15.03.10: PEF and TowerBrook Foundation invest in youth capital

The Private Equity Foundation (PEF) announces a partnership with TowerBrook Capital Partners (TowerBrook) and TowerBrook Foundation to back two new charitable youth initiatives in London. Some of the hardest to reach young people in Hammersmith and Fulham will benefit from a £300,000 commitment by TowerBrook to existing PEF charity, Tomorrow’s People. TowerBrook has also backed PEF’s pilot of renowned US youth volunteering scheme, City Year, in the capital and has invested £420,000 alongside PEF’s £1 million donation to the start-up.

Filippo Cardini, Senior Managing Director and Chief Operating Officer, TowerBrook, said “We’ve become increasingly interested in pursuing a more engaged and meaningful model of philanthropy through our TowerBrook Foundation. Partnership with PEF offered us just what we were looking for.

“Taking our requirements into account, PEF suggested a short list of organisations from its portfolio of 17 highly effective charities, from which we chose City Year and Tomorrow’s People. Both give us the unique opportunity to really contribute to their vital work in a pro bono capacity, as well as a financial one, at a crucial time in their development.”

When it launches in September 2010, City Year London will offer over 50 young people a ‘Leap Year’ not ‘Gap Year’. Drawn from all backgrounds, the 18 to 25 year olds will be trained and ready to support 1500 children in six primary schools in Shoreditch. They will bridge the gap between pupils and teachers and act as role models, as well as providing additional in class support, after school clubs and individual attention to those pupils who most need it.

PEF was inspired to explore the idea of translating City Year’s model to a UK context following an introduction to its work in the US, where it is credited with improving pupil behaviour, attendance and academic attainment. PEF provided initial development funding and has now granted £1 million towards City Year London’s start-up. Through its foundation, TowerBrook has invested a further £420,000, alongside pro bono support which has included joining PEF on the Founding Committee and even providing the City Year London team with a temporary home while they look for a permanent office.

The second strand of PEF’s partnership with TowerBrook involves Tomorrow’s People’s Working It Out programme which helps socially excluded young people develop employability skills and confidence, to break the cycle of poor self-esteem and long term joblessness.

PEF invested £625,000 in July 2008 to help refine and scale up Working It Out across England and Scotland and the TowerBrook Foundation’s £300,000 donation will specifically enable expansion into Hammersmith and Fulham. In particular, TowerBrook will be providing pro bono support to help the charity test a social enterprise element of the scheme.

Shaks Ghosh, Chief Executive of the Private Equity Foundation, said “There is a lot of talk about ‘broken Britain’ but not much about the fantastic projects which are constantly evolving to meet the needs of our communities. I’d like to thank TowerBrook for its support which has contributed to making two such initiatives a reality.

“This partnership also highlights the major benefits that innovative co-investment relationships can offer corporate foundations. Not only are those foundations donating in the knowledge that they are helping an effective charity scale up to do even more of its good work, but there is scope to include opportunities for staff to engage with that charity in a very different and rewarding way which simply wouldn’t normally be open to them.”

Sophie Livingstone, Chief Executive of City Year London, added “The Private Equity Foundation and TowerBrook have led the way in bringing the City Year model to London. They are not just supplying start-up funding but have provided access to practical help to get the charity off the ground. It’s that combination of money and ‘add on’ pro bono expertise and practical help, ranging from legal and financial assistance to management support, which has been so invaluable to us and we look forward to working closely together during our exciting early years.”

Debbie Scott, Chief Executive of Tomorrow’s People, said “Tomorrow’s People really enjoy their working relationship with the Private Equity Foundation. It is not just the financial support, but all the other business support we receive which enables us to do the best we can for the young people we work with. This further investment from TowerBrook means that we can help even more young people to fulfill their destiny in this very difficult climate. TowerBrook is a tremendous example to everybody, and we are relishing working with them on this further development.”

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