Kinnerton Credit Management aims to raise up to €250 million by the final close of its second Nordic residential property development loan fund, with closing expected in 2019, IPE Real Assets reported.

The Kinnerton Residential Development II DAC fund garnered a little below €130 million by its first close on Sept. 27. The fund, which is a successor to Kinnerton Opportunistic Credits C DAC, aims to invest in newly issued short-term credit facilities for residential real estate development in the "credit-constrained" Danish and Swedish markets, according to Kinnerton's website.

Citing Kinnerton Chief Investment Officer Jens Bisgaard-Frantzen, the publication said the fund attracted capital commitments from several Danish and Swedish institutional investors and "high net worth individuals," including LD Fonde and Swedish bank SEB.

Bisgaard-Frantzen added that the fund has an investment period of four years and is eyeing double-digit returns.