Omni Partners has raised $240m (€221.5m) for its UK commercial and residential real estate debt fund.
The London-based investment manager said its Omni Secured Lending Fund II vehicle had closed, with additional commitments of $34m.
Omni’s founder and head of risk Steve Clark said the fund was “proof of investors’ continued interest in an unlevered lending strategy delivering attractive yields on assets of superior quality and short tenor”.
Clark said the company would launch a third vehicle this April, “to continue to meet institutional investor demand and [take] advantage of ongoing opportunities left by traditional banks”.
The company began raising capital for the second fund in 2015, with a first close last April.
The fund, which offers short-term loans, has so far delivered an 11.1% IRR.
Omni said the tightening of underwriting requirements by traditional banks had resulted in an emphasis on standardised lending and increased loan-approval times.
Loans, which vary in duration from 6-18 months, have a maximum 70% loan-to-value ratio.
The company’s first vehicle, which launched in early 2014, funded 92 loans.
Amicus Finance serves as the fund’s origination platform.
Amicus, founded in 2009 with seeding from Clark, was acquired by Omni in late 2013.