U.K. culture secretary Jeremy Hunt is setting up a £55 million fund to help build endowments, Financial Times reports. The fund, which will be run by former Cabinet minister Michael Portillo, will distribute money to around 50 organizations, which will compete for grants of up to £5 million.

The fund received £30 million from the DCMS, £10 million from the Arts Council England and £15 million from the Heritage Lottery Fund, adds The Guardian. Ministers expect the scheme will lead to an injection of at least £110 million of new funds for the arts.

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