$250M Bet on Necessity Retail: Almanac Backs AmCap’s Grocery-Anchored Expansion — Neuberger Berman Group LLC

Event summary

$250M capital commitment from Almanac’s Horizon Fund to AmCap, marking the fund’s first investment.
AmCap acquires 8 retail properties (771K sq ft) anchored by grocers like Whole Foods and Trader Joe’s.
Portfolio expands to 32 institutional-quality assets totaling ~5M sq ft across 24 states.
AmCap rebrands as ACX, signaling a new phase for the 44-year-old platform.

The big picture

This deal underscores institutional confidence in grocery-anchored retail as a resilient asset class amid broader commercial real estate volatility. Almanac’s Horizon Fund, backed by Australian Retirement Trust, is targeting lower-leveraged, stabilized platforms—a strategic pivot from its traditional value-add focus. AmCap’s vertically integrated model positions it to capitalize on high-barrier markets where supply constraints and demographic trends favor necessity retail.

What we're watching

Execution Risk: Whether AmCap can sustain its acquisition pace while maintaining operational excellence across a rapidly growing portfolio.
Market Dynamics: How the Sun Belt and Western U.S. retail markets will respond to increased demand for necessity-based assets.
Fund Performance: The pace at which Almanac’s Horizon Fund deploys its remaining $750M, given AmCap’s strong track record in supply-constrained markets.