AllianceBernstein announced the closing of AB BSL CLO 3, a $500 million collateralized loan obligation (CLO) with Citigroup acting as lead arranger.

This marks the third CLO for the firm's broadly syndicated loan and CLO management business established in 2019 and led by AB's Director of Leveraged Loans Scott Macklin. The business is initially funded with investments from Equitable Financial Life Insurance Company.

"AB's CLO management platform continues to grow thanks to our strong partnership with Equitable and our ability to develop and deepen investor relationships," said AB's Co-Head of Fixed Income and Director of Credit Gershon Distenfeld. "As we continue to strengthen and enhance our CLO business, we look forward to working with our capital partners."

The firm's middle market direct lending platform, AB Private Credit Investors, has issued 12 CLO transactions since 2016 totaling $4.3 billion.