Berenberg and LGT launch social impact fund

Two of Europe's oldest institutions, Berenberg and LGT Group, are combining to launch the first closed-ended fund investing solely in social impact investments in the UK.

The fund, Impact Ventures UK, is looking to raise about £30m, and to date has received cornerstone commitment from the UK government's Big Society Capital of £10m, and has pledges for over £2m from wealth managers. It will focus on investments that create a positive social impact in the UK, selected by LGT Venture Philanthropy, which has a five-year track record of identifying, investing and growing social impact businesses. Investments in UK social enterprises aim to generate an IRR of 7% per annum net of fees and expenses, with investment given through a mixture of debt, equity and ...