Australia homelessness SIB beats $9 million funding deadline

Social Ventures Australia raised $9 million for a homelessness social impact bond just three weeks after its first investor pitch (The Brief, Feb. 16).

Big backers include HESTA Super Fund, Future Super and the philanthropic arm of Coopers Brewery.

It took Social Ventures Australia 17 months to tee up the project, which will house 600 of Adelaide’s chronically homeless.

Investors will get returns of up to 8.5 percent per year if the program hits milestones for permanent housing and employment.

Similar programs are in the works in Melbourne and Queensland.

This post is from ImpactAlpha’s daily newsletter. Get it first in The Brief.

Photo credit: ABC Australia 

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