A social impact investment fund has received £1.5 million from the Macquarie Group Foundation, which drives social impact work for Macquarie Group, and £250,000 from Barking and Dagenham Giving, a community-led impact investment fund.
The Growth Impact Fund has completed its second round of funding, adding an additional £500,000 in investment to two social-purpose organizations, bringing the total investment to £1 million.
Developed by Big Issue Invest, a social investment firm, and UnLtd, a foundation supporting social entrepreneurs, the fund is a targeted £25 million evergreen fund. It aims to invest in “early and growth stage organisations led by underserved entrepreneurs”.
The fund will provide investees with the option of “patient, flexible capital, or alternative options including 70% of funding invested through equity and quasi-equity products”. Additionally, it will provide grant-funded wrap-around support across the investment process.
The fund owners shared that the support reflected “how different organisations identify with the ambition of tackling inequality, both in access to capital and in the UK more broadly”.
Susan Clear, director of social impact investing, Macquarie Group Foundation, shared this was the foundation’s first social impact investment the foundation is making in the UK. “With a focus on investing in organisations led by underserved entrepreneurs, the fund aligns with our mission to drive social impact work for Macquarie.”
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