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Bridges Fund Management

PRI reporting framework 2020

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Fundraising of private equity funds

PE 03. Fund placement documents and RI

03.1. Indicate if your most recent fund placement documents (private placement memorandums (PPM) or similar) refer to responsible investment.

03.2. Indicate how your most recent fund placement documents (PPM or similar) refer to the following responsible investment:

03.3. Describe how your organisation refers to responsible investment in fund placement documents (PPMs or similar). [Optional]

Bridges' PPMs reference our impact-driven investment approach, including existing policies and processes and thematic focus, providing illustrative examples of transactions. In particular, it outlines:

  • potential environmental / societal impact along the 5 dimensions of impact, using the IMP during the pre-investment process, as well as undergoing a full impact methodology analysis during the investment period
  • Monitors ESG  and impact over the life of the investment

Please see an extract of the PPM of the Sustainable Growth Fund IV

The objective of the Fund is to make growth capital investments in businesses that can have a positive social and/or environmental impact with a particular focus on health & well-being, education & skills, sustainable living and underserved markets.

As well as financial returns, Bridges seeks to generate, manage and measure social and environmental impact, following Bridges’ impact methodology which has been honed over 15 years of investing. In Funds I, II, and III, our portfolio companies have generated a range of positive societal impacts, including provision of vocational training and apprenticeships, reduction of landfill, and affordable access to community-based and preventative healthcare provisions. Fund IV is supported by Bridges Impact+, Bridges’ in-house advisory team which works with each investment team to help select, engage and track impact in all our investments.

Bridges Impact+ team in addition to supporting the growth of the overall sustainable and impact investment market through advisory projects and thought leadership research, the principal role of this six-person Impact+ team is to support our internal fund teams throughout the investment cycle. Impact+ works alongside Bridges’ investment teams to establish where our funds can have the greatest impact; to identify impact risks and opportunities pre-investment; to measure and maximise impact during an investment; and to capture the lessons learned for future investments.

The hands-on investment team enables Bridges to effectively engage with our portfolio companies to manage environmental, social and governance (ESG) risks, as well as identify opportunities to create additional value—opportunities we call “win-wins” because they improve social or environmental performance in ways that also improve commercial performance. The combination of our investment team’s operational experience and hands-on approach means that our portfolio companies are supported to successfully execute on their growth strategies.

We report to our investors on the financial performance of each investment side-by-side with an Impact Scorecard that is bespoke to each investee company. This brings to life our strategy of focusing on sectors where underlying social or environmental need creates the opportunity for both commercial returns and positive impacts.


PE 04. Formal commitments to RI

04.1. Indicate whether your organisation made formal commitments to responsible investment in the, Limited Partnership Agreement (LPA) of your most recent fund(s), or through side letters when requested by investors.

If yes

04.2. Additional information. [OPTIONAL]

Formal commitment in LPA: The Partnership will invest in businesses that the Manager judges have the potential to make attractive financial returns and strong positive social or environmental impacts, with a primary focus on our four impact themes indicated previously.


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