Private equity professionals, firms and their advisors in central and eastern Europe (CEE) have committed nearly €300,000 (£235,000) to the 2008 Private Equity Shares campaign to support the Nonprofit Enterprise Self-sustainability Teams (NESsT).

Six private equity professionals came together in early 2008 to launch Private Equity Shares with the goal of raising €125,000 (£98,000) for NESsT’s portfolio of social enterprises in CEE. They have now raised nearly €300,000 (£235,000), more than double the original target.

“NESsT’s goal is to help the nonprofits in our portfolio to achieve financial returns that can be used to increase their social returns,” says Lee Davis, NESsT Co-Founder & CEO.  The NESsT Venture Fund provides both financial and business management support to non-profits to help them plan for, launch and better manage their social enterprises.

Joanna James, Managing Director for CEE at Advent International, said, “Through NESsT we’re able to give back in a way that relates well with our core investment strategy … NESsT applies a ‘venture philanthropy’ approach. They ‘invest’ philanthropic capital in social enterprises and further support them with time and advice. Ultimately they seek to exit their investment by ensuring the social enterprise is able to stand on its own two feet financially.”

The NESsT Private Equity Shares 2008 campaign will close in late November.  NESsT will launch a similar campaign in Latin America later this month. For more information, visit the NESsT website.