LONDON—Pluto Finance, a UK-based residential developmer, has significantly expanded its capital base with the backing of funds managed by Blackstone, Clearbell Capital LLP and some of Europe's leading institutional investors.

In a second fundraising in a year, Pluto Finance raised $155 million (£94M) of equity, in addition to $165 million (£100M) of equity raised in May 2013. This gives Pluto Finance the ability to lend $597 million (£360M) to residential development projects in London and the south of England over the next four years as capital is recycled once developments are completed.

“We are delighted to have doubled our equity footprint. £360 million is a significant contribution to funding residential schemes, and, by offering up to 90% loan to cost, we are helping developers make their equity go further,” said Chris Philip, CEO of Pluto Finance. “We are filling the gap left by the large number of banks that have withdrawn from the residential property development finance market in the last five years.”