Impact investor Bridges Fund Management has completed a second fundraising for its permanent capital social impact vehicle, reaching its £50m (€56.6m) target three months ahead of schedule.

Bridges Evergreen Holdings backs mission-led organisations on a long-term basis in a bid to increase their impact over a longer time frame.

The firm launched the vehicle in 2016 with initial commitments of £23m. The vehicle is structured as a holding company rather than a fund which produces yield for investors via dividends and loan interest, avoiding the need for exits.

Over 90 per cent of the new capital raised has come from existing LPs. Previous backers of the vehicle have included Big Society Capital, Greater Manchester and Merseyside pension funds, social impact-focused trusts and foundations, and individuals.

Evergreen has already made three investments, backing New Reflexions which provides residential care for young people with emotional and social difficulties; residential and nursing care provider for the elderly, Shaw Healthcare; and The Ethical Housing Company which is working to acquire a portfolio of well-maintained, affordable homes for rent to vulnerable people in Teesside.

“We’re delighted to have completed a second capital raise for Evergreen. The fact that we have been able to attract new investors, while also securing additional support from our existing backers, is testament to the distinctiveness of the Evergreen proposition,” Bridges Evergreen Holdings’ executive chair Scott Greenhalgh said.

Our approach is proving attractive to mission-led management teams looking for a long-term, mission-aligned investment partner, giving us an interesting pipeline of new investment opportunities. This means our investors can access an attractive financial yield while also making a difference to entrenched social challenges, from housing to social care,” he added.