Research charities and universities are being invited to apply for up to £10m to support research on mental health conditions and their treatment.
The Wolfson Foundation said that, depending on the quality of the proposals received, it was planning to give out one or at most two high-value awards, possibly up to a total of £10m, to support "novel and outstanding" research.
Applications can request funding for the endowment of chairs or posts, programme costs for up to five years, attracting key talent in the field to work in the UK, training early-career clinical researchers or new research facilities or equipment.
It said research should focus broadly on anxiety and depression, and particular interest would be shown in proposals relating to adolescent mental health as well as those drawing on insights from other areas of medicine.
Paul Ramsbottom, chief executive of the Wolfson Foundation, said: "The distress caused by mental ill health is hard to overstate for both individuals and their families, with a wider detrimental impact on the economy and society at large. We are excited to be able to make this call for applications in a field of research that has historically been underfunded.
"There is currently an unparalleled national discussion about the causes and impact of mental ill health. We have been keen to define the initiative broadly to allow research institutions to set out their own visions of how they would spend £10m to the greatest effect."
Interested bodies have until 11 January to apply. More information can be found on the Wolfson Foundation website.