Newpin Queensland Social Benefit Bond (Newpin Qld SBB) - Closed
Social Ventures Australia (SVA) in partnership with UnitingCare Queensland (UCQ) and the Queensland Government has launched the Newpin Queensland Social Benefit Bond (Newpin Qld SBB).
The Newpin Qld SBB aims to provide investors with the opportunity to generate a competitive financial return whilst creating a lasting difference in the lives of vulnerable children and families across Queensland. Investors will fund the establishment and operation of the Newpin Program in Queensland which aims to safely reunify children in out-of-home care with their families.
Commenting on the launch, the Hon Curtis Pitt, QLD Treasurer and Minister for Trade and Investment, said: ‘We believe we can play a catalytic role in developing a social impact investment market in Queensland. Through our Social Benefit Bonds Pilot Program, we have taken concrete steps to build an environment conducive to accommodating participation in social impact investment initiatives in Queensland."
He added: "Working in collaboration with the social service sector, investors and across Government, we can together achieve positive social outcomes which will generate measurable social impact for Queenslanders as well as a fair return on investment for investors."
The Newpin Qld SBB is Queensland’s first social impact bond (SIB), and follows in the footsteps of the NSW Newpin SBB, Australia’s first ever SIB, which was launched by the NSW Government in 2013.
The Newpin Program aims to deliver a target return for investors of approximately 7.5% per annum.
Note: On June 5, SVA announced that capital raising for the Newpin Qld SBB had closed just one month after launching. Investors in the Newpin Qld SBB range from high net worth individuals and foundations, through to institutional investors such as NGS Super, QIC and HESTA.