Third Sector Capital Partners, Inc. is a

nonprofit A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...

advisory firm with offices in Boston, Massachusetts,

San Francisco, California San Francisco (; Spanish for " Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17th ...

, and

Washington, DC ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan ...

. Founded in 2011, Third Sector leads governments, nonprofits, and private funders in building evidence-based initiatives and Pay for Success projects. A 501(c)(3) nonprofit, Third Sector is supported through philanthropic and government sources. In 2016, president and co-founder Caroline Whistler was named to the ''Chronicle of Philanthropy's'' "40 Under 40" and was named by Living Cities one of the nation's 25 Disruptive Leaders.

History

Third Sector Capital Partners, Inc. was founded in 2011 by George Overholser, Caroline Whistler, and Drew von Glahn. It opened offices in San Francisco, CA in 2014 followed by offices in Washington, DC.

Pay for Success

Pay for Success (PFS) is a contracting model that drives government resources toward high-performing social programs. PFS contracts track the effectiveness of programs over time to ensure that funding is directed toward programs that succeed in measurably improving the lives of people most in need. 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. Third Sector Capital Partners, Inc. has also launched projects in

Santa Clara County Santa Clara County, officially the County of Santa Clara, is the sixth-most populous county in the U.S. state of California, with a population of 1,936,259, as of the 2020 United States Census, 2020 census. Santa Clara County and neighboring Sa ...

, California, Salt Lake County, Utah, and

Cuyahoga County Cuyahoga County ( or ) is a large urban County (United States), county located in the Northeast Ohio, northeastern part of the U.S. state of Ohio. It is situated on the southern shore of Lake Erie, across the Canada–United States border, U.S.- ...

, Ohio.

Select projects

* 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. * 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 in

Merrimack Valley The Merrimack Valley is a bi-state region along the Merrimack River in the U.S. states of New Hampshire and Massachusetts. The Merrimack is one of the larger waterways in New England and has helped to define the livelihood and culture of those l ...

. * 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. * 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 Prisoner reentry is the process by which prisoners who have been released return to the community. Many types of programs have been implemented with the goal of reducing recidivism and have been found to be effective for this purpose. Consideratio ...

PFS model. * Santa Clara County Project Welcome Home. Third Sector assisted the County of Santa Clara, CA in launching the first Pay for Success project launched in the State of California. In partnership with Abode Services, the County of Santa Clara intends to serve 150-200 chronically homeless individuals that are also frequent users of the County's emergency rooms, acute mental health facilities, and jail. * Salt Lake County Pay for Success. Salt Lake County, Utah launched two simultaneous Pay for Success project in December 2016. The initiative will address the intertwined issues of homelessness and criminal justice reform. Third Sector assisted in the construction of the two programs and will serve as advisor.

References

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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 Financial services companies of the United States