An Edmond de Rothschild Private Equity-backed land remediation impact fund has launched a £100 million capital raising round, Environmental Finance reported.

The Ginkgo x igloo Fund, a partnership between Ginkgo and igloo, a sustainable U.K. property regeneration specialist, will redevelop derelict industrial land in the U.K. into vibrant urban neighborhoods. It is aiming for a net internal return rate of 15%, with a duration of 10 years and options for two additional years, the news outlet noted.

The private equity fund aims to hold its first close by the summer with £40 million to £50 million of capital. The remaining amount is expected to be raised about a year from now, the news outlet said, citing Bruno Farber, founder of Ginkgo and managing director of Ginkgo Advisor, the investment adviser for the Ginkgo Funds.

Farber added that the fund should attract interest from institutional investors. Edmond de Rothschild Group serves as an anchor investor in the fund, committing capital alongside other stakeholders.

The capital raised is expected to be funneled toward the acquisition of seven to 12 land plots to accommodate largely residential real estate developments. According to the report, a typical project will deliver 100 to 150 units and include some commercial space.