Plans for the £200m Youth Endowment Fund (YEF) were announced by the government in October 2018.
The fund will invest its money in programmes designed to guide vulnerable young people away from crime and serious violence.
The fund will also be used to build the evidence base for the most effective interventions for tackling serious violence. A prospectus published by the government states the fund will "transform local and national responses to tackling serious violence".
"Our desired core outcome would be a reduction in proven offending with a particular focus on serious violent offending, in comparison to an appropriate control group," it states.
"We also recognise that there would be value in also measuring intermediate outcomes such as school exclusions and other known risk factors."
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Home Secretary Sajid Javid said the fund will "significantly strengthen" the government's response to serious violence and support other approaches including National County Lines Coordination Centre, which launched in September.
In September, we set up a new National County Lines Coordination Centre to crack down on gangs who exploit vulnerable children.— Home Office (@ukhomeoffice) November 21, 2018
It's helping @NCA_UK and police officers work even closer together to tackle drug dealing across the UK.
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"I want [the fund] up and running and saving lives as soon as possible, and look forward to receiving the proposals to run this substantial investment," Javid said.
The government said it envisages the fund operating in a similar way to the Education Endowment Foundation, which was created in 2011 by the Sutton Trust, in partnership with Impetus Trust with a £125m founding grant from the Department for Education.
The proposals window closes on 23 January 2019, with the government expecting the fund to begin operating the following April.
Figures published in September showed that youth service spending is due to fall by £31.4m for 2018/19 from £415.8m to £384.5m. Spending on youth services by English local authorities stood at £1.18bn in 2010/11.