26 Oct Social Impact Partners launch 16 million HKD social investment fund
Social Impact Partners (Hong Kong/ Lindy E. Lek, Executive Director, “SIP”) launched a venture philanthropy fund with capital of 16 million HKD (US$2 million) to provide human, financial and intellectual support to social purpose organisations. The fund is supported by donations from high net worth individuals and the foundations of private equity funds, including CVC Asia Pacific Limited and Baring Asia Private Equity.
SIP is one of few venture philanthropy (VP) funds in Hong Kong aimed at supporting sustainable development of social purpose organizations (SPOs). SIP focuses primarily on next generation issues such as education, youth and employment.
SIP’s potential investees or grantees include both non-profit organisations and social enterprises, which will be selected based on the social impact created by their solutions, the growth potential as an organization and the leadership and capability of the management. SIP will provide funding as well as management advice by utilizing its expertise and network in the business sector to support the SPO’s sustainable growth in mid-long term.
SIP will provide financing in the average amount of 2.5 million HKD to SPOs over three to four years subject to performance milestones, and it will support and provide advice in strategic development, governance, internal control, marketing, public communication, as well as performance evaluation in the area of social impact. The support by the fund will continue for multiple years and SIP’s partner organisations, provide pro-bono services in strategic consulting, legal, tax and auditing, human resource management, information technology and public communication, etc. Our partners include, Asian Charity Services, Bain Consulting, Brunswick, Clifford Chance, Egon Zehnder, iBase and PWC.
SIP is a registered charity in Hong Kong (IR File No. 91/13550).