NPS and Almanac Realty Form $800 Million Partnership to Invest in Global Real Estate Platforms
The National Pension Service of Korea (NPS) and Almanac Realty Investors, the private real estate arm of Neuberger Berman, have entered a strategic partnership worth $800 million to invest in real estate platforms and GP Stakes globally. This collaboration will target a range of opportunities through Almanac’s current and future funds, as well as a dedicated SMA.
The partnership has three key components: anchor commitments to Almanac’s flagship strategy for real estate operating companies, commitments to acquire minority equity stakes in real estate investment managers, and a new vehicle for NPS to advise on specific platform and GP Stakes opportunities sourced by NPS.
Insub Park from NPS emphasized the value of platform investing in today’s real estate market, noting that Almanac’s expertise will strengthen their long-term growth strategies. George Walker, CEO of Neuberger Berman, highlighted the importance of private real estate and expressed excitement about expanding this expertise with NPS.
Matthew Kaplan from Almanac added that the partnership with NPS is a significant milestone, leveraging both teams’ resources and experience to capitalize on the growing demand for platform-level opportunities.
Founded in 1996, Almanac has invested over $8.3 billion in real estate, while NPS, one of the world’s largest pension funds, has a robust track record in managing its National Pension Fund (NPF). This collaboration promises to enhance both parties’ capabilities in the real estate investment space.
