Specialist impact investor Bridges Fund Management has acquired a majority stake in real estate ESG consultant Evora Global.
The investment includes support from MSCI and Farview Equity which, along with Bridges, will each take a seat on the Evora board. Financial details were undisclosed.
Evora said the capital from the Bridges Fund-led funding round will help expand its offering to support clients globally, while further developing its tech platform.
Founded in 2011, Evora helps real estate companies with their ESG strategies, sustainable finance and climate risk management and disclosure, both through advisory services and the use of its software.
Evora鈥檚 software SIERA currently holds ESG data for over 8,000 major buildings globally. Its clients include Invesco Real Estate, Hines and M&G.
Chris Bennett, Evora co-founder, said: 鈥淥ur client base is made up of leading asset managers and owners, and they have been asking us to support them globally. This funding enhances our ability to support them and to improve our technology and advisory services globally.
鈥淲e wanted investors who were aligned with our vision. We had a lot of options, but Bridges really stood out for its commitment to sustainability and impact investing, as well as being a B Corp.
鈥淲orking with MSCI will broaden our ability to drive positive impact, helping our clients with their sustainable development goals while widening our global reach. Farview鈥檚 experience of growing enterprise technology companies will transform our SIERA software and support its international growth.鈥�
Emma Thorne, partner at Bridges Fund Management, said: 鈥淩eal estate is a significant contributor to global carbon emissions, so Evora鈥檚 tools and services can play an important role in reducing emissions and building a more sustainable economy.
鈥淲e think there鈥檚 a significant commercial and impact opportunity here. So we鈥檙e excited to partner with this excellent team and help the business scale, drawing on Bridges鈥檚 20 years鈥� experience of helping ambitious companies to accelerate their growth and achieve more impact.鈥�
Ren茅 Veerman, the head of real assets at MSCI, said: 鈥淗igh-quality data is an essential part of commercial real asset investors鈥� ability to develop effective strategies, built upon the in-depth evaluation of portfolio and asset climate risk.
鈥淭he combination of Evora鈥檚 tools for climate data management and advisory services, together with MSCI鈥檚 robust climate risk models and indexes, will help to improve the flow of critical decision data and accelerate the adoption of climate standards and thereby to strengthen the global real asset investment process.
鈥淢SCI is committed to providing critical decision support tools that help investment managers to build better portfolios and, in this collaboration with Evora, we will better serve the evolving needs of our shared and new clients.鈥�
Guy Sochovsky, partner at Farview Equity, said: 鈥淲e believe meeting the demands of climate change across global real estate portfolios will continue to need powerful software tools able to both track environmental impact and project future economic risks.
鈥淪IERA has many of the right ingredients around data quality and deep industry understanding to enable these features within its software. We are excited to have the opportunity to partner with the team at the company to help realise that vision for the benefit of all stakeholders.鈥�
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