Omni Partners has raised $45m (€41.4m) for its UK commercial and residential real estate debt fund.
The investment manager said the first close of its second debt fund was evidence of investor appetite for its strategy.
The Omni Secured Lending Fund II vehicle is targeting a $250m raise, with a final close later this year.
The fund, aimed at short-term borrowers, will lend up to 70% loan-to-value.
The firm will look to take advantage of tightened bank underwriting requirements.
Omni’s founder and head of risk Steve Clark said the fund was the “direct result of continued demand from investors for an unlevered high-yield strategy that has the key characteristics of superior asset quality and short tenor”.
He added: “There are few niches of senior secured lending that provide a net yield in the double digits.”
Clark said the closing of the fund to new capital was ahead of the 12-month time frame the firm had originally planned.
The fund follows Omni’s Secured Lending I vehicle, which delivered a 10.4% net return in its first year of trading.
Launched in February last year, the fund had provided $50m across 92 loans by January 2015.
