The State of New York announces the launch of the nation’s first state-led “Social Impact Bond” (SIB), a landmark deal driven by Social Finance. The $13.5 million capital raise is the largest to date globally and represents the first-ever SIB offering distributed via a leading wealth management platform – Bank of America Merrill Lynch – to qualified private and institutional investors.

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"Merrill Lynch and U.S. Trust reached out to some high-powered clients this quarter to invest in a social-impact bond whose proceeds finance a program to lower recidivism rates among ex-convicts in New York."

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