Finance: Clarke augments community fund

The Government has injected £5m into a fund that provides long-term 'patient capital' for community projects and social enterprises.

Home Secretary Charles Clarke announced the extra funding for the Adventure Capital Fund, which has been running since 2002, last week.

The fund is administered jointly by the Development Trusts Association, the Sharman Trust, the Local Investment Fund and the New Economics Foundation.

Investments range from £15,000 to £400,000 and aim to replicate equity-style investments available in the private sector.

Clarke said: "The Adventure Capital Fund has committed £7m, and we will now invest an additional £5m. The fund itself has already helped draw in £20m of investment into communities from the public and private sectors."

KEY POINTS

- Adventure Capital Fund is a partnership between the Government and the voluntary sector

- New money will take total government investment since 2002 to £12m

- Adventure Capital Fund's investment model inspired the Treasury's Future-builders fund to encourage voluntary sector public service provision.

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