GTG
MEDIA, JOBS & RESOURCES for the COMMON GOOD
NEWS  |  Good Business

Homelessness Social Impact Bond Raises $9M


Tuesday, 14th March 2017 at 12:53 pm
Ellie Cooper, Journalist
The country’s first social impact bond targeting homelessness has closed early and heavily oversubscribed after raising $9 million in less than a month.


Tuesday, 14th March 2017
at 12:53 pm
Ellie Cooper, Journalist


1 Comments


FREE SOCIAL
SECTOR NEWS

 Print
Homelessness Social Impact Bond Raises $9M
Tuesday, 14th March 2017 at 12:53 pm

The country’s first social impact bond targeting homelessness has closed early and heavily oversubscribed after raising $9 million in less than a month.

The Aspire bond, a partnership between Social Ventures Australia, the South Australian government, and not-for-profit organisations Hutt St Centre and Common Ground Adelaide, will support up to 600 people experiencing homelessness.

SVA executive director of impact investing Ian Learmonth said it was “good to see” the bond draw interest from institutional investors across the country including NGS Super, Future Super and HESTA.

Local investors also backed the program, which is the state’s first social impact bond.

“There’s a very strong interest from high-net-worth trusts and foundations and I think the broader community about the challenges of homelessness,” Learmonth told Pro Bono News.

“So we saw, given it was a program in Adelaide, a lot of South Australian investors who felt I guess the local connection to the particular social issue.

“People like the Coopers brewing family have publicly noted that they’ve come in as a substantial investor in the bond.”

Coopers Brewery Foundation chair Melanie Cooper said: “Coopers is very pleased to be a part of South Australia’s first social impact bond.

“We have always been committed to supporting the communities in which we operate, and this is an exciting and innovative program that will make a real difference to the lives of many disadvantaged people in Adelaide.”

The combination of private sector capital and not-for-profit expertise will support participants with three years of accommodation, case management, pathways to employment and life skills development, with the aim of reducing homelessness while providing returns to investors.

The program, beginning 1 July, is based on the housing first model, which aims to build the independence and resilience of people experiencing homelessness by providing them with a home and wrap-around support.

Learmonth said SVA would launch two similar bonds in the coming months.

The organisation is also behind Australia’s first social impact bond, Newpin, which was launched in 2014.

Backed by the New South Wales government and delivered by UnitingCare Burnside, the bond aims to prevent children from being placed in out-of-home care.

Learmonth said in the three years since the Newpin launched interest in social impact bonds had grown, confirming his expected response to the Aspire bond.

“It’s been some time since we launched our last bond, so over that period of time there’s been an increasing amount of interest from the investor community in these sorts of opportunities, so in some ways it [Aspire] confirmed our suspicions,” he said.

“We had a very good response to Newpin when it was launched over three years ago, so I guess the high-level observation would be there’s more interested capital than there is investment opportunities.”


Ellie Cooper  |  Journalist  |  @ProBonoNews

Ellie Cooper is a journalist covering the social sector.


Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers?

Get in touch at news@probonoaustralia.com.au

Get more stories like this

FREE SOCIAL
SECTOR NEWS

One Comment

Write a Reply or Comment

Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

Adelaide Launches Online Tool Tracking Rough Sleeping Numbers

Luke Michael

Monday, 13th August 2018 at 9:21 am

New Research Finds Many Fear Threat Of Homelessness

Maggie Coggan

Wednesday, 8th August 2018 at 1:42 pm

Giving Dignity to People Experiencing Homelessness

Luke Michael

Monday, 6th August 2018 at 8:26 am

Can TV Show Us What it is Really Like to be Homeless?

Paul Carter

Monday, 23rd July 2018 at 1:00 pm

POPULAR

Concerns Raised Over NDIS Barriers for Homeless People With Disability

Maggie Coggan

Tuesday, 7th August 2018 at 8:24 am

NFPs Urged to Focus on Purpose

Luke Michael

Tuesday, 7th August 2018 at 8:27 am

Coordinated Care at Risk Under Marketisation of the NDIS

Luke Michael

Thursday, 9th August 2018 at 8:20 am

Disability Advocates Welcome Pledge to Remove NDIA Staff Cap

Luke Michael

Wednesday, 8th August 2018 at 5:12 pm

GTG
pba inverse logo
Subscribe Twitter Facebook

The social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!