Monark Property Partners, the non-bank lender backed by the wealthy Liberman family, has raised $45 million for its latest private debt fund, which will provide construction finance to developers of luxury apartments and land subdivisions.

However, despite strong support from wealthy investors and family offices, Monark deliberately capped the size of the raising to ease pressure on deploying funds as some of its competitors in the $200 billion sector come under pressure from non-performing loans and failed projects.