UK-based fund manager Bridges Ventures held the final close of its third fund at £125m.
Sustainable Growth Fund (Fund III) has been raised with support from existing investors including RLAM (CIS Limited), HSBC Bank plc, West Midlands Pension Fund and South Yorkshire Pensions Authority, 3i, Doughty Hanson, Wittington Investments, All Souls College, Merton College, the R&S Cohen Foundation and SHINE – Support and Help in Education, as well as a number of family offices and high net worth individuals.
New investors include the European Investment Fund (EIF), London Pensions Fund Authority, Merseyside Pension Fund, and Flintshire County Council.
The fund provides growth capital to SMEs in the areas of health & well-being, education & skills, the environment and underserved areas (over 80% of investments are located in the most deprived 25% of the UK).
Led by Michele Giddens, Partner and Co-Founder, Bridges Ventures has raised seven funds to date which total almost £340m: Sustainable Growth Funds I, II and III, the Bridges Sustainable Property Fund, the CarePlaces Fund, the Bridges Social Entrepreneurs Fund and the Bridges Social Impact Bond Fund.