Almanac and Australian Retirement Trust deploy $250M in first Horizon Fund deal
What's the deal? Almanac Realty InvestorsDealroom has a profile for this one. Try Dealroom → and Australian Retirement TrustDealroom has a profile for this one. Try Dealroom → (ART) have committed $250 million of growth capital to Stamford, Connecticut-based AmCap VenturesDealroom has a profile for this one. Try Dealroom →. It's the first investment from their $1 billion Horizon mandate.
What's the endgame? AmCap, a vertically integrated retail real estate firm founded in 1979, will use the capital to accelerate acquisitions of grocery-anchored and necessity retail shopping centres in dense, high-barrier US markets. The company is also rebranding as ACXDealroom has a profile for this one. Try Dealroom → as part of the transaction.
Coinciding with the investment, AmCap closed on eight open-air retail properties spanning roughly 771,000 square feet across seven states, with anchors including Whole FoodsDealroom has a profile for this one. Try Dealroom →, SproutsDealroom has a profile for this one. Try Dealroom →, Trader JoeDealroom has a profile for this one. Try Dealroom →'s and WinCo FoodsDealroom has a profile for this one. Try Dealroom →. The purchases bring its footprint to 32 properties totalling about 5 million square feet.
Why now? Almanac, the private real estate arm of Neuberger BermanDealroom has a profile for this one. Try Dealroom →, established the customised fund-of-one for ART in February 2025 to invest in US real estate operating companies. The strategy targets core and core-plus opportunities with lower leverage — a departure from the value-add, closed-end funds that make up the rest of Almanac's series.
Horizon is the A$370 billion ($261 billion) superannuation fund's first strategy dedicated exclusively to real estate operating companies. It's part of a push to eventually hold 25% of its real estate portfolio in operating-company structures.
By the numbers: Over the last year, ART invested an additional A$12 billion in private markets, including a record A$3 billion in Australian real estate. The mandate gives both partners flexibility to take majority or minority positions in operator-led platforms.
"This investment provides ART members with exposure to a sector supported by resilient consumer demand, limited new supply, and experienced local operating capability," said Michael Weaver, general manager of mid-risk assets at ART.
Justin Hakimian, managing director at Almanac, called AmCap "a seasoned, operationally driven real estate platform with a demonstrated track record of acquiring and operating retail assets across high-growth U.S. markets."
The signal: Founded in 1981 and acquired by Neuberger BermanDealroom has a profile for this one. Try Dealroom → in 2020, Almanac has backed 55 firms with more than $8.8 billion in commitments across North America. The Horizon mandate marks its growing push into real estate platform investing, channelling pension capital towards operators in supply-constrained, consumer-driven sectors.
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Image credit: Payton Chung
