Biggest investment of its kind in Europe

Plans to tackle poverty through a £1m social investment have been announced by Edinburgh University.

It will work with Big Issue Invest, the social investment arm of The Big Issue Group, in what is thought to be the largest financial investment of its kind made by a UK university.

Big Issue Group invests in social enterprises and charities tackling some of the toughest social problems such as homelessness, social and financial exclusion, and youth unemployment.

Edinburgh is keen to prove its ethical credentials and was the first university in Europe to become a member of Principles for Responsible Investment - a UN-backed initiative that aims to make the global financial system more sustainable.

Lesley McAra, the university’s community relations officer, said: "Social enterprises make a huge difference to communities in Edinburgh and beyond.

“As a university, we believe that it is our responsibility to use our financial power to deliver a positive impact for society. Supporting this fund is one way that helps us do just that."

Edward Siegel, managing Director of Big Issue Invest, added: "We know that the stakeholders of these funds have been asking for some time to see the endowments generating positive social value as well as a financial return.

“We hope that the University's investments into Big Issue Invest programmes open the door for other universities to follow suit."