UK: Cabinet Office announces Futurebuilders to be run by Adventure Capital Fund

Adventure Capital Fund (ACF), a funder for community enterprise, will manage the second phase of the Futurebuilders fund which provides loan and grant based finance to support third sector organisations to develop their capacity to deliver better public services.

The decision was announced by the Cabinet Office following a strict tendering process.
ACF will manage the £215m fund and invest in third sector organisations that want to deliver public services between 1 April 2008 and 31 March 2011.

This first phase of the Futurebuilders fund was managed by Futurebuilders England and focused on developing services in five key areas – children and young people, community cohesion, crime, health, and education.
The second phase, originally announced last year, will be open for applications on 1 April 2008.

ACF will take over responsibility for all existing investments and current investees and third sector organisations that have applications in the pipeline will not be affected.

Phil Hope, Minister for the Third Sector, said: ?It is important that third sector organisations who want to deliver public services have the opportunity to do so. Many have a unique focus, specialist knowledge and the ability to reach some of the most vulnerable people in society. The second phase of Futurebuilders will bring new challenges for the fund manager but ACF has demonstrated great ability and enthusiasm to take on this challenge. I have no doubt that they will build on the success of the programme to date and the ground-breaking work undertaken by Futurebuilders England in the first phase.?

www.adventurecapitalfund.org.uk