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UK: Bridges Fund Management has successfully closed the Bridges Property Alternatives Fund VI with total commitments of more than £440 million.
The fund raise, which was above Bridges’ £400 million target, attracted demand from institutional investors in both the UK and overseas.
Investors in Fund VI include pension funds, insurers, family offices, and other institutions, such as Fidelity International, Border to Coast Pensions Partnership, the Environment Agency Pension Fund, University College Oxford, South Yorkshire Pensions Authority, East Riding Pension Fund, and Clwyd Pension Fund.
Fund VI will target “sustainable property investments across the UK and Europe, focusing on needs-driven sectors with strong growth fundamentals such as housing, healthcare and logistics”.
The fund has already completed 10 investments in Bridges’ specialist sectors, including coliving (Cornerstone & Minories, City of London), low-carbon industrial (Torque, Erdington), later living (Birchgrove) and specialist healthcare (Renaiss Health).
Simon Ringer, partner and head of property funds at Bridges Fund Management, said: “We are delighted to have closed Fund VI ahead of target, with strong backing from both existing and new institutional investors. Their support – especially at a time of reduced market liquidity – is testament to the strength of our impact-driven investment strategy and track record.”
“Over the past 15 years, we have shown that by investing in areas where there is a favourable relationship between needs-driven occupational demand and restricted market supply, we can deliver competitive financial returns alongside positive social and environmental impact. As demand for sustainable real assets continues to increase among both occupiers and investors – driven by positive regulatory tailwinds – we see compelling opportunities ahead in our specialist niche sectors,” he added.
Vivian Liu, private markets portfolio manager at Fidelity International, added: “Our clients are increasingly looking for access to attractive sustainable investment opportunities within private markets. Bridges’ specialist real estate strategy has a proven track record of identifying and executing property investments where sustainability can be a clear driver of value creation – so Bridges Property Alternatives Fund VI was an obvious choice for our portfolio.”
Scott Anderson, investment manager at Environment Agency Pension Fund, added: “Delivering best-in-class sustainability outcomes alongside strong financial returns is fundamental to EAPF’s investment approach. Bridges’ real estate funds have been a pioneer of this approach in the UK, with a proven ability to identify opportunities to decarbonise the built environment while improving outcomes for the local communities in which these buildings sit. We’re excited to be partnering with the Bridges team for a fourth investment. At this time of unprecedented environmental and nature-related challenges, the importance of expert-led sustainable investment has never been greater.”
Highlights:
• Bridges Fund Management has successfully closed the Bridges Property Alternatives Fund VI with total commitments of more than £440 million
• Investors in Fund VI include pension funds, insurers, family offices, and other institutions
• The fund has already completed 10 investments in Bridges’ specialist sectors, including coliving (Cornerstone & Minories, City of London), low-carbon industrial (Torque, Erdington), later living (Birchgrove) and specialist healthcare (Renaiss Health)
