Social and Sustainable Capital (SASC) is delighted to announce that we have just won Asset Manager of the Year at the recent Better Society Awards. These awards celebrate the efforts that commercial organisations make to create a better society and are now in their fourth year.
This is a tremendous achievement especially given we were up against some stiff competition from several large investment management companies. It’s also the first time we have entered.
The Better Society Awards judging panel revealed they selected SASC as Asset Manager of the Year because we were ‘the only entry which provided very tangible results as a result of what it offers.’ They also praised our ‘compelling narrative’ calling us a ‘single minded [organisation], enabling other charities to survive.’
SASC was set up in 2012 by Ben Rick, a former Managing Director at Bank of America Merrill Lynch and Adam Knight, formerly a Managing Director at Goldman Sachs and Credit Suisse, to support UK social sector organisations with loans and investments.
In 2013 the Social Investment Business Foundation invested in SASC and provided other support that allowed us to launch two funds in 2014: the £20 million Community Investment Fund and the £30 million Third Sector Investment Fund.
Investors in the Funds were the Social Investment Business Foundation and Big Society Capital. Santander provided additional capital for the Third Sector Investment Fund. As a social enterprise ourselves, 51% of our profits go to the Social Investment Business Foundation.
SASC supports charities and social enterprises in delivering solutions to social issues including disability, homelessness and unemployment, by providing appropriate capital that makes them financially sustainable and able to deliver greater social impact.
We invest in inspiring organisations with great potential, but whose perceived risk profile often rules out mainstream investment. So far, we have invested just over £19m into 17 organisations that are tackling some of the UK’s most difficult social issues.
Our award entry highlighted two organisations we have worked with. The first was Harrogate Skills 4 Living Centre (HS4LC), a provider of quality care homes and essential skills to over 100 adults with learning disabilities.
We made two loans totalling £785,000 to help HS4LC purchase two residential care homes, refurbish the day centre, expand its services and grow its team. The investment protected the livelihoods of 26 adults with learning disabilities, safeguarded the jobs of 35 people and facilitated the creation of two new posts.
The second was Giroscope, an award-winning social housing company in west Hull who received two investments totalling £1m. This enabled them to expand their property portfolio, house more people and expand their training and community programmes. Giroscope now provides housing for 264 people - a 20% increase since our first investment.
You can read more about HS4LC, Giroscope and the other inspiring charities and social enterprises we have worked with here in our 2018 Impact Report.
We look forward to helping more organisations access social investment so they in turn can support more vulnerable people and communities across the UK.