June 21, 2023
New York – (June 21, 2023) – Almanac Realty Investors, the private real estate arm of Neuberger Berman and a leading provider of growth capital to private and public real estate companies, announced today the final closing of its latest fund, Almanac Realty Securities IX (“ARS IX”), with over $1.9 billion raised in discretionary commitments, plus an additional $300 million in equity commitments to non-discretionary sidecar co-investment vehicles.
Consistent with prior vintages, ARS IX will primarily seek private investments of growth capital into private and public real estate companies to capitalize on the continued shift of real estate ownership to integrated entities. ARS IX succeeds eight previous funds in the strategy, which combined have committed over $7.3 billion across 50 companies.
Matt Kaplan, Head of Almanac, said “The Almanac team is pleased with the closing of ARS IX. Even in an uncertain environment, we continue to identify strong investment opportunities with proven real estate entrepreneurs who can profitably utilize long-term, flexible capital to pursue their strategies and significantly grow their businesses through the acquisition, develop or redevelopment of real estate assets. It’s an approach that has led to a 27-year track record of attractive absolute, relative and risk-adjusted returns.” Josh Overbay, a Managing Director on the Almanac team, added “We're proud with the result of the ARS IX fund raise, which included a very high percentage of our existing investors in previous funds, and also included a number of commitments from new investors from new regions. These commitments show the continued support our investors have for our team and our differentiated investment approach, even in the face of the most difficult capital raising environment we have seen in a long time. We are extremely grateful to our capital partners for their support of this new fund.”
ARS IX has already made two commitments to date. ARS IX’s first transaction was a commitment to invest up to $500 million in Storage Post. Founded in 2010, Storage Post, based in Atlanta, GA, is led by Bruce Roch, CEO, along with a tenured management team with significant track record acquiring and operating self storage assets. Storage Post is a vertically-integrated private real estate company focused on the acquisition, development, redevelopment, and operation of self storage assets located in New York City, South Florida, and other major markets in the eastern United States. ARS IX’s second transaction was a commitment to invest up to $400 million in Key Real Estate (“Key”). Founded in 2005, Key, based in New Orleans, LA, is led by Anthony “TJ” Larocci, Managing Principal & CEO. Key is a vertically-integrated, private real estate company focused on the acquisition, development, redevelopment, and property management of multifamily assets located throughout the Gulf Coast Region and other markets in the southeastern United States.
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 $7.5 billion in capital to 52 real estate companies, both public and private and public, throughout North America. For more information, visit www.almanacrealty.com.