BOSTON-The real estate group of Charlesbank Capital Partners, LLC is forming a separate entity, BayNorth Capital, LLC. The new firm, headed by Charlie Wu and Chip Douglas, will include its current investment staff and will continue to make direct or joint-venture real estate investments across the country. “We see this change as a logical evolution for our group,” says Douglas. “Charlesbank’s real estate business has been operating with increasing independence from the private equity group, and as partners we all decided that we would like to focus exclusively on our respective businesses.” In1998 the principals of Harvard Private Capital Group spun out of Harvard Management Co. to form the locally based Charlesbank.The firm says that BayNorth will maintain strong ties with Charlesbank, working closely on existing investments and continuing to share office space. Charlesbank will remain the general partner of the existing Charlesbank realty funds, while the BayNorth investment staff will handle management and sale of the assets of those funds. “We wanted to launch our new firm in anticipation of raising more capital from investors,” says Wu. “The timing seems perfect as we prepare for our next fund, BayNorth Fund VI.”

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