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UBS raises $450 mil for Bono-backed impact investment fund

Reuters Published on Tue, Jul 11, 2017 / 1:29 PM GMT+8

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ZURICH (July 10): UBS has raised US$325 million ($450 million) for a private equity impact investment fund, as the world's biggest private bank looks to meet wealthy clients' growing appetite to combine philanthropy with money making.

The Rise Fund, which counts Irish rock star Bono among its co-founders, aims to achieve "measurable, positive social and environmental outcomes alongside competitive financial returns", UBS said in a statement on Monday.

Impact investing -- a term coined in 2007 -- grew out of the desire by socially conscious individuals to extend philanthropy to their financial holdings.