Social Finance partners with governments, nonprofits, foundations, impact investors, and financial institutions to create innovative financing solutions to improve social outcomes. In the Pay for Success and Social Impact Bond market, our Advisory Services, Social Investment, and Active Performance Management teams support all phases of work, tailored to the needs of our partners. We are focused on developing a strong Pay for Success field through market education, publications, events, research and analysis.

Our Pay for Success Services


Our Work

Increasing Employment and Improving Public Safety in New York State

This Pay for Success project expands a comprehensive employment intervention to a target of 2,000 formerly incarcerated individuals in New York with the goals of increasing employment, reducing re-incarceration, and improving public safety. The project deploys $13.5 million over a 5.5-year project period to expand the work of Center for Employment Opportunities (CEO), a world-class provider of evidence-based training and employment programs to recently incarcerated individuals in New York State. This was the first Pay for Success offering distributed to impact investors via a leading wealth management platform (Bank of America Merrill Lynch). Social Finance developed and structured the project, including service provider solution, contract development, and supporting the capital raise. Since services launched in December 2013, we have provided active performance management and investor relations.

South Carolina Nurse-Family Partnership Pay for Success Project

The South Carolina Nurse-Family Partnership Pay for Success project expands Nurse-Family Partnership’s evidence-based program to an additional 3,200 first-time, low-income mothers and their babies across South Carolina, with the goals of supporting these mothers in having healthy pregnancies, becoming knowledgeable and responsible parents, and giving their babies the best possible start in life. The project, launched in February 2016, deploys $30 million over 4 years to expand Nurse-Family Partnership’s services.

National Partnership with Nurse-Family Partnership

In addition to our launched project in South Carolina, Social Finance and Nurse-Family Partnership’s National Service Office work together to expand Nurse-Family Partnership’s home visiting services for low income, first-time mothers throughout the country. Currently, the two organizations are developing and exploring Pay for Success projects in multiple jurisdictions throughout the United States.

Connecticut Family Stability Pay for Success Project

The Connecticut Family Stability Pay for Success Project expands an intensive, in-home treatment program to approximately 500 families involved with the Connecticut Department of Children and Families (DCF), with the goals of eliminating parental substance use and keeping families together. The project deploys $11.2 million over 4.5 years to expand the work of Yale Child Studies Center’s Family-Based Recovery, an intensive in-home treatment program that has a track record of success in reducing involvement with DCF and in keeping families together through intensive support. This is the first Pay for Success project focused on family stability and substance use disorders. Services launched in September 2016.

Reducing Pediatric Asthma in Baltimore

In partnership with the Green and Healthy Homes Initiative, Social Finance is developing a Pay for Success project to improve asthma management for low-income children in Baltimore City and County.

Expanding Access to Adult Basic Education in Massachusetts

Social Finance is partnering with Jewish Vocational Services on a Pay for Success project to increase Adult Basic Education opportunities in Greater Boston.

W.K. Kellogg Foundation Grantees

Social Finance partnered with the W.K. Kellogg Foundation to provide four of its early childhood and family economic security grantees – Family Independence Initiative, the Center for Urban Families, Home Instruction for Parents of Preschool Youngsters (HIPPY) and AVANCE – with rigorous economic and strategic analysis to better articulate the value they generate for society. The resulting publication, New Tools to Amplify Impact: A Pay for Success Guide to Building Nonprofit Capacity, shares lessons learned and functions as a how-to guide for nonprofits interested in Pay for Success.

Social Impact Bond Opportunities in Memphis and Shelby County

Social Finance assessed Pay for Success and Social Impact Bond opportunities in home visiting, prekindergarten education, blight, teacher training and recidivism in Memphis and Shelby County, TN.

Roadmap for Pay for Success in Philadelphia

Working with the office of Philadelphia Mayor Michael Nutter, Social Finance explored the feasibility of improving recidivism and child welfare outcomes through a Pay for Success transaction.

Improving Outcomes for Veterans

Social Finance partnered with Bank of America Merrill Lynch to assess the feasibility of Pay for Success and Social Impact Bonds to serve US veterans, and explored opportunities in workforce development, wellness, and housing.

Improving Maternal and Child Health in Newark

With support from the Robert Wood Johnson Foundation and the MCJ Amelior Foundation, Social Finance explored the feasibility of improving maternal and child health outcomes through Pay for Success and Social Impact Bonds in Newark, NJ.

California Pay for Success Initiative

The James Irvine Foundation and Nonprofit Finance Fund supported Social Finance and our partners – Nurse-Family Partnership in the Bay Area and Orange County, and REDF and the Center for Employment Opportunities in San Diego – to explore Pay for Success opportunities in California.

Nurse-Family Partnership in Austin-Travis County

With support from the United Way of Greater Austin, Social Finance led a feasibility study to assess opportunities for expanding Nurse-Family Partnership’s home visiting services in Austin-Travis County through Pay for Success.

Asthma Impact Model for Fresno

Social Finance is implementing a demonstration project in Fresno, CA to collect evidence on the social and economic value of asthma management for low-income children.

Extending Diabetes Prevention with the Humana Foundation

Social Finance assisted the Humana Foundation in assessing the feasibility of scaling diabetes prevention programs through Pay for Success to improve health outcomes in Bexar County, TX.

Improving Maternal and Child Health Outcomes in Cincinnati

In partnership with the Every Child Capital (ECC) Venture Fund, Social Finance is exploring innovative performance-based contracting options to build the bridge between tested programs improving maternal and child health and sustainable government funding streams in Cincinnati, Ohio.

AARP Foundation's Experience Corps

Social Finance is working with the AARP Foundation to assess the feasibility of using Pay for Success to expand their Experience Corps tutoring program across multiple sites, targeting improvements in student literacy skills and older adult health and community engagement.

College for America Growth Strategy

Social Finance is exploring growth strategies for College for America —a fully-accredited, competency-based college degree program—as it develops a national scaling strategy for serving opportunity youth via community partners.

Selecting State Partners with Benefits Data Trust

Social Finance assisted Benefits Data Trust in selecting state partners to scale their benefits access services via performance-based contracting.

Addressing Homelessness in Sacramento City and County

Working with the County and City of Sacramento, along with the Sutter Health Foundation, Social Finance is exploring the feasibility of using a Pay for Success mechanism to improve outcomes for those suffering from or at risk of homelessness.

Exploring Permanent Supportive Housing in Rhode Island

Working with the State of Rhode Island and the Rhode Island Coalition for the Homeless, Social Finance is exploring the feasibility of improving housing and criminal justice outcomes for chronically homeless individuals through a Pay for Success transaction by placing them into permanent supportive housing. This project is supported through a partnership between the US Department of Housing and Urban Development and the US Department of Justice.

Exploring Permanent Supportive Housing in Austin, Travis County, TX

This Pay for Success project is designed to provide permanent supportive housing for 250 chronically homeless people in Austin, Travis County, Texas, who are frequent users of jail, emergency medicine, and other public services. With multiple outcome payors, this housing initiative establishes a new level of collaboration among the city and county’s health, criminal justice, and homeless service systems. This project is supported, in part, through a partnership between the US Department of Housing and Urban Development and the US Department of Justice.

Advancing Career and Technical Education through PFS

Social Finance is partnering with Jobs for the Future to expand access to high-quality career and technical education (CTE) programs to improve outcomes for under-served high-need youth, with funding from the U.S. Department of Education’s Office of Career, Technical, and Adult Education. Social Finance and Jobs for the Future will select four CTE sites to assess the feasibility of using Pay for Success to expand CTE programming, and then will support up to three sites to structure and launch PFS projects.