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Bridges Ventures raises £75m for second community development venture fund12/06/2007. Source: AltAssets. 
 Bridges Ventures, the venture capital company with a social mission, has closed its second community development venture fund, Bridges Community Development Venture (CDV) Fund II, on £75m, above the £50m target and above its original hard cap of £60m.
Bridges CDV Fund II is made up entirely from private investment. The new fund's predecessor, Bridges CDV Fund I, raised £20m of private sector investment in 2002 and was backed with matching investment from the Department of Trade and Industry.
Investors in the new fund include banks and financial institutions including HSBC, Co-operative Financial Services, Lloyds TSB, Citigroup and Barclays Business Banking, pension funds such as the Universities Superannuation Scheme and the West Midlands Pension Fund, trusts and endowments such as R&S Cohen Foundation and All Souls College, other organisations and individuals including 3i, Doughty Hanson & Co, Lloyd Dorfman, chairman of Travelex, and Jon Moulton, founder and managing partner of Alchemy Partners.
Philip Newborough, chief executive of Bridges, said, 'We are delighted to have significantly exceeded our target for this fund. This has been made possible by the fantastic support we have 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 focuses on investments in the most deprived areas of the UK. Its portfolio companies now employ over 800 people, nearly 200 were formerly unemployed, according to a statement. In addition to focusing on under-invested geographical areas, the second fund plans to invest up to 25 per cent of the fund in UK businesses that produce strong educational, healthcare or environmental benefits.
Bridges has had three successful exits to date, Harlands of Hull, HS Atec, and SimplySwitch from its portfolio of 24 investments.
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