ImpactAlpha, June 13 — U.K.-based impact investor Bridges Fund Management has raised £350 million ($425 million) for its fifth property fund. The fund will invest in healthcare, low-carbon logistics and affordable housing.
Half of the fund has already been deployed in 17 investments. Bridges says its property funds are on track to deliver over 3,000 affordable homes and more than 1,300 assisted-living beds, and to avert nearly 100,000 tons of carbon emissions.
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The new Bridges Property Alternatives Fund follows its £220 million ($270 million) predecessor. All but 20% of commitments in the fifth fund came from investors in the previous fund, including Clwyd Pension Fund, East Riding Pension Fund, the Environment Agency Pension Fund, Merseyside Pension Fund and South Yorkshire Pensions Authority.
The new fund also received new allocations from pension funds, family offices and private investors in Europe and North America, “testament to the importance real estate investors are now placing on sustainability and impact factors,” said Bridges’ Simon Ringer.
