Bridges Ventures hires Acquisitions Director and Associate for Bridges Sustainable Property Fund
Bridges Ventures, the investment company whose commercial expertise is used to deliver both financial returns and social and environmental benefits, is pleased to announce two additions to its Sustainable Property Fund team. Guy Bowden joins as Acquisitions Director and David Schlegel joins as an Associate.
Guy has over 20 years experience in the property industry with a proven track record of identifying, acquiring and adding value to a wide range of properties and assets whilst working with private property companies including Mayhall Estates and Nurton Developments.
David joins us from Starwood Capital Group where he was an Acquisitions Analyst.
Simon Ringer, Managing Director of the Bridges Sustainable Property Fund, commented today:
“It gives me great pleasure to welcome Guy and David to the Bridges Sustainable Property Fund team. Since our first close last November, we have developed a strong pipeline of opportunities and I am extremely pleased to now be supported by two such high calibre individuals.”
Notes to Editors:
The Bridges Sustainable Property Fund is managed by Simon Ringer, Managing Director, Sustainable Property Fund, with the assistance of an investment committee comprising John Harrison, co-founder of MWB Group Plc, John Duggan, formally CEO at Gazeley Limited, and Philip Newborough, Michele Giddens and Rory Maw of Bridges Ventures. Simon has worked in the property industry for over 20 years with a focus on fund management whilst at PRICOA Property Investment Management (now Rockspring), and as a Director of Charterhouse Bank (now HSBC) having created and managed its property fund management business and a variety of funds and joint ventures whilst at Jones Lang LaSalle Corporate Finance.
Bridges Ventures is an investment company established in 2002 as a fund manager with a social mission whose commercial expertise is used to achieve social or environmental aims as well as attractive returns for investors. Within its existing venture capital funds, Bridges Ventures has already invested in a number of highly successful property-backed businesses in regeneration locations and sustainable buildings.
Three funds have been raised to date: Venture Funds I & II and the Bridges Social Entrepreneurs Fund.
Venture Fund I totaled £40m while Venture Fund II totaled £75m, beating its original target of £50m by 50%, and was closed in 2007. Investors in the second fund include HSBC, Co-operative Financial Services, Barclays Business Banking, Lloyds TSB, and Citigroup, individuals including Tom Singh of 3i, Dr Mike Lynch of Autonomy Corporation, Harvey McGrath of Man Group and Lloyd Dorfman of Travelex, as well as pension funds and endowments including the Universities Superannuation Scheme, the West Midlands Pension Fund and All Souls College.
The Venture Funds invest in businesses based in regeneration areas and in sustainable business sectors such as the environment, education and healthcare. Bridges Ventures typically invests up to £10m at a time in ambitious, entrepreneurial businesses including early stage, development capital and management buy-outs. So far, £52m has been invested in 30 companies, many of whose employees have come out of long-term unemployment. To date there have been five successful exits: Harlands in Hull, SimplySwitch in South London, HS Atec in Yorkshire, EB2 in South London and IDL in Bournemouth.
Bridges Ventures’ key backers include Sir Ronald Cohen, co-founder and former chairman of Apax Partners, 3i and Doughty Hanson.
In August 2009 the Bridges Ventures Charitable Trust launched the Bridges Social Entrepreneurs Fund which provides an innovative financing solution that is tailored to the needs of ambitious social enterprises. The fund has so far raised £8.5m from The Office of the Third Sector, NESTA, Sir Ronald Cohen, Nigel Doughty, Harvey McGrath, Apax Foundation, The Generation Foundation, Lehman Foundation, Deutsche Bank and the Esmée Fairbairn Foundation. The Bridges Ventures team have also allocated funds from their profit share. The fund invests in the form of equity-like capital, which shares in the risks but also the returns of social enterprises. Investments are coupled with hands-on advice and support to help the social enterprises realise their potential.
For more information please go to www.bridgesventures.com.
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