Global real estate firm Starlight Investments has completed the final fundraising for its Starlight UK BTR Fund II. Together with capital gathered from parallel investment vehicles, the group reached £680 million in total commitments. The capital will fund the acquisition and development of more than 6,000 build-to-rent homes throughout the country.

Capital for the fund was sourced from institutional backers across Europe, Canada and the Asia-Pacific region. Earlier this year, the fund also secured backing from Homes England’s National Housing Bank to support national rental supply targets.

Part of the raised capital has already been deployed into active construction sites. The current pipeline includes three rental communities, with two developments situated in Manchester and one located in Basildon.

Starlight’s broader UK platform operates 12 build-to-rent schemes ranging from active construction to live leasing and management. The firm focuses on key regional urban centres and London commuter locations facing long-term structural housing shortages.

“The successful close of Fund II reflects the strong institutional conviction behind Starlight’s UK residential strategy and the opportunity we continue to see in the market,” said Raj Mehta, President, Global Markets, Starlight Investments. ​“We are grateful for the continued support of our existing partners and pleased to welcome new investors to the platform. With the capital committed, we are well positioned to continue delivering homes in chronically undersupplied markets across the UK.”

“With Fund II now closed, our focus is on execution and the next phase of growth for our UK residential platform,” said Jonnie Milich, Head of UK Residential, Starlight Investments. ​“We have built a significant pipeline, an experienced local team and a growing portfolio of communities moving through construction, lease-up and operations. As we continue to advance our pipeline and bring new communities online, our portfolio will place us among the UK’s top four BTR operators by scale.”