Bridges holds £35m final close for Social Outcomes Fund II

The fund originally had a target of £25m and a hard-cap of £30m, though the GP obtained consent to raise the hard-cap due to investor demand and a stronger-than-expected pipeline of potential investments.

Its predecessor committed more than £20m to projects related to social outcome contracts. The latest vehicle has already invested £8m, according to the statement.

The final close comes four months after the GP held an £80m close for Bridges Sustainable Growth Fund IV, which typically invests £2-20m for majority stakes in businesses pursuing organic, acquisitive and multi-site roll-out strategies across multiple impact themes.

Investors
Social Outcomes Fund II received commitments from social investors, charitable foundations, local government pension schemes, insurance companies and family offices. Big Society Capital made a commitment of £13.65m to the vehicle. Other LPs include Merseyside Pension Fund, QBE, Project Snowball, Guy's and St Thomas' Charity, Trust for London, Pilotlight, The Prince of Wales's Charitable Fund and Ceniarth.

Investments
The vehicle targets social outcome providers and contract commissioners, providing working capital in order to fund programmes. Projects include the provision of family therapy to children "on the edge of care", help to manage long-term health conditions, support for young people at risk of homelessness, and mentoring and counselling to disadvantaged children who are struggling at school.

People
Bridges Fund Management – Mila Lukic (partner).

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