Massachusetts Juvenile Justice PFS Initiative Launches in Springfield
The Commonwealth of Massachusetts, Roca, Inc. and Third Sector Capital Partners, Inc. launched the Massachusetts Juvenile Justice PFS Initiative in Springfield, Massachusetts on Tuesday. Local partners and supporters spoke at the event, including Sheriff Michael Ashe of Hampden County, Domenic Sarno, Mayor of Springfield and Alex Morse, Mayor of Holyoke. Jarne Jones, a participant in Roca’s Springfield program, also spoke about his experience. Press coverage of the event included: Roca to prepare 300 Western Massachusetts young men for work, avoidance of crime, through unique state-funded program – MassLive via The Republican …
Massachusetts Launches Pay for Success Initiative
We are thrilled to announce the launch of the Commonwealth of Massachusetts’ Pay for Success initiative, which focuses on reducing recidivism and improving employment outcomes for over 900 at-risk young men in Massachusetts. For more information about this landmark initiative, please see our webpage on the project here.
Cuyahoga County Announces Details on Pay for Success Initiative
Cuyahoga County, Ohio, has selected FrontLine, a local mental health organization, to serve as a service provider for its first Pay for Success project. The County will pioneer an intensive effort to keep homeless families together by using private investor funding. If the project succeeds, the County can save millions in foster care payments over the next five years. Ed FitzGerald, County Executive, has advocated for Pay for Success in Cuyahoga County since 2011. “I want to transform how human services are provided in Cuyahoga County,” said FitzGerald. “Our Division …
Third Sector Hosts Business and Philanthropy Groups
This holiday season, Third Sector was pleased to host two visiting groups interested in learning more about Pay for Success. On December 19th, students from the Center for Sustainable Global Enterprise at Cornell’s Johnson Graduate School of Management visited our offices to learn more about impact investing, social impact bonds and Pay for Success. On December 20th, philanthropists visiting the Harvard Kennedy School Hauser Institute for Civil Society from China also dropped by our offices to discuss the use of social impact investing in the United States and potential applications …
Press Release: The California Endowment Awards Grant to Third Sector & NCCD
The California Endowment Awards Grant for Pay for Success Collaboration Between NCCD & Third Sector Capital Partners The California Endowment has awarded $250,000 in grant funding to the National Council on Crime and Delinquency (“NCCD”) and Third Sector Capital Partners (“Third Sector”) to lay the groundwork for two innovative outcome-based human services programs to serve California communities. The grant funding provided to the partnership will be used to complete feasibility studies on the viability of utilizing Pay for Success (“PFS”) programs to deliver social services in the areas of juvenile …
Third Sector Attends Hong Kong Social Enterprise Summit
Third Sector recently participated at the Hong Kong Social Enterprise Summit, which took place from November 28-30, 2013. The government of Hong Kong has established a HK$500 million Social Innovation Fund and invited experts to speak about key impact investing issues. Rick Edwards, Partner at Third Sector, spoke about Pay for Success innovation at two sessions on social innovation and impact. Rick and other participants recommended that the HK government focus the planned Fund on innovative program research and capacity building. For more information on the Summit, please see their …
Third Sector Responds to U.S. Department of Treasury Pay for Success Request
Third Sector was pleased to respond to the U.S. Treasury Department’s Request for Information on strategies to accelerate the testing and adoption of Pay for Success financing models in the United States on December 2nd. President Obama’s 2014 budget included a request for a $300 million appropriation to create an Incentive Fund to help state and local governments implement PFS projects. The Treasury Department sought information to help develop functions and uses for a potential Incentive Fund. Based on our experience implementing PFS projects, our response outlined our thoughts on …
Case Study: From Idea to Action: Pay for Success in Santa Clara County
Third Sector Capital Partners, with support from the Health Trust, has published a case study that documents Santa Clara County’s exploration of a Pay for Success initiative from its origins in community conversations through the County Board of Supervisors’ vote to fund the construction of one or more Pay for Success contracts. In the case study, Third Sector discusses the critical factors that advanced the project and key lessons learned by stakeholders. Click here to view the case study.
Press Release: $11.67 Million Federal Grant Awarded to Third Sector Led Project
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 …
Press Release: Santa Clara County Hires Third Sector
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 …
Third Sector Testifies at California Hearing on Social Innovation Finance
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 …
New Publication from the Federal Reserve Bank of San Francisco
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 …
Case Study: Preparing for a Pay for Success Opportunity
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.
Webinar on PFS from Service Provider Perspective
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, …
2012 – A Year of Firsts
2012 has been an extraordinary year for Third Sector Capital Partners and the field of Social Innovation Finance, one that will be remembered for its many firsts. Pay for Success and Social Impact Bonds have gained worldwide attention and are quickly taking root across the United States, with several tangible pilots under development. We offer a huge thank you to every member of this growing community, each of whom has helped accelerate America’s transition to a performance-based social sector. 2012: A Year of Firsts New York City launched the nation’s …
Cuyahoga County Partners with Third Sector on Pay for Success Procurement
Cuyahoga County Partners with Third Sector Capital Partners on Pay for Success Pilot Procurement READ THE PRESS RELEASE Boston, MA and Cleveland, OH (November 2, 2012) – Cuyahoga County, OH became the first County government in the United States to release a Request for Responses (RFR) for a Pay for Success pilot. Third Sector Capital Partners, a market leader in developing Pay for Success programs, is serving as a technical advisor to the County in this process. “Pay for Success will allow Cuyahoga County to direct its limited budget towards …
George Overholser Participates in Development Finance Webcast
Third Sector CEO and Co-Founder George Overholser participated in a webcast hosted by the Council of Development Finance Agencies and BNY Mellon that focused on the rise of social impact bonds. Overholser was joined during this webcast by Navjeet Bal from Nixon Peabody and Deborah Burand from the University of Michigan to discuss how these bonds are supporting cutting-edge social service programs. CDFA-BNY Mellon Development Finance Webcast Series: The Rise of Social Impact Bonds VIEW THE WEBCAST
Cuyahoga County Receives DOJ Support for Pay for Success
Holder: New Anti-Crime Spending is “Investment” in Innovation by Ted Guest – The Crime Report – October 2, 2012 With government funds for new initiatives scarce as a few federal fiscal year begins, the Obama administration has announced some potentially innovative spending aimed at preventing repeat criminality. Describing what he called “investments […] designed to aid in the development, implementation, and expansion of proven strategies for intervention,” Attorney General Eric Holder told the International Association of Chiefs of Police convention in San Diego yesterday that the Justice Department is working “to improve …
Press Release: MA Selects Third Sector for First-in-the-Nation Pay for Success Contracts
Massachusetts Selects Third Sector Capital Partners for First-in-the-Nation “Pay for Success” Contracts Boston, MA (August 1, 2012) – The Commonwealth of Massachusetts announced today that it has selected Third Sector Capital Partners to develop its two groundbreaking Social Innovation Financing pilots, more commonly known as “Pay for Success” contracts. Massachusetts is the first state in the nation to issue a competitive process to obtain services using social innovation financing. Third Sector will serve as lead intermediary, in partnership with New Profit Inc., for a youth recidivism initiative and as partner to the Massachusetts …
Boston Globe Announces Third Sector Overseeing MA Pay for Success
“Mass. program ties nonprofits’ pay to success” by Dan Adams – The Boston Globe – August 1, 2012 Two groups of nonprofit social service providers have been selected by the state to tackle chronic problems with homeless people and juvenile criminals under an innovative new program that will reward the agencies if they can prove their techniques work, or pay them little or even no money if they fail. The program, called Social Innovation Financing, operates on a simple “pay for success” model, in which nonprofits must demonstrate that by keeping youth from …