TowerBrook invests £720,000 in PEF charitable projects for young people

Finance | Vibeka Mair | 15 Mar 2010

The TowerBrook Foundation has committed £720,000 to the Private Equity Foundation’s (PEF) charitable projects.

TowerBrook Foundation, a charitable foundation that is funded from the profits of TowerBrook Capital Partners, has committed £300,000 to Tomorrow’s People, which helps socially excluded young people through its Working It Out programme and invested £420,000 into City Year, PEF’s pilot of a US youth volunteering scheme which trains 18 to 25-year-olds to give support to primary schools.

City Year London is set to launch in September 2010. It will offer 50 young people training to support 1,500 children in six primary schools in Shoreditch. PEF gave £1m to the start-up.

PEF invested £625,000 in 2008 to scale up Tomorrow’s People’s Working It Out programme across England and Scotland. The TowerBrook Foundation’s £300,000 donation will specifically enable expansion into Hammersmith and Fulham. TowerBrook will also provide pro-bono support to help the charity test a social enterprise element of the scheme.

Shaks Ghosh (pictured), chief executive of the Private Equity Foundation, said: “There is a lot of talk about ‘broken Britain’ but not much about the fantastic projects which are constantly evolving to meet the needs of our communities. I’d like to thank TowerBrook for its support which has contributed to making two such initiatives a reality."

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