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Adventure Capital Fund gears up to deliver £150m fund to community enterprises |
NEWS RELEASE
February 2007: for immediate release
 Adventure Capital Fund gears up to deliver £150m fund to community enterprises 101.46 Kb
The Adventure Capital Fund (ACF) has promoted Sue Peters to managing director of investments, one of two new posts created following a restructure designed to increase its investment in community enterprises by tenfold.
The other post is chief executive officer, whose responsibilities will include developing stakeholder relations, identifying corporate investors, building profile of ACF across sectors and building new income streams.
ACF's board has appointed a team of top headhunters to handle the search for a new chief executive officer across the public, private and third sectors.
As managing director of investments, Sue Peters will be responsible for the management of investments made to voluntary and community organisations looking to develop sustainable sources of income.
Sue Peters, who joined as programme manager in 2005, was promoted by the board of trustees following an internal review, which examined how to prepare the organisation for the next phase of its development. The strategic goal is to grow the fund from £15m to £150m over the next five years.
Stephen Bubb, Chair of ACF, said: "This restructure is fantastic news for the voluntary and community sector. We have set in motion a process that will equip us to unleash the entrepreneurial spirit in the sector.
"Our aim is to increase access to investment for any third sector organisation with a viable idea to generate a sustainable for themselves and the communities in which they are based. To do this we need build our capacity to run and manage an investment fund of £150m."
Sue Peters said: "The ACF has undergone rapid growth since I first joined. When I arrived it was just a small £3m pilot project. Today, we manage a £15m fund and weíre on the cusp of entering a new phase of development which will lever in a further £135m to invest in third sector organisations looking to deliver enterprises that deliver financial and social dividends."
The ACF reinvests in a range of community enterprise organisations that want to develop long-term sustainable income streams.
The fund's board of trustees approved the £150m target by 2011 following Stephen Bubbís appointment as chair in September 2006. The board met in January to approve the restructure to achieve this vision.
The board will be looking to recruit a host of other senior staff, including a chief executive who will be responsible for delivering the strategic vision of the board. The post will be advertised nationally from mid-March and is likely to pay a six-figure salary.
The board is keen to secure investment from new areas, including the private sector and public sectors.
The restructure follows the appointment last December of six new trustees to the ACF board, four of whom are leading City professionals brought in to assist the process to increase the fund by using their expertise to build bridges with private sector investors.
ENDS
Media Enquiries
Please call if you would to set up an interview or if you are interested in the work of the ACF. Case studies with community-led enterprises are also available.
Dominic Wood,Society Media 020 8983 1929,
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Henry Palmer, Society Media 07786 243940,
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Notes to Editors:
- About the Adventure Capital Fund (ACF):
The ACF offers a range of investment tools and support services to organisations looking to develop income streams that enable them to stand on their own two feet. It offers loans and investments ranging from £50,000 to £450,000, depending on ambition and need, and in-depth support to investeeorganisations.
In addition to helping organisations that are ready for investment, the ACF also offers business development grants to help organisations to get their less well-established ideas off the ground.
- Managed Workspace Fund : The ACF also provides investment for community organisations looking to develop or set up managed workspace and incubation services through the Managed Workspace Fund. Investments will help host organisations to receive a sustainable income stream through the rent paid by its tenants, while the workspace will offer tenants a supportive environment to develop. These workspaces will be rented to a vibrant mix of third sector organisations and small businesses that will, in turn, stimulate local regeneration and renewal.
- Stephen Bubb, chief executive of Acevo, became chair of the ACF in September 2006.
- The ACF's strategic goals include growing the fund tenfold from £15m to £150m by 2011. It aims to reach its strategic goal of plugging the gap in access to finance for community organisations that want to deliver financial and social dividends to their local communities.
- The ACF reinvests in a range of community enterprise organisations that want to develop long-term sustainable income streams.
www.adventurecapitalfund.org.uk
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