Bridges Ventures' social impact bond raises £25m

The bond, which was launched in April 2013, received investment from the European Investment Fund, Great Manchester Pension Fund, Merseyside Pension Fund, Deutsche Bank, The Prince of Wales's Charitable Foundation, Trust for London and the Highwood Foundation. Big Society Capital cornerstoned the fund, alongside Omidyar Network and Panaphur.

The bond, which is the first of its kind, will invest in early intervention social care programmes in the education, employment and housing sectors, as well as care for vulnerable young people.

The fund will provide upfront cash for projects commissioned by the public sector on a payment-by-results basis, where investors only receive returns if social improvement goals are met.

The bond has already made two investments in the UK. The first, It's All About Me, is an adoption services programme designed to support the adoption of difficult-to-place children. The second is a multi-dimensional treatment foster care placement service, run by Action for Children and commissioned by Manchester City Council.

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• Topics
• UK / Ireland
• Fundraising
• Bridges Ventures
• United Kingdom