Firm appointed by Cabinet Office to advise on Big Society Capital
Big Society Capital was officially launched by Prime Minister David Cameron this week. Field Fisher Waterhouse advised the Cabinet Office on the establishment and governance of this innovative new venture.
Big Society Capital provides up to a £600 million investment fund that will be dedicated to developing the UK's social investment market and infrastructure. It will act as a cornerstone investor in other funds that are dedicated to this purpose, thus leveraging the amount available to develop this market. This is an important part of the government's Big Society agenda which aims to empower communities, open up public services and encourage social action.
The project is funded by up to £400 million transfer from dormant bank and building society accounts in England and up to £200 million investment from the major High Street banks (Barclays, Lloyds, HSBC and RBS).
Corporate partner Nicholas Thompsell led the Field Fisher Waterhouse team on this project.
Nicholas Thompsell said: “The team has a strong reputation for advising on the implementation of the Government's social enterprise objectives and we are delighted to be able to bring our experience to support Big Society Capital. This is an area which we are seeing significant growth as a result of the government's continued commitment to social enterprise."