NPS commits $800 mn to Almanac for strategic partnership

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NPS commits $800 mn to Almanac for strategic partnership - Korea Economic Daily

Quick Summary:

The National Pension Service of Korea (NPS) has committed $800 million to Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, to build a strategic partnership, Almanac said on Wednesday.The world's No.3 pension scheme will raise its commitment to Almanac to expand joint invetments.“The $800 million strategic partnership will allow NPS to access a variety of real estate platform opportunities globally through Almanac's existing and future funds, as well as a dedicated SMA,” Almanac said in a press release.

They may also commit to a newly formed property investment vehicle.“As the real estate investment landscape evolves, platform investing has emerged as a transformative trend reshaping the industry,” Insub Park, senior portfolio manager of NPS’ real estate platform investment team, said in the press release.

Their strategic partnership follows the 2024 launch of the NPS’ real estate platform investment team, dedicated to investing in real estate platforms and acquiring minority equity stakes in real estate investment managers.