The expanded board, which is chaired by Acevo chief executive Stephen Bubb, will work towards the ambitious target of bringing in £150m of new investment from sources such as government, corporate philanthropists, venture capitalists and private companies.
The ACF will then reinvest the money in a range of community enterprise organisations that want to develop long-term sustainable income streams.
Existing trustees Mike Baker, Steve Wyler and Mohammed Haroon will be joined by Mahmood Ahmed, partner in a Mayfair law firm specialising in business law, Anthony Cann, worldwide senior partner at Linklaters, Simon Davidson, senior associate at Apax Partners, and Fred Worth, founder and finance director of two technology businesses.
Roger Matland, chief executive of the Westway Development Trust, and Julia Thrift, founder of Cabe Space, an organisation that campaigns for better urban parks and public spaces, will also join the board.
"We were looking for a selection of high-level, influential board members who could help shape and direct ACF work in the future, with real commitment to community development and with some private sector expertise," said Sue Peters, chief executive of the ACF.
"We wanted to balance the community experience with more private sector skills because one of our long-term aims here is to connect more with the private sector."
Bubb said the ACF was also looking to recruit people with commercially successful backgrounds. "Arguably, we have put together one of the most powerful boards of trustees in the sector, and it will drive change," he said.
"We will demonstrate that there are both social and economic returns to be made from investing in community enterprises. The mix of experience drawn from the investment sphere and the community sector will enable us to build bridges between what were previously alien worlds."
Simon Davidson, one of the new trustees, said he was keen to begin his role. "The collective perspectives of the ACF board of trustees, which combine investment, legal, entrepreneurial and government backgrounds, should allow it to deploy capital in a targeted, innovative and socially effective manner," he said.