AllianceBernstein held the final close of its fourth commercial real estate debt fund with $1.3 billion from global institutional investors.
The US Commercial Real Estate Debt Fund IV close follows the securing of $4.5 billion in commitments in the last 18 months across its US CRED platform that now totals $9 billion in AUM.
“The expansion in the cost and tenor of capital — combined with having access to both levered and unlevered strategies — enables us to deliver broader solutions to our clients and be more innovative and relevant to our borrowers,” said AllianceBernstein’s US Commercial Real Estate Debt Chief Investment Officer Peter Gordon. “With nearly half of our transactions coming from repeat borrowers, we believe that this will continue to further differentiate the platform in the years to come.”
Gordon joined the firm in 2016 from Angelo, Gordon & Co., where he led the CRE whole loan team, responsible for sourcing, pricing, financing and structuring transactions as well as managing assets in the investment portfolio.
Alongside Fund IV, the platform has grown substantially over the past 18 months with new segregated mandates focused on core-plus and fixed rate lending, and the launch of AllianceBernstein’s first private commercial mortgage REIT, which officials said has quickly grown to over $400 million in committed equity since accepting its first commitments in Q4 2021.
The continued expansion of AllianceBernstein’s US Commercial Real Estate debt platform, which has raised $10.5 billion since 2013, is consistent with the firm’s strategy of growing its private markets platform, in partnership with Equitable.
Credit overall has been a growing arena for the firm. Most recently, AllianceBernstein completed its acquisition of CarVal investors on July 1, which expanded the $674 billion firm’s private markets platform to $54 billion. CarVal brought expertise in opportunistic and distressed credit, renewable energy infrastructure, specialty finance and transportation investments.
