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Who we invest in

We invest with intermediaries rather than directly.  These intermediaries then provide financial or other support to charities and social enterprises.

One of our founding principles is to act as a wholesaler, to build the market through intermediaries alongside others rather than investing directly.   We believe that by supporting intermediaries to grow and become more sustainable they will be able to bring hundreds of millions more in investment to charities and social enterprises than we could bring alone.  At the end of 2015 our investments had been matched by over £300m of co-investment.

We invest in intermediaries with two principal objectives:



To provide capital to invest in charities and social enterprises.  We invest with our intermediaries to provide finance that can meet the needs of charities and social enterprises. We aim to work with co-investors to create the greatest impact.



To build strong and sustainable intermediaries. We also invest in the intermediaries themselves to help them build and grow their organisations. We see strong and sustainable intermediaries as a vital element of using investment to create social change.


Types of intermediaries that we have invested in:


Social venture funds - e.g. Big Issue Invest    
Social banks - e.g. Charity Bank
Social property funds - e.g.  Real Lettings
Social lenders targeting smaller loans with 
Charity bond vehicles - e.g.  Rathbones
Community share vehicles - e.g.   
Social impact bonds - e.g. 
Specialist funds - e.g. 
Social innovation pilots - e.g. DERiC
Advisers and arrangers - e.g. 

We aim to strengthen existing intermediaries, with their valuable networks and experience of investing in charities and social enterprises, while aiming to help establish new intermediaries who bring relevant skills and experience from adjacent fields.

You can find out more by exploring our full investment portfolio or reading about our investment requirements.