Global private equity firms KKR, Blackstone, Texas Pacific Group, Bain Capital, Permira, Candover, Summit and TowerBrook have founded the Private Equity Foundation, a European charitable foundation. According to The Sunday Times, the foundation will be launched in London in the next few weeks. The participating firms, which include CVC and Apax, have reportedly contributed £5 million to launch the fund although its annual income is expected to reach tens of millions, launching it into the higher ranks of grant-making trusts in the UK. Private-equity firms raised $401 billion worldwide in 2006, according to Private Equity Intelligence Ltd, so the scope for this Foundation could be considerable.

According to The Sunday Times, the Private Equity Foundation's grantmaking will probably focus on children's charities, education, and underprivileged people. In keeping with recent developments in high net worth individual and corporate giving, the trust is expected not only to make grants but also work with charities by sharing business expertise to help improve their efficiency.
The Private Equity Foundation will no doubt be compared with Ark, the charity supported by hedge fund businessman Arpad Busson, which holds a record-breaking fundraising dinner each year in London.

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