Bridges Ventures has been backed by UK local authority pension funds as a combined pool.
The company, an ‘impact investment’ specialist, said an initial £168m (€200.7m) had been raised for its fourth property investment fund, the Bridges Property Alternatives Fund IV.
Derbyshire County Council Pension Fund and the Environment Agency Pension Fund are understood to have been in the pool, along with East Riding Pension Fund and the Greater Manchester Pension Fund – both as repeat investors.
The company’s third fund, Bridges Property Alternatives Fund III, which closed last year at £212m, was also backed by Clwyd Pension Fund, Merseyside Pension Fund, South Yorkshire Pensions Authority and Prudential Financial.
US pension funds also backed the vehicle, with roughly 80% of capital for the fund coming from pension funds in the UK and the US.
Simon Ringer, partner and head of property funds at Bridges Ventures, said: “We are particularly grateful to our local authority pension fund investors, who have pooled their resources so effectively to ensure a speedy close.”
Ringer said he expected the fund to follow previous funds with “more of the same”.
The fund will invest in healthcare, education, the SME business space and affordable residential accommodation.