Social Impact Bonds and Pay For Success Projects: A Conversation with Antony Bugg-Levine

Having provided grants to the Social Impact Bond (SIB) initiative in the UK, the Rockefeller Foundation understood both the need and the opportunity to test SIBs in the U.S. For the last year, the Foundation has worked with different players – potential SIBIOs, investors, government and social service providers – to determine how to design a SIB initiative in the U.S.

Concurrent to the Foundation’s work, the Federal government included the new Pay for Success program in the 2012 budget that provides up-front and continued funding to social service programs that are able to demonstrate key outcomes. In addition, numerous jurisdictions across the country are pursuing a variety of SIB, Pay for Success and hybrid models. As Rockefeller’s work moves forward, Nonprofit Finance Fund's Kristin Giantris sat down with Antony Bugg-Levine, Managing Director of Foundation Initiatives, to explore the Foundation’s SIB goals and the role SIB and SIB-like models may play in the Foundation’s efforts to support sector-wide innovation and systems change. The full interview can be watched above or in separate chapters as a playlist on YouTube:

Part I: Rockefeller's Role: Short-Term Interventions that Lead to Catalytic Change 
Part II: Process Innovation and Harnessing the Power of Impact Investing
Part III: A New Structure for Impact Investing
Part IV: SIB Ecosystem: Seeds of Innovation and Fertile Soil
Part V: "Failing Forward": Learnings and Success
Part VI: Engaging Community
Part VII: Federal Government's Role
Part VIII: Can Success be Defined?

Attached is a write-up of the highlights of the interview, and they're also available as a resource here

Resource Type



Nonprofits/Service Providers
US Federal Government
US State/Local Government
Private/Corporate Investors
Foundation/Philanthropic Investor
Evaluators/Impact Measurement Specialists


Social Impact Investing
Legislative Issues
Measuring Impact/Performance
Financial Issues
SIB Models and Structures