Ethical entrepreneurs are likely to be pleased that Bridges Ventures, the socially responsible private equity company, has raised another fund of £75m.
Bridge’s Community Development Venture (CDV) was set a target of £50m but was inundated with support from enthusiastic investors and had to raise its limit from £60m to £75m.
Its first fund which was set up in 2002 raised £20m and was backed on a ‘like for like’ basis by the Department of Trade and Industry.
However, this latest fund is solely made up of private investment despite being more than three times bigger. Also, many of the fund’s original investors have stayed on.
Philip Newborough, chief executive of Bridges, said: “This has been made possible by the fantastic support we’ve received from our existing investors, which has enabled us to recruit a diverse and impressive group of new investors.
“The success of our fundraising indicates a growing interest in investments that can deliver attractive financial returns while making a positive social or environmental impact.”
Bridges funds aim to back businesses that produce clear educational, healthcare or environmental benefits.
Investees include companies such as pupil-motivation company School Stickers, urban regenerator The Office and utility comparison service SimplySwitch.
© Crimson Business Ltd. 2007
