Made it back to Europe from Belo Horizonte, Brazil and the World Cooperative Management Conference. The big news of today is the launch of the Social Finance programme in Hartford Connecticut…
500 Families with Children Aged Six and Under Will Benefit from the Family Stability Pay for Success Project Over the Next Four and a Half Years.
Through the PFS model, the government repays private investors only if the program meets predetermined outcomes. Independent evaluators measure the effects of a program that demonstrate a return on investment based on specific metrics that benefit both individuals and society.
Project funders include BNP Paribas, QBE Insurance Group Limited, Reinvestment Fund, Doris Duke Charitable Foundation, Laura and John Arnold Foundation, Nonprofit Finance Fund and two anonymous family foundations.
“Pay for Success is about unlocking private capital to advance the public good,” Tracy Palandjian, CEO and co-founder of Social Finance, said. “By directing resources toward effective programs like Family-Based Recovery, we will measurably improve the lives of families in need. Projects like this are a testament to what we can achieve when diverse leaders think creatively and work together.”
It’s great to see the Social Finance team unveiling not just a terrific programme but also with such broad support too. I wish Tracy Palandjian and the Social Finance team every success with the programme.
Additional Download: Fact sheet on the Connecticut Family Stability Pay for Success Project