South Korea’s National Pension Service (NPS) is partnering with Almanac Realty Investors to invest $800m (€776.5m) in global real estate platforms and investment managers.
The partnership involves NPS anchoring Almanac’s growth capital strategy for real estate operating companies and committing to an existing Almanac strategy dedicated to acquiring minority equity stakes in institutional real estate investment managers. NPS will also gain access to a dedicated investment vehicle advised by Almanac for platform and general partner stake opportunities sourced by NPS itself.
Insub Park, a senior portfolio manager of National Pension Service’s real estate platform investment team, said: “As the real estate investment landscape evolves, platform investing has emerged as a transformative trend reshaping the industry. This approach not only optimises value creation but also aligns with long-term growth strategies, making it a cornerstone for forward-thinking investors.
“The Almanac team has demonstrated unparalleled expertise and leadership in this domain. Looking ahead, we are committed to building on this collaboration, focusing on strengthening our long-term relationship and delivering exceptional outcomes together.”
George Walker, CEO and chairman of Almanac’s parent Neuberger Berman, said: “Private real estate is an important investment opportunity for clients and we’re pleased to bring our platform-level investment expertise to NPS.
“We help clients with investments across the public and private markets. Our Almanac group has long-running relationships with industry institutions and the experience and expertise to source opportunities. We look forward to bringing the diversification and returns of this asset class to this important pension fund client.”
Matthew Kaplan, chairman and group head of Almanac, said: “Almanac is excited to embark on this new partnership with NPS, whose perspective on the real estate industry aligns closely with ours.
“This collaboration is a key milestone for us at Almanac, as we anticipate combining the decades of experience and resources of our teams to capitalise on the growing market for platform-level opportunities.”
To read the latest IPE Real Assets magazine click here.
