This new social investment foundation will offer smaller charities and social enterprises access to more than £100 million in new and higher risk capital. £45 million comes from the Big Lottery Fund and Big Society Capital, which is topped up with £60 million from the Cabinet Office. The Fund will offer a blend of grants, loans and equity investments, and it’s first Chair is John Kingston.
Prospectus was mandated as the Foundation’s recruitment partner, leading the search to identify its first Chief Executive. We were looking for candidates with in-depth understanding of the investment, financial and infrastructure requirements of civil society organisations, with previous experience of working in a senior leadership role.
As the Foundation’s search partner, Prospectus is pleased to announce that Seb Elsworth has been appointed as its first Chief Executive. Seb is currently Deputy Chief Executive at the Social Investment Business, where he is responsible for a range of social investment and partnership initiatives as well as engagement with the wider sector. Previously, he was Director of Strategy at ACEVO. Seb said that “I hope that we will be seen as a real partner to the sector as we develop our work and share what we are learning about how mixing loans and grants can have the most impact."
Seb Elsworth will start his new role in May.