Santa Clara County Launches Request for Proposals for Mental Health PFS Project
Santa Clara County just launched a Request for Proposals for its Acute Mental Health: Frequent Users Care Coordination Pay for Success Project. The selected agency will enter into a Pay for Success (PFS) contract with the County, under which the County only pays for services if and when successful results are achieved. This PFS initiative is the first in the U.S. to target mental health and the second PFS project in the County and in California, positioning the County at the forefront of the national movement towards performance-based contracting for …
Third Sector Receives $1.9 Million PFS Grant From the Social Innovation Fund
Funding will support competition to develop the capacity of state and local governments to engage in Pay for Success contracts The Corporation for National and Community Service’s (CNCS) Social Innovation Fund (SIF) today announced a $1.9 million grant award to Third Sector Capital Partners, Inc. to accelerate the Pay for Success field. Third Sector will use the funding to hold an open competition for state and local governments to receive Pay for Success (PFS) technical advisory services. “We are honored to receive SIF funding to continue to drive America’s investment …
Video: “The Complex Anatomy of Social Impact Bonds” at SOCAP14
Caroline Whistler, Partner and Co-Founder at Third Sector, moderated a panel at SOCAP14 on “The Complex Anatomy of Social Impact Bonds.” The panelists, all with extensive experience in Pay for Success contracting, discussed the potential for a streamlined process that will bring this financing and performance-driven contracting to scale for governments and innovative service providers. Panelists included Gary Graves, COO of Santa Clara County; Eileen Neely, Director of Capital Innovation at Living Cities; Andi Phillips, Vice President at Goldman Sachs; Bill Heiser, Director of California for Center for Employment Opportunities; …
Third Sector and Ropes & Gray LLP Named As Boston Business Journal’s Partners of the Year
On Wednesday, September 10th, Third Sector Capital Partners, Inc. and Ropes & Gray LLP, were named Boston Business Journal’s Partners of the Year. On an annual basis, the Boston Business Journal honors the connections between businesses and nonprofits in the region. Third Sector’s Managing Partner, John Grossman, and Ropes & Gray’s Partner, Winthrop Minot, accepted the award at the Boston Business Journal’s Annual Corporate Citizenship Summit held in Boston. Ropes & Gray LLP is a global law firm with over 1,100 employees and has received numerous awards for its pro-bono …
George Overholser Testifies at House Ways and Means Hearing
Third Sector CEO George Overholser testified at the House Ways and Means Human Resources subcommittee hearing on September 9th. The hearing, titled “Social Impact Bonds: Can They Help Government Achieve Better Results for Families in Need?” included the participation and testimony from Pay for Success participants including service providers, service recipients, government partners and philanthropic funders. George’s testimony focused on the potential of Pay for Success contracting to help government allocate its resources more effectively and towards programs that truly work for families in need. Other participants noted several benefits …
$11.2 Million in Pay for Success Grants Available from the Social Innovation Fund
On June 26, 2014, the Corporation for National and Community Service (CNCS) announced a Notice of Funding Availability (Notice) of up to $11.2 million for the Social Innovation Fund (SIF) Pay for Success Grant Competition. The PFS competition is designed to examine when and how Pay for Success works best, strengthen and diversify the pipeline of state and local governments as well as nonprofit service providers that are ready to participate in PFS, attract much-needed capital to solutions that work, and collect and share knowledge about every step of the process. …
Third Sector Publications: Massachusetts PFS Project Brief and Lessons Learned
Massachusetts PFS Project Brief and Lessons Learned Third Sector is proud to share two publications detailing lessons learned and innovations from our role as project intermediary for the Massachusetts Juvenile Justice Pay for Success Initiative, the fourth Pay for Success project implemented in the United States and the largest Social Impact Financing raised to-date. We are well aware that the excitement around Pay for Success and Social Impact Financing far exceeds the actual practice of implementing these projects on the ground. We have written these two documents in order to …
Cuyahoga County launches PFS pilot, introduces legislation for first County-level PFS program
Cuyahoga County Executive Ed FitzGerald announced that he will submit legislation to establish the nation’s first county-level Pay for Success program. County Councilman Dale Miller, District 2, will co-sponsor the legislation. The program has the potential to transform the way the County provides services for families who are both homeless and have children in foster care. The Pay for Success model will utilize private funding to pay for the program and only spend County taxpayer dollars to repay funders if the program is proven to be successful. “With our state …
Next Billion Interviews Rick Edwards for Impact Investing Insights series
The following is excerpted from Next Billion’s Impact Investing Insights series. You can watch Rick’s interview here. Goldman Sachs recently made headlines by investing in Roca, a Massachusetts nonprofit that tries to keep young men out of jail. The investment was notable not just because Goldman was focusing on social impact, but because it also hopes to make a profit. Under the seven-year deal, Roca will try to help 1,000 young men – and if they spend 22 percent fewer days incarcerated than their peers, the state will save enough to pay back Goldman’s $9 …
Third Sector Partners With Social Solutions to Deliver Pay for Success Readiness Assessment Services
Third Sector Capital Partners, Inc. (Third Sector) a leading nonprofit provider of advisory services for parties pursuing Pay for Success, Social Innovation Finance (including Social Impact Bonds), and Growth Capital, and Social Solutions Global, Inc., the leading provider of performance management software for human services, today announced their partnership to provide Pay for Success (PFS) Readiness Assessment Services. PFS is gaining momentum as more federal, state and local governments seek innovative strategies to improve outcomes for those most in need. The PFS Readiness Assessment is the first operational tool of its kind, …
Third Sector and Partners Selected for PFS Projects in Illinois and New York
Following competitive procurements, Third Sector and its service provider partners have been selected for Pay for Success projects in Illinois and New York. We are thrilled to work with these innovative and results-driven organizations to serve their communities! The State of Illinois awarded one Pay for Success contract to increase support for at-risk youth involved in both the child welfare and juvenile justice systems in Illinois. Third Sector will work with One Hope United, in partnership with the Conscience Community Network, to provide community alternatives to institutional care for these dually involved youth. The project will be based on an set of …
Santa Clara County Launches Pay for Success Procurement
Santa Clara County recently launched a chronic homelessness Pay for Success Request for Proposals. The RFP is soliciting responses from lead agencies interested in delivering effective, evidence-based interventions to the chronically homeless population through a Pay for Success contract. Responses are due June 20th. Third Sector has been working closely with the County on developing Pay for Success projects to serve the County’s chronically homeless and acutely mentally ill populations.
Massachusetts Juvenile Justice PFS Initiative Launches in Springfield
The Commonwealth of Massachusetts, Roca, Inc. and Third Sector Capital Partners, Inc. launched the Massachusetts Juvenile Justice PFS Initiative in Springfield, Massachusetts on Tuesday. Local partners and supporters spoke at the event, including Sheriff Michael Ashe of Hampden County, Domenic Sarno, Mayor of Springfield and Alex Morse, Mayor of Holyoke. Jarne Jones, a participant in Roca’s Springfield program, also spoke about his experience. Press coverage of the event included: Roca to prepare 300 Western Massachusetts young men for work, avoidance of crime, through unique state-funded program – MassLive via The Republican …
Massachusetts Launches Pay for Success Initiative
We are thrilled to announce the launch of the Commonwealth of Massachusetts’ Pay for Success initiative, which focuses on reducing recidivism and improving employment outcomes for over 900 at-risk young men in Massachusetts. For more information about this landmark initiative, please see our webpage on the project here.
Cuyahoga County Announces Details on Pay for Success Initiative
Cuyahoga County, Ohio, has selected FrontLine, a local mental health organization, to serve as a service provider for its first Pay for Success project. The County will pioneer an intensive effort to keep homeless families together by using private investor funding. If the project succeeds, the County can save millions in foster care payments over the next five years. Ed FitzGerald, County Executive, has advocated for Pay for Success in Cuyahoga County since 2011. “I want to transform how human services are provided in Cuyahoga County,” said FitzGerald. “Our Division …
Third Sector Hosts Business and Philanthropy Groups
This holiday season, Third Sector was pleased to host two visiting groups interested in learning more about Pay for Success. On December 19th, students from the Center for Sustainable Global Enterprise at Cornell’s Johnson Graduate School of Management visited our offices to learn more about impact investing, social impact bonds and Pay for Success. On December 20th, philanthropists visiting the Harvard Kennedy School Hauser Institute for Civil Society from China also dropped by our offices to discuss the use of social impact investing in the United States and potential applications …
Press Release: The California Endowment Awards Grant to Third Sector & NCCD
The California Endowment Awards Grant for Pay for Success Collaboration Between NCCD & Third Sector Capital Partners The California Endowment has awarded $250,000 in grant funding to the National Council on Crime and Delinquency (“NCCD”) and Third Sector Capital Partners (“Third Sector”) to lay the groundwork for two innovative outcome-based human services programs to serve California communities. The grant funding provided to the partnership will be used to complete feasibility studies on the viability of utilizing Pay for Success (“PFS”) programs to deliver social services in the areas of juvenile …
Third Sector Attends Hong Kong Social Enterprise Summit
Third Sector recently participated at the Hong Kong Social Enterprise Summit, which took place from November 28-30, 2013. The government of Hong Kong has established a HK$500 million Social Innovation Fund and invited experts to speak about key impact investing issues. Rick Edwards, Partner at Third Sector, spoke about Pay for Success innovation at two sessions on social innovation and impact. Rick and other participants recommended that the HK government focus the planned Fund on innovative program research and capacity building. For more information on the Summit, please see their …
Third Sector Responds to U.S. Department of Treasury Pay for Success Request
Third Sector was pleased to respond to the U.S. Treasury Department’s Request for Information on strategies to accelerate the testing and adoption of Pay for Success financing models in the United States on December 2nd. President Obama’s 2014 budget included a request for a $300 million appropriation to create an Incentive Fund to help state and local governments implement PFS projects. The Treasury Department sought information to help develop functions and uses for a potential Incentive Fund. Based on our experience implementing PFS projects, our response outlined our thoughts on …
Case Study: From Idea to Action: Pay for Success in Santa Clara County
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.