AllianceBerstein raises $350m over last 12 months

The firm now has close to 1,500 investors in its mid-market investment vehicle. 

AB Private Credit Investors has locked down $803.21 million for its direct lending fund, which comes just ahead of a planned business development company launch.

The New York-based private debt arm of asset manager behemoth AllianceBerstein revealed the fundraising total for AB Private Credit Investors Middle Market Direct Lending Fund in a Thursday filing with the US Securities and Exchange Commission. That sum is more than a $350 million increase since its last disclosure. In an April 2016 regulatory filing, the firm said it raised $446.26 million; since then, the fund gained 257 investors, with an increase from 1,223 to 1,480.

An AB representative could not be reached for comment.

The fund, labeled a hedge fund in SEC documents, is not the only platform AB is embracing to lend to mid-market companies. AB Private Credit Investor Corporation, a private business development company, plans to complete its initial private offering by 30 June, according to its 2016 year-end report filed last month. No amount of committed capital was specified.

The BDC will mainly target companies with enterprise values of $50 million to $500 million and put 80 percent of its investments in debt assets. It invests in a broad array of industries including energy, healthcare, enterprise software and specialty finance.

In May of last year, PCIC said in a regulatory filing it intended to be regulated as a BDC and formally made that election in October. Brent Humphries, president of AB Private Credit Investors, is president and chairman of the vehicle.

Several private BDCs have sprung up in recent months, with Goldman Sachs launching two since September alongside its publicly traded flagship BDC, Goldman Sachs BDC. Bain Capital also launched its first BDC, Bain Capital Specialty Finance, in October.

AB Private Credit investors was founded in 2014 when Humphries and other senior leadership left Barclays Private Credit, and manages $2.6 billion in assets.