News and Insights

The following is excerpted from Next Billion’s Impact Investing Insights series. You can watch Rick’s interview here.

Goldman Sachs recently made headlines by investing in Roca, a Massachusetts nonprofit that tries to keep young men out of jail. The investment was notable not just because Goldman was focusing on social impact, but because it also hopes to make a profit. Under the seven-year deal, Roca will try to help 1,000 young men – and if they spend 22 percent fewer days incarcerated than their peers, the state will save enough to pay back Goldman’s $9 million

Third Sector Capital Partners, Inc. (Third Sector) a leading nonprofit provider of advisory services for parties pursuing Pay for Success, Social Innovation Finance (including Social Impact Bonds), and Growth Capital, and Social Solutions Global, Inc., the leading provider of performance management software for human services, today announced their partnership to provide Pay for Success (PFS) Readiness Assessment Services.

PFS is gaining momentum as more federal, state and local governments seek innovative strategies to improve outcomes for those most in need.  The PFS Readiness Assessment is the first operational tool of its kind, providing

Following competitive procurements, Third Sector and its service provider partners have been selected for Pay for Success projects in Illinois and New York. We are thrilled to work with these innovative and results-driven organizations to serve their communities!

The State of Illinois awarded one Pay for Success contract to increase support for at-risk youth involved in both the child welfare and juvenile justice systems in Illinois. Third Sector will work with One Hope United, in partnership with the Conscience Community Network, to provide community alternatives to institutional care for these dually involved youth. The project will be based on an set of interventions

Santa Clara County recently launched a chronic homelessness Pay for Success Request for Proposals. The RFP is soliciting responses from lead agencies interested in delivering effective, evidence-based interventions to the chronically homeless population through a Pay for Success contract. Responses are due June 20th. Third Sector has been working closely with the County on developing Pay for Success projects to serve the County’s chronically homeless and acutely mentally ill populations.

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 Begins Juvenile

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.