Big Issue Invest (BII) has partnered with the Prism Gift Fund to enable high net worth individuals to donate to the Big Issue Social Investment Fund and receive tax relief on that donation.

Financial services provider BII has already raised £7m for the fund through its corporate clients and is hoping to reach a target of £10m.

Prism the Gift Fund manages charitable donations from foundations and high-net-worth individuals, with donations made through them eligible for both gift aid on the donation and the higher rate tax payer relief.

There is a 3-5 per cent fee for donations, while any return on the investment will be administered by Prism in charitable causes agreed by the client.

Prism is holding an event on 14 June with BII chief executive Nigel Kershaw to encourage people to donate to the fund.

The fund will provide investment to social enterprises such as the Fifteen Foundation, Jamie Oliver’s scheme offering restaurant training to young people.