Phase 2 report from the payment by results Social Impact Bond pilot at HMP Peterborough

This UK Ministry of Justice report Phase 2 report from the payment by results Social Impact Bond pilot at HMP Peterborough was conducted by RAND Europe and is the second independent process evaluation of the Peterborough pilot, the world’s first Social Impact Bond. The Peterborough payment by results pilot was launched in 2010 and uses a SIB to fund interventions to reduce reoffending among male offenders. This report address key research questions, including actual rates of recidivism and the strengths and weakness of the SIB contractual model.From original article:

“In the Peterborough SIB, providers do not bear financial risk dependent on achieving outcomes; this risk is borne by the investors. Providers are paid for the services they deliver at the time of delivery. Investors reported that providing this up-front capital to voluntary and community sector providers was an important motivation for their investment in the Peterborough SIB.”