An Irish fintech entrepreneur is planning to launch a new €150 million Senior Credit Fund within the next three months. Padraig W. Rushe announced that his fund will specialise in financing residential property developments, funding the construction of over 2,500 new family homes, in high-demand areas across Ireland over the next five years.
The fund will target an annual return of 7 to 7.5 percent and has already secured backing from Abbey International Finance, which will invest up to €20 million in the fund. The Davy Group will provide regulatory and investment management services to the fund, which is expected to be a sub-fund of the Davy Platform ICAV umbrella fund structure.
Padraig W. Rushe is the CEO and co-founder of Initiative Ireland, which specialises in syndicated property finance. The company will provide investment advisory services to the new Fund in addition to Loan Management Services. It will also enable the fund to lend alongside its existing private and corporate clients, via the company’s syndicated finance platform.
Initiative Ireland already has an existing loan pipeline in excess of €150 million, comprised of over 30 housing developments in high-demand areas around Ireland.
Commenting on the fund, Padraig W. Rushe, CEO, Initiative Ireland said: “One of Initiative Ireland’s core objectives is to promote financial inclusion. As such, investors who cannot commit the required amount for the fund will still be able to open Private Lending Accounts or Corporate Lending Accounts with InitiativeIreland.ie to access the underlying secured asset class, directly lending alongside the fund at smaller amounts.”
Pictured above: Co-founders of Initiative Ireland, Padraig M. Rushe, Chief Credit Officer; Rory McEntee, Chief Operating Officer and Padraig W. Rushe, CEO
Image by: Initiative Ireland