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“How

can capitalism better serve society?” LSO St Luke’s 8th March 2012


Welcome to this very special evening, which marks Bridges Ventures’ 10th Anniversary. Over the past decade, Bridges Ventures has been dedicated to achieving positive social and environmental impacts by harnessing the power of entrepreneurship and investment. Now, in our anniversary year, the question “How can capitalism better serve society?” has never been more relevant. Indeed we believe it will become one of the most important questions for the next decade, so we are delighted to have this chance to discuss it tonight with such outstanding speakers and among such distinguished friends. We would like to thank our guest speakers tonight for generously sharing with us their time and their thoughts. We also thank you for your contributions; we hope you find tonight’s discussion enjoyable, purposeful and interesting.

Philip Newborough and the team of Bridges Ventures


Programme Evan Davis Welcoming comments Philip Newborough and Michele Giddens Co-Founders, Bridges Ventures Sir Ronald Cohen Founding Chairman, Bridges Ventures Al Gore Chairman, Generation Investment Management LLP Discussion: How can capitalism better serve society? Chaired by Evan Davis Cocktails and canapés

Al Gore Al Gore has championed the environment since the 1970s, when he was the first congressman to hold hearings on climate change. This commitment stayed with him through four terms in the House of Representatives, eight years as Senator and two terms as Vice‑President. Since leaving public office, Al has devoted all his energy to promoting a more sustainable, environmentally-friendly capitalism. He is chairman of The Climate Reality Project, which seeks solutions to climate change, and has written several bestsellers. These include An Inconvenient Truth, which went on to become an Oscar-winning documentary. Besides sitting on the board of directors of Apple and acting as a senior adviser to Google, Al is co-founder and chairman of Generation Investment Management and co‑author of its forthcoming report on sustainable capitalism.

Sir Ronald Cohen Chairman of Bridges Ventures since 2002, Sir Ronald began his career at McKinsey before co-founding Apax Partners in 1972. Apax has since raised more than €40bn in funds to support hundreds of companies and is now one of the world’s leading private equity houses. Sir Ronald has also pioneered social investment in Britain. By chairing the Social Investment Task Force he provided the policy framework underpinning the sector and as co‑founder of Social Finance he helped develop and launch the UK’s first social impact bond. He is now Chairman of Big Society Capital, Britain’s first social investment bank. Sir Ronald is also a Director of the British Museum, Chairman of The Portland Trust and a Hon. Fellow of Exeter College, Oxford. He is a member of Oxford’s Investment Committee and Harvard University’s Board of Overseers.

Evan Davis After joining the BBC in 1993, Evan went on to spend four years at Newsnight before becoming the BBC’s Economics Editor in 2001, where his work won him considerable acclaim. He was twice named Harold Wincott Business Broadcaster of the Year and has won the Work Foundation’s ‘Broadcast Journalist of the Year’ award three times. In 2008 Evan joined the Today Programme, saying that he liked radio because “you can look things up on Wikipedia while on air”. He also presents The Bottom Line on Radio 4 and Dragons’ Den, BBC 2’s business reality show.


10 years of Investing for Impact

The first Skoll Forum on Social Entrepreneurship is held in Oxford.

UN Secretary General Kofi Annan invites 20 institutional investors from 12 countries to develop the Principles for Responsible Investment.

Six Principles of Responsible Investment, backed by the UN, emerge from a series of meetings with the financial sector, governments and NGOs, civil society and academia.

The Commission on Unclaimed Assets recommends the establishment of a social investment bank in the UK, funded by capital in dormant bank accounts.

Launch of the Community Development Finance Association (cdfa), one of the five recommendations of the Social Investment Task Force.

The first Community Development Finance Institutions are accredited under Community Investment Tax Relief.

2002

2003

2004

2005

2006

2007

Bridges Ventures is founded. It raises Bridges Ventures Fund I, its first Sustainable Growth Fund, with investments from both government and private sectors.

Bridges Ventures wins the Investor Allstars New Venture Capital Fund of the Year award.

Bridges Ventures publishes a report arguing for the provision of equitylike capital for social enterprises.

Bridges Ventures successfully completes its first exit – from Harlands of Hull, achieving an 84% IRR and saving more than 50 jobs in a highly deprived community.

Bridges Ventures launches its Impact Scorecard, measuring the social and environmental impact its investments achieve.

Bridges Ventures launches Bridges Ventures Fund II, its second Sustainable Growth Fund. It raises £75m solely from private sector investors – substantially more than its £50 million target.

Launch of The Office Group.

Almost 90% of Bridges’ investments are in the most deprived 25% of England. Half of them are in the most deprived 10%.

Introduction of Community Interest Companies (CICs).

In the last five years, Bridges’ portfolio has also cut enough greenhouse gas emissions to power every home in Derby for a year.

Sale of Simply Switch to the Daily Mail and General Trust for £22m, giving investors a 22x money multiple..

Bridges wins a fundraising award at Unquote’s Private Equity Awards. Launch of The Gym Group.

Parliament passes the Dormant Bank and Building Society Accounts Act, supporting the establishment of a ‘Social Investment Wholesaler’.

2008 Bridges Ventures sets up its Advisory Board and launches its first Social Impact Report. Bridges wins the BVCA/Real Deals Private Equity Award for Fund of the Year.

The Rockefeller Foundation establishes the Global Impact Investing Network.

The Ministry of Justice and Social Finance launch the UK’s first Social Impact Bond.

Launch of Big Society Capital, the UKs first social investment bank.

2009

2010

2011

Bridges Ventures launches its Social Entrepreneurs Fund and its Sustainable Property Fund.

Bridges Ventures sells The Office Group in a deal worth £43.3 million.

Bridges Ventures completes first close of its CarePlaces Fund, a partnership with Castleoak Group to provide sustainable care homes. It also completes first close of Bridges Ventures Fund III, its third Sustainable Growth Fund, at £72m.


About this event Promoting live music, supporting new talent. LSO St Luke’s is the home of LSO Discovery, the London Symphony Orchestra’s music education and community programme. Many of its activities are aimed specifically at London’s more disadvantaged communities. For example, its ‘On Track’ programme is aimed at young people living in east London, more than 20,000 of whom have benefited from teacher training, music coaching, a summer camp and much more besides over the past four years. LSO Discovery also runs community and youth choirs, workshops for children’s hospitals and music clubs for adults with learning disabilities, as well as a regular programme of free concerts and open rehearsals. This work is funded entirely by charitable donations and the income generated from corporate events, including 100% of the hire fee for tonight’s colloquium. Professional opera, written for children. The English Pocket Opera Company (EPOC) works out of a north London primary school that serves one of the UK’s most deprived communities. Often working with up to 50,000 children every year, EPOC is now one of the UK’s largest charitable providers of music education, creating opera by, with and for children and young people. EPOC’s current project is Ring Round The World. The largest children’s opera ever written, this celebrates the 2012 Olympics in a total of 36 performances during the London 2012 Festival – the culmination of the Cultural Olympiad. Each time, pupils will join professional singers and musicians for an opera that combines pre-composed scenes with songs the children have written themselves, making every performance quite unique. A further series of interactive performances will take place in more than 200 schools. In total, around 60,000 schoolchildren will take part in this historic project celebrating international co‑operation and the three Olympic ‘pillars’ of sport, environment and culture.

Seasonal food, locally sourced. Moving Venue has provided the food served tonight, all of which is seasonal and sourced from suppliers within the UK, thereby reducing food miles and supporting local economies. Mindful of its environmental responsibilities, Moving Venue recycles all suitable materials (such as glass and cooking oil), composts raw waste and donates leftover cooked food to a local wormery. Tonight’s sparkling wine is made by the Nyetimber Estate in West Sussex; our other wines are organic or biodynamic and therefore far friendlier to the local environment. Moving Venue also uses ‘Pure’ water, which is filtered and bottled on site using recycled glass bottles. Living trees, destined for London. CJ Floral has carefully selected the seasonal flowers, plants and birch trees at tonight’s event from local nurseries and markets. The birch trees have also been chosen specifically to ensure that they can be re-used by Trees for Cities, a charity working with local communities to plant trees in urban areas. The living plants will also be donated to Trees for Cities, while the flowers and turf will all be recycled. Sustainable printing, recyclable paper. Robyn Butler, our graphic designer, carefully created embossed designs for both the invitation and this programme. Re-using the embossing dies has enabled her to reduce both production and set up waste. All printed material uses FSC Certified, recyclable paper, while the ‘Indigo’ digital printing process used for this programme avoids the paper waste incurred by traditional presses during set up.


Questions and comments


Bridges Ventures LLP 1 Craven Hill, London W2 3EN Tel: 020 7262 5566 info@bridgesventures.com www.bridgesventures.com Bridges Ventures LLP is authorised and regulated by the Financial Services Authority. Registered in England No OC367510.


Bridges Ventures 10th Anniversary Event 2012 - Programme