AllianceBernstein is launching an opportunistic real estate platform and has hired former Goldman Sachs’ Real Estate Principal Investment Area co-head Brahm Cramer to help lead the group.
Cramer will be joined by former iStar Financial president Jay Nydick as it looks for opportunistic investments in the US real estate markets, and later, globally. The firm said in a statement it expected to launch a US-focused opportunistic “offering” by mid-2010, followed by core and global offerings. AllianceBernstein were unavailable for further comment.
The asset management and research firm had $447 billion of assets under management, as of 30 June, focused primarily on fixed-income and growth and value equities.
Cramer will start at AllianceBernstein in the first quarter of 2010. Cramer was previously co-head of REPIA, with responsibility for the US business and co-chairing the Whitehall Street fund series investment committees. He joined Goldman Sachs in 1990 and built the REPIA European business in the mid-1990s before moving back to the US in 1999.
Nydick joined iStar as president in 2004 with responsibility for the firm's investment and operations divisions. Nydick was also with Goldman Sachs for 14 years including co-leading the bank’s non-Japan Asia M&A and real estate investment banking business for four years. He was part of the US real estate investment banking group.