The newly named Big Society Capital will give up to £1m to the foundation to help disadvantaged young people move into education, employment or training.
Big Society Capital will be independent from government, with an investment committee choosing the organisations that will benefit from a share of an estimated £400m in unclaimed assets left dormant in bank accounts for more than 15 years, and £200m from four of the UK’s largest high street banks.
Shaks Ghosh, chief executive of the Private Equity Foundation, said: "This is incredible news, enabling the Private Equity Foundation to help thousands more disadvantaged young people reach their full potential. We are proud to be the first investment as Big Society Capital leads a new era for social investment in the voluntary sector."
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