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Last updated: 23 November 2008
28 January 2008
The Cabinet Office today announced its intention to appoint the Adventure Capital Fund (ACF) to manage the second phase of the Futurebuilders fund. Their appointment follows a rigorous tender process. ACF will be responsible for investing an additional £65million of government funds, on top of the £150m already made available to the Futurebuilders fund, to develop third sector delivery of public services between 1 April 2008 and 31 March 2011. ACF will also manage the existing investments. Current investees and third sector organisations that have applications in the pipeline will not be affected.
Since its launch in 2004 the Futurebuilders fund has provided loan and grant based finance to support charities, voluntary groups, social enterprises and other third sector organisations to develop their capacity to deliver better public services. This first phase, managed by Futurebuilders England, focused on developing services in five key areas, children and young people, community cohesion, crime, health, and education. First announced last year, from 1 April 2008 the second phase will open up the fund to bids from third sector organisations delivering any public service.
Phil Hope, Minister for the Third Sector, said:
“It is important that third sector organisations who want to deliver public services have the opportunity to do so. Many have a unique focus, specialist knowledge and the ability to reach some of the most vulnerable people in society. The second phase of Futurebuilders will bring new challenges for the fund manager but ACF has demonstrated great ability and enthusiasm to take on this challenge. I have no doubt that they will build on the success of the programme to date and the ground-breaking work undertaken by Futurebuilders England in the first phase.
"I want to reassure current investees and organisations with applications in the pipeline there will be an orderly and well managed transition to the new fund manager and the programme will not be adversely affected by the change.”
The broader scope of the second phase of the Futurebuilders programme was a recommendation of the Futurebuilders Advisory Panel annual report published in March 2007.