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 how
Press Release: $11.67 Million Federal Grant Awarded to Third Sector Led Project
Massachusetts Awarded $11.67 Million U.S. Department of Labor Grant for Pay for Success Project Led by Third Sector Capital Partners
Massachusetts has been awarded an $11.67 million grant from the U.S. Department of Labor that will expand the Commonwealth’s Social Innovation Financing project by providing additional success payments tied to increases in employment and reductions in recidivism. Third Sector Capital Partners is the project intermediary for this juvenile justice project, in partnership with New Profit Inc.
“The Department of Labor’s grant award represents an important endorsement of the quality of the Commonwealth’s juvenile
Press Release: Santa Clara County Hires Third Sector
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.
After the
Third Sector Testifies at California Hearing on Social Innovation Finance
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