AllianceBernstein (AB) has launched AB NAV Lending, a new strategy which will focus on providing flexible financing solutions based on the net asset value of private equity funds, with an initial anchor investment from Equitable Holdings.
AB says the new strategy is a “natural extension” of its existing private corporate credit platform, AB Private Credit Investors (AB-PCI).
AB NAV Lending will leverage the core capabilities, resources, and infrastructure of AB-PCI, which manages $17bn in assets with a team of 75 professionals. The launch of AB NAV Lending enables AB-PCI to provide fund-level financing to private equity sponsors in addition to portfolio company financing and equity co-investment solutions.
The firm has also added two industry executives with more the 20 years combined fund financing experience to the AB-PCI team: Managing Director and Head of NAV Lending Dupe Adeyemo; and Director of NAV Lending Sara Casey.
Adeyemo joins AB-PCI from Barclays, where he delivered fund financing solutions since 2007 and actively led the sourcing and structuring of NAV loans. Casey joins AB-PCI from Hark Capital, where her responsibilities included sourcing, execution, fundraising and investor relations in the NAV lending space over the last five years.
AB-PCI Managing Director and Founding Member Patrick Fear will serve as chair of the new initiative and will be responsible for providing strategic guidance and support.