Future Capital Partners, the UK-based alternative investment boutique, said it has raised £40 million ($65.3 million) of capital for a luxury real estate development investment in Budva, Montenegro.

Investors were sourced through UK wealth managers, private banks and independent financial advisors, and include high net worth individuals, the firm said in a statement. FCP and its development partners have also invested capital in the project.

Opus Partners, one of FCP’s real estate investment vehicles, will have approximately £20 million of remaining capacity for external investors, in addition to the committed ones. The current round of funding will end in October.

The minimum investment is £0.25 million ($0.408 million) and there is a target return of between 200 per cent and 300 per cent over the five year expected life of the partnership. This will be derived from the sale of the residential units and under a hotel operating contract with a global luxury hotel group.

Construction work on the development is expected to commence in early 2010 and is expected to be completed by mid-2012. The majority of the revenues are expected to be realised between 2011 and 2014.

Also, FCP is expected to announce a further £40 million capital raising in the coming weeks.

The real estate development investment is worth £150 million.