The new investment fund is independent of the government and 60% of its shares are owned by the Big Society Trust, a private limited company comprised of executives from social, business and government roles.

BBC: Big Society fund launches with ?600m to invest

But there is a limited range of tools a private company can deploy.

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"They want access to capital, and limited liability, but they want the control of a private company, " says Nell Minow, editor of the Corporate Library, a shareholder advocate.

FORBES: Henry Ford's Will

He and his wife emerged with a private foundation, a remainder trust and one lead trust with shares in a family limited liability company, plus two more that spring into being on the death of the surviving spouse.

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