The National Pension Service of Korea (NPS) and Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, have established a strategic partnership to invest in real estate platforms and make real estate GP Stakes investments globally. NPS and Almanac will seek to deploy $800 million, an initial capital commitment across certain managed vehicles, with the intention of scaling the relationship over time.
The strategic partnership consists of three distinct components: 1) Anchor commitments to Almanac’s flagship strategy, focused on providing growth capital to real estate operating companies; 2) similar anchor commitments to Almanac’s existing strategy dedicated to acquiring minority equity stakes in institutional real estate investment managers; and 3) significant commitment to a newly formed vehicle, exclusive to NPS, where Almanac will primarily advise and assist NPS with transactions across certain platform and GP Stakes opportunities sourced
