BayNorth Creates Fund

BayNorth Capital, an asset manager for Charlesbank's real estate investments, has closed its BayNorth Realty Fund VI with $430 million.

The fund has secured capital from 31 limited partners, including banks and pension funds, and expects to invest in over $1 billion of real estate, BayNorth reports.

BayNorth typically invests in equity or mezzanine debt, usually in joint venture with local developers or operating partners, with the focus being on long-term relationships, according to the asset manager.

The fund is interested in "a range of property types" and will invest in acquisitions, developments and redevelopments, repositionings and recapitalizations.

The target investment is between $15 million and $50 million per transaction and BayNorth expects to invest the entire $1 billion over a four-year period.

Charles F. Wu and W.P. Chip Douglas, co-founders of BayNorth, will lead the BayNorth team.

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