Pay for Success: The First Generation

Nonprofit Finance Fund logoThis report from the Nonprofit Finance Fund examines the first 10 Pay for Success (PFS) projects that have launched in the United States, detailing how and why communities have applied this new approach to address critical social issues including early childhood education, homelessness, and criminal justice and recidivism. PFS is an approach to contracting that ties payment for service delivery to the achievement of measurable outcomes.

The report includes a series of comparative graphics and observations on the market’s development to-date. It examines project goals and project design; the partners and stakeholders involved; the underlying data, evidence, and evaluation plans; the governance and investment structures, including repayment terms and investor profiles; and project costs.