AB Private Credit Investors
Growth Stage Capital
Flexible, Scalable Capital Solutions for Growing Technology Businesses
AB-PCI Overview
- Direct lending platform of AllianceBernstein (AB)
- Complimentary product offerings: direct lending, equity investing, NAV lending and PE solutions
- Over $24 billion of capital available for investment
Target Company Profile
- ARR of $20 million+
- Pre-profit and EBITDA+
- EV between $100 million and $5 billion
- Founder, VC, growth equity and sponsor backed
Investment Size and Instruments
- Debt commitments and holds of $40-300 million
- Equity and flexible capital solutions ranging from $10-30 million
- Equity solutions of over $50 million for pre-IPO companies in partnership with AB public equities PMs
Transaction Types
- Growth capital
- Acquisitions
- Recapitalizations and re-financings
- Shareholder dividends & secondary shares
- LBOs
Capital Solutions
- Non-dilutive, first-lien and second-lien debt
- Full PIK optionality
- Preferred equity
- Non-redeemable and redeemable preferred equity
Software Expertise
- 150+ current credit investments and equity co-investments in software and technology companies
- Financing all phases of software company lifecycle: from growth stage to mature businesses
- Robust ARR financing track record: first ARR deal in 2015 with dozens of subsequent transactions
Our Perspectives
Paid-in-Kind 101
