Prospect Ridge Advisors, a real estate investment manager, has completed its previously announced joint venture with AllianceBernstein (AB), creating a new firm that is uniquely positioned to capitalize on a broad and diverse set of investment opportunities and strategic partnerships. This transaction will allow for continued collaboration with AB and enable Prospect Ridge to grow through direct alignment with investors across the spectrum of risk and return.
Prospect Ridge employs an acquisition strategy and an asset management approach across multiple asset classes and geographies. Since inception, the team has acquired 159 assets totaling $6.8 billion of gross cost across its two commingled equity funds (the AllianceBernstein U.S. Real Estate Partners funds). It will continue to manage the existing equity funds, and the experience of investors in those funds is not expected to be affected.
Prospect Ridge — led by commercial real estate investment veterans Brahm Cramer and Jay Nydick — will continue to maximize the synergies between its business and that of AB’s real estate debt platform, which has originated $4.9 billion of loans since inception. The real estate debt team is remaining at AB and will continue to be led by Roger Cozzi. The senior principals of Prospect Ridge will remain actively involved in the AB real estate debt business and will retain positions on its investment committee.
“This strategic transaction opens up new avenues of growth from which both Prospect Ridge and AllianceBernstein stand to benefit,” said Seth P. Bernstein, president and CEO of AllianceBernstein. “We look forward to our continued partnership and to contributing to our new JV’s immediate and long-term success.”
