Bridges closes fifth property fund at €411m

Bridges Fund Management has held a final close for its Bridges Property Alternatives Fund V, at its hard cap of £350 million (€411 million/$438 million), £50 million (€59 million/$63 million) above our original target and the largest fund Bridges has raised to date.

Fund V is almost 60 percent larger than its predecessor vehicle; the re-up rate from existing investors was more than 80 percent, while almost half of total commitments came from new limited partners — many of whom were specifically attracted by the fund’s dual focus on financial and sustainability performance.

Fund V is already more than 50 percent invested or committed — including Bridges’ first real estate deal outside the United Kingdom, in Dublin — underlining the strength of the fund’s pipeline. About 20 percent of the fund’s current investments have either been pre-sold or forward-funded.

The Bridges Property Funds have invested and committed to more than 2