NASHVILLE, Tenn., Dec. 5, 2023
/PRNewswire/ -- AllianceBernstein L.P. ("AB") (NYSE: AB),
a leading global investment management and research firm, today
announced the launch of a new strategic growth initiative, AB
NAV Lending, with an initial anchor investment provided by
Equitable Holdings, Inc. (EQH). AB NAV Lending will focus on
providing flexible financing solutions based on the net asset value
of private equity funds and is a natural extension of AB's
existing, market-leading, private corporate credit platform, AB
Private Credit Investors (AB-PCI).
AB NAV Lending will leverage the core capabilities,
resources, and infrastructure of AB-PCI, which manages $17 billion in assets with a team of 75
professionals. The launch of AB NAV Lending enables AB-PCI to
provide fund-level financing to private equity sponsors in addition
to portfolio company financing and equity co-investment
solutions.
The firm also announced the hiring of two industry leaders with
more than 20 years combined fund financing experience: AB-PCI
Managing Director and Head of NAV Lending Dupe Adeyemo and Director
of NAV Lending Sara Casey. Mr.
Adeyemo joins AB-PCI from Barclays, where he delivered fund
financing solutions since 2007 and actively led the sourcing and
structuring of NAV loans. Ms. Casey joins AB-PCI from Hark Capital,
where her responsibilities included sourcing, execution,
fundraising and investor relations in the NAV lending space over
the last five years. AB-PCI Managing Director and Founding Member
Patrick Fear will serve as chair of the new initiative and will be
responsible for providing strategic guidance and support.
"Today's announcement underscores our commitment to offering
private equity clients and institutional investors access to this
rapidly growing asset class," said AB-PCI President J. Brent Humphries. "We believe that AB NAV
Lending can become a scaled business that generates attractive,
risk-adjusted returns for our investors."
"This launch reflects our strong partnership with Equitable, and
the firm's significant commitment to strategic innovation in
scalable private market products that benefit our clients," said
AB's Head of Private Alternatives Matthew Bass. "AB-PCI's
established private equity sourcing relationships, deep sector
knowledge, in-depth understanding of corporate valuation across
economic cycles, and sophisticated structured finance capabilities
will complement the NAV lending expertise of Mr. Adeyemo and Ms.
Casey."
About AllianceBernstein
AllianceBernstein is a leading global investment management firm
that offers high-quality research and diversified investment
services to institutional investors, individuals, and private
wealth clients in major world markets. As of October 31, 2023, AllianceBernstein had
$652 billion in assets under
management. Additional information about AB may be found on our
website, www.alliancebernstein.com.
About AB Private Credit Investors
Established in 2014,
AB Private Credit Investors (AB-PCI) is AB's private corporate
credit platform. As of September
2023, AB-PCI has committed $24.5
billion across more than 320 portfolio companies, primarily
in directly originated and privately negotiated senior secured
loans to financial sponsor-backed borrowers in the US middle
market. AB-PCI's team of 75 professionals manages more than
$17 billion of capital available for
investment. Visit here for more information on AB-PCI.
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SOURCE AllianceBernstein