Fiera Real Estate has hired Richard Howe and David Renshaw from Cheyne Capital to set up and run a pan-European real estate debt strategy.
The pair will join Fiera Real Estate UK to launch in Q1 2023, after the new investment platform raised £250m in seed commitments.
FRE said it wants to help its investors take advantage of the growing funding gap in European real estate private credit.
The new debt strategy will have the remit to invest across multiple asset classes, including residential, logistics, offices, leisure and hotels, and will initially be focused on the UK before expanding into select European markets. All investments will meet environmental and social requirements as set by FRE’s sustainability policy.
Charles Allen, head of UK real estate at Fiera, said: “The launch of our new real estate debt platform is a natural next step in the development of our product offering. With a team of recognised experts and excellent market coverage, we are well positioned to offer our clients strong risk-adjusted returns across Europe at a very compelling time in the market cycle.”
FRE hopes to plug into the wider Fiera Capital network, which has $121bn (£108bn) of assets under management, to provide further opportunities and synergies.
Before joining FRE, Howe and Renshaw worked together in the real estate debt team at Cheyne Capital for five years. Prior to this, Howe held positions at Chenavari Investment Managers, Lloyds Banking Group and Anglo Irish Bank. Renshaw worked at Grainger, Kintyre Investments and Lloyds Banking Group.
Collectively they have been responsible for originating and underwriting more than £2bn of pan-European debt and equity investments.
Howe, who becomes co-head and managing director of FRE Debt Investments, said: “David and I are very excited to start our new career journey together with the team at Fiera. We believe the current market, while evolving, will expose numerous opportunities for a well-capitalised and experienced new entrant to secure compelling risk-adjusted returns for our investors.”
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