Graham Emmett has joined mezzanine lender ICG-Longbow Real Estate Capital as a partner. Emmett left Ireland’s National Asset Management Agency, (NAMA) where he had been head of lending and corporate finance, last January.
Longbow, headed by Kevin Cooper and Martin Wheeler, is one of the most active investors in UK mezzanine property debt and raised a £242m UK mezzanine fund just over a year ago.
The firm recently began marketing a third follow-on fund, which it hopes will be larger. It used M3 Capital Partners to fund raise last time but has appointed Threadmark as placement agent this time.
Emmett is thought to have had a number of approaches from other private equity or institutional fund managers looking to launch debt funds, but opted for a firm that already had capital to invest.
“My primary role at Longbow is to widen our borrower base through my origination contacts and add my skills to expansion of the business generally,” he said.
“Having been a borrower and a restructurer I will look at some of the ways we can approach things that may differ from a traditional perspective, for example, refinancing portfolios or single assets as a result of banks looking to exit portfolios.”
Longbow’s partners sold a 51% stake in the business in December 2010 to listed debt investor Intermediate Capital Group. ICG, which invests in other sectors as well as real estate, invested in Longbow UK Real Estate Debt Investments II.