Key Fund has taken over three social investment funds formerly managed by Greater Manchester Centre for Voluntary Organisations (GMCVO) after it entered administration in 2024.
The organisation will now manage the GMCVO’s Growth Fund, Enterprising Communities Fund and Proper Good Investment Fund.
Key Fund, a social impact company investing in community and social enterprises with a particular focus on disadvantaged areas, has taken over management of the funds after sustained work between GMCVO’s funders and administrators.
Key Fund has been investing in the Greater Manchester area for over 15 years so are well placed to support.
GMCVO’s main funders and investors, Access - The Foundation for Social Investment, Better Society Capital, Greater Manchester Combined Authority and the National Lottery Community Fund are grateful to all parties involved in finding a solution and to Key Fund for their willingness and efforts to make this a reality.
This outcome will ensure continued support for local social enterprises, and that any existing loans are managed by an investor with an understanding of the sector and a commitment to impact.
Key Fund will continue to work with funders and local partners to support enterprises in the region to generate impact moving forward.
Matt Smith, CEO of Key Fund, said:
“We were saddened to hear of the challenges at GMCVO and the impact on the social enterprises in the area, we have worked with funders to find a solution and look forward to engaging with partners and funders over the coming months as we explore new opportunities to further support Greater Manchester. We note with regret this has been a difficult time for former staff and stakeholders, but hope that the outlook is now more positive for the sector in the region.”