A philanthropic organisation, whose board members includes Sir Ronald Cohen, the former co-founder of Apax Partners, has launched an innovative bond designed to offer a financial return if fewer short-term UK prison inmates re-offend once released.

Social Finance has joined with the UK's Ministry of Justice in an attempt to reduce re-offending by prison leavers from Peterborough Prison with the launch of a £5m (€5.6m) Social Impact Bond.