AllianceBernstein, a research and investment management firm, has acquired CarVal Investors.

CarVal is a private alternatives investment manager with approximately $15 billion in assets under management.

“We are pleased to complete this acquisition of global manager CarVal Investors, which expands AB’s private markets platform to $50 billion in AUM, underscoring our commitment to accelerating the growth of our Private Alternatives business,” said Seth Bernstein, CEO of AB. “From CarVal’s unwavering commitment to clients to their collaborative culture and dynamic leadership, this acquisition strongly aligns with our firm’s strategic priorities. We look forward to what we will accomplish together as one team.”