Third Sector Capital Partners

Third Sector Capital Partners, Inc. is a nonprofit advisory firm based in Boston, Massachusetts and San Francisco, California. The firm was founded in 2010 by George Overholser and Caroline Whistler. Third Sector leads governments, high-performing nonprofits, and private funders in building evidence-based initiatives that address society’s most persistent challenges. As experts in innovative public-private contracting strategies, Third Sector is an architect and builder of the nation’s most promising Pay for Success projects.^[1]

Pay for Success

Massachusetts was the first state in the nation to issue a competitive procurement process to obtain services using social innovation financing. Third Sector was selected to help lead both of the Commonwealth’s initial pilots through to implementation.^[2] Third Sector Capital Partners, Inc. has also launched projects in Santa Clara County, California, and Cuyahoga County, Ohio.

The firm works with governments, nonprofits, and funders around the United States to build social service projects across issue areas, including poverty, education, child welfare, recidivism, homelessness, and wellness.

Key Achievements

• Massachusetts: Youth Recidivism. On August 1, 2012, Third Sector in collaboration with New Profit, Inc., was selected as the intermediary in a PFS project with service provider, Roca, Inc. The project seeks to reduce recidivism rates and increase employment outcomes for over 900 at-risk young men.^[3][4][5]
• Massachusetts: Chronic Homelessness. On August 1, 2012, Third Sector, in partnership with the Massachusetts Housing and Shelter Alliance, was selected as the Financial Advisor to a PFS project focused on achieving reductions in chronic homelessness. Other supporting partners include the Corporation for Supportive Housing (CSH) and the United Way of Massachusetts Bay an Merrimack Valley.^[6][7][8]
• Cuyahoga County, Ohio: Pay for Success Pilot Development. Third Sector has been advising Cuyahoga County, OH in the launch of a formal Request for Response to explore a PFS project in child welfare and youth/adolescent mental and behavioral health. The procurement will pave way for up to 3 pilots by Spring 2013.^[9][10]
• Cuyahoga County: Second Chance Act. Third Sector assisted Cuyahoga County, OH in obtaining a $750,000 PFS grant offered by the Department of Justice Second Chance Act Program. The grant will be used to the support the development of a prisoner reentry PFS model.^[11][12][13]

External links

• Third Sector Capital Partners, Inc.
• Pay for Success Overview, Third Sector Capital Partners, Inc.
• PayforSuccess.org
• Caroline Whistler Featured in Chronicle of Philanthropy's 40 under 40
• The White House: Pay for Success
• Third Sector Capital Partners: Pay for Success and Social Innovation Financing
• Center For American Progress, Social Impact Bonds, Jeffrey B. Liebman, February, 2011
• The White House and Nonprofit Finance Fund, Pay For Success: Investing in What Works, Annual Report January, 2012
• New York Times, What Are Social-Impact Bonds?, February 8, 2011

References

1. Third Sector Capital Partners, www.thirdsectorcap.org
2. Massachusetts First State in the Nation to Announce Initial Successful Bidders for 'Pay for Success' Contracts, http://www.mass.gov/anf/press-releases/fy2013/massachusetts-first-state-in-the-nation-to-announce-ini.html
3. Massachusetts First State in the Nation to Announce Initial Successful Bidders for 'Pay for Success' Contracts, http://www.mass.gov/anf/press-releases/fy2013/massachusetts-first-state-in-the-nation-to-announce-ini.html
4. Mass. program ties nonprofits’ pay to success, http://www.bostonglobe.com/business/2012/07/31/massachusetts-among-first-pay-for-success-social-programs/FckmI2GZ0vycLNBLXpgRCM/story.html
5. First-in-the-Nation “Pay for Success” Contracts Announced, http://www.philanthropyjournal.org/news/top-stories/first-nation-%E2%80%9Cpay-success%E2%80%9D-contracts-announced
6. Massachusetts First State in the Nation to Announce Initial Successful Bidders for 'Pay for Success' Contracts, http://www.mass.gov/anf/press-releases/fy2013/massachusetts-first-state-in-the-nation-to-announce-ini.html
7. Mass. program ties nonprofits’ pay to success, http://www.bostonglobe.com/business/2012/07/31/massachusetts-among-first-pay-for-success-social-programs/FckmI2GZ0vycLNBLXpgRCM/story.html
8. First-in-the-Nation “Pay for Success” Contracts Announced, http://www.philanthropyjournal.org/news/top-stories/first-nation-%E2%80%9Cpay-success%E2%80%9D-contracts-announced
9. JUSTICE DEPARTMENT ANNOUNCES $58 MILLION TO IMPROVE REENTRY OUTCOMES, http://www.ojp.usdoj.gov/newsroom/pressreleases/2012/ojppr100112.pdf
10. http://www.westernreserveplan.org/pdf_westernreserveplan/en-US/RQ25663-CtyExective-PayforSuccess-2012.pdf, http://www.westernreserveplan.org/pdf_westernreserveplan/en-US/RQ25663-CtyExective-PayforSuccess-2012.pdf
11. JUSTICE DEPARTMENT ANNOUNCES $58 MILLION TO IMPROVE REENTRY OUTCOMES, http://www.ojp.usdoj.gov/newsroom/pressreleases/2012/ojppr100112.pdf
12. First-in-the-Nation “Pay for Success” Contracts Announced, http://www.philanthropyjournal.org/news/top-stories/first-nation-%E2%80%9Cpay-success%E2%80%9D-contracts-announced
13. http://www.westernreserveplan.org/pdf_westernreserveplan/en-US/RQ25663-CtyExective-PayforSuccess-2012.pdf, http://www.westernreserveplan.org/pdf_westernreserveplan/en-US/RQ25663-CtyExective-PayforSuccess-2012.pdf