Amid much controversy in the third sector, the Cabinet Office announced recently its intention to appoint the Adventure Capital Fund (ACF) to manage the second phase of the Futurebuilders fund, following a tender process. Adventure Capital Fund will be responsible for investing an additional £65 million of government funds, on top of the £150 million already made available to the Futurebuilders fund, to develop third sector delivery of public services for the next three years, from April.

Since its launch in 2004 the Futurebuilders fund has provided loans and grants to support charities and social enterprises to develop their capacity to deliver better public services. This first phase, managed by Futurebuilders England, focused on developing services in five key areas, children and young people, community cohesion, crime, health, and education. April 2008, the second phase will open up the fund to bids from third sector organisations delivering any public service.

The broader scope of the second phase of the Futurebuilders programme was a recommendation of the Futurebuilders Advisory Panel in their annual report published in March 2007.
Adventure Capital Fund [external website]