Adventure Capital Fund wins bid to run Futurebuilders
Following an extensive tender process the Cabinet Office has announced its intention to appoint the Adventure Capital Fund (ACF) to manage the second phase of the Futurebuilders England fund.
Community lender ACF will be responsible for investing an additional £65m of government funds, on top of the £150m already made available to the Futurebuilders Fund, to develop third sector delivery of public services over the next three years.
ACF will also manage the existing investments, taking over from the current management and staff at Futurebuilders England to deliver the second phase of the Government's Futurebuilders loan fund.
Since its launch in 2004 the Futurebuilders Fund has provided loan and grant-based finance to support charities, voluntary groups, social enterprises and other third sector organisations to develop their capacity to deliver better public services.
This first phase, managed by Futurebuilders England, focused on developing services in five key areas: children and young people, community cohesion, crime, health, and education.
The Cabinet Office has assured current investees that third sector organisations that have applications in the pipeline will not be affected.
Phil Hope, Minister for the Third Sector, said: “The second phase of Futurebuilders will bring new challenges for the fund manager but ACF has demonstrated great ability and enthusiasm to take on this challenge."