The vehicle has been upsized to £750m on the back of ‘strong’ demand from borrowers, coupled with investors’ appetite, says director Alexandra Lanni.
The firm is seeking €100 million more than it raised in its previous fund.
The Canadian pension fund is looking to increase its real estate credit assets under management to around $6.2bn to $7.7bn in the next five years.
The asset manager has already raised £200m for its second real estate lending vehicle, providing mid-market whole and mezzanine loans in the UK and Western Europe.
Cheyne’s latest vehicle is 80% invested with a greater focus on senior debt funds.
The firms aim to address a ‘shortage of debt capital’ in mainstream residential developments with their joint venture vehicle, which has an initial size of £165m.
The firm enters property lending as it aims to exploit the ‘attractive’ alternative the asset class offers to direct equity investment.
The London-based firm is launching a lending division for the industrials sector, targeting an ‘undersupply’ of finance outside the prime market.
The Dallas-based firm is raising its latest fund in a series that focuses on private equity control investments, corporate and consumer debt, real estate and real estate debt.
The Swedish asset manager is targeting a 2% net return as it provides longer-term credit across commercial real estate markets in its home country.