ImpactAlpha, June 26 – The three-year-old, £7 million fund Nesta Arts Impact Fund lends to social enterprises in the U.K.’s arts and culture sector, which is often overlooked by the impact investing community.
The fund has backed six new organizations, including the London-based Central School of Ballet, which is moving into a new facility; the National Holocaust Centre and Museum; and the Cornwall-based 2018 Looe Music Festival. With the new investments, the fund is now fully committed. It has provided working capital, cashflow, and other types of loans to 22 organizations in total.
- Art power… “Issues ranging from youth mental health to loneliness and lack of community cohesion, are addressed via the power of arts and culture to encourage empathy and belonging,” says Nesta’s Fran Sanderson. She adds that the Arts Impact Fund has enabled arts organizations to plan and grow sustainably amid funding cuts from other, namely public, financial partners.
- Next up… Nesta had planned to fully invest the Arts Impact Fund this year and will look to raise a new fund.