Bridges backs Carduus venture

A SCOTTISH finance provider has received an undisclosed investment from a private equity backer as it prepares to raise £1 billion to lend to registered social landlords (RSLs).

Glasgow-based Carduus said the funds will be used to extend its current team of three, as well as set up the systems that will be needed to support the demand that the company has already received from Scottish RSLs. The company plans to raise £200 million on the bond markets in September.

The undisclosed initial investment was provided by Bridges Ventures, a firm specialising in backing projects with social or environmental benefit.

The London-based firm has raised six funds and has close to £275 million under management.

Brian Gilmour, Carduus managing director, said “Bridges is the ideal investor for Carduus.

“The firm shares our commitment to a wide set of social objectives alongside its aim to deliver good investment returns.

“The investment illustrates the scale of the opportunity and the strength of our business model.”

Rory Maw, partner at Bridges, said: “There is clearly a pressing need for new housing in Scotland and the Carduus team has been working very closely with Scottish RSLs to develop innovative financing solutions which can play an important role in driving growth across the sector.”