AllianceBernstein (AB) and its Real Estate Private Equity Group (REG) have formed a new strategic joint venture that aims to access broader and more diverse opportunities, including potential partnerships outside of AB.
Both AB and REG will be equity partners in this new joint venture. The ongoing management of existing equity funds and the experience of clients in those funds will not be affected by the joint venture.
AB’s Real Estate Debt business is unchanged and will continue to be led by Roger Cozzi.
Total assets for the debt business are now nearly $5.5 billion, including $3.1 billion in new institutional investor commitments to AB Commercial Real Estate Debt Fund III, which closed in June. The REG will be a joint venture partner in the debt business and continue to actively participate in the debt investment process. Each team is aligned and incentivized to maximize the synergies between both businesses in further expanding this important AB franchise.
The new joint venture is expected to be fully in place by the end of 2018.
