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SOCIAL	
  IMPACT	
  BONDS	
  201	
  
Shawn	
  Pelsinger,	
  Esq.	
  &	
  Robert	
  T.	
  Esposito,	
  Esq.	
  
Overview	
  
! Quick	
  Review	
  of	
  Social	
  Impact	
  Bonds	
  
! The	
  Growing	
  Number	
  of	
  SIB	
  Investors	
  
! Government	
  Procurement	
  	
  
! SIBs	
  Beyond	
  the	
  Social	
  Sector	
  
Quick	
  Review	
  of	
  Social	
  Impact	
  Bonds	
  
!  A	
  Social	
  Impact	
  Bond	
  is	
  an	
  innovaOve	
  financing	
  mechanism	
  for	
  Pay-­‐
For-­‐Success	
  contracts	
  that	
  is	
  designed	
  to	
  shiS	
  risk	
  away	
  from	
  
government,	
  and	
  towards	
  private-­‐sector	
  capital	
  to	
  fund	
  effecOve	
  
social	
  service	
  programs.	
  	
  The	
  government	
  only	
  pays	
  if	
  these	
  
programs	
  achieve	
  predetermined,	
  measurable	
  goals.	
  
!  A	
  SIB	
  is	
  a	
  mul,stakeholder	
  partnership	
  in	
  which	
  philanthropic	
  
funders	
  and	
  impact	
  investors	
  –	
  not	
  governments	
  –	
  take	
  on	
  the	
  
financial	
  risk	
  of	
  expanding	
  proven	
  social	
  programs.	
  	
  Nonprofits	
  
deliver	
  the	
  social	
  program	
  to	
  more	
  people	
  who	
  need	
  it;	
  the	
  
government	
  pays	
  only	
  if	
  the	
  program	
  succeeds.	
  –	
  McKinsey,	
  
Financing	
  Social	
  Change	
  
Quick	
  Review	
  of	
  Social	
  Impact	
  Bonds	
  
!  Key	
  Features	
  
!  Limited	
  control	
  on	
  how	
  external	
  organizaOon	
  carries	
  
out	
  task;	
  
!  Government	
  cooperaOon	
  with	
  external	
  organizaOon;	
  
!  Agreed	
  upon	
  target	
  populaOon	
  and	
  success	
  metrics;	
  
!  Payments	
  conOngent	
  upon	
  hiZng	
  targets	
  
Quick	
  Review	
  of	
  Social	
  Impact	
  Bonds	
  
Credit:	
  Social	
  Finance,	
  2014	
  
The	
  Growing	
  Number	
  of	
  SIB	
  Investors	
  
!  Single	
  Investor	
  
!  Private	
  Investors	
  
!  Government	
  Investor	
  
!  Service	
  Provider	
  Investors	
  
!  Retail	
  Investors	
  
Overview	
  
SIB	
  Investors:	
  The	
  Single	
  Investor	
  +	
  Guarantee	
  
!  The	
  Rikers	
  Island	
  SIB,	
  funded	
  enOrely	
  by	
  Goldman	
  
Sachs	
  Urban	
  Investment	
  Group	
  ($9.3M)	
  
!  Bloomberg	
  Philanthropies	
  guaranteed	
  75%	
  of	
  
Goldman	
  Sachs’	
  investment	
  
SIB	
  Investors:	
  The	
  Single	
  Investor	
  +	
  Subordinated	
  
Debt	
  
!  Goldman	
  Sachs	
  provided	
  an	
  iniOal	
  investment	
  of	
  
$4.6	
  million.	
  	
  
!  Philanthropist	
  J.B.	
  Pritzker	
  has	
  contributed	
  an	
  
addiOonal	
  $2.4	
  million	
  investment	
  in	
  the	
  form	
  of	
  a	
  
subordinated	
  loan	
  to	
  reduce	
  risk	
  to	
  Goldman	
  Sachs.	
  
SIB	
  Investors:	
  Government	
  Investor	
  
!  The	
  Massachusejs	
  SIB	
  
!  Juvenile	
  JusOce	
  Pay	
  for	
  Success	
  IniOaOve	
  will	
  target	
  at-­‐
risk	
  young	
  men	
  in	
  the	
  probaOon	
  system	
  
!  $11.7	
  million	
  grant	
  awarded	
  by	
  the	
  U.S.	
  Department	
  
of	
  Labor	
  	
  
!  The	
  London	
  SIB	
  
!  Department	
  for	
  CommuniOes	
  and	
  Local	
  Government	
  
(DCLG)	
  provided	
  £5M	
  in	
  funding	
  to	
  improve	
  outcomes	
  
for	
  a	
  group	
  of	
  831	
  persistent	
  homeless	
  residents	
  in	
  
London	
  	
  
SIB	
  Investors:	
  MulOple	
  Investors	
  
Closed/Private	
  Investment	
  
!  The	
  Peterborough	
  SIB:	
  17	
  investors,	
  sourced	
  through	
  
private	
  relaOonships,	
  consisOng	
  mostly	
  of	
  private	
  
foundaOons	
  and	
  individuals.	
  
!  The	
  New	
  York	
  State	
  SIB:	
  First-­‐ever	
  SIB	
  offering	
  
distributed	
  via	
  a	
  leading	
  wealth	
  management	
  pla4orm	
  
–	
  Bank	
  of	
  America	
  Merrill	
  Lynch	
  –	
  to	
  qualified	
  private	
  
and	
  insOtuOonal	
  investors.	
  More	
  than	
  40	
  investors	
  have	
  
parOcipated	
  in	
  this	
  transacOon.	
  
SIB	
  Investors:	
  Private	
  Investors	
  
Open	
  Market	
  Investments	
  
!  In	
  Australia:	
  
!  Restricted	
  to	
  wholesale	
  investors	
  with	
  income	
  >	
  AU
$250,000	
  or	
  AU$2.5m	
  net	
  worth	
  
!  The	
  Newpin	
  SBB	
  raised	
  AU$7M	
  from	
  59	
  investors.	
  	
  
!  The	
  Benevolent	
  Society	
  SBB	
  raised	
  AU$10M	
  in	
  two	
  
tranches:	
  	
  
"  The	
  $2.5M	
  tranche	
  involves	
  17	
  investors	
  (no	
  guarantee,	
  returns	
  
capped	
  at	
  30%)	
  
"  The	
  $7.5M	
  tranche	
  involves	
  40	
  investors	
  including	
  NRMA	
  
Motoring	
  &	
  Services,	
  Australian	
  Ethical	
  Investments	
  and	
  
Commonwealth	
  Bank	
  of	
  Australia	
  (investment	
  capital	
  
guaranteed,	
  returns	
  capped	
  at	
  10%)	
  
SIB	
  Investors:	
  Retail	
  Investors	
  
The	
  Essex	
  SIB	
  
!  The	
  Allia	
  ‘Future	
  for	
  Children	
  Bond’	
  aimed	
  at	
  providing	
  
foster	
  care	
  was	
  the	
  first	
  opportunity	
  for	
  retail	
  investors	
  
to	
  become	
  involved	
  in	
  a	
  SIB	
  
!  The	
  Future	
  for	
  Children	
  Bond	
  was	
  constructed	
  of	
  78%	
  
loan	
  to	
  a	
  social	
  housing	
  provider,	
  20%	
  investment	
  in	
  
the	
  Essex	
  SIB	
  and	
  2%	
  management	
  fees.	
  	
  
!  In	
  order	
  to	
  safeguard	
  against	
  ill-­‐informed	
  investor	
  mistakes,	
  the	
  
Bond	
  was	
  an	
  ‘advised’	
  product,	
  which	
  meant	
  that	
  financial	
  
advisors	
  had	
  to	
  apply	
  on	
  behalf	
  of	
  investors.	
  
!  PotenOal	
  for	
  crowdfunded	
  SIBs;	
  but	
  concerns	
  about	
  
scalability	
  and	
  which	
  governmental	
  enOty	
  enjoys	
  
savings	
  benefits	
  	
  
SIB	
  Investors:	
  Private	
  Investors	
  
AcOvely	
  Involved	
  Investor	
  
!  Perth,	
  Scotland	
  SIB:	
  Local	
  investors	
  have	
  contributed	
  
between	
  £5000	
  and	
  £50,000	
  and	
  are	
  involved	
  in	
  the	
  
intervenOon.	
  	
  
!  Perth	
  YMCA	
  recruited	
  12	
  investors	
  –	
  all	
  local	
  
businesses	
  or	
  individuals	
  –	
  who	
  were	
  interesOng	
  
engaging	
  directly	
  in	
  the	
  project,	
  providing	
  both	
  
investment	
  and	
  skill	
  resources.	
  
SIB	
  Investors:	
  Service	
  Providers	
  as	
  Investors	
  
!  The	
  Benevolent	
  Society	
  SBB	
  is	
  an	
  example	
  of	
  a	
  
service	
  provider	
  investor	
  
!  In	
  the	
  Massachusejs	
  SIB,	
  Roca	
  has	
  suggested	
  
it	
  invest	
  in	
  addiOon	
  to	
  being	
  a	
  service	
  provider	
  
Government	
  Procurement	
  
!  Three	
  Processes	
  for	
  Government	
  Procurement	
  
!  Request	
  for	
  Qualified	
  Intermediary	
  
!  Whole	
  Package	
  
!  Arranged	
  Marriage	
  
Government	
  Procurement:	
  Request	
  
for	
  Qualified	
  Intermediary	
  
# Examples:	
  New	
  York	
  SIB,	
  ConnecOcut	
  SIB	
  
# How	
  it	
  works:	
  
# The	
  Government	
  (e.g.,	
  Department	
  for	
  Children	
  
and	
  Families)	
  issues	
  only	
  one	
  Request	
  for	
  
Proposal	
  (RFP)	
  seeking	
  interested	
  intermediaries	
  
# The	
  selected	
  intermediary	
  is	
  then	
  responsible	
  
for	
  idenOfying	
  appropriate	
  intervenOon(s)	
  and	
  
service	
  provider(s)	
  in	
  conjuncOon	
  with	
  the	
  
Government	
  
Government	
  Procurement:	
  The	
  Whole	
  
Package	
  
!  Examples:	
  Illinois	
  SIB,	
  Department	
  of	
  Labor	
  SIB	
  
!  How	
  it	
  Works:	
  	
  
! Government	
  awards	
  grants	
  to	
  applicant	
  groups	
  
with	
  fully-­‐formed	
  partnerships	
  in	
  place.	
  This	
  
partnership	
  must	
  include	
  the	
  roles	
  played	
  by	
  
these	
  four	
  enOOes:	
  	
  
" state/local/tribal	
  government	
  agency;	
  
" Intermediary;	
  
" investor(s);	
  
" and	
  independent	
  outcome	
  validator	
  
Government	
  Procurement:	
  The	
  
Arranged	
  Marriage	
  
!  Example:	
  Massachusejs	
  SIB	
  
!  How	
  it	
  Works:	
  
!  Government	
  issues	
  a	
  Request	
  for	
  Response	
  (RFR)	
  
seeking	
  intermediaries	
  
!  Government	
  simultaneously	
  issues	
  a	
  second	
  RFR	
  
seeking	
  service	
  providers	
  	
  	
  
!  Responders	
  may	
  note	
  pre-­‐exisOng	
  partnership	
  with	
  
other	
  organizaOons	
  or	
  service	
  providers	
  
!  The	
  Government	
  will	
  not	
  accept	
  joint	
  applicaOons	
  
!  Government	
  then	
  arranges	
  a	
  partnership	
  between	
  
selected	
  Intermediary	
  and	
  Service	
  Provider	
  
SIBs	
  Beyond	
  the	
  Social	
  Sector	
  
!  Environmental	
  Impact	
  Bonds	
  
!  Health	
  Impact	
  Bonds	
  
!  Development	
  Impact	
  Bonds	
  
SIBs	
  Beyond	
  the	
  Social	
  Sector:	
  EIBs	
  
!  Environmental	
  Impact	
  Bonds	
  (EIBs)	
  
!  MoneOzaOon	
  of	
  future	
  cost	
  savings	
  –	
  the	
  bedrock	
  
of	
  SIBs	
  –	
  is	
  already	
  prevalent	
  in	
  environmental	
  
finance	
  
!  PotenOal	
  applicaOons	
  to:	
  
!  Reduced	
  CO2/GHG	
  emissions	
  
!  Improved	
  Water	
  quality	
  
!  Increased	
  use	
  of	
  renewable	
  energy	
  
SIBs	
  Beyond	
  the	
  Social	
  Sector:	
  HIBs	
  
!  Health	
  Impact	
  Bonds	
  (HIBs)	
  
!  May	
  2013	
  –	
  The	
  first	
  health-­‐focused	
  SIB	
  in	
  the	
  US	
  is	
  
announced	
  in	
  Fresno,	
  California,	
  which	
  has	
  one	
  of	
  the	
  
naOon’s	
  highest	
  asthma	
  rates	
  (20%	
  of	
  children)	
  
!  The	
  California	
  Endowment	
  awarded	
  Social	
  Finance	
  and	
  
CollecOve	
  Health	
  $660,00	
  in	
  grant	
  funding	
  to	
  launch	
  an	
  HIB	
  
aimed	
  at	
  improving	
  the	
  health	
  of	
  low-­‐income	
  children	
  with	
  
asthma	
  
!  Partners	
  engage	
  families	
  of	
  200	
  low-­‐income	
  children	
  with	
  
asthma	
  to	
  provide	
  home	
  care,	
  educaOon,	
  and	
  support	
  in	
  
reducing	
  environmental	
  triggers	
  of	
  asthma	
  
!  Savings	
  accrue	
  to	
  the	
  State,	
  which	
  benefits	
  from	
  reduced	
  
emergency	
  treatment	
  costs	
  associated	
  with	
  childhood	
  
asthma	
  
SIBs	
  Beyond	
  the	
  Social	
  Sector:	
  Development	
  
Impact	
  Bonds	
  
!  Similarities to SIBs
!  Investors provide funds to implement social
interventions
!  Service Providers work to deliver outcomes
!  Outcomes Funders, primarily public sector agencies,
repay investors their principal plus a financial return if
– and only if – independently verified evidence shows
that outcomes have been achieved.
!  DisOnguishing	
  Features	
  of	
  DIBs:	
  
!  External development agencies are needed to provide
the outcome payment, or some portion of it, in
partnership with a developing country government	
  
SIBs	
  Beyond	
  the	
  Social	
  Sector:	
  DIBs	
  
!  “The	
  Development	
  Impact	
  Bond	
  is	
  almost	
  exactly	
  the	
  
same	
  as	
  the	
  Social	
  Impact	
  Bond,	
  the	
  hojest	
  idea	
  in	
  
social-­‐service	
  provision	
  (an	
  oxymoron	
  if	
  ever	
  there	
  was	
  
one)	
  of	
  the	
  last	
  few	
  years.	
  One	
  difference	
  is	
  who	
  
repays	
  investors	
  if	
  the	
  program	
  succeeds.	
  With	
  a	
  social	
  
impact	
  bond,	
  the	
  government	
  does.	
  With	
  a	
  
development	
  bond,	
  payment	
  would	
  fall	
  to	
  
internaOonal	
  donors	
  such	
  as	
  foundaOons	
  or	
  
government	
  agencies	
  such	
  as	
  Britain’s	
  Department	
  for	
  
InternaOonal	
  Development	
  or	
  the	
  U.S.	
  Agency	
  for	
  
InternaOonal	
  Development.”	
  
!  -­‐The	
  New	
  York	
  Times,	
  June	
  19,	
  2013	
  
SIBs	
  Beyond	
  the	
  Social	
  Sector:	
  DIB	
  
Case	
  Studies	
  	
  
!  Case	
  Study	
  1:	
  ReducOon	
  of	
  Rhodesian	
  Sleeping	
  
Sickness	
  in	
  Uganda	
  
!  Case	
  Study	
  2:	
  AnOretroviral	
  Treatment	
  as	
  PrevenOon	
  of	
  
HIV	
  and	
  TB	
  in	
  Swaziland	
  
!  Case	
  Study	
  3:	
  Low	
  Cost	
  Private	
  Schools	
  in	
  Pakistan	
  
!  Case	
  Study	
  4:	
  Access	
  to	
  Quality	
  Secondary	
  EducaOon	
  in	
  
Uganda	
  
!  Case	
  Study	
  5:	
  SME	
  Pipeline	
  GeneraOon	
  and	
  Value	
  
CreaOon	
  
!  See,	
  Center	
  for	
  Global	
  Development	
  &	
  Social	
  Finance,	
  
Inves,ng	
  in	
  Social	
  Outcomes:	
  Development	
  Impact	
  Bonds	
  	
  
Conclusion	
  &	
  Review	
  
!  The	
  Growing	
  Number	
  of	
  SIB	
  Investors	
  
!  Government	
  Procurement	
  	
  
!  SIBs	
  Beyond	
  the	
  Social	
  Sector	
  
!  The	
  CriOcal	
  &	
  Evolving	
  Role	
  of	
  FoundaOons	
  
!  Playing	
  the	
  part	
  of	
  guarantor,	
  investor,	
  intermediary,	
  
and	
  evaluator	
  

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Social Impact Bonds 102

  • 1. SOCIAL  IMPACT  BONDS  201   Shawn  Pelsinger,  Esq.  &  Robert  T.  Esposito,  Esq.  
  • 2. Overview   ! Quick  Review  of  Social  Impact  Bonds   ! The  Growing  Number  of  SIB  Investors   ! Government  Procurement     ! SIBs  Beyond  the  Social  Sector  
  • 3. Quick  Review  of  Social  Impact  Bonds   !  A  Social  Impact  Bond  is  an  innovaOve  financing  mechanism  for  Pay-­‐ For-­‐Success  contracts  that  is  designed  to  shiS  risk  away  from   government,  and  towards  private-­‐sector  capital  to  fund  effecOve   social  service  programs.    The  government  only  pays  if  these   programs  achieve  predetermined,  measurable  goals.   !  A  SIB  is  a  mul,stakeholder  partnership  in  which  philanthropic   funders  and  impact  investors  –  not  governments  –  take  on  the   financial  risk  of  expanding  proven  social  programs.    Nonprofits   deliver  the  social  program  to  more  people  who  need  it;  the   government  pays  only  if  the  program  succeeds.  –  McKinsey,   Financing  Social  Change  
  • 4. Quick  Review  of  Social  Impact  Bonds   !  Key  Features   !  Limited  control  on  how  external  organizaOon  carries   out  task;   !  Government  cooperaOon  with  external  organizaOon;   !  Agreed  upon  target  populaOon  and  success  metrics;   !  Payments  conOngent  upon  hiZng  targets  
  • 5. Quick  Review  of  Social  Impact  Bonds   Credit:  Social  Finance,  2014  
  • 6. The  Growing  Number  of  SIB  Investors   !  Single  Investor   !  Private  Investors   !  Government  Investor   !  Service  Provider  Investors   !  Retail  Investors   Overview  
  • 7. SIB  Investors:  The  Single  Investor  +  Guarantee   !  The  Rikers  Island  SIB,  funded  enOrely  by  Goldman   Sachs  Urban  Investment  Group  ($9.3M)   !  Bloomberg  Philanthropies  guaranteed  75%  of   Goldman  Sachs’  investment  
  • 8. SIB  Investors:  The  Single  Investor  +  Subordinated   Debt   !  Goldman  Sachs  provided  an  iniOal  investment  of   $4.6  million.     !  Philanthropist  J.B.  Pritzker  has  contributed  an   addiOonal  $2.4  million  investment  in  the  form  of  a   subordinated  loan  to  reduce  risk  to  Goldman  Sachs.  
  • 9. SIB  Investors:  Government  Investor   !  The  Massachusejs  SIB   !  Juvenile  JusOce  Pay  for  Success  IniOaOve  will  target  at-­‐ risk  young  men  in  the  probaOon  system   !  $11.7  million  grant  awarded  by  the  U.S.  Department   of  Labor     !  The  London  SIB   !  Department  for  CommuniOes  and  Local  Government   (DCLG)  provided  £5M  in  funding  to  improve  outcomes   for  a  group  of  831  persistent  homeless  residents  in   London    
  • 10. SIB  Investors:  MulOple  Investors   Closed/Private  Investment   !  The  Peterborough  SIB:  17  investors,  sourced  through   private  relaOonships,  consisOng  mostly  of  private   foundaOons  and  individuals.   !  The  New  York  State  SIB:  First-­‐ever  SIB  offering   distributed  via  a  leading  wealth  management  pla4orm   –  Bank  of  America  Merrill  Lynch  –  to  qualified  private   and  insOtuOonal  investors.  More  than  40  investors  have   parOcipated  in  this  transacOon.  
  • 11. SIB  Investors:  Private  Investors   Open  Market  Investments   !  In  Australia:   !  Restricted  to  wholesale  investors  with  income  >  AU $250,000  or  AU$2.5m  net  worth   !  The  Newpin  SBB  raised  AU$7M  from  59  investors.     !  The  Benevolent  Society  SBB  raised  AU$10M  in  two   tranches:     "  The  $2.5M  tranche  involves  17  investors  (no  guarantee,  returns   capped  at  30%)   "  The  $7.5M  tranche  involves  40  investors  including  NRMA   Motoring  &  Services,  Australian  Ethical  Investments  and   Commonwealth  Bank  of  Australia  (investment  capital   guaranteed,  returns  capped  at  10%)  
  • 12. SIB  Investors:  Retail  Investors   The  Essex  SIB   !  The  Allia  ‘Future  for  Children  Bond’  aimed  at  providing   foster  care  was  the  first  opportunity  for  retail  investors   to  become  involved  in  a  SIB   !  The  Future  for  Children  Bond  was  constructed  of  78%   loan  to  a  social  housing  provider,  20%  investment  in   the  Essex  SIB  and  2%  management  fees.     !  In  order  to  safeguard  against  ill-­‐informed  investor  mistakes,  the   Bond  was  an  ‘advised’  product,  which  meant  that  financial   advisors  had  to  apply  on  behalf  of  investors.   !  PotenOal  for  crowdfunded  SIBs;  but  concerns  about   scalability  and  which  governmental  enOty  enjoys   savings  benefits    
  • 13. SIB  Investors:  Private  Investors   AcOvely  Involved  Investor   !  Perth,  Scotland  SIB:  Local  investors  have  contributed   between  £5000  and  £50,000  and  are  involved  in  the   intervenOon.     !  Perth  YMCA  recruited  12  investors  –  all  local   businesses  or  individuals  –  who  were  interesOng   engaging  directly  in  the  project,  providing  both   investment  and  skill  resources.  
  • 14. SIB  Investors:  Service  Providers  as  Investors   !  The  Benevolent  Society  SBB  is  an  example  of  a   service  provider  investor   !  In  the  Massachusejs  SIB,  Roca  has  suggested   it  invest  in  addiOon  to  being  a  service  provider  
  • 15. Government  Procurement   !  Three  Processes  for  Government  Procurement   !  Request  for  Qualified  Intermediary   !  Whole  Package   !  Arranged  Marriage  
  • 16. Government  Procurement:  Request   for  Qualified  Intermediary   # Examples:  New  York  SIB,  ConnecOcut  SIB   # How  it  works:   # The  Government  (e.g.,  Department  for  Children   and  Families)  issues  only  one  Request  for   Proposal  (RFP)  seeking  interested  intermediaries   # The  selected  intermediary  is  then  responsible   for  idenOfying  appropriate  intervenOon(s)  and   service  provider(s)  in  conjuncOon  with  the   Government  
  • 17. Government  Procurement:  The  Whole   Package   !  Examples:  Illinois  SIB,  Department  of  Labor  SIB   !  How  it  Works:     ! Government  awards  grants  to  applicant  groups   with  fully-­‐formed  partnerships  in  place.  This   partnership  must  include  the  roles  played  by   these  four  enOOes:     " state/local/tribal  government  agency;   " Intermediary;   " investor(s);   " and  independent  outcome  validator  
  • 18. Government  Procurement:  The   Arranged  Marriage   !  Example:  Massachusejs  SIB   !  How  it  Works:   !  Government  issues  a  Request  for  Response  (RFR)   seeking  intermediaries   !  Government  simultaneously  issues  a  second  RFR   seeking  service  providers       !  Responders  may  note  pre-­‐exisOng  partnership  with   other  organizaOons  or  service  providers   !  The  Government  will  not  accept  joint  applicaOons   !  Government  then  arranges  a  partnership  between   selected  Intermediary  and  Service  Provider  
  • 19. SIBs  Beyond  the  Social  Sector   !  Environmental  Impact  Bonds   !  Health  Impact  Bonds   !  Development  Impact  Bonds  
  • 20. SIBs  Beyond  the  Social  Sector:  EIBs   !  Environmental  Impact  Bonds  (EIBs)   !  MoneOzaOon  of  future  cost  savings  –  the  bedrock   of  SIBs  –  is  already  prevalent  in  environmental   finance   !  PotenOal  applicaOons  to:   !  Reduced  CO2/GHG  emissions   !  Improved  Water  quality   !  Increased  use  of  renewable  energy  
  • 21. SIBs  Beyond  the  Social  Sector:  HIBs   !  Health  Impact  Bonds  (HIBs)   !  May  2013  –  The  first  health-­‐focused  SIB  in  the  US  is   announced  in  Fresno,  California,  which  has  one  of  the   naOon’s  highest  asthma  rates  (20%  of  children)   !  The  California  Endowment  awarded  Social  Finance  and   CollecOve  Health  $660,00  in  grant  funding  to  launch  an  HIB   aimed  at  improving  the  health  of  low-­‐income  children  with   asthma   !  Partners  engage  families  of  200  low-­‐income  children  with   asthma  to  provide  home  care,  educaOon,  and  support  in   reducing  environmental  triggers  of  asthma   !  Savings  accrue  to  the  State,  which  benefits  from  reduced   emergency  treatment  costs  associated  with  childhood   asthma  
  • 22. SIBs  Beyond  the  Social  Sector:  Development   Impact  Bonds   !  Similarities to SIBs !  Investors provide funds to implement social interventions !  Service Providers work to deliver outcomes !  Outcomes Funders, primarily public sector agencies, repay investors their principal plus a financial return if – and only if – independently verified evidence shows that outcomes have been achieved. !  DisOnguishing  Features  of  DIBs:   !  External development agencies are needed to provide the outcome payment, or some portion of it, in partnership with a developing country government  
  • 23. SIBs  Beyond  the  Social  Sector:  DIBs   !  “The  Development  Impact  Bond  is  almost  exactly  the   same  as  the  Social  Impact  Bond,  the  hojest  idea  in   social-­‐service  provision  (an  oxymoron  if  ever  there  was   one)  of  the  last  few  years.  One  difference  is  who   repays  investors  if  the  program  succeeds.  With  a  social   impact  bond,  the  government  does.  With  a   development  bond,  payment  would  fall  to   internaOonal  donors  such  as  foundaOons  or   government  agencies  such  as  Britain’s  Department  for   InternaOonal  Development  or  the  U.S.  Agency  for   InternaOonal  Development.”   !  -­‐The  New  York  Times,  June  19,  2013  
  • 24. SIBs  Beyond  the  Social  Sector:  DIB   Case  Studies     !  Case  Study  1:  ReducOon  of  Rhodesian  Sleeping   Sickness  in  Uganda   !  Case  Study  2:  AnOretroviral  Treatment  as  PrevenOon  of   HIV  and  TB  in  Swaziland   !  Case  Study  3:  Low  Cost  Private  Schools  in  Pakistan   !  Case  Study  4:  Access  to  Quality  Secondary  EducaOon  in   Uganda   !  Case  Study  5:  SME  Pipeline  GeneraOon  and  Value   CreaOon   !  See,  Center  for  Global  Development  &  Social  Finance,   Inves,ng  in  Social  Outcomes:  Development  Impact  Bonds    
  • 25. Conclusion  &  Review   !  The  Growing  Number  of  SIB  Investors   !  Government  Procurement     !  SIBs  Beyond  the  Social  Sector   !  The  CriOcal  &  Evolving  Role  of  FoundaOons   !  Playing  the  part  of  guarantor,  investor,  intermediary,   and  evaluator