Bridges Ventures today announces the final close of Bridges Property Alternatives Fund III with equity commitments of £212 mln (approx. €298 mln). The Fund will apply gearing at a project level to provide it with potential firepower in excess of £500 mln (€703 mln).
The Fund was able to close ahead of its original £200 mln (€281 mln) target thanks to strong interest from European and U.S. institutions in the rapidly-growing area of sustainable and impact-driven property investment. It attracted support from leading institutional investors on both sides of the Atlantic: around 80% of the capital came from UK and US pension funds with the balance from family offices, foundations and insurers.
Bridges specialises in using sustainability and social impact as a way to identify investments with the potential to drive financial value along with social and environmental improvements. This is the largest fund the firm has raised for any investment strategy to date.
The Fund invests in direct property and property-backed businesses, focusing on regeneration areas, buildings showing environmental leadership, and niche sectors being affected by changing demographics and consumer needs – including healthcare, education, SME business space and affordable residential accommodation.
Source: Bridges Ventures