delaware fund reported $570.55 million sold to 43 investors in its September 8, 2026 Form D/A, with a $5 million minimum commitment, Rule 506(b) and Section 3(c)(7). Parallel and feeder structures materially increase the capital associated with the strategy: Fund V-A reported $283 million sold to eight investors, Fund V-B reported $120.24 million sold to two investors at its March 2026 launch, and Fund V-QTE has its own separate capital history. TPG itself stated in May 2026 that it had successfully closed on $1 billion for Net Lease Fund V through April. These figures should not simply be added together because parallel vehicles can represent different investor channels into the same strategy, but together they confirm that Fund V is an institutional-scale program rather than a $570 million stand-alone pool.
FROM ANGELO GORDON TO TPG ANGELO GORDON
The fund launched under Angelo Gordon's established net-lease franchise. TPG completed its acquisition of Angelo Gordon in November 2023, after Fund V had already begun selling interests in August of that year. Angelo Gordon subsequently became TPG Angelo Gordon, operating as TPG's large credit and real estate platform. At the time of the acquisition, TPG described Angelo Gordon as a $74 billion diversified credit and real estate business, while the wider TPG platform managed approximately $213 billion. The acquisition therefore changed the corporate parent and brand context around Fund V but did not create the strategy from scratch.
Angelo Gordon's net-lease strategy predates the TPG transaction by almost two decades. Public institutional due-diligence materials prepared in 2023 described the net-lease strategy as dating to 2005 and Fund V as targeting approximately $1.5 billion, with a four-year investment period and seven-year term plus extension options. The same institutional review cited a 10%-12% target net IRR and approximately 7% annual cash-yield target beginning in year two. Those figures are historical manager targets presented to an institutional investor, not guarantees and not realized 2026 performance.
THE STRATEGY IS CORPORATE REAL-ESTATE FINANCING THROUGH SALE-LEASEBACKS
TPG Angelo Gordon describes net lease as a way of providing capital to companies through sale-leaseback transactions. A company sells mission-critical real estate to the fund, receives cash that can be used for debt repayment, acquisitions or general corporate purposes, and simultaneously signs a long-term lease allowing it to remain in the property. The fund becomes landlord and receives contractual rent while retaining residual ownership of the real estate. TPG's current net-lease leadership publicly emphasizes mission-critical locations and long-duration leases as central underwriting factors.
A 2024 Douglas Dynamics transaction illustrates the strategy clearly. TPG Angelo Gordon acquired seven facilities totaling approximately 780,000 square feet for $64.2 million and leased them back to Douglas Dynamics under an initial 15-year term with two ten-year renewal options. The facilities were located across Illinois, Iowa, Maine, Michigan and Wisconsin, and Douglas Dynamics said the transaction would help reduce debt and strengthen financial flexibility. This is exactly the kind of corporate-capital solution that defines the Fund V strategy. The transaction should not automatically be described as a Fund V asset unless fund-level ownership is confirmed, but it is direct evidence of how TPG Angelo Gordon executes net-lease transactions.
PUBLIC SECURITIZATION DOCUMENTS PROVIDE FUND-SPECIFIC PROPERTY EVIDENCE
More direct asset evidence exists in 2026 commercial mortgage securitization filings involving JTM Foods. Those SEC-filed documents identify AG Net Lease Realty Fund V REIT LLC and AG Net Lease Realty Fund V Investments (H-1), L.P. as borrower sponsors and nonrecourse carve-out guarantors. The documents explicitly describe AG Net Lease Realty Fund V as a value-added real estate private-equity fund managed by TPG Angelo Gordon that focuses on single-tenant commercial properties, sale-leaseback transactions and net-lease assets. They also state that the related Fund V entities self-manage the JTM Foods property. This is significantly stronger than merely relying on a generic strategy description because it links the actual Fund V structure to a specific operating-property financing.
THE FUND V LEGAL ARCHITECTURE IS MULTI-VEHICLE
The main fund is only one part of the structure. AG Net Lease Realty Fund V, L.P. is a Delaware limited partnership. AG Net Lease Realty Fund V-A and V-B are Ontario limited partnerships using the same 245 Park Avenue office and AG Net Lease V LLC general-partner infrastructure. Fund V-QTE is another Ontario vehicle, while AG Net Lease Realty Fund V REIT LLC is a Delaware REIT-related entity. Public leases and financing documents also identify holding companies and investment subsidiaries such as AG Net Lease Realty Fund V Investments and AG Net Lease Realty Fund V US Holdings. These entities are part of one investment architecture and should not be counted as separate manager brands.
The September 2026 main-fund filing reports $570.55 million sold to 43 investors. Fund V-A reports $283 million sold to eight investors with the same $5 million minimum. V-B reported $120.24 million sold to only two investors when it filed in March 2026, again with a $5 million minimum. V-QTE separately reported substantial commitments during its filing history. Those low investor counts and high minimums reinforce the institutional nature of the strategy.
THE $1 BILLION FUNDRAISING STATEMENT IS MORE USEFUL THAN ADDING EVERY FORM D
TPG publicly stated on May 4, 2026 that it had successfully closed on $1 billion for Net Lease Fund V through April. That is the cleanest manager-level fundraising statement currently available. It is preferable to mechanically summing every Form D vehicle because parallel funds can contain overlapping commitments, jurisdiction-specific feeders, tax-sensitive vehicles or capital routed into the same master investment program.
The main fund's Form D history also illustrates why cumulative and incremental amounts must be separated. The fund initially reported roughly $60.5 million, later increased through amendments, and the September 2026 filing now reports a cumulative $570.55 million sold. The 2026 increase reported by Form D databases is approximately $449.94 million, but that number is an increment over prior filings, not the latest total. The correct current main-fund Form D amount is $570.55 million.
INSTITUTIONAL LP EVIDENCE CONFIRMS THE STRATEGY'S SCALE
Public pension records provide a useful independent check. Vermont Pension Investment Commission reviewed Angelo Gordon Net Lease Fund V in 2023 as a core real estate strategy with a $1.5 billion target and institutional return objectives. In 2026, North Carolina Retirement Systems disclosed a $200 million commitment to AG Net Lease Realty Fund V. These public allocator records independently confirm that Fund V is marketed to large pension institutions rather than being primarily a high-net-worth syndication product.
Such commitments should not be interpreted as endorsements of future returns. Public pensions conduct their own due diligence but can still experience underperformance. Their value here is as independent evidence of fund identity, institutional scale and target strategy.
THE FUND ALSO USES INTERNATIONAL DISTRIBUTION CHANNELS
The September 2026 main-fund Form D lists Kyobo Securities in Seoul, MPW Capital Advisors in Abu Dhabi and KPG Capital Partners in Utah as sales-compensation recipients or distribution-related entities. The filing reports $5.6024 million of estimated finder's fees and no sales commissions. The same distribution relationships also appear in Fund V-A. This shows that fundraising reaches beyond U.S. institutional channels into Korea, the Middle East and other investor networks.
The $5.6024 million finder-fee figure should be evaluated against the actual investors or commitments to which it relates rather than simplistically divided by total fund capital. Investors should ask whether placement economics are borne by the fund, sponsor or selected investor classes.
NET LEASE IS CREDIT UNDERWRITING PLUS REAL ESTATE UNDERWRITING
The apparent stability of long-term rent can obscure the economic reality of net-lease investing. The fund is underwriting both the tenant and the real estate. If the tenant remains solvent, long leases can provide predictable income. If the tenant fails, the investor suddenly owns a specialized property that may be difficult to re-lease at the same rent.
Key variables therefore include tenant credit, rent coverage, lease duration, contractual rent escalators, property fungibility, industry concentration, geographic concentration and residual value. A manufacturing facility designed around one tenant's production process can be far less liquid than a generic warehouse even if both technically qualify as industrial real estate.
Sale-leasebacks can also occur because the corporate seller needs capital. That creates an important underwriting question: is the transaction monetizing surplus real estate from a financially healthy company, or providing liquidity to a stressed business The same legal structure can have very different risk depending on tenant financial condition.
FINAL ASSESSMENT
AG Net Lease Realty Fund V has one of the strongest institutional verification profiles in this D-list. SEC filings establish a large multi-vehicle private-equity structure with more than $570 million sold in the main fund and substantial additional capital in parallel vehicles. TPG independently stated that Fund V had reached $1 billion of capital by April 2026. Public pension materials establish a $1.5 billion target and institutional commitments. TPG's official transaction record demonstrates active sale-leaseback execution, while 2026 SEC-filed securitization documents directly tie Fund V entities to specific single-tenant net-lease property financing.
The principal diligence issue is portfolio credit quality rather than sponsor identity. Investors should obtain a complete property schedule, tenant-credit data, rent coverage, lease duration, leverage, acquisition cap rates, financing costs and concentration metrics. TPG Angelo Gordon's long net-lease history and institutional scale strengthen the operating case, but long leases do not eliminate tenant default, refinancing, property obsolescence or residual-value risk.
KEY FINDINGS
AG Net Lease Realty Fund V is managed within TPG Angelo Gordon. Angelo Gordon launched the fund before TPG completed its acquisition in November 2023. The net-lease strategy dates back approximately two decades. The main fund began selling interests August 23, 2023. The main fund latest Form D/A was filed September 8, 2026. Main fund amount sold: $570,550,638. Main fund investors: 43. Main fund minimum: $5 million. Main fund relies on Rule 506(b). Main fund relies on Section 3(c)(7). AG Net Lease V LLC is the general partner. The main fund reports approximately $5.6024 million in estimated finder's fees. Fund V-A reported $283 million sold to eight investors. Fund V-B reported $120.240481 million sold to two investors at its March 2026 initial filing. V-QTE and REIT structures also exist. TPG publicly said Fund V had closed on $1 billion through April 2026. Institutional due diligence in 2023 showed a $1.5 billion target. Historical institutional materials cited a 10%-12% target net IRR and 7% target annual cash yield beginning in year two. Those target figures are not guarantees. North Carolina Retirement Systems disclosed a $200 million commitment in 2026. Fund V-related entities appear directly in SEC-filed property financing documents. The strategy focuses on single-tenant commercial real estate, sale-leasebacks and net-lease assets. Future Angelo Gordon / TPG Angelo Gordon Net Lease Fund V feeder and parallel entities should be treated as one sponsor brand.
FUND V STRUCTURE
AG Net Lease Realty Fund V, L.P. CIK: 0001989261 Jurisdiction: Delaware Latest sold: $570,550,638 Investors: 43 Minimum: $5,000,000 First sale: August 23, 2023
AG Net Lease Realty Fund V-A, L.P. CIK: 0001989266 Jurisdiction: Ontario, Canada Latest sold: $283,000,000 Investors: 8 Minimum: $5,000,000
AG Net Lease Realty Fund V-B, L.P. CIK: 0002117892 Jurisdiction: Ontario, Canada Initial 2026 sold: $120,240,481 Investors: 2 Minimum: $5,000,000
AG Net Lease Realty Fund V-QTE, L.P. CIK: 0001989264 Jurisdiction: Ontario, Canada Separate parallel / tax-related vehicle 2026 filing history confirms additional commitments
AG Net Lease Realty Fund V REIT LLC CIK: 0002050821 Jurisdiction: Delaware REIT-related investment vehicle Initial 2025 Form D amount: $125,000
Do not mechanically add all vehicles and call the result final Fund V size. TPG's own $1 billion close statement is the cleaner strategy-level fundraising reference.
TPG / ANGELO GORDON HISTORY
Angelo Gordon founded: 1988 Net lease strategy inception: Approximately 2005 TPG acquisition announced: May 2023 TPG acquisition completed: November 2023 Angelo Gordon renamed / operated as: TPG Angelo Gordon Angelo Gordon AUM at acquisition: Approximately $74 billion TPG total AUM at transaction close: Approximately $213 billion
These historical platform figures are not Fund V assets.
PUBLIC STRATEGY EVIDENCE
Primary strategy: Single-tenant net lease Sale-leasebacks Corporate real estate financing Mission-critical properties Long-duration leases
Illustrative TPG Angelo Gordon transaction: Douglas Dynamics sale-leaseback Transaction value: $64.2 million Facilities: 7 Approximate area: 780,000 square feet Initial lease term: 15 years Renewal options: Two 10-year periods Corporate use of proceeds: Debt reduction and other purposes
This transaction illustrates the manager's strategy but should not be described as a Fund V asset unless ownership is specifically confirmed.
FUND-SPECIFIC ASSET EVIDENCE
2026 SEC securitization documents involving JTM Foods identify: AG Net Lease Realty Fund V REIT LLC AG Net Lease Realty Fund V Investments (H-1), L.P.
Roles include: Borrower sponsors Nonrecourse carve-out guarantors Property-management involvement
The filing explicitly describes AG Net Lease Realty Fund V as a TPG Angelo Gordon-managed value-added real estate private-equity fund focused on: single-tenant commercial properties; sale-leasebacks; net-lease assets.
INSTITUTIONAL LP EVIDENCE
Vermont Pension Investment Commission: Reviewed Fund V in 2023 Strategy classification: Core Real Estate Fund target: $1.5 billion Historical target net IRR: 10%-12% Historical target annual cash yield: 7% beginning year two Investment period: Four years Fund term: Seven years plus extension options
North Carolina Retirement Systems: 2026 commitment: $200 million
These are allocator disclosures, not guarantees of fund performance.
DISTRIBUTION / PLACEMENT EVIDENCE
Kyobo Securities Co., Ltd. Location: Seoul, South Korea Role: Foreign/non-U.S. solicitation
MPW Capital Advisors Limited Location: Abu Dhabi, UAE Role: Foreign/non-U.S. solicitation
KPG Capital Partners LLC CRD: 165392 Location: Park City, Utah Role: U.S. solicitation channel
Main fund estimated finder's fees: $5,602,400
Sales commissions: $0
CORE INVESTOR QUESTIONS
What is Fund V's final committed capital How does the $1 billion April 2026 close compare with current total commitments How much capital sits in the main fund versus A, B, QTE and REIT vehicles Are the parallel vehicles economically pari passu Do they hold identical portfolio exposure What tax or investor classifications explain the A/B/QTE structure How many properties does Fund V currently own What is total gross asset value What is current NAV What is weighted-average lease term What percentage of rent comes from investment-grade tenants What percentage comes from private companies What is the largest tenant exposure What is the largest industry exposure What is weighted-average rent coverage What percentage of assets are manufacturing facilities What percentage are distribution or warehouse facilities What percentage are office, healthcare or other property types What acquisition cap rates have been paid What leverage does Fund V use What is weighted-average cost of debt How much debt is fixed versus floating What percentage of transactions are sale-leasebacks What percentage are secondary acquisitions What happens when a tenant defaults How specialized are the properties What capital expenditures are required to re-tenant assets How are opportunities allocated among Fund V and other TPG real estate funds What management fee applies What carried interest applies What preferred return applies How are placement fees allocated What is actual realized cash yield to date How does current performance compare with the 2023 target
CORE RISKS
Tenant default risk Single-tenant concentration Corporate-credit risk Sale-leaseback underwriting risk Specialized-property obsolescence Residual-value risk Interest-rate risk Leverage Refinancing risk Cap-rate expansion Illiquidity Long fund duration Industry concentration Geographic concentration Tenant bankruptcy Re-leasing costs Environmental liabilities Potential differences among parallel fund vehicles Placement and feeder cost layering Risk of treating target returns as realized returns
SEC SNAPSHOT — MAIN FUND
Issuer: AG Net Lease Realty Fund V, L.P.
CIK: 0001989261
SEC File No.: 021-491403
Latest Form: D/A
Filed: September 8, 2026
First Sale: August 23, 2023
Formation: Delaware, 2023
Address: c/o Angelo, Gordon & Co., L.P. 245 Park Avenue, 26th Floor New York, NY 10167
Phone: 212-692-2000
Industry: Pooled Investment Fund / Private Equity Fund
Security: Pooled Investment Fund Interests Limited Partnership Interests
Exemption: Rule 506(b)
Investment Company Act exclusion: Section 3(c)(7)
Offering: Indefinite
Amount Sold: $570,550,638
Investors: 43
Minimum: $5,000,000
Offering longer than one year: Yes
Sales Commissions: $0
Finder's Fees: $5,602,400 estimated
Related-person use of proceeds: $0
General Partner: AG Net Lease V LLC
Latest Signer: Christopher Moore
Signer title: General Counsel of Manager of the General Partner
PRIMARY EVIDENCE REVIEWED
SEC Form D/A — AG Net Lease Realty Fund V LP, September 8, 2026 SEC Form D/A — AG Net Lease Realty Fund V-A LP, September 8, 2026 SEC Form D — AG Net Lease Realty Fund V-B LP, March 20, 2026 SEC Form D — AG Net Lease Realty Fund V-QTE LP SEC Form D — AG Net Lease Realty Fund V REIT LLC TPG — official Angelo Gordon acquisition announcement TPG — official net lease strategy materials TPG — May 2026 Fund V fundraising update TPG / Douglas Dynamics — sale-leaseback transaction announcement SEC-filed JTM Foods commercial mortgage documents Vermont Pension Investment Commission — 2023 Fund V due-diligence materials North Carolina Retirement Systems public commitment reporting
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering. Filing with the SEC does not mean the SEC has approved, endorsed, appraised, audited or verified AG Net Lease Realty Fund V, TPG, TPG Angelo Gordon, any tenant, property, sale-leaseback transaction, target return or expected cash yield.
The $570.55 million main-fund Form D amount, amounts reported by parallel vehicles, TPG's $1 billion April 2026 close statement and the historical $1.5 billion fund target measure different aspects of the strategy and should not be mechanically combined.
Investors should review the complete property schedule, tenant-credit data, leases, leverage, financing costs, fee terms, parallel-fund allocation policies, audited financial statements and realized performance before investing.