AB Alternative Fund SICAV-SIF was launched by Arab Bank in Spring 2016. In 2016 AB Alternative Fund SICAV-SIF acquired AB CPFM Europroperty Fund, a joint venture created between Arab Bank and Equity Estate in 2003. AB Alternative Fund SICAV-SIF is a semi-open ended fund, registered in Luxembourg. The initial investments were made between 2003 and 2006, amounting over EUR 132 million.
In April 2018 Equity Estate sold its 7.5% stake in the joint venture to the fund and in July 2018 Equity Estate resigned as asset manager and propco director for the joint venture.