Ronald Cohen
Encyclopedia
Sir Ronald Cohen is an Egypt
ian-born British
businessman and political figure, known as "the father of British venture capital
" and "the father of social investment".
, originally from Aleppo
, Syria
, though his mother, Sonia Douek, is English by nationality. 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
. 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
.
in the United Kingdom
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 Europe
an 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.
in Kensington North, and in 1979 he stood as its European candidate
in London West.
In 1996 he switched allegiance to the Labour Party
, becoming a supporter of Tony Blair
. In 2004, Cohen was the Labour Party'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.
, the commander of the Holocaust survivors' ship Exodus
. Sharon is a film producer, her credits include Gosford Park
. They have two children Tamara and Jonathan, and live in London.
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 four successful funds to date: Bridges Ventures Funds I and II, the Bridges Sustainable Property Fund and the Bridges Social Entrepreneurs Fund. The organisation currently has £150million 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 Office, Simply Switch, HS Atec and Harlands of Hull.
In 2003, Sir Ronald 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, Sir Ronald 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 the funds should be used to a social investment 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
, a London-based advisory 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 has 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, will provide 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. If this initiative reduces re-offending by 7.5%, or more, investors will receive from Government a share of the long term savings. If the SIB delivers a drop in re-offending beyond the threshold, investors will receive an increasing return the greater the success at achieving the social outcome, up to a maximum of 13%.
In 2010, Sir Ronald 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 iniatives 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
.
of the British Museum
.
Cohen is a member of the executive committee of the International Institute of Strategic Studies.
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 needed 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."
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
ian-born British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
businessman and political figure, known as "the father of British venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
" and "the father of social investment".
Early life
Cohen was born in Egypt; his family are Sephardi JewsSephardi Jews
Sephardi Jews is a general term referring to the descendants of the Jews who lived in the Iberian Peninsula before their expulsion in the Spanish Inquisition. It can also refer to those who use a Sephardic style of liturgy or would otherwise define themselves in terms of the Jewish customs and...
, originally from Aleppo
Aleppo
Aleppo is the largest city in Syria and the capital of Aleppo Governorate, the most populous Syrian governorate. With an official population of 2,301,570 , expanding to over 2.5 million in the metropolitan area, it is also one of the largest cities in the Levant...
, Syria
Syria
Syria , officially the Syrian Arab Republic , is a country in Western Asia, bordering Lebanon and the Mediterranean Sea to the West, Turkey to the north, Iraq to the east, Jordan to the south, and Israel to the southwest....
, though his mother, Sonia Douek, is English by nationality. In 1957, following the Suez Crisis
Suez Crisis
The Suez Crisis, also referred to as the Tripartite Aggression, Suez War was an offensive war fought by France, the United Kingdom, and Israel against Egypt beginning on 29 October 1956. Less than a day after Israel invaded Egypt, Britain and France issued a joint ultimatum to Egypt and Israel,...
, Cohen's family was forced to abandon all their assets and flee Egyptian President Nassar
Gamal Abdel Nasser
Gamal Abdel Nasser Hussein was the second President of Egypt from 1956 until his death. A colonel in the Egyptian army, Nasser led the Egyptian Revolution of 1952 along with Muhammad Naguib, the first president, which overthrew the monarchy of Egypt and Sudan, and heralded a new period of...
's persecution of Jews. The family (including younger brother Andre) moved to England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
. Though initially speaking only a few words of English
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
, Cohen went to Orange Hill grammar school in North London
North London
North London is the northern part of London, England. It is an imprecise description and the area it covers is defined differently for a range of purposes. Common to these definitions is that it includes districts located north of the River Thames and is used in comparison with South...
, now part of Mill Hill County High School
Mill Hill County High School
Mill Hill County High School is a large secondary school located in Mill Hill, London, England.-Admissions:It is for students aged 11 to 18. The school has 1,700 pupils as of 2009. The current headmaster of the school is Geoffrey Thompson....
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
Oxford Union
The Oxford Union Society, commonly referred to simply as the Oxford Union, is a debating society in the city of Oxford, Britain, whose membership is drawn primarily but not exclusively from the University of Oxford...
, and earned a degree in Philosophy, Politics, and Economics
Philosophy, Politics, and Economics
Philosophy, politics, and economics is a popular interdisciplinary undergraduate/graduate degree which combines study from the three disciplines...
at Exeter College
Exeter College, Oxford
Exeter College is one of the constituent colleges of the University of Oxford in England and the fourth oldest college of the University. The main entrance is on the east side of Turl Street...
. He subsequently attended Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
, where he was a member of the Harvard Business School Rugby Club
Harvard Business School RFC
The Harvard Business School RFC is a rugby union team based at Harvard Business School in Boston, Massachusetts. The club competes in the New England Rugby Football Union and is composed of graduate students from throughout Harvard University.-History:...
.
Business career
After leaving Harvard Business School, Cohen worked as a management consultant for McKinsey & CompanyMcKinsey & Company
McKinsey & Company, Inc. is a global management consulting firm that focuses on solving issues of concern to senior management. McKinsey serves as an adviser to many businesses, governments, and institutions...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
. In 1972, along with two former business school colleagues as partners, he founded Apax Partners
Apax Partners
Apax Partners LLP is a global private equity and venture capital firm, headquartered in London. The company also operates out of eight other offices in New York, Hong Kong, Mumbai, Tel-Aviv, Madrid, Stockholm, Milan and Munich. The firm, including its various predecessors, have raised...
, one of Britain's first venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
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
AOL
AOL Inc. is an American global Internet services and media company. AOL is headquartered at 770 Broadway in New York. Founded in 1983 as Control Video Corporation, it has franchised its services to companies in several nations around the world or set up international versions of its services...
, Virgin Radio
Virgin Radio
Absolute Radio is one of the UK's three Independent National Radio stations. The station rebranded to its current name at 7.45am on 29 September 2008.The station is based in London and plays popular rock music...
, Waterstone's
Waterstone's
Waterstone's is a British book specialist established in 1982 by Tim Waterstone that employs around 4,500 staff throughout the United Kingdom and Europe....
, and PPL Therapeutics, the company that cloned Dolly the sheep
Dolly the Sheep
Dolly was a female domestic sheep, and the first mammal to be cloned from an adult somatic cell, using the process of nuclear transfer. She was cloned by Ian Wilmut, Keith Campbell and colleagues at the Roslin Institute near Edinburgh in Scotland...
. In 1996 Cohen helped establish Easdaq, a technology focused stock exchange
Stock exchange
A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...
intended to be the Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
an counterpart to the American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
Nasdaq
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
. He is the recipient of a Jubilee Award for services to Israeli business, awarded by Benjamin Netanyahu
Benjamin Netanyahu
Benjamin "Bibi" Netanyahu is the current Prime Minister of Israel. He serves also as the Chairman of the Likud Party, as a Knesset member, as the Health Minister of Israel, as the Pensioner Affairs Minister of Israel and as the Economic Strategy Minister of Israel.Netanyahu is the first and, to...
and the BVCA's Lifetime Achievement Award. He is a member of the Harvard Board of Overseers
Harvard Board of Overseers
The Harvard Board of Overseers is one of Harvard University's two governing boards...
and is also a fellow of Exeter College, Oxford
Exeter College, Oxford
Exeter College is one of the constituent colleges of the University of Oxford in England and the fourth oldest college of the University. The main entrance is on the east side of Turl Street...
.
In 2002, alongside Jon Moulton
Jon Moulton
Jon Moulton is a British venture capitalist. He is the founder and managing partner of the private equity firm Better Capital, and is the former managing partner of the private equity firm Alchemy Partners...
, he was the inaugural inductee into the Private Equity Hall of Fame, at the British Venture Capital Association and Real Deals' Private Equity Awards.
Political career
In 1974 Cohen stood as the parliamentary candidate for the Liberal PartyLiberal Party (UK)
The Liberal Party was one of the two major political parties of the United Kingdom during the 19th and early 20th centuries. It was a third party of negligible importance throughout the latter half of the 20th Century, before merging with the Social Democratic Party in 1988 to form the present day...
in Kensington North, and in 1979 he stood as its European candidate
Member of the European Parliament
A Member of the European Parliament is a person who has been elected to the European Parliament. The name of MEPs differ in different languages, with terms such as europarliamentarian or eurodeputy being common in Romance language-speaking areas.When the European Parliament was first established,...
in London West.
In 1996 he switched allegiance to the Labour Party
Labour Party (UK)
The Labour Party is a centre-left democratic socialist party in the United Kingdom. It surpassed the Liberal Party in general elections during the early 1920s, forming minority governments under Ramsay MacDonald in 1924 and 1929-1931. The party was in a wartime coalition from 1940 to 1945, after...
, becoming a supporter of Tony Blair
Tony Blair
Anthony Charles Lynton Blair is a former British Labour Party politician who served as the Prime Minister of the United Kingdom from 2 May 1997 to 27 June 2007. He was the Member of Parliament for Sedgefield from 1983 to 2007 and Leader of the Labour Party from 1994 to 2007...
. In 2004, Cohen was the Labour Party's fourth largest financial supporter, after Lord Sainsbury
David Sainsbury, Baron Sainsbury of Turville
David John Sainsbury, Baron Sainsbury of Turville, FRS , is a British businessman and politician. From 1992 to 1997, he served as the Chairman of Sainsbury's . He was made a life peer in 1997, and currently sits in the House of Lords as a member of the Labour Party...
, Sir Christopher Ondaatje
Christopher Ondaatje
Sir Philip Christopher Ondaatje, OC, CBE is a Sri Lankan-Canadian businessman, philanthropist, adventurer, writer and Olympian. He lives in the United Kingdom.-Overview:...
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 HarelYossi Harel
Yossi Harel , born Yosef Hamburger was the supervisor of the Exodus 1947 operation and a leading member of the Israeli intelligence community.-Biography:...
, the commander of the Holocaust survivors' ship Exodus
Exodus (ship)
Exodus 1947 was a ship that carried Jewish emigrants, that left France on July 11, 1947, with the intent of taking its passengers to the British mandate for Palestine. Most of the emigrants were Holocaust survivor refugees, who had no legal immigration certificates to Palestine...
. Sharon is a film producer, her credits include Gosford Park
Gosford Park
Gosford Park is a 2001 British-American mystery comedy-drama film directed by Robert Altman and written by Julian Fellowes. The film stars an ensemble cast, which includes Helen Mirren, Maggie Smith, Eileen Atkins, Alan Bates, and Michael Gambon...
. They have two children Tamara and Jonathan, and live in London.
Social Investment
Cohen has been a pioneer in the area of social investment. In 2000, 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 four successful funds to date: Bridges Ventures Funds I and II, the Bridges Sustainable Property Fund and the Bridges Social Entrepreneurs Fund. The organisation currently has £150million 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 Office, Simply Switch, HS Atec and Harlands of Hull.
In 2003, Sir Ronald co-founded the Portland Trust
Portland Trust
The Portland Trust is a private 'not-for-profit' UK foundation whose purpose is to the promotion of economic development as a way of engendering peace and stability between Palestinians and Israel.- Foundation :...
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, Sir Ronald 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 the funds should be used to a social investment 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
Social Finance
Social Finance is a London, England, based organisation created in 2007 with the aim of developing a social investment market in the UK. The organisation provides access to capital and advice to investors and social sector entities interested in delivering social impact.- Funding :Initially...
, a London-based advisory 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
Social impact bond
A Social Impact Bond, also known as a Pay for Success Bond, is a contract with the public sector in which a commitment is made to pay for improved social outcomes that result in public sector savings. The expected public sector savings are used as a basis for raising investment for prevention and...
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 has 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, will provide 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. If this initiative reduces re-offending by 7.5%, or more, investors will receive from Government a share of the long term savings. If the SIB delivers a drop in re-offending beyond the threshold, investors will receive an increasing return the greater the success at achieving the social outcome, up to a maximum of 13%.
In 2010, Sir Ronald 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 iniatives 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
Social impact bond
A Social Impact Bond, also known as a Pay for Success Bond, is a contract with the public sector in which a commitment is made to pay for improved social outcomes that result in public sector savings. The expected public sector savings are used as a basis for raising investment for prevention and...
; (3) engaging the financial sector to invest in disadvantaged areas through the Community Reinvestment Act
Community Reinvestment Act
The Community Reinvestment Act is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods...
.
Other charitable involvements
In January 2005, Cohen became a DirectorBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of the British Museum
British Museum
The British Museum is a museum of human history and culture in London. Its collections, which number more than seven million objects, are amongst the largest and most comprehensive in the world and originate from all continents, illustrating and documenting the story of human culture from its...
.
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 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
Edward Garnier
Edward Henry Garnier, QC, MP is a barrister and Conservative Party politician in the United Kingdom. A former Guardian Newspaper lawyer he is on the socially liberal wing of his party and has been the Member of Parliament for Harborough in Leicestershire since 1992...
, Patricia Hewitt
Patricia Hewitt
Patricia Hope Hewitt is an Australian-born British Labour Party politician, who was the Member of Parliament for Leicester West from 1997 until 2010. She served in the Cabinet until 2007, most recently as Health Secretary....
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 needed 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."