Bridges Ventures has invested £2.3m to fund the purchase of three blocks of studio apartments to provide key worker housing for hospital staff employed by Plymouth Hospitals NHS Trust.
The property is in Derriford, Plymouth, which meets Bridges social criteria of investments situated in the most under invested areas in the UK. Bridges Ventures has partnered with Key Real Estate Limited (trading as Key Homes) who introduced the opportunity to Bridges Ventures and will be responsible for the management of the properties. Key Homes has a social business model and is a private sector developer and investor in affordable and social housing.

Philip Newborough, from Bridges Ventures, said: “We are delighted to be able to make this investment, which not only is in one of our key target areas but it also meets one of our other social objectives of backing businesses connected with healthcare. It is a great example of an investment that offers the possibility of meeting our financial objectives of delivering strong returns to our investors as well as meeting our social criteria.”

The investment comes from Bridges second fund, Bridges CDV Fund II. Investors in the new fund include banks and financial institutions such as HSBC, Co-operative Financial Services, Lloyds TSB, Barclays Business Banking and CitiGroup. Other investors include pension funds such as the Universities Superannuation Scheme and the West Midlands Pension Fund, a number of trusts and endowments such as the R&S Cohen, Comic Relief, Merton College and All Souls College, and private equity companies such as Doughty Hanson & Co and 3i as well as individuals and trusts.

Notes to editors:    Bridges Ventures invests in the most deprived 25% of areas in the country, as defined by the Index of Multiple Deprivation. Bridges Ventures’ second fund can also invest in businesses outside these target areas if they demonstrate strong social benefits in healthcare, education or the environment.

Bridges was founded by Apax Partners, Tom Singh of the retail chain New Look, and 3i.   Bridges Ventures invests up to £10m per company in growth companies at the early and expansion stages, as well as management buy-outs and property-backed businesses. Entrepreneurs can find out whether their business is eligible for investment by going to the website www.bridgesventures.com or calling 020 7262 5566.
Investors in Bridges CDV Fund II include:   Banks and financial institutions HSBC Bank plc Co-operative Financial Services Citigroup Barclays Business Banking Lloyds TSB Scotland PLC   Pension Funds West Midlands Pension Fund South Yorkshire Pension Fund Universities Superannuation Scheme (USS)   Trusts SHINE: Support and Help in Education Comic Relief R&S Cohen Foundation
Individuals Dr Mike Lynch OBE Jon Moulton Richard Oldfield Harvey McGrath Lloyd Dorfman Robert and Vincent Tchenguiz Vernon Ellis Sir Harry Solomon   Companies 3i  Doughty Hanson and Co. Wittington Investments Limited   Endowments All Souls College Merton College   Other The Community Development Venture Capital Alliance (the network for the field of community development venture capital (CDVC) investing in the US)