A social impact bond (SIB), also known as pay-for-success financing,[1]pay-for-success bond (US),[2]social benefit bond (Australia),[3]pay-for-benefit bond (Australia),[4]social outcomes contract (UK), social impact partnership (Europe), social impact contract (Europe),[5] or simply a social bond,[6] is a form of outcomes-based contracting. Although there is no single agreed definition of social impact bonds, most definitions understand them as a partnership aimed at improving the social outcomes for a specific group of citizens.[7] The term was originally coined by Geoff Mulgan, chief executive of the Young Foundation.[8] The first SIB was launched by UK-based Social Finance Ltd.[9] in September 2010.[10]
By July 2019, 132 SIBs had been launched in 25 countries, and they were worth more than $420m.[11] As of May 2023[update], 23 countries use SIBs, with (as of 2022[update]) 276 projects in place and capital raised to the value of $745m.[12]
^"Learn | Pay for Success". www.payforsuccess.org. Archived from the original on 11 July 2019. Retrieved 11 July 2019.
^"Social Benefit Bonds". nsw.gov.au. Archived from the original on 17 March 2012. Retrieved 30 May 2012.
^"Performance bonds: Who succeeds gets paid - The Economist". The Economist. 17 February 2011. Archived from the original on 21 February 2011. Retrieved 18 February 2011.
^OECD. "Understanding Social Impact Bonds" (PDF).
^"Social Impact Bonds and the Life Chances Fund". GOV.UK. 10 November 2022. Retrieved 23 June 2023.
^"Social Bonds – New Zealand Pilot". health.govt.nz. Archived from the original on 29 June 2016. Retrieved 6 July 2016.
^"An introduction to social impact bonds (SIBs)". The Government Outcomes Lab. Archived from the original on 11 July 2019. Retrieved 11 July 2019.
^"Archived copy" (PDF). Archived from the original (PDF) on 6 December 2013. Retrieved 4 April 2014.{{cite web}}: CS1 maint: archived copy as title (link)
^"Social Finance - Homelessness". socialfinance.org.uk. Archived from the original on 26 January 2013. Retrieved 12 February 2013.
^Travis, Alan (6 October 2010). "Will social impact bonds solve society's most intractable problems?". The Guardian. London. Archived from the original on 23 April 2019. Retrieved 16 December 2016.
^"Social Impact Bond Global Database". Archived from the original on 10 August 2019. Retrieved 11 July 2019.
^Social Finance Ltd., Impact Bonds, accessed 17 May 2023
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