PEF helps 18,975 disadvantaged young people

Speaking at the Private Equity Foundation’s (PEF) AGM on 8th July 2009, guest speaker, Tim Loughton, MP, Shadow Minister for Children and Young People, congratulated PEF on the “extraordinary achievement of affecting the lives of close to 19,000 disadvantaged young people”.  PEF Chairman, Ramez Sousou, also called the past year the best yet in terms of the huge amount that the venture philanthropy fund had achieved and in particular, thanked the private equity community for its collective support in tackling one of the biggest social problems faced by Europe today – the increasing number of young people not in education, employment or training (NEET). 

Since its launch in 2006, the Foundation has raised £15 million, further leveraged with £7 million of pro bono resources, involving 500 volunteers.  This time and money has gone into creating a portfolio of 15 charities which take a range of approaches to solving the NEET issue, targeting children from as young as five to adults of 24.  Its work has so far touched 18,975 lives and as Shaks Ghosh, PEF’s Chief Executive, said “This is just the beginning.  Our investments will produce even greater returns for children and young people in the year ahead.”  She continued “There is no silver bullet, but together the organisations we are backing play a vital role in engaging those young people that neither the public nor private sectors are able to reach.” 

The young people’s perspective

The AGM heard from two young people whose stories are a testament to the work of PEF’s charities:

Sammi was close to prison and taking drugs before a Fairbridge Access Course made her realise that she wanted more out of life.  She called the work of the charity “truly amazing” and can’t believe the doors which are now open to her.  She added, “Fairbridge courses are really good because you learn more things about yourself, because they’re quite challenging and you push your comfort zones and everything. And the staff are really friendly and encouraging. I think what’s great is that most of them are on our level so they can understand us.” Sammi has gone on to volunteer for Fairbridge, to help other young people in the same situation. 

Phearon didn’t have the best family background and when he was kicked out of college for assaulting a tutor, he was kicked out of home too.  At his hostel, he got caught up in drugs and drink and was arrested for assaulting a police officer.  He attended various courses but then, he came across Tomorrow’s People which was different.  It was fun and gave him a reason to get out of bed in the morning.  Phearon gained motivation and realising that he really enjoyed working, to his own disbelief, continued at the Tomorrow’s People flower stall even after his course had ended.  Due to the current job market, he has just signed up to the army.

Tim Loughton added “These innovative projects from PEF are the way of the future, and exactly the sort of approach we need to address the rising tide of NEETs.  Crucially these are not just one-off projects but transformational investments made over the long term. I am looking forward to working with PEF on this urgent and essential agenda.”

For further information please contact Rosie Davey at rosie@privateequityfoundation.org or call 020 7749 5129 / 07827 804066