AllianceBernstein, REG to form new strategic joint venture
AllianceBernstein and its Real Estate Private Equity Group, led by Jay Nydick and Brahm Cramer, announced that they will form a new strategic joint venture that aims to accelerate the JV's growth in the real estate equity business by accessing broader and more diverse opportunities, including potential partnerships outside of AB. Both AB and REG will be equity partners in this new JV. The ongoing management of existing equity funds and the experience of clients in those funds will not be affected by the JV. 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 $5.5B, including $3.1B in new institutional investor commitments to AB Commercial Real Estate Debt Fund III, which closed in June. The REG will be joint venture partners 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.