Big four may back $400m social impact investment bank

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The Prime Minister has reconvened the social impact investing taskforce, which has engaged with major bank CEOs on a co-funding model for social services.

It wants superannuation funds to assist with the task, as the government looks to tap savings pools to invest in nation building projects to alleviate pressures on the federal budget.Superannuation funds could support social impact investment funds as the market develops, and investment track records are established.

“We are very pleased that the prime minister has invited the taskforce to reconvene,” Mr Traill said. Based on the UK experience, Mr Traill’s taskforce found that at market maturity, every dollar government spends on social impact investing could attract double the contribution from the private sector.Other models that could influence the wholesaler design include the Clean Energy Finance Corporation, which has attracted additional investment to create a multibillion-dollar market; and the European Investment Fund’s Social Impact Accelerator.

“To ensure the market is set up for long-term success, we know there is a strong need for an early-stage fund to sit beside the wholesaler,” Mr Traill said.

 

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