Three UK charities on hunt for impact-focused managers

Friends Provident Foundation, Joffe Trust and Blagrave Trust have launched a request for proposal (RFP) searching for an investment firm to manage a global mandate with a UK focus; the RFP is agnostic to asset classes and welcomes investments in private equity.

"We are open to all asset classes, including private equity. We're not being prescriptive in this area for the RFP, we'd like a range of proposals covering different asset classes and Impact/ESG approaches," said Colin Baines, investment engagement manager at Friends Provident Foundation.

The three charities have been in discussions with other asset owners about joining forces. Friends Provident Foundation and Joffe Trust have contributed £10m so far, with Blagrave Trust allocating £12m.

The deadline for proposals is on 7 February, and more information can be found here.

The charities are planning to shortlist four or five candidates by the end of February, and the short-listed managers will be invited to present their proposals in early March.

Baines added that the charities are looking to hire one manager, but they reserve the right to appoint more. Nevertheless, he highlighted that the mandate would not exceed three managers and the minimum mandate would be £10m, adding that ideally the £32m mandate would go to a single manager.

The RFP reveals that the LPs are welcoming proposals from a variety of asset managers, from boutique impact funds seeking out startups, to large ESG funds impacting global markets.

The charities are looking for intentional social and environmental impact, high standards of ESG integration, voting record, and evidence of in-house expertise and impact reporting, according to the RFP.

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• Topics
• LPs
• Fundraising
• United Kingdom
• ESG
• Responsible Investment
• Social Impact