Neuberger Berman, a private, independent, employee-owned investment manager, has acquired Almanac Realty Investors.
Almanac was founded in 1981 as Rothschild’s real estate unit and spun out in 2007 as an independent firm.
Its primary strategy is to make investments in independent real estate firms seeking capital to fuel further growth. It has committed over $5.5 billion of growth capital to 44 public and private real estate companies, partnering with established, mid-sized owners and operators across industrial, office, retail, multifamily, hotel and other sectors in North America.
Examples include Mack Real Estate Group, RXR Realty, CA Ventures, Slate Asset Management, ReNew Senior Living and Westcore Properties, among others.
Almanac will operate as a distinct investment platform at Neuberger Berman. The group will continue to be led by its managing partner, Matthew Kaplan, and its partners and investment committee members Pike Aloian, Justin Hakimian, Josh Overbay and Andrew Silberstein.
Almanac’s Investment Committee will be expanded to include David Haltiner, a Managing Director who has been with Almanac since 2008, and this group will continue as the investment decision-making body for the Almanac strategies.
All employees are expected to join Neuberger Berman.
“Private real estate is an important asset class. We’ve looked for a decade for the right partner here and are thrilled with the outcome. We respect the Almanac team deeply as investors, fiduciaries and professionals and welcome them to our firm,” said George Walker, CEO, Neuberger Berman.
Matthew Kaplan, Managing Partner, Almanac, added: “This transaction represents the next step for our clients and our team. We are impressed by the culture of partnership at Neuberger Berman, and its singular focus on alignment with clients. Our team and clients will benefit from Neuberger’s research resources, excellence in ESG and data science, client service capabilities and forward thinking.”