|
|
Article: The low-key rise of the smart-trousered philanthropist Private equity firms, often reviled for being greedy and chasing their own profits at the expense of others, are quietly working to give something back by donating money and expertise to charities, report Iain Dey and Sylvia Pfeifer
- Article from:
- The Sunday Telegraph London
- Article date:
- October 22, 2006
- Author:
CopyrightCopyright 2006 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
|
THE WORLD of private equity is usually associated with naked self-
interest, where greed is good and the bottom line is paramount.
Critics have accused the industry of buying blue-chip British
companies on the cheap and then re-selling them to the public
markets at inflated prices. In Germany, that would count as polite
criticism: there, politicians have branded the industry "locusts''.
But now increasing numbers of private equity groups are quietly
working to give something back to the community. Charitable projects
backed by private equity money are popping up everywhere.
These days the cheques are no longer just being signed by the
individuals who have been made wealthy from the boom ...