Social Finance partnered with Acuitus, an education provider that transforms learners into information technology (IT) experts, on a Career Impact Bond. This impact investment trained unemployed or underemployed people for careers as system administrators, network engineers, and IT specialists, with a focus on individuals who qualified as low-income or served in the military.
Acuitus began its work in 1999 in concert with the U.S. Department of Defense’s Defense Advanced Research Projects Agency and the Bill and Melinda Gates Foundation. Today, the organization supports programs within the U.S. Department of Veterans Affairs’ Center for Innovation, the U.S. Navy, and the U.S. Army.
- Expand access to training: Minimize risks for learners by covering their upfront tuition costs and providing supportive services to help them succeed.
- Support career advancement: Empower learners to develop the skills needed to land careers in IT at leading organizations across a number of industries.
- Catalyze economic mobility: Take a strong step toward catalyzing wider economic mobility at scale by transforming education for veterans and individuals from low-income backgrounds.
- Career Impact Bonds Transfer Risk to Investors as the Future of Work Arrives, ImpactAlpha
- Blue Meridian, Schmidt Futures Back Career Impact Bonds via Social Finance’s UP Fund, ImpactAlpha
- With Businesses Struggling to Fill 6 Million Jobs, We Need More Effective and Accessible Training, Milken Institute
Partners and Supporters
- Acuitus provided training and supportive services for participants.
- Social Finance managed the Career Impact Bond.
- The UP Fund financed the Career Impact Bond.
- Launch Servicing is managing learner repayments.
- Campus Door provided the origination platform.
- Wilmington Trust served as fiscal agent and custodian.
- Chapman and Cutler served as outside legal counsel to Social Finance for the UP Fund.
Photo courtesy of Acuitus.