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Bridges Ventures (Bridges) and Big Society Capital have today announced the launch of the Bridges Social Impact Bond Fund. The first of its kind, the fund will invest in charities and social enterprises to deliver programmes designed to improve social outcomes in areas such as education, employment, housing and care for vulnerable young people.
The new Â£14 million fund will be managed by Bridges with Big Society Capital acting as cornerstone investor alongside the Bridges Social Entrepreneurs Fund, Omidyar Network and Panahpur.
Charities and social enterprises play a crucial role in addressing tough societal challenges and providing life-changing support to the most vulnerable.Â However, philanthropic capital is not enough to scale up the work of these organisations driving a growing need for new and sustainable funding sources for social sector organisations.
The Bridges Social Impact Bond Fund aims to be a sustainable source of funding and support for social sector organisations delivering social outcomes-based programmes. The new vehicle is part of the Â£56 million investment commitments announced by Big Society Capital since its launch in April last year.
Read the full press release here:Â http://www.bridgesventures.com/news/launch-bridges-social-impact-bond-fund