Kansas City foundation commits $15m to debt fund

The $756 million Health Care Foundation of Greater Kansas City has committed $15 million to Almanac Realty Securities VIII, according to board meeting documents.

The foundation said in the meeting minutes that it committed to Almanac’s fund due to the “fund’s convertible debt strategy and strategy diversification benefits and a consistent return profile, even during the downturn.”

Almanac Realty Securities VIII is managed by Almanac Realty Investors, a real estate advisory firm based in New York City. It is a value-added real estate vehicle that makes growth-capital investments into real estate operating companies, often in a structured or debt format, primarily in the United States.

Previous investments in the fund have included a $60 million commitment from the Ohio Police & Fire Pension Fund and a $75 million commitment from the New Mexico State Investment Council.

The fund’s predecessor, Almanac Realty Securities VII, held a $1.42 billion final close in June 2015, exceeding its $1 billion equity fundraising target.

Aon Hewitt Investment Consulting, the foundation’s investment consultant, assisted with the commitment.