Kinetic Capital, an alternative lender specialising in purpose-built student accommodation (PBSA), has attracted a commitment of at least £200 mln (€233 mln) to make loans in the UK and Ireland.
US global private markets firm StepStone Group has agreed to the funding deal via its StepStone Real Estate division.
The deal is particularly significant given it is the first capital raise since Kinetic launched its fund last year with a £100 mln (€116 mln) initial commitment.
Steve Grant, CEO, revealed the firm was also close to its first investment in mainland Europe.
Kinetic Capital was launched in July 2020 focused initially on the UK and Irish markets.
Grant helped establish the Unite Student Accommodation Fund in the UK. Chairman of the company is Nicholas Porter, who founded Unite in 1991.