AllianceBernstein’s private debt platform has raised more capital for its evergreen direct lending strategy.

The firm held a close on more than $1.2 billion on 12 April for its AB Private Credit Investors Middle Market Direct Lending Fund, according to documents filed with the Securities and Exchange Commission.

The strategy focuses on lending to mid-market companies, mainly based in the US, that have between $5 million and $50 million in EBITDA, according to the firm’s website. The firm lends to many industries and has higher concentrations in those including software/technology, healthcare and franchising.

This vehicle is one of five fundraising for the strategy, a source familiar with the situation told Private Debt Investor. This person added that the fund typically holds a close quarterly.

AllianceBernstein declined to comment.

The direct lending strategy lends across the capital structure and focuses on investments that the firm originates, and it underwrites the deals itself, the source added.

Since the strategy’s inception, the team has closed on more than 190 transactions worth more than $7.7 billion in gross investments. The firm is targeting an unlevered gross return of between 6 and 10 percent. It has more than $8.4 billion in assets under management, including leverage, for the strategy.

AllianceBernstein is a global asset management and research firm with more than $516 billion in overall AUM.