AllianceBernstein has raised 3.1 billion (€2.7 billion) at final close for its third US commercial real estate loan fund.
The New York based funds giant said that its Commercial Real Estate Debt Fund III received approximately 70% of commitments from European and UK institutional investors, including several leading global insurers.
The commitment is double that of its predecessor, AB Commercial Real Estate Debt Fund II, which closed in 2016.
AllianceBernstein said that the fund would focus its investments on senior secured commercial real estate loans with a maturity of three to five years.
Nitish Sharma, head of UK institutional, said: “Given the current market environment and very low interest rates investors are looking for stable portfolio returns at reasonable risk.
“Our extensive experience in US commercial real estate loan allows us to provide an interesting source of both income and diversification, compared to more traditional fixed income investments.”
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