Social Impact Investment Advisory Group

Social Impact Investment Advisory Group

The Social Impact Investment Advisory Group (SIIAG) was established in January 2025 by HM Treasury (HMT) and the Department for Culture, Media and Sport (DCMS), marking a new chapter in how the UK government and impact economy can work together to address society’s most pressing challenges.

The focus of the SIIAG is to:

1. Provide advice on effective ways for Government to use funds to mobilise social impact capital, making recommendations for the objectives, design and intended social outcomes of one or more Impact Investment Vehicles to announce at the conclusion of the Spending Review (SR) in June 2025. Funds in scope will include, but are not limited to, social outcomes partnerships and match-funded philanthropic or other capital.
2. Review existing work on impact capital across government and provide views on the long- term future and direction of this work, aligned with the missions.

For more information about the SIIAG, please visit gov.uk. Please see below for further information about the working groups and how you can get involved.

Working groups

The SIIAG has chosen to support its’ work  through four self-organising working groups with distinct but complementary areas of focus. The working group structure has been established to help with the vital task of gathering perspectives and expertise from across the impact economy. Working groups bring together, as well as engage with, representatives from across the impact economy, including those deploying capital as well as those receiving it, such as social enterprises, charities, and other purpose-driven businesses operating across the UK, regionally, and locally.

The working groups will report their recommendations to the SIIAG, which will meet monthly through June 2025. The SIIAG will determine which recommendations to put forward to government.

The four working groups are designed collectively to address the full pathway for mobilising, structuring, and deploying impact capital to support government missions:

1. Immediate fund and impact investment vehicle design for government priorities: Advising on the government’s development of an investment-backed outcomes fund and the structuring of the vehicle, with potential for replication across policy areas. The group is led by Stephen Muers, CEO of Better Society Capital. 
2. Opportunity areas for impact capital: Identifying immediate opportunities to deploy impact capital effectively across national missions. The group will prioritise areas that are near-term and actionable. The group is led by Kieron Boyle, Chair of the Impact Investing Institute and Chief Executive of the 100x Impact Accelerator. 
3. Understanding and attracting the full range of impact capital: Defining requirements for effective impact capital flow into national priorities. This includes understanding sources, scale, and pace of impact capital, including consideration of both domestic and international capital flows into the UK. The group is led by Caroline Mason, CEO of Esmée Fairbairn, and Alan Smith from the First Church Estates Commissioners, Church Commissioners.  
4. Coordination between government and impact capital: Advising on models for effective partnerships and coordination between government and impact capital, including on organisational models to take advantage of and enable effective impact capital partnerships. The group is led by Dom Llewellyn, Head of the Impact Economy Collective, and Neil Heslop, CEO of Charities Aid Foundation 

If you would like to learn more about the working groups or get involved, please contact policy@impactinvest.org.uk