We are always pleased with being able to attract an increasing number of investors, demonstrating how more people are finding a way to put their money where their values are. But we have over the years built a growing pool of returning investors that now feel part of the wider Resonance family. It is evidence of the values alignment we are creating as much as it is a reflection of the commercial and impact performance being achieved. These investors are in all shapes and sizes from Local Authorities to individual savers. We are grateful to all of them for helping us scale the social impact that together we can create.
This last year has been focused on deploying funds and preparing to launch new ones. The government focus on Brexit and Coronavirus resulted in a number of fund launches being delayed later into 2020 and post the year end. This has led to near full deployment of all our funds under management by the year end.
Whilst critical, investment is rarely enough on its own. Almost all social enterprises need strengthening in other ways as well. This can be an intense short term piece of work before or after a transaction, or a longer light touch relationship. In some cases we are able to support organizations on their journey to scale their social impact without the need for investment at all. Investment is one tool to grow the social impact of an organization and this year we’ve backed another thirty with useful capital. Whilst we like to think we help and support many more enterprises informally, what we are showing here (in addition to those we invested in) is the number that have valued our support sufficiently to pay for it.
The provision of capital to a social enterprise might make it stronger or bigger, but the real change in society is achieved by the social entrepreneurs we back and the people they support. It is relatively simple to attribute directly the number of new people housed each year to the capital being provided, but the support provided goes beyond this. This takes different forms and the diversity of organizations in our portfolio is growing significantly - but a few individual organizations have a meaningful direct impact on tens of thousands of people.
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