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Report: Almanac Realty eyes $1.3B for latest commingled fund

Almanac Realty Investors' latest commingled fund is expected to attract at least $1.26 billion, IPE Real Assets reported, citing sources familiar with the matter.

Almanac Realty declined to comment on the matter, according to the publication.

Alaska Retirement Management Board has started raising capital for Almanac Realty Securities VIII, the publication reported, citing a board meeting document. The management board pledged 86% of the capital for the previous commingled fund, Almanac Realty Securities VII, and can only execute one more deal under the fund, which has a 20% reserve for follow-on investments.

Almanac Realty is also looking to kick-start two new business operations during the year, including another commingled fund named Almanac Horizon Fund and a new business, Almanac Realty Public Securities, which will invest in public real estate investment trusts.

Almanac plans to raise $200 million to $500 million for the new fund, which will be seeded with a portfolio of stabilized office and industrial assets. Targeted returns will be between 9% and 10% on a yearly basis, the publication added.

Almanac Realty Public Securities will invest in North American REITs with portfolios of between 20 and 40 long and short positions.