Australian Retirement Trust and Almanac Realty Investors Form $1.0 Billion Mandate Targeting Real Estate Operating Companies ("REOCs")

The commitment represents ART’s first customized mandate in the U.S. focused on core and core-plus REOC opportunities.

February 25, 2025, New York, NY – Australian Retirement Trust (“ART”), one of Australia’s largest superannuation funds, has partnered with Almanac Realty Investors (“Almanac”) to manage a $1 billion customized mandate to invest in real estate operating companies across the United States.

Through the strategic mandate, ART and Almanac will seek to form long-term partnerships with REOCs across a variety of sectors and regions in the U.S. The mandate is expected to feature a core and core-plus investment profile, focusing on REOCs that use lower leverage and generally operate more stabilized portfolios. ART aims to leverage Almanac’s extensive REOC investment experience and expertise to identify and manage potential opportunities.

ART and Almanac will maintain a flexible investment approach and explore opportunities as both a majority and minority investor. For its majority stakes, the mandate will target REOCs founded by proven management teams in a nascent stage and require growth capital to expand their organizations and portfolios. The mandate will also target minority positions in more established organizations seeking capital to provide liquidity to certain existing owners, while also requiring capital to fund future growth.

“This new partnership with ART will allow us to expand the opportunity set of actionable investments with highly capable, proven management teams and platforms,” said Josh Overbay, partner at Almanac. “ART is one of a growing list of large, sophisticated institutional investors increasingly leaning in to real estate platform investing, and we’re excited to bring Almanac’s three decades of experience in this area to this new important relationship.”

ART’s Senior Portfolio Manager - Head of Real Estate, Mark Lee, said: “Australian Retirement Trust is pleased to partner with Almanac, who has a long track record of real estate investments in REOCs and we look forward to the partnership contributing to positive retirement outcomes for our almost 2.4 million members across Australia.”

About Australian Retirement Trust

Australian Retirement Trust is one of Australia’s largest super funds. Close to 2.4 million Australians trust us to take care of over $300 billion of their retirement savings. We’re here to help our members retire well with confidence, focused on strong long-term investment returns, lower fees and the information and access to advice our members need to manage their super and retirement.

About Almanac Realty Investors

Almanac Realty Investors, a business unit of Neuberger Berman, is a leading provider of growth capital to private and public real estate companies. Originally founded in 1981 under the name Rothschild Realty, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market to accelerate company growth and has committed more than $8.3 billion in capital to 56 real estate companies, both private and public, throughout North America. For more information, visit www.almanacrealty.com.

About Neuberger Berman

Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $508 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman's investment philosophy is founded on active management, fundamental research and engaged ownership. The firm’s leadership in stewardship and sustainable investing is recognized by the PRI based on its consecutive above median reporting assessment results. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of December 31, 2024.

Media Contact:

Alex Samuelson, 212 476 5392, Alexander.Samuelson@nb.com