Nonprofit Sector

Pay for Success: The First 25

Pay for Success: The First 25 is a detailed, comparative analysis of the first 25 projects to launch in the United States. This report builds on NFF research and analysis previously published in Pay for Success: The First Generation and in the book “Payment by Results and Social Impact Bonds.” It highlights lessons and contributions from these pioneering projects along with case studies and tables that look at everything from project structure to results, payments, and more.

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