We are delighted to announce the launch of our 2019 Impact Report highlighting key investments and the launch of our new housing fund. Please download the full report here.
Our investment portfolio grew by £9 million in the last 12 months, with seven further investments made into UK charities and social enterprises.
Since launching its first fund in 2014, SASC has invested over £30 million, with 28 investments made into 23 organisations who are tackling some of the UK’s most difficult social issues.
SASC manages three funds, the Community Investment Fund, the Third Sector Investment Fund and the Social and Sustainable Housing fund. Launched in May 2019 with over £26m in commitments from 19 investors, the new housing fund will invest in the provision of safe, stable and appropriate homes for vulnerable people and their families in the UK.
Ben Rick, Co-Founder and Managing Director of SASC said, “We’re proud to have now invested in 23 ambitious charities and social enterprises in a range of sectors. Each is developing a sustainable business model and looking to grow or deepen the impact it has on disadvantaged groups.
“The launch of our new housing fund will address a major social issue and create safe, stable and appropriate homes that will be available to communities for the long term. SASC is targeting a total fund size of £100m which will allow us to support 30 organisations to purchase properties and house 10,000 people over the next 10 years.”
Key Lessons learned
In the report, SASC highlights some key lessons learned.
How can social investment fund innovation?
Ben Rick said, “We have learned that innovative projects are often the most exciting, offering the highest potential for incremental social impact. But they almost always come with significant financial risk. Experience is showing us that this level of financial risk in social investment is rarely balanced by higher financial returns.”
Post Investment Support
SASC also highlights it has learned that “investment readiness” work alone doesn’t always make an organisation stable for the long term and most organisations need support throughout the investment life cycle.
Ben Rick said, “We believe ongoing support for investees is a key part of the social investment “package” and plays an essential role in ensuring the success of many of the organisations we work with. Understanding the level of funding required for this activity, and where that funding might come from, is important when considering working with an organisation.”
Key investments from March 2018 to March 2019 include:
- Homes for Good Glasgow – SASC made a £2.85 million investment to support the social enterprise to grow their portfolio of homes, with at least 50 additional properties to serve their beneficiaries and homelessness partner organisations.
- Five Lamps in Stockton-On-Tees – SASC committed £1.1 million, as part of a £5 million loan to responsible finance provider, Five Lamps. SASC is one of nine investors and the deal represents the largest-ever single investment in a UK community lender. The new investment will allow Five Lamps to grow the scale and impact of affordable credit to vulnerable individuals nationally.
- Brook - SASC has invested £200,000 of working capital in Brook, a charity specialising in sexual health, and the only organisation in the UK to offer clinical and educational services specifically to young people.
- Resilient Energy Alvington Court Renewables (REACR) – SASC made a £1.4 million loan to REACR, a Community Benefit Society (CBS) that owns and operates a 500kW wind turbine near Alvington, in the Forest of Dean; the loan allowed REACR to acquire Resilient Energy Great Dunkilns (REGD), who are also operating a 500kW wind turbine, in a transaction that will enhance the community benefit generated over the life of the projects.
- Futures in Nottingham – SASC provided a £250,000 loan to Futures to fund the working capital requirement for the expansion of the organisation’s support services for young people at risk of being not in education, employment or training (NEET) in Nottinghamshire.
- Caring for Communities and People (CCP) – SASC provided a £2.85 million loan to CCP to enable them to expand their supported accommodation services for young people leaving care across the South West of England.
For media enquiries contact:
Kathryn Hughes, Kayak PR
07801 823 839
Jenny O’Donnell, Kayak PR
07971 557 945
Notes for Editors
About Social and Sustainable Capital
SASC provides simple finance for extraordinary charities and social enterprises. We believe greater access to the right kind of investment makes charities and social enterprises better able to tackle society's most pressing challenges. Our funds provide flexible capital to enable social sector organisations to grow their social impact, improving the lives of disadvantaged people across the UK. SASC is a social enterprise.