Irish residential development lender Activate Capital closed the first phase of its secondary €500 million fundraising round, The Irish Times reported July 3, citing the company's CEO.

The lender plans to expand its residential development capital to €1 billion in 2018.

The Ireland Strategic Investment Fund and KKR have invested €500 million and committed to an additional €270 million.

The remaining €230 million will likely come from third-party domestic and international institutional investors, Activate's CEO Robert Gallagher reportedly said.