The paper presents the results of a sociological study devoted to social investment, which is one of the most perspective trends of modern social policy. The theoretical approaches consider social investment as a tool to prevent new social risks. It assumes the turning from passive money transfers to empowerment of citizens, that involves investing in human capital (children and adults’ education, development of the labor market, etc.). The main study method was expert interviews (n = 160). There were specialists and heads of
public organizations and NGOs, social entrepreneurs, and authorities in different Russian regions. The research results demonstrate that federal and local governments are considered as the main investor. Among the most demanded areas for social investment there are the infrastructure projects and personnel investments that contribute to inclusion of socially vulnerable groups in labor market. The social investment is construed as a strategy for the social development of regions based on the achievement of social goals combined with
economic efficiency. At the same time, there is lack of interest in social investment and entrepreneurship among population, including private investors. The local governments also demonstrate weak interest to social investing. The reasons for these positions could be explained by risks of social investment policy and entrepreneurship in the field of social services. In conclusion, it is emphasized that social investment policy is a result of the ongoing transformation of the welfare state, characterizing the shift from social security
(consumption) to social investment. It is initiated by the federal authorities and is implemented by local governments with involving NGOs and private companies in the production of public services.