The Every Child Matters outcomes are being healthy, staying safe, enjoying and achieving, making a positive contribution, and economic wellbeing.
The Big Lottery Fund programme will be allocated over the next three years, and split between England, Wales, Scotland and Northern Ireland.
Nearly 80m of England's 155m share is earmarked for existing projects.
Criteria for the remaining 77.6m are less defined, according to Stephen Dunmore, chief executive of the Big Lottery Fund.
"The Government hasn't prescribed that money in the same way," he said.
"The only constraint is that the projects must match the Every Child Matters outcomes."
Of the 77.6m, 40m will go to local voluntary projects, 27.6m will be spent on larger national voluntary organisations and 10m will go to individuals or small groups.
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