The National Pension Service of South Korea established a strategic partnership with Almanac Realty Investors to jointly deploy $800 million to real estate investments, according to a Jan. 14 statement.
The strategic partnership will provide NPS access to real estate platform opportunities through Almanac’s existing and future funds as well as a dedicated separately managed account.
The $800 million initial capital commitment will be deployed across various managed vehicles, and the partnership was created with the intention of scaling the relationship over time, the statement said.
The partnership comes after NPS formed its real estate platform investment team in 2024 dedicated to identifying and investing in real estate platform opportunities globally. The team focuses on commitments to established and emerging real estate operating platforms, and acquiring minority equity stakes in real estate investment managers.
NPS is one of the world’s largest pension funds with assets under management of 1.15 quadrillion Korean won ($780 billion).
Almanac is the private real estate investment arm of Neuberger Berman, and has committed $8.3 billion in capital to private and public real estate companies throughout North America.
