Lehman Brothers is proud to be the first Corporate Steward in Acumen Fund's initial capital campaign. We look forward to seeing this funding further Acumen's mission of providing critical goods and services to the millions of people in India and East Africa who are living in poverty
New York, NY (PRWEB) February 20, 2008
Acumen Fund, a nonprofit venture philanthropy fund addressing poverty in South Asia and Africa, announced today that it is the recipient of a $5 million gift from global investment bank Lehman Brothers. The gift, which makes Lehman Brothers the first Corporate Steward in Acumen Fund's initial $100 million capital campaign, will support Acumen's work in India and East Africa.
"Acumen Fund is privileged to receive this generous gift from Lehman Brothers. Wall Street has supported the development of emerging markets and Lehman Brothers' leadership in giving back - not just charity but in a way that helps low-income people really succeed - serves as a role model that is especially inspiring. We are excited to welcome Lehman Brothers into the Acumen community," said Acumen Fund CEO Jacqueline Novogratz. "These new resources will support our efforts to combine philanthropic capital with business acumen to create thriving enterprises that serve low-income people."
"Lehman Brothers is proud to be the first Corporate Steward in Acumen Fund's initial capital campaign. We look forward to seeing this funding further Acumen's mission of providing critical goods and services to the millions of people in India and East Africa who are living in poverty," said Joe Gregory, President and Chief Operating Officer of Lehman Brothers.
Investing in and working with pioneering entrepreneurs around the globe, Acumen has already impacted the lives of more than 13 million people and has helped create more than 20,000 jobs. For example, Acumen's investment in Water Health International (WHI) in India helps provide safe drinking water to more than 250,000 Indian villagers in 100 villages. This investment has contributed to the creation of a sustainable business model to provide affordable drinking water to rural areas across the globe.
Acumen Fund's focus extends to building the knowledge and nurturing the entrepreneurial talent necessary to accelerate the creation of viable markets for the poor. One of Acumen Fund's central objectives is to prove by example that market-based approaches can play a significant role in unleashing the economic and social potential of people living in poverty. To this end, Acumen Fund has begun to build a robust, open-source library of data, publications and research, as well as standardized tools and metrics, for the social entrepreneurship sector. As part of this effort, Acumen recently unveiled a new website, http://www.acumenfund.org, which will enable it to more effectively share information about its investments and the results seen in the field.
"Market-based approaches that support sustainable businesses with the potential to grow can empower people living in poverty long after charitable dollars run out," said Novogratz. "We intend to help create a future where every person on earth has access to the goods and services they need to make their own choices and decisions."
About Acumen Fund
Acumen Fund is a nonprofit venture fund that invests in market-oriented approaches for delivering critical, affordable goods and services to the world's poor. Acumen Fund's efforts focus on the convergence of philanthropic capital and business expertise to produce sustainable, scalable enterprises that reach underserved markets and open access to the opportunities of the global economy. For more information on Acumen Fund's activities and investments, visit http://www.acumenfund.org.
About Lehman Brothers
Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high net worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world. For further information about Lehman Brothers' services, products and recruitment opportunities, visit the Firm's Web site at http://www.lehman.com.
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