Apax Foundation pledges to commit 20 per cent of funds to social investments

Finance | Vibeka Mair | 29 Mar 2010

The Apax Foundation has taken the first step towards a committment to invest up to 20 per cent of its assets into social investments by putting an undisclosed sum into development finance company Finance in Motion.

Apax has taken a 20 per cent stake in the company, which offers advisory services to funds that have a positive social impact in developing countries and emerging economies. These funds are worth a total of €800m.

The company focuses on micro, small and medium enterprise financing, housing financing, as well as financing of energy efficiency measures and renewable energy projects.

Michael Phillips (pictured), managing partner of Apax Partners and trustee of the Apax Foundation, said: "The Apax Foundation’s charitable donations are focused on social enterprise projects around the world. We wanted to bolster our support for this area by investing up to 20 per cent of the Foundation’s assets in social investments as opposed to straight commercial investments."

The deal will allow Finance in Motion to draw on Apax Partners’ global network and market presence, base of investors and private equity know-how to develop new commercially-viable products and services in development finance.

Finance in Motion is the sole fund adviser for the world’s largest microfinance investment fund, European Fund for Southeast Europe. The company is also the adviser of the Green for Growth Fund for southeast Europe, which promotes energy efficiency and renewable energy projects in the region, including Turkey.

The Apax Foundation is the formal channel for Apax Partners’ charitable giving and receives a percentage of the firm’s profits and carried interest. Trustees of the Foundation include Sir Ronald Cohen, chair of the charity and long an advocate of social investment.

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