SALT LAKE CITY--(BUSINESS WIRE)--Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”) today announced that Bridge Multifamily Fund III has agreed to sell a portfolio of real estate assets to Bridge Multifamily CV LP (the “Continuation Fund”) in a transaction valued at approximately $550 million, including equity raised by the Continuation Fund to support further investment in the portfolio of real estate assets.
The Continuation Fund provides additional time and capital to further invest in the portfolio of real estate assets, while also offering liquidity to existing limited partners of Bridge Multifamily Fund III, who were provided a choice to receive liquidity or continue their investment in the Continuation Fund.
“The closing of our first continuation fund is an important milestone for Bridge,” said Jonathan Slager, Chief Executive Officer. “We are proud of the success this fund has achieved thus far and the attractive returns we have delivered to our existing investors. Multifamily is one of our highest conviction themes and the sector continues to prove its resiliency and growth potential. We are excited to welcome several leading institutional investors as partners with Bridge on this Continuation Fund.”
Latham & Watkins served as Legal Advisor and Evercore served as Financial Advisor to Bridge on the transaction.
About Bridge Investment Group
Bridge is a leading, alternative investment manager, diversified across specialized asset classes, with approximately $48.8 billion of assets under management as of March 31, 2023. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. verticals across real estate, credit, renewable energy and secondaries strategies.
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. All statements other than statements of historical facts may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “outlook,” “could,” “believes,” “expects,” “potential,” “opportunity,” “continues,” “may,” “will,” “should,” “over time,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Accordingly, we caution you that any such forward-looking statements are based on our beliefs, assumptions and expectations as of the date made, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and beyond our control. Actual results may differ materially from those express or implied in the forward-looking statements as a result of a number of factors, including but not limited to those risks described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Bridge undertakes no duty to publicly update any forward-looking statements made herein or otherwise, whether as a result of new information, future developments or otherwise, except as required by law. Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of the Company or any investment fund managed by the Company or its affiliates.