Renshaw vehicle raises £150m for senior lending

Renshaw Bay is looking for lending deals after holding a first closing with £150m of capital for its senior debt fund. The alternative investment manager’s initial capital comes from its backers: RIT Capital Partners, owned by Jacob Rothschild; and South African outfit Reinet Investments.

Renshaw is targeting a second closing for the fund some time in the first quarter of next year. The firm’s real estate finance team is led by Lynn Gilbert and Christian Janssen, who previously worked together at Morgan Stanley and later at Barclays Capital.

The fund will consider lending in the UK, Germany, France and the Nordics at higher leverage, offering up to 70% loan-to-value ratios. To boost returns, deals may be structured so the fund can sell down lower loan-to-value, super-senior debt tranches.