Renshaw Bay, the investment boutique led by former JP Morgan banker Bill Winters, has launched its first fund, offering investors the opportunity to invest in real estate debt.

Jon Rickert, head of Renshaw's real estate division, said he expected the fund to close to subscriptions by the fourth quarter. He would not confirm his fundraising target, but said: "I would hope us to be able to take on individual loans worth in excess of £100m." He added that he hoped to secure returns of 10%, after leverage.