AllianceBernstein has partnered with Lacarne Capital to create a European Commercial Real Estate Debt (ECRED) business.
The ECRED platform has been launched with more than €1.2bn of initial capital to target real estate backed investments across the UK and European markets.
Clark Coffee, Lacarne’s founder and president, will serve as CIO of ECRED. Joining the ECRED leadership team are Shivam Rastogi, former head of Deutsche Bank’s debt origination and high yield lending business in Europe, and Daniel Stengel, previously general counsel of Tyndaris Real Estate.
AllianceBernstein said this is an opportune time for ECRED’s launch, as the disruption created by COVID-19 has made traditional sources of capital harder to secure, resulting in an increased opportunity set and relevance for alternative lenders.
AllianceBernstein, which launched its US Commercial Real Estate Debt platform in 2013, said the European platform is a natural extension of AllianceBernstein’s broader strategy of continuing to diversify and grow its private alternatives franchise.
To read the digital edition of the latest IPE Real Assets magazine click here.