LGT Impact Ventures and Berenberg announce first close of social impact fund: Impact Ventures UK.
London, 9th December, 2013. LGT Impact Ventures (LGT IV) and Berenberg announce the first close of their social impact fund, Impact Ventures UK (IVUK), after raising GBP 20.8 million from investors.
IVUK was launched by LGT Impact Ventures in association with Berenberg. Investors include the London Borough of Waltham Forest Pension Fund, Deutsche Bank via the DB Impact Investment Fund, Stichting Anton Jurgens Fonds and The Golden Bottle Trust, in addition to the cornerstone investment of GBP10 million from Big Society Capital. This diverse investor base reflects the appeal of the fund across different sources of capital in the UK, and marks one of the first UK local authority‘s
investments in a social impact fund.
IVUK will invest in enterprises that create strong positive social impact for disadvantaged people and communities in the UK as well as generating a financial return. It will show case social innovation and leadership, and will act as a catalyst to provide growth capital, strategic industry insights, management support and mentoring for social entrepreneurs. The fund has a broad mandate and will invest in enterprises with business models that target specific areas of impact, ranging from education, housing, employment and skills through to access to finance as well as mental and physical health. The fund is considered to be unique in its collaborative approach bringing together a diverse group of investors, investment managers and strategic partners. The investors will benefit from an investment education programme and have exclusive co-investment opportunities. IVUK builds on Berenberg’s relationships with the UK social enterprise community and LGT IV’s experience of investing globally to create social impact.
Richard Brass, Head of UK Clients at Berenberg Private Banking and founder of Impact Ventures UK says: “IVUK was created to provide the opportunity for a wide range of like-minded investors, entrepreneurs and strategic partners to pool and share their resources and experience. We hope that over time IV UK inspires more people to invest and participate as the social investment sector grows.”
Oliver Karius, partner at LGT Impact Ventures and co-founder of Impact Ventures UK says: “We are delighted to bring our global experience in impact investing to the UK and grow innovative, high-impact enterprises that contribute to improving the quality of life of less advantaged people in the UK.”
Nick O’Donohoe, Chief Executive of Big Society Capital said: “By 2016, demand for social investment from organisations working to deal with some of the UK’s most entrenched social problems could reach £1 billion. Impact Ventures UK is an important step towards meeting this demand, showing that new funds can attract a diverse range of main stream investors interested in considering social outcomes alongside financial return.”
Cllr Nick Buckmaster, Chair of the London Borough of Waltham Forest Pension Fund, says: “The London Borough of Waltham Forest is delighted to be an early mover in what we believe will become an important investment strategy. In total it combines our obligation to secure returns for the pension fund whilst significantly generating a positive social impact in the UK both locally and on a wider scale.”
This press release is for information purposes only and is not intended to be promotional in any respect. This press release does not constitute an invitation or inducement to buy or sell any investments referred to in this press release or to participate in any investment activity.
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