A new investment fund is aiming to invest €250 million in the residential care home sector in the coming years.

BlackBee Group has launched the fund to create Aperee, which it says will be Ireland largest residential care group.

According to a company release, the investment will see the construction of 1,000 new residential care beds, and the acquisition of 750 existing beds.

The fund says that more than 1,500 jobs will be created during this process, while a further 800 will be supported during the construction process.

A number of target sites and existing homes have already been identified and Aperee expects to acquire two to three homes before the end of 2019.

Construction on new sites is set to commence in early 2020.

Ireland's population currently has 637,000 over 65s and 67,000 over 85s. This is estimated to increase significantly by 2040.

The operational arm of the fund, which is due to open in September, will be led by CEO Paul Kingston.

The Executive Director of BlackBee, David O'Shea, said the group plans to "use private investment to revolutionise the residential care home market".

He added that those using the homes will continue to have prices set by the National Treatment Purchase Fund.