AllianceBernstein is exiting the infrastructure debt business, with four staff solely dedicated to infrastructure also leaving the firm.
Gerry Jennings, global head of infrastructure; Richard Lane, managing director, infrastructure debt; and two support staff have left, said a spokesman for the firm.
One further unnamed staff member, who was working across various private credit solutions, remains at the firm.
“Significant changes in the market environment over the last two years have provided institutional investors with a number of attractive risk-adjusted options in the alternative space,” said a statement provided by the spokesman. “We have taken the strategic decision to focus our private credit opportunities on commercial real estate, residential real estate and middle-market lending, and as such are exiting the infrastructure debt business.”
The spokesman said in an e-mail that AB's infrastructure debt fund had not completed its fundraising, and that the firm does not disclose a breakdown of assets.
Mr. Jennings joined the firm in February 2014, and was tasked with establishing AB's infrastructure debt platform. Details on
AllianceBernstein has $490 billion in assets under management.