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Fundraising - JUNE 26, 2015

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Bridges Ventures holds £212m final close for U.K. fund

by Andrea Waitrovich

Bridges Ventures has announced the final close of its Bridges Property Alternatives Fund III, raising £212 million ($333.63 million) to invest in U.K. property. The fund will apply leverage at a project level to provide it with potential buying power in excess of £500 million ($786.88 million).

Investors comprise European and U.S. institutions. Around 80 percent of the capital came from U.K. and U.S. pension funds, including local authority pension funds in Greater Manchester, Merseyside and South Yorkshire. In addition, capital was from family offices, foundations and insurers, including U.S.-based Prudential Financial.

The fund invests in direct property and property-backed businesses, focusing on regeneration areas, buildings showing environmental leadership, and niche sectors affected by changing demographics and consumer needs, including healthcare, education, small and medium-size enterprise business space, and affordable residential accommod

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