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Sign in Sign up for a FREE subscriptionAllianceBernstein holds $3.1b final close for third real estate debt fund
AllianceBernstein, a New York–based investment manager, has held a $3.1 billion final close for its third real estate debt fund, AllianceBernstein Commercial Real Estate Debt III, according to an announcement of the firm’s second quarter results. The fund closed 50 percent above the firm’s target.
Most of the commitments came from European and U.K. institutional investors. The debt fund will invest in U.S. office buildings and residential properties.
AllianceBernstein held a $1.55 billion final close in April 2016 for the previous debt vehicle in the series, AllianceBernstein Commercial Real Estate Debt Fund II, surpassing its $1 billion target.
In addition, the firm’s total assets under management as of June 30, 2018, were $539.8 billion, down $9.7 billion, or 1.8 percent, from March 31, 2018, and up $23.2 billion, or 4.5 percent, from June 30, 2017, according to the second quarter results report.
