● Program Overview

“Paying for Results, Not Activities”

Across the social sector, funding has long been tied to activities, the number of workshops held, meals served, or people trained. But activities do not guarantee change. Social Impact Bonds (SIBs) and outcomes-based financing models rewrite this logic entirely: funders and investors only pay when real, measurable results are achieved. Our foundation promotes these innovative financing mechanisms as a way to hold interventions accountable to the communities they serve, while simultaneously expanding the pool of resources available for social innovation.

Our belief is that if an intervention works, it should be funded and if it does not, resources should flow elsewhere. Social Impact Bonds bring together governments, private investors, and service providers in a structured arrangement where upfront capital finances social programs, and investors are repaid with returns only when agreed outcomes are independently verified. This shifts risk away from public funders and toward investors who believe in the effectiveness of the intervention, creating a powerful incentive for rigorous delivery and continuous improvement.

Program Vision and Mission

Vision

A future in which funding flows to what works, where social investors, governments, and service providers are united by a shared commitment to measurable, lasting impact in the lives of people and communities.

Mission

 To advance outcomes-based financing as a mainstream tool for social investment by designing Social Impact Bond structures, building the capacity of delivery organizations to demonstrate results, and creating the policy environments in which outcomes financing can thrive.

Expected Outcomes

Short-Term (Year 1–2)

  • First Social Impact Bond tranche successfully issued and fully subscribed by impact investors

  • At least 30 social service providers complete the Outcomes Readiness Program

  • Investor and outcome funder network established with 300+ registered participants across key sectors

  • The Outcomes Finance Facility (OFF) operational with governance, verification, and reporting systems in place

  • Policy engagement initiated in at least 5 jurisdictions on outcomes-based procurement frameworks

  • First Annual Outcomes Finance Forum hosted


Medium-Term (Year 3–5)

  • $1M+ mobilized from impact investors and channeled to social service providers delivering verified outcomes

  • At least 100 organizations have completed the Outcomes Readiness Program and can demonstrably access outcomes-based finance

  • At least 3 jurisdictions have adopted enabling policy frameworks for outcomes-based public procurement

  • Investors report high satisfaction with transparency, verified outcomes, and financial returns

  • A replicable Social Impact Bond model is documented and available for adoption across sectors

  • Providers report increased financial resilience — longer planning horizons, reduced dependence on activity-based grants


Long-Term Impact (Year 5+)

Outcomes-based financing is a mainstream tool in the social sector — governments routinely pay for results, investors confidently deploy capital into social programs, and delivery organizations are incentivized to innovate relentlessly in pursuit of measurable impact.

  • A self-sustaining Outcomes Finance Facility operating without dependence on philanthropic subsidy

  • Outcomes-based financing recognized globally as a model for accountable social investment

  • Measurable reduction in activity-based funding across at least five key social sectors

Indicators & Measurement

Capital Mobilization

  • Total $ raised via Social Impact Bonds; number of bond tranches issued; number of investors; average investment size

  • Provider Outcomes Access

  • Number of providers completing the Outcomes Readiness Program; number accessing formal outcomes finance; $ received per provider

Outcomes Achievement

  • Percentage of outcome targets met or exceeded; independent verification rates; sector-specific outcome results per intervention

  • Investor Satisfaction

  • Annual investor survey: satisfaction with transparency, outcomes verification, and returns; investor retention rate

  • Policy Change

  • Number of jurisdictions engaging on outcomes-based procurement; number of enabling policies adopted

  • Financial Resilience

Provider funding source diversification; average funding runway; repayment rates on SIB-financed program.

Theory of Change

The Core Premise

Traditional grant-making and public procurement pay for inputs and outputs, not outcomes. This leaves delivery organizations with little incentive to innovate, funders with limited accountability for impact, and beneficiaries with no guarantee that money spent actually changes their lives. This program works on both sides of the equation simultaneously: building the supply of outcomes-based capital from investors and outcome funders, and building the demand-side readiness of social service providers to measure, demonstrate, and be paid for results. When investors trust that outcomes are verified and when providers have the systems to prove impact, a new, performance-driven channel for social financing becomes possible.

The Problem

Social programs are chronically under-evaluated and over-funded based on activity rather than impact. Outcome funders, governments and philanthropists who want to pay for results,  lack the instruments and intermediary infrastructure to do so reliably. Meanwhile, social service providers with strong track records struggle to access growth capital because they cannot offer the collateral or returns that traditional finance requires. Both sides want accountability but the infrastructure connecting them does not exist.

 Supply Side Interventions (Investors & Outcome Funders)

  • Design accessible Social Impact Bond instruments for private and institutional investors

  • Build outcome funder networks among government agencies and philanthropic partners

  • Create intermediary structures that verify outcomes independently and credibly

  • Policy advocacy for enabling outcomes-financing frameworks in public procurement

Demand Side Interventions (Service Providers)

  • Outcomes measurement literacy and data systems training

  • Governance, compliance, and investor reporting capacity

  • Investment readiness assessments and technical support

  •  Access to working capital and catalytic pre-development grants

Outputs

  • Social Impact Bonds issued and subscribed by impact investors

  • Social service providers completing outcomes-readiness programs and accessing formal outcomes finance

  • A trusted intermediary platform connecting investors, outcome funders, and delivery organizations

  • Blended finance structures de-risking SIB investment in early-stage interventions

  • Policy frameworks in at least five jurisdictions enabling outcomes-based public procurement

Outcomes & Impact

  • Social service providers access larger, longer-term, performance-linked funding

  • Governments and philanthropists become structured, accountable payers for verified outcomes

  • Social innovation is no longer dependent on activity-based grant cycles

  • A new, replicable model of outcomes-driven social finance is proven and spread

Program Structure

The program operates on two parallel, interconnected tracks united by a central intermediary infrastructure.

Track A — Investor & Outcome Funder Track

For investors and funders who want to:

  • Invest in social interventions with financial and social returns

  • Pay only for verified, measurable outcomes

  • Engage their networks in outcomes-based philanthropy and investment

  • Participate in Social Impact Bond offerings across key social sectors

Track B — Social Service Provider Track**

  • For organizations delivering social programs that want to:

  • Access upfront working capital tied to their performance

  • Build outcomes measurement and data reporting capacity

  • Navigate outcomes financing structures and investor expectations

  • Connect with outcome funder networks and government partners

The Intermediary Infrastructure

Connecting both tracks is the Outcomes Finance Facility (OFF), which performs the following functions:

  • Due Diligence— Assesses provider governance, financial management, programmatic credibility, and outcomes measurement systems before listing on the investor platform

  • Bond Structuring — Designs and issues Social Impact Bonds in appropriate tranches, with clear terms, return thresholds, and outcomes verification requirements

  • Investor Matching— Connects investors with delivery organizations aligned to their thematic and geographic interests

  • Outcomes Verification— Commissions independent evaluators to verify that agreed outcomes have been achieved before triggering investor repayment

  • Guarantee Mechanisms— Provides partial first-loss guarantees to de-risk investment in early-stage SIBs, using blended finance principles

  • Regulatory Liaison— Works with government procurement offices and financial regulators to ensure instruments are legally compliant and eligible for public outcome payments

Governance

  • The program is governed by an Outcomes & Impact Committee (OIC) comprising:

  • Social service provider representatives (minimum 35% of seats)

  • Investor and outcome funder community representatives

  • Independent financial experts and social finance specialists

  • Outcomes measurement and evaluation advisors

  • A rotating independent chair with no conflicts of interest

The OIC approves bond issuances, reviews provider compliance, oversees the guarantee fund, and ensures the program remains accountable to its dual mandate: financial returns for investors and verified social outcomes for communities.

Core Components

Component 1: Social Impact Bond Design & Issuance

We design, structure, and issue Social Impact Bonds — performance-linked instruments sold to impact investors, with proceeds channeled to social service providers delivering measurable outcomes. Key features include:

  • Bonds issued in tranches from $1,000 minimum investment, accessible to individual and institutional impact investors

  • Terms of 3–7 years with returns contingent on independently verified outcome achievement

  • Impact-linked repayment structures where investor returns increase with stronger outcome performance

  • Digital issuance platform enabling investment from any country with internet access

  • Quarterly investor reporting including financial performance and outcomes data

Component 2: Outcomes Readiness Program for Service Providers

We prepare social service providers to access, absorb, and demonstrate results under outcomes-based finance through a structured Outcomes Readiness Program (ORP):

  • Outcomes measurement literacy — defining indicators, collecting data, and analyzing results

  • Financial management and compliance — budgeting for outcomes, cash flow under performance contracts, audit-readiness

  • Governance and accountability — board structures, anti-corruption policies, investor reporting obligations

  • Pitch and proposal development — communicating evidence and theory of change to investors and outcome funders

  • Mentorship from organizations that have successfully navigated outcomes financing

  • A capstone Outcomes Readiness Assessment determining eligibility for the bond platform

Component 3: Investor & Outcome Funder Network

We build and sustain an engaged community of investors and outcome funders committed to paying for results:

  • Investor onboarding, education, and community building — online and in-person

  • Outcomes funder roundtables pooling government and philanthropic payer commitments

  • Annual Outcomes Finance Forum bringing investors, funders, and providers together

  • Partnership with impact investment networks, family offices, and philanthropic foundations globally

  • Investor due diligence support to help assess provider credibility and outcomes evidence

Component 4: Blended Finance & Guarantee Mechanisms

We use concessional and philanthropic capital to de-risk outcomes-based investment in early-stage social programs:

  • A Catalytic Grant Fund providing first-loss capital to protect investors in pilot SIB tranches

  • Partial guarantees from development finance institutions and philanthropic partners

  • Technical assistance grants supporting providers to build outcomes measurement systems

  • Blended finance structuring combining grants, concessional loans, and market-rate investment in single instruments

Component 5: Sector-Specific Outcomes Finance

We develop outcomes financing models tailored to the specific characteristics of key social sectors. Current areas of focus include:

  • Employment outcomes— SIBs tied to job placement, retention, and wage progression for unemployed and underemployed populations

  • Education attainment— Outcomes contracts linked to school completion, literacy milestones, and post-secondary enrollment

  • Health improvements— Performance-linked financing for preventive health, chronic disease management, and maternal and child health outcomes

  • Community resilience — Outcomes bonds tied to disaster preparedness, social cohesion, and climate adaptation indicators

  • -Skills development — Finance instruments tied to vocational certification, digital literacy, and entrepreneurship outcomes

Component 6: Policy Advocacy for Enabling Outcomes Finance Environments

We work with governments and regulators to create the policy environments that allow outcomes-based financing to scale:

  • Engaging public procurement offices on outcomes-based contracting frameworks

  • Advocating for dedicated outcomes funds within government social spending budgets

  • Contributing to national and international policy discussions on payment-by-results mechanisms

  • Supporting governments to design their own Social Impact Bond programs informed by this program’s learning

Eligibility Criteria

1. Social Service Providers

Eligibility is staged. Organizations do not need to be outcomes-finance-ready at the point of application — that is what the Outcomes Readiness Program is for. What matters at entry is organizational legitimacy, a track record of program delivery, and genuine commitment to measurement and accountability.


Stage 1 — Outcomes Readiness Program (Entry Requirements)

  • Legally registered in at least one jurisdiction (any legal form: NGO, cooperative, social enterprise, trust, CIC)

  • Operating for at least 12 months with demonstrable programmatic activity

  • Annual budget of at least $10,000 USD (or equivalent)

  • Working in at least one of the program’s target outcome areas

  • Committed to completing a 6-month Outcomes Readiness Program

  • Willing to share financial records and undergo governance assessment


Stage 2 — Bond Platform Listing (Post-ORP Requirements)

  • Successful completion of the Outcomes Readiness Assessment

  • Audited financial statements for the most recent financial year

  • Documented theory of change and outcomes measurement framework with baseline data

  • Board or governance structure with at least 3 members, meeting at least quarterly

  • Anti-corruption and financial management policies in place

  • A clearly defined intervention with agreed outcome metrics, measurement methodology, and independent verification plan


2. Investors & Outcome Funders

  • Any individual or institution committed to outcomes-based social investment may participate.

  • Individual Impact Investors— Minimum investment of $1,000 per bond tranche. KYC and AML verification required.

  • Investment Syndicates — Groups pooling investments; minimum $5,000 per syndicate. Syndicate lead verifies member contributions.

  • Institutional Investors — Impact funds, foundations, and family offices; minimum $25,000 per tranche. Enhanced due diligence applies.

  • Government Outcome Funders— Public agencies committing to pay for verified outcomes; engage via the Outcomes Finance Facility’s government partnership framework.


“When we pay for results, we invest in people — not just programs.”


● Program Overview

Frequently Asked Questions

  • A Social Impact Bond is an outcomes-based financing instrument in which private investors provide upfront capital to fund a social intervention, and an outcome funder — typically a government agency or philanthropic partner — repays investors with a return only if agreed social outcomes are independently verified. Unlike a grant, which is given without any expectation of performance accountability, a SIB ties payment directly to results. If the intervention does not achieve its outcomes, investors bear the financial risk. This creates powerful incentives for delivery quality, rigorous measurement, and continuous improvement — and ensures that public and philanthropic resources flow only to what works.

  • All investments carry risk, and we are transparent about this. However, we use several de-risking mechanisms: a first-loss Catalytic Grant Fund absorbs early losses; partial guarantees from development finance partners further protect investors; and our rigorous Outcomes Readiness Program and ongoing compliance monitoring reduce the probability of underperformance. We do not guarantee returns, but we take risk management seriously and report transparently on all outcome metrics.

  • Yes — that is exactly who the Outcomes Readiness Program is designed for. The ORP provides the training, coaching, and systems support to bring organizations to outcomes-finance readiness. Entry requirements are intentionally modest. If you meet the Stage 1 criteria and are committed to the process, we want to hear from you regardless of your prior experience with performance-based financing.

  • $1,000 per bond tranche for individual investors. Investment syndicates allow communities and networks to pool smaller individual contributions and invest collectively. Institutional investors and government outcome funders operate under separate minimum thresholds and engagement frameworks.


  • Funds flow through the Outcomes Finance Facility (OFF), which acts as a regulated intermediary. Investor funds are held in a ring-fenced account and disbursed to providers in tranches against agreed milestones and early outcome indicators. Providers do not receive funds directly from individual investors — the OFF manages all capital flows and provides investors with regular performance and financial statements.


  • Financing must be used to deliver the specific intervention described in the provider’s bond application — this is what investors are funding. Funds cannot be used for unrelated activities, personal benefit, or purposes not aligned with the agreed outcomes. Approved use categories include program delivery, data and measurement systems, organizational infrastructure, and working capital. Financial reporting and outcomes documentation are required throughout the investment period.

  • The program currently focuses on five outcome areas: employment and workforce development, education attainment, health improvements, community resilience, and skills development. These sectors were selected based on the availability of measurable outcome indicators, evidence of effective interventions, and the appetite of government and philanthropic outcome funders to pay for results. Additional sectors may be added as the program matures.


  • The ORP runs for approximately 6 months, delivered through a combination of online modules, group workshops, peer learning, and one-on-one coaching. Organizations are expected to commit approximately 4–6 hours per week during this period. At the end, they undergo an Outcomes Readiness Assessment — passing which makes them eligible to list on the bond platform and access outcomes-based financing.