This fund aims to develop and scale community care services for people affected by cancer and those with long-term conditions. Macmillan Cancer Support has committed to co-invest £6m alongside Big Society Capital in the fund, and will bring its strong networks and knowledge of cancer care to this fund, alongside its capital.
In an environment of continuing austerity, it is essential to develop innovative approaches to pool resources and redesign services in order to be able to tackle some of the toughest social problems. In this case, all three parties have worked closely to design a fund that aims to develop high-quality services to improve health and well-being outcomes for vulnerable groups. Macmillan Cancer Support has actively shaped the fund’s investment and impact strategy, based on the lessons learned from 100 years of supporting people affected by cancer. Big Society Capital has brought its knowledge of social investment to the table; Social Finance will take a rigorous approach investing this capital in order to ensure that it is channelled into sustainable interventions that have the potential to scale and create social impact. This unique partnership marks an important step forward for social investment, as it channels the expertise and networks of a leading charity to unlock resources to tackle the growing challenges we face in supporting an ageing population.
As this fund is designed to match the charity’s aims, our investment allows Macmillan Cancer Support to draw in external capital to further its mission, recycle its reserves and trial innovative models in preventative and integrated community care. Macmillan Cancer Support will continue to work closely with the fund’s investment team throughout the life of the fund to ensure that it can actively learn from the fund’s development of scalable and sustainable models.
Big Society Capital’s aim is to allow socially-focused capital to unlock innovation and deliver social impact, through finding new ways of working and supporting cross-sector collaboration. We want to partner with more organisations that bring specialist knowledge of specific social issues and strong networks to scale viable interventions, and hope that the Care & Wellbeing Fund is just one of many examples to come.