Social impact bonds—sometimes known in the United States as “Pay for Success” agreements—are as
complex as they are innovative. Social impact bond agreements require cooperation between government agencies, social service providers, impact investors, and external organizations—sometimes called intermediaries. Aligning the interests of so many disparate actors is no easy task, but part of the appeal of social impact bonds lies in the benefits of getting different sectors to cooperate and work together to achieve beneficial social outcomes.
...As interest in social impact bonds continues to accelerate across the United States and around the world, many institutions are considering whether and how to take advantage of this new innovation in social finance. Limited data on the effect of social impact bonds exist, since the first projects that made use of SIBs are still underway. For example, the first such agreement in the world launched in the United Kingdom in 2010; this project to reduce recidivism among nonviolent offenders at HM Prison Peterborough is not yet complete.
Social Impact Bonds: Networking for Success
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