BRIDGE Housing has reached the first close of its BRIDGE Housing Impact Fund I, securing more than $92 million in commitments for its new West Coast-focused vehicle. The San Francisco-based nonprofit, which concentrates on affordable housing, reported that investors in the first close include KeyBank, BMO, Capital One, U.S. Bank, Century Housing and PGIM. BRIDGE Housing also committed capital to the fund, drawing in part on proceeds from an unrestricted donation it received from MacKenzie Scott’s philanthropic organization, Yield Giving.
The Impact Fund, launched last year, is designed to assemble a large pool of mission-aligned equity to support affordable housing preservation and creation. BRIDGE Housing indicated it is targeting a total equity raise of $350 million for the fund. At that level, the vehicle is expected to unlock approximately $1 billion in total investment capacity when combined with additional capital sources, positioning the organization to pursue a sizable pipeline of multifamily opportunities.
Investment activity from BRIDGE Housing Impact Fund I will be concentrated in California, Oregon and Washington. The strategy focuses on acquiring properties with expiring affordability restrictions, aiming to keep those assets in regulated affordable use rather than allowing them to transition to higher market rents. The fund also plans to purchase market-rate multifamily properties for conversion to regulated affordable housing, extending the region’s stock of income-restricted units.
BRIDGE Housing described the first close as evidence of alignment between the organization and its initial institutional backers around long-term affordable housing preservation. The founding investors include a mix of banks, a housing-focused organization and an institutional asset manager, alongside BRIDGE Housing’s own capital commitment.
Ken Lombard, president and CEO of BRIDGE Housing, said the initial fundraising milestone reflects investor confidence in the organization’s ability to achieve its impact objectives at scale. With the first close completed and a larger capital target in sight, BRIDGE Housing now has additional capacity to pursue acquisitions that fit its criteria across the West Coast markets it serves.
