Regeneration funder Igloo is hoping to increase the cash it has for investment from £100m to £500m within three years.
Igloo, which was set up in 2002, hopes to raise £200m in the next few months and a total of £400m by 2008.
It already has £50m in debt and £50m in equity from Norwich Union’s pension funds CU Life, CGNU Life and NU Life.
If it hits the £500m target it will be by far the country’s largest regeneration fund – the second largest is the English Cities Fund, which is estimated to have £20m available to invest in projects.
Chris Brown, director of Igloo, said: “We have now got more projects coming through and have realised that the model we have of investing in regeneration schemes is working.”
He said Igloo expected to get “four or five funds” investing between £15m and £25m each to hit the £300m target by the end of this year.
“Regeneration has become a credible place to put money for institutional investors. We have had a very good reception. A lot of people are looking to put money into regeneration and we are pretty much the only game in town.”
Igloo’s main projects are the £2bn Isis scheme to redevelop 12 sites in UK cities with contractor Amec and British Waterways, and a £500m project, with English Partnerships and East Midlands Regional Development Agency.
Andrew McGregor, director at property consultant FPD Savills, said: “It doesn’t surprise me at all that it is looking for that kind of money and would have thought that it will be well received by the market.