Abstract
This chapter discusses the development of Pay for Success (PFS) and Social Impact Bonds (SIBs) in the US. PFS ties payment for service delivery to the achievement of measurable outcomes. PFS projects to date have clustered primarily in three issue areas: criminal justice and recidivism, early childhood education and wellbeing, and homelessness. The chapter first provides an overview of the extent and trends relating to PFS and SIBs before discussing lessons learned from PFS programmes. It also considers the infrastructure support, evaluation approaches, and financial models for such programmes and concludes by analysing how the development of PFS in the US compares to that of programmes in other countries, and how PFS has been connected to the broader performance management practices in the US.
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