The Pearl Residential Equity Fund is a new €50 million fund which provides equity investment for residential development projects throughout the Republic of Ireland. The Pearl Residential Equity Fund aims to support small and mid-sized developers by providing up to €5 million in equity for the development of new homes. The fund considers sites with planning permission or zoned residential in urban areas throughout the country focussing on mid-tier projects of up to 200 residential units. The Pearl Residential Equity Fund is backed by State and private sector investors including AIB Group plc, Bank of Ireland, Davycrest, the Ireland Strategic Investment Fund (ISIF) and Oyster Capital. The fund is managed by Pearl Property Managers Limited, founded by Ken McCullagh and Martin Scully, both of whom have extensive interests in real estate and private equity investment.