Social Impact Bonds 2.0

The complexity of social problems, paired with constrained public resources, requires social innovators to identify new approaches for financing the delivery of social services. Social impact bonds (SIBs), which launched approximately ten years ago, offer one such financing mechanism. Learn more about SIBs, which is also referred to as Pay for Success.

Researchers at the Policy Evaluation and Research Unit (PERU) at Manchester Metropolitan University and the Sol Price Center for Social Innovation are partnering to conduct original and comparative research on social impact investing, with a particular focus on social impact bonds in the UK and the US. The partnership builds on existing collaborative work that includes:

The Price Center and PERU have launched a series of briefings on the future of Social Impact Bonds. Read the briefings below as well as related content on social impact bonds.

Banner photo credit: istock/fizkes



Take a look at USC Bedrosian Center’s “The Bigger Picture” podcast episode with the Price School’s Dr. Gary Dean Painter, Manchester Metropolitan University’s Dr. Christopher Fox and Dr. Susan Baines as they delve deep into Social Impact Bonds.


Listen to the Episode


READ: Towards a Theoretical Framework for Social Impact Bonds

READ: Are Social Impact Bonds an Innovation in Finance or Do They Help Finance Innovation?

WATCH: Are Social Impact Bonds an Innovation in Finance or Do They Help Finance Social Innovation?

READ: Social Impact Bonds: More Than One Approach

READ: Book Co-authored by Gary Painter Explores Social Impact Bonds in the U.S. and U.K.


Gary Painter is a Professor in the Sol Price School of Public Policy at the University of Southern California. He also serves as the Director of the Homelessness Policy Research Institute. Professor Painter is a leading figure in the field of social innovation. In addition to his recent book co-authored with Chris Fox and other scholars, he works extensively with a variety of social innovation organizations and collective impact networks to address some of the grand challenges that society faces. His current research focuses on how to activate the social innovation process. Professor Painter also has extensive expertise in housing, urban economics, and education policy, which shapes his research on how the social innovation process can identify new models of social change within these complex policy areas.


Chris Fox is a Professor of Evaluation and Policy Analysis at Manchester Metropolitan University, where he is also Director of the Policy Evaluation and Research Unit and co-lead of Metropolis – an academic-led think tank. His current research concentrates on innovation in the delivery of public services and the role of evidence in policy and practice. Dr. Fox has been collaborating with the Price Center for several years, including on a book on Payment by Results and Social Impact Bonds: Outcome-based payment systems in the UK and US that was published by Policy Press/University of Chicago Press in 2018.



Sue Baines is a Professor of Social Enterprise at Manchester Metropolitan University. Sue joined Manchester Met in 2007 as Reader in Social Policy and was awarded a Personal Chair (Research) as Professor of Social Enterprise in 2014. She joined the Policy Evaluation and Research Unit (PERU) in September 2017. Before joining Manchester Met, Sue was a Principal Research Associate at Newcastle University in the Centre for Knowledge, Innovation, Technology and Enterprise.