The firm's second clean energy fund closed
with $1.5 billion in capital
commitments to the strategy
NASHVILLE, Tenn. and MINNEAPOLIS, Aug. 2, 2023
/PRNewswire/ -- AB CarVal, part of leading global investment
management firm AllianceBernstein L.P. ("AB") (NYSE: AB), completed
the final close of CVI Clean Energy Fund II (CEF II or the Fund)
with $1.5 billion in total capital commitments to the
energy transition strategy. The Fund focuses on credit and
hard-asset investments in the clean energy sector, primarily
in North America and Europe.
CEF II is a continuation of AB CarVal's platform for renewable
energy private debt transactions. The Fund has received commitments
from both new and existing limited partners, representing a
cross-section of corporate pension funds, sovereign wealth funds,
private banks, endowments, foundations, fund of funds, family
offices and high net worth individuals.
"Rapid growth in renewable energy and a fragmented financing
market present a compelling opportunity," said Jody Gunderson, managing principal with AB
CarVal. "The global energy transition is extremely capital
intensive, and private investment offers a direct route to
participate in projects that are redefining the future of the
energy markets and offer solid long-term return potential."
The United Nations estimates that $4
trillion* must be invested annually to reach net-zero
emissions by 2050. Since 2017, AB CarVal has deployed over
$4 billion in clean energy
investments, including solar and storage hard assets, private
financings, solar loans and solar asset-backed securities (ABS).
The firm is focused on downside-protected investments in proven new
technologies that help advance the energy transition.
AB CarVal's first Clean Energy Fund closed in 2021, with
$490 million in total capital
commitments. This is the firm's first fund closing since being
acquired by AllianceBernstein in 2022.
About AB CarVal
AB CarVal is an established global alternative investment
manager and part of AllianceBernstein's Private Alternatives
business. Since 1987, AB CarVal's team has navigated through
ever-changing credit market cycles, opportunistically
investing $143 billion in 5,680 transactions across 82
countries. Today, AB CarVal has approximately $17 billion** in
assets under management in corporate securities, loan portfolios,
structured credit and hard assets. Since 2017, AB CarVal has
deployed over $4 billion in clean energy investments.
Additional information about AB CarVal may be found
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 June 30, 2023, AllianceBernstein had $692 billion in assets under management.
Additional information about AB may be found on our website,
*Source: IEA Flagship report, May
**As of June
30, 2023. AUM is comprised fee-earning AUM and
fee-eligible AUM. Fee-earning AUM includes those assets currently
qualified to generate management fees. Fee-eligible AUM
includes capital that is committed to an AB CarVal Fund but is
currently uncalled or recallable. The number represented here
excludes assets under AB CarVal's management that are not
generating management fees due to the maturity of the Fund but
includes amounts that do not generate management fees solely due to
AB CarVal's decision not to charge management fees.