CHILDREN’S CARE
Rise and decline
U2 FRONTMAN and oh-so-modest philanthropist Bono’s more than $2bn The Rise Fund pledges to “address various societal challenges globally” while seeking healthy profits for its private investors.
The latter has certainly been true – with returns of up to 80 percent. But societal changes seem to include, er, kicking autistic children out of their homes.
Rise, co-founded by Bono (pictured) and former eBay president Jeff Skoll – and with Virgin chief Richard Branson on the board – bought a majority share in Outcomes First in 2023 when the children’s residential care and special education provider was valued at around £740m and had seen annual profits up almost ninefold from £3.3m to £27m in just four years.