London-based special fund manager Bridges Ventures has raised an initial £120 mln (€147 mln) of equity for it new vehicle which will target niche sectors and strategic locations in the UK.
London-based special fund manager Bridges Ventures has raised an initial £120 mln (€147 mln) of equity for it new vehicle which will target niche sectors and strategic locations in the UK.
Bridgers said that the equity for the Bridges Property Alternatives fund was raised from both its existing and new institutional and private investors. The firm is targeting total equity commitments of about £200 mln at final close, which will be geared at the project level to deliver about £500 mln of firepower.
Bridges Property Alternatives will invest either directly or in joint venture in property and property-backed operating businesses. It will target niche real estate sectors which are driven by demographic changes and consumer needs such as healthcare, education, small-and-medium enterprise business space and affordable residential accommodation, as well as other sectors where there is identifiable occupational demand in growth locations.
The launch of the new vehicle follows on from Bridges’ existing property funds where typically realised returns at a 20%-plus internal rate of return.
