BayNorth Closes RE Fund

BayNorth Capital, a Boston-based asset manager for Charlesbank's real estate investments, has reported the closing of 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 typically invests in equity or mezzanine debt, usually in joint ventures with local developers or operating partners, BayNorth said, with the focus being on long-term relationships. 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 said it 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.