Masters in Business · Friday, September 11, 2026
Alliance Bernstein significantly expanded its private credit platform by acquiring CarVal Investors, bringing the combined assets in this area to nearly $100 billion. Seth Bernstein noted his personal background in lending informed this strategic growth area.
“And in 2022, AB buys Carval, which is a specialist in private market credit and debt issuance. The combined private market platform between Bernstein and Carval is 91, almost $ 100 billion.”
“It was roughly 35 before we bought them. So 3X. Right. But they were another $ 16 billion, so call it 50. So we're nearly double what we were when we acquired Carval.”
“I grew up lending. I ran the leverage finance business at J.P. Morgan. It's a business I knew.”