fund targets social sectorJanuary 2003
A socially responsible venture fund has been launched by the UK-based fund manager Catalyst.
The ‘social sector fund’ will be run in conjunction with The Big Issue, the company that publishes The Big Issue magazine sold on UK streets by homeless people.
Catalyst hopes to raise £50million ($79m) for investment in companies ‘whose business activities on their own produce a social return’, such as those working in education, health and renewable energy. A seven-person advisory board includes Gerald Holtham, chief investment officer of Morley Fund Management, Gordon Roddick, co-founder of The Body Shop, and John Studzinski, deputy chairman of Morgan Stanley.
A social bank has launched an ‘ethical share issue’. The London Rebuilding Society hopes to raise £5million over five years, with a minimum investment of £250, to put into enterprises in the poorest parts of the UK capital. The society was set up by Ed Mayo, director of the New Economics Foundation.
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