Leading law firm Shepherd and Wedderburn has acted for the world’s first social investment bank, Big Society Capital Limited in its £8m investment in a new Social Growth Fund. The fund has been formed by Social Investment Scotland (SIS), with the express aim of providing finance to the not-for-profit sector across Scotland. The fund will only provide funding to projects which deliver measureable social impact.
Big Society Capital’s investment, which has been matched by that of the Scottish Government, is the first of its kind in Scotland since its formation last year, and has the effect of increasing funds managed by SIS by a third. It constitutes the largest investment in SIS for twelve years and the largest ever by an external organisation.
Nick O’Donohoe, Chief Executive of Big Society Capital, stated: “Social investment delivers the money needed to make positive changes in communities. Michael Wylie and his team at Shepherd and Wedderburn helped to make this happen. Their sound legal advice and pragmatic approach were key factors in enabling the investment to be agreed smoothly, furthering the interests of the new social growth fund”.
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