Category Archive for : ‘News’

Massachusetts Awarded $11.67 Million U.S. Department of Labor Grant for Pay for Success Project Led by Third Sector Capital Partners

Massachusetts has been awarded an $11.67 million grant from the U.S. Department of Labor that will expand the Commonwealth’s Social Innovation Financing project by providing additional success payments tied to increases in employment and reductions in recidivism. Third Sector Capital Partners is the project intermediary for this juvenile justice project, in partnership with New Profit Inc.

“The Department of Labor’s grant award represents an important endorsement of the quality of the Commonwealth’s juvenile

Santa Clara County Hires Third Sector to Construct and Implement Pay for Success Pilot Project 

Santa Clara County’s Board of Supervisors voted unanimously on August 27, 2013 to advance the County’s pursuit of Pay for Success (PFS). The Board’s vote allocated $75,000 in funding for Third Sector Capital Partners (Third Sector). The Sobrato Family Foundation and the Silicon Valley Community Foundation will match the County’s support.

The County’s funding is an important evolution in the PFS field and demonstrates government’s increasing interest in providing financial support for PFS exploration and project construction.

After the

Third Sector recently testified at an informational hearing on social innovation finance (SIF) held by the California state legislature. The hearing, What is the Role of Social Innovation Financing in California?: Are we ready for Social Impact Bonds, was called by the Business, Professions & Economic Development Committee and the Select Committee on Procurement. Senators Curren Price and Ted Lieu chaired the hearing.

Invited by the California legislature to share information about Third Sector’s experience developing and implementing SIF projects around the country, Caroline Whistler, Third Sector Co-Founder & Partner, testified about the Massachusetts’ juvenile justice

Third Sector partners George Overholser and Caroline Whistler have written an article prominently featured in the Federal Reserve Bank of San Francisco’s Community Development Investment Review. “The Real Revolution of Pay for Success: Ending 40 Years of Stagnant Results for Communities” discusses how Pay for Success and Social Innovation Finance have the potential to improve the performance of America’s social sector, accelerating a historically slow march of social progress.

The Review features 22 articles exploring Pay for Success financing; authors include representatives of Third Sector collaborators Roca, the Massachusetts Housing and

Third Sector Capital Partners, with support from the Rockefeller Foundation, has published a case study on its experience working with Roca, Inc. on their successful response to Massachusetts’ Social Innovation Financing project for juvenile justice. The case discusses the challenges, lessons learned, and process of launching the nation’s first state-level Pay for Success contract. Click here to view the case study.

Social Solutions Webinar:
Pay for Success from the Service Provider Perspective

Roca’s Experience with Preparations and Contract Negotiations in Massachusetts

January 28, 2013

John Grossman, Partner & General Counsel, recently participated in a webinar hosted by Social Solutions that focused on Pay for Success from the perspective of service providers. The webinar looks at how Roca, a performance-driven provider of services to young people at high risk of incarceration, worked with Third Sector Capital Partners to prepare for and determine that a PFS contract would be worth pursuing.

Moderator:

Ingvild Bjornvold, Director of Strategic Initiatives, Social Solutions

Speakers:

Bill