AllianceBernstein has set up a real estate debt business in partnership with Lacarne Capital, a pan-European real estate debt platform.
The European commercial real estate debt (ECRED) business will launch with over €1.2 billion of initial capital. It is said to be one of the largest real estate direct lending platforms in Europe.
Led by private credit market specialist Clark Coffee, the business will focus on direct origination and secondary participations in whole loans, subordinate loans, preferred equity and other real estate-backed investments across the UK and European markets.
Coffee previously built Tyndaris Real Estate into a top ten European real estate debt business prior to its sale in 2019. He will serve as chief investment officer of the ECRED business.
Matthew Bass, head of private alternatives for AllianceBernstein, said: “Following the success of our US CRED business, Europe is the logical next step for expanding AB’s growing private alternatives franchise.”
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