Legend has it that New Philanthropy Capital (NPC) was founded in the Goldman Sachs canteen in London in 2001. After Goldman went public, Gavyn Da-vies, then its chief economist, and another top banker, Peter Wheeler, had pocketed enough money to enable them to do some serious giving. But when they tried to pin down the best place for their money to create maximum impact, "We found there wasn't enough information produced in a hard-headed, independent, high-quality way, made available to all," recalls Mr Da-vies. So they decided to create npc as the equivalent of an equity-research firm for the philanthropic marketplace.
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