AllianceBernstein Closes Fund Above Target
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AllianceBernstein Building, New York
New York—It’s even better the second time around. Global investment management firmAllianceBernstein LP recently closed its second commercial real estate debt fund with commitments totaling $1.55 billion, surpassing its goal by more than half-a-billion dollars and outdoing Fund I, which closed with $750 million.
Global insurers, pensions, foundations—they all came out for Fund II. Like its predecessor investment vehicle, Fund II centers on the origination and acquisition of senior whole loans in the $15 million to $125 million range, collateralized by transitional commercial real estate assets of various property types across the U.S. Both funds have the right geographic focus. In 2015, North America led the way in real estate fundraising with $71 billion in commitments among 100 funds targeting the region, according to a report by alternative assets intelligence provider Preqin…
