AllianceBernstein has launched a private credit evergreen fund open to individual investors, which will focus on global asset-based finance opportunities.

The AB CarVal Global Credit Opportunities Fund is a Luxembourg-based, semi-liquid vehicle, which follows the firm’s launch of the AB Credit Opportunities Fund – its first private credit interval fund – in September 2024.

Both funds seek to outperform high-yield bonds over time, with less volatility and lower correlation to public markets.

Read more: AllianceBernstein targets wealth market for private credit growth

“Until AB’s inaugural interval fund launched, this diversified private asset-based strategy has not been accessible to retail clients. These funds expand access to this strategy to a broader investor base,” said AB’s head of global client group and head of private wealth Onur Erzan. “The launch of this new fund represents a meaningful expansion of our private markets platform and underscores our commitment to delivering extensive evergreen solutions tailored to the evolving needs of our EMEA, APAC and Latin America clients.”

John Withrow and Roger Newkirk oversee day-to-day investment decisions for the fund, supported by AB CarVal managing principals James Ganley, Jody Gunderson and Lucas Detor.

Read more: AllianceBernstein: Asset-based finance ‘a burgeoning market yet to be tapped’

“Private credit plays a critical role in financing the real economy and is a growing opportunity set for portfolio diversification,” said Withrow. “We are focused on high income, low volatility and non-correlated underlying asset classes and constructing a truly global portfolio.”

AB acquired CarVal Investors in July 2022, expanding its global private markets platform and capabilities. AB CarVal has around $20bn in assets under management in corporate securities, loan portfolios, structured credit and hard assets.