US billionaire Wilbur Ross is to set up a joint venture with Irish company Cardinal Capital to provide finance of up to €400m to invest in property in Ireland, RTÉ News has learned. 

Some of the proceeds of Mr Ross' investment in Bank of Ireland will be used in the fund. 

It is expected the new fund will go live in the coming weeks. 

Nick Corcoran, a director of Cardinal Capital, said "We have had a successful partnership with Wilbur Ross over some years and we are looking at opportunities in the Irish market."

Clients of both Wilbur Ross and Cardinal Capital will contribute to the new fund. It will be used to part finance commercial and residential property investments. 

It plans to provide mezzanine finance and fund up to 15% of the total of an investment.