GCM Grosvenor anchors Zenzic Capital's European credit fund

Real estate credit provider and investor Zenzic Capital has launched a new European opportunistic credit evergreen fund.

Nadine Buckland and Bryce Robertson

The Zenzic Real Estate Credit Opportunities Fund is anchored by GCM Grosvenor, a global alternative asset management provider with $86 bn (€73 bn) of assets under management.
This partnership aims to provide clients with access to the vast and underserved $3 tn (€2.5 tn) European real estate credit market.
Established in 2014, Zenzic specializes in the underserved segments of the lower middle market European real estate credit market, providing financing to sponsors and real estate groups across various sectors like residential, industrial, logistics, and student accommodation.
The Jersey-domiciled Fund will invest in a mix of short-duration high-yield tactical credits, medium-term financings for value creation, and specific special situation opportunities.
Zenzic has gained a competitive edge by focusing on a lending market segment that has lacked capital due to traditional banks withdrawing from the sector. GCM Grosvenor anchored the Fund with capital managed for clients, including large U.S. pension plans' emerging manager programs.
Nadine Buckland, CEO of Zenzic Capital and managing partner, ZCAP, commented: “Institutional investors are increasingly exploring differentiated segments of European real estate credit, particularly those that remain materially discounted and show limited correlation with the U.S. market. With the launch of this new Fund, we’re well-positioned to pursue the breadth of opportunities emerging across the market. Our focus on underserved segments of the low- to mid-size European real estate credit market, combined with our agility as an emerging manager and experience in executing transactions across these geographies, positions us to support institutions seeking diversification and resilience in their portfolios.”
Bryce Robertson, executive director, Real Estate Investments at GCM Grosvenor, added: “We are proud to support Zenzic as we recognize the scalable opportunity in the relatively nascent European real estate credit landscape. We believe Zenzic has a differentiated capability to serve borrowers across unaddressed segments of the market, providing meaningful access and diversification for our clients. Zenzic’s values-driven partnership, deep sector knowledge and longstanding relationships with borrowers and local stakeholders position them well to capitalize on the substantial opportunity set ahead of us.”