15.10.09: Lord Myners calls on financial services industry to emulate PEF

In his speech to the BVCA Private Equity Summit on 14th October 2009, Lord Myners, Financial Services Secretary to the Treasury, not only applauded the industry for its work in furthering charitable and socially responsible projects, he singled out the Private Equity Foundation (PEF) and said that other sectors of the financial services industry could do well to emulate the example it, and private equity, set.

He praised PEF’s valuable role in addressing some of the country’s most pressing issues and drew attention to its use of the knowledge and results-focused management skills that are inherent in the private equity industry, to help raise £16 million for youth charities, touching the lives of near to 20,000 children and young people. There was also mention of the 200 private equity professionals, top lawyers, accountants and management consultants who have given over 9,500 hours of their time for free to serve PEF’s portfolio of 14 charities.

Lord Myners added “I believe that, as an industry, you should be justly proud of the achievements of the Foundation ... and I would encourage you to continue to support those less fortunate with your time and expertise and to make sure that your good work here is well understood.

“Other sectors of the financial services industry would do well to seek to emulate the example set here by private equity, particularly at a time when there is a broad sense in society that banks and others have and continue to enjoy substantial support at some cost to the taxpayer, economy and public policy priorities.”

PEF does not just grant donations but, as a venture philanthropy fund, uses the ‘private equity toolkit’ of active engagement and long-term value creation to help its portfolio of charities make a significant impact on the issue of young people not in education, employment or training (NEET).

Shaks Ghosh, Chief Executive of PEF, said “This is a particularly difficult time for young people who have been hit disproportionately hard by the recession. There is so much to be done, so many young lives which can be turned round, that we really hope Lord Myners’ words and endorsement of the Private Equity Foundation as a source of hope, will inspire and encourage many more people from the industry to find out about us and become involved in our work.”

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