New €1bn fund will back Irish developers

A Swiss and British-based fund has teamed up with Irish partners to provide an alternative to banks and finance housing development here.

Aalto Invest, founded by two ex Morgan Stanley bankers, is providing an initial €50 million to finance developers with the return of housing demand in greater Dublin. It aims to increase that to some €500 million over time.

''There is a huge gap in the market as banks are doing only ...