January 31, 2019
AllianceBernstein’s real estate private equity platform has completed its spin-off into a new joint venture, to be known as Prospect Ridge Advisors LLC. It comes into being with the management team from the AB platform, led by Brahm Cramer and Jay Nydick.
Prospect Ridge will continue to manage the two commingled AB U.S. Real Estate Partners funds, which have acquired $6.8 billion of real estate assets since its inception a decade ago. AB’s real estate debt business, led by Roger Cozzi, will continue as part of the AB platform.
“While we begin our next chapter with a new name, what’s not changing is our team, our investment process and the high level of service and attention to detail that we provide our investors,” said Nydick. “We believe the dislocation that is beginning to appear in today’s real estate landscape presents a well-timed opportunity to expand our differentiated platform.”
Pictured: Prospect Ridge headquarters
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