Former Mariner Financial head of Third Age Retirement Living Scott Marinchek is looking to launch a new aged care fund around April 2010 through his new business venture Aviiid.
"The exact timing will depend on the level of interest and commitment of investors," Marinchek said at the launch of his new business on Wednesday night.
The fund will invest in social infrastructure, property assets and operating companies providing accommodation and care for elderly Australians.
Marinchek expects the size of the fund to be between $450 million and $700 million. It will be an unlisted, closed-end fund with an investment horizon of 10 years.
Marinchek is currently raising money for the fund and is in discussions with a number of institutional investors about mandates.
At least two institutional investors have expressed serious interest, Marinchek said, and one of these was exploring the possibility of establishing a retail version of the fund.
The retail fund would take the form of a feeder fund into the original wholesale version and would be around $10 million to $15 million in size.
"The distribution of this fund would be in partnership with an institutional partner," Marinchek said.
Marinchek left Mariner late last year as the organisation posted a $65 million loss and sought to sell off assets to meet its debt obligations.
