Press
For all press enquiries please contact Rosie Davey on rosie@privateequityfoundation.org
24/11/2008
The Private Equity Foundation hosts its first lecture:
Skills for
success: how can we help young people in a globalised world?
Venture philanthropy fund, the Private Equity Foundation (PEF), whose mission is to help young people achieve their full potential, held its inaugural lecture on 11th November 2008. Hosted by Ashurst LLP, the evening brought together a range of stakeholders from charity, government, private equity and the policy world to prompt a lively discussion.
Key note speaker, Sir Michael Rake, highlighted an urgent need to address the shortfall in young people’s skills to enable them to compete in today’s job market. The Chairman of both BT Group and the UK Commission for Employment and Skills spoke of the possible huge damage to the economy if training was cut back during the current economic downturn and praised initiatives such as those undertaken by PEF as “spot on” if society is to avoid a tremendous waste of talent.
The need for action was made clear. In the UK:
- Five million adults are not fully literate and seven million are not fully numerate
- 42 per cent of all unemployed are under 25
- 1.2 million young adults are NEET
Sir Michael warned that the unemployable total could reach six million by 2020 and, pre-empting sceptics, asked: “Who wants to take the risk that the figure is wrong?”
However, he continued that the financial climate could offer some advantages, providing a breathing space in which to develop education. He said: “There has never been a better opportunity to look at how we can enhance skills.” The Commission for Employment and Skills is currently looking at steps to deliver immediate results, such as the dramatic simplification of the skills delivery system and the launch of a portal which will map out what services are available and how they can be accessed.
PEF’s Chief Executive, Shaks Ghosh, said: “Sir Michael has shone the spotlight on how the UK has to do more to ensure that young people develop the skills they need to succeed in today’s economy. Unfortunately our system means that they often only get one chance. It is imperative that we find ways to give them a second chance, for the sake of their own lives, for business and for society.”
Sir Michael was joined by a panel of experts, chaired by Richard Reeves, Director of think tank Demos. It included Sue Baldwin from the Department for Children, Schools and Families, Richard Wainer, Head of Education and Skills at the CBI, Andy Powell, Chief Executive of education foundation Edge and Lee McConville who, with the help of PEF portfolio charity Fairbridge, had first hand experience of the issues up for discussion.
Two years ago, Lee heard of Fairbridge through his hostel in Birmingham. In his own words, the charity’s courses and projects literally provided him with a lifeline. Future lectures are planned in line with PEF’s overall aim to tackle the problem of young people not in education, employment or training (NEET). As well as investing in relevant charities, the venture philanthropy fund is dedicated to contributing to the debate around how the issue can best be addressed. That involves funding research, working with the government as part of the City Leaders Working Group set up by Gordon Brown in 2007 and providing a forum for discussion.
For further information please contact:
| Rosie Davey | Private Equity Foundation | rosie@privateequityfoundation.org | 020 7749 5129 |
10/11/2008
The Private Equity Foundation supports The Place2Be’s expansion into Wales
The Place2Be, which works inside primary schools across local authority ‘hubs’ to improve the emotional well being of pupils, is to open its latest hub in Cardiff in 2009, thanks to funding from PEF. It will assist some 2,000 children in up to six schools and will form part of the Welsh Assembly’s school-based mental health pilot. The ongoing cost will be paid for through a partnership of public and private supporters including the schools themselves, the Cardiff Local Authority, the Welsh Assembly and HBOS.
The move into Wales is just the latest development in PEF’s association with The Place2Be. When PEF started working with the charity in 2007, it was involved with 37,000 children in 112 schools across 12 local authority hubs. It now supports 47,000 children in 146 schools across 16 hubs. PEF was directly involved in its successful expansion into the North West of England, funding the creation of hubs in Manchester and Burnley, has paid for a Head of Fundraising to ensure the sustainability of all the hubs and has helped build internal capacity for further growth.
Benita Refson, Chief Executive of The Place2Be, said: “Gang culture, knife crime, permanent exclusions and truancy are a consequence of leaving children’s problems unaddressed; consequences that affect us all. A staggering 90 per cent of all young offenders had a mental health problem at the age of seven and there are over one million children aged under 15 years who have a diagnosable mental health illness.
“The support from the Private Equity Foundation is allowing us to reach many more children sooner rather than later. Its donation has already given 6,000 children and their families direct access to the mental health services that they need to develop the emotional resilience and strength to cope with the difficulties in their lives and break the cycle of deprivation that exists in their communities.”
Shaks Ghosh, Chief Executive of the Private Equity Foundation, added: “The Private Equity Foundation’s mission is full potential. Ultimately, we want young people to achieve their full potential but this first involves working with charities to achieve theirs. With its already impressive achievements in the vital area of children’s mental health, The Place2Be was the perfect organisation for us to partner with to help scale up their impact. If the children it supports can resolve their emotional difficulties and behaviour now, then our donation is the best investment we can make in their future.”
For further information please contact:
| Rosie Davey | Private Equity Foundation | rosie@privateequityfoundation.org | 020 7749 5129 |
| David Meredith | The Place2Be | david.meredith@theplace2be.org.uk | 020 7923 5542 |
10/10/2008
On 10 October 2008, over 80 volunteers from the private equity industry assembled in Newham, one of the most deprived boroughs in London, to add the finishing touches to a new community centre they helped fund through the Private Equity Foundation (PEF). The day of community involvement culminated in a visit from the Mayor of London, Boris Johnson, who officially opened the Rokeby Community Links Centre.
Volunteers from firms such as Apax Partners Worldwide LLP, Bain Capital, Cinven Limited, Doughty Hanson & Co. Ltd, Ernst & Young, GSC Group, Intermediate Capital Group PLC, Kirkland & Ellis International LLP, Permira Advisers LLP, Silver Lake, Summit Partners, TPG Capital LLP and Weil, Gotshal & Manges rolled up their sleeves to get involved in tasks ranging from gardening and painting to building a challenge course and play house. They worked alongside some of the facility’s young beneficiaries, as well as representatives from Community Links, PEF’s partner charity in the venture. Thank you also to Private Equity Recruitment who sponsored the sweatshirts keeping every one warm throughout the day
The Rokeby Community Links Centre will transform opportunities for young people in an area in which child poverty rates are at 55 per cent and unemployment is double the national average. Local residents have long requested clubs and activities for their children and now they have a safe place to play. It will also give Community Links a permanent base to deliver crucial services such as after school and into work clubs, evening youth groups and daytime activities for parents, carers and toddlers. Boris Johnson, Mayor of London, said: “It is fantastic to see the members of the Private Equity Foundation not only fund but get actively involved in such an important project which is, after all, just a stone’s throw from the City. Their partnership with Community Links is a great example of how business and communities can work together to create a really valuable resource for local people and I’m honoured to pronounce the Rokeby Community Links Centre open.”
Stephen Peel, Vice-Chairman of the Private Equity Foundation, said: “In addition to funding, the Private Equity Foundation also specialises in bringing pro bono support to the charities it supports, usually in the form of advice on finance and business management. This time, however, we were presented with a 'hands on' opportunity to participate in the completion of the Rokeby Community Links Centre and we welcomed the challenge.
“It has been particularly inspiring to work side by side with some of the young people to whom this facility will make such an enormous difference. We hope that it, together with Community Links’ superb services, will help them discover and achieve their full potential.” Kevin Jenkins, Co-founder of Community Links, said: “Community Links deeply appreciates the Private Equity Foundation’s involvement in building this long lasting facility for youngsters in Newham. Every child can succeed if given the opportunity and we hope that the Rokeby Community Links Centre will play an important part in providing that opportunity for generations to come.”
The Rokeby Community Links Centre will be open to the public in early November 2008.
Click here to see photos of the day.
For further information please contact Rosie Davey at rosie@privateequityfoundation.org or call 020 7749 5129 / 07749 749891
18.9.2008
The Private Equity Foundation invests in its first German charity
The Private Equity Foundation (PEF) has made its first German investment in a charity which sources apprenticeships for secondary modern school leavers. The leading venture philanthropy fund is donating €180,000 to the Hamburger Hauptschulmodell (HHM), alongside pro bono business expertise from its members.
Since it was established seven years ago, HHM has worked in co-operation with schools, companies and the Bundesagentur für Arbeit (Federal Agency for Employment) to more than double the number of young people with a secondary modern leaving certificate who go on to non-state-funded commercial training positions in Hamburg. However, the number benefiting is still small and PEF’s donation, alongside its voluntary engagement, will give the HHM the capacity to expand public awareness not only of its programme, but the situation facing school leavers looking for employment. It will enable the HHM to encourage more companies to offer apprenticeships and ultimately, to roll out similar projects throughout Germany.
Shaks Ghosh, Chief Executive of the Private Equity Foundation, said: “PEF was very impressed by the HHM’s ability to coordinate regional commercial businesses, employment agencies and educational institutions. We believe that this is a programme which has real potential to scale up and help many more young who are currently stuck waiting for training positions. We look forward to working closely with management to help HHM implement its strategy.”
Michael Goedeke, Head of the HHM, said: “The support we have received from PEF is an important step towards further increasing awareness of the HHM and hence offering even more young people the opportunity to secure themselves apprenticeships. PEF’s experience in the UK and dedication towards young people means that it provides us not only with financial support, but also the understanding and expertise necessary for our work.”
For further information please contact Rosie Davey at rosie@privateequityfoundation.org or call 020 7749 5129 / 07749 749891
2.6.2008
The Private Equity Foundation closes the window for submitting expressions of interest for the 2008 investment round.
24.4.2008
The Private Equity Foundation seeks dynamic youth organisations working for social change
The Private Equity Foundation is inviting expressions of interest from youth organisations working to address the problem of young people not in education, employment or training.
Chief Executive Shaks Ghosh said: “We aim to support a small number of ambitious third-sector organisations who are looking to really step-change their activities and impact.
“We are not about just giving money: we work closely with organisations to help support them through the process of development and change, bringing relevant skills and expertise from across the private equity community and beyond.”
“Our approach is grounded in the disciplines of the business world, but we never forget that our ultimate aim is to stop the waste of young people’s lives, talents and skills.”
Set up in 2006, the Foundation’s mission is to help young people achieve their full potential by addressing the problem of young people not in education, employment or training.
29.1.2008
The Private Equity Foundation has announced the addition of four charities to its portfolio: Fairbridge, School-Home Support, Skill Force and Tomorrow’s People. All four charities work with young people who are, or who are at risk of becoming, NEET (not in education, employment or training). This fits with PEF’s vision of achieving Full Potential: an environment where every person has the skills, support and opportunities to fulfil his or her potential.
As well as making a significant investment in each organization, PEF will be working closely with these charities over the next three years. PEF will source support and resource from the private equity community to help the charities reach their own full potential and make a lasting impact on the future of thousands of young people.