Bridges Ventures was founded by Apax Partners, 3i and Tom Singh of New Look in May 2002 and raised its first community development venture fund (Bridges CDV Fund I) the same year.

Bridges CDV Fund I invests in ambitious businesses in the most deprived parts of England and aims to create role models of entrepreneurship, jobs and economic dynamism. It is a ten year fund of £40m, £20m of private sector investment primarily from banks and pension funds and £20m in matching investment from the Department of Trade and Industry.

The idea for community development venture funds in the UK arose from the Social Investment Task Force that reported to the Chancellor of the Exchequer in October 2000.The inspiration came from the community development venture capital industry in the US, where there are more than 60 such funds. For more information on community development venture capital in the US please go to www.cdvca.org.

Bridges CDV Fund I has invested in businesses ranging from start-ups through to small management buy-outs and property-backed ventures. We have made equity investments in 24 businesses employing 700 people, almost 200 of whom came out of unemployment. We have had three successful exits; Harlands, a label printing business in inner-city Hull, whose turnaround from administration saved 50 jobs; the cost-comparison website, Simply Switch in South London which has created over 70 new jobs, mainly for women; and HS Atec, a truck and trailer parts distributor in Yorkshire, whose management team turned the company from loss to profit with Bridges Ventures backing.

In 2007 Bridges Ventures finished raising its second fund, Bridges CDV Fund II. This is a £75m fund, raised entirely from private sector investors. Its core focus is investment in the most deprived parts of the UK. It also invests in businesses located outside those areas but bringing strong social benefits in sectors such as healthcare, education and the environment.

For more information on the Social Investment Task Force Report go to www.enterprising-communities.org.uk