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Victoria’s ‘first social impact investment’ complete
A global law firm has advised Sacred Heart Mission on what’s being described as Victoria’s first social impact investment.
Emma Musgrave
Firm: Norton Rose Fulbright (Sacred Heart Mission)
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Deal: Sacred Heart Mission (SHM) has been advised on its development of the Social Impact Investment, an expansion of the group’s Journey to Social Inclusion Program (J2SI Program).
Value: Undisclosed
Area: Banking and finance
Key players: Norton Rose Fulbright banking and finance partner James Morris led the team advising SHM, with assistance from special counsel Stephanie Barnes, senior associate Gareth Munnick, associate Michelle Lee and lawyer Timothy Chan.
Deal significance: SHM described by NRF as a community and aged care service provider with expertise in addressing underlying causes of long-term homelessness and disadvantage. The company is based in Melbourne.
SHM’s Social Impact Investment is aimed at “enabling SHM to expand its award-winning Journey to Social Inclusion Program (J2SI Program), following the program’s pilot in 2009–2012”, a statement from the firm said.
“The J2SI Program is a relationship-based, trauma-informed program to help end the cycle of chronic homelessness, taking a housing-first approach. It is designed to provide a solid foundation for individuals to manage health, drug and alcohol issues and build essential skills to be part of the community and contribute to society.
“The expanded J2SI program is expected to be delivered to 180 homeless individuals over the next three years, commencing in August 2018. Under the investment structure, SHM and investors will receive payments if specific outcomes are achieved. These outcomes will be evaluated at key stages throughout the duration of the J2SI Program.”
Commenting further on the deal, Norton Rose Fulbright partner James Morris, said: “We are thrilled to have assisted Sacred Heart Mission Inc to fund the expansion of their innovative J2SI program through a social impact investment, the first of its kind with the Victorian Government. Social impact investments enable government and non-government organisations to work together to address key issues affecting society.”
“As lawyers and as a firm more generally, it is rewarding to have an opportunity to use our skills to help make a real difference in this important area.”
