Contract boosts ACF's workload

The Adventure Capital Fund was coming close to running out of new investment work when it won the Government's £215m Futurebuilders contract last week, a report has revealed.

Delivering Against Expectations, an independent evaluation of the ACF's work published this week but written before news of the contract emerged, says the organisation would commit its entire £12.5m budget by March."It will then need to close its doors to new applicants unless it is able to generate further income," it reads.

Jonathan Lewis, chief executive of the ACF, said it had identified several potential funding sources, including Regional Development Authorities and private sector investment.

"Futurebuilders will function as an entirely discrete entity," Lewis added. "There will be no flow of funds between it and our existing fund."

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