Social impact bond pilot is likely to be oversubscribed

Reoffending prevention scheme in Peterborough 'is on track to raise more investments than required'

Social Finance, the consultancy that created the social impact bond, has said its pilot programme is likely to be oversubscribed by investors.

The consultancy planned to sell bonds worth £4.9m to social investors for the pilot of the bond, which pays investors according to the success of projects and is being piloted with a reoffending prevention programme in Peterborough.

Toby Eccles, the development director at Social Finance, said the project was on track to receive more commitments than were required.

The Big Lottery Fund has undertaken to pay up to £5.25m to bond holders, depending on the success of the programme, and Eccles said the Ministry of Justice would pay up to £3m more.

Social Finance has received £5m from the Big Lottery Fund to develop three further pilots, and Eccles said it was looking at a number of proposals from government agencies and service providers.

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in

Latest Jobs

RSS Feed

Third Sector Insight

Sponsored webcasts, surveys and expert reports from Third Sector partners

Markel

Expert hub

Insurance advice from Markel

How bad can cyber crime really get: cyber fraud #1

Promotion from Markel

In the first of a series, we investigate the risks to charities from having flawed cyber security - and why we need to up our game...

Third Sector Logo

Get our bulletins. Read more articles. Join a growing community of Third Sector professionals

Register now