Mariner Financial has sold its Third Age Retirement Living division to the head of the business, Scott Marinchek.
Marinchek has bought the intellectual property and rights to develop the pipeline of the business, through his company ethicalCapital.
He left Mariner yesterday in an amicable split, and will remain available for advice to the company.
In September this year, Mariner Financial reported a net loss of more than $65 million year-to-date and started to sell off its operations to meet its debt obligations. The company blamed the deteriorating market conditions for its problems.
Marinchek is determined to go ahead with the launch of at least two funds, which will invest in the development of senior housing and care facilities in Europe and Australia.
Although the current economic environment makes the launch of any fund difficult, there is a strong demand from investors and asset managers for retirement and aged care facilities, Marinchek said.
"There is a great amount of uncertainty in the markets, but what we do know is that people get older.
"The retirement living sector has strong fundamentals, which are not impacted by the market."
The launch is likely to take place next year, but depends on an improvement in market conditions, he said.
Marinchek is still in negotiations with a potential issuer, and has no plans to list the funds.
