Omni Partners has raised $240m (鈧�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鈥檚 founder and head of risk Steve Clark said the fund was 鈥減roof of investors鈥� continued interest in an unlevered lending strategy delivering attractive yields on assets of superior quality and short tenor鈥�.
Clark said the company would launch a third vehicle this April, 鈥渢o continue to meet institutional investor demand and [take] advantage of ongoing opportunities left by traditional banks鈥�.
The company began raising capital for the second fund in 2015, with a first close .
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鈥檚 first vehicle, which launched in early 2014, funded 92 loans.
Amicus Finance serves as the fund鈥檚 origination platform.
Amicus, founded in 2009 with seeding from Clark, was acquired by Omni in late 2013.
