Grant recipients announced

The Private Equity Foundation has announced the names of four youth charities that it will fund as part of its drive to "empower young people to achieve their full potential".

Fairbridge, which works with young people in disadvantaged areas, and Tomorrow’s People, which helps the young unemployed, are both to join the PEF portfolio. Skillforce, which gives school leavers access to necessary qualifications, and School Home Support, which helps young people make the most of their education, are also to receive grants and strategic advice. All organisations will be funded over a three-year period.

The Foundation, which was set up 18 months ago, is supported by 29 private equity firms across Europe with the aim of “changing society for the better”. Last year, seven youth charities were chosen as grant recipients for the first £4.5m raised– Volunteer Reading Help, Community Links, The Place2Be, NSPCC, Women for Women International, Leap Confronting conflict, and IntoUniversity.

The four new organisations will be funded out of the second fundraising round, which is due to close in five weeks’ time. So far, donors have “more than matched” the previous fund.

Speaking at a briefing yesterday, the foundation’s chief executive Shaks Ghosh, explained that the clear purpose was to help charities working with young people who are not in employment, education or training –also known as neets.

“We don’t want to make charities stronger for the sake of their being stronger,” Ghosh said. “We want to help these young people who are losing out.”

The foundation’s accounts for 2006/07 show that it raised just over £4m in donations and £160,000 in services in kind. It distributed grants worth £2.4m in the same period.

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