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Bridges raises £220m

The specialist fund manager receives strong support for its fourth fund from UK-based local pension schemes.

Bridges Property Alternatives Fund IV has held a final close at £220 million, failing to reach its original target of £300 million. The firm will continue to invest in property or property-backed businesses with positive environmental and social influences, via its fourth fund.

Investors in the fund include pension funds in Greater Manchester, West Midlands, East Riding and West Yorkshire, as well as the Environment Agency Pension Fund.

Bridges Property Alternatives Fund III held a final close at £212 million in June 2015.