Bridges Ventures holds first close on £72m

The fund will have a 10-year lifespan. The vehicle's target is undisclosed.

Since its launch in 2002, Bridges Ventures has so far made equity investments of more than £75m in 34 businesses from its six funds with a total value close to £260m.

Investments have typically been around £10m in early-stage deals, growth capital and buyouts/buyins. Exits from portfolio companies backed by Bridges Ventures' Funds I and II have reaped between 12-216% IRR.

Investors
The vehicle includes investors in Bridges Ventures' previous two flagship funds, including institutions such as HSBC Bank and Cooperative Insurance. Private equity backers such as 3i and Doughty Hanson have also invested in the vehicle alongside trusts, endowments and individuals. A new investor, the European Investment Fund, has joined previous supporters of Bridges Ventures' funds as the vehicle's largest investor.

Investments
The fund will invest in UK-based SMEs in the environment, education and skills, health and well-being sectors. It will inject capital into businesses with positive social and environmental impacts in underserved areas, creating jobs and stimulating the local economy.

People
Philip Newborough is managing partner at Bridges Ventures.

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• Topics
• UK / Ireland
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• United Kingdom
• Bridges Ventures