Commitment marks the inaugural deployment of Almanac’s Horizon vehicle, established in partnership with Australian Retirement Trust
Accelerates AmCap’s grocery-anchored and necessity retail acquisition strategy across major U.S. metropolitan markets
Almanac will also make an investment directly into the AmCap operating business in addition to its capital commitment
NEW YORK, Aug. 12, 2026 /PRNewswire/ — Almanac Realty Investors (“Almanac”), the private real estate arm of Neuberger, a global investment manager, has committed $250 million of growth capital to Stamford, Connecticut-based AmCap Ventures (“AmCap”), a privately-held, vertically-integrated real estate company founded in 1979. The commitment marks the inaugural deployment of Almanac’s Horizon Fund (“Horizon”), a $1 billion investment vehicle established in partnership with Australian Retirement Trust (“ART”).
The growth capital will be used with the goal of accelerating AmCap’s proven strategy of acquiring grocery-anchored and necessity retail shopping centers across top-tier U.S. metropolitan markets, in particular densely populated submarkets supported by compelling population demographics and high barriers to entry. Concurrent with the closing, the firm will transition to operating as “ACX”, marking the next chapter of a platform built over more than four decades.
“We are pleased to partner with Almanac and ART on the inaugural Horizon investment. Their conviction in necessity retail mirrors our own, and we see significant opportunity to expand our footprint in the dense, supply-constrained markets that have defined our firm since 1979,” said Jake Bisenius, AmCap CEO.
Concurrently with the closing of the partnership, AmCap acquired a portfolio of eight open-air retail assets totaling approximately 771,000 square feet across California, Arizona, Colorado, Nevada, Oregon, Iowa, and Kansas. The portfolio is anchored by leading regional and national grocers including Whole Foods, Sprouts, Trader Joe’s and WinCo Foods. The acquisition will further AmCap’s geographic expansion initiatives into high-growth Western and Sun Belt markets. The acquisition brings AmCap’s owned and operated portfolio to 32 institutional-quality retail properties totaling approximately 5.0 million square feet across major US market regions.
“AmCap is a seasoned, operationally driven real estate platform with a demonstrated track record of acquiring and operating retail assets across high-growth U.S. markets. Under the leadership of Jake Bisenius and team, the company is well-positioned to execute on an attractive pipeline of acquisitions where hands-on management and leasing capabilities will drive outsized risk-adjusted returns” said Justin Hakimian, Managing Director at Almanac.
The investment was deployed through Almanac’s Horizon Fund (“Horizon”), a $1 billion investment vehicle established by Almanac in partnership with Australian Retirement Trust (“ART”). This transaction represents Horizon’s inaugural capital commitment.
“We welcome this investment in AmCap, a specialist US retail real estate operating platform with an established track record in grocery-anchored and necessity-based retail. This investment provides ART members with exposure to a sector supported by resilient consumer demand, limited new supply and experienced local operating capability, and reflects our long-term strategy of partnering with experienced operators in sectors with strong underlying fundamentals” said Michael Weaver, General Manager – Mid Risk Assets, Australian Retirement Trust.
Horizon was established as a fund-of-one to target U.S. real estate operating companies within the core and core-plus risk-return profile — a strategy distinct from Almanac’s value-add closed-end fund series and reflecting Almanac’s long-held conviction that lower-leveraged, stabilized operating platforms with embedded management teams offer a compelling and differentiated return profile for institutional capital. For Australian Retirement Trust, Horizon represents the fund’s first dedicated strategy focused solely on real estate operating companies, deepening ART’s allocation to the sector as the fund pursues a longer-term target of 25% of its real estate portfolio invested in operating company structures. The selection of AmCap as Horizon’s first portfolio company reflects Almanac’s conviction in necessity retail as a structurally resilient asset class, and in AmCap’s vertically integrated platform as an institutionally mature operator with a demonstrable track record of acquiring and repositioning grocery-anchored assets across supply-constrained, high-barrier U.S. markets.
About AmCap
Founded in 1979, AmCap is a vertically integrated private equity real estate firm headquartered in Stamford, Connecticut, with an additional office in Denver, Colorado. The firm focuses exclusively on the acquisition and management of grocery-anchored and necessity retail centers in top 100 U.S. MSAs, targeting assets anchored by the dominant regional grocer in high-income, dense, high-barrier-to-entry markets. AmCap’s vertically integrated platform encompasses acquisition, leasing, asset management, property management, and disposition capabilities in-house, with an executive team averaging nearly 20 years of tenure. AmCap.com Today, AmCap manages more than $1 billion of gross assets across approximately 5.0 million square feet in 24 states, with approximately $3 billion of core, core-plus, and value-add grocery-anchored transactions closed since inception.
About Almanac Realty Investors
Almanac Realty Investors, a business unit of Neuberger, 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 $8.8 billion in capital to 55 real estate companies, both private and public, throughout North America. For more information, visit www.almanacrealty.com.
About Neuberger
Neuberger is an employee-owned, private, independent investment manager founded in 1939 with approximately 3,000 employees across 26 countries. The firm manages $613 billion of equities, fixed income, private markets, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm is proud to be recognized for its commitment to its two constituents, clients and employees. Again this past year, we were named Best Asset Manager for Institutional Investors in the US (Crisil Coalition Greenwich) and the #1 Best Place to Work in Money Management (Pensions & Investments, firms with more than 1,000 employees). Neuberger has no corporate parent or unaffiliated external shareholders. Visit www.nb.com for more information, including www.nb.com/disclosure-global-communications for information on awards. Data as of June 30, 2026.
About Australian Retirement Trust
Australian Retirement Trust is one of Australia’s largest super funds. More than 2.4 million Australians trust us to take care of over $370 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 providing information and access to advice our members need to manage their super and retirement.
This is general advice and information only. It’s not based on your personal objectives, financial situation or needs. Think about your personal circumstances and read the relevant Product Disclosure Statement and Target Market Determination at art.com.au/pds before you make any decision about our products. And if you’re still not sure, talk with a financial adviser.
This information and all products are issued by Australian Retirement Trust Pty Ltd ABN 88 010 720 840, AFSL 228975, trustee of Australian Retirement Trust ABN 60 905 115 063 (‘the Fund’ or ‘ART’).
Media Contacts
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All Neuberger figures are as of March 31, 2026, unless otherwise noted, and are subject to change without notice. The firm data, including employees and assets under management, reflect the collective data of the various affiliated investment advisors who are subsidiaries of Neuberger Berman Group LLC. The company history/timeline includes the history of all the company’s subsidiaries, including predecessor companies and acquisitions.
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