International legal practice Osborne Clarke has advised Bridges Fund Management, the specialist sustainable and impact investor, on its fifth property alternatives fund ("Fund V").

Fund V was closed at its hard cap of £350m, making it the largest fund Bridges Fund Management has raised to date.  Fund V builds on Bridges Fund Management's 12-year track record of investing in growth locations and needs-driven sectors – particularly healthcare, low carbon logistics, and lower-cost & affordable housing – where a focus on sustainable development can achieve both attractive financial returns and positive social and environmental impacts.

The fund closed £50m above its original target of £300m, thanks to strong demand from a range of pension funds, family offices, and private investors in the U.K., Europe, and North America.  This included long-standing investors such as Clwyd Pension Fund, East Riding Pension Fund, the Environment Agency Pension Fund, and new investors such as Church Commissioners for England, Investcorp-Tages, The J.W. McConnell Family Foundation and Mercer Private Investment Partners VI.  A significant portion of these new investors chose to partner with Bridges specifically because of Bridges’ dual focus on financial and impact performance. 

Notably, Fund V is classified as an Article 9 Fund under the Sustainable Finance Disclosure Regulation, which is reserved for funds that have sustainable investment at their core.

The Osborne Clarke team was led by Tim Simmonds, who was assisted by Oliver Darvill with tax advice from Erika Jupe, regulatory advice from Michael Lewis and banking advice from Roisin Marsh.

Osborne Clarke is a recognised industry leader in real estate providing a comprehensive lifecycle service and advising major real estate industry organisations, ranging from developers and investors to property funds and corporate occupiers.

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