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Bridges raises £35 million for second pay-for-success fund

ImpactAlpha, July 10 – Bridges Fund Management has raised £35 million ($44 million) to orchestrate and launch pay-for-success initiatives in partnership with government backers.

The Social Outcomes Fund will be used to finance social impact bonds. Bridges will work in partnership with government organizations to establish targets and source providers to implement the projects.

The fresh raise follows Bridges’ first Social Outcomes Fund, which launched in 2012. The firm has since financed 30 projects, which have addressed youth homelessness, chronic health conditions and at-risk students.

Bridges’ Mila Lukic commented that social impact bonds have evolved from small, experimental funding schemes to a desirable option for government agencies to ensure flexibility and adaptability with social services delivery.

Results from its first fund made the second fund popular among investors, the firm said: it initially set hard cap of £30 million for its second fund, but obtained consent from investors to expand the limit.

Big Society Capital backed the fund with £13.7 million. Other investors in the fund include social investment firm Project Snowball, Merseyside Pension Fund, insurance firm QBE, family office Ceniarth and several charitable foundations.

Bridges has already invested £8 million from the new fund.

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