Third Sector Capital Partners, with support from the Health Trust, has published a case study that documents Santa Clara County’s exploration of a Pay for Success initiative from its origins in community conversations through the County Board of Supervisors’ vote to fund the construction of one or more Pay for Success contracts. In the case study, Third Sector discusses the critical factors that advanced the project and key lessons learned by stakeholders. Click here to view the case study.
Santa Clara County Hires Third Sector to Construct and Implement Pay for Success Pilot Project
Santa Clara County’s Board of Supervisors voted unanimously on August 27, 2013 to advance the County’s pursuit of Pay for Success (PFS). The Board’s vote allocated $75,000 in funding for Third Sector Capital Partners (Third Sector). The Sobrato Family Foundation and the Silicon Valley Community Foundation will match the County’s support.
The County’s funding is an important evolution in the PFS field and demonstrates government’s increasing interest in providing financial support for PFS exploration and project construction.
Third Sector recently testified at an informational hearing on social innovation finance (SIF) held by the California state legislature. The hearing, What is the Role of Social Innovation Financing in California?: Are we ready for Social Impact Bonds, was called by the Business, Professions & Economic Development Committee and the Select Committee on Procurement. Senators Curren Price and Ted Lieu chaired the hearing.
Invited by the California legislature to share information about Third Sector’s experience developing and implementing SIF projects around the country, Caroline Whistler, Third Sector Co-Founder & Partner, testified about the Massachusetts’ juvenile justice
2012 has been an extraordinary year for Third Sector Capital Partners and the field of Social Innovation Finance, one that will be remembered for its many firsts. Pay for Success and Social Impact Bonds have gained worldwide attention and are quickly taking root across the United States, with several tangible pilots under development.
We offer a huge thank you to every member of this growing community, each of whom has helped accelerate America’s transition to a performance-based social sector.
2012: A Year of Firsts
New York City launched the nation’s first Pay for