AllianceBernstein (AB), a research and global investment firm, is acquiring CarVal Investors.
CarVal is a global private alternative investment firm with $14.3bn in assets under management, focusing on opportunistic and distressed credit, renewable energy infrastructure, specialised financing, and transportation projects.
CarVal adds complementary private markets capabilities to AB’s Private Alternatives business. On a pro forma basis, the inclusion of CarVal brings AB’s private markets capabilities to nearly $50bn per year.
CarVal’s senior management team will remain in charge. CarVal’s teams will continue to operate independently from their Minneapolis, Minnesota, headquarters and offices throughout the world, with no changes to the present investment process or employees, and will benefit from AB’s larger capabilities, such as worldwide distribution and product development.
AB CEO and president Seth Bernstein says: “This acquisition reflects our firm’s continued commitment to advancing AB’s Private Alternatives business. CarVal’s global presence and broad capability set create new and exciting growth opportunities for AB – diversifying and expanding our services to meet our clients’ evolving needs.”
AB head of private alternatives Matt Bass says: “We are pleased to join forces with CarVal to broaden our global Private Alternatives platform. CarVal’s extensive market experience, combined with its strong leadership team and collaborative, entrepreneurial culture, is a natural and strong fit with AB’s strategic priorities. Working closely with the CarVal team, we look forward to all that we will accomplish together.”
CarVal Investors managing principal Lucas Detor says: “AB’s leadership, track record, values and platform make it an excellent business partner for CarVal and our investor’s long term, aligning in culture, execution and excellence. This acquisition allows CarVal to grow while retaining our investment and day-to-day independence.”