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There is a big difference btwn social impact investing and social impact bonds at least in the way I think about it! Many of our charity clients are looking to leverage their funds for investment (endowments or otherwise) in a way that furthers their mission. That is done by a combination of investing with an eye both to financial and social return. It is also about procurement - who do you buy your meeting muffins, your office supplies? Social bonds are still unicorns! There's a lot of discussion but few have been done as it takes a rare combination of private investor interest, government interest and relative sophistication of the charity performing the work and work that can be pretty objectively measured. The private investor makes his or her return on a gov't promise to provide a certain benefit to the investor if the charity hits the targets.