Bridges closes SGF IV on £80m

Kenny Wastell
11 March 2019

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Impact-focused GP Bridges Fund Management has held an ТЃ80m final close for Bridges Sustainable Growth Fund IV (SGF IV).

The development comes around two and a half years after the GP registered the fund.

Bridges simultaneously announced that it has now raised £50m for its evergreen vehicle in addition to raising £25m through separate account arrangements with a number of UK pension funds.

Investors
According to Unquote Data, the fund has received commitments from Panahpur, Merton College Endowment, Oxford University, Merseyside Pension Fund, Goldman Sachs Private Equity Group, Flintshire County Council Pension Fund, Ardian and Greater Manchester Pension Fund.

Investments
SGF IV will typically invest £2-20m for majority stakes in businesses pursuing organic, acquisitive and multi-site roll-out strategies across multiple impact themes. It will target growth-stage business with revenues of £5-50m and earlier-stage revenue-generating businesses targeting large addressable markets.

The fund has made three investments to date; facilities management business Just Ask, and school catering companies Innovate and Cucina (which have since merged to form the Impact Food Group).

People
Bridges Fund Management – Philip Newborough (CEO).