Bridges hits £50m mark for evergreen vehicle

Bridges stated that the £50m target was reached three months ahead of schedule. The permanent capital vehicle was launched in December 2016, with initial commitments of £23m.

This second stint of fundraising attracted commitments from both institutional and private investors, including Big Society Capital. Bridges stated that more than 90% of the new capital raised came from existing LPs. Besides Big Society Capital, the structure counts the Greater Manchester Pensions Fund, the Merseyside Pension Fund and Eaga Trust among its investors.

Bridges Evergreen Holdings is structured as a holding company rather than a fund, with the aim of providing long-term backing with no exit requirement. It targets profit-with-purpose companies, public sector spinouts, social sector organisations and employee-owned businesses. According to Bridges, it aims to deliver an "attractive" financial yield to investors beyond the social and environmental impact aspect.

The structure has made three investments so far: residential care providers New Reflexions and Shaw Healthcare, and The Ethical Housing Company, which is building a portfolio of affordable homes for rent to vulnerable people in Teesside.

Bridges Evergreen is the second prong in the firm's social impact strategy, in addition to Bridges' Sustainable Growth Funds, which invest in growth businesses that are helping to tackle pressing social and environmental challenges.

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• Bridges Ventures