One of Nama's top executives, Graham Emmet, who left the state agency last year, has raised over €120m for a new fund targeting the commercial property market.
Last week, ICG Longbow raised nearly €122m from investors in an IPO on London's stock markets. The ICG-Longbow Senior Secured UK Property Debt Investments (SSUP) fund aims to provide senior loans for the refinancing and acquisition of commercial property in Britain.
"The investment objective of the company will be to construct a portfolio of newly originated loans, secured by first ranking fixed charges on quality income producing investments, in support of well-capitalised borrowers who can demonstrate a track record in asset management," according to listing documents.
Former Goldman Sachs banker Emmet joined Nama as head of lending and corporate finance in April 2010 as major transfers of loans from the toxic Anglo Irish Bank were under way. He was one of the most senior executives at the State's property behemoth.
Emmet is one of a number of Nama executives who have left for the private sector. This has prompted fears that their inside knowledge of the workings of Nama and its portfolio may give their new employers a major advantage over rivals.
"We have in their contracts constraints and clauses about confidentiality... and if they end up coming back into Nama and try to do business with us, there would be restrictions on that," Nama chairman Frank Daly said last year.
"SSUP will only be making senior loans on UK commercial property assets and will not be buying loans from Nama," said a spokesman.