King & Wood Mallesons (KWM) has advised the Victorian Government on the development of its first Social Impact Bond (SIB) to finance an innovative new program to help disadvantaged Victorians break the cycle of chronic homelessness.

Upon implementation, the SIB will support Sacred Heart Mission’s ‘Journey to Social Inclusion’ program, which aims to provide individuals sleeping rough with rapid access to permanent housing, as well as to improve their general health, wellbeing and social participation.

This joint initiative by the Victorian Government and Sacred Heart Mission will endeavour to create a lasting impact on those in the community who experience hardship in their everyday lives.

The KWM team was led by Partners Chris Dynon and John Eagleton, assisted by Senior Associate Matthew Kaminsky and Solicitor Louise Yun.

Chris commented: “It has been wonderful to assist the Government in this ground-breaking initiative, which combines significant social benefits for the community with an innovative financing structure appropriate for the Government and the private sector. We hope that this SIB sets a precedent for future opportunities in this space.”

This SIB was based on templates that KWM previously helped prepare. KWM has also assisted the Queensland and New South Wales governments on similar projects. The firm also works in various roles for corporate entities in social impact investments domestically and internationally.