Protest blights announcement of funding awards

The trustees of a charitable foundation set up by the private equity industry have announced the first five charity recipients of their £5m fund for disadvantaged children.

The Private Equity Foundation, which has signed up 29 firms in the lucrative sector, will give grants to the NSPCC, Community Links, which helps young people in east London, and the Impetus Trust, a venture philanthropy charity.

ThePlace2Be, which supports unhappy schoolchildren, and Volunteer Reading Help, which develops literacy skills, will also benefit.

The charities were chosen from a shortlist prepared for the foundation by New Philanthropy Capital, the charity that advises donors on giving.

Protesters from the GMB union picketed the foundation's launch dinner in London last week, accusing the private equity firms of "gross hypocrisy" and calling the fund a "PR stunt".

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