Process evaluation for the Life Chances Fund

This document describes an evaluation of the Life Chances Fund (LCF) and its associated Social Impact Bonds (SIBs) by ICF Consulting Services Limited for the Department for Digital, Culture, Media, and Sport. The LCF, initiated in 2016 with an £80 million budget, aims to tackle social issues through SIBs in six thematic areas. The evaluation used qualitative research, case studies, and data analysis, also considering the effects of the Covid-19 pandemic. It found that the LCF has launched 29 projects and has had a significant impact on the number of SIBs and the social investment market, despite challenges such as high attrition rates and a complex application process. The report suggests improvements like simplifying applications and better support for SIB development. It also highlights the importance of collaboration, flexibility, and communication of successes. The evaluation of SIBs across sectors showed positive progress and adaptability, with strong stakeholder relationships and alignment of objectives with outcomes, although it noted high development costs and complexity. The document concludes that while the LCF has broadened participation in outcome-based contracts and demonstrated potential for growth in the social investment market, there is a need for clearer guidance, support for innovation, and a structured approach to measure success and impact. **This summary was written by an AI model and therefore should not be considered a definitive summary of the report. If you are aware of inaccuracies, please email evaluation.registry@cabinetoffice.gov.uk.**

Description

• Lead department: Closed organisation: Department for Digital, Culture, Media & Sport
• Evaluation stage: A complete evaluation report
• Other departments: No other departments listed
• Evaluation types: Process evaluation
• Process methods: Case studies; Individual interviews
• Grant information: This intervention is not distributing funding via a grant
• Government Major Project information: This intervention is not a major project
• Policies: No policies provided

Event Dates

• Event Name: Publication of final results
• Event date: July 2021

Evaluation Costs

• Cost: Not provided

Evaluation sharing

• Link(s) to published report(s): Yes
• Links to evaluation plans: No link provided
• Findings: Not provided
• Permission to share confirmed: Yes