The Life Chances Fund aims to tackle social problems by contributing around 20 per cent of costs to locally developed projects led by social investors.
Contracts will be funded through payment-by-results models, such as Social Impact Bonds (SIBs). The government expects local commissioners to pay the remainder of outcomes payments.
The fund will support projects working across six themes, of which early years and young people are the latest to be announced.
It is currently seeking expressions of interest from projects focused on early years that address attainment and behaviour, health and wellbeing and prenatal care and infant health.
For the young people strand, it is interested in backing projects helping those not in education, employment or training, and tackling youth unemployment and juvenile crime.
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