The Care and Wellbeing Fund: End of investment report

The Care and Wellbeing Fund (2015 – 2025) was part of Social Finance’s pioneering work to test and develop its Social Impact Bond model to improve health outcomes and support sustainable innovation and transformation in the health and social care sector.

Published:15 September 2022

Updated:19 October 2025

The Fund was developed by Social Finance and the investors were Macmillan Cancer Support, who provided half of the investment funds, with the other half provided by Big Society Capital (now Better Society Capital). Top-up funding for the cost of rewarding the outcomes for some of the project finance investments was provided by DCMS through The Life Chances Fund.

The C&WB Fund was overseen by Social Finance and has benefitted from generous grants from the Health Foundation and Macmillan to support the exploration and development of a pipeline of investment opportunities. Significant legal support pro bono was also provided by Simmons and Simmons.

The investment period ended in 2021, and in this report we reflected on the degree to which the Fund delivered against its original ambitions.

The Fund closed in late 2025. 

Stay up to date

Sign up to our mailing list for regular updates.

We'll keep your data secure and won't share it outside of Social Finance, ever. For more details read our privacy policy.