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Reinvestment Fund just launched a new kind of ‘pay for success’ project

Friday, June 16, 2017   (0 Comments)
Posted by: Amy Seasholtz
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Via Generocity

By  Julie Zeglen / STAFF

The Center City impact firm is overseeing a $10 million pooled fund. It's the next chapter in Pennsylvania's pay for success saga — and it aims to be a national model.

 

A more efficient funding model is gaining traction in Philadelphia.

At the end of May, financier and policy research firm Reinvestment Fund announced its participation in a $10 million pay for success (PFS) fund that will specifically fund programming aimed at reducing inequalities in the areas of social services, health care, housing and education.

The Center City nonprofit is contributing $1 million to the pooled fund from its $288 million core loan fund, which is made up of funding from 850 impact investors for the purpose of supporting various mission-aligned investments, according to Kavita Vijayan, Reinvestment Fund’s director of strategic communications.

Other contributors include international insurance corporation QBE Insurance Group at $7 million and foundation collective Living Cities at $2 million. Reinvestment Fund is also managing and administering the PFS fund.

You may recall the big to-do made last year when Pennsylvania announced two PFS projects aimed at curbing recidivism rates in the state by scaling programs from nonprofits Center for Employment Opportunities and Youth Advocate Programs. READ MORE>>