PEF highlighted as industry role model by Lord Myners

By: 

Cheryl Chapman

Managing Editor, Philanthropy UK

Lord Myners, financial services secretary to the Treasury, has singled out the Private Equity Foundation (PEF) as a role model for the industry for its work raising £16m for youth charities.

In his speech to the BVCA Private Equity Summit this week in which he applauded the industry for its work in furthering charitable and socially responsible projects, 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.

Lord Myners said, “I believe that, as an industry, you should be justly proud of the achievements of the foundation.”
 
He added, “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 grants donations and, as a venture philanthropy fund, uses the ‘private equity toolkit’ of active engagement and long-term value creation to help its portfolio of 14 charities make a significant impact on the issue of young people not in education, employment or training (NEET).

PEF has touched the lives of near to 20,000 children and young people.  It has engaged the help of 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.

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.”