Merseyside Pension Fund and another unnamed Local Government Pension Scheme fund have invested in a social outcomes fund.
In a statement, fund manager Bridges Fund Management said that it has close the fund with commitments of £35m.
Social outcomes contracts are structured so that providers are paid for improvements in social outcomes, rather than directly for services provided.
Mila Lukic, head of social outcomes contracts at Bridges, said: “The new generation of social outcomes contracts are more about promoting greater flexibility and innovation in the delivery of existing services, using a data-driven approach that helps us better understand how to improve outcomes at scale for some of the most vulnerable people in the country.”
