Renshaw Bay seals new fundraising after Winters' move to StanChart

LONDON, March 5 (Reuters) - Renshaw Bay, the London hedge fund founded and run by Bill Winters, hit fundraising targets for a 356 million pound ($542 million) investment vehicle on Friday, as investors showed little reaction to the imminent departure of the veteran banker.

Renshaw said on Thursday its fund for commercial and real estate debt closed with investments from three investors - a UK local authority, a U.S.-based family trust and a global private bank.

The fund closed a day after Standard Chartered (HKSE: 2888.HK - news) announced Winters will join its board in May and take over as CEO from Peter Sands in June. The bank's investors welcomed the appointment of Winters, who was previously co-head of JPMorgan's investment bank.

Winters is being given time to withdraw from executive management of Renshaw Bay, where he is Chief Executive. Standard Chartered said it will compensate him for any losses when he leaves the asset manager, but it declined to say how much that could be.

Winters founded Renshaw Bay four years ago, alongside other investors Johann Rupert of Reinet Investments and Jacob Rothschild of RIT Capital Partners Plc (LSE: RCP.L - news) .

The fund firm has just over 1 billion pounds in assets under management, and invests in real estate and structured finance opportunities.

It had always planned to close its fundraising for the real estate vehicle last Friday, and there was little change in investors' commitments after Winters' move was announced, a person familiar with the matter said.

The fund had aimed to raise between 350 million and 400 million pounds, and half of the money raised has already been invested in 14 commercial real estate loans. ($1 = 0.6566 pounds) (Reporting by Steve Slater, editing by William Hardy)