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{{Other people|Ronald Cohen}}
'''Sir Ronald Cohen''' is an ]ian-born Jewish-British businessman and substantial donor to the ]. A director of the ], former president of the ] and the "bankroller" of ]'s leadership bid, he was involved in the "]" ] of ] ], in which it was revealed he had made a very large non-declared loan to Labour at the solicitation of ]. Formerly he had supported the Liberal party, standing as its parliamentary candidate in ] in ] and as its European candidate in ] in ].
{{POV|date=November 2015}}
{{EngvarB|date=August 2014}}
{{Use dmy dates|date=August 2014}}
{{Infobox person
|name = Sir Ronald Cohen
|image = Ronald Cohen at Social Capital Markets.jpg
|image_size =
|caption = Cohen in 2014
|birth_name = Ronald Mourad Cohen
|birth_date = {{birth date and age|1945|08|01|df=yes}}
|birth_place = Egypt
|death_date =
|death_place =
|nationality = British
|education = ]<br> ]
|occupation = Venture capitalist
|known_for =
|title = Chairman, ] and ]
|boards =
|spouse = Carol Belmont (divorced)<br> Claire Enders (divorced)<br> Sharon Harel
|children = 2
|parents =
|website =
|relations = ] (father-in-law)
}}


'''Sir Ronald Mourad Cohen''' (born 1 August 1945) is an Egyptian-born British businessman and political figure. He is the chairman of ] and ].<ref name="KFSRC">Klion Forum with Sir Ronald Cohen: "Why Do We Need Social Capital Markets?", Columbia Business School, </ref> He has been described as "the father of British ]"<ref name=Tycoon>, '']'', 16 January 2005. Accessed 22 March 2006</ref> and "the father of ]".<ref>{{cite web |url=http://www.socialenterpriselive.com/section/news/money/20101116/good-deals-10-bond-and-bank-are-vital-sector%E2%80%99s-growth-says-cohen |title=Good Deals 10: Bond and bank are vital to sector's growth, says Cohen &#124; Social Enterprise |publisher=Socialenterpriselive.com |date=2010-11-16 |accessdate=2015-11-05 |archive-url=https://web.archive.org/web/20101218212341/http://socialenterpriselive.com/section/news/money/20101116/good-deals-10-bond-and-bank-are-vital-sector%E2%80%99s-growth-says-cohen |archive-date=18 December 2010 |url-status=dead |df=dmy-all }}</ref><ref>{{cite news|last1=Gianasso|first1=Alexandre|title=An interview with Sir Ronald Cohen, the father of Venture Capital in the UK|url=http://affairstoday.co.uk/ronald-cohen/|work=Affairs Today|date=9 October 2014|url-status=dead|archiveurl=https://web.archive.org/web/20150514040307/http://affairstoday.co.uk/ronald-cohen/|archivedate=14 May 2015|df=dmy-all}}</ref><ref name=KFSRC/>
==External link==


==Early life==
* -- Sir Ronald profiled in '']''
Cohen was born in Egypt on 1 August 1945, to a ] banker, Michael Mourad Cohen,<ref name=Observer>{{cite news|last1=Mathiason|first1=Nick|title=The high priest of money-making|url=http://observer.theguardian.com/7days/story/0,,2204868,00.html|accessdate=5 November 2015|work=The Observer|date=4 November 2007}}</ref> and a British mother, Sonia Douek, also of Syrian-Jewish origin.<ref>{{Cite web |title=The high priest of money-making {{!}} 7 Days {{!}} The Observer |url=https://www.theguardian.com/observer/7days/story/0,,2204868,00.html |access-date=2023-12-10 |website=www.theguardian.com}}</ref><ref>{{Cite web |date=2006-01-01 |title=Sir Ronald M. Cohen, MBA 1969 |url=https://www.alumni.hbs.edu/stories/Pages/story-bulletin.aspx?num=2002 |access-date=2023-12-10 |website=Harvard Business School Alumni |language=en}}</ref><ref>{{Cite web |title=Lunch with the FT: Sir Ronald Cohen |url=https://www.ft.com/content/9ea04a74-05cd-11dd-a9e0-0000779fd2ac |access-date=2023-12-10 |website=www.ft.com}}</ref> In 1957, following the ], Cohen's family was forced to abandon all their assets and flee Egyptian President ]'s ].<ref name="Midas">, '']'', 23 January 2005. Accessed 22 March 2006.</ref> The family (including younger brother Andre) moved to England. His father started his own import/export business, but having arrived with just £10, life was a struggle.<ref name=Observer />


Though initially speaking only a few words of English, Cohen went to Orange Hill grammar school in ], now part of ] where despite describing it as "a school of very doubtful reputation"<ref> {{webarchive|url=https://web.archive.org/web/20120207062050/http://www.davidrowan.com/2007/10/interview-sir-ronald-cohen-jewish.html|date=7 February 2012}}</ref> he excelled.
]


Cohen won a scholarship to ], where he became President of the ], and earned a degree in ] at ]. He subsequently attended ], where he was a member of the ].
{{business-stub}}

==Career==
After leaving Harvard Business School, Cohen worked as a management consultant for ] in the UK and Italy. In 1972, along with two former business school colleagues as partners, he founded ], one of Britain's first ] firms. The company grew slowly at first, but expanded rapidly in the 1990s, becoming Britain's largest venture capital firm, and "one of three truly global venture capital firms".<ref name=Midas/> Apax provided startup capital for over 500 companies, and provided money for many others, including ], ], ], and PPL Therapeutics, the company that ]d ]. In 1996 Cohen helped establish ], a technology focused ] intended to be the European counterpart to the American ]. He is the recipient of a Jubilee Award for services to Israeli business, awarded by ] and the BVCA's Lifetime Achievement Award. He is a member of the ] and is also a fellow of ].

In 2002, alongside ], he was the inaugural inductee into the Private Equity Hall of Fame, at the British Venture Capital Association and Real Deals' Private Equity Awards.<ref> {{webarchive|url=https://web.archive.org/web/20090106034515/http://www.realdeals.eu.com/EventSites/Private-Equity-Awards/archive/halloffame.htm|date=6 January 2009}}</ref>

===Social investment===
In 2000, at the invitation of the ] he became Chairman of the Social Investment Task Force (SITF). The remit of the SITF was "to set out how entrepreneurial practices could be applied to obtain higher social and financial returns from social investment, to harness new talents and skills, to address economic regeneration and to unleash new sources of private and institutional investment".<ref>{{cite web |url=http://www.socialinvestmenttaskforce.org |title=Social Investment Task Force |publisher=Social Investment Task Force |accessdate=2015-11-05 |archive-url=https://web.archive.org/web/20100829123716/http://www.socialinvestmenttaskforce.org/ |archive-date=29 August 2010 |url-status=dead |df=dmy-all }}</ref> The SITF made several recommendations to Government, including that it: (1) introduce Community Investment Tax Relief (CITR); (2) match finance to help set up the first community development venture capital fund; (3) encourage banks to disclose more of their lending activities; (4) to support legislative and regulatory changes to provide greater latitude and encouragement for charitable trusts and foundations to invest in community development finance; and (5) to create the Community Development Finance Association (cdfa) to provide support for community development finance institutions (CDFIs).<ref>{{cite web|url=http://www.socialinvestmenttaskforce.org/downloads/SITF_Oct_2000.pdf|title=ENTERPRISING COMMUNITIES: WEALTH BEYOND WELFARE|publisher=Socialinvestmenttaskforce.org|accessdate=2015-11-05|url-status=dead|archiveurl=https://web.archive.org/web/20150320131714/http://socialinvestmenttaskforce.org/downloads/SITF_Oct_2000.pdf|archivedate=20 March 2015|df=dmy-all}}</ref>

In 2002, he co-founded and became chairman of Bridges Ventures, an innovative ] investor that delivers both financial returns and social and environmental benefits.<ref>{{cite web|url=http://www.bridgesventures.com/ |title=Home |publisher=Bridges Ventures |date= |accessdate=2015-11-05}}</ref> Bridges Ventures has raised eight successful funds to date: Bridges Sustainable Growth Funds I, II and III, the Bridges Sustainable Property Fund, the CarePlaces Fund, Bridges Property Alternatives III, the Bridges Social Entrepreneurs Fund, and the Bridges Social Impact Bond Fund.<ref>{{cite web |url=http://www.bridgesventures.com/about-us |title=About Us |publisher=Bridges Ventures |accessdate=2015-11-05 |url-status=dead |archiveurl=https://web.archive.org/web/20151030042343/http://bridgesventures.com/about-us/ |archivedate=30 October 2015 |df=dmy-all }}</ref> The organisation currently has almost £600 million under management.<ref>{{cite web |url=http://www.bridgesventures.com/our-funds |title=Our Funds |publisher=Bridges Ventures |accessdate=2015-11-05 |url-status=dead |archiveurl=https://web.archive.org/web/20151108002705/http://bridgesventures.com/our-funds/ |archivedate=8 November 2015 |df=dmy-all }}</ref> The portfolio includes a number of businesses who invest in regeneration areas or have a sustainable business model. Bridges Ventures has had several successful exits to date, including The Gym Group, The Office, Simply Switch, HS Atec and Harlands of Hull.<ref> {{webarchive|url=https://web.archive.org/web/20140602112918/http://www.bridgesventures.com/node/177#hsatec|date=2 June 2014}}</ref>

In 2003, Cohen co-founded the ] with ], co-founder and former chairman and CEO of ]. The aim of Portland Trust is to help develop the Palestinian private sector and relieve poverty through entrepreneurship in Israel. Portland Trust is involved in a number of important initiatives, including the development of financial and economic infrastructure, housing, trade, investment, and entrepreneurship.<ref> {{webarchive|url=https://web.archive.org/web/20110317033715/http://www.portlandtrust.org/about_us.html|date=17 March 2011}}</ref> The Portland Trust has offices in London, Tel Aviv and Ramallah.

In 2005, Cohen chaired the Commission on Unclaimed Assets.<ref>{{dead link|date=November 2015}}p</ref> which looked into how unclaimed funds from dormant bank accounts could be used to benefit the public. The final recommendation of the Commission was that a ] be created to help finance charitable and voluntary projects by providing seed capital and loan guarantees.<ref>{{cite web|url=http://www.ft.com/cms/s/0/4317917c-1050-11db-8f6f-0000779e2340.html#axzz1DTITIlnm |archive-date=6 May 2015 |archive-url=https://archive.today/20150506205728/http://www.ft.com/cms/s/0/4317917c-1050-11db-8f6f-0000779e2340.html%23axzz1DTITIlnm |title=Charity plan for dormant bank funds |url-status=dead|accessdate=9 February 2011 }}</ref>

In 2007 he co-founded and became a non-executive director of ], a London-based advisory organisation that has worked to create a social investment market in the UK. The organisation provides access to capital, designs social finance interventions and offers advice to investors and social sector entities interested in delivering significant social impact.<ref>{{cite web|url=http://www.socialfinance.org.uk |title=We partner with government, social sector and the financial community to find better solutions to society's most difficult problems. |publisher=Socialfinance.org.uk |date= |accessdate=2015-11-05}}</ref> It has developed the ] which is a financial instrument that is an outcomes-based contract in which public sector commissioners commit to pay for significant improvement in social outcomes for a defined population.<ref>{{cite web |url=http://www.socialfinance.org.uk/work/sibs |title=A SIB is a financial mechanism in which investors pay for a set of interventions to improve a social outcome that is of social and/or financial interest to a government commissioner. |publisher=Socialfinance.org.uk |accessdate=2015-11-05 |archive-url=https://web.archive.org/web/20110203010134/http://www.socialfinance.org.uk/work/sibs |archive-date=3 February 2011 |url-status=dead |df=dmy-all }}</ref> Social Finance set up a pilot social impact bond with the ] (MoJ) in September 2010 to reduce re-offending amongst male prisoners leaving HMP Peterborough who have served a sentence of less than 12 months. During the Peterborough Prison pilot, experienced social sector organisations, such as St. Giles Trust and the ], provided intensive support to 3,000 short-term prisoners over a six-year period, both inside prison and after release, to help them resettle into the community. In July 2017, the success of the Peterborough Social Impact Bond was announced. The results showed reoffending of short-sentenced offenders reduced by 9% overall compared to a national control group. This exceeded the target of 7.5% set by the Ministry of Justice. As a result, the 17 investors in the Peterborough Social Impact Bond receive a single payment representing their initial capital plus an amount that will represent a return of just over 3% per annum for the period of investment.<ref> {{webarchive|url=https://web.archive.org/web/20140716060754/http://www.socialfinance.org.uk/work/sibs/criminaljustice|date=16 July 2014}}</ref> Cohen is also a member of the board of directors for Social Finance UK's sister organisation in the United States, ].

In 2010, Cohen chaired a review of the work of the SITF in 2010 and published a report titled '']'' which assess the changes that had happened over the last decade in the area of social investment. The report found that there are three specific initiatives that will help define the future of the social investment market in the UK: (1) establishing the infrastructure necessary to create a dynamic market in social investment through initiatives such as the Social Investment Bank; (2) creating new tools to deliver social change through financial instruments such as the ]; (3) engaging the financial sector to invest in disadvantaged areas through the ].<ref>{{cite web |url=http://www.socialenterpriselive.com/section/news/money/20100419/cohen%E2%80%99s-social-investment-task-force-bows-out |title=Cohen's Social Investment Task Force bows out &#124; Social Enterprise |publisher=Socialenterpriselive.com |date=2010-04-19 |accessdate=2015-11-05 |archive-url=https://web.archive.org/web/20110716101402/http://www.socialenterpriselive.com/section/news/money/20100419/cohen%E2%80%99s-social-investment-task-force-bows-out |archive-date=16 July 2011 |url-status=dead |df=dmy-all }}</ref>

===Big Society Capital===
{{main|Big Society Capital}}
Since its official launch in July 2011, Sir Ronald Cohen has been the Chairman of ], Britain's first social investment bank. The role of the BSC is to help speed up the growth of the social investment market, so that socially orientated financial organisations will have greater access to affordable capital, using an estimated £400million in unclaimed assets left dormant in bank accounts for over 15 years and £200million from the UK's largest high street banks.<ref name="cabinetoffice.gov.uk">{{cite web|url=http://www.cabinetoffice.gov.uk/news/big-society-bank-launched |title=Big Society Bank launched - Press releases - GOV.UK |publisher=Cabinetoffice.gov.uk |date=2011-07-29 |accessdate=2015-11-05}}</ref> Its first £1 million investment from dormant accounts has gone to the Private Equity Foundation, an organisation whose mission it is to support disadvantaged young people into employment, education or training.<ref name="cabinetoffice.gov.uk"/>

===Charity===
In January 2005, Cohen was appointed a trustee of the ].
Cohen is a member of the executive committee of the ].

===Controversies===
Cohen was chairman of Apax at the time of the Apax-owned ] in 2000 which left 544 workers, many of them long service, without any pension. Collapse followed demerger from USM-Texon and asset transfer between the companies. Pension funds were transferred to the new BUSM scheme two weeks before receivership, and 4 days before a new revaluation was due.<ref>{{cite web|url=https://www.telegraph.co.uk/finance/personalfinance/2915863/Another-pensions-problem-for-the-Government.html|author=Pam Atherton|date=18 May 2005|accessdate=20 February 2008|title=Another pensions problem for the Government|publisher=Sunday Telegraph}}</ref>
MPs ], ] and ] all called for a proper enquiry, Garnier citing the "mysterious circumstances" under which the pensions "disappeared",<ref>{{cite web|url=https://publications.parliament.uk/pa/cm200506/cmhansrd/vo050718/debtext/50718-04.htm#50718-04_spnew16|title=Stakeholder Pensions|publisher=Hansard|date=25 July 2005|accessdate=24 February 2010}}</ref> whilst Hewitt said "it is clearly important that such serious allegations are properly investigated."<ref>{{citation|author=Patricia Hewitt MP|date=21 June 2005|title=Letter to Alan Johnson MP Ref CARL002/050826}}</ref> No new investigation took place, leading Kumar to say "I think these people need flogging. I feel so angry on behalf of decent upright citizens robbed of their basic human rights. ... These are greedy, selfish capitalists who live on the backs of others."<ref name=nick>{{cite web|url=https://www.theguardian.com/business/2007/jun/10/privateequity.statepensions|author=Nick Mathiason|title=Private equity stole our pensions|publisher=Observer Newspapers|date=10 June 2007|accessdate=28 February 2010}}</ref>

In 2007, the ] blamed private equity firms for the collapse of 96 pension funds and linked Cohen with losses totalling £81m at ], British United Shoe Machinery and USM Texon.<ref>{{cite news|url=https://www.theguardian.com/business/2007/jun/04/occupationalpensions.politics|title=Union seeks tax on private equity to refund pension losses|author=David Hencke|work=Guardian newspapers|date=4 June 2004|accessdate=4 September 2015}}</ref>

==Politics==
In 1974 Cohen stood as the parliamentary candidate for the ] in ], and in 1979 he stood as its ] in London West.{{citation needed|date=June 2024}}

In 1996 Cohen switched allegiance to the ], becoming a supporter of ]. In 2001, he was one of Labour's top 50 donors, giving £100,000 to its head office.<ref>{{cite web | url= https://www.theguardian.com/politics/funding/table/0,11893,714963,00.html | title=Top 50 donations to Labour in 2001 | work=The Guardian | access-date=29 June 2024}}</ref> In 2004, he was Labour's fourth largest financial supporter, after ], Sir ] and ].{{citation needed|date=June 2024}}

In November 2011 he was financially linked with a new "non-political" movement in Israel, the sole goal of which is to change the country's electoral system.<ref>{{cite web |url=http://www.nrg.co.il/Scripts/artPrint/artPrintNew.php?channel=1&channelName=channel_news&ts=14042008120049 |title=הדפסה |publisher=nrg |accessdate=2015-11-05 |archive-url=https://web.archive.org/web/20091226150620/http://www.nrg.co.il/Scripts/artPrint/artPrintNew.php?channel=1&channelName=channel_news&ts=14042008120049 |archive-date=26 December 2009 |url-status=dead |df=dmy-all }}</ref>

==Personal==
In 1972 Cohen married Carol Belmont; they divorced in 1975. In 1983 he married a second time, to Claire Enders; they divorced in 1986. Cohen married his third wife in 1987, Sharon Harel, daughter of ], the commander of the Holocaust survivors' ship ]. They have two children and live in London.

==Bibliography==
* ]
**{{cite book
| last = Cohen
| first = Ronald
| title = The Second Bounce of the Ball: Turning Risk into Opportunity
| publisher = Weidefeld & Nicolson
| date = November 2007
| location = London
| pages =
| url = https://archive.org/details/secondbounceofba0000cohe
| doi =
| id =
| isbn = 978-0-297-85148-6
| url-access = registration
}}

==References==
{{Reflist|colwidth=30em}}

==External links==
{{Wikiquote}}
*{{cite web|title=Ronald Cohen's website|url=http://www.ronaldcohen.org}}
*{{cite web|title=Sense of venture: Growing Business meets Ronald Cohen|url=http://startups.co.uk/apax-partners-sir-ronald-cohen/}}

{{Private equity investors}}

{{Authority control}}

{{DEFAULTSORT:Cohen, Ronald Mourad}}
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Latest revision as of 00:47, 23 December 2024

For other people named Ronald Cohen, see Ronald Cohen (disambiguation).
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Sir Ronald Cohen
Cohen in 2014
BornRonald Mourad Cohen
(1945-08-01) 1 August 1945 (age 79)
Egypt
NationalityBritish
EducationOxford University
Harvard Business School
OccupationVenture capitalist
TitleChairman, The Portland Trust and Bridges Ventures
Spouse(s)Carol Belmont (divorced)
Claire Enders (divorced)
Sharon Harel
Children2
RelativesYossi Harel (father-in-law)

Sir Ronald Mourad Cohen (born 1 August 1945) is an Egyptian-born British businessman and political figure. He is the chairman of The Portland Trust and Bridges Ventures. He has been described as "the father of British venture capital" and "the father of social investment".

Early life

Cohen was born in Egypt on 1 August 1945, to a Syrian-Jewish banker, Michael Mourad Cohen, and a British mother, Sonia Douek, also of Syrian-Jewish origin. In 1957, following the Suez Crisis, Cohen's family was forced to abandon all their assets and flee Egyptian President Nassar's persecution of Jews. The family (including younger brother Andre) moved to England. His father started his own import/export business, but having arrived with just £10, life was a struggle.

Though initially speaking only a few words of English, Cohen went to Orange Hill grammar school in North London, now part of Mill Hill County High School where despite describing it as "a school of very doubtful reputation" he excelled.

Cohen won a scholarship to Oxford University, where he became President of the Oxford Union, and earned a degree in Philosophy, Politics, and Economics at Exeter College. He subsequently attended Harvard Business School, where he was a member of the Harvard Business School Rugby Club.

Career

After leaving Harvard Business School, Cohen worked as a management consultant for McKinsey & Company in the UK and Italy. In 1972, along with two former business school colleagues as partners, he founded Apax Partners, one of Britain's first venture capital firms. The company grew slowly at first, but expanded rapidly in the 1990s, becoming Britain's largest venture capital firm, and "one of three truly global venture capital firms". Apax provided startup capital for over 500 companies, and provided money for many others, including AOL, Virgin Radio, Waterstone's, and PPL Therapeutics, the company that cloned Dolly the sheep. In 1996 Cohen helped establish Easdaq, a technology focused stock exchange intended to be the European counterpart to the American NASDAQ. He is the recipient of a Jubilee Award for services to Israeli business, awarded by Benjamin Netanyahu and the BVCA's Lifetime Achievement Award. He is a member of the Harvard Board of Overseers and is also a fellow of Exeter College, Oxford.

In 2002, alongside Jon Moulton, he was the inaugural inductee into the Private Equity Hall of Fame, at the British Venture Capital Association and Real Deals' Private Equity Awards.

Social investment

In 2000, at the invitation of the Treasury he became Chairman of the Social Investment Task Force (SITF). The remit of the SITF was "to set out how entrepreneurial practices could be applied to obtain higher social and financial returns from social investment, to harness new talents and skills, to address economic regeneration and to unleash new sources of private and institutional investment". The SITF made several recommendations to Government, including that it: (1) introduce Community Investment Tax Relief (CITR); (2) match finance to help set up the first community development venture capital fund; (3) encourage banks to disclose more of their lending activities; (4) to support legislative and regulatory changes to provide greater latitude and encouragement for charitable trusts and foundations to invest in community development finance; and (5) to create the Community Development Finance Association (cdfa) to provide support for community development finance institutions (CDFIs).

In 2002, he co-founded and became chairman of Bridges Ventures, an innovative sustainable growth investor that delivers both financial returns and social and environmental benefits. Bridges Ventures has raised eight successful funds to date: Bridges Sustainable Growth Funds I, II and III, the Bridges Sustainable Property Fund, the CarePlaces Fund, Bridges Property Alternatives III, the Bridges Social Entrepreneurs Fund, and the Bridges Social Impact Bond Fund. The organisation currently has almost £600 million under management. The portfolio includes a number of businesses who invest in regeneration areas or have a sustainable business model. Bridges Ventures has had several successful exits to date, including The Gym Group, The Office, Simply Switch, HS Atec and Harlands of Hull.

In 2003, Cohen co-founded the Portland Trust with Sir Harry Solomon, co-founder and former chairman and CEO of Hillsdown Holdings. The aim of Portland Trust is to help develop the Palestinian private sector and relieve poverty through entrepreneurship in Israel. Portland Trust is involved in a number of important initiatives, including the development of financial and economic infrastructure, housing, trade, investment, and entrepreneurship. The Portland Trust has offices in London, Tel Aviv and Ramallah.

In 2005, Cohen chaired the Commission on Unclaimed Assets. which looked into how unclaimed funds from dormant bank accounts could be used to benefit the public. The final recommendation of the Commission was that a Social Investment Wholesale Bank be created to help finance charitable and voluntary projects by providing seed capital and loan guarantees.

In 2007 he co-founded and became a non-executive director of Social Finance UK, a London-based advisory organisation that has worked to create a social investment market in the UK. The organisation provides access to capital, designs social finance interventions and offers advice to investors and social sector entities interested in delivering significant social impact. It has developed the social impact bond which is a financial instrument that is an outcomes-based contract in which public sector commissioners commit to pay for significant improvement in social outcomes for a defined population. Social Finance set up a pilot social impact bond with the Ministry of Justice (MoJ) in September 2010 to reduce re-offending amongst male prisoners leaving HMP Peterborough who have served a sentence of less than 12 months. During the Peterborough Prison pilot, experienced social sector organisations, such as St. Giles Trust and the Ormiston Children and Families Trust, provided intensive support to 3,000 short-term prisoners over a six-year period, both inside prison and after release, to help them resettle into the community. In July 2017, the success of the Peterborough Social Impact Bond was announced. The results showed reoffending of short-sentenced offenders reduced by 9% overall compared to a national control group. This exceeded the target of 7.5% set by the Ministry of Justice. As a result, the 17 investors in the Peterborough Social Impact Bond receive a single payment representing their initial capital plus an amount that will represent a return of just over 3% per annum for the period of investment. Cohen is also a member of the board of directors for Social Finance UK's sister organisation in the United States, Social Finance US.

In 2010, Cohen chaired a review of the work of the SITF in 2010 and published a report titled Social Investment: Ten Years On which assess the changes that had happened over the last decade in the area of social investment. The report found that there are three specific initiatives that will help define the future of the social investment market in the UK: (1) establishing the infrastructure necessary to create a dynamic market in social investment through initiatives such as the Social Investment Bank; (2) creating new tools to deliver social change through financial instruments such as the social impact bond; (3) engaging the financial sector to invest in disadvantaged areas through the Community Reinvestment Act.

Big Society Capital

Main article: Big Society Capital

Since its official launch in July 2011, Sir Ronald Cohen has been the Chairman of Big Society Capital, Britain's first social investment bank. The role of the BSC is to help speed up the growth of the social investment market, so that socially orientated financial organisations will have greater access to affordable capital, using an estimated £400million in unclaimed assets left dormant in bank accounts for over 15 years and £200million from the UK's largest high street banks. Its first £1 million investment from dormant accounts has gone to the Private Equity Foundation, an organisation whose mission it is to support disadvantaged young people into employment, education or training.

Charity

In January 2005, Cohen was appointed a trustee of the British Museum. Cohen is a member of the executive committee of the International Institute of Strategic Studies.

Controversies

Cohen was chairman of Apax at the time of the Apax-owned British United Shoe Machinery pension collapse in 2000 which left 544 workers, many of them long service, without any pension. Collapse followed demerger from USM-Texon and asset transfer between the companies. Pension funds were transferred to the new BUSM scheme two weeks before receivership, and 4 days before a new revaluation was due. MPs Edward Garnier, Patricia Hewitt and Ashok Kumar all called for a proper enquiry, Garnier citing the "mysterious circumstances" under which the pensions "disappeared", whilst Hewitt said "it is clearly important that such serious allegations are properly investigated." No new investigation took place, leading Kumar to say "I think these people need flogging. I feel so angry on behalf of decent upright citizens robbed of their basic human rights. ... These are greedy, selfish capitalists who live on the backs of others."

In 2007, the GMB (trade union) blamed private equity firms for the collapse of 96 pension funds and linked Cohen with losses totalling £81m at Dexion, British United Shoe Machinery and USM Texon.

Politics

In 1974 Cohen stood as the parliamentary candidate for the Liberal Party in Kensington North, and in 1979 he stood as its European candidate in London West.

In 1996 Cohen switched allegiance to the Labour Party, becoming a supporter of Tony Blair. In 2001, he was one of Labour's top 50 donors, giving £100,000 to its head office. In 2004, he was Labour's fourth largest financial supporter, after Lord Sainsbury, Sir Christopher Ondaatje and Lord Hamlyn.

In November 2011 he was financially linked with a new "non-political" movement in Israel, the sole goal of which is to change the country's electoral system.

Personal

In 1972 Cohen married Carol Belmont; they divorced in 1975. In 1983 he married a second time, to Claire Enders; they divorced in 1986. Cohen married his third wife in 1987, Sharon Harel, daughter of Yossi Harel, the commander of the Holocaust survivors' ship Exodus. They have two children and live in London.

Bibliography

References

  1. ^ Klion Forum with Sir Ronald Cohen: "Why Do We Need Social Capital Markets?", Columbia Business School,
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