Prospectus, having recently placed Janette Powell into the position of Offending Reduction Director at Social Finance, is particularly pleased to note that the Big Lottery Fund is allocating £11.25m to develop Social Impact Bonds.
The funding goes to social investment organisation Social Finance, which launced the bond earlier this year at Peterborough prison.
£6.25m of the lottery grant will support this pilot, which is being run in conjunction with the Ministry of Justice and which already has a number of foundations as investors.
The remaining £5m will be used by Social Finance to develop a further package of pilots to tackle social problems, raise awareness of Social Impact Bonds among policy makers and statutory agencies, and attract the interest of potential investors.
As well as a social return, a Social Impact Bond gives an economic return on investments. It aims to reduce the reliance on the public purse to fund innovation in areas such as reducing re-offending, health services and supporting children in care. Investors can expect their return to be higher than their investment if the scheme is a success.
If you would like help to recruit senior roles related to social investment, then please contact Borge Andreassen, Head of Executive Recruitment on 020 7691 1920, borge.andreassen@prospect-us.co.uk.
