Big Society Capital makes first investments

Greg Gille
@unquotenews
13 September 2012

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Big Society Capital (BSC), a social investment bank launched by the UK government earlier this year, has committed an initial £37m to three social investment finance providers.

BSC committed £10m to Impact Ventures UK, a fund soon to be launched and managed by LGT Venture Philanthropy in association with Berenberg Bank, providing growth capital to social enterprises in the UK.

Another £10m went to Results Fund, a vehicle designed to provide finance for social sector organisations competing for government payment by results contracts. Other BSC investments also include an £8m commitment to Nesta Impact Investment Fund, which provides early-stage capital notably targeted towards the area of learning and employability of children and young people.

BSC was launched in April 2012 with an estimated £600m of equity, of which £400m came from unclaimed assets left dormant in bank accounts for more than 15 years. The remaining £200m was provided by the UK's largest high street banks.