Community Capital Closes $310M AUD First Round for New PE Fund, Nears $1B AUD in Assets

Community Capital Closes $310M First Round for New PE Fund, Nears $1B in Assets

Community Capital has raised $AUD310 million in the first close of its Community Capital Private Equity (CCPE) Fund. The CCPE fund will further scale Community Capital’s mission to back social-purpose organisations (SPOs).

The raise brings Community Capital’s total funds under management to approximately $AUD 1 billion.

The portfolio management firm, co-founded by Barrenjoey Capital Partners and Laurence Marshbaum OAM, focuses on delivering strong risk-adjusted returns for investors while providing meaningful community-based social purpose through multi-year grants. 

Australian Retirement Trust, Minderoo Foundation and QIC invested in CCPE’s first close of $AUD310 million. 

Initial capacity for the CCPE fund has been provided by global private equity leaders StepStone Group, HarbourVest and Partners Group.

The CCPE launch builds upon Community Capital’s Credit Fund (CCCF), first launched in 2022 with the support of ART, QIC, MLC, Legal Super, Minderoo Foundation, and fund managers Bain Capital Credit, Hayfin, ICG, PAG, Partners Group, Soundpoint and Varde Partners.

Community Capital Executive Portfolio Manager Laurence Marshbaum OAM said the fund provides attractive access to leading global private equity funds whilst creating meaningful impact in our local community.

“Community Capital PE provides an attractive access point for institutional investors seeking exposure to top-tier global mid-market Private Equity with very attractive economics,” Marshbaum said.

“By blending investment and social purpose, we are redefining what capital can achieve.”

Barrenjoey CEO Brian Benari said the fund would create positive outcomes right across the community.

“Community Capital’s unique model creates long-term impact for social purpose organisations across Australia, and the CCPE fund will sustainably scale this support for years to come,” Benari said.

All grants are awarded following a detailed identification and assessment program led by venture philanthropy partner, 10x10 Philanthropy, and an independent selection committee that includes Airtree Co-Founder Daniel Petre. Each of the Social Purpose Organisations selected have met stringent qualification criteria, including demonstrating a viable pathway to long-term sustainability beyond the grant.

Community Capital to date has granted in excess of $9M to a number of social purpose organisations across a cross-section of societal issues including mental health, education, recidivism, domestic violence, First Nations affairs, out of home care and homelessness.

A second close for CCPE is expected later this year.