The BayNorth Realty Fund VI is comprised of capital raised from 31 investors, "mostly endowments, foundations, and high net-worth private investors," Douglas tells GlobeSt.com. "Most of the capital for our new fund came from previous investor clients."

BayNorth's team typically pursues redevelopment and value-added equity or mezzanine debt structures, often in joint ventures with local developers or operating partners. Investments will include acquisitions, development and repositioning as well as other vehicles. The firm will be targeting properties in the $15-million to $50-million range, with all types of assets, including office, industrial, hotel, residential and retail, in the mix. BayNorth expects to have most of the fund invested over a four-year period.

BayNorth's team has experience with a number of types of real estate transactions, having joint ventured deals with GFI Holdings in multifamily and industrial deals, grocery-anchored retail with Star Market (now Shaw's), and a number of other deals with firms such as Crosspoint Venture Capital and the Finger Cos. Prior fund investments by the team have accounted for more than $9 billion of real estate investments from $2 billion of equity.

Douglas and Wu first teamed up in 1998 as principals in the Harvard Private Capital Group before moving on to Charlesbank. As the real estate business grew increasingly independent of the private equity group, the pair moved on to form BayNorth. The firm will maintain ties with Charlesbank.