Cheyne’s Emmett departs for HIG’s Bayside Capital

Graham Emmett has resigned from Cheyne Capital to join HIG’s Bayside Capital, Real Estate Capital can reveal.

Emmett has been at Cheyne for two-and-a-half years as an investment partner, leading the real estate loan origination team.

It is thought that he will be taking on a senior management role at Bayside Capital, which is US hedge fund HIG’s pan-European opportunistic real estate investing arm.

Emmett is expected to start his new role early next year.

Emmett’s previous experience across both debt and equity investing, includes stints at Delancey, Goldman Sachs and private investor Rankvale before going to NAMA in 2010 as head of lending.

He left NAMA in early 2012,  joining ICG Longbow in October 2012, but moved on to Cheyne the following year.

Cheyne has delivered strong performance for its investors, who include both institutional investors in its Cheyne Real Estate Credit Holdings (CRECH) funds and the public vehicle,  Real Estate Credit Investments (RECI). RECI’s loan portfolio weighted average return was 12.7 percent at the end of November.

It is understood that Emmett’s role at Cheyne will be taken over by Ravi Stickney, who is head of real estate at the hedge fund. Arron Taggart remains on the 13-strong property team as a senior originator.

Cheyne provides finance for mainly mid-market borrowers and value-add assets and can lend up to 85% loan to value.

Bayside has deployed more than $350m in typically $10 million -$70 million, mid-sized deals across Europe, ranging from Italy, the Netherlands, the UK, Norway and Finland to non-performing loans in Romania and Portugal.

At the start of 2015, Riccardo Dallolio joined Bayside from AXA, as co-head of European real estate with Ahmed Hamdani.