Private investors will be sought to help tackle homelessness, with the South Australian Government hoping it can help hundreds of people who lack shelter while the investors earn a profit.

It plans to issue $9 million of bonds and give returns to investors if social service providers see a fall in homelessness.

Communities and Social Inclusion Minister Zoe Bettison said the funds would be spent in various ways to help as many as 600 vulnerable South Australians.

"We're going to look at housing, life skills, employment pathways and really intensive case management for people," she said.

"We want to look at the root cause of the problem that causes homelessness."

The Aspire Adelaide program is backed by the Government, along with Social Ventures Australia, the Hutt Street Centre and Common Ground, a low-cost housing provider.

It is planned to refer 600 people to the program over the next four years, with each to be offered support for three years, which the Government says would be an unusually long-term commitment.

Social outcomes from the program would be measured by comparing the work of health, justice and homelessness services against historical data.

Ms Bettison said breaking the cycle of homelessness could reduce related problems such as incarceration, hospital admissions and the use of expensive emergency accommodation.

"You can change how long [vulnerable people] live, the quality of life they have, and how they feel about themselves if we fix this wicked issue in South Australia," she said.

Social Ventures chief executive Rob Koczkar said it was the first time a social impact bond had been offered in South Australia.

"We are particularly pleased that the SA Government has identified this high-impact opportunity — delivering social and financial returns to investors," he said.

Success could see investors make 8.5 per cent per annum over the 7.75-year term of the bond, and save the Government some of the money currently channelled into tackling homelessness.