Alterra IOS, one of the largest owners and managers of industrial outdoor storage (IOS) assets in the U.S., has received a passive, minority investment from Almanac, the private real estate arm of Neuberger Berman. 

The partnership strengthens Alterra’s position in a niche logistics segment that has drawn increasing institutional attention. The firm has acquired more than 450 properties nationwide, targeting dense, infill transportation and infrastructure corridors serving as mission‑critical hubs for logistics and industrial users. 

“IOS continues to outperform and has proven to be very resilient in downturns,” said Matthew Pfeiffer, Managing Partner and CIO of Alterra. “This investment enables Alterra to build on our existing capabilities and further strengthen our leadership position in the growing IOS market.” 

Josh Overbay, Managing Director at Almanac, said the move highlights the firm’s confidence in the sector and its long‑term structural demand. “Our investment in Alterra reflects our conviction in the long‑term fundamentals of IOS and our strategy to partner with best‑in‑class managers to build durable value on behalf of our investors,” he said. 

Founded in 1981 as Rothschild Realty, Almanac has committed more than $8.9 billion across 59 real estate operating companies in North America, spanning both private and public vehicles. 

Berkshire Global Advisors acted as an advisor to Alterra IOS in the transaction.