Community Capital awards over A$4.4 million in grants to Social Purpose Organisations
29 July 2024 (Sydney, Australia): Community Capital is pleased to announce the results of its FY24 grant round, with eight Social Purpose Organisations (‘SPOs’) benefiting from grants totalling A$4,429,400 over the next few years.
This new grant round brings the total funding commitment from Community Capital to over A$5.3 million.
Community Capital, a portfolio management firm co-founded by Barrenjoey Capital Partners and Laurence Marshbaum, commits multi-year funding that enables promising Social Purpose Organisations to build capacity and scale their impact, supporting each organisation on their pathway to sustainability.
Community Capital also announces today, the final close of the Community Capital Credit Fund with A$674 million (US$442 million) of capital commitments. The fund was initially launched in December 2022 and has been supported by a broad range of institutional investors including ART, QIC, Legal Super and Minderoo. The fund received support of fund Managers Bain Capital Credit, Hayfin, ICG, PAG, Partners Group, Soundpoint and Varde.
Laurence Marshbaum, Executive Portfolio Manager at Community Capital, said: “Community Capital is proud to offer Social Purpose Organisations multi-year funding to grow and scale the impact of their work in the community.”
The five Social Purpose Organisations receiving multi-year grants in this year’s grant round are:
• Confit Pathways
• Consent Labs
• ID. Know Yourself
• ReLove
• The Reily Foundation
These organisations have demonstrated an ability to create meaningful social impact on issues ranging from recidivism, domestic violence, homelessness, First Nations affairs, out of home care and education.
Michael Vardanega, Head of Private Capital at Barrenjoey Capital Partners said: “We are pleased to be part of Community Capital and excited to see the significant impact that these inspiring SPOs can achieve with this critical funding.”
The grants are awarded following a detailed identification and assessment program undertaken by leading venture philanthropy partner, 10×10 Philanthropy, which informs the recommendation of an independent selection committee. Each of the Social Purpose Organisations selected have met stringent qualification criteria, including demonstrating at least one future sustainable funding path outside of the grant allocation.
“These organisations have inspiring founders with lived experience of the problems they are working toward solving. This provides them with deep insight and empathy for how to solve the problems they are addressing in a scalable and impactful way. Our grants allow them to scale that impact and support these organisations on a pathway to viability,” says Marshbaum.
Community Capital has awarded each Social Purpose Organisation with a funding grant for the coming financial year and commitments to award further grants for another two years towards a sustainable funding pathway for the organisations.
Ends
About Community Capital
Community Capital is a portfolio management firm founded by Barrenjoey Capital Partners and Executive Portfolio Manager Laurence Marshbaum OAM. The firm seeks to generate strong investment returns for investors alongside meaningful community based social impact.
About the Community Capital Credit Fund
The Community Capital Credit Fund provides diversified global private debt exposure through leading managers such as Partners Group, Varde, Partners Group, Hayfin, PAG, ICG and Bain Capital Credit. In order to effect the social impact of the Fund, these managers have contributed capacity in their funds on a pro bono basis. The management fees of the Fund (net of operating costs) payable by investors in the Fund are donated by Community Capital to social purpose organisations providing them with a sustainable source of funding.
The Fund has been established with support and a cornerstone investment from Australian Retirement Trust, along with foundation investments by Minderoo Foundation, MLC Asset Management (a part of Insignia Financial), Legalsuper, QIC and other foundations.
Evolution (trustee), Iplatforms (administration platform), Allen Partners (capital advisory), Aksia (research), Allbourne (research), 10×10 Philanthropy (grant making partner) and Ashurst (legal adviser), have all offered low or pro bono support to establish the Fund.
About Barrenjoey Capital Partners
Barrenjoey Capital Partners is a proudly Australian financial services firm. It is uniquely majority staff owned and locally managed with global reach through its strategic partnership with Barclays. Entrepreneurial and partnership focused, Barrenjoey Capital Partners aims to deliver great ideas and opportunities to help clients succeed. Barrenjoey Capital Partners is also passionate about driving positive social outcomes for communities that rely on corporate support.
Media Contact
Mark Sefiani | mark.sefiani-v@barrenjoey.com | +61 401 252 582