In the midst of social care cuts, increasing demand for health services and a rapidly ageing population, it is essential to develop new and innovative approaches to meet future challenges. In setting up the Care and Wellbeing Fund, Big Society Capital, Macmillan Cancer Support, the Health Foundation and Social Finance have worked closely to design a fund that aims to develop high-quality services to improve health and wellbeing outcomes for vulnerable groups. The fund aims to channel social investment to both underserved sectors and geographies by helping develop and scale innovative and sustainable outcome-based solutions for people affected by cancer and those with long-term conditions.
As commissioners increasingly look for new models that improve outcomes and deliver value for money, the Fund will pioneer a new model for charities and social investors to collaborate on, leveraging their capital through financial models that enable the recycling and reinvestment of capital over time into new services.
Macmillan Cancer Support has actively shaped the fund’s investment and impact strategy, based on the lessons learned from over 100 years of supporting people affected by cancer. Macmillan Cancer Support has committed to co-invest £6 million alongside Big Society Capital in the fund, and will bring its strong networks and knowledge of cancer care to this fund, alongside its capital.
Our investment allows Macmillan Cancer Support to recycle its reserves and trial innovative models to help develop high quality and personalised services to better support people affected by cancer as their complex needs continue to grow. As this fund is designed to match the charity’s aims, Macmillan will continue to work closely with the fund’s investment team over the Fund’s 10 year duration, to ensure that it can actively learn from the fund’s development of scalable and sustainable models.
This is the first time a large charity has invested in a social investment fund that is tailored to the charity’s objectives. 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.