Carey Olsen has advised London-based real estate credit investment manager Zenzic Capital on the launch of a new evergreen real estate credit fund, the Zenzic Real Estate Credit Opportunities Fund.
The Fund, which is domiciled in Jersey, is targeting commitments of up to US$3 billion. It aims to provide long-term, flexible financing solutions across the European property market and will target small and mid-market financing opportunities. Anchor financing has been provided by GCM Grosvenor, a global alternative asset manager with US$86 billion of assets under management.
Founded in 2014, Zenzic targets inefficient and underserved segments of the lower middle market European real estate credit market, supporting sponsors and real estate groups through financings sectors including residential, industrial and logistics, and student accommodation.
The Carey Olsen corporate team advising on the Fund’s establishment comprised partners Nienke Malan (pictured) and James Mulholland, with support from senior associate Edward Kelleher-Ward and associate Heather Taylor. The team worked alongside onshore law firm Proskauer Rose LLP and fund administrator Langham Hall.
Nienke Malan commented: “The launch of Zenzic’s new evergreen real estate credit fund is an exciting one, recognising the growing investor appetite for flexible and opportunistic solutions in Europe’s real estate lending market. In choosing to set up in Jersey, Zenzic has also benefited from recent upgrades to the Jersey Private Fund Regime, which offers greater flexibility, faster setup and greater access to global capital, all while maintaining robust regulatory standards.”
