Former Merrill Lynch equity analyst to head up social investment fund

Friday 30th November 2007 - Former Merrill Lynch equity analyst Denise Holle has joined leading UK social enterprise CAN to head up Breakthrough, its pioneering social investment fund co-founded with the private equity firm Permira. Breakthrough invests growth capital and management expertise in established social enterprises to help them scale up their social impact.

Denise joined CAN after retiring from a 12-year career at Merrill Lynch in London, where she worked principally as an equity research analyst covering the European banking sector. In her last year, she worked in Corporate Strategy, advising senior management on the firm's European equities business. Prior to Merrill, she was a Project Manager for the Russia and Central Asia Financial Sector division at the World Bank in Washington and Moscow, which she joined through the Young Professionals Programme in 1992.  She started her career in finance as an investment banking analyst at First Boston in New York.

Holle joins as Director of Social Investment and is responsible for supporting the social enterprises on the Breakthrough programme - now in its second fund - as well as growing the Fund and CAN's other social investment activities. A key part of her role will be to develop relationships and key strategic partnerships with leading organisations from the public, private and voluntary sectors

Like a growing number of corporate executives these days, Holle had reached a stage in her career where she wanted to give something back. "I have enjoyed a very successful challenging career in the corporate world, but I felt it was time for a change. When I saw the Social Investment Director position advertised, I saw a great opportunity to still use my skills but in a more rewarding and productive way.

"Social enterprises  are enterprising and investment in them still yields a return. They have the drive and determination to succeed, but their motivation and return on investment (ROI) is community or social change, rather than profit. While researching for the position, I was inspired and amazed by the huge difference social investment (with professional business support) provided through the Breakthrough Fund, makes to the productivity of these social enterprises."

Adele Blakebrough CEO of CAN and the vision behind Breakthrough added: "This is an exciting time for Breakthrough as we launch into our second fund. Results from Breakthrough Fund I indicate that the turnover of the social enterprises in Breakthrough has grown at around 20% per annum from 2005 to 2007. Their social impact is growing faster, at around 40% per annum. We look forward to extending this success to more social enterprises under Denise's steer."

Denise has an MBA from Harvard, a BA in Economics & Political Science from Yale and was a Fulbright Scholar in the former Yugoslavia.

ENDS

Enquiries

For all press enquiries, interviews and images, please contact Reena Chadha, CAN Communications Manager on +44 (0) 20 7922 7759, +44 (0) 7931 558711 or email r.chadha@can-online.org.uk

Notes to Editor

About CAN

Founded in 1998, CAN (formerly Community Action Network) was the vision of three innovators of social change. The founding partners were Andrew Mawson, Adele Blakebrough and Helen Taylor Thompson.

Today CAN is now recognised as one of the UK's leading organisations for the development, promotion and support of social entrepreneurs and social enterprises. It runs CAN Social Investment, leveraging business support from leading private sector companies, including Breakthrough with Permira. It also runs and replicates its own social enterprise - the award-winning CAN Mezzanine - shared office spaces for Third Sector organisations, currently housing more than 80 charities and social enterprises in sites in central London.

For more information on Breakthrough visit www.can-online.org.uk/pages/breakthrough.html

For more information visit:  www.can-online.org.uk  

About Permira

Permira is a leading international private equity firm. The Permira Funds make long-term investments to transform the performance of businesses, helping management to realise new visions and build stronger and more sustainable organisations. Since 1985, the Permira Funds have completed over 180 private equity transactions.

More than 20% of Permira staff in the UK have worked on Breakthrough, and in July 2007 Permira renewed its contribution to the Breakthrough Fund until 2010.

For more information visit:  www.permira.com