Bridges Fund Management raises £35m

The London-based multi-strategy private funds manager closes its latest fund at hard-cap.

Bridges Fund Management has announced the final close of Bridges Social Outcomes Fund II at £35 million ($43.8 million; €38.9 million). The fund, which had initially targeted £25 million and had a hard-cap of £30 million, is dedicated to social outcomes contracts. These contracts are used by the government to provide social services for vulnerable members of society, with projects including family therapy; social prescribing for long-term health conditions; supporting young people at risk of homelessness; and mentoring and counselling for disadvantaged children.

Investors committed to the fund include: Big Society Capital, Project Snowball, Guy’s and St. Thomas’ Charity, and the Merseyside Pension Fund.