Adventure Capital Fund aims for major expansion

Fledgling funding body the Adventure Capital Fund hopes to triple its investment capacity by taking control of the Government's £30m community assets fund.

The charity, which currently has £15m, is in talks with ministers over administering the assets fund, which will provide capital grants to community organisations when it launches in April.

Sue Peters, chief executive of the ACF, said the charity aimed to be "a major part of the funding landscape". The ACF also hopes to raise £150m within the next five years. The Futurebuilders fund is currently the largest, with £125m.

It emerged this week that Stephen Bubb, head of chief executives organisation Acevo, will be paid £10,000 a year for working two or three days a month as chair of ACF trustees.

Peters said: "The partners agreed that, to attract the quality of individual needed, it would be necessary to offer nominal remuneration."

She said the charity was not considering paying any other trustees, and that doing so would require Charity Commission consent.

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