Four investors have backed Ardstone Capital’s Irish residential-property development fund in a first close.

The investment manager said it beat its target for the Ardstone Residential Partners vehicle.

The fund, which aims to attract €200m, is targeting residential developments in Ireland, with a focus on Dublin’s commuter belt.

Donal O’Neill, co-founder, said two Irish and two European investors backed the fund, Ardstone’s third in as many years.

Ardstone has targeted a 15% triple net annual return for the fund.

O’Neill said: “We have completed our first two investments and, together with the others in due diligence, will ensure ARP gets appropriate exposure to the sector and we can start delivering houses into the under-supplied market quickly.”

Zoned and planned residential land are being targeted, with Ardstone – which has previously partnered CBRE Global Investment Partners in the office and retail sectors – overseeing house building and sales.