NEW YORK, March 11, 2021 /PRNewswire/ -- AllianceBernstein
L.P. ("AB") (NYSE: AB), has successfully completed the first
closing of its fourth US Commercial Real Estate Debt fund ("CRED
IV"). This alternative fund has so far secured nearly $900mm in
capital commitments. Equitable will serve as a lead investor,
continuing the strong partnership between AB and Equitable as AB
expands its alternatives platform.
CRED IV is a continuation of the transitional real estate
lending strategy successfully implemented by previous AB CRED
funds. CRED IV will directly originate floating-rate first mortgage
whole loans secured by high quality, transitional US commercial
real estate. Those loans are held on an unleveraged
basis.
The platform of CRED funds has originated in excess of 100 loans
and raised nearly $7bn in capital
commitments from institutional investors worldwide since the launch
of the strategy in 2013.
The successful first close of CRED IV is further demonstration
of AB's ability to raise significant capital for its fast-growing
private alternatives platform, despite the challenges posed by
COVID-19. The close follows quickly on AB's announcement in Q4 of
last year of the launch of its new European Commercial Real Estate
Debt ("ECRED") platform. ECRED, led by industry veteran
Clark Coffee, launched with nearly
€1.5bn in capital, making it one of the largest real estate
launches in Europe in recent
years. The ECRED platform expects to announce its first loan
origination since joining AB in the coming weeks.
Matthew Bass, Head of Private
Alternatives for AB commented: "Attracting close to $900mm in
capital commitments for CRED IV's first closing demonstrates the
continued appeal of our US CRED funds, which are poised to continue
thriving as opportunities continue to emerge after the shock of
COVID-19."
"Our CRED strategy provides strong credit diversification and
attractive yield premium relative to public credit. We're confident
these attributes will continue to attract investor interest, as we
look toward future Fund IV closings."
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. The firm has $688 billion in client assets under management,
as of February 28, 2021.
Additional information about AB may be found on our website,
www.alliancebernstein.com.
The alternative fund is only available to both "qualified
purchasers" under Section 3(c)(7) of the Investment Company Act of
1940, as amended, and "accredited investors" under the Securities
Act of 1933, as amended.
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SOURCE AllianceBernstein