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The Commissioning Better Outcomes (CBO) Fund is a social impact bond (SIB) programme funded by The National Lottery Community Fund, which aims to support the development of more SIBs and other outcomes-based commissioning1 (OBC) models in England. The National Lottery Community Fund has commissioned Ecorys and ATQ Consultants to evaluate the programme. A key element of the CBO evaluation is nine in-depth reviews, and this review of the Zero HIV SIB is one of these.

This report is the second in-depth review of the Zero HIV SIB. Its focus is entirely on the impact on the SIB of the COVID-19 pandemic, or of restrictions and non-pharmaceutical interventions (NPIs) imposed as a result of the pandemic, during 2020 and early 2021. It follows a first review2 which was published in 2020 and considered stakeholder experiences and learning from the design and development of the SIB up to and immediately after the point at which it was launched. We will undertake a third and final review of the SIB in late 2021 and early 2022 that will consider the overall impact of and take learnings from the project as a whole, including

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