Private Equity Foundation receives first Big Society Capital Investment
EVPA member Private Equity Foundation is the first recipient of investment from the Big Society Capital (formerly Big Society Bank) which was launched today. This investment from dormant accounts is to support the Private Equity Foundation’s mission of helping disadvantaged young people into employment, education or training.
Shaks Ghosh Chief Executive of the Private Equity Foundation: “This is incredible news enabling the Private Equity Foundation to help thousands more disadvantaged young people reach their full potential. We are proud to be the first investment as the Big Society Capital leads a new era of social investment in the voluntary sector”
To develop the Big Society Capital, the Big Lottery Fund set up an Investment Committee to allocate initial investments. Big Society Capital is run independently from government with decisions around funding being made by an impartial investment committee. Its aim is to play a critical role in speeding up the growth of the social investment market. It will ensure socially orientated financial organisations will have greater access to affordable capital, using an estimated £400 million in unclaimed assets left dormant in bank accounts for over 15 years and £200 million from the UK’s largest high street banks (the four Merlin banks).
Minister for the Cabinet Office, Francis Maude, said: “There are few moments like this when something happens that can really change the world. We’ve all heard about a small charity or social enterprise sweeping away entrenched local social problems. But we have not seen a significant commitment to help social innovations grow and be implemented on the national stage until now”
For further information visit www.privateequityfoundation.org
