A very expensive car wash

Trustees at the Private Equity Foundation will have to roll up their sleeves for one charity promotion.

Say what you like about private equity types – and politicians generally do, if they think there might be a few votes in it for them – but they can be incredibly generous in the philanthropic stakes. First Round is proud to report that at a recent fundraising dinner hosted by the Private Equity Foundation (which, if you’re not familiar with it, is an industry-backed charity that focuses on impact investing), the assembled throng managed to raise over £1 million in a single night. And they say it’s a tricky fundraising environment…

It must be said, though, that the extent of this largesse becomes more understandable when you look at the marvellous prizes on offer in the charity auction that accounted for a chunk of the night’s proceeds. 

For instance, one deep-pocketed bidder paid £8,000 for the privilege of having one of the charity’s trustees wash his car for the next year. That’s surely a small price to pay to be able to look out of your window on a Sunday morning and see buyout behemoths like KKR’s Johannes Huth, Permira’s Carl Parker and Blackstone’s Joe Barratta on their knees in your driveway with a chamois leather.