On July 8, Social Finance CEO Tracy Palandjian participated in a White House Convening on Advancing the Practice of Pay for Success, a full-day event that brought together an extraordinary group of cross-sector leaders to discuss past, present, and future developments in the industry.
Panel discussions covered the lifecycle of a Pay for Success deal, the state of play of Pay for Success (PFS) in the US, and catalyzing investment in PFS. Palandjian, who took part in the latter panel, commented on the pre-conditions for SIB market success as well as the challenges that lie ahead. In addition, the US Treasury Department spoke about the PFS incentive fund proposed in the President’s 2014 Budget, and the Rockefeller Foundation discussed the future of PFS highlighting the role foundations can play in building the market. The U.S. Department of Housing and Urban Development discussed the potential of PFS to benefit housing initiatives in the US.
Institutional investors also participated in the event. Bank of America Merrill Lynch spoke about the organization’s deep and long-term commitment to PFS and highlighted Social Impact Bonds as “an idea whose time has come.”
Read the White House Blog for their take on PFS as an innovative approach to improve results and save government money.