Equity firms start £5m foundation

A group of eight private equity firms will this month launch a £5m charitable foundation to help child and education charities across the UK and Europe.

Permira, Bain Capital, Blackstone, KKR, Texas Pacific Group, Candover, TowerBrook and Summit are the founding companies of a new foundation that will use the lucrative industry to invest in community causes.

"The aim is for the leading private equity houses to apply their skills towards helping charities," a City source told Third Sector.

"They will be trying to make a real difference using not just financial aid but operational help as well.

"They want to give something back to people who are less privileged than they are themselves, and the general view was that child support services would be a good cause."

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