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Bridges raises £33m
Bridges Community Ventures, an investor in the more deprived areas of the UK, has soaked up an initial £33 million of new money towards its second fund.
'Raising a second fund is a crucial test for any young private equity company,’ insists Philip Newborough, Bridges’ managing director. ‘The first close of our second fund shows that investors are attracted to our unique approach of investing in businesses in deprived areas to generate social as well as financial returns.’
Backers of the new fund include past supporters HSBC, Citigroup, Doughty Hanson & Co and the West Midlands Pension Fund as well as newcomers including Barclays Business Banking, the charitable trust SHINE and a variety of family trusts, foundations and individuals.
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