Social Investment - Blended Finance Pilot

Social Investment - Blended Finance Pilot is sponsored by Joseph Rowntree Foundation. This opportunity supports mission-aligned projects and measurable outcomes.

Apply for social investment | Joseph Rowntree Foundation Apply for social investment Our social investments support organisations to deliver greater impact. Discover more about the process, timelines and eligibility criteria for applying for social investment.

Our social investment focus Our social investment programme aims to further JRF’s overarching vision and strategy to support and speed up the transition to a more equitable and just future, free from poverty, where people and planet can flourish.

Our investments align to JRF’s topics of research and exploration, and in 2026 we are focusing our social investments on models that drive structural change in four areas: climate justice; wealth, power and funding systems; place and poverty; housing. Learn more about our approach to social investment and the social investments we’ve made .

Our social investment application process At JRF we are a small team and typically make fewer than 10 investments per year, which includes both direct investments and investments into funds.

Our application process includes 2 phases and typically takes between 4-8 months from initial inquiry to finalising the investment and disbursing funds: Screening phase (1-2 months): Led by the social investment team, this phase begins with an initial enquiry form that applicants can complete in 10-15 minutes to determine eligibility.

If successful, applicants will then be invited to complete a longer, more detailed application form, providing information on topics such as impact, financial position, and operating principles. Investment application phase (typically 3-6 months): Also led by the social investment team with oversight from our Social Investment Committee, this phase involves 2 or 3 stages depending on the investment opportunity.

The social investment team will prepare papers in collaboration with applicant organisations and present the investment opportunity to our Social Investment Committee. To make an initial enquiry about social investment please complete an initial enquiry form. This form will require about 10-15 minutes to complete.

The social investment team will review your initial enquiry form and aim to respond by email within a month. However, as a small team we may not always be able to respond quickly when applicant numbers are high. Our return expectations and funding instruments Social investment is repayable finance.

At JRF we seek a modest financial return from our social investments, with the minimum expectation that money can be returned so that it can be invested again. However, the overriding purpose of the commitments in this portfolio is to contribute towards the achievement of JRF’s vision and mission.

We recognise that this requires flexible and patient capital, so we work with investees and other funders to develop suitable funding structures. The range of financial instruments through which we have invested includes (but is not limited to) loans, bonds, shares, community shares, and limited partnerships. Learn more about the world of social investment, the different types of financial instruments and other funders at Good Finance .

What we’re looking for in our social investments We make direct investments into charities and social enterprises and invest in funds managed by fund managers.

We are looking to support organisations that: deliver services, support users, and create social impact in the UK — most of our investees are legally registered in the UK as a company or charity — we can invest in all legal structures but expect non-charitable companies to be mission-focused and include a mission-lock in their articles of association demonstrate a track record.

Charities or social enterprises should be trading and generating revenue — fund managers should have experience investing in social enterprises or being involved in the social enterprise sector, such as serving as intermediaries or advisors seek a minimum total fundraise from JRF and other funders of repayable finance — for charities or social enterprises the minimum raise should be £250,000 and for fund managers it should be more than £5,000,000 contribute intentionally, through their core activities, to JRF’s vision of a more equitable and just future.

Given JRF’s historic and current ties to York and the North East, we are particularly interested in investment opportunities that are local or regional projects. However, this is not an essential requirement for applying for social investment from JRF.

As of February 2026 we are running a 12-month pilot to test how combining grants with repayable investment can help organisations create lasting systems change and build evidence for JRF’s future blended finance approach. By systems change, we mean activity that helps change the underlying systems that create or sustain poverty and inequality.

This could include: shifting power, incentives or decision-making (for example through new ownership, governance or funding models) improving how markets, services or institutions work for people and communities experiencing poverty influencing wider practice, norms or policy beyond a single organisation or project developing models that can be replicated, scaled or adopted by others.

Systems change does not need to start at large scale or rely on policy change alone. We are interested in credible routes to wider impact grounded in real-world delivery. This invitation-only pilot will fund up to 5 blended finance packages.

Funding that combines grant support with repayable social investment to strengthen systemic impact. Grants can support activity: before investment (for example investment readiness) during investment (to strengthen impact delivery) after investment (to extend or scale impact). Grant funding can be up to 40% of JRF’s total social investment in an organisation, capped at £400,000.

The total pilot fund is up to £1 million. This pilot is open by invitation only to organisations that have already passed the first stage of JRF’s social investment process or are part of our existing portfolio.

Eligible organisations include: UK charities and other asset-locked enterprises mission-led organisations align strongly with JRF’s strategic priorities show clearly how grant funding would significantly strengthen systems change impact.

We are interested in work connected to JRF’s priority areas: wealth, power and funding systems We are particularly interested in: new or transformative approaches that support fairer and more inclusive economies innovation that is not yet attracting mainstream investment work that complements JRF’s policy, research and campaigning activity.

To be considered for this pilot, you must first apply to JRF’s social investment programme and successfully complete the first stage of the process. This pilot is not suitable for grant-only funding requests and proposals where grant funding does not meaningfully strengthen systems change impact. We are a Living Wage Funder , encouraging the organisations we support to pay the real Living Wage.

You can find out more about the Living Wage Employer Accreditation . We often collaborate and invest with other social investors. Additionally, we are committed to being an anti-racist organisation.

We have a proven track record of supporting teams and organisations that are underserved by the social investment sector and that support marginalised groups in their work.