§ Baroness Byfordasked Her Majesty's Government:
Further to the Written Ministerial Statement on 24 February (WS 16–19) on the expenditure limits for the Office of the Deputy Prime Minister, what is the Adventure Capital Fund referred to in the £2.155 million transfer to the Home Office.[HL1723]
§ Lord RookerAdventure Capital Fund is a partnership between the Government and key organisations in the voluntary and community sector, which is exploring a new approach to investment in community activity. The fund provides what is called "patient capital"—investment which recognises the long-term nature of community development and the importance of linking funding with support for organisational development.
Round 1 was launched in December 2002 with approximately £2.5 million funding to pilot a range of alternative approaches to financial investment for community enterprises and to develop and evaluate new assessment processes for selection. Round 2 was announced in July 2003 with funding of £4 million for innovative projects that are capable of replication and are ready for investment.
The Office of the Deputy Prime Minister contributed £400,000 towards round 1, and will contribute a further £700,000 for round 2.