Private Equity Foundation backs youth projects

The Private Equity Foundation (PEF) has announced a partnership with TowerBrook Capital Partners and TowerBrook Foundation to back two new charitable youth initiatives in London.

Some of the hardest to reach young people in Hammersmith and Fulham will benefit from a £300,000 commitment by TowerBrook to existing PEF charity, Tomorrow's People.

TowerBrook has also backed PEF's pilot of renowned US youth volunteering scheme, City Year, in the capital and has invested £420,000 alongside PEF's £1 million donation to the start-up.

When it launches in September 2010, City Year London will offer over 50 young people a 'Leap Year' not 'Gap Year'.

Drawn from all backgrounds, the 18 to 25 year olds will be trained and ready to support 1500 children in six primary schools in Shoreditch.

They will bridge the gap between pupils and teachers and act as role models, as well as providing additional in class support, after school clubs and individual attention to those pupils who most need it.

PEF was inspired to explore the idea of translating City Year's model to a UK context following an introduction to its work in the US, where it is credited with improving pupil behaviour, attendance and academic attainment.

PEF provided initial development funding and has now granted £1 million towards City Year London's start-up.

Through its foundation, TowerBrook has invested a further £420,000, alongside pro bono support which has included joining PEF on the founding committee .

The second strand of PEF's partnership with TowerBrook involves Tomorrow's People's Working It Out programme which helps socially excluded young people develop employability skills and confidence, to break the cycle of poor self-esteem and long term joblessness.

PEF invested £625,000 in July 2008 to help refine and scale up Working It Out across England and Scotland and the TowerBrook Foundation's £300,000 donation will specifically enable expansion into Hammersmith and Fulham.

In particular, TowerBrook will be providing pro bono support to help the charity test a social enterprise element of the scheme.

Shaks Ghosh, chief executive of the Private Equity Foundation, said: "There is a lot of talk about 'broken Britain' but not much about the fantastic projects which are constantly evolving to meet the needs of our communities."