Social Ventures Australia is delighted to announce that it has achieved its capital raising target for the Newpin Queensland Social Benefit Bond (Newpin Qld SBB) – Queensland’s first social benefit bond – only one month after its launch.
Developed in partnership with the Queensland Government and UnitingCare Queensland (UCQ), the Newpin Qld SBB has been well received by investors. A wide range of high net worth individuals, foundations and institutional investors, including NGS Super, QIC and HESTA, are investing in this innovative social impact investment.
The $6 million raised will provide working capital to fund the delivery of the Newpin Program, which aims to safely reunify children in out-of-home care with their families via therapeutic centre-based support. Delivered by UCQ, one of Australia’s largest providers of community services, the program builds on the success of Uniting Newpin in NSW, with a particular focus on strengthening Aboriginal and Torres Strait Islander families.
It is anticipated that around 200 families with approximately 560 children, three quarters of them Aboriginal and Torres Strait Islander people, will be referred to the Newpin Program over the course of five years. Three Newpin Centres will be opened, the first in Cairns at the start of 2018.
SVA Director, Impact Investing, Elyse Sainty commented:
‘We are thrilled with the interest this social benefit bond has generated among the investor community, demonstrating the strong demand for investment options targeting both financial and social returns. The Newpin Qld SBB is an opportunity to build evidence based scale in the social sector, and deliver positive outcomes for some of the most vulnerable families in Queensland.’
Anne Cross, UnitingCare Queensland CEO, said:
‘Aboriginal and Torres Strait Islander children are nine times more likely to be in out-of-home care than other children in Queensland. Operating in three centres across Queensland, this program will build capacity within Aboriginal communities and has the potential to reunite more than 230 children with their parents.’
Anthony Rodwell-Ball, Chief Executive Officer of NGS Super, commented:
‘NGS Super is committed to supporting the communities in which we operate and we are very pleased to be a part of Queensland’s first social benefit bond, which will make a lasting difference for hundreds of children and families.’
HESTA CEO, Debby Blakey, said:
‘Through impact investments like this, HESTA is creating lasting change for generations to come, as well as market-based returns for members. This investment closely aligns with the commitment we share with our members in health and community services to reconciliation and improving outcomes for Aboriginal and Torres Strait Islander peoples.’
Payments will be made to UCQ by the Queensland Government based on the incremental number of children successfully reunited with their families, relative to a baseline target. The level of these payments will in turn be reflected in the returns payable to investors.