Massachusetts Launches Workforce Development Pay-for-Success Project

Massachusetts Gov. Charlie Baker (R) announces the launch of a $12.43 million Pay for Success (PFS) workforce development initiative to help limited English speakers transition to employment, higher wage jobs, and a path to education. The state and Social Finance, a Boston-based nonprofit, launched the Massachusetts Pathways to Economic Advancement Project to target earnings and education outcomes for immigrants and refugees. Social Finance raised $12.43 million from 40 impact investors. Prudential Financial Inc. in collaboration with Maycomb Capital, provided nearly 50% of the total investment capital. Bank of America Merrill Lynch served as the placement agent for certain qualified high net worth and institutional investors. Other investors provided critical early support, including Living Cities' Blended Catalyst Fund and Combined Jewish Philanthropies' Donor Advised Funds. PFS is a public-private partnership that funds social services through a performance-based contract. PFS projects in the United States have addressed a range of social issues, including recidivism, [...]

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8/4/17 6:01 PM

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