October 30, 2017
Global Private Equity Firm 17Capital is Signing the ‘Epic Sharing Pledge’ to Support Social Good by Giving 1% of their Carried Interest from their €1.2Bn Fund
Global, private equity powerhouse 17Capital is embedding social good into its business model through an innovative giving approach. Epic, a global nonprofit startup providing solutions to make giving the norm, is designed to help businesses have a social impact. The first private equity firm to join the Epic Sharing Pledge in London, 17Capital, will be donating a percentage of their carried interests off of a €1.2Bn fund.
The Epic Sharing Pledge is a commitment by founders, entrepreneurs, corporate leaders, and investors to share their success. For private equity firms, it consists of donating a percentage of their carried interests and/or of their carried interests to Epic's portfolio of high-impact social organizations tackling youth and children issues globally. Founded by serial entrepreneur and philanthropist Alexandre Mars, who covers all operating costs for this nonprofit startup, Epic guarantees that 100% of all received donations go to its portfolio organizations.
Pierre-Antoine de Selancy, Managing Partner at 17Capital explains: “We are proud to be the first private equity fund manager in Great Britain to sign the Epic Sharing Pledge and share the team's economics with Epic and hope this will generate ideas among other PE firms!”
Alexandre Mars, Founder & CEO of Epic, commented: “17Capital's decision to implement the Epic Sharing Pledge is the latest example of the growing awareness that corporations have a strategic interest in giving, and a social responsibility to share their success. The Epic Sharing Pledge is one of the several solutions offered by Epic and actively embraced by corporations of all sizes.”
The Epic Sharing Pledge addresses the growing importance of social responsibility, as a human resource advantage. For instance, the 18-35-year-old will represent over half of the global workforce in 3 years, and 63% of them expect their employer to contribute to social or ethical causes, according to LifeCourse Research on the Workforce. In that framework, playing a social role is becoming a priority for companies if they want to keep hiring and retaining that generation. The Epic Sharing Pledge is an effective answer to the aspirations of the ongoing Millennials' quest for purpose.