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The London Homelessness Social Impact Bond was launched in November 2012. It was designed to bring new finance and new ways of working to improve the outcomes for a cohort of rough sleepers whose needs were not being met by existing services and who were not being targeted by other interventions. In July 2013, ICF GHK1 (ICF) was commissioned by the Department for Communities and Local Government (DCLG) to undertake a qualitative process evaluation of the SIB. This is the first interim report from the qualitative evaluation.