NASHVILLE, Tenn., Sept. 17,
2024 /PRNewswire/ -- AllianceBernstein L.P.
("AB") (NYSE: AB), a leading global investment management firm,
today announced the launch of the AB CarVal Credit Opportunities
Fund (ABAYX), an unlisted, closed-end interval fund.
The Credit Opportunities Fund seeks to outperform high-yield
bonds over time with less volatility and lower correlation to
public markets. AB CarVal Principal John
Withrow and AB CarVal Managing Director Roger Newkirk will oversee day to day investment
decisions, supported by AB CarVal Managing Principals James Ganley, Jody
Gunderson, and Lucas
Detor.
"Given the continued evolution in credit markets, we believe
this strategy offers unique diversification through a broader set
of global investment opportunities," said AB's Head of Private
Alternatives Matthew Bass. "The AB CarVal Credit Opportunities Fund
represents an important addition to AB's ultimate goal of helping
clients navigate the many complexities of the current market
environment through AB CarVal's global sourcing, origination
capabilities, and innovative vehicles."
The fund invests in a mix of public and private credit across
the US and Europe including
aircraft leasing, specialty finance, and energy transition
investments.
"This marks another milestone in expanding our Private Markets
platform, which represents more than $64
billion* in assets," said AB's Head of Global Client Group
and Head of Private Wealth Onur Erzan. "Today's announcement
illustrates the firm's commitment to our expansive evergreen
solutions for our global clients. Historically, this strategy has
been limited to only institutional clients; that changes today with
this vehicle as it is now available to individual investors with
low minimums, providing easy access to a differentiated diversified
credit solution."
AB acquired CarVal Investors in July
2022, expanding AB's global private markets platform.
Today's interval fund launch follows AB CarVal's August 2023 announcement of the close of CVI
Clean Energy Fund II with $1.5
billion in capital commitments. For more information on the
firm's first interval fund, please visit here.
About AllianceBernstein
AllianceBernstein is a
leading global investment management firm that offers diversified
investment services to institutional investors, individuals, and
private wealth clients in major world markets. As of August 31, 2024, AllianceBernstein had
$791 billion in assets under
management. Additional information about AB may be found on our
website, www.alliancebernstein.com.
About AB CarVal
AB CarVal is an established global
alternative investment manager and part of AllianceBernstein's
Private Alternatives business. Since 1987, AB CarVal's team has
navigated through ever-changing credit market cycles,
opportunistically investing $149 billion in 5,765
transactions across 82 countries. Today, AB CarVal has
approximately $16 billion* in assets under management in
corporate securities, loan portfolios, structured credit and hard
assets. Additional information about AB CarVal may be found
at www.abcarval.com.
*As of June 30, 2024. AUM is comprised fee-earning AUM
and fee-eligible AUM. Fee-earning AUM includes those assets
currently qualified to generate management fees. Fee-eligible AUM
includes capital that is committed to an AB CarVal Fund but is
currently uncalled or recallable. The number represented here
excludes assets under AB CarVal's management that are not
generating management fees due to the maturity of the Fund but
includes amounts that do not generate management fees solely due to
AB CarVal's decision not to charge management fees.
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SOURCE AllianceBernstein